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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________ 

FORM 10-Q

____________________________________________ 

(Mark One)    

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

For the quarterly period ended June 30, 2016

OR

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

For the transition period from _____to_____

Commission file number: 814-01035

 

____________________________________________ 

NEWTEK BUSINESS SERVICES CORP.

 ____________________________________________ 

(Exact name of registrant as specified in its charter)

____________________________________________ 

  

Maryland		46-3755188
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
1981 Marcus Avenue, Suite 130, Lake Success, New York		11042
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 356-9500

 ____________________________________________  

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ¨    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (all as defined in Rule 12b-2 of the Exchange Act).

 

Large accelerated filer		¨	Accelerated filer		x
Non-accelerated filer		¨	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 August 9, 2016 there were 14,491,323 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.

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TABLE OF CONTENTS

 

		Page
PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements:
	Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2016 (Unaudited) and December 31, 2015	1
	Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2016 and 2015	2
	Condensed Consolidated Statement of Changes in Net Assets (Unaudited) for the six months ended June 30, 2016	3
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2016 and 2015	4
	Consolidated Schedule of Investments as of June 30, 2016 (Unaudited) and December 31, 2015	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)	120
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	140
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	159
Item 4.	Controls and Procedures	159
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	160
Item 1A.	Risk Factors	160
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	165
Item 3.	Defaults Upon Senior Securities	165
Item 4.	Mine Safety Disclosures	165
Item 5.	Other Information	165
Item 6.	Exhibits	165

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data)
	June 30, 2016				December 31, 2015
ASSETS	(Unaudited)				(Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $188,880 and $166,752, respectively; includes $139,050 and $146,463, respectively, related to securitization trusts)	$	179,915			$	158,355
SBA guaranteed non-affiliate investments (cost of $8,641 and $2,069, respectively)	9,623				2,284
Controlled investments (cost of $40,331 and $35,781, respectively)	115,085				104,376
Non-control/non-affiliate investments (cost of $1,213 and $1,847, respectively)	1,146				1,824
Investments in money market funds (cost of $35 and $35, respectively)	35				35
Total investments at fair value	305,804				266,874
Cash and cash equivalents	3,221				4,308
Restricted cash	19,995				22,869
Broker receivable	19,861				32,083
Due from related parties	2,998				3,056
Servicing assets, at fair value	14,489				13,042
Credits in lieu of cash, at fair value	432				860
Other assets	9,882				9,338
Total assets	$	376,682			$	352,430
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable	$	25,050			$	29,100
Notes due 2022	7,811				7,770
Notes due 2021	38,592				—
Notes payable - Securitization trusts (net of $2,240 and $2,501 of debt issuance costs, respectively)	79,320				89,244
Dividends payable	—				5,802
Notes payable - related parties	4,800				5,647
Due to related parties	855				256
Notes payable in credits in lieu of cash, at fair value	432				860
Deferred tax liability	3,298				857
Accounts payable, accrued expenses and other liabilities	12,096				8,945
Total liabilities	172,254				148,481
Commitments and contingencies (Note 8)
Net Assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)	—				—
Common stock (par value $0.02 per share; authorized 200,000 shares, 14,484 and 14,509 issued and outstanding, respectively)	290				290
Additional paid-in capital	188,673				189,031
Undistributed net investment income	(1,024		)		4,437
Net unrealized appreciation, net of deferred taxes	10,678				8,062
Net realized gains	5,811				2,129
Total net assets	204,428				203,949
Total liabilities and net assets	$	376,682			$	352,430
Net asset value per common share	$	14.11			$	14.06

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In Thousands, except for Per Share Data)

	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Investment income:
From non-affiliate investments:
Interest income	$	2,370			$	2,231			$	4,821			$	4,356
Servicing income	1,659				1,068				3,030				2,111
Other income	624				464				1,221				859
Total investment income from non-affiliate investments	4,653				3,763				9,072				7,326
From controlled investments:
Interest income	77				56				159				144
Dividend income	2,493				1,787				4,786				2,874
Other income	—				—				—				12
Total investment income from controlled investments	2,570				1,843				4,945				3,030
Total investment income	7,223				5,606				14,017				10,356
Expenses:
Salaries and benefits	3,629				3,133				6,973				6,156
Interest	1,975				1,728				3,463				3,084
Depreciation and amortization	85				85				125				170
Loss on lease	1,487				—				1,487				—
Other general and administrative costs	4,128				2,955				7,430				5,717
Total expenses	11,304				7,901				19,478				15,127
Net investment loss	(4,081		)		(2,295		)		(5,461		)		(4,771		)
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments	7,534				7,340				13,820				15,039
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	706				(1,464		)		768				(3,162		)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments	478				(470		)		(549		)		(1,136		)
Net unrealized appreciation on controlled investments	2,034				2,019				5,724				9,519
Provision for deferred taxes on unrealized appreciation on controlled investments	(833		)		—				(2,441		)		—
Net unrealized depreciation on non-control/non-affiliate investments	(27		)		—				(43		)		—
Net unrealized depreciation on servicing assets	(438		)		(256		)		(841		)		(612		)
Net unrealized (depreciation) appreciation on credits in lieu of cash and notes payable in credits in lieu of cash	(1		)		2				(1		)		2
Net realized and unrealized gains	9,453				7,171				16,437				19,650
Net increase in net assets	$	5,372			$	4,876			$	10,976			$	14,879
Net increase in net assets per share	$	0.37			$	0.48			$	0.76			$	1.46
Net investment loss per share	$	(0.28	)		$	(0.22	)		$	(0.38	)		$	(0.47	)
Dividends declared per common share	$	0.35			$	0.47			$	0.70			$	0.86
Weighted average shares outstanding	14,481				10,206				14,495				10,206

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)

(In Thousands)

	Six Months Ended June 30, 2016
Increase in net assets:
Net investment loss	$	(5,461	)
Net realized gain on investments	13,820
Net change in unrealized appreciation on investments	3,459
Net change in unrealized depreciation on servicing assets	(841		)
Net change in unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash	(1		)
Net increase in net assets	10,976
Distributions to stockholders:
Distributions to stockholders from net realized gains	(10,138		)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	505
Repurchase of common stock under share repurchase plan	(866		)
Net decrease in net assets from capital share transactions	(361		)
Other transactions:
Return of dividends related to common stock issued in connection with litigation settlement	2
Total increase in net assets	479
Net assets at beginning of period	203,949
Net assets at end of period	$	204,428
Common shares outstanding at end of period	14,484
Capital share activity:
Shares issued under dividend reinvestment plan	45
Shares repurchased under share repurchase plan	(70		)
Net decrease in capital activity	(25		)

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In Thousands)
	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Cash flows from operating activities:
Net increase in net assets	$	10,976			$	14,879
Adjustments to reconcile net increase in net assets to net cash provided by operating activities:
Net unrealized appreciation on controlled investments	(5,724		)		(9,519		)
Net unrealized depreciation on non-affiliate investments	(175		)		4,298
Net unrealized depreciation on servicing assets	841				612
Realized gains on non-affiliate investments	(13,805		)		(15,439		)
Realized losses on non-affiliate investments	—				400
Loss on lease	1,487				—
Amortization of deferred financing costs	564				—
Deferred income taxes	2,441				—
Depreciation and amortization	125				170
Purchase of loan from SBA	—				(703		)
Funding of controlled investments	(6,150		)		(200		)
Originations of SBA guaranteed non-affiliate investments	(100,533		)		(79,070		)
Principal payments received from controlled investments	1,600				600
Principal payments received from non-control/non-affiliate investments	634				—
Proceeds from sale of SBA guaranteed non-affiliate investments	107,509				119,969
Originations of SBA unguaranteed non-affiliate investments	(31,351		)		(24,441		)
Payments received on SBA non-affiliate investments	9,376				7,792
Other, net	193				548
Changes in operating assets and liabilities:
Net increase in investments in money market funds	—				2,774
Broker receivable	12,222				(24,772		)
Due to/from related parties	220				(465		)
Other assets	663				2,773
Accounts payable, accrued expenses, other liabilities and deferred revenue	2,177				2,675
Change in restricted cash	15,335				2,835
Capitalized servicing assets	(2,288		)		(2,404		)
Other, net	19				121
Net cash provided by operating activities	6,356				3,433
Cash flows from investing activities:
Purchase of fixed assets	(1,543		)		(70		)
Cash flows from financing activities:
Net payments on bank lines of credit	(4,050		)		(7,534		)
Net (payments) borrowings on related party line of credit	(847		)		19,119
Repurchase of common stock under share repurchase plan	(866		)		—
Proceeds from Notes due 2021	40,250				—
Payments on bank term note payable	—				(9,167		)

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In Thousands)
	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Dividends paid	(15,940		)		(3,985		)
Payments on Notes Payable - Securitization Trusts	(10,241		)		(7,309		)
Change in restricted cash related to securitization trusts	(12,461		)		(5,944		)
Additions to deferred financing costs	(1,740		)		(253		)
Other, net	(5		)		(11		)
Net cash used in financing activities	(5,900		)		(15,084		)
Net decrease in cash and cash equivalents	(1,087		)		(11,721		)
Cash and cash equivalents—beginning of period	4,308				17,813
Cash and cash equivalents—end of period	$	3,221			$	6,092
Supplemental disclosure of cash flow activities:
Non-cash operating, 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	$	435			$	696
Foreclosed real estate acquired	$	124			$	713
Dividends declared but not paid	$	—			$	4,802
Reversal of deferred tax asset	$	—			$	2,870
Issuance of common stock under dividend reinvestment plan	$	505			$	—

            

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Performing SBA Unguaranteed Investments (1)
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2026			$	482.5			$	482.5			$	415.3			0.20	%
Soregard Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		6/30/2041			278.8				278.8				261.1				0.13	%
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/30/2029			195.5				195.5				193.9				0.09	%
P L H Pharmaco Inc dba Farmacia San Jose		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		6/30/2026			175.0				175.0				170.1				0.08	%
Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2041			293.9				159.6				164.0				0.08	%
Martin Inventory Management LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/30/2026			105.8				105.8				106.1				0.05	%
Desert Tacos LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2026			98.8				36.8				36.9				0.02	%
VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2026			22.5				22.5				19.1				0.01	%
KWG Industries, LLC dba Peterson & Marsh Metal industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2041			304.5				304.5				303.8				0.15	%
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/29/2026			140.0				140.0				121.7				0.06	%
WGI, LLC dba Williams Grant Inn		Accommodation		Term Loan		Prime plus 2.75%		6/29/2041			131.3				131.3				129.0				0.06	%
Ninsa LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2041			112.5				112.5				115.6				0.06	%
Castone Creations Inc		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2026			87.5				87.5				77.3				0.04	%
E & P Holdings 1 LLC and Evans & Paul LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/28/2026			125.0				125.0				109.5				0.05	%
MaidPro Marin dba MaidPro		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/28/2026			17.6				17.6				14.9				0.01	%
Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/27/2026			750.0				750.0				635.3				0.31	%
All Printing Solutions, Inc. dba Pryntcomm		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		6/27/2041			545.6				545.6				515.0				0.25	%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast		Accommodation		Term Loan		Prime plus 2.75%		6/24/2041			101.3				101.3				104.0				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Yellow Cab Company of Kissimmee Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		6/24/2041			56.8				56.8				53.3				0.03	%
Jumbomarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/24/2026			50.0				50.0				42.4				0.02	%
El Basha Inc dba RPM West San Fernando Valley		Real Estate		Term Loan		Prime plus 2.75%		6/24/2026			22.5				22.5				19.1				0.01	%
Long Island Comedy LLC dba Governors and New York Comedy, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/23/2041			187.5				187.5				184.6				0.09	%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/23/2041			494.8				103.8				106.6				0.05	%
Visual Advantage LLC dba Signs Now Perryberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2041			91.3				91.3				88.8				0.04	%
SNS of Central Alabama, LLC dba Steak N Shake dba Steak N Shake Bigl		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/21/2026			57.5				57.5				51.8				0.03	%
Evergreen Investment & Property Management LLC ,Universal Kidney Cente		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/20/2041			1,250.0				1,250.0				1,260.1				0.62	%
Italian Heritage Tile and Stone Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/20/2026			62.5				62.5				52.9				0.03	%
T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		6/17/2026			225.0				225.0				223.0				0.11	%
Bagelicious, LLC dba Bagelicious of Cheshire		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2026			54.6				54.6				46.5				0.02	%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr		Couriers and Messengers		Term Loan		Prime plus 2.75%		6/16/2026			583.0				583.0				493.9				0.24	%
NKJ Lusby Donuts LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/16/2026			22.5				22.5				19.1				0.01	%
Winegirl Wines LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		6/16/2026			11.3				11.3				11.2				0.01	%
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares		Social Assistance		Term Loan		Prime plus 2%		6/15/2041			515.3				515.3				483.2				0.24	%
Strag Industries LLC dba Meineke Car Care Center 841		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/15/2026			15.0				15.0				13.7				0.01	%
Jai-Alexia Consulting, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%		6/15/2026			11.8				11.8				10.0				—	%
Luv 2 Play AZ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/10/2026			62.5				62.5				60.2				0.03	%
Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/10/2026			85.0				46.3				39.2				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
VBGB Uptown, LLC dba VBGB Beer Hall & Garden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2026			84.0				84.0				71.2				0.03	%
Larry H. Patterson and Rainbow Movers, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/6/2026			22.5				22.5				19.1				0.01	%
ScimTech Industries Inc dba Archer Aerospace		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		6/6/2026			12.0				12.0				10.2				—	%
Solvit Inc and Solvit North Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/3/2026			250.0				250.0				222.1				0.11	%
AP5 LLC dba Krauser's Food Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/2/2041			242.5				242.5				239.4				0.12	%
ATI Jet Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/31/2026			518.8				518.8				459.6				0.22	%
Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/31/2026			50.0				50.0				50.2				0.02	%
Angelo Faia dba AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		5/27/2041			100.0				88.5				87.9				0.04	%
Premier Athletic Center of Ohio, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/27/2026			87.5				87.5				87.8				0.04	%
MNM Printing and Marketing Solutions LLC dba AlphaGraphics of Saint Lo		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/27/2026			18.8				18.8				15.9				0.01	%
Mersada Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		5/26/2026			337.5				337.5				338.6				0.17	%
Jack Frost Firewood Inc. and David Dubinsky		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/26/2041			206.3				206.3				200.7				0.10	%
Southwest Division Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		5/26/2026			8.3				8.3				7.4				—	%
International Kitchen Supply LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/25/2026			186.8				186.7				166.8				0.08	%
PennyLion LLC dba Creamistry		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/25/2026			81.0				56.3				49.5				0.02	%
Groth Lumber Co. Inc. dba True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/25/2026			22.5				22.5				22.4				0.01	%
Powerspec Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/24/2026			87.5				87.5				74.1				0.04	%
Island Life Graphics Inc dba FASTSIGNS #576		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		5/24/2026			22.5				22.5				19.3				0.01	%
Horseshoe Barbecue, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/23/2029			15.0				15.0				15.1				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
National Air Cargo Holdings Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/20/2026			1,250.0				1,250.0				1,213.7				0.59	%
CM Lab Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/20/2026			172.6				172.6				159.2				0.08	%
Elderfriend Inc dba Granny Nannies dba GN Live Scan		Social Assistance		Term Loan		Prime plus 2.75%		5/20/2026			12.8				12.8				10.8				0.01	%
Pro Auto Repair LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/20/2026			7.5				7.5				7.2				—	%
J&A Laundromat Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/18/2026			67.5				67.5				58.7				0.03	%
Dedicated Incorporated		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/18/2041			46.5				46.5				46.1				0.02	%
HBA LLC dba Palmetto Twist-Vista		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2026			22.5				22.5				19.5				0.01	%
FJN Catering Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/13/2041			262.5				262.5				266.9				0.13	%
J. Harris Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/13/2026			60.0				60.0				53.1				0.03	%
Studio Find It Georgia Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/13/2026			22.5				22.5				19.7				0.01	%
LED Lighting Enterprises LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/13/2026			22.5				22.5				19.1				0.01	%
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano		Social Assistance		Term Loan		Prime plus 2.75%		5/12/2041			132.5				132.5				129.5				0.06	%
Luv 2 Play OC Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/12/2026			62.5				62.5				52.9				0.03	%
The Delon Group LLC dba I Love Juice Bar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/12/2026			55.0				55.0				46.6				0.02	%
Sabir Inc. dba Bear Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/11/2041			123.8				123.8				124.2				0.06	%
Gator D'Lites LLC dba D'Lites Emporium		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/5/2026			22.5				22.5				19.1				0.01	%
Scoler LLC dba Gold's Gym		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/29/2026			262.5				260.9				231.4				0.11	%
May-Craft Fiberglass Products Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		4/29/2041			247.5				247.2				253.9				0.12	%
Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/29/2041			175.8				175.8				180.5				0.09	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Empowerschool LLC and Empower Autism Academy, LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/29/2041			151.9				151.7				155.4				0.08	%
Keller, Fishback & Jackson LLP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/29/2026			131.8				129.9				130.4				0.06	%
La Nopalera Mexicano 2, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2026			125.5				93.8				94.1				0.05	%
Warner Home Comfort, LLC dba Smith Piping		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/29/2041			82.5				82.4				80.7				0.04	%
Euro Car Miami LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		4/29/2026			62.5				62.2				62.4				0.03	%
Hard Exercise Works Winter Park LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/29/2026			40.8				40.5				34.3				0.02	%
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/29/2026			22.5				22.4				18.9				0.01	%
Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/29/2026			7.5				7.5				6.3				—	%
Costume World Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		4/28/2041			1,250.0				1,250.0				1,284.0				0.63	%
Pecos Inn LLC dba Econo Lodge		Accommodation		Term Loan		Prime plus 2.75%		4/28/2041			677.5				676.6				679.3				0.33	%
Atlantic Restaurant Associates LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/28/2041			262.5				262.1				263.5				0.13	%
North American Manufacturing Company		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/28/2026			160.0				159.0				159.5				0.08	%
Inner Beauty Salon and Suite LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/28/2041			65.0				64.9				65.9				0.03	%
Shepherd Appraisal Services LLC dba Property Damage Appraisers of Okla		Real Estate		Term Loan		Prime plus 2.75%		4/28/2026			9.0				8.9				7.6				—	%
Green Country Filter Manufacturing LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		4/27/2026			84.3				83.7				72.8				0.04	%
Knowledge First Inc dba Magic Years of Learning		Social Assistance		Term Loan		Prime plus 2.75%		4/27/2026			80.0				79.5				74.4				0.04	%
NB & T Services, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/27/2026			38.0				37.8				32.0				0.02	%
Homecare Casa Rhoda 123 Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2%		4/26/2041			675.0				673.9				640.8				0.31	%
Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/26/2026			90.0				89.5				75.8				0.04	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
McIntosh Trail Management Services Organization Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/22/2041			425.0				424.4				436.0				0.21	%
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/22/2041			250.0				249.7				235.2				0.12	%
Jande Graphics LLC dba FastSigns #103201		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/21/2026			56.0				55.7				47.1				0.02	%
AAA Mill Direct, Inc. dba Carpet Mill Outlets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/21/2026			7.9				7.8				7.9				—	%
Miguel Fernando Borda, P.A. dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/15/2026			22.5				22.4				19.5				0.01	%
LE & JS dba Laredo Mercado Y Carniceria		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/13/2026			20.0				19.8				16.8				0.01	%
Sushiya Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/12/2026			87.5				87.0				76.6				0.04	%
Sierra Foothill Cremation & Funeral Service, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/7/2026			53.0				52.7				44.6				0.02	%
Waterfalls Quick Lube LLC and Veracruz Shabo LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/6/2041			271.3				270.9				270.3				0.13	%
KNS Early Learning Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/6/2041			51.0				50.9				49.5				0.02	%
Gill Express Inc and Blue Speed LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2041			518.0				516.5				506.8				0.25	%
Men of Steel Enterprises LLC and Vogelbacher Properties LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			393.5				392.4				364.2				0.18	%
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/31/2026			75.0				74.1				62.7				0.03	%
Dana A. Farley dba Independent Cabinets		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			67.5				67.3				69.1				0.03	%
Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant and Marvin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2026			66.8				64.7				54.8				0.03	%
Christian Soderquist dba Soderquist Plumbing and Heating LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/31/2041			56.8				56.6				57.8				0.03	%
Duke's Cleaners Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/31/2026			47.0				46.4				42.6				0.02	%
Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/31/2026			22.5				22.2				18.8				0.01	%
Wyldewood Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2041			986.8				986.5				934.1				0.46	%
Tom Sawyer Country Restaurant LLC and AM 3208 LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2041			257.5				256.8				252.4				0.12	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
NOSO Development, LLC		Real Estate		Term Loan		Prime plus 2.75%		3/30/2026			187.5				185.2				156.8				0.08	%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		3/30/2026			93.8				92.6				80.5				0.04	%
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		3/30/2026			22.5				22.5				22.6				0.01	%
MTS Car Service LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		3/30/2026			10.5				10.4				8.8				—	%
Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2%		3/29/2041			525.0				522.8				508.5				0.25	%
Lust for Life Footwear, LLC		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%		3/29/2026			375.0				370.4				313.6				0.15	%
Vinmar Inc. dba Locanda Portofino		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2026			81.3				80.3				67.9				0.03	%
Barrocas Gym LLC dba Snap Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2026			22.5				22.2				20.1				0.01	%
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2026			50.0				49.4				44.2				0.02	%
Marathon Engineering Corporation		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/28/2041			45.0				44.9				44.8				0.02	%
ReNew Interior Surface Cleaning LLC dba Randy's Carpet Care and Upholstry		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/28/2026			12.4				12.2				11.9				0.01	%
Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		3/25/2026			125.0				123.5				111.1				0.05	%
RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/25/2026			56.3				55.6				47.0				0.02	%
Revolution Physical Therapy LLC dba Apex Network Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2026			22.5				22.5				19.5				0.01	%
Acton Hardware LLC and Mark Allgood & Jamie Allgood		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/24/2041			498.6				497.2				474.6				0.23	%
Lowgap Grocery & Grill LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%		3/24/2041			167.5				167.0				171.5				0.08	%
ActKnowledge, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/24/2026			125.0				123.5				123.8				0.06	%
International Construction Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		3/24/2041			50.0				49.9				51.2				0.03	%
Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/24/2026			50.0				49.4				47.8				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
The Youth Fountain LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/23/2026			47.5				46.9				39.7				0.02	%
Magnation Corporation and Misha Family Trust		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/22/2041			101.3				101.1				103.8				0.05	%
Precious Care LLC and Precious Care Management LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/21/2026			557.5				550.7				469.4				0.23	%
growth.period LLC and Potomac Recruiting LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2026			156.3				154.3				130.7				0.06	%
Media Capital Partners, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		3/21/2026			22.5				22.2				18.8				0.01	%
ERT Group Inc and Curt's Tools Inspection Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%		3/18/2041			1,250.0				1,246.5				1,218.6				0.60	%
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/18/2041			80.8				80.5				81.6				0.04	%
Mariam Diner Inc dba Country Kitchen Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/18/2026			52.5				51.9				43.9				0.02	%
Kekoa Enterprises Inc dba Signarama Sandy		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2026			49.5				48.9				41.4				0.02	%
Clean Way Service LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/18/2026			22.5				22.2				18.8				0.01	%
Pro Tech Technology LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/18/2026			7.5				7.4				6.3				—	%
Brian T Rice dba BD Logging		Forestry and Logging		Term Loan		Prime plus 2.75%		3/17/2026			15.8				15.6				14.0				0.01	%
Evergreen Pallet LLC and Evergreen Recycle LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		3/16/2026			1,039.3				1,027.1				918.8				0.45	%
LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/16/2026			55.0				54.4				54.4				0.03	%
K Soles Corp dba Max Collections		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/16/2026			22.5				22.2				18.8				0.01	%
Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/16/2026			21.8				21.5				20.3				0.01	%
Auto and Property Insurance Solutions dba Taylor Company Insurance & F		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		3/16/2026			16.4				16.2				13.7				0.01	%
R & D Enterprises Inc dba My Pool Man		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/15/2026			50.0				49.4				41.8				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Mustafa Inc and Raouf Properties LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/14/2041			75.0				74.8				75.6				0.04	%
HEWZ, LLC dba Hard Exercise Works		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/14/2026			22.5				22.2				18.8				0.01	%
Magill Truck Line LLC and Jeff J. Ralls		Truck Transportation		Term Loan		Prime plus 2.75%		3/11/2029			210.8				209.0				188.1				0.09	%
Accuair Control Systems LLC dba Accuair Suspension		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			150.0				148.2				128.2				0.06	%
Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/11/2026			105.0				103.9				98.1				0.05	%
Country Paint and Hardware Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/11/2026			87.4				86.3				74.7				0.04	%
Dupre Capital LLC dba Fastsigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			58.4				57.7				48.8				0.02	%
ABCs & 123s Infant and Child Care Center LP		Social Assistance		Term Loan		Prime plus 2.75%		3/11/2026			11.3				11.1				9.4				—	%
State Painting & Decorating Co., Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/10/2026			103.8				102.5				86.8				0.04	%
Fayette Computer Consulting Company		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/10/2026			22.5				22.2				19.7				0.01	%
B.P.T.M. of NV LLC and Agentis Bros., LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/9/2041			525.0				523.5				515.0				0.25	%
Faith Summit Supply Inc dba Summit Supply and Summit True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/9/2026			22.5				22.2				20.1				0.01	%
A & A Auto Care LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/9/2026			12.2				12.0				11.4				0.01	%
Step Up Academy of the Arts LLC		Educational Services		Term Loan		Prime plus 2.75%		3/9/2026			8.0				7.9				6.7				—	%
Swerve Salon LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/8/2026			79.0				78.0				66.1				0.03	%
J & W Hardwood Flooring Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/7/2026			7.5				7.4				6.3				—	%
Labmates LLC and POV Holdings LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/4/2041			109.3				108.9				111.9				0.05	%
Hueston and Company CPA LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/4/2026			8.3				8.1				7.0				—	%
Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/3/2026			50.0				49.4				47.9				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Miles of Smiles Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/2/2026			93.5				93.5				80.9				0.04	%
The River Beas, LLC dba Subway and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2041			135.9				135.1				136.8				0.07	%
Johnson & Dugan Insurance Services Corp		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		2/28/2026			62.5				61.4				52.0				0.03	%
Doxa Deo Inc dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2026			105.0				57.0				51.4				0.03	%
Drug Detection Laboratories, Inc. and Minh Tran		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/28/2026			19.8				19.4				16.7				0.01	%
Powerpits CS1, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2026			18.8				18.4				16.4				0.01	%
Living Essentials HVAC Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/28/2026			15.0				14.7				12.6				0.01	%
Consulting Solutions, Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/28/2026			11.3				11.1				10.7				0.01	%
Aaradhya LLC dba Market Square Laundry		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			80.0				78.5				66.5				0.03	%
Blackstones Hairdressing LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			52.0				51.4				43.9				0.02	%
BER Enterprise 332 Inc dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/19/2026			22.5				22.1				18.9				0.01	%
R-No-Landscaping LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/19/2026			8.3				8.1				7.0				—	%
R & K Contracting Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/18/2026			15.8				15.5				13.3				0.01	%
Pacific Coast Medical Group LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/17/2026			245.0				240.5				241.2				0.12	%
Jersey Shore Marina & Boat Sales, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/12/2041			625.0				622.5				639.3				0.31	%
Ei3 Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/12/2026			326.9				320.9				321.7				0.16	%
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/12/2029			310.3				306.4				279.9				0.14	%
B for Blonde, LLC dba Blo Blow Dry Bar		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/12/2026			62.0				61.6				52.3				0.03	%
Base USA, Inc.		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		2/2/2026			50.0				49.1				49.2				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Nowatzke Service Center Inc dba Nowatzke Truck and Trailer		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/29/2026			105.0				102.4				102.4				0.05	%
Zouk Ltd dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/29/2026			22.5				21.9				22.0				0.01	%
Wildflour Bakery & Cafe LLC		Social Assistance		Term Loan		Prime plus 2.75%		1/28/2026			62.5				61.0				59.3				0.03	%
SuzyQue's LLC dba SuzyQue's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2026			22.5				22.0				22.0				0.01	%
Tammy Lavertue		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		1/28/2026			11.3				11.0				10.5				0.01	%
New Image Building Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/19/2026			83.1				81.1				72.0				0.04	%
Oak Tree Storage LLC		Other Information Services		Term Loan		Prime plus 2.75%		1/19/2026			78.8				76.8				66.3				0.03	%
Woody's Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		1/12/2026			12.0				11.7				9.9				—	%
Gendron Funeral and Cremation Services, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/11/2041			112.5				110.3				113.3				0.06	%
Dolarian Realty LLC and OV's Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/5/2041			67.8				67.4				69.2				0.03	%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2025			112.5				109.1				95.0				0.05	%
MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/29/2025			18.8				18.2				15.4				0.01	%
Bright Dialysis LLC and Ft Pierce Kidney Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2025			1,250.0				1,211.7				1,017.4				0.50	%
Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/28/2025			15.9				15.4				12.9				0.01	%
V2 Tango LLC dba Palette 22		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2025			250.0				242.3				209.5				0.10	%
800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/23/2040			240.0				239.1				234.6				0.11	%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/23/2040			102.5				101.8				102.1				0.05	%
Optima Health Care Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/23/2025			62.5				60.6				60.6				0.03	%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2028			882.0				863.2				868.2				0.42	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
B&B Organics LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		12/22/2040			375.0				372.3				381.3				0.19	%
Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2040			300.0				299.3				284.5				0.14	%
The LAX Shop Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/22/2025			125.0				121.2				121.2				0.06	%
Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2025			18.0				17.4				15.4				0.01	%
G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/18/2040			1,025.0				1,017.5				1,042.1				0.51	%
Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/18/2040			665.8				660.9				650.8				0.32	%
Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/18/2025			175.0				169.6				141.9				0.07	%
Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/18/2040			162.5				161.3				165.2				0.08	%
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2025			73.0				72.5				63.2				0.03	%
Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/18/2025			73.8				70.6				61.0				0.03	%
Capital Scrap Metal LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/18/2025			36.0				34.9				29.5				0.01	%
Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/17/2025			103.8				100.6				99.3				0.05	%
Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/17/2025			62.5				60.6				52.6				0.03	%
Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%		12/17/2025			10.8				10.5				8.8				—	%
New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2025			875.0				848.2				825.5				0.40	%
Swalm Sreet LLC and New York Home Health Care Equipment LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2040			375.0				372.3				370.0				0.18	%
JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			250.0				242.3				202.7				0.10	%
Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2022			125.0				121.3				106.8				0.05	%
D&G Capital LLC dba Miami Grill 277		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			83.8				87.8				80.9				0.04	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/16/2025			75.0				72.8				66.1				0.03	%
SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/15/2040			428.8				425.6				412.2				0.20	%
Evans & Paul LLC and E&P Holdings I LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2025			125.0				121.2				105.0				0.05	%
Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/14/2040			342.5				340.0				333.4				0.16	%
DC Enterprises Ltd. dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/14/2025			22.5				21.8				20.6				0.01	%
Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/11/2040			46.3				45.9				47.0				0.02	%
ENI Inc. dba ENI Group, Inc		Other Information Services		Term Loan		Prime plus 2.75%		12/11/2025			36.0				34.9				30.7				0.02	%
AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2025			22.5				21.8				20.5				0.01	%
Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/11/2025			15.9				15.4				14.8				0.01	%
Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		12/10/2025			7.5				7.3				7.1				—	%
Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/9/2025			100.0				96.9				84.3				0.04	%
Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/8/2025			108.8				105.4				91.9				0.04	%
My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/7/2025			56.3				55.6				46.5				0.02	%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/4/2040			502.5				498.9				496.6				0.24	%
American Campgrounds LLC dba Whit's End Campground		Accommodation		Term Loan		Prime plus 2.75%		12/4/2040			293.0				290.9				290.2				0.14	%
Food & Fuel Company LLC dba Lowery Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2040			122.5				121.6				124.1				0.06	%
Blue Ox Trucking Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/4/2025			12.3				11.9				11.9				0.01	%
Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		12/2/2040			375.0				372.3				371.1				0.18	%
401 JJS, Corp and G. Randazzo's Trattoria Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2040			52.8				52.5				51.5				0.03	%
Block and Grinder LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			200.0				195.1				192.5				0.09	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Japp Business Inc dba Pick and Eat and Japp Drink Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			125.0				120.4				106.3				0.05	%
Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			125.0				120.4				103.1				0.05	%
Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2025			100.0				96.8				96.8				0.05	%
Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/30/2025			17.6				16.9				16.6				0.01	%
Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/25/2040			146.3				145.0				148.1				0.07	%
State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/25/2025			100.0				96.3				80.6				0.04	%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		11/25/2025			22.5				21.7				18.1				0.01	%
DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/25/2025			11.3				10.8				9.1				—	%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/23/2040			750.0				750.0				768.1				0.38	%
Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/23/2025			11.1				10.7				10.7				0.01	%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2040			244.4				242.2				224.3				0.11	%
Haven Hospitality Group Inc. dba Haven Gastropub		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2025			132.5				127.6				108.9				0.05	%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/20/2025			89.0				86.8				74.1				0.04	%
S.B.B. Enterprises Inc dba Williamston Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/19/2040			108.8				107.8				100.1				0.05	%
Bradley Stinson and Associates Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/19/2025			15.0				14.4				12.1				0.01	%
Key Pix Productions Inc. dba Air Bud Entertainment		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		11/18/2040			839.8				832.4				852.5				0.42	%
Holloway & CO. P.L.L.C.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/16/2025			75.0				72.2				72.2				0.04	%
RDT Enterprises, L.L.C.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/12/2025			22.5				21.7				20.2				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%		11/11/2025			91.3				87.9				75.3				0.04	%
Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/6/2025			127.3				122.5				118.4				0.06	%
Jumbomarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/4/2025			306.3				294.9				283.8				0.14	%
Joseph Nich and Tina M. Nich dba Vic's Greenhouses		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/4/2025			62.5				60.2				60.2				0.03	%
Bisson Transportation Inc dba I & R Associates and Document Security		Truck Transportation		Term Loan		Prime plus 2.75%		10/30/2025			22.5				21.5				20.0				0.01	%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/28/2025			711.3				681.2				593.1				0.29	%
L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		Prime plus 2.75%		10/28/2025			77.0				73.7				63.0				0.03	%
Financial Network Recovery		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/26/2025			40.0				38.3				32.0				0.02	%
Windsor Direct Distribution LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/26/2025			14.3				13.6				11.4				0.01	%
Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/23/2025			62.5				60.8				59.1				0.03	%
Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		Prime plus 2.75%		10/23/2025			50.0				47.8				40.0				0.02	%
Insurance Fire & Water Restorations, LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/23/2025			22.5				21.5				20.3				0.01	%
New Hampshire Precision Metal Fabricators, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/23/2025			22.5				21.5				21.5				0.01	%
Werthan Packaging Inc.		Paper Manufacturing		Term Loan		Prime plus 2.75%		10/14/2025			1,162.5				1,126.2				1,045.6				0.51	%
Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		10/14/2025			87.4				83.6				69.9				0.03	%
ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		10/8/2025			22.5				21.5				18.5				0.01	%
Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2027			767.5				737.8				659.4				0.32	%
R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/30/2025			375.0				368.0				348.9				0.17	%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/30/2040			143.0				141.3				143.9				0.07	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/30/2025			125.0				118.8				99.3				0.05	%
Bat Bridge Investments Inc dba Kalologie 360 Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/30/2025			85.5				82.8				69.2				0.03	%
SCJEN Management Inc dba Bowl of Heaven		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2025			71.3				68.4				57.2				0.03	%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/30/2028			66.5				64.2				61.7				0.03	%
Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/30/2025			22.5				21.4				17.9				0.01	%
Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/29/2040			234.8				232.9				234.6				0.11	%
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2025			518.8				493.9				488.3				0.24	%
RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2040			399.0				394.3				382.6				0.19	%
Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/28/2040			87.5				86.5				84.3				0.04	%
Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/25/2040			962.5				951.2				906.9				0.44	%
Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/25/2040			442.5				437.3				417.8				0.20	%
Hemingway Custom Cabinetry LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/25/2025			220.0				209.1				179.0				0.09	%
South Towne Dental Center, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			50.0				47.5				47.5				0.02	%
Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%		9/25/2040			13.5				13.3				13.7				0.01	%
Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			9.8				9.3				8.5				—	%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%		9/24/2040			625.0				617.6				608.0				0.30	%
Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/24/2040			327.5				323.6				331.4				0.16	%
J.R. Wheeler Corporation dba Structurz Exhibits and Graphics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/24/2025			21.0				20.0				20.0				0.01	%
J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2025			152.5				144.9				121.2				0.06	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		Prime plus 2.75%		9/23/2025			67.5				64.7				54.1				0.03	%
Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/23/2040			62.5				61.3				60.3				0.03	%
Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/23/2025			50.0				47.5				39.7				0.02	%
Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2040			320.0				316.2				311.6				0.15	%
Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		9/22/2040			163.8				161.8				146.6				0.07	%
Frozen Treats of Hollywood FL, LLC dba Sub Zero Ice Cream		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/22/2025			15.8				15.0				13.2				0.01	%
IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			665.0				635.0				530.8				0.26	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2025			50.0				47.6				42.1				0.02	%
Vallmar Studios, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			15.8				15.0				12.5				0.01	%
Scent-Sation Inc		Textile Product Mills		Term Loan		Prime plus 2.75%		9/18/2040			687.5				685.5				696.7				0.34	%
Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/18/2025			15.9				15.1				12.6				0.01	%
MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/18/2025			8.3				7.8				6.6				—	%
Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/17/2025			125.0				118.8				99.3				0.05	%
Import Car Connection Inc dba Car Connection		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/16/2040			407.5				402.7				406.2				0.20	%
FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/15/2025			150.0				142.5				119.2				0.06	%
Johnson Carwash LLC and Johnson Petroleum LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/14/2040			340.0				337.9				344.9				0.17	%
Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/11/2025			62.5				59.4				58.1				0.03	%
Veliu LLC dba FASTSIGNS #15901		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/10/2025			50.0				48.1				41.4				0.02	%
B and A Friction Materials Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/9/2025			102.5				97.4				81.4				0.04	%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/8/2040			140.0				138.4				141.7				0.07	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%		9/4/2040			685.0				676.9				693.1				0.34	%
AIG Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/4/2040			363.8				359.5				338.3				0.17	%
Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/2/2025			8.3				7.8				6.8				—	%
The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			1,250.0				1,179.9				1,073.4				0.53	%
Delray Scrap Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			22.5				21.0				17.5				0.01	%
P and D Enterprises Ind dba Wallaby's Liquor Warehouse		Food and Beverage Stores		Term Loan		Prime plus 2.75%		8/28/2040			888.9				877.1				861.8				0.42	%
J and K Fitness L.L.C. dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2041			93.8				93.4				93.3				0.05	%
Zephyr Seven Series LLC dba 18/8 Fine Men's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/28/2025			81.3				79.5				68.1				0.03	%
LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/28/2025			81.3				76.7				69.2				0.03	%
Trading Group 3 Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%		8/28/2025			50.0				47.2				39.5				0.02	%
Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%		8/28/2025			15.0				14.3				12.0				0.01	%
B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/27/2040			547.5				544.6				522.2				0.26	%
3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/20/2040			137.5				135.7				136.6				0.07	%
God Be Glorified Inc dba (*)GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/20/2025			53.0				50.0				41.8				0.02	%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/19/2040			145.0				143.1				139.9				0.07	%
Gold Jet Corp.		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/14/2025			68.3				67.0				60.4				0.03	%
Screenmobile Management Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/14/2025			47.0				44.3				37.5				0.02	%
SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/13/2025			84.8				80.1				68.0				0.03	%
LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			125.0				120.1				111.4				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Advanced Machine & Technology, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			90.3				84.6				77.5				0.04	%
Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/28/2025			65.8				61.6				54.8				0.03	%
C& D Medical of Naples, Inc and Forever & Always of Naples, Inc dba I		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/24/2040			135.0				133.0				123.0				0.06	%
Forever & Always of Naples Inc dba Island Animal Hospital		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/24/2025			107.5				100.8				91.1				0.04	%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/24/2025			66.3				62.1				54.1				0.03	%
Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		Prime plus 2.75%		7/23/2040			103.8				102.4				103.8				0.05	%
Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/23/2025			22.5				21.1				17.6				0.01	%
Aaron Delgado and Associates Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/22/2025			8.2				7.7				6.4				—	%
Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/21/2025			64.3				60.2				50.4				0.02	%
Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/15/2040			344.5				342.5				328.4				0.16	%
Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/10/2025			91.5				89.0				81.4				0.04	%
The Smile Place LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2040			283.9				279.7				276.3				0.14	%
Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2025			281.8				262.3				230.1				0.11	%
Thrifty Market, Inc. dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2030			262.5				252.3				223.7				0.11	%
All About Smiles P A		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2040			237.7				234.2				231.3				0.11	%
BJ's Tavern LLC and BJ's Cabana Bar Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			212.5				209.0				205.8				0.10	%
Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/30/2025			75.0				69.8				66.0				0.03	%
Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			54.0				52.7				48.8				0.02	%
Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2025			337.5				314.1				267.7				0.13	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2030			291.9				280.7				254.4				0.12	%
R2 Tape Inc dba Presto Tape		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/29/2025			176.3				164.1				155.6				0.08	%
Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/29/2025			15.9				14.8				12.4				0.01	%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling		Gasoline Stations		Term Loan		Prime plus 2.75%		6/26/2040			380.0				373.8				365.0				0.18	%
CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/26/2040			135.5				133.3				128.6				0.06	%
SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%		6/26/2025			66.3				61.7				51.5				0.03	%
E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/26/2025			22.5				20.9				17.6				0.01	%
TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2029			20.6				19.7				19.7				0.01	%
Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.2775%		6/25/2040			1,207.5				1,196.9				1,152.7				0.56	%
Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/25/2040			246.5				242.5				223.7				0.11	%
Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		Prime plus 2.75%		6/24/2025			454.0				433.0				432.7				0.21	%
Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/24/2025			22.5				20.9				18.7				0.01	%
Richards Plumbing and Heating Co., Inc. dba Richards Mechanical		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/23/2040			551.8				542.7				555.5				0.27	%
RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2025			22.5				20.8				17.4				0.01	%
Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/22/2025			53.1				49.5				48.1				0.02	%
Balthazar Management Virgin Islands, LLC dba The Beach Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/22/2025			15.8				14.7				14.7				0.01	%
KRN Logistics, LLC,Newsome Trucking, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2025			543.5				506.0				457.9				0.22	%
PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/19/2025			14.9				13.9				11.6				0.01	%
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/18/2025			61.3				57.0				47.6				0.02	%
Square Deal Siding Company,LLC dba Square Deal Siding Company		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/18/2025			22.5				21.0				21.0				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/17/2025			437.5				407.3				399.1				0.20	%
AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2040			87.1				85.4				86.0				0.04	%
Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		Prime plus 2.75%		6/16/2025			130.5				121.9				101.8				0.05	%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/12/2040			338.8				333.2				290.2				0.14	%
Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/12/2040			290.3				285.5				292.2				0.14	%
Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/12/2025			125.0				115.0				96.1				0.05	%
Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2040			56.3				55.3				56.6				0.03	%
ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/5/2025			62.0				57.7				49.5				0.02	%
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/5/2025			16.1				14.6				12.2				0.01	%
Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/5/2022			13.8				12.3				10.2				—	%
Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/4/2040			90.5				89.1				91.1				0.04	%
Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/3/2025			125.0				116.4				98.2				0.05	%
DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/2/2025			62.8				58.4				48.8				0.02	%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2025			8.3				7.6				6.4				—	%
God is Good LLC dba BurgerFi		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/27/2025			67.3				20.4				20.4				0.01	%
Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/27/2025			9.0				8.3				7.2				—	%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%		5/20/2040			174.1				171.0				170.4				0.08	%
Pen Tex Inc dba The UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/20/2025			22.0				20.4				17.0				0.01	%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/15/2025			717.3				664.7				570.7				0.28	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/15/2040			257.1				252.5				238.4				0.12	%
E-Z Box Storage, Inc.		Real Estate		Term Loan		Prime plus 2.75%		5/11/2025			89.3				82.5				82.4				0.04	%
Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/8/2025			65.0				60.1				50.7				0.02	%
George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/7/2025			130.0				120.2				100.7				0.05	%
South Park Properties LLC and Midlothian Hardware LLC dba Gril		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/6/2040			170.5				166.3				169.9				0.08	%
200 North 8th Street Associates LLC and Enchanted Acres Fa		Food Manufacturing		Term Loan		Prime plus 2.75%		5/4/2028			494.6				479.6				481.9				0.24	%
Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/4/2040			100.0				98.9				88.7				0.04	%
Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		5/1/2040			81.9				78.0				79.9				0.04	%
RDRhonehouse ENT. LLC dba Chill Skinz		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		4/29/2025			88.9				81.6				68.2				0.03	%
Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/24/2025			15.0				13.8				11.5				0.01	%
Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/21/2025			22.5				20.7				18.2				0.01	%
Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/21/2025			22.5				20.5				17.1				0.01	%
Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/17/2025			22.5				20.7				17.3				0.01	%
Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		4/14/2025			44.4				40.8				34.1				0.02	%
Carolina Beefs, LLC dba Beef O'Brady's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/13/2025			19.5				17.9				15.0				0.01	%
Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/3/2040			73.8				72.2				70.4				0.03	%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2040			758.3				744.5				694.8				0.34	%
T and B Boots Inc dba Takkens		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		3/31/2025			807.8				736.6				696.6				0.34	%
Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/31/2040			428.8				419.8				389.3				0.19	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
HAVANA CENTRAL NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2025			250.0				235.2				231.2				0.11	%
Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		3/30/2025			125.0				113.9				103.6				0.05	%
Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		3/30/2025			90.0				85.1				85.0				0.04	%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%		3/27/2025			1,238.3				1,128.4				942.3				0.46	%
Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/27/2040			1,040.3				1,014.7				941.3				0.46	%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac		Accommodation		Term Loan		Prime plus 2.75%		3/27/2040			301.8				295.4				302.3				0.15	%
South Florida Air Conditioning and Refrigeration Corp.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/27/2040			155.5				152.3				153.1				0.07	%
Balthazar Management Virgin Islands LLC dba The Beach Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/27/2025			123.3				112.3				112.2				0.05	%
Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2025			106.5				97.1				89.7				0.04	%
Geo Los Angeles LLC dba Geo Film Group		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/26/2025			130.0				118.5				108.7				0.05	%
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				52.9				53.3				0.03	%
Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/25/2040			810.0				793.0				804.4				0.39	%
Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		3/25/2025			22.5				20.5				17.1				0.01	%
Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/24/2025			12.0				10.9				9.1				—	%
Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/20/2040			112.5				110.1				112.0				0.05	%
Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/20/2040			42.9				42.0				40.7				0.02	%
R & R Security and Investigations Inc dba Pardners Lake Buchanan		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/19/2040			85.4				83.7				85.6				0.04	%
MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2040			160.7				157.4				151.2				0.07	%
BND Sebastian Limited Liability Company and Sebastian Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2040			172.5				168.9				168.1				0.08	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/16/2040			91.3				89.3				87.5				0.04	%
Firm Foundations Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/13/2025			81.3				74.0				66.0				0.03	%
Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/9/2040			191.8				187.7				180.5				0.09	%
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				10.3				10.2				—	%
Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/27/2025			952.8				861.3				755.3				0.37	%
J&M Concessions Inc dba A 1 Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/27/2025			87.5				80.0				71.6				0.04	%
Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%		2/27/2025			63.4				57.2				48.3				0.02	%
Road to Sedona Inc dba Thirteen		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/27/2025			56.6				51.2				43.5				0.02	%
Kingseal LLC dba Desoto Health and Rehab Center		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		2/26/2040			1,250.0				1,221.9				1,250.2				0.61	%
Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		2/26/2025			66.2				59.9				59.8				0.03	%
Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/24/2025			12.5				11.3				9.4				—	%
Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		2/19/2040			61.8				60.5				57.8				0.03	%
Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/18/2025			74.4				67.2				60.6				0.03	%
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. dba T		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/11/2040			171.6				167.9				160.6				0.08	%
740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/10/2040			492.5				481.4				492.6				0.24	%
Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/6/2040			66.3				64.8				63.1				0.03	%
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		2/2/2040			225.1				220.1				207.9				0.10	%
Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/23/2025			83.3				74.8				64.5				0.03	%
Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/22/2025			21.5				18.4				18.4				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/20/2022			8.4				7.0				5.9				—	%
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				129.8				133.1				0.07	%
First Prevention and Dialysis Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/30/2024			273.3				261.0				253.1				0.12	%
FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2039			245.5				240.6				235.6				0.12	%
Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/30/2024			223.8				199.3				196.2				0.10	%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		Prime plus 2.75%		12/30/2024			106.3				94.8				95.5				0.05	%
Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/24/2039			1,202.5				1,173.4				1,214.2				0.59	%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/23/2039			530.3				516.7				503.3				0.25	%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/23/2039			500.0				487.2				504.1				0.25	%
401 JJS Corporation and G. Randazzo Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2039			473.5				465.5				474.0				0.23	%
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				224.5				232.3				0.11	%
Carolina Flicks Inc dba The Howell Theater		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		12/23/2032			163.3				155.8				153.1				0.07	%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/22/2024			187.5				167.1				155.8				0.08	%
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				1,116.2				1,011.6				0.49	%
B.S. Ventures LLC dba Dink's Market		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/19/2039			53.8				52.4				54.1				0.03	%
MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/19/2025			46.3				42.2				38.6				0.02	%
B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2039			164.5				160.3				158.7				0.08	%
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				356.5				333.8				0.16	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
The Conibear Corporation and Conibear Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2024			12.0				7.9				7.6				—	%
Kemmer LLC and Apples Tree Top Liquors LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2039			138.4				134.8				132.3				0.06	%
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				48.8				45.4				0.02	%
Trading Group 3, Inc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/26/2024			22.5				19.9				17.9				0.01	%
Meridian Hotels, LLC dba Best Western Jonesboro		Accommodation		Term Loan		Prime plus 2.75%		11/25/2039			228.0				223.3				231.1				0.11	%
Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		11/25/2024			220.0				194.6				176.9				0.09	%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/25/2039			148.8				144.7				144.3				0.07	%
Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		11/25/2024			150.0				133.9				120.5				0.06	%
DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/25/2024			13.2				11.7				11.6				0.01	%
J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/21/2024			767.9				672.0				613.6				0.30	%
Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2024			42.0				37.2				33.4				0.02	%
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				116.7				118.7				0.06	%
MLM Enterprises LLC and Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/18/2024			70.5				62.4				60.2				0.03	%
JEJE Realty LLC and La Familia Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/10/2039			205.8				199.1				198.8				0.10	%
Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/7/2024			13.1				7.7				6.9				—	%
Laura L. Smith dba Lisa Smith Studio		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/3/2024			15.0				13.2				11.9				0.01	%
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				465.2				471.7				0.23	%
M and C Renovations Inc		Construction of Buildings		Term Loan		Prime plus 2.75%		10/31/2024			20.3				18.4				16.6				0.01	%
Golden Transaction Corporation dba Bleh Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		10/30/2039			156.7				152.2				155.6				0.08	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				66.6				67.3				0.03	%
Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%		10/27/2039			90.5				87.9				87.6				0.04	%
185 Summerfield Inc and Valcon Contracting Corp		Construction of Buildings		Term Loan		Prime plus 2.75%		10/24/2039			162.3				157.6				160.6				0.08	%
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				86.6				85.0				0.04	%
3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/17/2024			131.3				115.2				107.7				0.05	%
One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/14/2024			20.6				18.0				16.2				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				1,227.2				1,269.9				0.62	%
Capitol Waste and Recycling Services LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		10/10/2024			257.8				226.3				212.9				0.10	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/10/2024			187.5				164.9				153.3				0.07	%
DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%		10/10/2039			101.8				98.8				101.1				0.05	%
Boilermaker Industries LLC dba PostNet		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/9/2024			18.8				6.8				6.8				—	%
Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2024			105.0				81.5				79.9				0.04	%
Smith Spinal Care Center P.C. and James C. Smith		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2039			60.0				58.3				58.9				0.03	%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/3/2039			126.9				121.9				124.2				0.06	%
Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/2/2024			92.5				46.7				47.0				0.02	%
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				248.0				245.7				0.12	%
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				97.0				99.8				0.05	%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC		Accommodation		Term Loan		Prime plus 2.75%		9/29/2039			513.3				499.8				517.0				0.25	%
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				316.2				327.1				0.16	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Keys Phase One LLC dba The Grand Guesthouse		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			736.3				713.9				726.2				0.36	%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/26/2039			601.8				583.5				591.8				0.29	%
Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			57.5				55.8				57.7				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				19.6				18.1				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				439.4				424.1				0.21	%
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				154.4				156.8				0.08	%
R A Johnson Inc dba Rick Johnson Auto and Tire		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/23/2039			301.3				292.1				302.1				0.15	%
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				31.3				28.2				0.01	%
Utek Corporation dba Arcade Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/22/2039			405.5				402.1				413.6				0.20	%
Play and Stay LLC dba Zoom Room Tinton Falls		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/18/2024			42.1				37.2				33.4				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				141.1				145.9				0.07	%
Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2024			58.8				50.7				45.6				0.02	%
Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2039			425.0				414.8				420.3				0.21	%
Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/15/2024			272.5				237.4				222.4				0.11	%
RDT Enterprises LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/15/2027			162.8				148.2				147.3				0.07	%
KW Zion, LLC and Key West Gallery Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/12/2039			1,250.0				1,212.0				1,232.3				0.60	%
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				549.0				495.8				0.24	%
B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/10/2024			80.0				69.7				62.7				0.03	%
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				45.2				41.4				0.02	%
Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		8/28/2039			911.3				862.4				892.1				0.44	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC)		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/27/2024			133.8				115.8				116.6				0.06	%
Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/27/2024			41.3				35.7				32.1				0.02	%
Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/26/2024			121.0				104.7				99.3				0.05	%
Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/22/2039			51.6				49.9				49.8				0.02	%
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				1,186.8				1,198.8				0.59	%
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				413.6				427.8				0.21	%
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar		Gasoline Stations		Term Loan		Prime plus 2.75%		8/15/2039			150.0				146.5				140.1				0.07	%
Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2039			145.2				141.1				146.0				0.07	%
Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2024			124.3				107.4				96.6				0.05	%
Almost Home Property LLC and Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/7/2039			715.8				693.9				711.1				0.35	%
iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			379.1				337.8				319.6				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				47.0				43.0				0.02	%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2039			22.5				21.7				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				19.3				17.5				0.01	%
Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		7/24/2039			150.0				145.0				149.5				0.07	%
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			100.0				97.3				98.3				0.05	%
Wired LLC and Moulison North Corporation		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/3/2024			150.1				138.3				130.7				0.06	%
Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/30/2039			875.3				846.1				872.0				0.43	%
iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2039			629.8				608.3				590.1				0.29	%
Wired LLC and Moulison North Corporation		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2024			500.0				457.2				432.0				0.21	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2039			208.0				200.7				207.5				0.10	%
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				85.2				85.5				0.04	%
Highway Striping Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/30/2024			53.1				45.2				42.1				0.02	%
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				310.5				313.5				0.15	%
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				132.6				134.8				0.07	%
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				94.0				90.4				0.04	%
Nikobella Properties LLC and JPO Inc dba Village Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/25/2039			476.3				459.5				465.5				0.23	%
RDJ Maayaa Inc dba RDJ Distributors		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/23/2024			8.7				7.3				6.6				—	%
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/20/2039			233.4				225.2				227.4				0.11	%
510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/19/2024			332.0				282.8				282.0				0.14	%
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			920.3				887.8				918.0				0.45	%
Hotels of North Georgia LLC dba Comfort Inn and Suites		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			837.5				808.0				835.3				0.41	%
Global Educational Delivery Services LLC		Educational Services		Term Loan		Prime plus 2.75%		6/16/2024			60.0				51.7				52.0				0.03	%
Rainbow Dry Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/13/2024			122.5				104.2				97.4				0.05	%
NVR Corporation dba Discount Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/11/2039			68.3				64.5				66.7				0.03	%
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				90.4				93.5				0.05	%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/3/2024			22.5				19.1				17.7				0.01	%
Long Island Barber + Beauty LLC		Educational Services		Term Loan		Prime plus 2.75%		6/2/2039			55.5				53.5				53.6				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/30/2024			53.0				44.8				43.8				0.02	%
Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/30/2024			22.5				19.0				18.6				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				909.1				940.1				0.46	%
Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/29/2024			128.1				110.3				100.1				0.05	%
EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2024			19.2				16.2				15.0				0.01	%
Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/27/2024			60.0				50.6				45.7				0.02	%
USI Properties LLC dba U Store It		Real Estate		Term Loan		Prime plus 2.75%		5/23/2039			144.6				139.3				143.3				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				130.3				134.7				0.07	%
Hae M. and Jin S. Park dba Buford Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/15/2039			166.5				159.6				158.5				0.08	%
Moochie's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/13/2024			100.5				85.9				78.4				0.04	%
The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/8/2039			90.3				86.9				87.7				0.04	%
AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/29/2039			117.5				113.0				116.8				0.06	%
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				418.4				376.9				0.18	%
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				69.8				70.3				0.03	%
Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/23/2039			20.8				20.0				20.7				0.01	%
Island Wide Realty LLC and Long Island Partners, Inc..		Real Estate		Term Loan		Prime plus 2.75%		4/22/2039			103.8				99.9				103.3				0.05	%
Aiello's Pizzeria LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/18/2024			42.8				34.8				32.3				0.02	%
Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2024			186.3				155.8				143.1				0.07	%
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				131.2				133.8				0.07	%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/31/2024			1,250.0				622.3				625.6				0.31	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				431.0				438.5				0.21	%
Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2024			164.3				138.3				129.2				0.06	%
RDT Enterprises, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2028			141.2				127.3				129.3				0.06	%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/31/2039			117.5				113.0				108.3				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				98.2				96.5				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				89.0				87.5				0.04	%
Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2039			427.5				410.8				416.1				0.20	%
Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/28/2039			125.0				121.7				121.9				0.06	%
Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC)		Real Estate		Term Loan		Prime plus 2.75%		3/27/2039			193.8				185.1				191.3				0.09	%
Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/26/2024			143.3				119.8				116.2				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				139.4				138.5				0.07	%
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				477.4				493.5				0.24	%
Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/20/2039			110.8				106.5				110.1				0.05	%
Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/18/2024			41.3				29.3				28.3				0.01	%
Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2029			1,033.1				951.0				920.3				0.45	%
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				392.8				405.4				0.20	%
Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2039			216.9				209.0				205.5				0.10	%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/13/2039			223.5				214.5				221.7				0.11	%
Avayaan2 LLC dba Island Cove		Gasoline Stations		Term Loan		Prime plus 2.75%		3/7/2039			157.5				151.2				153.0				0.07	%
Onofrio's Fresh Cut Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/6/2024			75.0				62.3				61.3				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
J&M Concessions, Inc.dba A-1 Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/3/2039			135.6				130.6				128.3				0.06	%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/28/2039			417.5				400.2				401.3				0.20	%
Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		2/28/2024			350.6				288.5				277.6				0.14	%
Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2039			214.2				205.6				204.2				0.10	%
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				202.3				201.2				0.10	%
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				131.1				131.4				0.06	%
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				135.7				140.3				0.07	%
JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/11/2024			280.0				230.4				212.5				0.10	%
Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/7/2024			907.8				749.4				682.3				0.33	%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/7/2039			99.1				95.4				96.4				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				69.3				64.3				0.03	%
Sarah Sibadan dba Sibadan Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		1/27/2039			129.4				123.8				126.7				0.06	%
3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		1/24/2024			425.0				346.7				323.1				0.16	%
JDR Industries Inc dba CST-The Composites Store, JetCat USA		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		1/21/2024			140.3				114.4				107.8				0.05	%
Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		1/15/2024			21.8				17.7				17.8				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				876.1				899.8				0.44	%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2027			712.5				636.3				651.1				0.32	%
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				544.9				552.6				0.27	%
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				307.9				315.7				0.15	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Superior Disposal Service, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		12/26/2023			240.5				194.5				195.2				0.10	%
KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/23/2028			190.0				169.6				171.9				0.08	%
Mosley Auto Group LLC dba America's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			221.5				211.5				220.3				0.11	%
Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			88.9				84.9				88.8				0.04	%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2038			555.3				530.2				546.1				0.27	%
Lefont Theaters Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/19/2023			14.4				11.6				11.5				0.01	%
TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%		12/18/2038			405.0				387.3				399.6				0.20	%
Any Garment Cleaner-East Brunswick, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/18/2023			53.8				43.5				43.7				0.02	%
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				15.0				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				185.4				193.3				0.09	%
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				399.3				417.9				0.20	%
DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2038			138.8				132.5				138.7				0.07	%
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				441.2				435.9				0.21	%
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				99.5				101.2				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				313.1				309.3				0.15	%
BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/27/2038			76.5				72.9				75.8				0.04	%
Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		11/27/2023			67.2				53.9				52.4				0.03	%
Wallace Holdings LLC (EPC) GFA International Inc (OC)		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%		11/25/2023			125.0				99.9				96.2				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/21/2023			15.8				12.6				12.1				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				1,186.4				1,203.8				0.59	%
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				36.8				35.7				0.02	%
Kup's Auto Spa Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/15/2038			396.7				376.3				392.9				0.19	%
Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%		11/15/2023			75.0				60.1				58.5				0.03	%
Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		11/14/2023			8.3				6.7				6.5				—	%
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC)		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/6/2038			62.5				59.5				62.3				0.03	%
Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%		10/31/2038			945.0				901.8				928.6				0.45	%
Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2038			596.6				567.7				579.5				0.28	%
1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/31/2038			212.5				202.2				210.5				0.10	%
Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/31/2038			137.5				131.1				136.1				0.07	%
Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%		10/31/2023			42.8				35.0				35.5				0.02	%
Meridian Hotels LLC dba Best Western Jonesboro		Accommodation		Term Loan		Prime plus 2.75%		10/29/2038			664.5				632.3				661.5				0.32	%
New Image Building Services Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/29/2023			331.3				263.1				257.4				0.13	%
A-1 Quality Services Corporation		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/29/2023			8.9				7.0				6.8				—	%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/24/2038			246.3				234.3				240.4				0.12	%
Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/24/2023			240.1				173.8				176.3				0.09	%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/18/2023			87.5				69.5				68.0				0.03	%
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				20.4				20.4				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				671.2				680.3				0.33	%
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B		Gasoline Stations		Term Loan		6%		9/30/2038			676.3				656.0				669.4				0.33	%
Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%		9/30/2038			344.5				327.5				342.2				0.17	%
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				310.7				321.6				0.16	%
Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			312.5				298.2				309.3				0.15	%
Discount Wheel and Tire		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/30/2038			223.8				212.4				218.8				0.11	%
Top Properties LLC and LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			120.0				115.3				120.7				0.06	%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool -		Social Assistance		Term Loan		Prime plus 2.75%		9/30/2038			97.6				92.7				94.9				0.05	%
Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/27/2038			757.6				719.1				740.1				0.36	%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2038			335.1				318.0				329.0				0.16	%
Handy 6391 LLC dba The UPS Store #6391		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/27/2023			62.5				49.8				50.5				0.02	%
Eastside Soccer Dome, Inc .		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			463.8				440.1				460.5				0.23	%
HJ & Edward Enterprises, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2023			262.5				213.4				212.9				0.10	%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Homes		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/26/2038			100.0				95.0				99.4				0.05	%
Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			51.3				48.6				50.9				0.02	%
Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		9/25/2038			89.3				86.3				88.4				0.04	%
Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/25/2023			14.3				10.5				10.1				—	%
Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2038			268.4				255.1				263.9				0.13	%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%		9/20/2023			46.3				36.6				35.6				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2038			112.3				106.6				109.9				0.05	%
Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/18/2023			16.1				12.8				12.5				0.01	%
Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%		9/13/2023			156.3				129.8				126.7				0.06	%
The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/12/2023			421.3				342.3				333.4				0.16	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/12/2028			54.8				48.3				48.4				0.02	%
Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%		9/11/2038			124.3				117.9				122.3				0.06	%
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				37.5				39.2				0.02	%
B for Brunette dba Blo		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/10/2023			53.4				42.6				41.1				0.02	%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/4/2038			224.2				211.5				217.8				0.11	%
IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2023			687.5				536.5				526.6				0.26	%
ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		8/30/2023			906.3				491.4				493.7				0.24	%
Spectrum Radio Fairmont, LLC		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		8/30/2023			187.5				164.3				166.2				0.08	%
Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		8/30/2023			130.3				101.7				102.4				0.05	%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%		8/30/2023			43.3				33.8				33.9				0.02	%
Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/28/2023			187.5				146.3				140.8				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				63.4				64.2				0.03	%
JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/16/2023			19.5				15.0				14.7				0.01	%
Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/12/2023			22.5				17.7				17.1				0.01	%
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				79.3				82.2				0.04	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Majestic Contracting Services, Inc. dba Majestic Electric and Majestic		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/26/2038			190.0				179.7				184.7				0.09	%
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				8.7				8.8				—	%
Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/19/2038			93.0				88.0				91.6				0.04	%
Tri County Heating and Cooling Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2023			87.8				67.8				68.4				0.03	%
Harbor Ventilation Inc and Estes Investment, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2038			92.1				23.5				24.6				0.01	%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/17/2023			53.8				41.6				40.0				0.02	%
Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/28/2023			153.5				117.4				118.9				0.06	%
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				114.1				119.3				0.06	%
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				92.0				96.3				0.05	%
Contract Packaging Services Inc dba Superior Pack Group		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/21/2023			851.8				657.6				647.8				0.32	%
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower)		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2026			1,250.0				821.6				838.4				0.41	%
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/18/2028			875.0				759.4				778.5				0.38	%
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				263.3				254.6				0.12	%
Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/12/2038			932.8				864.1				902.8				0.44	%
(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				178.2				182.1				0.09	%
(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/5/2038			186.3				175.9				182.4				0.09	%
RKP Service dba Rainbow Carwash		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/31/2023			300.0				230.1				223.2				0.11	%
RXSB, Inc dba Medicine Shoppe		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/30/2023			186.3				141.7				136.2				0.07	%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/28/2023			63.5				48.1				47.5				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/24/2023			68.8				42.1				40.4				0.02	%
Insurance Problem Solvers LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/20/2023			17.1				5.5				5.2				—	%
PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/30/2038			550.0				518.1				533.2				0.26	%
Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		4/30/2023			100.0				74.8				72.2				0.04	%
Brothers International Desserts		Food Manufacturing		Term Loan		Prime plus 2.75%		4/26/2023			230.0				172.8				171.2				0.08	%
Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%		4/22/2023			78.8				59.9				58.7				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				142.1				148.6				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				447.3				467.6				0.23	%
MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads;		Food Manufacturing		Term Loan		Prime plus 2.75%		3/29/2038			336.0				315.5				321.3				0.16	%
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				117.0				119.8				0.06	%
A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		3/27/2038			330.3				309.9				321.4				0.16	%
Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%		3/27/2028			271.8				232.8				238.5				0.12	%
Neyra Industries, Inc. and Edward Neyra		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2023			217.5				161.8				163.7				0.08	%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2038			537.5				504.7				518.6				0.25	%
Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/22/2038			67.5				63.4				65.6				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				214.3				214.2				0.10	%
Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2023			79.5				59.1				57.3				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				139.0				140.7				0.07	%
Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/18/2023			56.3				41.9				42.1				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/15/2023			523.0				388.4				384.5				0.19	%
Golden Gate Lodging LLC (OC)		Accommodation		Term Loan		Prime plus 2.75%		3/12/2038			115.0				108.0				111.8				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				445.3				459.9				0.22	%
Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2023			103.8				77.1				74.1				0.04	%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)		Machinery Manufacturing		Term Loan		Prime plus 2.75%		2/20/2038			86.3				80.8				83.7				0.04	%
Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/19/2038			51.0				47.9				49.7				0.02	%
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				99.6				103.2				0.05	%
Orient Direct, Inc. dba Spracht, Celltek, ODI		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		2/12/2023			84.9				61.8				59.3				0.03	%
Knits R Us, Inc. dba NYC Sports / Mingle		Textile Mills		Term Loan		Prime plus 2.75%		2/11/2038			125.0				117.3				122.6				0.06	%
North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/6/2023			15.0				11.0				11.2				0.01	%
MJD Investments, LLC dba The Community Day School		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2038			258.3				241.6				248.7				0.12	%
Sherill Universal City dba Golden Corral		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2038			440.5				413.7				426.3				0.21	%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai		Food Manufacturing		Term Loan		Prime plus 2.75%		12/31/2037			500.0				469.3				493.7				0.24	%
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				232.9				237.3				0.12	%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2022			97.5				70.5				70.3				0.03	%
John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/28/2022			513.8				371.3				377.4				0.18	%
Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2027			46.3				35.1				35.4				0.02	%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2037			517.5				485.1				510.3				0.25	%
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2022			66.3				47.6				47.8				0.02	%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/20/2027			389.6				328.6				333.4				0.16	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/20/2022			225.0				162.7				163.8				0.08	%
United Woodworking, Inc		Wood Product Manufacturing		Term Loan		6%		12/20/2022			17.3				12.1				12.3				0.01	%
The Amendments Group LLC dba Brightstar		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/17/2022			22.5				16.2				16.5				0.01	%
Aegis Creative Communications, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/30/2022			387.5				269.5				268.4				0.13	%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/30/2037			286.5				267.0				280.1				0.14	%
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				208.6				219.3				0.11	%
Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/27/2037			185.3				172.7				181.1				0.09	%
D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/27/2022			9.8				7.0				6.9				—	%
DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/26/2022			65.0				45.4				46.2				0.02	%
Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		11/21/2022			275.0				196.8				198.1				0.10	%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/21/2037			96.3				89.7				94.4				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				12.1				12.1				0.01	%
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC)		Gasoline Stations		Term Loan		Prime plus 2.75%		11/20/2037			180.0				167.7				176.1				0.09	%
St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/19/2022			21.0				15.0				15.2				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				15.9				15.9				0.01	%
Reidville Hydraulics Mfg Inc dba Summit		Machinery Manufacturing		Term Loan		Prime plus 2.75%		11/2/2037			265.9				248.0				258.1				0.13	%
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				130.3				129.8				0.06	%
LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/28/2037			677.5				631.8				664.2				0.32	%
ATC Fitness LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2022			180.0				129.4				130.7				0.06	%
University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/27/2022			76.0				53.1				53.9				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				171.9				179.7				0.09	%
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				234.2				244.7				0.12	%
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				60.8				63.4				0.03	%
Vision Network Solutions, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/12/2022			19.5				9.9				9.8				—	%
Michael J. Speeney & Joyce Speeney and R2 Tape, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/31/2037			367.5				340.5				358.0				0.18	%
AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%		8/27/2022			16.5				11.4				11.6				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				264.7				275.2				0.13	%
Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		8/17/2037			360.0				333.7				350.8				0.17	%
Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		8/3/2022			185.0				134.2				135.1				0.07	%
Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/27/2022			107.3				73.3				74.1				0.04	%
Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/27/2022			15.0				10.1				10.2				—	%
Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/25/2022			50.0				35.9				36.5				0.02	%
Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2022			1,166.8				823.4				832.9				0.41	%
Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/29/2037			288.5				266.0				277.8				0.14	%
WPI, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		6/29/2024			129.5				96.7				97.7				0.05	%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2037			69.8				64.3				67.4				0.03	%
KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/15/2022			50.0				33.5				33.3				0.02	%
Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2022			20.3				13.7				13.6				0.01	%
Spectrumit, Inc, (OC) dba LANformation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/31/2030			154.9				132.8				136.9				0.07	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		5/31/2037			62.9				57.9				60.7				0.03	%
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				23.6				24.0				0.01	%
Lefont Theaters, Inc.		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		5/30/2022			137.0				91.6				92.2				0.05	%
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				261.0				274.0				0.13	%
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				15.0				15.0				0.01	%
Bisson Transportation, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2037			588.1				554.9				578.3				0.28	%
Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2022			528.8				378.5				382.4				0.19	%
Fair Deal Food Mart Inc dba Neighbors Market		Gasoline Stations		Term Loan		Prime plus 2.75%		5/3/2037			381.3				350.8				368.6				0.18	%
Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/27/2022			8.3				5.4				5.5				—	%
Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/12/2022			558.2				370.9				374.1				0.18	%
Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		4/5/2022			19.5				10.7				10.8				0.01	%
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				200.1				207.5				0.10	%
Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/30/2022			187.5				122.5				121.8				0.06	%
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				701.4				736.7				0.36	%
Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/23/2028			103.7				85.1				86.5				0.04	%
Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/22/2027			1,178.8				947.7				964.9				0.47	%
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				285.0				283.9				0.14	%
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				6.6				6.6				—	%
ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%		12/28/2026			852.8				662.6				679.5				0.33	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				458.3				482.7				0.24	%
K's Salon, LLC d/b/a K's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/20/2021			73.6				46.4				46.5				0.02	%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/16/2021			250.0				156.3				157.9				0.08	%
M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/15/2021			238.3				149.8				151.2				0.07	%
Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/8/2021			515.5				266.6				270.7				0.13	%
City Sign Service, Incorporated		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		11/30/2025			165.8				127.4				130.7				0.06	%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.		Textile Product Mills		Term Loan		Prime plus 2.75%		11/21/2021			337.5				244.5				248.3				0.12	%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/16/2021			62.5				38.7				39.3				0.02	%
MRM Supermarkets, Inc. dba Constantin's Breads		Food Manufacturing		Term Loan		Prime plus 2.75%		11/10/2021			137.5				85.5				86.5				0.04	%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		10/26/2021			58.8				37.3				37.5				0.02	%
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				13.8				14.0				0.01	%
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				180.3				183.0				0.09	%
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				124.5				130.9				0.06	%
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				75.2				79.0				0.04	%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			28.5				25.6				26.8				0.01	%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2021			1,070.0				641.7				643.8				0.31	%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/28/2036			422.6				382.5				402.6				0.20	%
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				37.9				38.1				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Bryan Bantry Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/8/2021			400.0				161.3				161.8				0.08	%
SBR Technologies d/b/a Color Graphics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/31/2021			806.2				473.6				480.3				0.23	%
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				14.9				15.6				0.01	%
Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/19/2036			133.6				120.6				126.7				0.06	%
Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/19/2021			187.5				105.8				106.5				0.05	%
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				91.4				96.1				0.05	%
Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		8/12/2036			91.5				38.3				40.3				0.02	%
LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/3/2036			77.5				69.5				73.2				0.04	%
Kelly Chon LLC dba Shi-Golf		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		7/29/2021			17.5				7.5				7.6				—	%
MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2036			248.5				223.7				234.5				0.11	%
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				316.1				332.1				0.16	%
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				40.3				42.4				0.02	%
Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/13/2036			256.1				230.3				241.2				0.12	%
Major Queens Body & Fender Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/10/2021			28.6				16.5				16.7				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				407.6				428.2				0.21	%
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				36.7				36.8				0.02	%
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				9.4				9.5				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
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				120.7				121.2				0.06	%
Music Mountain Water Company, LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		4/25/2036			138.1				123.0				129.5				0.06	%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2036			127.5				114.2				120.1				0.06	%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/18/2036			129.5				117.7				123.9				0.06	%
Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/24/2036			15.5				13.8				14.5				0.01	%
Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2021			57.3				31.9				32.3				0.02	%
Food & Beverage Associates Of N.J. Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/11/2021			10.0				5.0				5.0				—	%
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				85.2				85.6				0.04	%
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				38.6				39.4				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				54.5				57.3				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				27.6				29.1				0.01	%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%		1/28/2036			113.4				100.8				106.0				0.05	%
Metro Used Cars Inc. dba Metro Auto Center		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/14/2027			117.6				89.7				92.2				0.05	%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2020			7.6				3.7				3.7				—	%
Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		12/17/2035			27.7				24.6				25.8				0.01	%
Lodin Medical Imaging, LLC dba Watson Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/1/2020			66.4				34.0				34.5				0.02	%
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				30.1				31.7				0.02	%
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				18.4				18.6				0.01	%
West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/12/2035			148.7				131.7				138.4				0.07	%
Lincoln Park Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/20/2020			43.5				22.2				22.5				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Jade Automotive d/b/a Sears Hometown Store		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		10/6/2035			146.6				130.1				136.9				0.07	%
Wise Forklift Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/1/2020			296.9				147.6				149.6				0.07	%
Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		9/30/2035			228.2				201.3				211.8				0.10	%
K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		9/30/2020			18.5				9.7				9.7				—	%
Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/29/2020			91.8				45.9				46.2				0.02	%
Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/20/2020			204.0				103.1				103.9				0.05	%
Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%		9/17/2020			17.7				8.8				8.9				—	%
Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%		9/2/2035			423.1				211.3				221.9				0.11	%
California College of Communications, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/2/2020			172.5				88.6				89.3				0.04	%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/2/2035			50.1				44.1				46.4				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				3.1				3.1				—	%
Kino Oil of Texas, LLC dba Kino Oil		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/27/2020			60.0				29.5				29.9				0.01	%
Kino Oil of Texas LLC dba Kino Company and B&D Oil		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/27/2035			12.0				10.4				10.9				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				20.0				20.1				0.01	%
Members Only Software		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2020			40.3				19.7				19.9				0.01	%
New Life Holdings, LLC and Certified Collision Services, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2035			76.2				66.1				69.4				0.03	%
ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/30/2020			50.0				24.0				24.3				0.01	%
I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/29/2035			74.9				65.5				68.9				0.03	%
WeaverVentures, Inc dba The UPS Store		Postal Service		Term Loan		Prime plus 2.75%		7/28/2020			23.8				11.6				11.7				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/25/2020			27.5				13.6				13.8				0.01	%
CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%		6/25/2020			26.4				10.0				10.1				—	%
Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/31/2018			94.6				82.9				83.2				0.04	%
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				32.7				33.0				0.02	%
Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%		7/8/2028			50.0				39.0				40.3				0.02	%
ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			7.5				3.6				3.6				—	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			0.6				2.9				2.9				—	%
Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/21/2020			37.5				17.5				17.6				0.01	%
M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%		4/30/2020			183.3				67.2				67.9				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				0.8				0.8				—	%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2020			6.3				2.9				2.9				—	%
Vortex Automotive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/5/2035			76.6				66.8				70.1				0.03	%
ATC Fitness LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2019			15.0				5.4				5.5				—	%
Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2034			42.5				36.8				38.7				0.02	%
Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2024			126.5				81.8				83.8				0.04	%
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				79.1				80.0				0.04	%
CMA Consulting dba Construction Management Associates		Construction of Buildings		Term Loan		Prime plus 2.75%		12/11/2019			58.5				22.5				22.7				0.01	%
David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/11/2019			9.0				3.8				3.8				—	%
KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/19/2034			58.3				50.3				52.9				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/12/2019			10.0				4.2				4.2				—	%
Planet Verte, LLC dba Audio Unlimited of Oceanside		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/28/2019			57.0				23.5				23.7				0.01	%
Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/29/2034			147.5				126.8				133.3				0.07	%
Supreme Screw Products		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/17/2019			308.2				104.9				106.0				0.05	%
Gray Tree Service, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/18/2018			50.0				14.9				15.0				0.01	%
Envy Salon & Spa LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/4/2018			20.3				6.0				6.1				—	%
Gourmet to You, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2019			12.1				3.8				3.8				—	%
The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%		1/10/2019			22.5				13.2				13.3				0.01	%
Grapevine Professional Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/22/2019			8.2				2.5				2.5				—	%
Inflate World Corporation		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/30/2018			7.5				1.6				1.7				—	%
Peter Thomas Roth Labs LL		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/26/2018			425.0				118.1				119.0				0.06	%
Dream Envy, Ltd. d/b/a Massage Envy		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/9/2018			88.0				25.6				25.8				0.01	%
Seven Stars Enterprises, Inc. dba Atlanta Bread Company		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2018			86.3				22.4				22.6				0.01	%
CBA D&A Pope, LLC dba Christian Brothers Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/14/2018			144.9				37.3				37.6				0.02	%
Gilbert Chiropractic Clinic, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/7/2018			22.5				5.6				5.7				—	%
D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%		8/1/2031			57.7				52.4				54.7				0.03	%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Ser		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/29/2018			9.4				2.1				2.1				—	%
Burks & Sons Development LLC dba Tropical Smoothie Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/22/2018			49.8				11.0				11.1				0.01	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%		3/19/2018			87.5				70.6				71.1				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Zog Inc.		Other Information Services		Term Loan		6%		3/17/2018			97.5				68.3				68.7				0.03	%
Saan M.Saelee dba Saelee's Delivery Service		Truck Transportation		Term Loan		Prime plus 2.75%		3/12/2018			9.8				2.1				2.1				—	%
A & A Acquisition, Inc. dba A & A International		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		2/15/2018			100.0				20.9				21.0				0.01	%
Enewhere Custom Canvas, LLC		Textile Product Mills		Term Loan		Prime plus 2.75%		2/15/2018			12.0				2.6				2.6				—	%
All American Printing		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/26/2032			69.8				37.9				39.7				0.02	%
Seo's Paradise Cleaners, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/19/2018			9.8				1.3				1.3				—	%
Margab, Inc. dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/28/2017			44.0				8.4				8.5				—	%
RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/18/2017			21.2				5.0				5.0				—	%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Servi		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2017			8.4				1.2				1.3				—	%
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				17.4				17.5				0.01	%
Tammy's Bakery, Inc. dba Tammy's Bakery		Food Manufacturing		Term Loan		Prime plus 2.75%		12/10/2017			71.8				14.3				14.4				0.01	%
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				3.3				3.4				—	%
MJ Mortgage & Tax Services, Inc.		Credit Intermediation and Related Activities		Term Loan		Prime plus 2.75%		11/14/2017			6.9				1.1				1.1				—	%
Kings Laundry,LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/30/2017			64.5				11.3				11.3				0.01	%
Quality Engraving Services Inc. and Ian M. Schnaitman		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		10/17/2017			15.0				2.6				2.6				—	%
Flourishing Fruits, LLC dba Edible Arrangements		Food Manufacturing		Term Loan		Prime plus 2.75%		12/29/2017			21.1				1.3				1.3				—	%
Louis B. Smith dba LAQ Funeral Coach		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/15/2017			12.6				2.0				2.0				—	%
Flint Batteries LLC dba Batteries Plus of Flint		General Merchandise Stores		Term Loan		Prime plus 2.75%		8/29/2017			9.0				1.1				1.1				—	%
1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2032			15.8				12.6				13.2				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				41.4				41.6				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Mala Iyer, MD dba Child and Family Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/11/2017			50.0				8.0				8.0				—	%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/10/2016			61.8				0.9				0.9				—	%
Twietmeyer Dentistry PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2017			148.9				19.5				19.6				0.01	%
Water Works Laundromat, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.25%		9/7/2027			267.3				188.0				189.4				0.09	%
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				1.5				1.6				—	%
Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/5/2026			221.0				33.7				34.7				0.02	%
No Thirst Software LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/26/2017			6.8				0.5				0.5				—	%
Zeroln Media LLC,		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		4/25/2017			7.5				0.9				0.9				—	%
CCIPTA, LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		1/17/2017			47.0				0.8				0.8				—	%
Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/5/2027			286.9				193.9				200.2				0.10	%
Spain Street LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2017			63.0				1.9				1.9				—	%
Kyoshi Enterprises, LLC		Educational Services		Term Loan		Prime plus 2.75%		12/29/2016			22.5				1.6				1.6				—	%
Nora A. Palma and Julio O Villcas		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/27/2017			56.3				0.6				0.6				—	%
Jojan, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.25%		12/18/2031			204.8				38.6				39.0				0.02	%
Contractors Pumping Service, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/3/2016			9.9				0.2				0.2				—	%
Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		7.75%		10/11/2016			64.5				32.1				32.1				0.02	%
Nelson Financial Services, LLC		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%		9/2/2016			57.0				0.4				0.4				—	%
Fran-Car Corporation dba Horizon Landscape Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/3/2028			407.8				167.6				173.5				0.08	%
Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/27/2031			52.0				9.2				9.6				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Maxwell Place, LLC		Nursing and Residential Care Facilities		Term Loan		6.5%		12/31/2018			1,076.8				776.4				783.1				0.38	%
Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%		10/28/2026			14.2				3.4				3.5				—	%
Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		5/2/2030			333.3				64.8				67.5				0.03	%
Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		3/31/2030			53.5				9.2				9.6				—	%
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				15.2				15.6				0.01	%
Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5.3%		2/1/2025			19.7				3.6				3.7				—	%
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				11.9				12.4				0.01	%
Computer Renaissance dba Dante IT Services, Inc.		Electronics and Appliance Stores		Term Loan		Prime plus 3.75%		3/1/2018			100.0				2.2				2.2				—	%
Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%		2/27/2024			80.0				9.9				10.1				—	%
Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%		4/9/2029			333.3				65.7				65.3				0.03	%
West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/5/2026			1,333.0				870.8				897.4				0.44	%
Center-Mark Car Wash, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/18/2024			221.3				29.3				30.0				0.01	%
Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%		11/10/2028			109.8				17.7				17.8				0.01	%
Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2028			134.3				18.0				18.6				0.01	%
Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%		4/5/2029			280.9				43.7				44.7				0.02	%
Oz B. Zamir dba Zamir Marble & Granite		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		8/6/2028			54.0				8.5				8.7				—	%
Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%		8/17/2023			75.0				8.3				8.5				—	%
B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%		3/30/2021			250.0				20.7				20.6				0.01	%
RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		1/31/2023			62.5				7.5				7.6				—	%
Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%		6/29/2025			73.8				9.2				9.1				—	%
Ralph Werner dba Werner Transmissions		Gasoline Stations		Term Loan		Prime plus 2.75%		12/29/2021			26.6				2.5				2.6				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
M. Krishna, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2%		3/20/2025			250.0				9.9				9.8				—	%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%		9/14/2023			185.8				32.2				33.0				0.02	%
OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%		3/12/2022			56.8				4.7				4.7				—	%
CPN Motel, L.L.C. dba American Motor Lodge		Accommodation		Term Loan		Prime plus 2.25%		4/30/2024			379.0				32.4				32.6				0.02	%
Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/16/2025			44.8				5.1				5.2				—	%
Duttakrupa, LLC dba Birmingham Motor Court		Accommodation		Term Loan		Prime plus 2.25%		9/8/2023			98.8				12.9				13.0				0.01	%
Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%		2/14/2025			250.0				28.7				28.9				0.01	%
Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%		11/25/2024			220.0				26.7				26.8				0.01	%
Willington Hills Equestrian Center LLC		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		10/19/2022			85.0				13.0				13.3				0.01	%
LABH, Inc. t/a Ramada Ltd.		Accommodation		Term Loan		Prime plus 2.25%		9/27/2024			555.0				42.9				43.1				0.02	%
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				7.5				7.6				—	%
Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%		5/31/2023			202.5				21.3				21.4				0.01	%
Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%		3/31/2024			402.5				31.5				31.7				0.02	%
Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%		1/14/2023			72.0				6.8				6.9				—	%
Karis, Inc.		Accommodation		Term Loan		Prime plus 2%		12/22/2023			148.8				14.2				14.2				0.01	%
Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2019			85.0				5.4				5.5				—	%
Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%		9/30/2023			350.0				43.2				43.4				0.02	%
Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%		3/27/2023			100.0				4.1				4.2				—	%
Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/23/2022			112.5				11.7				11.9				0.01	%
Delyannis Iron Works		Fabricated Metal Product Manufacturing		Term Loan		6%		12/8/2022			16.0				1.2				1.2				—	%
P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/18/2021			150.0				10.4				10.6				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Golden Elevator Co., Inc.		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		1/31/2022			50.0				1.1				1.1				—	%
RJS Service Corporation		Gasoline Stations		Term Loan		Prime plus 2.75%		8/20/2021			79.0				6.8				6.9				—	%
Chez Rurene Bakery		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/20/2017			150.0				20.0				20.0				0.01	%
Total Performing SBA Unguaranteed Investments											$	203,715.6			$	176,568.6			$	173,297.4			84.77	%
Non-Performing SBA Unguaranteed Investments (3)
*214 North Franklin, LLC and Winter Ventures, Inc.		Nonstore Retailers		Term Loan		6%		11/29/2037			133.4				133.5				62.0				0.03	%
*A + Quality Home Health Care, Inc.		Ambulatory Health Care Services		Term Loan		6%		8/1/2016			1.3				1.3				1.3				—	%
Almeria Marketing 1, Inc.		Personal and Laundry Services		Term Loan		7.75%		10/15/2015			4.5				4.5				4.2				—	%
*AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.		Ambulatory Health Care Services		Term Loan		6%		3/14/2038			305.3				305.7				29.6				0.01	%
*AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%		4/30/2025			34.7				34.8				21.3				0.01	%
*B&B Fitness and Barbell, Inc. dba Elevations Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/22/2035			216.2				216.5				134.2				0.07	%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%		3/29/2036			177.0				177.4				97.5				0.05	%
*Barnum Printing & Publishing, Co.		Printing and Related Support Activities		Term Loan		6%		7/29/2015			2.6				2.6				—				—	%
*BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool		Fabricated Metal Product Manufacturing		Term Loan		6%		6/22/2026			290.2				290.9				—				—	%
Bwms Management, LLC		Food Services and Drinking Places		Term Loan		6%		7/7/2027			71.7				71.8				62.0				0.03	%
*Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/18/2040			133.7				133.8				122.9				0.06	%
*Chickamauga Properties,Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2035			169.2				169.4				160.4				0.08	%
*Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2035			66.6				66.7				51.1				0.02	%
*Chickamauga Properties, Inc. and MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/19/2022			43.4				43.5				—				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*Custom Software, Inc. a Colorado Corporation dba M-33 Access		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/17/2021			288.5				289.2				278.9				0.14	%
*Custom Software, Inc. a Colorado Corporation dba M-33 Access		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		4/30/2022			94.1				94.3				91.0				0.04	%
*Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		3/31/2035			180.5				180.7				174.3				0.09	%
*Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		3/29/2023			64.7				64.8				51.0				0.02	%
*Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		3/30/2021			2.3				2.3				—				—	%
DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%		3/23/2037			677.0				678.6				597.6				0.29	%
DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6.25%		3/23/2022			186.0				186.4				171.0				0.08	%
*Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2025			69.2				69.4				1.8				—	%
*Dill Street Bar and Grill Inc and WO Entertainment, Inc		Food Services and Drinking Places		Term Loan		6%		9/27/2027			78.2				78.4				1.1				—	%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown		Support Activities for Transportation		Term Loan		5.25%		12/28/2035			138.8				139.0				88.0				0.04	%
*DocMagnet Inc		Professional, Scientific, and Technical Services		Term Loan		6%		1/23/2025			13.9				13.9				4.7				—	%
*Dr. Francis E. Anders, DVM		Professional, Scientific, and Technical Services		Term Loan		6%		8/9/2015			1.6				1.6				1.5				—	%
E.W. Ventures, Inc. dba Swift Cleaners & Laundry		Personal and Laundry Services		Term Loan		0%		4/18/2017			90.3				90.5				6.8				—	%
*Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen		Food Services and Drinking Places		Term Loan		6%		1/24/2032			49.0				49.0				7.2				—	%
*Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%		9/26/2022			320.8				321.6				41.5				0.02	%
*Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%		5/31/2023			155.2				155.6				114.5				0.06	%
Event Mecca LLC		Other Information Services		Term Loan		6%		4/10/2023			12.7				12.7				9.0				—	%
*EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%		1/31/2023			123.2				123.5				111.4				0.05	%
*Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		8/31/2021			340.4				341.3				323.2				0.16	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/30/2022			316.5				317.3				300.5				0.15	%
*Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		4/25/2022			157.4				157.8				26.7				0.01	%
*Gator Communications Group, LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/27/2023			13.3				13.3				—				—	%
Goetzke Chiropractic, Inc.		Ambulatory Health Care Services		Term Loan		6%		10/25/2017			2.8				2.8				2.6				—	%
Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing		Educational Services		Term Loan		6%		11/16/2016			3.7				3.7				3.6				—	%
*Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%		2/20/2023			18.9				19.0				18.3				0.01	%
Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%		12/17/2023			79.3				79.4				72.7				0.04	%
*Gurtej Singh and Ranjit Kaur dba Food Fair Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/18/2025			21.2				21.2				2.0				—	%
Guzman Group,LLC		Rental and Leasing Services		Term Loan		6%		1/30/2016			192.9				193.4				191.9				0.09	%
*Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook		Motor Vehicle and Parts Dealers		Term Loan		6%		8/8/2039			185.7				186.2				182.8				0.09	%
*Harrelson Materials Management,Inc		Waste Management and Remediation Services		Term Loan		6%		6/24/2021			464.5				465.7				37.3				0.02	%
*Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			58.7				58.8				54.7				0.03	%
*Hybrid Racing LLC.		Transportation Equipment Manufacturing		Term Loan		6%		5/15/2023			73.4				73.6				5.5				—	%
Integrity Sports Group, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		6%		3/6/2018			8.6				8.6				7.8				—	%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		8/14/2038			305.5				306.2				244.2				0.12	%
*J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%		6/28/2025			647.5				649.1				271.1				0.13	%
*Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%		6/29/2036			149.7				150.1				75.5				0.04	%
*Karykion, Corporation dba Karykion Corporation		Professional, Scientific, and Technical Services		Term Loan		6%		6/28/2022			144.4				144.8				134.6				0.07	%
*Krishna of Orangeburg, Inc.		Accommodation		Term Loan		6%		2/20/2032			10.3				10.3				5.7				—	%
*Las Torres Development LLC dba Houston Event Centers		Real Estate		Term Loan		6%		8/27/2028			51.0				51.0				6.3				—	%
*Lucil Chhor dba Baja Fresh #159		Food Services and Drinking Places		Term Loan		6%		12/28/2022			30.0				30.0				—				—	%
*Milliken and Milliken, Inc. dba Milliken Wholesale Distribution		Merchant Wholesalers, Durable Goods		Term Loan		6%		6/10/2036			152.8				152.9				118.8				0.06	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
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		6%		8/28/2023			725.6				727.5				396.4				0.19	%
*Morris Glass and Construction		Specialty Trade Contractors		Term Loan		6%		3/7/2021			44.8				44.8				3.0				—	%
*New Paltz Dental Care, PLLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		6/19/2025			97.3				97.5				—				—	%
*Opes Campitor Corporation dba Frux Documents		Professional, Scientific, and Technical Services		Term Loan		6%		5/20/2025			15.9				15.9				4.6				—	%
*Our Two Daughters L.L.C. dba Washington's Restaurant		Food Services and Drinking Places		Term Loan		6%		6/18/2026			169.8				170.3				22.9				0.01	%
*E & I Holdings, LP & PA Farm Products, LLC		Food Manufacturing		Term Loan		6%		4/30/2030			1,234.0				1,237.1				506.7				0.25	%
*Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton		Accommodation		Term Loan		5.25%		10/3/2028			38.3				38.3				12.4				0.01	%
*Professional Systems, LLC and Professional Cleaning		Administrative and Support Services		Term Loan		6%		8/26/2024			132.0				132.1				10.4				0.01	%
Pure Water Innovations, LLC		Ambulatory Health Care Services		Term Loan		6%		9/6/2016			0.1				0.1				0.1				—	%
*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			535.1				536.4				360.5				0.18	%
*Sheikh M Tariq dba Selbyville Foodrite		Gasoline Stations		Term Loan		6%		3/13/2023			21.2				21.2				0.1				—	%
Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		12/20/2032			69.7				69.9				62.2				0.03	%
*Signs of Fortune, LLC dba FastSigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.5%		4/3/2023			227.2				227.8				—				—	%
*STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%		5/9/2037			31.6				31.6				6.7				—	%
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.		Furniture and Home Furnishings Stores		Term Loan		6%		12/29/2035			106.8				106.9				93.9				0.05	%
*Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%		11/7/2036			405.7				406.7				335.2				0.16	%
*Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%		11/7/2036			200.2				200.7				—				—	%
*Summit Treatment Services Inc		Social Assistance		Term Loan		6%		3/11/2025			21.8				21.8				—				—	%
*Summit Treatment Services, Inc. dba Summit Treatment Services		Social Assistance		Term Loan		6%		11/30/2037			129.3				129.6				111.1				0.05	%
*David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		6%		8/26/2024			15.7				15.7				15.1				0.01	%
*Tequila Beaches, LLC dba Fresco Restaurant		Food Services and Drinking Places		Term Loan		6%		9/16/2021			0.5				0.5				—				—	%
The Lucky Coyote, LLC		Miscellaneous Manufacturing		Term Loan		6%		5/8/2017			8.2				8.3				8.2				—	%
*Sunmar, Inc. dba Creative Cooking		Food Services and Drinking Places		Term Loan		6%		8/19/2035			47.1				47.2				44.7				0.02	%
*Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/19/2024			42.4				42.5				39.6				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*Winter Ventures Inc and 214 N Franklin LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/29/2024			56.5				56.6				—				—	%
*Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%		12/23/2024			149.1				149.3				—				—	%
*Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%		4/3/2029			134.4				134.5				—				—	%
Total Non-Performing SBA Unguaranteed Investments											$	12,284.6			$	12,311.2			$	6,617.4			3.24	%
Total SBA Unguaranteed Investments											$	216,000.2			$	188,879.8			$	179,914.8			88.01	%
Performing SBA Guaranteed Investments (4)
Jumbomarkets Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/24/2026			200.0				150.0				167.0				0.08	%
Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/27/2026			3,000.0				2,250.0				2,495.8				1.22	%
E&P Holdings 1, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/28/2026			500.0				375.0				417.7				0.20	%
Castone Creations Inc.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2026			350.0				262.5				292.4				0.14	%
O D S, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/29/2026			1,400.0				1,260.0				1,401.2				0.69	%
Hartford Cardiology Group, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2026			1,930.0				1,447.5				1,607.8				0.79	%
Martin Inventory Management, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/30/2026			423.0				317.3				353.3				0.17	%
VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2026			150.0				127.5				142.8				0.07	%
P.L.H. Pharmaco, Inc. dba Farmacia San Jose		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		6/30/2026			700.0				525.0				584.7				0.29	%
La Nopalera Mexicano 2, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2026			375.2				281.4				313.3				0.15	%
Doxa Deo Inc. Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2026			228.0				171.0				190.5				0.09	%
PennyLion LLC dba Creamistry		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/25/2026			225.0				168.8				187.9				0.09	%
AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		5/27/2041			354.0				265.5				300.0				0.15	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Refoleen Inc. dba Spice & Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/10/2026			185.0				138.8				154.5				0.08	%
Shooting Sports Academy LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/23/2041			415.0				311.3				351.0				0.17	%
Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2041			638.5				478.9				540.6				0.26	%
Desert Tacos		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2026			147.2				110.4				122.9				0.06	%
Total SBA Guaranteed Performing Investments											$	11,220.9			$	8,640.9			$	9,623.4			4.71	%
Total SBA Unguaranteed and Guaranteed Investments											$	227,221.1			$	197,520.7			$	189,538.2			92.72	%
Controlled Investments (5)
Advanced Cyber Security Systems, LLC (6), (15)		Data processing, hosting and related services.		50% Membership Interest		—%		—			—				—				—				—	%
				Term Loan		3%		December 2014			1,120.0				381.0				—				—	%
*Automated Merchant Services, Inc. (7), (15)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				—				—				—	%
CDS Business Services, Inc. (8)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				4,428.0				700.0				0.34	%
				Line of Credit		Prime plus 2.5%		August 2018			1,870.0				1,870.0				1,870.0
CrystalTech Web Hosting, Inc. (11)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				8,764.0				21,413.9				10.48	%
Exponential Business Development Co. Inc. (15)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				—				—				—	%
*Fortress Data Management, LLC (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
Newtek Insurance Agency, LLC (12), (15)		Insurance Carriers and Related Activities		100% Membership Interest		—%		—			—				—				2,500.0				1.22	%
PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		90% Membership Interest		—%		—			—				700.1				1,020.0				0.50	%
				Term Loan		10%-12%		Various maturities through May 2018			1,685.0				1,685.0				1,185.0				0.58	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2016 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Secure CyberGateway Services, LLC (10), (15)		Data processing, hosting and related services.		66.7% Membership Interest		—%		—			—				—				—				—	%
				Term Loan		7%		December 2016			2,400.0				600.0				598.0				0.29	%
Small Business Lending, LLC (12), (15)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				—				4,500.0				2.20	%
*Summit Systems and Designs, LLC (13), (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
ADR Partners, LLC dba banc-serv Partners, LLC (14)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				5,400.0				5,400.0				2.64	%
Premier Payments LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				16,503.0				19,750.0				9.66	%
Universal Processing Services of Wisconsin, LLC (11) (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				56,148.0				27.47	%
Total Controlled Investments											$	7,075.0			$	40,331.1			$	115,084.9			56.30	%
Non-control/Non-affiliate Investments
Titanium Asset Management LLC		Administrative and Support Services		Term Loan		3%		July 2017			$	2,200.0			$	1,213.0			$	1,146.0			0.56	%
				Warrants		—%		—			—				—				—				—	%
											$	2,200.0			$	1,213.0			$	1,146.0			0.56	%
Investments in Money Market Funds											$	—			$	35.0			$	35.0			0.02	%
Total Investments											$	236,496.1			$	239,099.8			$	305,804.1			149.59	%

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 3.50% as of June 30, 2016.

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(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.

(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.

(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the consolidated financial statements for transactions during the three months ended June 30, 2016 with affiliates the Company is deemed to control.

(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.

(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.

(8) 18.35% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 31.8% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.)

(9) 25% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by non-affiliate.

(10) 66.7% owned by The Whitestone Group, LLC (a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.

(11) 100% owned by Newtek Business Services Holdco1, Inc. (a subsidiary of Newtek Business Services Corp.).

(12) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

(13) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.).

(14) 100% owned by Banc-Serv Acquisition, Inc. (a subsidiary of Newtek Business Services Corp.).

(15) 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.

(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) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2016, 5.4% of total assets are non-qualifying assets.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 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)
Bright Dialysis LLC and Ft Pierce Kidney Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2025			$	1,250.0			$	1,250.0			$	1,056.6			0.52	%
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				1,233.3				1,252.8				0.61	%
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				1,233.3				1,253.1				0.61	%
The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			1,250.0				1,226.7				1,116.1				0.55	%
KW Zion, LLC and Key West Gallery Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/12/2039			1,250.0				1,223.7				1,207.8				0.59	%
Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.22%		6/25/2040			1,207.5				1,205.1				1,151.0				0.56	%
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				1,204.1				1,168.9				0.57	%
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				1,198.3				1,170.7				0.57	%
Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/24/2039			1,202.5				1,184.5				1,202.6				0.59	%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%		3/27/2025			1,238.3				1,176.0				977.4				0.48	%
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				1,165.5				978.9				0.48	%
Werthan Packaging Inc.		Paper Manufacturing		Term Loan		Prime plus 2.75%		10/14/2025			1,162.5				1,162.5				1,078.2				0.53	%
Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/27/2040			1,040.3				1,028.0				945.0				0.46	%
G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/18/2040			1,025.0				1,025.0				1,044.6				0.51	%
Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/22/2027			1,178.8				976.2				991.8				0.49	%
Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2029			1,033.1				975.2				946.5				0.46	%
Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/25/2040			962.5				959.7				912.7				0.45	%
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				918.3				944.9				0.46	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%		10/31/2038			945.0				910.1				907.5				0.44	%
Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/27/2025			952.8				898.1				782.6				0.38	%
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			920.3				896.6				922.6				0.45	%
West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/5/2026			1,333.0				885.1				909.0				0.45	%
P and D Enterprises Ind dba Wallaby's Liquor Warehouse		Food and Beverage Stores		Term Loan		Prime plus 2.75%		8/28/2040			888.9				885.0				865.8				0.42	%
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				876.8				0.43	%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2028			882.0				882.0				885.3				0.43	%
Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2022			1,166.8				878.5				887.2				0.44	%
New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2025			875.0				875.0				847.9				0.42	%
Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/12/2038			932.8				873.5				907.2				0.44	%
Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		8/28/2039			911.3				871.5				885.0				0.43	%
Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/30/2039			875.3				854.5				876.2				0.43	%
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2026			1,250.0				842.8				858.4				0.42	%
Key Pix Productions Inc. dba Air Bud Entertainment		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		11/18/2040			839.8				839.8				855.8				0.42	%
Hotels of North Georgia LLC dba Comfort Inn and Suites		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			837.5				816.0				838.7				0.41	%
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				801.8				805.3				0.39	%
Maxwell Place, LLC		Nursing and Residential Care Facilities		Term Loan		6%		2/28/2016			1,076.8				801.3				802.4				0.39	%
Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/25/2040			810.0				800.4				804.9				0.39	%
Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/7/2024			907.8				784.1				722.7				0.35	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/18/2028			875.0				780.5				797.9				0.39	%
T and B Boots Inc dba Takkens		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		3/31/2025			807.8				767.6				720.3				0.35	%
Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2027			767.5				760.1				680.7				0.33	%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2040			758.3				751.5				695.2				0.34	%
D.C. Group, Inc. dba Unique Setting of New York		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2025			750.0				750.0				665.7				0.33	%
Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/27/2038			757.6				726.6				724.4				0.36	%
Keys Phase One LLC dba The Grand Guesthouse		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			736.3				720.8				712.2				0.35	%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/28/2025			711.3				707.8				618.5				0.30	%
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				706.5				737.4				0.36	%
J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/21/2024			767.9				701.8				596.5				0.29	%
Almost Home Property LLC and Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/7/2039			715.8				700.7				700.1				0.34	%
Contract Packaging Services Inc dba Superior Pack Group		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/21/2023			851.8				694.6				686.6				0.34	%
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				692.9				689.2				0.34	%
ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%		12/28/2026			852.8				688.4				700.6				0.34	%
Scent-Sation Inc		Textile Product Mills		Term Loan		Prime plus 2.75%		9/18/2040			687.5				685.5				693.5				0.34	%
Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%		9/4/2040			685.0				683.0				695.9				0.34	%
C & G Engines Corp.		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		9/30/2021			1,041.5				675.1				676.2				0.33	%
Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/18/2040			665.8				665.8				652.7				0.32	%
IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			665.0				658.9				554.7				0.27	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B		Gasoline Stations		Term Loan		Prime plus 2.75%		9/30/2038			676.3				658.3				646.2				0.32	%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2027			712.5				655.6				662.7				0.32	%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/31/2024			1,250.0				652.9				656.5				0.32	%
LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/28/2037			677.5				641.2				666.2				0.33	%
Meridian Hotels LLC dba Best Western Jonesboro		Accommodation		Term Loan		Prime plus 2.75%		10/29/2038			664.5				637.5				654.4				0.32	%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%		9/24/2040			625.0				623.2				610.9				0.30	%
iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2039			629.8				613.6				597.3				0.29	%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/26/2039			601.8				589.1				579.5				0.28	%
Northeast Arkansas Pizza, Inc. dba Domino’s Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/23/2025			608.0				589.1				493.4				0.24	%
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				574.0				479.7				0.24	%
Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2038			596.6				573.6				562.8				0.28	%
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				565.8				568.3				0.28	%
IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2023			687.5				565.5				534.2				0.26	%
ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		8/30/2023			906.3				560.8				548.7				0.27	%
Bisson Transportation, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2037			588.1				557.0				577.2				0.28	%
Richards Plumbing and Heating Co., Inc. dba Richards Mechanical		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/23/2040			551.8				547.7				556.6				0.27	%
B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/27/2040			547.5				547.5				523.5				0.26	%
CML RW Security, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		3/20/2025			575.0				546.1				453.9				0.22	%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/23/2040			1,189.5				546.1				556.5				0.27	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				536.3				505.9				0.25	%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2038			555.3				535.7				534.4				0.26	%
KRN Logistics, LLC,Newsome Trucking, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2025			543.5				526.6				473.2				0.23	%
PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/30/2038			550.0				523.8				537.3				0.26	%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/23/2039			530.3				521.6				480.7				0.24	%
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2025			518.8				512.4				503.8				0.25	%
SBR Technologies d/b/a Color Graphics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/31/2021			806.2				512.0				517.0				0.25	%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2038			537.5				510.2				522.8				0.26	%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC		Accommodation		Term Loan		Prime plus 2.75%		9/29/2039			513.3				503.9				511.9				0.25	%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/4/2040			502.5				502.5				497.9				0.24	%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/23/2039			500.0				491.8				499.6				0.24	%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2037			517.5				489.4				508.7				0.25	%
740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/10/2040			492.5				485.9				493.7				0.24	%
200 North 8th Street Associates LLC and Enchanted Acres Farm		Food Manufacturing		Term Loan		Prime plus 2.75%		5/4/2028			494.6				484.0				484.5				0.24	%
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				482.3				496.1				0.24	%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai		Food Manufacturing		Term Loan		Prime plus 2.75%		12/31/2037			500.0				474.5				493.2				0.24	%
401 JJS Corporation and G. Randazzo Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2039			473.5				469.9				464.8				0.23	%
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				469.7				461.5				0.23	%
Nikobella Properties LLC and JPO Inc dba Village Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/25/2039			476.3				464.0				468.6				0.23	%
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				463.8				442.9				0.22	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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				463.4				441.2				0.22	%
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				458.3				478.0				0.23	%
Capital Scrap Metal, LLC and Powerline Investment, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/29/2038			500.0				452.8				470.8				0.23	%
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				450.2				463.2				0.23	%
Eastside Soccer Dome, Inc .		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			463.8				444.8				457.3				0.22	%
Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		Prime plus 2.75%		6/24/2025			454.0				443.0				441.4				0.22	%
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				443.0				402.5				0.20	%
Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/25/2040			442.5				441.2				420.4				0.21	%
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				438.7				400.8				0.20	%
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				435.3				441.4				0.22	%
SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/15/2040			428.8				428.8				413.8				0.20	%
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/17/2025			437.5				423.9				411.6				0.20	%
Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/31/2040			428.8				423.7				389.5				0.19	%
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				421.8				428.3				0.21	%
Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2039			425.0				418.8				411.2				0.20	%
Sherill Universal City dba Golden Corral		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2038			440.5				418.3				429.6				0.21	%
Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2039			427.5				415.6				419.8				0.21	%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/15/2023			523.0				411.4				408.2				0.20	%
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				411.3				429.0				0.21	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Import Car Connection Inc dba Car Connection		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/16/2040			407.5				406.3				407.6				0.20	%
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				404.3				404.7				0.20	%
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				403.4				414.8				0.20	%
Utek Corporation dba Arcade Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/22/2039			405.5				402.1				404.7				0.20	%
RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2040			399.0				397.8				384.7				0.19	%
Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/12/2022			558.2				397.1				400.0				0.20	%
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				396.7				407.3				0.20	%
John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/28/2022			513.8				393.9				398.2				0.20	%
Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real Estate		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2022			528.8				391.4				395.0				0.19	%
TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%		12/18/2038			405.0				390.8				391.2				0.19	%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/28/2036			422.6				387.2				403.7				0.20	%
Kup's Auto Spa Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/15/2038			396.7				377.2				386.0				0.19	%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling		Gasoline Stations		Term Loan		Prime plus 2.75%		6/26/2040			380.0				377.1				365.2				0.18	%
R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/30/2025			375.0				375.0				355.3				0.17	%
Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		12/2/2040			375.0				375.0				372.0				0.18	%
Swalm Sreet LLC and New York Home Health Care Equipment LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2040			375.0				375.0				370.9				0.18	%
B&B Organics LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		12/22/2040			375.0				375.0				382.2				0.19	%
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				372.1				329.1				0.16	%
3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Clock		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		1/24/2024			425.0				364.2				342.2				0.17	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
AIG Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/4/2040			363.8				362.7				340.6				0.17	%
The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/12/2023			421.3				360.6				335.9				0.16	%
Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		8/31/2021			575.0				358.1				360.2				0.18	%
Fair Deal Food Mart Inc dba Neighbors Market		Gasoline Stations		Term Loan		Prime plus 2.75%		5/3/2037			381.3				354.9				370.4				0.18	%
iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			379.1				353.5				317.9				0.16	%
Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/15/2040			344.5				344.5				329.3				0.16	%
Michael J. Speeney & Joyce Speeney and R2 Tape, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/31/2037			367.5				344.4				357.7				0.18	%
Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/14/2040			342.5				342.5				334.5				0.16	%
Johnson Carwash LLC and Johnson Petroleum LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/14/2040			340.0				340.0				345.1				0.17	%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/20/2027			389.6				338.3				335.0				0.16	%
Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		8/17/2037			360.0				337.5				350.3				0.17	%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/12/2040			338.8				336.3				290.1				0.14	%
Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%		9/30/2038			344.5				331.0				339.2				0.17	%
Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/30/2022			466.3				330.4				331.0				0.16	%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/2/2023			387.3				329.2				314.3				0.15	%
Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2025			337.5				326.9				277.2				0.14	%
Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/24/2040			327.5				326.5				332.8				0.16	%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2038			335.1				321.4				323.3				0.16	%
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				320.1				334.0				0.16	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				319.3				324.3				0.16	%
Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2040			320.0				319.1				313.0				0.15	%
MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads		Food Manufacturing		Term Loan		Prime plus 2.75%		3/29/2038			336.0				319.0				324.6				0.16	%
Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/8/2021			515.5				317.2				320.2				0.16	%
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				313.6				315.9				0.15	%
A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		3/27/2038			330.3				313.3				323.5				0.16	%
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				311.2				313.7				0.15	%
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				311.1				307.8				0.15	%
Jumbomarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/4/2025			306.3				306.3				294.4				0.14	%
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				305.1				304.3				0.15	%
Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		2/28/2024			350.6				302.9				292.2				0.14	%
Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			312.5				301.0				304.4				0.15	%
Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2040			300.0				300.0				284.5				0.14	%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac		Accommodation		Term Loan		Prime plus 2.75%		3/27/2040			301.8				298.2				303.0				0.15	%
510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/19/2024			332.0				296.3				294.5				0.14	%
R A Johnson Inc dba Rick Johnson Auto and Tire		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/23/2039			301.3				294.9				299.5				0.15	%
American Campgrounds LLC dba Whit's End Campground		Accommodation		Term Loan		Prime plus 2.75%		12/4/2040			293.0				293.0				290.9				0.14	%
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				289.2				293.0				0.14	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/12/2040			290.3				288.1				292.8				0.14	%
Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2030			291.9				286.8				258.1				0.13	%
Aegis Creative Communications, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/30/2022			387.5				286.2				277.3				0.14	%
The Smile Place LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2040			283.9				282.2				276.4				0.14	%
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				278.0				270.9				0.13	%
New Image Building Services Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/29/2023			331.3				277.0				259.8				0.13	%
Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2025			281.8				273.0				238.1				0.12	%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/30/2037			286.5				270.0				278.8				0.14	%
Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/29/2037			288.5				269.1				279.5				0.14	%
First Prevention and Dialysis Center LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/30/2024			273.3				268.9				251.4				0.12	%
New Image Building Services, Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/23/2037			285.7				267.7				271.6				0.13	%
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				264.1				275.3				0.13	%
Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2038			268.4				258.1				259.5				0.13	%
Thrifty Market, Inc. dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2030			262.5				257.9				227.2				0.11	%
15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/15/2040			257.1				254.9				238.4				0.12	%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.		Textile Product Mills		Term Loan		Prime plus 2.75%		11/21/2021			337.5				253.9				257.1				0.13	%
Reidville Hydraulics & Mfg Inc dba Summit Farms LLC		Machinery Manufacturing		Term Loan		Prime plus 2.75%		11/2/2037			265.9				250.6				254.6				0.12	%
All-Tag Corporation		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		11/30/2025			250.4				250.4				218.0				0.11	%
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				250.4				237.3				0.12	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			250.0				250.0				210.6				0.10	%
V2 Tango LLC dba Palette 22		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2025			250.0				250.0				217.1				0.11	%
Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/15/2024			272.5				248.2				219.7				0.11	%
HAVANA CENTRAL NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2025			250.0				245.1				238.9				0.12	%
Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/25/2040			246.5				244.7				223.7				0.11	%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2040			244.4				244.4				226.0				0.11	%
MJD Investments, LLC dba The Community Day School		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2038			258.3				244.3				250.6				0.12	%
RKP Service dba Rainbow Carwash		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/31/2023			300.0				243.1				237.5				0.12	%
FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2039			245.5				242.9				225.8				0.11	%
JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/11/2024			280.0				241.8				225.3				0.11	%
800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/23/2040			240.0				240.0				234.6				0.12	%
Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%		3/27/2028			271.8				239.2				244.5				0.12	%
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				239.0				238.1				0.12	%
LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Market		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/21/2037			252.3				236.8				242.7				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				236.8				234.5				0.11	%
Capitol Waste and Recycling Services LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		10/10/2024			257.8				236.4				210.6				0.10	%
All About Smiles P A		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2040			237.7				235.9				231.1				0.11	%
Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/29/2040			234.8				234.8				235.3				0.12	%
Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/13/2036			256.1				233.3				242.6				0.12	%
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				233.1				236.7				0.12	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/20/2039			233.4				227.4				229.0				0.11	%
M & H Pine Straw Inc and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/21/2023			288.8				227.1				227.0				0.11	%
MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2036			248.5				226.4				235.8				0.12	%
Meridian Hotels, LLC dba Best Western Jonesboro		Accommodation		Term Loan		Prime plus 2.75%		11/25/2039			228.0				224.9				228.4				0.11	%
HJ & Edward Enterprises, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2023			262.5				224.8				218.5				0.11	%
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		2/2/2040			225.1				222.1				208.0				0.10	%
Hemingway Custom Cabinetry LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/25/2025			220.0				217.3				187.0				0.09	%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/13/2039			223.5				216.7				222.9				0.11	%
Homegrown For Good LLC		Apparel Manufacturing		Term Loan		Prime plus 2.75%		11/26/2024			230.0				215.5				195.5				0.10	%
Discount Wheel and Tire		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/30/2038			223.8				214.6				214.3				0.11	%
Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%		9/2/2035			423.1				214.1				222.6				0.11	%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/4/2038			224.2				213.7				213.3				0.10	%
Mosley Auto Group LLC dba America's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			221.5				213.7				217.6				0.11	%
Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2039			216.9				211.2				207.8				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				211.1				219.0				0.11	%
BJ's Tavern LLC and BJ's Cabana Bar Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			212.5				210.9				205.9				0.10	%
Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		11/21/2022			275.0				209.8				207.4				0.10	%
Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/30/2024			223.8				208.2				198.7				0.10	%
Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2039			214.2				207.9				206.4				0.10	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Superior Disposal Service, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		12/26/2023			240.5				204.4				200.8				0.10	%
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				204.3				203.2				0.10	%
1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/31/2038			212.5				204.3				207.8				0.10	%
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				204.2				210.9				0.10	%
Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		9/30/2035			228.2				203.7				212.6				0.10	%
Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		11/25/2024			220.0				203.3				171.5				0.08	%
AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2039			208.0				202.7				208.6				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				202.1				193.6				0.09	%
Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/5/2027			286.9				200.4				206.1				0.10	%
Block and Grinder LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			200.0				200.0				196.6				0.10	%
Water Works Laundromat, L.L.C.		Personal and Laundry Services		Term Loan		Prime plus 2.25%		9/7/2027			267.3				194.8				195.3				0.10	%
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				194.7				197.2				0.10	%
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				192.7				186.7				0.09	%
Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/9/2040			191.8				189.5				180.5				0.09	%
8 Minute Oil Change of Springfield Corporation and John Nino		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/12/2038			196.8				188.0				191.7				0.09	%
Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC)		Real Estate		Term Loan		Prime plus 2.75%		3/27/2039			193.8				187.0				192.4				0.09	%
Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/24/2023			240.1				183.0				183.2				0.09	%
Brothers International Desserts		Food Manufacturing		Term Loan		Prime plus 2.75%		4/26/2023			230.0				182.7				181.4				0.09	%
Majestic Contracting Services, Inc. dba Majestic Electric and Majestic Plumbing		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/26/2038			190.0				181.6				180.6				0.09	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/31/2035			204.0				180.7				188.4				0.09	%
(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				180.0				183.6				0.09	%
(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/5/2038			186.3				177.8				183.5				0.09	%
Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/18/2025			175.0				175.0				147.4				0.07	%
Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/27/2037			185.3				174.7				180.2				0.09	%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/22/2024			187.5				174.5				153.2				0.08	%
KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/23/2028			190.0				174.0				172.1				0.08	%
Bryan Bantry Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/8/2021			400.0				174.0				173.0				0.08	%
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				173.9				178.5				0.09	%
Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/20/2022			225.0				173.3				171.3				0.08	%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%		5/20/2040			174.1				172.6				170.5				0.08	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/10/2024			187.5				172.3				150.6				0.07	%
Neyra Industries, Inc. and Edward Neyra		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2023			217.5				171.2				173.2				0.08	%
Chickamauga Properties,Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2035			189.5				171.1				178.5				0.09	%
R2 Tape Inc dba Presto Tape		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/29/2025			176.3				170.8				160.6				0.08	%
Fran-Car Corporation dba Horizon Landscape Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/3/2028			407.8				170.5				175.8				0.09	%
BND Sebastian Limited Liability Company and Sebastian Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2040			172.5				170.5				168.2				0.08	%
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				170.0				161.1				0.08	%
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC)		Gasoline Stations		Term Loan		Prime plus 2.75%		11/20/2037			180.0				169.5				175.4				0.09	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/16/2021			250.0				168.6				169.3				0.08	%
South Park Properties LLC and Midlothian Hardware LLC dba Grill		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/6/2040			170.5				167.9				170.0				0.08	%
Spectrum Radio Fairmont, LLC		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		8/30/2023			187.5				164.3				164.3				0.08	%
Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2024			186.3				163.4				151.7				0.07	%
Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		9/22/2040			163.8				163.3				147.9				0.07	%
Wise Forklift Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/1/2020			296.9				162.9				164.7				0.08	%
Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/18/2040			162.5				162.5				165.6				0.08	%
Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		4/25/2022			228.8				162.1				162.5				0.08	%
B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2039			164.5				161.8				153.1				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				161.2				160.0				0.08	%
M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/15/2021			238.3				161.2				161.6				0.08	%
185 Summerfield Inc and Valcon Contracting Corp		Construction of Buildings		Term Loan		Prime plus 2.75%		10/24/2039			162.3				159.1				157.6				0.08	%
MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2040			160.7				158.8				151.3				0.07	%
Carolina Flicks Inc dba The Howell Theater		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		12/23/2032			163.3				158.5				149.5				0.07	%
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				157.4				157.8				0.08	%
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				155.9				153.6				0.08	%
Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/28/2023			187.5				154.3				140.5				0.07	%
South Florida Air Conditioning and Refrigeration Corp.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/27/2040			155.5				153.7				153.3				0.08	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Golden Transaction Corporation dba Bleh Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		10/30/2039			156.7				153.6				152.9				0.07	%
Avayaan2 LLC dba Island Cove		Gasoline Stations		Term Loan		Prime plus 2.75%		3/7/2039			157.5				152.7				154.1				0.08	%
RDT Enterprises LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/15/2027			162.8				152.7				147.6				0.07	%
J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2025			152.5				150.6				126.8				0.06	%
RXSB, Inc dba Medicine Shoppe		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/30/2023			186.3				149.8				145.3				0.07	%
FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/15/2025			150.0				148.1				124.7				0.06	%
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar Deals		Gasoline Stations		Term Loan		Prime plus 2.75%		8/15/2039			150.0				147.2				131.7				0.06	%
Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		7/24/2039			150.0				146.4				147.7				0.07	%
Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/25/2040			146.3				146.3				148.5				0.07	%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/25/2039			148.8				146.1				139.8				0.07	%
Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2024			164.3				144.8				136.4				0.07	%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning		Specialty Trade Contractors		Term Loan		Prime plus 2%		12/27/2018			411.5				144.8				144.3				0.07	%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/19/2040			145.0				144.4				140.6				0.07	%
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc.		Educational Services		Term Loan		Prime plus 2.75%		4/18/2038			151.0				143.6				149.3				0.07	%
J. Kinderman & Sons Inc., dba BriteStar Inc.		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		3/20/2023			181.3				142.7				144.3				0.07	%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/30/2040			143.0				142.6				144.3				0.07	%
Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2039			145.2				142.5				144.7				0.07	%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2039			145.5				142.4				144.6				0.07	%
Peter Thomas Roth Labs LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/26/2018			425.0				142.3				143.4				0.07	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox		Social Assistance		Term Loan		Prime plus 2.75%		3/21/2039			145.0				140.8				139.9				0.07	%
USI Properties LLC dba U Store It		Real Estate		Term Loan		Prime plus 2.75%		5/23/2039			144.6				140.7				144.0				0.07	%
Wired LLC and Moulison North Corporation		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/3/2024			150.1				140.1				126.0				0.06	%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/8/2040			140.0				139.6				142.2				0.07	%
Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		11/25/2024			150.0				138.6				115.1				0.06	%
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				138.4				134.2				0.07	%
ATC Fitness LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2022			180.0				137.8				137.4				0.07	%
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				137.6				137.4				0.07	%
Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		8/3/2022			185.0				137.0				135.7				0.07	%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/12/2039			141.3				137.0				140.9				0.07	%
3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/20/2040			137.5				136.9				137.1				0.07	%
Kemmer LLC and Apples Tree Top Liquors LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2039			138.4				136.1				126.9				0.06	%
Spectrumit, Inc, (OC) dba LANformation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/31/2030			154.9				135.8				139.4				0.07	%
Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%		9/13/2023			156.3				135.0				126.3				0.06	%
CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/26/2040			135.5				134.5				128.6				0.06	%
C& D Medical of Naples, Inc and Forever & Always of Naples, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/24/2040			135.0				134.2				124.0				0.06	%
Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/18/2040			134.0				133.9				131.3				0.06	%
DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2038			138.8				133.9				137.6				0.07	%
West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/12/2035			148.7				133.4				138.8				0.07	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				133.1				134.9				0.07	%
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				132.6				134.6				0.07	%
Haven Hospitality Group Inc. dba Haven Gastropub		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2025			132.5				132.5				113.7				0.06	%
Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/31/2038			137.5				132.4				134.1				0.07	%
City Sign Service, Incorporated		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		11/30/2025			165.8				132.1				134.7				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				131.6				135.4				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				131.5				137.3				0.07	%
J&M Concessions, Inc.dba A-1 Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/3/2039			135.6				131.3				129.2				0.06	%
Modern on the Mile, LLC dba Ligne Roset		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		5/25/2021			212.5				131.1				131.5				0.06	%
Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/30/2022			187.5				131.1				130.5				0.06	%
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				131.0				131.1				0.06	%
RDT Enterprises, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2028			141.2				130.6				132.4				0.06	%
Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/29/2034			147.5				128.7				133.9				0.07	%
Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/6/2025			127.3				127.3				122.4				0.06	%
R2 Tape, Inc. dba Presto Tape and Michael J.and Joyce Speeney		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/20/2020			224.4				126.6				127.6				0.06	%
Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		Prime plus 2.75%		6/16/2025			130.5				126.4				105.1				0.05	%
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				126.0				131.2				0.06	%
George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/7/2025			130.0				125.1				104.4				0.05	%
Music Mountain Water Company, LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		4/25/2036			138.1				125.1				130.7				0.06	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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				125.0				127.4				0.06	%
Japp Business Inc dba Pick and Eat and Japp Drink Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			125.0				125.0				110.6				0.05	%
Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			125.0				125.0				107.6				0.05	%
Evans & Paul LLC and E&P Holdings I LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2025			125.0				125.0				110.9				0.05	%
Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2022			125.0				124.9				110.4				0.05	%
The LAX Shop Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/22/2025			125.0				125.0				124.9				0.06	%
Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/26/2024			143.3				124.6				121.0				0.06	%
Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/28/2023			153.5				124.1				125.6				0.06	%
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				123.6				122.1				0.06	%
Geo Los Angeles LLC dba Geo Film Group		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/26/2025			130.0				123.5				112.5				0.06	%
Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/17/2025			125.0				123.5				103.9				0.05	%
Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/30/2025			125.0				123.5				104.0				0.05	%
Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/28/2039			125.0				122.9				122.9				0.06	%
Food & Fuel Company LLC dba Lowery Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2040			122.5				122.5				124.3				0.06	%
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC)		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/27/2024			133.8				122.2				121.6				0.06	%
Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/19/2036			133.6				122.1				126.9				0.06	%
Supreme Screw Products, Inc. and Misha Migdal		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/17/2019			308.2				121.6				122.7				0.06	%
Atlas Mountain Construction, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		5/13/2038			127.3				121.2				126.1				0.06	%
Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/3/2025			125.0				121.1				101.6				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			125.0				120.9				112.3				0.06	%
Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/12/2025			125.0				120.6				100.3				0.05	%
3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fit		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/17/2024			131.3				120.4				106.2				0.05	%
JDR Industries Inc dba CST-The Composites Store, JetCat USA		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		1/21/2024			140.3				120.4				114.1				0.06	%
Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%		9/11/2038			124.3				119.2				120.5				0.06	%
Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		3/30/2025			125.0				118.7				107.2				0.05	%
Knits R Us, Inc. dba NYC Sports / Mingle		Textile Mills		Term Loan		Prime plus 2.75%		2/11/2038			125.0				118.4				123.1				0.06	%
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				118.3				120.9				0.06	%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/18/2036			129.5				117.9				123.2				0.06	%
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				117.8				116.3				0.06	%
Balthazar Management Virgin Islands LLC dba The Beach Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/27/2025			123.3				117.1				116.6				0.06	%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2036			127.5				115.7				120.8				0.06	%
Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/29/2024			128.1				115.6				106.3				0.05	%
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				115.5				118.8				0.06	%
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				115.5				120.1				0.06	%
Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/19/2021			187.5				114.2				114.2				0.06	%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/31/2039			117.5				114.1				109.9				0.05	%
AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/29/2039			117.5				114.1				117.4				0.06	%
R2 Tape Inc dba Presto Tape		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/31/2022			155.0				114.1				115.2				0.06	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/20/2020			204.0				113.3				113.5				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				113.2				117.8				0.06	%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2025			112.5				112.5				98.4				0.05	%
Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2024			124.3				112.3				93.2				0.05	%
Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/20/2040			112.5				111.2				112.1				0.05	%
Dosus Inc dba Perry's Pools		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/7/2025			112.5				110.9				95.2				0.05	%
Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/26/2024			121.0				109.5				98.8				0.05	%
Golden Gate Lodging LLC (OC)		Accommodation		Term Loan		Prime plus 2.75%		3/12/2038			115.0				109.2				112.6				0.06	%
Rainbow Dry Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/13/2024			122.5				109.1				102.8				0.05	%
S.B.B. Enterprises Inc dba Williamston Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/19/2040			108.8				108.8				100.8				0.05	%
Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/8/2025			108.8				108.8				97.2				0.05	%
Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2038			112.3				107.7				107.6				0.05	%
Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/20/2039			110.8				107.6				110.6				0.05	%
Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		8/30/2023			130.3				107.2				105.9				0.05	%
Wallace Holdings LLC (EPC) GFA International Inc (OC)		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%		11/25/2023			125.0				105.2				96.5				0.05	%
Forever & Always of Naples Inc dba Island Animal Hospital		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/24/2025			107.5				104.7				94.8				0.05	%
Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/17/2025			103.8				103.8				103.7				0.05	%
Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		Prime plus 2.75%		7/23/2040			103.8				103.2				104.0				0.05	%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/23/2040			102.5				102.5				102.3				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%		1/28/2036			113.4				102.1				106.6				0.05	%
WPI, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		6/29/2024			129.5				101.3				102.2				0.05	%
B and A Friction Materials Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/9/2025			102.5				101.2				85.2				0.04	%
Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2025			106.5				101.2				92.8				0.05	%
Island Wide Realty LLC and Long Island Partners, Inc.		Real Estate		Term Loan		Prime plus 2.75%		4/22/2039			103.8				100.9				103.8				0.05	%
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				100.7				103.9				0.05	%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/3/2038			104.3				100.5				97.9				0.05	%
State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/25/2025			100.0				100.0				84.2				0.04	%
Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2025			100.0				100.0				99.9				0.05	%
Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/9/2025			100.0				100.0				87.3				0.04	%
Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/4/2040			100.0				99.8				88.7				0.04	%
DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%		10/10/2039			101.8				99.8				99.4				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				99.1				97.6				0.05	%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		Prime plus 2.75%		12/30/2024			106.3				99.0				98.6				0.05	%
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				98.4				94.9				0.05	%
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/17/2039			100.0				98.2				96.0				0.05	%
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				97.9				98.5				0.05	%
Lefont Theaters, Inc.		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		5/30/2022			137.0				97.9				98.4				0.05	%
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				97.6				95.4				0.05	%
New Paltz Dental Care, PLLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/19/2025			100.0				97.5				92.5				0.05	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
California College of Communications, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/2/2020			172.5				97.2				97.3				0.05	%
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				96.4				97.1				0.05	%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/26/2038			100.0				96.0				98.7				0.05	%
Custom Software, Inc. a Colorado Corporation dba M-33 Access		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		4/30/2022			125.0				94.3				95.6				0.05	%
J and K Fitness L.L.C. dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2041			93.8				93.7				93.2				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				93.6				92.5				0.05	%
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				93.4				97.3				0.05	%
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				93.0				96.8				0.05	%
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				92.6				93.0				0.05	%
Metro Used Cars Inc. dba Metro Auto Center		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/14/2027			117.6				92.6				94.9				0.05	%
MRM Supermarkets, Inc. dba Constantin's Breads		Food Manufacturing		Term Loan		Prime plus 2.75%		11/10/2021			137.5				91.9				92.5				0.05	%
Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/10/2025			91.5				91.5				83.7				0.04	%
E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%		11/11/2025			91.3				91.2				78.6				0.04	%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/21/2037			96.3				90.7				94.3				0.05	%
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				90.6				93.3				0.05	%
Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/16/2040			91.3				90.1				87.5				0.04	%
Moochie's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/13/2024			100.5				90.0				83.2				0.04	%
Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/4/2040			90.5				89.9				91.2				0.04	%
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				89.9				88.5				0.04	%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2024			100.0				89.2				89.2				0.04	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/20/2025			89.0				89.0				76.4				0.04	%
Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/19/2038			93.0				88.9				90.5				0.04	%
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				88.9				89.8				0.04	%
Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%		10/27/2039			90.5				88.7				84.8				0.04	%
Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		3/30/2025			90.0				88.2				87.9				0.04	%
Advanced Machine & Technology, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			90.3				88.0				80.6				0.04	%
The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/8/2039			90.3				87.8				88.3				0.04	%
Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/23/2028			103.7				87.6				88.9				0.04	%
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				87.4				81.6				0.04	%
Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/28/2040			87.5				87.2				84.8				0.04	%
Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		9/25/2038			89.3				86.7				85.9				0.04	%
Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		10/14/2025			87.4				86.5				72.9				0.04	%
AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2040			87.1				86.2				86.1				0.04	%
E-Z Box Storage, Inc.		Real Estate		Term Loan		Prime plus 2.75%		5/11/2025			89.3				85.9				85.6				0.04	%
Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2024			126.5				85.7				87.2				0.04	%
Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			88.9				85.7				88.2				0.04	%
Bat Bridge Investments Inc dba Kalologie 360 Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/30/2025			85.5				85.5				72.0				0.04	%
Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/2/2024			92.5				85.4				85.0				0.04	%
Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2024			105.0				85.2				80.8				0.04	%
RDRhonehouse ENT. LLC dba Chill Skinz		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		4/29/2025			88.9				85.0				70.7				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
R & R Security and Investigations Inc dba Pardners Lake Buchanan		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/19/2040			85.4				84.4				85.8				0.04	%
Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/22/2035			94.6				84.0				87.4				0.04	%
SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/13/2025			84.8				83.3				71.1				0.03	%
J&M Concessions Inc dba A 1 Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/27/2025			87.5				81.9				73.0				0.04	%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)		Machinery Manufacturing		Term Loan		Prime plus 2.75%		2/20/2038			86.3				81.6				84.2				0.04	%
Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2023			103.8				81.7				79.2				0.04	%
Zephyr Seven Series LLC dba 18/8 Fine Men's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/28/2025			81.3				81.3				70.0				0.03	%
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				80.2				80.9				0.04	%
LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/28/2025			81.3				79.7				72.0				0.04	%
Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		4/30/2023			100.0				79.4				77.3				0.04	%
Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		5/1/2040			81.9				78.8				80.1				0.04	%
Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/27/2022			107.3				78.1				78.0				0.04	%
Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/23/2025			83.3				78.0				66.9				0.03	%
Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2025			80.0				77.5				65.6				0.03	%
Firm Foundations Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/13/2025			81.3				77.2				68.3				0.03	%
L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		Prime plus 2.75%		10/28/2025			77.0				76.5				65.8				0.03	%
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				76.2				79.1				0.04	%
Holloway & CO. P.L.L.C.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/16/2025			75.0				75.0				74.9				0.04	%
Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/16/2025			75.0				75.0				68.2				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%		4/30/2020			183.3				75.0				75.7				0.04	%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2022			97.5				74.8				72.6				0.04	%
BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/27/2038			76.5				73.7				74.7				0.04	%
Zog Inc.		Other Information Services		Term Loan		6%		3/17/2018			97.5				73.6				74.1				0.04	%
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				73.2				68.7				0.03	%
Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/3/2040			73.8				72.9				70.4				0.03	%
B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/10/2024			80.0				72.9				60.5				0.03	%
Awesome Pets II Inc dba Mellisa's Pet Depot		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		2/7/2024			83.2				72.7				68.1				0.03	%
Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/30/2025			75.0				72.7				68.2				0.03	%
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				72.0				72.3				0.04	%
Tri County Heating and Cooling Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2023			87.8				71.6				70.8				0.03	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%		3/19/2018			87.5				71.4				71.8				0.04	%
SCJEN Management Inc dba Bowl of Heaven		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2025			71.3				71.3				60.0				0.03	%
LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/3/2036			77.5				70.4				73.4				0.04	%
Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/18/2025			74.4				70.1				62.8				0.03	%
R2 Tape Inc dba Presto Tape		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/10/2024			78.8				69.1				69.5				0.03	%
Gold Jet Corp dba The UPS Store		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/14/2025			68.3				68.3				61.7				0.03	%
Vortex Automotive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/5/2035			76.6				67.6				70.4				0.03	%
Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2035			74.3				67.3				70.3				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
New Life Holdings, LLC and Certified Collision Services, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2035			76.2				67.3				70.1				0.03	%
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				66.9				65.5				0.03	%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins		Nonstore Retailers		Term Loan		Prime plus 2.75%		8/26/2023			85.8				66.9				67.1				0.03	%
Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		Prime plus 2.75%		9/23/2025			67.5				66.7				56.1				0.03	%
I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/29/2035			74.9				66.5				69.4				0.03	%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/30/2028			66.5				65.9				63.2				0.03	%
Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		5/2/2030			333.3				65.6				67.9				0.03	%
NVR Corporation dba Discount Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/11/2039			68.3				65.4				67.3				0.03	%
Onofrio's Fresh Cut Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/6/2024			75.0				65.4				64.2				0.03	%
Orient Direct, Inc. dba Spracht, Celltek, ODI		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		2/12/2023			84.9				65.4				63.4				0.03	%
Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/6/2040			66.3				65.4				63.1				0.03	%
MLM Enterprises LLC and Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/18/2024			70.5				65.1				60.3				0.03	%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2037			69.8				65.0				67.7				0.03	%
Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2023			93.0				64.8				65.7				0.03	%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm Beach		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/24/2025			66.3				64.6				56.5				0.03	%
SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%		6/26/2025			66.3				64.2				53.4				0.03	%
Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/28/2025			65.8				64.1				57.1				0.03	%
Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/22/2038			67.5				64.1				66.0				0.03	%
Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%		4/22/2023			78.8				63.3				62.3				0.03	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%		11/15/2023			75.0				63.2				58.7				0.03	%
Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/21/2025			64.3				62.7				52.8				0.03	%
Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2023			79.5				62.6				61.1				0.03	%
Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/8/2025			65.0				62.6				52.5				0.03	%
Joseph Nich and Tina M. Nich dba Vic's Greenhouses		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/4/2025			62.5				62.5				62.4				0.03	%
Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/17/2025			62.5				62.5				54.5				0.03	%
Optima Health Care Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/23/2025			62.5				62.5				62.4				0.03	%
Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		2/26/2025			66.2				62.5				62.0				0.03	%
God is Good LLC dba BurgerFi		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/27/2025			67.3				62.4				56.0				0.03	%
Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/23/2025			62.5				62.1				60.2				0.03	%
Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/23/2040			62.5				61.8				60.6				0.03	%
Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/11/2025			62.5				61.7				60.1				0.03	%
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				61.5				62.9				0.03	%
Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		2/19/2040			61.8				61.1				57.8				0.03	%
DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/2/2025			62.8				60.8				50.6				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				60.5				62.2				0.03	%
ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/5/2025			62.0				60.1				51.2				0.03	%
Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%		2/27/2025			63.4				59.7				50.1				0.02	%
Inverted Healthcare Staffing of Florida LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/18/2025			61.3				59.3				49.3				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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				58.8				57.5				0.03	%
Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			59.0				58.8				58.1				0.03	%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		5/31/2037			62.9				58.6				61.0				0.03	%
Emerald Ironworks Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/27/2023			72.0				58.5				57.3				0.03	%
Homegrown For Good LLC		Apparel Manufacturing		Term Loan		Prime plus 2.75%		5/8/2025			60.0				57.8				50.5				0.02	%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		8/17/2017			315.0				57.1				57.4				0.03	%
Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		11/27/2023			67.2				56.7				52.5				0.03	%
University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/27/2022			76.0				56.5				57.1				0.03	%
Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			57.5				56.3				57.2				0.03	%
Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2040			56.3				55.8				56.8				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				55.3				57.7				0.03	%
Long Island Barber + Beauty LLC		Educational Services		Term Loan		Prime plus 2.75%		6/2/2039			55.5				54.1				54.1				0.03	%
Global Educational Delivery Services LLC		Educational Services		Term Loan		Prime plus 2.75%		6/16/2024			60.0				54.0				54.3				0.03	%
Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			54.0				53.6				49.2				0.02	%
D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%		8/1/2031			57.7				53.5				55.5				0.03	%
Handy 6391 LLC dba The UPS Store #6391		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/27/2023			62.5				53.4				53.6				0.03	%
Road to Sedona Inc dba Thirteen		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/27/2025			56.6				53.4				45.1				0.02	%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/26/2040			54.0				53.4				53.3				0.03	%
Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2024			58.8				53.1				44.1				0.02	%
Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/27/2024			60.0				52.9				48.6				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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				52.9				53.5				0.03	%
God Be Glorified Inc dba GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/20/2025			53.0				52.0				43.8				0.02	%
Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/22/2025			53.1				51.5				49.6				0.02	%
Akshar Group, LLC		Accommodation		Term Loan		6%		11/5/2028			321.3				51.3				53.0				0.03	%
KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/19/2034			58.3				51.0				53.1				0.03	%
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				50.9				44.6				0.02	%
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				50.9				50.4				0.02	%
Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/29/2020			91.8				50.6				50.6				0.02	%
D&G Capital LLC dba Miami Grill 277		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			83.8				50.5				49.7				0.02	%
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2022			66.3				50.5				49.7				0.02	%
Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/22/2039			51.6				50.4				48.3				0.02	%
Veliu LLC dba FASTSIGNS #15901		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/10/2025			50.0				50.0				43.2				0.02	%
K's Salon, LLC d/b/a K's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/20/2021			73.6				49.8				49.5				0.02	%
Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		Prime plus 2.75%		10/23/2025			50.0				49.7				41.9				0.02	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/12/2028			54.8				49.6				48.1				0.02	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2025			50.0				49.5				43.9				0.02	%
South Towne Dental Center, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			50.0				49.4				49.3				0.02	%
Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/23/2025			50.0				49.4				41.6				0.02	%
AGV Enterprises LLC dba Jet's Pizza #42		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			54.8				49.2				42.0				0.02	%
Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			51.3				49.1				50.5				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Trading Group 3 Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%		8/28/2025			50.0				49.1				41.3				0.02	%
Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/19/2038			51.0				48.4				50.0				0.02	%
DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/26/2022			65.0				48.2				48.8				0.02	%
Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/24/2023			68.8				47.5				46.1				0.02	%
Highway Striping Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/30/2024			53.1				47.3				44.4				0.02	%
Feel The World Inc dba Xero Shoes and Invisible Shoes		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%		9/5/2024			51.9				47.3				40.4				0.02	%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/30/2024			53.0				46.9				45.8				0.02	%
Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/11/2040			46.3				46.3				47.1				0.02	%
Screenmobile Management Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/14/2025			47.0				46.1				39.2				0.02	%
Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/19/2024			48.8				46.1				45.9				0.02	%
Any Garment Cleaner-East Brunswick, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/18/2023			53.8				45.7				44.8				0.02	%
CBA D&A Pope, LLC dba Christian Brothers Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/14/2018			144.9				45.6				45.9				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				45.0				45.5				0.02	%
LABH, Inc. t/a Ramada Ltd.		Accommodation		Term Loan		Prime plus 2.25%		9/27/2024			555.0				44.9				45.0				0.02	%
B for Brunette		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/10/2023			53.4				44.9				41.1				0.02	%
Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%		4/5/2029			280.9				44.8				45.7				0.02	%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/2/2035			50.1				44.7				46.6				0.02	%
Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/18/2023			56.3				44.3				44.5				0.02	%
Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%		9/30/2023			350.0				44.2				44.3				0.02	%
Jatcoia, LLC dba Plato's Closet		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/15/2023			65.0				44.2				44.3				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/19/2025			46.3				44.0				37.4				0.02	%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/17/2023			53.8				43.8				39.9				0.02	%
Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		4/14/2025			44.4				42.5				35.3				0.02	%
Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/20/2040			42.9				42.4				40.7				0.02	%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/16/2021			62.5				41.6				42.2				0.02	%
Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/25/2023			63.0				41.0				41.7				0.02	%
Lavertue Properties LLP dba Lavertue Properties		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		6/29/2036			44.8				40.9				42.8				0.02	%
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				40.8				40.8				0.02	%
Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%		7/8/2028			50.0				40.1				41.2				0.02	%
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				39.8				40.0				0.02	%
Financial Network Recovery		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/26/2025			40.0				39.3				33.1				0.02	%
Jojan, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.25%		12/18/2031			204.8				39.2				39.4				0.02	%
All American Printing		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/26/2032			69.8				39.0				40.6				0.02	%
Play and Stay LLC dba Zoom Room Tinton Falls		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/18/2024			42.1				38.8				32.2				0.02	%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		10/26/2021			58.8				38.8				38.7				0.02	%
Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2024			42.0				38.8				32.2				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		8/12/2036			91.5				38.8				40.4				0.02	%
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				38.7				35.8				0.02	%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%		9/20/2023			46.3				38.6				35.9				0.02	%
Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/25/2022			50.0				38.3				38.7				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				37.9				39.0				0.02	%
Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2034			42.5				37.3				39.0				0.02	%
Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/27/2024			41.3				37.3				31.0				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				37.3				37.7				0.02	%
Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%		10/31/2023			42.8				36.9				36.8				0.02	%
Aiello's Pizzeria LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/18/2024			42.8				36.5				34.2				0.02	%
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				36.2				36.5				0.02	%
ENI Inc. dba ENI Group, Inc		Other Information Services		Term Loan		Prime plus 2.75%		12/11/2025			36.0				36.0				31.8				0.02	%
Capital Scrap Metal LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/18/2025			36.0				36.0				30.7				0.02	%
KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/15/2022			50.0				35.7				35.6				0.02	%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%		8/30/2023			43.3				35.6				35.1				0.02	%
Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2027			46.3				35.4				34.7				0.02	%
Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/5/2026			221.0				35.0				35.9				0.02	%
Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2021			57.3				34.7				35.1				0.02	%
401 JJS, Corp and G. Randazzo's Trattoria Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2040			52.8				34.3				35.0				0.02	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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				34.3				28.6				0.01	%
CPN Motel, L.L.C. dba American Motor Lodge		Accommodation		Term Loan		Prime plus 2.25%		4/30/2024			379.0				34.0				34.1				0.02	%
Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		7.75%		10/11/2016			64.5				33.9				34.1				0.02	%
Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%		3/31/2024			402.5				33.1				33.1				0.02	%
Harbor Ventilation Inc and Estes Investment, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2038			92.1				32.8				33.7				0.02	%
Kino Oil of Texas, LLC dba Kino Oil		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/27/2020			60.0				32.6				32.9				0.02	%
My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/7/2025			56.3				32.4				27.3				0.01	%
Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/18/2024			41.3				32.2				31.2				0.02	%
Center-Mark Car Wash, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/18/2024			221.3				30.7				31.4				0.02	%
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				30.5				31.8				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				30.4				30.7				0.02	%
Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%		2/14/2025			250.0				30.0				30.1				0.01	%
Twietmeyer Dentistry PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2017			148.9				29.0				29.2				0.01	%
CMA Consulting dba Construction Management Associates		Construction of Buildings		Term Loan		Prime plus 2.75%		12/11/2019			58.5				28.6				28.7				0.01	%
North Atlanta RV Rentals LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/29/2025			144.3				28.2				23.5				0.01	%
Little People’s Village, LLC dba Little People’s Village		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2036			31.1				28.0				29.2				0.01	%
Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%		11/25/2024			220.0				27.9				28.0				0.01	%
A & A Acquisition, Inc. dba A & A International		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		2/15/2018			100.0				26.8				27.0				0.01	%
ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/30/2020			50.0				26.5				26.9				0.01	%
Planet Verte, LLC dba Audio Unlimited of Oceanside		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/28/2019			57.0				26.5				26.6				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Seven Stars Enterprises, Inc. dba Atlanta Bread Company		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2018			86.3				26.4				26.6				0.01	%
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				26.3				26.5				0.01	%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			28.5				25.9				26.9				0.01	%
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				25.3				25.7				0.01	%
Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		12/17/2035			27.7				24.9				25.9				0.01	%
Lincoln Park Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/20/2020			43.5				24.4				24.7				0.01	%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/8/2038			73.8				24.0				24.9				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				22.8				23.0				0.01	%
B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%		3/30/2021			250.0				22.6				22.4				0.01	%
Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%		5/31/2023			202.5				22.5				22.5				0.01	%
RDT Enterprises, L.L.C.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/12/2025			22.5				22.5				20.9				0.01	%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		11/25/2025			22.5				22.5				19.0				0.01	%
AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2025			22.5				22.5				21.1				0.01	%
DC Enterprises Ltd. dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/14/2025			22.5				22.5				21.2				0.01	%
ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		10/8/2025			22.5				22.4				19.3				0.01	%
Insurance Fire & Water Restorations, LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/23/2025			22.5				22.4				21.0				0.01	%
New Hampshire Precision Metal Fabricators, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/23/2025			22.5				22.4				22.3				0.01	%
Bisson Transportation Inc dba I & R Associates and Document Secutiry		Truck Transportation		Term Loan		Prime plus 2.75%		10/30/2025			22.5				22.4				20.8				0.01	%
Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/30/2025			22.5				22.2				18.7				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Planet Verte,LLC d/b/a Audio Unlimited		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2020			40.0				22.0				22.0				0.01	%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2039			22.5				22.0				22.3				0.01	%
Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/23/2025			22.5				21.9				18.5				0.01	%
Delray Scrap Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			22.5				21.8				18.4				0.01	%
Square Deal Siding Company,LLC dba Square Deal Siding Company		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/18/2025			22.5				21.8				21.7				0.01	%
Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/24/2025			22.5				21.8				19.3				0.01	%
E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/26/2025			22.5				21.8				18.2				0.01	%
Members Only Software		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2020			40.3				21.8				21.9				0.01	%
RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2025			22.5				21.6				18.0				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				21.5				20.9				0.01	%
Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/17/2025			22.5				21.5				17.9				0.01	%
Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/21/2025			22.5				21.5				18.8				0.01	%
Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/21/2025			22.5				21.5				17.9				0.01	%
Gurtej Singh and Ranjit Kaur dba Food Fair Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/18/2025			22.5				21.4				17.8				0.01	%
Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		3/25/2025			22.5				21.4				17.8				0.01	%
Pen Tex Inc dba The UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/20/2025			22.0				21.2				17.6				0.01	%
Trading Group 3, Inc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/26/2024			22.5				20.8				17.3				0.01	%
J.R. Wheeler Corporation dba Structurz Exhibits and Graphics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/24/2025			21.0				20.7				20.7				0.01	%
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				20.5				17.8				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Jatcoia 60056, LLC dba Style Encore		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		3/31/2025			22.3				20.4				19.1				0.01	%
H.H. Leonards Trust and Potomac Fund LLC and The 2020 O Street Corporation		Accommodation		Term Loan		Prime plus 2.75%		7/23/2020			62.0				20.3				20.5				0.01	%
TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2029			20.6				20.2				20.0				0.01	%
L&S Insurance & Financial Services Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/25/2024			22.5				20.2				17.1				0.01	%
Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/23/2039			20.8				20.2				20.7				0.01	%
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				20.2				20.4				0.01	%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/3/2024			22.5				20.0				18.7				0.01	%
Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/30/2024			22.5				19.9				19.5				0.01	%
Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/22/2025			21.5				19.7				19.5				0.01	%
Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/21/2020			37.5				19.4				19.5				0.01	%
One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/14/2024			20.6				18.9				15.7				0.01	%
MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/29/2025			18.8				18.8				16.0				0.01	%
Carolina Beefs, LLC dba Beef O'Brady's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/13/2025			19.5				18.6				15.5				0.01	%
Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		1/15/2024			21.8				18.6				18.7				0.01	%
Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/12/2023			22.5				18.6				17.3				0.01	%
M and C Renovations Inc		Construction of Buildings		Term Loan		Prime plus 2.75%		10/31/2024			20.3				18.6				15.5				0.01	%
Tammy's Bakery, Inc. dba Tammy's Bakery		Food Manufacturing		Term Loan		Prime plus 2.75%		12/10/2017			71.8				18.5				18.6				0.01	%
Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2028			134.3				18.5				19.1				0.01	%
Major Queens Body & Fender Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/10/2021			28.6				18.2				18.5				0.01	%
Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%		11/10/2028			109.8				18.2				18.2				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Gray Tree Service, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/18/2018			50.0				18.2				18.3				0.01	%
Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2025			18.0				18.0				16.0				0.01	%
Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/30/2025			17.6				17.6				17.1				0.01	%
Boilermaker Industries LLC dba PostNet		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/9/2024			18.8				17.5				16.1				0.01	%
The Amendments Group LLC dba Brightstar		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/17/2022			22.5				17.2				17.4				0.01	%
EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2024			19.2				17.0				15.9				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				16.8				16.5				0.01	%
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				16.1				16.0				0.01	%
St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/19/2022			21.0				15.9				16.1				0.01	%
Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/11/2025			15.9				15.9				15.2				0.01	%
Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/28/2025			15.9				15.9				13.4				0.01	%
Opes Campitor Corporation dba Frux Documents		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/20/2025			16.5				15.9				13.5				0.01	%
JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/16/2023			19.5				15.8				14.9				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				15.8				16.2				0.01	%
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				15.8				15.0				0.01	%
Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/18/2025			15.9				15.7				13.2				0.01	%
Vallmar Studios, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			15.8				15.6				13.1				0.01	%
Frozen Treats of Hollywood FL, LLC dba Sub Zero Ice Cream		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/22/2025			15.8				15.6				13.8				0.01	%
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/5/2025			16.1				15.5				12.9				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/29/2025			15.9				15.4				12.8				0.01	%
Kings Laundry,LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/30/2017			64.5				15.3				15.4				0.01	%
Balthazar Management Virgin Islands, LLC dba The Beach Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/22/2025			15.8				15.3				15.2				0.01	%
Karis, Inc.		Accommodation		Term Loan		Prime plus 2%		12/22/2023			148.8				15.0				14.9				0.01	%
Michael S. Decker & Janet Decker dba The Hen House Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/30/2036			16.4				15.0				15.6				0.01	%
Bradley Stinson and Associates Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/19/2025			15.0				15.0				12.6				0.01	%
Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%		8/28/2025			15.0				14.9				12.6				0.01	%
Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/25/2020			27.5				14.7				14.9				0.01	%
Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2022			20.3				14.6				14.6				0.01	%
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2025			73.0				14.6				14.6				0.01	%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2021			22.5				14.6				14.8				0.01	%
Vision Network Solutions, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/12/2022			19.5				14.5				14.1				0.01	%
PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/19/2025			14.9				14.4				12.0				0.01	%
Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/24/2025			15.0				14.3				12.0				0.01	%
Windsor Direct Distribution LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/26/2025			14.3				14.2				11.9				0.01	%
Atlas Mountain Construction LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		1/28/2024			16.5				14.1				14.2				0.01	%
Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/24/2036			15.5				14.0				14.6				0.01	%
Burks & Sons Development LLC dba Tropical Smoothie Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/22/2018			49.8				13.9				14.0				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				13.8				11.4				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Insurance Problem Solvers LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/20/2023			17.1				13.7				13.3				0.01	%
Gator Communications Group, LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/27/2023			17.3				13.7				13.6				0.01	%
Duttakrupa, LLC dba Birmingham Motor Court		Accommodation		Term Loan		Prime plus 2.25%		9/8/2023			98.8				13.6				13.6				0.01	%
Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/18/2023			16.1				13.5				12.6				0.01	%
Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%		9/25/2040			13.5				13.5				13.7				0.01	%
Willington Hills Equestrian Center LLC		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		10/19/2022			85.0				13.2				13.5				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				13.2				13.4				0.01	%
AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/21/2023			15.8				13.1				12.0				0.01	%
Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/5/2022			13.8				13.1				10.9				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				13.0				13.4				0.01	%
Clean Brothers Company Inc dba ServPro of North Washington County		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/21/2022			17.0				12.8				12.6				0.01	%
1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2032			15.8				12.8				13.3				0.01	%
WeaverVentures, Inc dba The UPS Store		Postal Service		Term Loan		Prime plus 2.75%		7/28/2020			23.8				12.8				12.9				0.01	%
Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/23/2022			112.5				12.4				12.7				0.01	%
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				12.3				11.4				0.01	%
Blue Ox Trucking Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/4/2025			12.3				12.3				12.3				0.01	%
Lefont Theaters Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/19/2023			14.4				12.2				11.7				0.01	%
McCallister Venture Group, LLC and Maw's Vittles, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2029			75.0				12.2				12.6				0.01	%
DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/25/2024			13.2				12.2				11.9				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%		8/27/2022			16.5				12.2				12.2				0.01	%
P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/18/2021			150.0				12.0				12.2				0.01	%
Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/24/2025			12.5				11.7				9.8				—	%
North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/6/2023			15.0				11.7				11.8				0.01	%
Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/18/2025			73.8				11.7				11.7				0.01	%
Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		4/5/2022			19.5				11.5				11.6				0.01	%
Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/24/2025			12.0				11.4				9.5				—	%
Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/25/2023			14.3				11.3				10.3				0.01	%
DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/25/2025			11.3				11.3				9.5				—	%
CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%		6/25/2020			26.4				11.1				11.2				0.01	%
Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/23/2025			11.1				11.1				11.1				0.01	%
Margab, Inc. dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/28/2017			44.0				11.0				11.1				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				11.0				11.0				0.01	%
Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%		12/17/2025			10.8				10.8				9.1				—	%
Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/27/2022			15.0				10.8				10.7				0.01	%
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				10.7				10.6				0.01	%
Kino Oil of Texas LLC dba Kino Company and B&D Oil		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/27/2035			12.0				10.5				10.9				0.01	%
Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%		2/27/2024			80.0				10.5				10.6				0.01	%
M. Krishna, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2%		3/20/2025			250.0				10.3				10.2				0.01	%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand Printing Solutions		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/27/2021			16.5				10.3				10.4				0.01	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		9/30/2020			18.5				10.2				10.2				0.01	%
Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			9.8				9.7				8.8				—	%
Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%		9/17/2020			17.7				9.7				9.7				—	%
Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%		6/29/2025			73.8				9.6				9.5				—	%
Jennifer T Campbell		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/31/2025			9.8				9.5				8.0				—	%
Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		3/31/2030			53.5				9.4				9.8				—	%
Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/27/2031			52.0				9.4				9.7				—	%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/24/2023			11.3				9.2				9.2				—	%
Capitol Compliance Associates Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/30/2025			15.9				9.0				7.5				—	%
It's A Buffalo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/26/2016			219.8				8.9				9.0				—	%
Oz B. Zamir dba Zamir Marble & Granite		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		8/6/2028			54.0				8.7				8.8				—	%
Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/27/2025			9.0				8.7				7.5				—	%
MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/18/2025			8.3				8.1				6.9				—	%
Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/2/2025			8.3				8.1				7.1				—	%
Kelly Chon LLC dba Shi-Golf		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		7/29/2021			17.5				8.1				8.2				—	%
Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/7/2024			13.1				8.0				6.7				—	%
Aaron Delgado and Associates Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/22/2025			8.2				8.0				6.7				—	%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2025			8.3				7.9				6.6				—	%
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				7.9				8.1				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
The Conibear Corporation and Conibear Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2024			12.0				7.9				7.4				—	%
RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		1/31/2023			62.5				7.9				7.9				—	%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/23/2020			15.0				7.7				7.7				—	%
RDJ Maayaa Inc dba RDJ Distributors		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/23/2024			8.7				7.6				7.0				—	%
Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/20/2022			8.4				7.6				6.3				—	%
Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		12/10/2025			7.5				7.5				7.3				—	%
Caring Hands Pediatrics,P.C. dba Caring Hands Pediatrics		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/9/2020			14.5				7.4				7.5				—	%
A-1 Quality Services Corporation		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/29/2023			8.9				7.4				6.7				—	%
D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/27/2022			9.8				7.4				7.2				—	%
RJS Service Corporation		Gasoline Stations		Term Loan		Prime plus 2.75%		8/20/2021			79.0				7.3				7.4				—	%
Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%		1/14/2023			72.0				7.2				7.3				—	%
Envy Salon & Spa LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/4/2018			20.3				7.2				7.2				—	%
Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		11/14/2023			8.3				7.1				6.4				—	%
ATC Fitness, LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2022			10.2				7.1				7.1				—	%
Gilbert Chiropractic Clinic, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/7/2018			22.5				6.9				7.0				—	%
RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/18/2017			21.2				6.6				6.6				—	%
ATC Fitness LLC dba Around the Clock Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2019			15.0				6.3				6.3				—	%
Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2019			85.0				6.1				6.2				—	%
Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/27/2022			8.3				5.8				5.9				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Food & Beverage Associates Of N.J. Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/11/2021			10.0				5.6				5.7				—	%
Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/16/2025			44.8				5.2				5.4				—	%
OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%		3/12/2022			56.8				5.1				5.1				—	%
Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/12/2019			10.0				4.7				4.8				—	%
Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%		3/27/2023			100.0				4.6				4.7				—	%
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				4.5				4.5				—	%
Gourmet to You, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2019			12.1				4.5				4.5				—	%
David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/11/2019			9.0				4.3				4.3				—	%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/10/2016			61.8				4.0				4.0				—	%
ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			7.5				4.0				4.0				—	%
Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5.3%		2/1/2025			19.7				3.9				4.0				—	%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2020			7.6				3.7				3.7				—	%
DDLK Investments LLC d/b/a Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/30/2020			7.5				3.6				3.6				—	%
Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%		10/28/2026			14.2				3.5				3.6				—	%
Enewhere Custom Canvas, LLC		Textile Product Mills		Term Loan		Prime plus 2.75%		2/15/2018			12.0				3.4				3.4				—	%
Quality Engraving Services Inc. and Ian M. Schnaitman		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		10/17/2017			15.0				3.3				3.3				—	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			0.6				3.2				3.2				—	%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2020			6.3				3.2				3.2				—	%
Kyoshi Enterprises, LLC		Educational Services		Term Loan		Prime plus 2.75%		12/29/2016			22.5				3.1				3.1				—	%
Champion Pest Control Systems, Inc.		Administrative and Support Services		Term Loan		6%		1/15/2016			39.0				3.0				—				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Grapevine Professional Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/22/2019			8.2				2.9				2.9				—	%
Louis B. Smith dba LAQ Funeral Coach		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/15/2017			12.6				2.8				2.8				—	%
Spain Street LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2017			63.0				2.8				2.8				—	%
Computer Renaissance dba Dante IT Services, Inc.		Electronics and Appliance Stores		Term Loan		Prime plus 3.75%		3/1/2018			100.0				2.7				2.8				—	%
Ralph Werner dba Werner Transmissions		Gasoline Stations		Term Loan		Prime plus 2.75%		12/29/2021			26.6				2.7				2.8				—	%
Flourishing Fruits, LLC dba Edible Arrangements		Food Manufacturing		Term Loan		Prime plus 2.75%		12/29/2017			21.1				2.7				2.7				—	%
Saan M.Saelee dba Saelee's Delivery Service		Truck Transportation		Term Loan		Prime plus 2.75%		3/12/2018			9.8				2.7				2.7				—	%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/29/2018			9.4				2.6				2.7				—	%
Flint Batteries, LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%		7/21/2016			46.9				2.4				2.4				—	%
Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/30/2021			3.8				2.3				2.4				—	%
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				2.1				2.2				—	%
Inflate World Corporation		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/30/2018			7.5				2.0				2.0				—	%
Seo's Paradise Cleaners, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/19/2018			9.8				1.9				2.0				—	%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2017			8.4				1.6				1.7				—	%
Golden Elevator Co., Inc.		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		1/31/2022			50.0				1.6				1.7				—	%
Flint Batteries LLC dba Batteries Plus of Flint		General Merchandise Stores		Term Loan		Prime plus 2.75%		8/29/2017			9.0				1.5				1.6				—	%
MJ Mortgage & Tax Services, Inc.		Credit Intermediation and Related Activities		Term Loan		Prime plus 2.75%		11/14/2017			6.9				1.5				1.5				—	%
CCIPTA, LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		1/17/2017			47.0				1.5				1.5				—	%
Nora A. Palma and Julio O Villcas		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/27/2017			56.3				1.4				1.5				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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				1.4				1.5				—	%
Zeroln Media LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		4/25/2017			7.5				1.4				1.4				—	%
Nelson Financial Services, LLC		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%		9/2/2016			57.0				1.3				1.3				—	%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College of India Sug		Educational Services		Term Loan		Prime plus 2.75%		5/12/2016			16.4				0.9				0.9				—	%
No Thirst Software LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/26/2017			6.8				0.9				0.9				—	%
New Economic Methods LLC dba Rita's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2020			24.8				0.9				0.9				—	%
Saul A. Ramirez and Norma L. Trujillo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/31/2017			6.0				0.9				0.9				—	%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/30/2017			15.6				0.6				0.6				—	%
Contractors Pumping Service, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/3/2016			9.9				0.4				0.4				—	%
Tesserah Tile Design, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2016			7.1				0.4				0.4				—	%
Healthcare Interventions, Inc. dba Brightstar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/15/2016			8.3				0.4				0.4				—	%
Maynard Enterprises, Inc.		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/22/2016			22.5				0.3				0.4				—	%
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				0.3				0.3				—	%
Spencer Fitness, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/11/2016			6.0				—				—				—	%
Chez Rurene Bakery		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/20/2017			150.0				31.6				45.2				0.02	%
Total Performing SBA Unguaranteed Investments											$	181,518.3			$	155,980.4			$	152,157.7			74.61	%
Non-Performing SBA Unguaranteed Investments (3)
* 214 North Franklin, LLC and Winter Ventures, Inc.		Nonstore Retailers		Term Loan		Prime plus 2.75%		11/29/2037			$	146.0			$	146.1			$	136.9			0.07	%
* A + Quality Home Health Care, Inc.		Ambulatory Health Care Services		Term Loan		6%		8/1/2016			1.3				1.3				1.2				—	%
* Almeria Marketing 1, Inc.		Personal and Laundry Services		Term Loan		7.75%		10/15/2015			4.7				4.7				0.7				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
* AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.		Ambulatory Health Care Services		Term Loan		6%		3/14/2038			305.3				305.7				136.2				0.07	%
Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%		8/17/2023			4.3				4.3				3.8				—	%
* AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%		4/30/2025			34.7				34.8				24.5				0.01	%
* Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%		3/29/2036			181.5				182.0				99.9				0.05	%
* Barnum Printing & Publishing, Co.		Printing and Related Support Activities		Term Loan		6%		7/29/2015			9.8				9.8				8.2				—	%
* BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool		Fabricated Metal Product Manufacturing		Term Loan		6%		6/22/2026			290.3				290.9				—				—	%
* Bwms Management, LLC		Food Services and Drinking Places		Term Loan		6%		7/7/2027			75.2				75.4				23.2				0.01	%
* DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%		3/23/2037			697.8				699.5				563.2				0.28	%
* DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/23/2022			206.1				206.6				182.4				0.09	%
* Dill Street Bar and Grill Inc and WO Entertainment, Inc		Food Services and Drinking Places		Term Loan		6%		9/27/2027			104.4				104.6				23.6				0.01	%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown		Support Activities for Transportation		Term Loan		5.25%		12/28/2035			140.8				141.0				78.1				0.04	%
* DocMagnet Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/23/2025			16.3				16.3				—				—	%
* Dr. Francis E. Anders, DVM		Professional, Scientific, and Technical Services		Term Loan		6%		8/9/2015			1.6				1.6				1.6				—	%
* E & I Holdings, LP & PA Farm Products, LLC		Food Manufacturing		Term Loan		6%		4/30/2030			1,234.0				1,237.1				487.3				0.24	%
E.W. Ventures, Inc. dba Swift Cleaners & Laundry		Personal and Laundry Services		Term Loan		0%		4/18/2017			91.0				91.2				1.3				—	%
* Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen		Food Services and Drinking Places		Term Loan		6%		1/24/2032			131.2				131.5				95.9				0.05	%
* Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/26/2022			327.6				328.5				314.5				0.15	%
* Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		5/31/2023			155.2				155.6				—				—	%
* Event Mecca LLC		Other Information Services		Term Loan		6%		4/10/2023			13.2				13.2				4.8				—	%
* EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%		1/31/2023			123.2				123.5				72.8				0.04	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
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			2.9				2.9				2.4				—	%
* Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing		Educational Services		Term Loan		Prime plus 2.75%		11/16/2016			3.6				3.6				0.5				—	%
* Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%		2/20/2023			18.9				19.0				18.2				0.01	%
* Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%		12/17/2023			89.4				89.5				77.9				0.04	%
Guzman Group,LLC		Rental and Leasing Services		Term Loan		6%		1/30/2016			196.9				197.4				176.2				0.09	%
* Harrelson Materials Management,Inc		Waste Management and Remediation Services		Term Loan		6%		6/24/2021			464.5				465.7				133.7				0.07	%
* Hybrid Racing LLC.		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		5/15/2023			100.1				100.3				44.5				0.02	%
* Integrity Sports Group, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		6%		3/6/2018			14.7				14.7				12.6				0.01	%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		8/14/2038			325.2				326.1				282.0				0.14	%
* J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%		6/28/2025			658.9				660.5				262.5				0.13	%
* Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%		6/29/2036			149.7				150.1				73.6				0.04	%
* Krishna of Orangeburg, Inc.		Accommodation		Term Loan		6%		2/20/2032			10.3				10.3				—				—	%
* Lamson and Goodnow Manufacturing Co and Lamson and Goodnow LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/28/2037			28.2				28.2				—				—	%
* Las Torres Development LLC dba Houston Event Centers		Real Estate		Term Loan		6%		8/27/2028			51.0				51.0				—				—	%
* LJ Parker, LLC		Administrative and Support Services		Term Loan		7%		9/8/2014			8.9				8.9				1.7				—	%
* Lucil Chhor dba Baja Fresh #159		Food Services and Drinking Places		Term Loan		6%		12/28/2022			30.0				30.0				15.6				0.01	%
* Milliken and Milliken, Inc. dba Milliken Wholesale Distribution		Merchant Wholesalers, Durable Goods		Term Loan		6%		6/10/2036			152.8				152.9				116.3				0.06	%
* Mojo Brands Media, LLC		Broadcasting (except Internet)		Term Loan		6%		8/28/2023			731.9				733.7				421.1				0.21	%
* Morris Glass and Construction		Specialty Trade Contractors		Term Loan		6%		3/7/2021			44.8				44.8				0.8				—	%
* Our Two Daughters L.L.C. dba Washington's Restaurant		Food Services and Drinking Places		Term Loan		6%		6/18/2026			169.8				170.3				12.7				0.01	%
* Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton		Accommodation		Term Loan		5.25%		10/3/2028			38.3				38.3				20.4				0.01	%
* Professional Systems, LLC and Professional Cleaning		Administrative and Support Services		Term Loan		6%		7/30/2020			132.0				132.1				54.5				0.03	%
Pure Water Innovations, LLC		Ambulatory Health Care Services		Term Loan		6%		9/6/2016			0.2				0.2				0.2				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%		9/14/2023			16.4				16.4				13.6				0.01	%
* Sheikh M Tariq dba Selbyville Foodrite		Gasoline Stations		Term Loan		6%		3/13/2023			21.2				21.2				—				—	%
Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		12/20/2032			74.5				74.7				73.1				0.04	%
* Signs of Fortune, LLC dba FastSigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.5%		4/3/2023			321.0				321.8				83.3				0.04	%
* STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%		5/9/2037			34.1				34.1				32.7				0.02	%
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.		Furniture and Home Furnishings Stores		Term Loan		6%		12/29/2035			111.6				111.8				88.1				0.04	%
* Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%		11/7/2036			406.6				407.6				353.6				0.17	%
* Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%		11/7/2036			201.1				201.6				—				—	%
* Summit Treatment Services Inc		Social Assistance		Term Loan		Prime plus 2.75%		3/11/2025			21.8				21.8				—				—	%
* Summit Treatment Services, Inc. dba Summit Treatment Services		Social Assistance		Term Loan		Prime plus 2.75%		11/30/2037			129.3				129.6				112.8				0.06	%
* Sunmar, Inc. dba Creative Cooking		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/19/2035			47.1				47.2				43.3				0.02	%
* Tequila Beaches, LLC dba Fresco Restaurant		Food Services and Drinking Places		Term Loan		6%		9/16/2021			15.8				15.8				12.0				0.01	%
The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%		1/10/2019			6.5				6.5				1.6				—	%
The Lucky Coyote, LLC		Miscellaneous Manufacturing		Term Loan		6%		5/8/2017			10.3				10.3				4.7				—	%
* Top Class, Inc.		Personal and Laundry Services		Term Loan		6%		6/28/2016			1.3				1.3				0.1				—	%
United Woodworking, Inc		Wood Product Manufacturing		Term Loan		6%		12/20/2022			12.5				12.5				10.5				0.01	%
* Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%		8/26/2024			4.9				4.9				3.8				—	%
* Winter Ventures Inc and 214 N Franklin LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/29/2024			56.5				56.6				28.7				0.01	%
* Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/23/2024			149.1				149.3				130.7				0.06	%
* Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/3/2029			134.4				134.5				29.4				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			217.8				218.1				200.0				0.10	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
* 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			185.7				186.2				178.3				0.09	%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/15/2025			689.8				691.5				662.2				0.32	%
* Karykion, Corporation dba Karykion Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/28/2022			144.4				144.8				132.8				0.07	%
* David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/26/2024			15.7				15.7				14.4				0.01	%
* TechPlayZone, Inc.		Social Assistance		Term Loan		Prime plus 2.75%		1/27/2016			0.1				0.1				—				—	%
Total Non-Performing SBA Unguaranteed Investments											$	10,748.0			$	10,771.6			$	6,197.2			3.04	%
Total SBA Unguaranteed Investments											$	192,266.3			$	166,752.0			$	158,354.9			77.64	%
Performing SBA Guaranteed Investments (4)
Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2025			292.0				43.9				48.5				0.02	%
My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/7/2025			225.0				97.2				107.4				0.05	%
Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/18/2025			295.0				34.9				38.7				0.02	%
D&G Capital LLC dba Miami Grill 277		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			417.6				151.6				167.6				0.08	%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/23/2040			4,758.0				1,638.3				1,806.2				0.89	%
401 JJS, Corp and G. Randazzo's Trattoria Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2040			211.0				102.9				115.4				0.06	%
Total SBA Guaranteed Performing Investments											$	6,198.6			$	2,068.8			$	2,283.8			1.12	%
Total SBA Unguaranteed and Guaranteed Investments											$	198,464.9			$	168,820.8			$	160,638.7			78.76	%
Controlled Investments (5)
Advanced Cyber Security Systems, LLC (6), (15)		Data processing, hosting and related services.		50% Membership Interest		—%		—			—				—				—				—	%
				Term Loan		3%		December 2014			1,120.0				381.0				—				—	%
*Automated Merchant Services, Inc. (7), (15)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				—				—				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CDS Business Services, Inc. (8) (15)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				4,428.0				925.0				0.45	%
				Line of Credit		Prime Plus 2.5%		August 2018			2,870.0				2,870.0				2,870.0				1.41	%
CrystalTech Web Hosting, Inc. (11)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				8,764.0				21,413.9				10.50	%
Exponential Business Development Co. Inc. (15)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				—				—				—	%
*Fortress Data Management, LLC (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
Newtek Insurance Agency, LLC (12) (15)		Insurance Carriers and Related Activities		100% Membership Interests		—%		—			—				—				2,500.0				1.23	%
PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		90% Membership Interests		—%		—			—				700.1				1,020.0				0.50	%
				Term Loan		10%-12%		Various maturities through September 2016			935.0				935.0				—				—	%
Secure CyberGateway Services, LLC (10), (15)		Data processing, hosting and related services.		66.7% Membership Interests		—%		—			—				—				—				—	%
				Term Loan		7%		December 2016			2,400.0				1,200.0				1,196.4				0.59	%
Small Business Lending, Inc. (13) (15)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				—				5,500.0				2.70	%
*Summit Systems and Designs, LLC (14) (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
Premier Payments LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				16,503.0				16,503.0				8.09	%
Universal Processing Services of Wisconsin, LLC (11) (15)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				52,448.1				25.72	%
Total Controlled Investments											$	7,325.0			$	35,781.1			$	104,376.4			51.18	%
Non-control/Non-affiliate Investments
Titanium Asset Management LLC		Administrative and Support Services		Term Loan		3%		July 2017			$	2,200.0			$	1,847.4			$	1,823.8			0.89	%
				Warrants		—%		—			—				—				—				—	%

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2015 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
											$	2,200.0			$	1,847.4			$	1,823.8			0.89	%
Investments in Money Market Funds											$	—			$	35.0			$	35.0			0.02	%
Total Investments											$	207,989.9			$	206,484.3			$	266,873.9			130.85	%

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 December 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) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2015 with affiliates the Company is deemed to control.

(6) 50% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.

(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.

(8) 28.20% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 25.89% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 45.91% owned by Newtek Business Services Corp.

(9) 25% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by non-affiliate.

(10) 66.7% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.

(11) 100% owned by Newtek Business Services Holdco1., Inc. (a subsidiary of Newtek Business Services Corp.).

(12) 100% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.).

(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

(14) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc. and Wilshire Holdings II, Inc., both subsidiaries of Newtek Business Services Corp.).

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(15) 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.

(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) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2015, 5.3% of total assets are non-qualifying assets.

As of December 31, 2015, the federal tax cost of investments was $200,004,000 resulting in estimated gross unrealized gains and losses of $81,538,000 and $14,669,000, respectively.

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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:

Newtek Business Services Corp. (the “Company” or “Newtek” ) is a Maryland corporation which was formed in August 2013 and is an internally managed, closed end, non-diversified investment company. The Company's investment strategy is to maximize the investment portfolio's return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.

The Company has formed certain taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a Regulated Investment Company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”).

The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:

•	Newtek Small Business Finance, LLC

•	Newtek Asset Backed Securities, LLC

•	The Whitestone Group, LLC

•	Wilshire Colorado Partners, LLC

•	Wilshire DC Partners, LLC

•	Wilshire Holdings I, Inc.

•	Wilshire Louisiana Bidco, LLC

•	Wilshire Louisiana Partners II, LLC

•	Wilshire Louisiana Partners III, LLC

•	Wilshire Louisiana Partners IV, LLC

•	Wilshire New York Advisers II, LLC

•	Wilshire New York Partners III, LLC

•	Wilshire New York Partners IV, LLC

•	Wilshire New York Partners V, LLC

•	Wilshire Partners, LLC

•	CCC Real Estate Holdings, LLC

•	Banc-Serv Acquisition, Inc.

•	Newtek Business Services Holdco 1, Inc.

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The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report for the year ended December 31, 2015 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, 2015 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.

Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

Distributions

The Company currently intends to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, the Company may decide in the future to retain such capital gains for investment and elect to treat such gains as deemed distributions to stockholders. If this happens, stockholders will be treated for U.S. federal income tax purposes as if they had received an actual distribution of the capital gains that the Company retained and reinvested the net after tax proceeds in the Company. In this situation, stockholders would be eligible to claim a tax credit (or in certain circumstances a tax refund) equal to their allocable share of the tax the Company paid on the capital gains deemed distributed to them. The Company cannot assure stockholders that it will achieve results that will permit it to pay any cash distributions, and if it issues senior securities, it may be prohibited from making distributions if doing so would cause it to fail to maintain the asset coverage ratios stipulated by the Investment Company Act of 1940, as amended (the “1940 Act”) or if such distributions are limited by the terms of any of its borrowings.

Unless stockholders elect to receive distributions in cash, the Company intends to make such distributions in additional shares of its common stock under its dividend reinvestment plan. Although distributions paid in the form of additional shares of its common stock will generally be subject to U.S. federal, state and local taxes in the same manner as cash distributions, investors participating in the dividend reinvestment plan will not receive any corresponding cash distributions with which to pay any such applicable taxes.

Dividends and distributions to the Company's common stockholders are recorded on the declaration date. The timing and amount to be paid out as a dividend or distribution is determined by the Company's Board of Directors (the “Board”) each quarter and is generally based upon the taxable earnings estimated by management.

Fair Value

The Company applies fair value to certain of its financial instruments in accordance with Accounting Standards Codification (“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. 

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

Use of Estimates

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

Consolidation 

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

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s condensed consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts, and are included in the Company’s condensed consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.

 

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 June 30, 2016, cash deposits in excess of insured amounts totaled approximately $12,303,000.

Restricted Cash

Restricted cash includes cash collateral relating to a letter of credit, monies due on Small Business Administration (“SBA”) loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, and cash reserves associated with securitization transactions.

Broker Receivable

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

Income Taxes

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

The Company’s U.S. federal and state income tax returns prior to fiscal year 2013 are closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

The Company intends to elect to be treated as a RIC beginning with the 2015 tax year under the Code and intends to operate in a manner so as to qualify for the tax treatment applicable to RICs. The RIC tax return will include Newtek Business Services Corp. and Newtek Small Business Finance, LLC (“NSBF”), a single member LLC disregarded for tax purposes. None of the Company’s other subsidiaries are included in the RIC return. The Company will evaluate and record any deferred tax assets and liabilities of the subsidiaries that are not part of the RIC. In order to qualify for RIC tax treatment, among other things, the

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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 dividends.

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that it’s estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2016 and 2015, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $3,298,000 and $857,000 at June 30, 2016 and December 31, 2015, respectively, and are recorded as a deferred tax liability on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Share Repurchase Plan

The Company had a share repurchase program (the “Program”) which allowed the Company to repurchase up to 150,000 of the Company’s outstanding common shares on the open market. The shares were purchased at prevailing market prices through open market transactions. The Program terminated on June 3, 2016. During the six months ended June 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000 as detailed in the table below:

Purchase date	Number of Shares Purchased			Price per Share				Total
March 10, 2016	10			$	12.34			$	123
March 18, 2016	20			12.45				249
March 18, 2016	30			12.48				375
March 23, 2016	10			11.88				119
Total	70							$	866

On May 11, 2016, the Board approved a new share repurchase program (the “New Program”), which allows the Company to repurchase up to 150,000 shares of Company's outstanding common shares on the open market. The shares may be purchased from time to time at prevailing market prices through open market transactions, including block transactions. The Company expects the termination date of the New Program to be November 11, 2016, but it may be extended at the Board's discretion. The Company has not repurchased any common shares under the New Program during the six months ended June 30, 2016.

In addition, the Company, may from time to time purchase shares of its debt securities on the Nasdaq Global Market. The Company did not make any repurchases of its debt securities during the six months ended June 30, 2016.

Investment Income

Interest on debt investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

Dividend income is recognized on an accrual basis for preferred equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we will assess many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment.

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

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Recently Adopted 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. The Company adopted this standard with respect to its Notes payable - Securitization Trusts, Notes due 2022 and Notes due 2021.

New Accounting Standards

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases”, which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its condensed consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company is currently evaluating the impact this ASU will have on its condensed consolidated financial statements and disclosures.

Segments

The Company has determined that it has a single reporting segment and operating unit structure. The Company issues debt and makes equity investments in portfolio companies in various industries. The Company separately evaluates the performance of each of its lending and investment relationships. However, because each of these debt and equity investment relationships have similar business and economic characteristics, they have been aggregated into a single lending and investment segment.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

NOTE 3—INVESTMENTS:

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Investments, all of which are in portfolio companies in the United States, consisted of the following at:

		June 30, 2016								December 31, 2015
		Cost				Fair Value				Cost				Fair Value
Money market funds		$	35			$	35			$	35			$	35
Non-affiliate debt investments		198,733				190,684				170,668				162,463
Controlled investments
Equity		35,795				111,432				30,395				100,310
Debt		4,536				3,653				5,386				4,066
Total investments		$	239,099			$	305,804			$	206,484			$	266,874

In June 2016, the Company invested $5,400,000 in exchange for 100% of the membership interests in ADR Partners, LLC d/b/a banc-serv Partners, LLC (“banc-serv”), a new wholly owned and controlled portfolio company.  Banc-serv provides over 350 lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing.

The following table shows the Company's portfolio investments by industry at June 30, 2016 and December 31, 2015:

		June 30, 2016								December 31, 2015
		Cost				Fair Value				Cost				Fair Value
Data Processing, Hosting and Related Services		$	28,655			$	100,134			$	28,506			$	92,600
Food Services and Drinking Establishments		16,438				15,639				15,241				14,453
Amusement, Gambling, and Recreation Industries		16,217				16,446				14,372				14,632
Securities, Commodity Contracts, and Other Financial Investments and Related Activities		12,127				12,882				8,057				10,031
Plastics and Rubber Products Manufacturing		2,788				2,494				2,857				2,687
Accommodation		7,721				7,845				6,940				6,974
Repair and Maintenance		10,908				10,907				9,440				9,337
Clothing and Clothing Accessories Stores		4,242				4,124				2,357				2,125
Ambulatory Health Care Services		14,193				13,303				8,858				8,214
Truck Transportation		6,433				6,018				6,142				5,699
Specialty Trade Contractors		8,791				8,074				8,492				7,718
Fabricated Metal Product Manufacturing		4,651				4,346				3,943				3,577
Professional, Scientific, and Technical Services		8,471				8,000				7,378				6,856
Food Manufacturing		5,286				4,570				5,386				4,630
Motor Vehicle and Parts Dealers		4,324				4,316				4,289				4,249
Merchant Wholesalers, Durable Goods		6,416				6,142				6,726				6,299
Gasoline Stations		4,004				4,053				4,040				4,008
Insurance Carriers and Related Activities		1,312				3,794				1,288				3,769
Social Assistance		4,975				4,878				3,955				3,845
Nonstore Retailers		2,603				2,041				2,328				2,002
Personal and Laundry Services		3,862				3,686				3,231				3,064
Apparel Manufacturing		253				211				536				467
Merchant Wholesalers, Nondurable Goods		2,639				2,627				3,015				2,981
Administrative and Support Services		7,221				7,058				4,797				4,566
Other		54,535				52,181				44,275				42,056
Total		$	239,065			$	305,769			$	206,449			$	266,839

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NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled companies for the six months ended June 30, 2016 were as follows:

Portfolio Company		Fair Value at December 31, 2015				Purchases (cost)				Principal received (cost)				Net realized gains/(losses)				Net unrealized gains/(losses)				Fair Value at June 30, 2016				Interest and other income				Dividend income
Controlled Investments
Small Business Lending, LLC		$	5,500			$	—			$	—			$	—			$	(1,000	)		$	4,500			$	—			$	400
PMTWorks Payroll, LLC		1,020				1,185				—				—				—				2,205				63				—
Universal Processing Services of Wisconsin, LLC		52,448				—				—								3,700				56,148				—				2,800
CrystalTech Web Hosting, Inc.		21,414				—				—				—				—				21,414				—				660
CDS Business Services, Inc.		3,795				—				(1,000		)		—				(225		)		2,570				63				—
Exponential Business Development Co., Inc.		—				—				—				—				—				—				—				—
Premier Payments LLC		16,503				—				—				—				3,247				19,750				—				900
Newtek Insurance Agency, LLC		2,500				—				—				—				—				2,500				—				—
banc-serv Partners, LLC		—				5,400				—				—				—				5,400				—				—
Advanced Cyber Security Systems, LLC		—				—				—				—				—				—				—				—
Secure CyberGateway Services, LLC		1,196				—				(600		)						2				598				33				26
Total Controlled Investments		$	104,376			$	6,585			$	(1,600	)		$	—			$	5,724			$	115,085			$	159			$	4,786

Related Party Transactions

The Company incurs expenses from certain controlled portfolio companies including managed technology services expenses from CrystalTech Web Hosting, Inc. (“NTS”), loan processing and closing expenses from various related parties and payroll processing fees from PMTWorks Payroll, LLC (“PMT”).

	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Managed technology services	$	239			$	144			$	450			$	289
Loan processing and closing	6				62				15				186
Payroll processing	12				6				17				11

Beginning in April 2016, the Company began sub-leasing portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged for the six months ended June 30, 2016 were as follows:

Portfolio Company	Amount
Small Business Lending, LLC	$	42
CDS Business Services, Inc.	34
PMTWorks Payroll, LLC	10
Universal Processing Services of Wisconsin, LLC	10
Newtek Insurance Agency, LLC	8
Premier Payments LLC	21
Total	$	125

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Amounts due from related parties and due to related parties were $2,998,000 and $855,000, respectively at June 30, 2016.

Managerial Assistance Fees from Controlled Investments

The Company provides managerial assistance to certain controlled portfolio companies. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis and are recurring in nature. The table below summarizes amounts charged to each controlled affiliate for the three and six months ended June 30, 2016 and 2015. The amounts are recorded as a reduction of salaries and benefits in the condensed consolidated statements of operations.

Portfolio Company		Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Universal Processing Services of Wisconsin, LLC		$	128			$	175			$	235			$	357
CrystalTech Web Hosting, Inc.		180				131				358				248
PMTWorks Payroll, LLC		28				48				53				98
Newtek Insurance Agency, LLC		70				56				135				119
Summit Systems and Designs, LLC		—				—				11				—
Secure CyberGateway Services, LLC		—				14				—				14
Premier Payments LLC		45				—				86				—
Small Business Lending, LLC		89				51				319				104
Total		$	540			$	475			$	1,197			$	940

NOTE 5—SERVICING ASSETS:

At June 30, 2016 and December 31, 2015, servicing assets are measured at fair value. The Company earns servicing fees from the SBA 7(a) loans it originates.

The following table summarizes the fair value and valuation assumptions related to servicing assets at June 30, 2016 and December 31, 2015:

	June 30, 2016				December 31, 2015
Fair Value	$	14,489			$	13,042
Discount factor (1)	12.03		%		12.03		%
Cumulative prepayment rate	15.50		%		15.50		%
Average cumulative default rate	20.00		%		20.00		%

(1) Determined based on risk spreads and observable secondary market transactions.

Servicing fee income earned for the three months ended June 30, 2016 and 2015 was $1,659,000 and $1,068,000, respectively. Servicing fee income earned for the six months ended June 30, 2016 and 2015 was $3,030,000 and $2,111,000, respectively.

NOTE 6—FAIR VALUE MEASUREMENTS:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches, all of which have been approved by the Company's Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.

The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The levels of the fair value hierarchy are as follows:

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Level 1		Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the six months ended June 30, 2016 or 2015. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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

When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s 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

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the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded. 

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

The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of June 30, 2016 and December 31, 2015:

	Fair Value Measurements at June 30, 2016 Using:
	Total				Level 1				Level 2				Level 3
Assets:
Investments in money markets funds	$	35			$	35			$	—			$	—
Credits in lieu of cash	432				—				432				—
SBA unguaranteed non-affiliate investments	179,915				—				—				179,915
SBA guaranteed non-affiliate investments	9,623				—				9,623				—
Controlled investments	115,085				—				—				115,085
Other real estate owned (1)	851				—				851				—
Non-control/non-affiliate investments	1,146				—				—				1,146
Servicing assets	14,489				—				—				14,489
Total assets	$	321,576			$	35			$	10,906			$	310,635
Liabilities:
Notes payable in credits in lieu of cash	$	432			$	—			$	432			$	—

(1) Included in Other Assets on the unaudited Condensed Consolidated Statements of Assets and Liabilities

The change in unrealized appreciation (depreciation) included in the condensed consolidated statement of operations attributable to Level 3 investments still held at June 30, 2016 includes $549,000 in unrealized depreciation on SBA unguaranteed non-affiliate investments, $5,724,000 in unrealized appreciation on controlled investments, $43,000 in unrealized depreciation on non-control/non-affiliate investments and $841,000 in unrealized depreciation on servicing assets.

	Fair Value Measurements at December 31, 2015 Using:
	Total				Level 1				Level 2				Level 3				Total Gains and (Losses)
Assets:
Investments in money markets funds	$	35			$	35			$	—			$	—			$	—
Credits in lieu of cash	860				—				860				—				(7		)
SBA unguaranteed non-affiliate investments	158,355				—				—				158,355				(8,410		)
SBA guaranteed non-affiliate investments	2,284				—				2,284				—				215
Controlled investments	104,376				—				—				104,376				12,250
Other real estate owned (1)	989				—				989				—				(221		)
Non-control/non-affiliate investments	1,824				—				—				1,824				(24		)
Servicing assets	13,042				—				—				13,042				(428		)
Total assets	$	281,765			$	35			$	4,133			$	277,597			$	3,375
Liabilities:
Notes payable in credits in lieu of cash	$	860			$	—			$	860			$	—			$	(3	)

(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities

The following table represents the changes in investments and servicing assets measured at fair value using Level 3 inputs for the six months ended June 30, 2016 and 2015:

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	Six Months Ended June 30, 2016
	SBA Unguaranteed Investments				Controlled Investments				Non-Control/Non-Affiliate Investments				Servicing Assets
Fair value, beginning of period	$	158,355			$	104,376			$	1,824			$	13,042
Net change in unrealized appreciation (depreciation)	(549		)		5,724				(43		)		(841		)
Realized loss	14				—				—				—
SBA unguaranteed non-affiliate investments, originated	31,351				—				—				—
Foreclosed real estate acquired	(124		)		—				—				—
Funding of investments	—				6,150				—				—
Transfer from due from related parties	—				435				—				—
Principal payments received on debt investments	(9,132		)		(1,600		)		(635		)		—
Additions to servicing assets	—				—				—				2,288
Fair value, end of period	$	179,915			$	115,085			$	1,146			$	14,489

	Six Months Ended June 30, 2015
	SBA Unguaranteed Investments				Controlled Investments				Servicing Assets
Fair value, beginning of period	$	121,477			$	77,499			$	9,483
Net change in unrealized appreciation (depreciation)	(1,136		)		9,519				(612		)
Realized loss	(400		)		—				—
SBA unguaranteed non-affiliate investments, originated	24,441				—				—
Foreclosed real estate acquired	(713		)		—				—
Funding of investments	—				200				—
Purchase of loan from SBA	703				—				—
Principal payments received on debt investments	(7,448		)		(600		)		—
Additions to servicing assets	—				—				2,404
Fair value, end of period	$	136,924			$	86,618			$	11,275

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2016 and December 31, 2015. In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2016 and December 31, 2015.

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													Range
		Fair Value as of June 30, 2016				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	173,298			Discounted cash flow		Market yields		5.20	%		5.20	%		5.20	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	6,617			Discounted cash flow		Market yields		7.32	%		7.32	%		7.32	%
Controlled equity investments (A)(B)		$	111,432			Market comparable companies		EBITDA multiples		6.10x			3.00x			7.00x
						Market comparable companies		Revenue multiples		1.10x			0.50x			3.00x
						Discounted cash flow		Weighted average cost of capital		12.70	%		10.60	%		14.80	%
Controlled debt investments		$	3,653			Discounted cash flow		Market yields		7.37	%		5.75	%		10.00	%
Non-control/non-affiliate debt investments		$	1,146			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	14,489			Discounted cash flow		Market yields		12.03	%		12.03	%		12.03	%

(A) In determining the fair value of the Company's controlled equity investments as of June 30, 2016, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.5% and 54.5%, respectively, on a weighted average basis.

(B) The Company valued $99,812,000 of investments using an equal weighting of EBITDA and revenue multiples and $1,020,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $10,600,000 of investments using only discounted cash flows.

													Range
		Fair Value as of December 31, 2015				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	152,158			Discounted cash flow		Market yields		5.30	%		5.30	%		5.30	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	6,197			Discounted cash flow		Market yields		8.76	%		8.76	%		8.76	%
Controlled equity investments (A)(B)		$	100,310			Market comparable companies		EBITDA multiples		6.00x			3.00x			7.00x
						Market comparable companies		Revenue multiples		1.08x			0.50x			3.00x
						Discounted cash flow		Weighted average cost of capital		12.37	%		11.30	%		15.60	%
Controlled debt investments		$	4,066			Discounted cash flow		Market yields		6.26	%		5.75	%		7.50	%
Non-control/non-affiliate debt investments		$	1,824			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	13,042			Discounted cash flow		Market yields		12.03	%		12.03	%		12.03	%

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(A) In determining the fair value of the Company's controlled equity investments as of December 31, 2015, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 47.1% and 52.9%, respectively, on a weighted average basis.

(B) The Company valued $92,865,000 of investments using an equal weighting of EBITDA and revenue multiples and $1,020,000 of investments using only revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $6,425,000 of investments using only discounted cash flows.

 

NOTE 7—BORROWINGS:

Notes Due 2021

In April 2016, the Company and U.S. Bank, N.A. (the “Trustee”), entered into the Second Supplemental Indenture (the “Second Supplemental Indenture”) to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021 (the “2021 Notes”). The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds.

The Notes will mature on March 31, 2021 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after April 22, 2017, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.”

At June 30, 2016 and December 31, 2015, the Company had borrowings comprised of the following:

	June 30, 2016											December 31, 2015
	Commitments				Borrowings Outstanding				Weighted Average Interest Rate			Commitments				Borrowings Outstanding				Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)	$	50,000			$	17,200			4.50	%		$	50,000			$	29,100			4.25	%
Capital One line of credit - unguaranteed (1)	—				7,850				5.38	%		—				—				—	%
Notes due 2021	40,250				38,592				7.00	%		—				—				—	%
Notes due 2022	8,324				7,811				7.50	%		8,324				7,770				7.50	%
Note payable - related parties	38,000				4,800				7.50	%		38,000				5,647				7.50	%
Notes payable - Securitization Trusts	81,560				79,320				3.53	%		91,745				89,244				3.29	%
Total	$	218,134			$	155,573			4.92	%		$	188,069			$	131,761			3.93	%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit are $50,000,000 at June 30, 2016 and December 31, 2015.

Outstanding borrowings under the Notes due 2022, Notes due 2021 and Notes payable - Securitization Trusts consisted of the following:

	June 30, 2016												December 31, 2015
	Notes Due 2022				Notes Due 2021				Notes Payable- Securitization Trusts				Notes Due 2022				Notes Payable- Securitization Trusts
Principal	$	8,324			$	40,250			$	81,560			$	8,324			$	91,745
Unamortized debt issuance costs	(513		)		(1,658		)		(2,240		)		(554		)		(2,501		)
Net carrying amount	$	7,811			$	38,592			$	79,320			$	7,770			$	89,244

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At June 30, 2016 and December 31, 2015, the carrying amount of the Company's borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.

The fair value of the fixed rate Notes due 2022 and Notes due 2021 is based on the closing public share price on the date of measurement. On June 30, 2016, the closing price of the Notes due 2022 was $25.61 per note, or $8,527,000. On June 30, 2016, the closing price of the Notes due 2021 was $25.54 per note, or $41,119,000. These borrowings are not recorded at fair value on a recurring basis.

Total interest expense for the three months ended June 30, 2016 and 2015 on all Company borrowings was $1,975,000 and $1,728,000, respectively. Total interest expense for the six months ended June 30, 2016 and 2015 on all Company borrowings was $3,463,000 and $3,084,000, respectively.

NOTE 8—COMMITMENTS AND CONTINGENCIES:

Legal Matters

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however, there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Guarantees

The Company is a guarantor on a bank line of credit held at CDS Business Services, Inc. (“NBC”), a controlled portfolio company. Maximum borrowings under the line of credit are $10,000,000 with a maturity date of February 2017. At June 30,

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2016, total principal owed by NBC was $5,209,000. In addition, the Company deposited $750,000 to collateralize the guarantee. On August 27, 2015, NBC entered into Amendment No. 2 (the “Amendment”) to the Loan and Security Agreement, dated February 28, 2011 (as amended through August 27, 2015, including the Amendment, the “Agreement”), by and between Sterling National Bank (“Sterling”) and NBC. The Amendment permits NBC to use a portion of the warehouse line of credit provided by Sterling under the Agreement to fund inventory financing arrangements NBC may provide to its clients. The Amendment also removed certain restrictions placed upon the Company in connection with its guaranty of the credit facility provided under the Agreement. At June 30, 2016, the Company determined that it is not probable that payments would be required to be made under the guarantee.

NBC also entered into an additional Loan and Security Agreement with Sterling on August 27, 2015 (the “504 Loan Agreement”), pursuant to which Sterling and any future participant lenders agreed to provide NBC another line of credit to fund SBA 504 loans extended by NBC (the “504 Facility”). Maximum borrowings under the 504 Facility are $35,000,000, depending upon syndication. At June 30, 2016, total principal owed by NBC was $1,208,000. The 504 Loan Agreement specifies certain events of default, pursuant to which all outstanding amounts under the 504 Facility could become immediately due and payable. In addition, the Company has guaranteed NBC’s obligations under the 504 Loan Agreement, pursuant to a Guaranty dated as of August 27, 2015. At June 30, 2016, the Company determined that it is not probable that payments would be required to be made under the guarantee.

On June 23, 2015, Universal Processing Services of Wisconsin, LLC (“UPSW”) and NTS (together, the “Borrowers”), each a controlled portfolio company of the Company, entered into a Credit and Guaranty Agreement (the “Agreement”), dated June 23, 2015, with Goldman Sachs Bank USA (“GS Bank”), as Administrative Agent, Collateral Agent and Lead Arranger, pursuant to which GS Bank agreed to extend the Borrowers a term loan facility up to an aggregate principal amount of $38,000,000 (the “Facility” and each term loan made thereunder, a “Term Loan”). On September 18, 2015, the Agreement was amended to add Premier Payments LLC (“Premier”) as a borrower. The Company, Newtek Business Services Holdco 1, Inc., a wholly owned subsidiary of the Company (“Intermediate Holdings”), and certain subsidiaries of Intermediate Holdings party to the Agreement from time to time, have agreed to guarantee the repayment of the Facility and are parties to the Agreement as “Guarantors” thereunder. At June 30, 2016, $22,000,000 was outstanding under this Facility. At June 30, 2016, the Company determined that it is not probable that payments would be required to be made under the guarantee.

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NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

		Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Per share data (1)
Net asset value at beginning of period		$	14.06			$	16.31
Dividends from capital gains		(0.70		)		(0.86		)
Net investment loss		(0.38		)		(0.47		)
Net realized gain on investments		0.95				1.47
Net unrealized appreciation on investments		0.41				0.52
Net unrealized depreciation on servicing assets		(0.06		)		(0.06		)
Change in provision for deferred taxes		(0.17		)		—
Reversal of deferred tax asset		—				(0.29		)
Net asset value at end of period		$	14.11			$	16.62
Per share market value at end of period		$	12.72			$	17.72
Total return based on market value (3)		(3.49		)%		25.88		%
Total return based on average net asset value (2)		10.67		%		3.75		%
Shares outstanding at end of period (in thousands)		14,484				10,206
Ratios/Supplemental Data:
Ratio of expenses to average net assets (2)		19.08		%		18.01		%
Ratio of net investment loss to average net assets		(2.67		)%		(2.84		)%
Net assets at end of period		$	204,428			$	169,624
Average debt outstanding		$	143,667			$	120,148
Average debt outstanding per share		$	9.92			$	11.77
Asset coverage ratio		231		%		248		%
Portfolio turnover		52.65		%		61.09		%

(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2) Annualized.

(3) 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 and six months ended June 30, 2016 and 2015:

		Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Net increase in net assets		$	5,372			$	4,876			$	10,976			$	14,879
Weighted average shares outstanding (in thousands)		14,481				10,206				14,495				10,206
Net increase in net assets per common share		$	0.37			$	0.48			$	0.76			$	1.46

NOTE 11—DIVIDENDS AND DISTRIBUTIONS:

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The Company's dividends and distributions are recorded on the declaration date. The following table summarizes the Company's dividend declarations and distributions during the six months ended June 30, 2016 and 2015.

Date Declared		Record Date		Payment Date		Amount Per Share				Cash Distribution				DRIP Shares Issued			DRIP Shares Value
June 30, 2016
February 25, 2016		March 22, 2016		March 31, 2016		$	0.35			$	4,708			29			$	362
June 9, 2016		June 20, 2016		June 30, 2016		$	0.35			$	4,985			7			$	83
June 30, 2015
March 19, 2015		March 30, 2015		April 13, 2015		$	0.39			$	3,985			—			$	—
June 15, 2015		June 29, 2015		July 15, 2015		$	0.47			$	4,715			5			$	87

NOTE 12—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 condensed consolidated financial statements. Below is a brief description of a portfolio company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information as of June 30, 2016 and 2015.

Universal Processing Services of Wisconsin, LLC

UPSW markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. The Company generated $1,500,000 and $2,800,000 in dividend income from UPSW and recorded $900,000 and $3,700,000 in unrealized appreciation for the three and six months ended June 30, 2016 and 2015, respectively.

The summarized financial information of our unconsolidated subsidiary is as follows:

Balance Sheets - Universal Processing Services of Wisconsin, LLC		As of June 30, 2016				As of December 31, 2015
Current assets		$	8,648			$	6,126
Noncurrent assets		6,800				11,288
Total assets		$	15,448			$	17,414
Current liabilities		3,257				3,911
Noncurrent liabilities		16,999				16,999
Total liabilities		$	20,256			$	20,910
Total deficit		$	(4,808	)		$	(3,496	)

Statements of Income - Universal Processing Services of Wisconsin, LLC		Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Revenue		$	26,012			$	25,268			$	50,482			$	48,355
Expenses		24,001				23,370				46,857				45,041
Income from operations		$	2,011			$	1,898			$	3,625			$	3,314
Interest (expense) income, net		(363		)		25				(664		)		27
Net income		$	1,648			$	1,923			$	2,961			$	3,341

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NOTE 13—SUBSEQUENT EVENTS:

Stock Plan

On July 27, 2016, the Company's shareholders approved an amendment to the Company’s 2014 Equity Incentive Plan to allow the Company to issue restricted stock as part of the compensation package to certain employees, officers, and directors (including non-interested directors). On August 2, 2016, the Board granted 100,050 shares of restricted stock to certain employees and officers. The shares of restricted stock, including dividends paid in common stock, vests on August 15, 2017. 

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Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Six Months Ended June 30, 2016

Portfolio Company/Type of Investment (1)		Amount of Interest, Fees or Dividends Credited in Income				Fair Value at December 31, 2015				Gross Additions (2)				Gross Reductions (3)				Fair Value at June 30, 2016
Control Investments
Advanced Cyber Security Systems, LLC
50% Membership Interest		$	—			$	—			$	—			$	—			$	—
Term Loan		—				—				—				—				—
Automated Merchant Services, Inc.
100% Common Stock		—				—				—				—				—
CDS Business Services, Inc.
100% Common Stock		—				925				—				(225		)		700
Line of Credit		63				2,870								(1,000		)		1,870
CrystalTech Web Hosting, Inc.
100% Common Stock		660				21,414				—				—				21,414
Exponential Business Development Co. Inc.
100% Common Stock		—				—				—				—				—
Fortress Data Management, LLC
100% Membership Interest		—				—				—				—				—
Newtek Insurance Agency, LLC
100% Membership Interest		—				2,500				—				—				2,500
PMTWorks Payroll, LLC
90% Membership Interest		—				1,020				—				—				1,020
Term Loans		63				—				1,185				—				1,185
Secure CyberGateway Services, LLC
66.7% Membership Interest		26				—				—				—				—
Term Loan		33				1,196				2				(600		)		598
Premier Payments LLC
100% Membership Interest		900				16,503				3,247				—				19,750
Small Business Lending, LLC
100% Membership Interest		400				5,500				—				(1,000		)		4,500
banc-serv Partners, LLC
100% Membership Interest		—				—				5,400				—				5,400

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Portfolio Company/Type of Investment (1)		Amount of Interest, Fees or Dividends Credited in Income				Fair Value at December 31, 2015				Gross Additions (2)				Gross Reductions (3)				Fair Value at June 30, 2016
Summit Systems and Designs, LLC
100% Membership Interest		—				—				—				—				—
Universal Processing Services of Wisconsin, LLC
100% Membership Interest		2,800				52,448				3,700				—				56,148
Total Control Investments		$	4,945			$	104,376			$	13,534			$	(2,825	)		$	115,085

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

(1) The principal amount and ownership detail as shown in the Company's Consolidated Schedule of Investments.

(2) Gross additions includes increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also includes net increases in unrealized appreciation or net decreases in unrealized depreciation.

(3) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

Forward-Looking Statements

The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward- looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:

 

•	our future operating results;

•	our business prospects and the prospects of our prospective portfolio companies;

•	the impact of investments that we expect to make;

•	our informal relationships with third parties

•	the dependence of our future success on the general economy and its impact on the industries in which we invest;

•	our ability to access debt markets and equity markets;

•	the ability of our portfolio companies to achieve their objectives;

•	our expected financings and investments;

•	our regulatory structure and tax status;

•	our ability to operate as a BDC and a RIC;

•	the adequacy of our cash resources and working capital;

•	the timing of cash flows, if any, from the operations of our portfolio companies;

•	the timing, form and amount of any dividend distributions;

•	the impact of fluctuations in interest rates on our business;

•	the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and

•	our ability to recover unrealized losses.

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 15, 2016 and under “Forward-Looking Statements” of this Item 2.

Overview

We are a leading national non-bank lender and own and control certain portfolio companies (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial products to small- and medium-sized businesses (“SMBs”). In particular, we and our controlled portfolio companies provide comprehensive lending, payment processing, managed technology, personal and commercial insurance, and payroll and benefits solutions to over 100,000 SMB accounts, across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we have a strong and diversified client base across every state in the U.S and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to but better than the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.

We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a business development company (“BDC”) under the 1940 Act. In addition, for U.S. federal income tax purposes, we intend to elect to be treated as a RIC under the Code beginning in the 2015 tax year. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. As a result,

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

NSBF has been granted Preferred Lender Program (“PLP”) status and originates, sells and services SBA 7(a) small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, PLP status allows NSBF to expedite loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status could adversely impact our marketing efforts and ultimately loan origination volume which could negatively impact our results of operations.

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

We target our debt investments, which are principally made through our 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. 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 the majority of our overall investments in number and dollar volume.

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

We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries or our affiliates may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors and required regulatory or third party consents and, in certain cases, the approval of our stockholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction.

Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have 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. We receive servicing income related to the guaranteed portions of SBA investments which we sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as

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dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the condensed consolidated statements of operations.

Expenses

Our primary operating expenses are salaries and benefits, interest expense and other general and administrative costs, such as professional fees, marketing, loan related costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.

Loan Portfolio Asset Quality and Composition

The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at June 30, 2016 and December 31, 2015, respectively (in thousands):

As of June 30, 2016

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		814			$	150,962			$	185			80.0	%
Business Acquisition		159			27,996				176				14.8	%
Start-Up Business		126			9,922				79				5.2	%
Total		1,099			$	188,880			$	172			100.0	%

As of December 31, 2015

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		679			$	130,692			$	192			78.4	%
Business Acquisition		144			26,763				186				16.0	%
Start-Up Business		125			9,297				74				5.6	%
Total		948			$	166,752			$	176			100.0	%

The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2016 and December 31, 2015, respectively (in thousands):

As of June 30, 2016

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Distribution by Borrower Credit Score
Credit Score		# of Loans			Balance				Average Balance				% of Balance
500 to 550		14			$	1,408			$	101			0.7	%
551 to 600		36			5,369				149				2.8	%
601 to 650		138			26,491				192				14.0	%
651 to 700		312			53,784				172				28.5	%
701 to 750		329			58,048				176				30.7	%
751 to 800		223			36,862				165				19.6	%
801 to 850		40			4,445				111				2.4	%
Not available		7			2,473				353				1.3	%
Total		1,099			$	188,880			$	172			100.0	%

As of December 31, 2015

Distribution by Borrower Credit Score
Credit Score		# of Loans			Balance				Average Balance				% of Balance
500 to 550		12			$	1,085			$	90			0.6	%
551 to 600		32			4,957				155				3.0	%
601 to 650		113			22,597				200				13.6	%
651 to 700		262			41,901				160				25.1	%
701 to 750		291			57,101				196				34.2	%
751 to 800		198			31,870				161				19.1	%
801 to 850		34			4,942				145				3.0	%
Not available		6			2,299				383				1.4	%
Total		948			$	166,752			$	176			100.0	%

The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2016 and December 31, 2015, respectively (in thousands):

As of June 30, 2016

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Balance				Average Balance				% of Balance
Commercial Real Estate		515			$	109,082			$	212			57.8	%
Machinery and Equipment		187			34,410				184				18.2	%
Residential Real Estate		237			18,578				78				9.8	%
Other		42			12,603				300				6.7	%
Accounts Receivable and Inventory		74			12,641				171				6.7	%
Liquid Assets		12			434				36				0.2	%
Furniture and Fixtures		10			366				37				0.2	%
Unsecured		22			766				35				0.4	%
Total		1,099			$	188,880			$	172			100.0	%

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As of December 31, 2015

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Balance				Average Balance				% of Balance
Commercial Real Estate		444			$	94,013			$	212			56.5	%
Machinery and Equipment		173			32,423				187				19.4	%
Residential Real Estate		197			15,545				79				9.3	%
Other		40			11,284				282				6.8	%
Accounts Receivable and Inventory		66			12,583				191				7.5	%
Liquid Assets		12			451				38				0.3	%
Unsecured		9			240				27				0.1	%
Furniture and Fixtures		7			213				30				0.1	%
Total		948			$	166,752			$	176			100.0	%

The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2016 and December 31, 2015, respectively (in thousands):

As of June 30, 2016

Distribution by Days Delinquent
Delinquency Status		# of Loans			Balance				Average Balance				% of Balance
Current		979			$	167,928			$	172			88.8	%
1 to 30 days		23			3,373				147				1.8	%
31 to 60 days		19			5,021				264				2.7	%
61 to 90 days		12			1,642				137				0.9	%
91 days or greater		66			10,916				165				5.8	%
Total		1,099			$	188,880			$	172			100.0	%

As of December 31, 2015

Distribution by Days Delinquent
Delinquency Status		# of Loans			Balance				Average Balance				% of Balance
Current		856			$	151,950			$	178			91.2	%
1 to 30 days		23			3,525				153				2.1	%
31 to 60 days		10			2,190				219				1.3	%
61 to 90 days		—			—				—				—	%
91 days or greater		59			9,087				154				5.4	%
Total		948			$	166,752			$	176			100.0	%

Consolidated Results of Operations

As a BDC and based on our intention to qualify as a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code. The condensed consolidated results of operations described below may not be indicative of the results we report in future periods.

Comparison of the three months ended June 30, 2016 and 2015

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Investment Income

(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Investment income:
Interest income	$	2,447			$	2,287			$	160
Dividend income	2,493				1,787				706
Servicing income	1,659				1,068				591
Other income	624				464				160
Total investment income	$	7,223			$	5,606			$	1,617

Interest Income

The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $172,659,000 from $132,577,000 for the three months ended June 30, 2016 and 2015, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. The increase was also attributed to the increase in the Prime Rate from 3.25% to 3.50% in December 2015.

Dividend Income

The increase in dividend income is primarily related to dividends received from Premier of $450,000 during the three months ended June 30, 2016. Premier was not a portfolio company during the three months ended June 30, 2015. The increase is also attributed to an increase of $130,000 in dividends received from NTS. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.

NSBF Servicing Portfolio and Related Servicing Income

The following table represents NSBF originated servicing portfolio and servicing income earned for the three months ended June 30, 2016 and 2015:

(in thousands):	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Total NSBF originated servicing portfolio (1)	$	845,126			$	694,163			$	150,963
Total servicing income earned	$	1,659			$	1,068			$	591

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $613,964,000 and $506,803,000 for the three months ended June 30, 2016 and 2015, respectively.

The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $107,161,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2015 to 2016.

Other Income

Other income relates primarily to legal, packaging, and late fees earned from SBA loans. The increase is related to the increase in the number of loans originated to 100 for the three months ended June 30, 2016, from 85 during the three months ended June 30, 2015.

Adjusted Net Investment Income

We utilize adjusted net investment income as a measure of 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 net investment loss to adjusted net investment income.

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(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015
Net investment loss	$	(4,081	)		$	(2,295	)
Loss on lease	1,487				—
Net realized gains on SBA non-affiliate debt investments	7,519				7,340
Adjusted net investment income	$	4,925			$	5,045

We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on non-affiliate debt investments because they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market. The loss on lease is a one-time expense related to vacating our office space in West Hempstead, New York. We excluded the loss on lease in 2016 as it is a non-recurring, non-cash expense.

Expenses:

(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Expenses:
Salaries and benefits	$	3,629			$	3,133			$	496
Interest	1,975				1,728				247
Depreciation and amortization	85				85				—
Loss on lease	1,487				—				1,487
Other general and administrative costs	4,128				2,955				1,173
Total expenses	$	11,304			$	7,901			$	3,403

Salaries and Benefits

The increase in salaries and benefits is primarily related to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations over the twelve month period. Included in salaries and benefits are managerial assistance fees charged to controlled affiliates. These amounts are recorded as a reduction of salaries and benefits. The increase in salaries and benefits was offset by a $65,000 increase in managerial assistance fees charged during the three months ended June 30, 2016.

Interest Expense

The following is a summary of interest expense by facility for the three months ended June 30, 2016 and 2015:

(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Securitization Trusts	$	921			$	943			$	(22	)
Capital One lines of credit (NSBF)	230				324				(94		)
Capital One term loan and line of credit (NBS)	—				402				(402		)
Notes due 2022 and Notes due 2021	755				—				755
Related party note	55				30				25
Capco	13				15				(2		)
Other	1				14				(13		)
Total interest expense	$	1,975			$	1,728			$	247

In September 2015 and April 2016, the Company issued $8,324,000 of 7.5% Notes due 2022, and $40,250,000 of 7.0% Notes due 2021 (collectively, the “Notes), respectively. The Company incurred $755,000 in related interest expense during the three months ended June 30, 2016 on the Notes. In June 2015, the Company received $19,119,000 under an unsecured revolving line of credit extended by UPSW and NTS and incurred $55,000 in interest expense during the three months ended June 30, 2016. In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One consisting of a

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$10,000,000 term loan and a revolving line of credit of up to $10,000,000. The NBS Capital One term loan and line of credit were paid in full and extinguished in June 2015, and as such, no interest expense was incurred during the three months ended June 30, 2016.

Loss on Lease

In April 2016, the Company moved its headquarters to Lake Success, New York. As a result, the Company vacated its space in West Hempstead, New York and New York, New York. The Company recorded a loss of $1,487,000, related to the remaining liabilities under the lease, offset by any future rent income, during the three months ended June 30, 2016. The Company sublet its space in New York, New York and continues to market its space in West Hempstead.

Other General and Administrative Costs

Other general and administrative costs include professional fees, marketing, loan related costs and rent. The increase in other general and administrative costs is primarily related to an increase in loan related costs. Loan related costs include referral fees, appraisal fees, legal fees, search fees and other collateral preservation costs. Loan related costs increase as the number of loans we originate and service increase. At June 30, 2016, our loan portfolio consists of 1,099 SBA 7(a) loans as compared to 854 at June 30, 2015.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net 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. Realized gains for the three months ended June 30, 2016 and 2015 were $7,515,000 and $7,693,000, respectively. Realized losses were $0 and $353,000 during the three months ended June 30, 2016 and 2015, respectively. 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 on SBA Non-Affiliate Investments

	Three Months Ended
	June 30, 2016							June 30, 2015
(in thousands)	# of Debt Investments			$ Amount				# of Debt Investments			$ Amount
SBA non-affiliate investments originated during the quarter	100			$	75,827			85			$	53,882
SBA guaranteed non-affiliate investments sold during the quarter	90			$	51,225			80			$	52,192
Realized gains recognized on sale of SBA guaranteed non-affiliate investments	—			$	7,515			—			$	7,693
Average sale price as a percent of principal balance (1)	—			112.17		%		—			112.46		%

(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.

Net Unrealized Appreciation (Depreciation) on Investments

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(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	$	706			$	(1,464	)		$	2,170
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments	478				(470		)		948
Net unrealized appreciation on controlled investments	2,034				2,019				15
Change in provision for deferred taxes on unrealized gains on investments	(833		)		—				(833		)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash	(1		)		2				(3		)
Net unrealized depreciation on non-control/non-affiliate investments	(27		)		—				(27		)
Total net unrealized appreciation on investments	$	2,357			$	87			$	2,270

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

Net unrealized appreciation on SBA unguaranteed non-affiliate investments resulted from a decrease in discount rates on performing and non-performing SBA unguaranteed non-affiliate investments. The discount rate decreased from 5.38% to 5.20% period over period on performing SBA unguaranteed non-affiliate investments. The discount rate decreased from 8.50% to 7.32% period over period on non-performing SBA unguaranteed non-affiliate investments.

Net unrealized appreciation on controlled investments for the three months ended June 30, 2016 consisted of unrealized appreciation of $2,259,000 and $900,000 on our investments in Premier and UPSW, respectively, offset by unrealized depreciation of $1,000,000 on our investment in SBL. The primary driver of the increases were increases in multiples of comparable companies for the three months ended June 30, 2016 compared to the three months ended June 30, 2015. The decrease at SBL was based on weaker than projected financial performance. Net unrealized appreciation on controlled investments for the three months ended June 30, 2015 consisted primarily of $2,139,000 and $250,000 of unrealized appreciation on our investments in UPSW and SBL, respectively offset by unrealized depreciation of $370,000 on the Company's investment in NTS. The primary driver of the increase in UPSW and SBL was better than projected financial performance and 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 decrease in NTS was weaker than projected financial performance.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended June 30, 2016, the Company recognized a provision for deferred taxes on unrealized gains of $833,000.

Net Unrealized Depreciation on Servicing Assets

(in thousands)	Three Months Ended June 30, 2016				Three Months Ended June 30, 2015				Change
Net unrealized depreciation on servicing assets	$	(438	)		$	(256	)		$	(182	)

The increase in unrealized depreciation on servicing assets is primarily related to the increase in the discount rate from 11.57% to 12.03% offset by decreases in the assumed cumulative prepayment and average cumulative default rates. The increase in discount rate is attributed to determining the discount rate based on risk spreads and observable secondary market transactions for the three months ended June 30, 2016 compared to a weighted average cost of capital and servicing spread for the three months ended June 30, 2015. The assumed cumulative prepayment rate decreased from 19% to 15.5% and the assumed average cumulative default rate decreased from 25% to 20%.

Comparison of the six months ended June 30, 2016 and 2015

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Investment Income

(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Investment income:
Interest income	$	4,980			$	4,500			$	480
Dividend income	4,786				2,874				1,912
Servicing income	3,030				2,111				919
Other income	1,221				871				350
Total investment income	$	14,017			$	10,356			$	3,661

Interest Income

The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $165,399,000 from $128,786,000 for the six months ended June 30, 2016 and 2015, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. The increase also was attributed to the increase in the Prime Rate from 3.25% to 3.50% in December 2015.

Dividend Income

The increase in dividend income is primarily related to dividends received from Premier of $900,000 during the six months ended June 30, 2016. Premier was not a portfolio company during the six months ended June 30, 2015. The increase is also attributed to an increase of $500,000 and $260,000 in dividends received from UPSW and NTS, respectively. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income.

NSBF Servicing Portfolio and Related Servicing Income

The following table represents NSBF originated servicing portfolio and servicing income earned for the six months ended June 30, 2016 and 2015:

(in thousands):	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Total NSBF originated servicing portfolio (1)	$	845,126			$	694,163			$	150,963
Total servicing income earned	$	3,030			$	2,111			$	919

(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $602,463,000 and $495,211,000 for the six months ended June 30, 2016 and 2015, respectively.

The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $107,252,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2015 to 2016.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA loans. The increase is related to the increase in the number of loans originated to 199 for the six months ended June 30, 2016 from 133 during the six months ended June 30, 2015.

Adjusted Net Investment Income

We utilize adjusted net investment income as a measure of 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 net investment loss to adjusted net investment income.

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(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015
Net investment loss	$	(5,461	)		$	(4,771	)
Loss on lease	1,487				—
Net realized gains on SBA non-affiliate debt investments	13,805				15,039
Adjusted net investment income	$	9,831			$	10,268

We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on non-affiliate debt investments because they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market. The loss on lease is a one-time expense related to vacating our office space in West Hempstead, New York. We excluded the loss on lease in 2016 as it is a non-recurring, non-cash expense.

Expenses:

(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Expenses:
Salaries and benefits	$	6,973			$	6,156			$	817
Interest	3,463				3,084				379
Depreciation and amortization	125				170				(45		)
Loss on lease	1,487				—				1,487
Other general and administrative costs	7,430				5,717				1,713
Total expenses	$	19,478			$	15,127			$	4,351

Salaries and Benefits

The increase in salaries and benefits is primarily related to an increase in headcount at NSBF. The additional headcount relates primarily to employees performing loan processing, loan closing or loan servicing functions as a result of the increase in loan originations over the twelve month period. Included in salaries and benefits are managerial assistance fees charged to controlled affiliates. These amounts are recorded as a reduction of salaries and benefits. The increase in salaries and benefits was offset by a $257,000 increase in managerial assistance fees charged during the six months ended June 30, 2016.

Interest Expense

The following is a summary of interest expense by facility for the six months ended June 30, 2016 and 2015:

(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Securitization Trusts	$	1,879			$	1,833			$	46
Capital One lines of credit (NSBF)	447				594				(147		)
Capital One term loan and line of credit (NBS)	—				564				(564		)
Notes due 2022 and Notes due 2021	933				—				933
Related party note	177				—				177
Capco	26				37				(11		)
Other	1				56				(55		)
Total interest expense	$	3,463			$	3,084			$	379

In September 2015 and April 2016, the Company issued $8,324,000 of 7.5% Notes due 2022 and $40,250,000 of 7.0% Notes due 2021, respectively. The Company incurred $933,000 in related interest expense during the six months ended June 30, 2016 on the Notes. In June 2015, the Company received $19,119,000 under an unsecured revolving line of credit extended by UPSW and NTS and incurred $177,000 in interest expense during the six months ended June 30, 2016 under the line. 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

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and a revolving line of credit of up to $10,000,000. The NBS Capital One term loan and line of credit were paid in full and extinguished in June 2015, and as such, no interest expense was incurred during the three months ended June 30, 2016. The decrease in interest expense related to the NSBF Capital One lines of credit was a result of a decrease in the average outstanding balance during the six months ended June 30, 2016 when compared to June 30, 2015.

Loss on Lease

In April 2016, the Company moved its headquarters to Lake Success, New York. As a result, the Company vacated its space in West Hempstead, New York and New York, New York. The Company recorded a loss of $1,487,000, related to the remaining liabilities under the lease, offset by any future rent income, during the six months ended June 30, 2016. The Company sublet its space in New York, New York and continues to market its space in West Hempstead.

Other General and Administrative Costs

Other general and administrative costs include professional fees, marketing, loan related costs and rent. The increase in other general and administrative costs is primarily related to an increase in loan related costs. Loan related costs include referral fees, appraisal fees, legal fees, search fees and other collateral preservation costs. Loan related costs increase as the number of loans we originate and service increase. At June 30, 2016, our loan portfolio consists of 1,099 SBA 7(a) loans as compared to 854 at June 30, 2015.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net 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. Realized gains for the six months ended June 30, 2016 and 2015 were $13,820,000 and $15,438,000, respectively. Realized losses were $0 and $400,000 during the six months ended June 30, 2016 and 2015, respectively. 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 on SBA Non-Affiliate Investments

	Six Months Ended
	June 30, 2016							June 30, 2015
(in thousands)	# of Debt Investments			$ Amount				# of Debt Investments			$ Amount
SBA non-affiliate investments originated during the quarter	199			$	131,884			133			$	103,511
SBA guaranteed non-affiliate investments sold during the quarter	189			$	93,718			143			$	104,542
Realized gains recognized on sale of SBA guaranteed non-affiliate investments	—			$	13,791			—			$	15,438
Average sale price as a percent of principal balance (1)	—			112.28		%		—			112.45		%

(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.

Net Unrealized Appreciation (Depreciation) on Investments

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(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	$	768			$	(3,162	)		$	3,930
Net unrealized depreciation on SBA unguaranteed non-affiliate investments	(549		)		(1,136		)		587
Net unrealized appreciation on controlled investments	5,724				9,519				(3,795		)
Change in provision for deferred taxes on unrealized gains on investments	(2,441		)		—				(2,441		)
Net unrealized depreciation on credits in lieu of cash and notes payable in credits in lieu of cash	(1		)		2				(3		)
Net unrealized depreciation on non-control/non-affiliate investments	(43		)		—				(43		)
Total net unrealized appreciation on investments	$	3,458			$	5,223			$	(1,765	)

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

The decrease in net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from a decrease in discount rates on performing and non-performing SBA unguaranteed non-affiliate investments. The discount rate decreased from 5.38% to 5.20% period over period on performing SBA unguaranteed non-affiliate investments. The discount rate decreased from 8.5% to 7.32% period over period on non-performing SBA unguaranteed non-affiliate investments.

Net unrealized appreciation on controlled investments for the six months ended June 30, 2016 consisted of unrealized appreciation of $3,247,000 and $3,700,000 on our investments in Premier and UPSW, respectively offset by unrealized depreciation of $1,000,000 on our investment in SBL. The primary driver of the increases were increases in multiples of comparable companies. The decrease at SBL was based on weaker than projected financial performance. Net unrealized appreciation on controlled investments for the six months ended June 30, 2015 consisted primarily of $4,739,000 and $5,350,000 of unrealized appreciation on our investments in UPSW and SBL, respectively offset by unrealized depreciation of $370,000 on the Company's investment in NTS. The primary driver of the increase in UPSW and SBL was better than projected financial performance and 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 decrease in NTS was weaker than projected financial performance.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the six months ended June 30, 2016, the Company recognized a provision for deferred taxes on unrealized gains of $2,441,000.

Net Unrealized Depreciation on Servicing Assets

(in thousands)	Six Months Ended June 30, 2016				Six Months Ended June 30, 2015				Change
Net unrealized depreciation on servicing assets	$	(841	)		$	(612	)		$	(229	)

The increase in unrealized depreciation on servicing assets is primarily related to the increase in the discount rate from 11.57% to 12.03% offset by decreases in the assumed cumulative prepayment and average cumulative default rates. The increase in discount rate is attributed to determining the discount rate based on risk spreads and observable secondary market transactions for the six months ended June 30, 2016 compared to a weighted average cost of capital and servicing spread for the six months ended June 30, 2015. The assumed cumulative prepayment rate decreased from 19% to 15.5% and the assumed average cumulative default rate decreased from 25% to 20%.

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Liquidity and Capital Resources

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 debt or equity securities.

Public Offerings

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

The 2021 Notes will mature on March 31, 2021 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after April 22, 2017, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2021 Notes bear interest at a rate of 7.0% per year payable quarterly on March 31, June 30, September 30, and December 31 of each year, commencing on June 30, 2016, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.”

On October 15, 2015 we completed a public offering of 2,000,000 shares of our common stock at a public offering price of $16.50 per share. We also sold an additional 300,000 shares of common stock at a public offering price of $16.50 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $35,290,000.

In September 2015, we issued $8,324,000, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022 (the “2022 Notes”). The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries. The 2022 Notes will mature on September 30, 2022 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after September 23, 2018, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. Proceeds net of offering costs and expenses were $7,747,000.

On November 18, 2014 we completed a public offering of 2,200,000 shares of our common stock at a public offering price of $12.50 per share. We also sold an additional 330,000 shares of common stock at a public offering price of $12.50 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $27,883,000.

Capital One Facilities

NSBF has a $50,000,000 credit facility with Capital One. The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans it originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans it originates. 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 1.00%, and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility collateralized by the non-guaranteed portion

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of SBA 7(a) loans, is set at Prime plus 1.875%, and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. In June 2015, we amended the existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on our ability to pay dividends to stockholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies). In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2016 to May 16, 2017 and extended the maturity date of the facility to May 16, 2019. At June 30, 2016, we had $7,850,000 and $17,200,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2016, we were in full compliance with all applicable loan covenants.

Related Party Notes Payable

In June 2015, we entered into an unsecured revolving line of credit agreement with UPSW and NTS. Maximum borrowings under the line of credit are $38,000,000. The outstanding balance bears interest at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% or at a rate equal to (y) the greater of the Prime Rate or 3.5%, plus (z) 6%. At June 30, 2016, the line of credit bears interest at a rate of 7.5%. The revolving line of credit has a maturity date of June 21, 2019. The outstanding borrowings at June 30, 2016 were $4,800,000.

Securitization Transactions

In December 2010, we created a financing channel for the sale of the unguaranteed portions of SBA 7(a) loans held on our balance sheet. We transferred the unguaranteed portions of SBA loans of $19,615,000, and an additional $3,000,000 in loans issued subsequent to the transaction, to a special purpose entity created for this purpose, Newtek Small Business Loan Trust 2010-1 (the “2010 Trust”), which in turn issued notes (the “securitization notes”) for the par amount of $16,000,000 against the assets in a private placement. The Trust is only permitted to purchase the unguaranteed portion of SBA 7(a) loans, issue asset-backed securities, and make payments on the securities. The 2010 Trust issued a single series of securitization notes to pay for the unguaranteed portions it acquired from us and will be dissolved when those securities have been paid in full. The primary source for repayment of the securitization notes is the cash flows generated from the unguaranteed portion of SBA 7(a) loans now owned by the 2010 Trust. Principal on the securitization notes will be paid by cash flow in excess of that needed to pay various fees related to the operation of the 2010 Trust and interest on the debt. At the time of issuance, the securitization notes had an anticipated maturity of about five years based on the expected performance of the underlying collateral and structure of the debt and a legal maturity of 30 years from the date of issuance. The assets of the 2010 Trust are legally isolated and are not available to pay our creditors. We continue to retain rights to cash reserves and all residual interests in the 2010 Trust and will receive servicing income. Proceeds from this transaction were used to repay a Capital One loan and for general corporate and lending purposes. Because we determined we are the primary beneficiary of the Trust we needed to consolidate the Trust into our financial statements. We continue to recognize the securitization notes in Notes payable. The investors and the 2010 Trust have no recourse to any of our other assets for failure if the Trust has insufficient funds to pay its obligations when due; however, Newtek had provided a limited guaranty to the investors in the 2010 Trust in an amount not to exceed 10% of the original issuance amount, to be used after all of the assets of the 2010 Trust have been exhausted. This limited guaranty was removed in the subsequent 2015 upsizing of the 2010 Trust, as set forth below. The notes were issued with an “AA” rating from S&P based on the underlying collateral.

In December 2011, we entered into a Supplemental Indenture by which the $16,000,000 of securitization notes issued by the 2010 Trust were amended to reflect a new principal amount of $12,880,000, as a result of principal payments made, and additional notes were issued in an initial principal amount of $14,899,000, so that the initial aggregate principal amount of all notes as of December 31, 2011 totaled $27,779,000. The notes are backed by approximately $40,500,000 of the unguaranteed portions of loans originated, and include an additional $5,000,000 to be originated and issued to the 2010 Trust by us under the SBA loan program. The notes retained their “AA” rating under S&P, and the final maturity date of the amended notes is March 22, 2037. The proceeds of the transaction have been used to repay debt and originate new loans.

In March 2013, we transferred the $23,569,000 of unguaranteed portions of SBA loans of, and an additional $5,900,000 in loans issued subsequent to the transaction, to a special purpose entity, Newtek Small Business Loan Trust 2013-1 (the “2013 Trust”). The 2013 Trust in turn issued securitization notes for the par amount of $20,909,000 against the assets in a private placement. The notes received an “A” rating by S&P; and the final maturity date of the amended notes is June 25, 2038. The proceeds of the transaction have been used to repay debt and originate new loans.

In December 2013, we completed an additional transaction whereby the unguaranteed portions of SBA loans of $23,947,000, and an additional $3,642,000 in loans issued subsequent to the transaction, was transferred to the 2013 Trust. The 2013 Trust in turn issued securitization notes for the par amount of $24,433,000 against the assets in a private placement. The notes received

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an “A” rating by S&P, and the final maturity date of the amended notes is April 25, 2039. The proceeds of the transaction have been used to repay debt and originate new loans.

In December 2014, we completed an additional 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, to the Newtek Small Business Loan Trust 2014-1 (the “2014 Trust”). The 2014 Trust in 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 April 2040. The proceeds of the transaction have been used to repay debt and originate new loans.

In September 2015, we issued additional unguaranteed SBA 7(a) loan-backed notes as part of an upsizing of the 2010 Trust. Note principal amounts of the original and exchanged notes were approximately $8,771,000 with additional notes which totaled approximately $32,028,000 as part of the upsizing. The initial aggregate amount of the senior notes issued by the 2010 Trust were approximately $40,800,000 on the closing date. The notes are collateralized by approximately $46,458,000 of SBA 7(a) unguaranteed portions and include a prefunded amount of $14,679,000 to be originated and transferred subsequently to the Trust. The notes retained their “AA” rating under S&P, and the final maturity of the amended notes is February 25, 2041.

Cash Flows and Liquidity

As of June 30, 2016, the Company’s unused sources of liquidity consisted of $24,717,000 available through the Capital One facility; $14,319,000 available through notes payable with related parties; $3,221,000 in unrestricted cash and $35,000 in money market funds.

Restricted cash of $19,995,000 as of June 30, 2016 is primarily held in NSBF. The majority, or $19,244,000 of restricted cash, is related to NSBF, and includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations, payments collected which are due to loan participants, a reserve established as part of a voluntary agreement with the SBA and amounts owed to the SBA.

The Company generated and used cash as follows:

(in thousands)	Six months ended June 30, 2016				Six months ended June 30, 2015
Net cash provided by operating activities	$	6,356			$	3,433
Net cash used in investing activities	(1,543		)		(70		)
Net cash used in financing activities	(5,900		)		(15,084		)
Net decrease in cash and cash equivalents	(1,087		)		(11,721		)
Cash and cash equivalents, beginning of period	4,308				17,813
Cash and cash equivalents, end of period	$	3,221			$	6,092

During the six months ended June 30, 2016, operating activities provided cash of $6,356,000, consisting primarily of (i) the decrease in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end, (ii) $11,610,000 of principal payments from affiliate and non-affiliate investments, (iii) a decrease in restricted cash of $15,335,000, and (iv) $107,509,000 of proceeds from the sale of SBA 7(a) investments. These increases were offset by $131,884,000 of SBA 7(a) loan investments, a $5,400,000 investment in 100% of the membership interests of banc-serv Partners, LLC and a debt investment of $750,000 in PMT.

During the six months ended we purchased $1,543,000 of fixed assets which consisted primarily of leasehold improvements and furniture and fixtures related to our relocation to offices in Lake Success, New York.

Net cash used in financing activities was $5,900,000 consisting primarily of (i) $15,940,000 of dividend payments, (ii) $10,241,000 of principal payments related to securitizations, (iii) net repayments of $4,050,000 on Capital One lines of credit and (iv) $12,461,000 increase in restricted cash primarily related to securitizations. These decreases were offset by proceeds of $38,510,000, net of deferred financing costs from our offer and sale of 7.0% Notes due 2021.

Contractual Obligations

The following chart represents the Company’s significant obligations and commitments as of June 30, 2016:

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(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	$	25,050			$	17,200			$	7,850			$	—			$	—
Securitization notes payable (1)	81,560				—				—				—				81,560
Notes due 2022 (1)	8,324				—				—				—				8,324
Notes due 2021 (1)	40,250				—				—				40,250				—
Notes payable - related parties	4,800				—				4,800				—				—
Employment agreements	844				844				—				—				—
Operating leases	14,116				560				3,377				2,416				7,763
Totals	$	174,944			$	18,604			$	16,027			$	42,666			$	97,647

(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See Note 7.

Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.

Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may seek pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employ independent third party valuation firms for certain of our investments for which there is not a readily available market value. 

The application of our valuation methods may include comparisons of our portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.

Our Board is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its 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 the significant input to its valuation. The levels of the fair value hierarchy are as follows:

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Level 1		Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
Level 2		Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
Level 3		Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

Valuation of Investments

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




When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s 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

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Interest on loan investments is accrued and included in income based on contractual rates applied to principal amounts outstanding. Interest income is determined using a method that results in a level rate of return on principal amounts outstanding. When a loan becomes 90 days or more past due, or if we otherwise do not expect to receive interest and principal repayments, the loan is placed on non-accrual status and the recognition of interest income is discontinued. Interest payments received on loans that are on non-accrual status are treated as reductions of principal until the principal is repaid.

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

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, late fees and prepayment fees. All other income is recorded when earned.

Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

Income Taxes

 

We intend to 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 for tax treatment 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

In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases”, which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its condensed consolidated statements of assets and liabilities.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”, which, among other things, requires an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Additionally, the ASU changes the disclosure requirements for financial instruments. This ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those periods, and early adoption is permitted for certain provisions. The Company is currently evaluating the impact this ASU will have on its condensed consolidated financial statements and disclosures.

Off Balance Sheet Arrangements

There were no off balance sheet arrangements as of June 30, 2016.

Recent Developments

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None.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.

NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines 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, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.

NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling its loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.

We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $23,251,000 at June 30, 2016. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.

We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2016, cash deposits in excess of insured amounts totaled approximately $12,303,000.

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.

We may, from time to time, be involved in litigation arising out of our operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of any current legal proceedings cannot at this time be predicted with certainty, we do not expect any current matters will materially affect our financial condition or results of operations; however , there can be no assurance whether any pending legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.  The Company’s controlled portfolio companies are currently involved in various litigation matters, as follows:

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., in the United States District Court for the Middle District of Florida (the “Court”), to add UPSW 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 UPSW on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPSW and the other remaining defendants. Prior to the Court hearing on the motions, UPSW and the FTC reached a settlement on the FTC’s motion for a permanent injunction. On May 19, 2015, the Court entered an equitable monetary judgment against UPSW for approximately $1,735,000, which has been deposited with the Court pending the outcome of UPSW’ s appeal of the judgment. The $1,735,000 was fully expensed in 2014 by UPSW.

On June 14, 2016, the United States Court of Appeals for the Eleventh Circuit set aside the Court’s judgment awarding joint and several liability for equitable monetary relief in the amount of approximately $1,735,000 against UPSW, and remanded the case to the Court for findings of fact and conclusions of law as to whether and why UPSW should be jointly and severally liable for restitution, and in what amount, if any.

UPSW instituted an action against a former independent sales agent in Wisconsin state court for, among other things, breach of contract. The former sales agent answered the complaint and filed counterclaims against UPSW. The court recently granted certain aspects of defendants’ motions for summary judgment, dismissing certain of the claims asserted by UPSW. The case has been stayed pending certain matters under appeal to the Wisconsin Supreme Court. UPSW intends to vigorously pursue its claims against the former sales agent and defend the counterclaims asserted.

In October 2015, CrystalTech Web Hosting, Inc. (‘‘NTS’’) was served with an amended complaint filed by a former customer of NTS alleging claims in connection with a server leased by the customer from NTS.  In April 2016, the court denied NTS’ motion to dismiss the action.  NTS believes that the claims are covered by insurance and that the claims are without merit and intends to vigorously defend the action. 

ITEM 1A. RISK FACTORS.

In addition to the risk factors discussed below, 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, 2015, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2015. Risks related the Notes due 2022 were previously discussed in our Annual Report on Form 10-K for the year ended December 31, 2015. The risk factors below include both the Notes due 2022 and 2021 as discussed in the Form N-2 filed on July 7, 2016 with the SEC.

RISKS RELATING TO OUR PUBLICLY-TRADED DEBT

The 7.5% notes due 2022 (the “2022 Notes”) and the 7.00% notes due 2021 (the “2021 Notes,” and together with the 2022 Notes, the “Notes”) are unsecured and therefore are effectively subordinated to any secured indebtedness we have outstanding or may incur in the future.

In September 2015 and April 2016, we issued $8,324,000 and $40,250,000 in aggregate principal amount of the 2022 Notes and 2021 Notes, respectively. The Notes are not secured by any of our assets or any of the assets of our subsidiaries. As a result,

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the Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding or may incur in the future (or any indebtedness that is initially unsecured to which we subsequently grant security). In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our existing or future secured indebtedness and the existing or future secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the Notes.

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

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

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

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

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

•

issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the Notes, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC. Currently, these provisions generally prohibit us from making additional borrowings, including through the issuance of additional debt or the sale of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 200% after such borrowings;

•

with respect to the 2021 Notes, pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2021 Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2021 Notes, we will not declare any dividend (except a dividend payable in stock of the issuer), or declare any other distribution, upon a class of the capital stock of the Company, or purchase any such capital stock, unless, in every such case, at the time of the declaration of any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the 1940 Act) of at least 200 per centum after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving effect, in each case, (i) to any exemptive relief granted to the Company by the SEC and (ii) to any no-action relief granted by the SEC to another business development company (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act in order to maintain such business development company’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended;

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•

with respect to the 2022 Notes, pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act or any successor provisions, giving effect to (i) any exemptive relief granted to us by the SEC and (ii) no-action relief granted by the SEC to another BDC (or to the Company if it determines to seek such similar no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(1) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code (these provisions generally prohibit us from declaring any cash dividend or distribution upon any class of our capital stock, or purchasing any such capital stock if our asset coverage, as defined in the 1940 Act, is below 200% at the time of the declaration of the dividend or distribution or the purchase and after deducting the amount of such dividend, distribution or purchase);

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

•	enter into transactions with affiliates;

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

•	make investments; or

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

In addition, the indentures do not require us to offer to purchase the Notes in connection with a change of control, asset sale or any other event.

Furthermore, the terms of the indentures and the Notes do not protect holders of the Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity.

Our ability to recapitalize, incur additional debt and take a number of other actions that are not limited by the terms of the Notes may have important consequences for you as a holder of the Notes, including making it more difficult for us to satisfy our obligations with respect to the Notes or negatively affecting the trading value of the Notes.

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

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

In the future, we may enter into agreements to incur additional indebtedness, including a secured credit facility. A default under such agreements to which we may be a party that is not waived by the required lenders or holders, and the remedies sought by the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the Notes and substantially decrease the market value of the Notes.

If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on such future additional indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing such future additional indebtedness, we could be in default under the terms of the agreements governing such indebtedness. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders of other debt we may incur in the future could elect to terminate their commitments, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt. Because any future credit facilities likely will have customary cross-default provisions, if the indebtedness under any future credit facility is accelerated, we may be unable to repay or finance the amounts due.

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

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On or after April 22, 2017 and September 23, 2018, we may choose to redeem the 2021 Notes and the 2022 Notes, respectively, from time to time, especially when prevailing interest rates are lower than the interest rate on the 2021 Notes or 2022 Notes. If prevailing rates are lower at the time of redemption, you may not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the Notes being redeemed. Our redemption right also may adversely impact your ability to sell the Notes as the optional redemption date or period approaches.

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

The 2022 Notes and the 2021 Notes are new issues of debt securities listed on the Nasdaq Global Market under the symbols “NEWTZ” and “NEWTL,” respectively. Although the Notes are listed on Nasdaq, we cannot assure you that a trading market for our publicly issued debt securities will be maintained. In addition to our creditworthiness, many factors may materially adversely affect the trading market for, and market value of, our publicly issued debt securities. These factors include, but are not limited to, the following:

•	the time remaining to the maturity of these debt instruments;

•	the outstanding principal amount of debt securities with terms identical to these debt securities;

•	ratings assigned by the national statistical rating agencies;

•	the general economic environment;

•	the supply of debt securities trading in the secondary market, if any;

•	the level, direction and volatility of market interest rates generally; and

•	market rates of interest higher or lower than rates borne by the debt securities.

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

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

Although the program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) loan program, or that it will continue to guarantee loans at current levels. If we cannot continue originating and selling government-guaranteed loans, we will generate fewer origination fees and our ability to generate gains on the sale of loans will decrease. From time-to-time, the government agencies that guarantee these loans reach their internal budgeted limits and cease to guarantee loans for a stated time period. In addition, these agencies may change their rules for extending loans. Also, Congress may adopt legislation that would have the effect of discontinuing or changing the SBA’s programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to SMBs and industrial borrowers of the types that now qualify for government-guaranteed loans could decline, as could the profitability of these loans.

Additionally, under current law, SBA 7(a) lenders must share equally with the SBA any SBA 7(a) loan premium in excess of 110% of the par value of such loans. Legislation pending in the U.S. Senate would, among other things, require SBA 7(a) lenders to share equally with the SBA any SBA 7(a) loan premium in excess of 108% of the par value of such loans, thereby decreasing the share of loan premium received by the SBA 7(a) lender. Such legislation also would impose a new fee of 3 basis points on the guaranteed portion of the SBA 7(a) loan. If passed in its present form, the legislation could serve to negatively impact the profitability of SBA 7(a) loans.

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

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

NSBF has been granted PLP status and originates, sells and services small business loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, PLP status allows NSBF to

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expedite loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status could adversely impact our marketing efforts and ultimately loan origination volume which could negatively impact our results of operations.

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

Our portfolio companies’ web services involve the storage and transmission of customers’ and employees’ proprietary information. Our businesses rely on our digital technologies, computer and email systems, software, and networks to conduct its operations. Our technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom we deal, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to our business strategy that our facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although we employ appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If our security measures are breached as a result of third-party action, employee error or otherwise, and as a result our customers’ data becomes available to unauthorized parties, we could incur liability and our reputation would be damaged, which could lead to the loss of current and potential customers. If we experience any breaches of our network security or sabotage, we might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and we may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, we may be unable to anticipate these techniques or implement adequate preventative measures. As cyber threats continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although we have insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.

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

NTS’ web services involve the storage and transmission of our customers’, employees’, and portfolio companies’ proprietary information. NTS’ business relies on its digital technologies, computer and email systems, software, and networks to conduct its operations. NTS’ technologies, systems and networks may become the target of criminal cyber-attacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, loss or destruction of confidential, proprietary and other information of NTS or third parties with whom NTS deals, or otherwise disrupt our or our customers’ or other third parties’ business operations. It is critical to NTS’ business strategy that its facilities and infrastructure remain secure and are perceived by the marketplace to be secure. Although NTS employs appropriate security technologies (including data encryption processes, intrusion detection systems), and conduct comprehensive risk assessments and other internal control procedures to assure the security of our customers’ data, we cannot guarantee that these measures will be sufficient for this purpose. If NTS’ security measures are breached as a result of third-party action, employee error or otherwise, and as a result its customers’ data becomes available to unauthorized parties, NTS and our other portfolio companies could incur liability and its reputation would be damaged, which could lead to the loss of current and potential customers. If NTS experiences any breaches of its network security or sabotage, NTS might be required to expend significant capital and other resources to detect, remedy, protect against or alleviate these and related problems, and it may not be able to remedy these problems in a timely manner, or at all. Because techniques used by outsiders to obtain unauthorized network access or to sabotage systems change frequently and generally are not recognized until launched against a target, NTS may be unable to anticipate these techniques or implement adequate preventative measures. As cyber threats continue to evolve, NTS may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate any information security vulnerabilities. Although NTS has insurance in place that covers such incidents, the cost of a breach or cyber-attack could well exceed any such insurance coverage.

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

Credit risk in ACH payments arises when a party to a contract fails to deposit funds required to settle the contract. This can occur if a client of NPS suffers losses or enters into bankruptcy.

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

The Company has a program which allows the Company to repurchase up to 150,000 of the Company’s outstanding common shares on the open market. Under the program, purchases may be made at management’s discretion from time to time in open-

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market transactions, in accordance with all applicable securities laws and regulations. During the six months ended June 30, 2016, the Company repurchased and retired 70,000 common shares in open market transactions for approximately $866,000. This program terminated on June 3, 2016. On May 11, 2016, the Company announced that its Board approved a new share repurchase program under which the Company may repurchase up to 150,000 of the Company’s outstanding common shares on the open market. Unless extended or terminated by the Board, the Company expects the termination date of for this new repurchase program will be on November 11, 2016. The Company did not make any repurchases of its common stock during the year ended December 31, 2015. If we were to repurchase shares at a price above net asset value, such repurchases would result in an immediate dilution to existing common stockholders due to a reduction in our earnings and assets due to the repurchase that is greater than the reduction in total shares outstanding.

Pending legislation may allow us to incur additional leverage.

As a BDC, under the 1940 Act we generally are not permitted to incur indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). If legislation previously introduced in the U.S. House of Representatives is passed, or similar legislation is introduced, it would modify this section of the 1940 Act and increase the amount of debt that BDCs may incur by modifying the asset coverage percentage from 200% to 150%. As a result, we may be able to incur additional indebtedness in the future and therefore your risk of an investment in us may increase.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

Number		Description
11		Computation of Per Share Earnings (included in the notes to the condensed consolidated financial statements in this report).
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: August 9, 2016	By:	/S/    BARRY SLOANE
		Barry Sloane
		Chairman and Chief Executive Officer (Principal Executive Officer)
Date: August 9, 2016	By:	/S/    JENNIFER EDDELSON
		Jennifer Eddelson
		Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

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