UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)    

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

For the quarterly period ended June 30, 2018

OR

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

For the transition period from _____to_____

Commission file number: 814-01035

NEWTEK BUSINESS SERVICES CORP.

(Exact name of registrant as specified in its charter)

  

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

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

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

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

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

Large accelerated filer		o	Accelerated filer		x
Non-accelerated filer		o	Smaller reporting company		o
			Emerging growth company		o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

As of August 8, 2018, there were 18,792,347 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.

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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, 2018 (Unaudited) and December 31, 2017	1
	Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2018 and 2017	2
	Condensed Consolidated Statement of Changes in Net Assets (Unaudited) for the six months ended June 30, 2018	4
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2018 and 2017	5
	Consolidated Schedules of Investments as of June 30, 2018 (Unaudited) and December 31, 2017	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	190
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	215
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	237
Item 4.	Controls and Procedures	239
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	240
Item 1A.	Risk Factors	240
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	241
Item 3.	Defaults Upon Senior Securities	241
Item 4.	Mine Safety Disclosures	241
Item 5.	Other Information	241
Item 6.	Exhibits	241

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Defined Terms

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

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

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Table of Contents

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

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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, 2018				December 31, 2017
ASSETS	(Unaudited)				(Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $312,440 and $287,690, respectively; includes $244,661 and $265,174, respectively, related to securitization trusts)	$	305,478			$	278,034
SBA guaranteed non-affiliate investments (cost of $21,927 and $22,841, respectively)	24,400				25,490
Controlled investments (cost of $64,056 and $59,898, respectively)	157,235				153,156
Non-control/affiliate investments (cost of $600 and $0, respectively)	600				—
Investments in money market funds (cost of $9 and $9, respectively)	9				9
Total investments at fair value	487,722				456,689
Cash	3,575				2,464
Restricted cash	24,701				18,074
Broker receivable	10,978				8,539
Due from related parties	3,126				2,255
Servicing assets, at fair value	20,663				19,359
Other assets	11,048				12,231
Total assets	$	561,813			$	519,611
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable	$	31,000			$	—
Notes due 2022 (Note 7)	7,977				7,936
Notes due 2021 (Note 7)	—				39,114
Notes due 2023 (Note 7)	55,326				—
Notes payable - Securitization trusts (Note 7)	140,372				162,201
Notes payable - related parties	16,275				7,001
Due to related parties	107				—
Deferred tax liabilities	8,136				8,164
Accounts payable, accrued expenses and other liabilities	20,340				16,866
Total liabilities	279,533				241,282
Commitment and contingencies (Note 8)
Net assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)	—				—
Common stock (par value $0.02 per share; authorized 200,000 shares, 18,745 and 18,457 issued and outstanding, respectively)	375				369
Additional paid-in capital	250,854				247,363
(Distributions in excess of)/undistributed net investment income	(5,397		)		14,792
Net unrealized appreciation, net of deferred taxes	20,838				20,448
Net realized gains/(losses)	15,610				(4,643		)
Total net assets	282,280				278,329
Total liabilities and net assets	$	561,813			$	519,611
Net asset value per common share	$	15.06			$	15.08

1

See accompanying notes to unaudited condensed consolidated financial statements.

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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, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Investment income
From non-affiliate investments:
Interest income	$	5,503			$	4,635			$	10,677			$	8,870
Servicing income	2,008				1,723				4,073				3,369
Other income	1,108				896				2,163				1,561
Total investment income from non-affiliate investments	8,619				7,254				16,913				13,800
From Non-control/affiliate investments
Dividend income	10				—				10				—
Total investment income from non-control/affiliate investments	10				—				10				—
From controlled investments:
Interest income	200				121				349				268
Dividend income	2,575				2,475				5,200				4,775
Other income	—				54				—				54
Total investment income from controlled investments	2,775				2,650				5,549				5,097
Total investment income	11,404				9,904				22,472				18,897
Expenses:
Salaries and benefits	5,212				4,980				10,090				9,631
Interest	3,792				2,617				7,304				5,147
Depreciation and amortization	116				96				236				185
Professional fees	587				602				1,527				1,449
Origination and servicing	2,168				1,269				3,773				2,653
Change in fair value of contingent consideration liabilities	7				—				17				—
Loss on extinguishment of debt	—				—				1,059				—
Other general and administrative costs	1,656				2,020				3,373				3,605
Total expenses	13,538				11,584				27,379				22,670
Net investment loss	(2,134		)		(1,680		)		(4,907		)		(3,773		)
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments	10,319				8,914				20,200				17,599
Net realized gain on controlled investments	52				—				52				—
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	105				(63		)		(175		)		50
Net unrealized appreciation on SBA unguaranteed non-affiliate investments	1,702				1,817				2,694				1,261
Net unrealized depreciation on controlled investments	(1,250		)		(2,674		)		(80		)		(1,743		)
Change in deferred taxes	326				976				27				410
Net unrealized depreciation on servicing assets	(1,499		)		(360		)		(2,078		)		(969		)
Net realized and unrealized gains	$	9,755			$	8,610			$	20,640			$	16,608
Net increase in net assets resulting from operations	$	7,621			$	6,930			$	15,733			$	12,835
Net increase in net assets resulting from operations per share	$	0.41			$	0.40			$	0.85			$	0.76
Net investment loss per share	$	(0.11	)		$	(0.10	)		$	(0.26	)		$	(0.22	)

2

See accompanying notes to unaudited condensed consolidated financial statements.

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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, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Dividends and distributions declared per common share	$	0.42			$	0.44			$	0.82			$	0.76
Weighted average number of shares outstanding	18,680				17,345				18,588				16,867

3

See accompanying notes to unaudited condensed consolidated financial statements.

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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, 2018
Increase in net assets:
Net investment loss	$	(4,907	)
Net realized gains on investments	20,252
Net change in unrealized appreciation on investments	388
Net increase in net assets resulting from operations	15,733
Distributions to common stockholders:
Dividends to common stockholders from net investment income	(15,185		)
Total distributions to stockholders	(15,185		)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	346
Stock-based compensation expense	242
Issuance of common stock in connection with investment in Mobil Money, LLC	200
Purchase of vested stock for employee payroll tax withholding	(32		)
Issuance of common stock, net of offering costs	2,647
Net increase in net assets from capital share transactions	3,403
Total increase in net assets	3,951
Net assets at beginning of period	278,329
Net assets at end of period (includes $5,397 of distributions in excess of net investment income)	$	282,280
Common shares outstanding at end of period	15,745
Capital share activity:
Shares issued under dividend reinvestment plan	19
Shares issued in connection with sales of common stock under ATM	161
Shares issued in connection with investment in Mobil Money, LLC	11
Purchase of vested stock for employee payroll tax withholding	(2		)
Restricted shares issued under Equity Incentive Plan, net of forfeitures	99
Net increase in capital activity	288

4

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In Thousands)
	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	15,733			$	12,835
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net unrealized depreciation on controlled investments	80				1,743
Net unrealized appreciation on non-affiliate investments	(2,519		)		(1,311		)
Net unrealized depreciation on servicing assets	2,078				969
Realized gains on controlled investments	(52		)		—
Net realized gains on non-affiliate investments	(20,200		)		(17,599		)
Allowance for doubtful accounts	24				—
Change in fair value of contingent consideration liabilities	17				—
Loss on extinguishment of debt	1,059				—
Amortization of deferred financing costs	836				794
Deferred income taxes	(27		)		(410		)
Depreciation and amortization	236				185
Purchase of loans from SBA	—				(3,821		)
Purchase of SBA 7(a) loan portfolio	—				(175		)
Funding of controlled investments	(13,509		)		(20,781		)
Funding of non-control/affiliate investment	(600		)		—
Funding of non-control/non-affiliate investment	—				(3,255		)
Funding of guaranteed non-affiliate SBA loans	(151,151		)		(121,371		)
Proceeds from sale of non-affiliate SBA loans	172,463				138,526
Proceeds from sale of controlled investment	2,502				—
Funding of unguaranteed non-affiliate SBA loans	(46,842		)		(37,798		)
Return of investment from controlled investments	—				50
Principal received from controlled investments	8,450				6,559
Principal received on SBA non-affiliate investments	21,145				14,508
Other, net	568				1,110
Changes in operating assets and liabilities:
Broker receivable	(2,440		)		(21,413		)
Due to/from related parties	(788		)		(549		)
Other assets	1,429				1,106
Accounts payable, accrued expenses and other liabilities	2,261				(192		)
Capitalized servicing asset	(3,382		)		(2,847		)
Other, net	(9		)		(3		)
Net cash used in operating activities	(12,638		)		(53,140		)
Cash flows from investing activities:
Purchase of fixed assets	(208		)		(284		)
Cash flows from financing activities:
Net borrowings on bank notes payable	31,000				34,945
Proceeds from common shares sold, net of offering costs	2,647				39,450

5

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In Thousands)
	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Net proceeds from related party line of credit	9,274				14,341
Proceeds from Notes due 2023	57,500				—
Redemption of Notes due 2021	(40,250		)		—
Payments on Notes Payable - Securitization Trusts	(22,378		)		(17,516		)
Dividends paid	(14,839		)		(13,067		)
Additions to deferred financing costs	(2,336		)		(480		)
Purchase of vested stock for employee payroll tax withholding	(34		)		—
Other, net	—				(1		)
Net cash provided by financing activities	20,584				57,672
Net increase in cash and restricted cash	7,738				4,248
Cash and restricted cash—beginning of period (Note 2)	20,538				22,896
Cash and restricted cash—end of period (Note 2)	$	28,276			$	27,144
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired	$	735			$	62
Issuance of common shares in connection with investment in Mobil Money, LLC	$	200			$	—
Issuance of common shares under dividend reinvestment plan	$	346			$	91

            

6

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Performing SBA Unguaranteed Investments (1) (21)
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2028			$	91.3			$	91.3			$	92.2			0.03	%
Bio- Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2043			237.5				237.5				238.3				0.08	%
M J Losito Electrical Contractor's, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2028			58.8				58.8				52.7				0.02	%
Corptek Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/28/2028			47.5				47.5				41.9				0.01	%
Critter Cabana, LLC dba Critter Cabana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/28/2028			83.8				83.8				73.9				0.03	%
Local Leads, LLC dba New Direction Chiropractic		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2028			18.0				18.0				16.0				0.01	%
RLW4 Builders LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			6/27/2043			1,000.0				1,000.0				1,083.6				0.38	%
National Dredging Service of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2043			28.8				28.8				31.2				0.01	%
National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2028			53.3				53.3				54.9				0.02	%
Julie Cooper-Bierman dba Forever Shopper		Nonstore Retailers		Term Loan		Prime plus 2.75%			6/27/2028			16.1				16.1				14.1				—	%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			6/27/2043			354.5				354.5				372.5				0.13	%
InUSA Ventures, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			6/27/2028			50.0				50.0				44.1				0.02	%
Nick's Country Kitchen, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/27/2028			22.5				22.5				20.1				0.01	%
Bengals, Inc. dba Royal Liquor Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/26/2043			106.3				106.3				109.1				0.04	%
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			6/26/2028			925.0				925.0				837.8				0.30	%
Sun Pools, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/25/2043			306.0				306.0				294.8				0.10	%
DPF Filters Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/25/2028			68.8				68.8				62.0				0.02	%

7

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Sun Pools, Inc dba Sun Fiberglass Pools		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/25/2028			781.4				781.4				712.1				0.25	%
Sushi Prime, LLC and Vasilia Investments		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/22/2028			275.0				275.0				258.1				0.09	%
Martha Beauty Supply And Braiding, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/22/2043			139.8				139.8				151.4				0.05	%
Judy E. Moncrief C.P.A LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/22/2028			15.0				15.0				13.2				—	%
The Desert House Assisted Living ,LLC dba The Desert House Assisted Living		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			6/22/2043			78.8				78.8				82.9				0.03	%
Mr. Lube, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/22/2043			663.8				663.8				667.9				0.24	%
Mr. Lube, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/22/2028			586.3				586.3				559.3				0.20	%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/21/2043			250.0				250.0				254.6				0.09	%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/21/2028			142.5				142.5				137.7				0.05	%
Independent Life LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/21/2028			125.0				125.0				110.2				0.04	%
Surya Hotel LLC dba Hotel Royal		Accommodation		Term Loan		Prime plus 2.75%			6/21/2028			19.0				19.0				19.6				0.01	%
Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/20/2028			18.8				18.8				16.9				0.01	%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/20/2028			621.0				621.0				551.3				0.20	%
Mid America Motorworks, Inc and Yager Holdings L.P		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/19/2043			500.0				500.0				541.8				0.19	%
LCP Transportation, LLC dba LCP Teleservices		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			6/19/2028			817.5				817.5				720.4				0.26	%
Webster Light, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			6/19/2028			90.0				90.0				88.9				0.03	%
Jones Roger Sherman Inn, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/19/2028			425.0				425.0				438.3				0.16	%
Colovic Hackettstown Dairy LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/19/2043			275.0				275.0				295.8				0.10	%
Allen Theatre and Back Stage Cafe LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			6/18/2043			126.0				126.0				133.7				0.05	%

8

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Schumacker Recreation, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/18/2028			150.0				150.0				154.7				0.05	%
Softrol Systems Inc dba Softrol Systems		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			6/15/2028			932.6				932.6				832.3				0.29	%
Northway Exit 29 Campground, Inc		Accommodation		Term Loan		Prime plus 2.75%			6/15/2043			216.3				216.3				234.3				0.08	%
Kootenay Columbia LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/15/2028			6.0				6.0				5.7				—	%
Dianne Williams and Louis Williams dba Sweetlips Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/15/2043			46.3				46.3				48.4				0.02	%
Oil Palace Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			6/15/2043			32.2				32.2				34.9				0.01	%
Venzix Ventures Inc. dba Venzix		Nonstore Retailers		Term Loan		Prime plus 2.75%			6/18/2028			13.2				13.2				12.7				—	%
Top Cat Ready Mix, LLC & Ples Incestors, LLC, Pappy's Sand & Gravel		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/14/2028			156.3				156.3				144.8				0.05	%
Tele Tax Express Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/14/2028			22.5				22.5				21.9				0.01	%
Barrett Appliance Distributors Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/14/2043			621.8				621.8				610.0				0.22	%
Team Sandy Blanton Realty, Inc		Real Estate		Term Loan		Prime plus 2.75%			6/14/2043			97.5				97.5				97.2				0.03	%
Barrett Appliance Distributors, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/14/2028			502.8				502.8				467.0				0.17	%
E & J Sims Co. LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/14/2028			50.0				50.0				45.6				0.02	%
Mastiff Studios LLC		Educational Services		Term Loan		Prime plus 2.75%			6/13/2043			42.8				42.8				45.8				0.02	%
Ciasom LLC dba Mosaic		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/11/2028			180.0				180.0				159.5				0.06	%
Golf Swing Prescription LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/11/2028			13.2				13.2				11.6				—	%
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men		Support Activities for Transportation		Term Loan		Prime plus 2.75%			6/8/2043			380.7				380.7				384.6				0.14	%
Beyond Grooming LLC and Michelle McWatters		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/8/2043			43.0				43.0				45.9				0.02	%
Camp K-9 Pet Resort & Spa, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/8/2028			8.3				8.3				7.4				—	%

9

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2028			791.5				791.5				710.8				0.25	%
H S Corporation dba Lake Anna Lodge		Accommodation		Term Loan		Prime plus 2.75%			6/7/2043			131.3				131.3				142.2				0.05	%
Applied Behavioral Consulting, Inc		Social Assistance		Term Loan		Prime plus 2.75%			6/7/2043			50.0				50.0				53.1				0.02	%
Anurag, LLC dba Oakwood Package Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/6/2043			137.0				137.0				138.6				0.05	%
Hardway Inc and A F C Leasing, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/6/2028			48.7				48.7				42.9				0.02	%
Sowells Consulting Engineers, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/6/2028			22.5				22.5				19.9				0.01	%
SSD Designs LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/5/2028			74.3				74.3				66.1				0.02	%
Funtime ,LLC dba Indoor Playgrounds International		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/5/2028			250.0				250.0				220.5				0.08	%
AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%			6/1/2028			23.9				23.9				23.3				0.01	%
Mastrocinque Restaurant Management Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/1/2028			83.8				83.8				80.5				0.03	%
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/1/2028			53.0				53.0				46.8				0.02	%
Awan Business Management Group LLC, Awan Sign Company LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/31/2043			272.8				272.8				285.5				0.10	%
Seraj Wireless, LLC		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%			5/31/2028			125.0				125.0				110.2				0.04	%
Brooks Seaplane Service Inc and Lunt Enterprises LLC		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%			5/31/2028			142.8				142.8				125.8				0.04	%
SSMV LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/30/2028			48.7				48.7				47.7				0.02	%
Eagle Aggregate Transportation, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/30/2028			87.5				87.5				80.7				0.03	%
Crowley Ventures, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2028			68.7				68.7				61.6				0.02	%
Iloka, Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/25/2028			250.0				250.0				232.7				0.08	%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze		Accommodation		Term Loan		Prime plus 2.75%			5/25/2043			1,250.0				1,250.0				1,354.5				0.48	%
Conan Enterprises LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			5/25/2028			22.5				22.5				19.8				0.01	%

10

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Starship, LLC dba Tint World Smyrna		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/25/2043			69.2				69.2				75.0				0.03	%
Adow Pools LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2028			175.0				175.0				157.8				0.06	%
Dream Spa LLC and Dream Spa Greenwich LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2028			100.8				100.8				89.7				0.03	%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery		Accommodation		Term Loan		Prime plus 2.75%			5/25/2043			86.7				86.7				93.9				0.03	%
Seaside Acupuncture LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/24/2043			50.0				50.0				51.9				0.02	%
DMA Equipment LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/24/2043			261.0				261.0				265.7				0.09	%
Chem-Flotronics, Inc.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			5/22/2028			100.0				100.0				90.0				0.03	%
LightStorm Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/21/2028			5.4				5.4				4.8				—	%
Yakov Levy M.D., P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/18/2028			109.8				109.8				97.1				0.03	%
Mark A Espinoza, DDS PLLC dba Central Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/18/2028			62.1				62.1				54.7				0.02	%
On Stage Enterprises LLC, On Stage Theaters Branson, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			5/17/2028			250.0				250.0				220.3				0.08	%
JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/17/2028			8.3				8.3				7.3				—	%
Joshua One Limited Liability Company dba Genesis Personal Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/16/2043			321.3				321.3				324.3				0.11	%
Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			5/16/2028			150.0				150.0				139.1				0.05	%
Fireplace Outlet Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			5/15/2028			22.5				22.5				23.2				0.01	%
James T. Hendel dba Autotexx Mobile Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/15/2028			7.5				7.5				7.7				—	%
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/14/2028			4.5				4.5				4.0				—	%
Circle and Square, Inc dba Stamford Kumon		Educational Services		Term Loan		Prime plus 2.75%			5/11/2028			42.5				42.5				37.5				0.01	%
Bote Virginia Beach, Inc. dba Bote Virginia Beach		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			5/11/2028			11.3				11.3				10.0				—	%
Daniel Woodward, DC PLLC dba Doc's Body Shop		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/11/2028			41.2				41.2				36.3				0.01	%

11

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Johnson Expedited Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/11/2028			10.5				10.5				9.7				—	%
Adhara, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/11/2043			43.8				43.8				45.4				0.02	%
Baby Gentry's Childcare & Learning Academy		Social Assistance		Term Loan		Prime plus 2.75%			5/10/2028			11.3				11.3				10.0				—	%
P & M Entertainment, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/10/2028			78.7				78.7				73.7				0.03	%
Whitetail Nurseries Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/9/2028			267.5				267.5				255.0				0.09	%
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer		Educational Services		Term Loan		Prime plus 2.75%			5/9/2043			725.0				725.0				785.6				0.28	%
Oculi Entertainment Inc		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			5/8/2028			22.4				22.4				19.7				0.01	%
Schmaltz Operations LLC dba Companion Camp		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/7/2028			60.0				60.0				57.3				0.02	%
Container Shipping, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			5/4/2028			50.0				50.0				44.1				0.02	%
Wilbur Standford Jr Trucking and Excavating, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/3/2028			240.0				240.0				233.2				0.08	%
Warner Family Restaurant LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/3/2028			20.3				20.3				18.6				0.01	%
McIntosh Trail Management Service Organization, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/1/2028			95.0				95.0				98.0				0.03	%
Olmsted LLC and 626 Van LLC dba Maison Yaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/1/2028			107.2				107.2				99.7				0.04	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2043			16.2				16.2				17.6				0.01	%
Brenden Kehren Development LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2028			3.0				3.0				2.6				—	%
SOWC Associates LLC dba Serenity Oaks Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/30/2043			1,248.6				1,248.6				1,352.9				0.48	%
Saltamontes Tire Company, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/30/2043			102.4				102.4				106.7				0.04	%
Sunlinc Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2028			9.7				9.7				8.5				—	%
Corona Dance, LLC dba Huracan Dance Studio		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			4/30/2028			11.9				11.9				10.5				—	%

12

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Rory James Contracting LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			4/27/2028			16.0				16.0				14.1				—	%
Kastoria Inc. dba Bantam Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/27/2028			14.7				14.7				13.1				—	%
Suraj Enterprises, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/27/2028			311.5				311.5				294.1				0.10	%
Contrada Snacks LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/27/2028			10.1				10.1				8.9				—	%
Little Angels Daycare and Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/27/2043			160.1				160.1				173.5				0.06	%
LMH Optics LLC dba Sterling Optical		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/26/2028			49.7				49.7				43.9				0.02	%
RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2028			516.4				516.4				474.2				0.17	%
K&S Hardware LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			4/26/2028			22.4				22.4				19.7				0.01	%
Matrix Z, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2028			74.6				74.6				73.7				0.03	%
Pledge 4 Hope LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%			4/26/2028			14.9				14.9				13.2				—	%
RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2043			212.4				212.4				206.1				0.07	%
Joe & Sons Service, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/24/2028			111.9				111.9				115.4				0.04	%
Kneading Dough LLC dba NY Bagel Cafe & Deli		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/23/2028			14.5				14.5				13.5				—	%
Digzy Dogz and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/20/2028			8.9				8.9				8.6				—	%
Nando LLC dba Tall Timbers Banquet and Conference Center		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/20/2028			20.1				20.1				18.2				0.01	%
Just for Boats LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2043			17.5				17.5				18.9				0.01	%
Spitnale's Garage LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2043			60.2				60.2				62.1				0.02	%
Means Enterprises LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/18/2028			7.5				7.5				6.6				—	%
James L Shoemaker APCC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/18/2028			16.0				16.0				14.1				—	%
Rosemarie Products Company LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			4/18/2028			14.9				14.9				13.1				—	%

13

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Veterinary Preventive Care, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/18/2028			46.5				46.5				42.4				0.02	%
A New Dawn Psychotherapy Associates, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/18/2043			87.4				87.4				88.0				0.03	%
Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2043			22.5				22.5				22.4				0.01	%
Southern Oaks Athletic Club, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/17/2043			271.6				271.6				294.3				0.10	%
The Vine, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/17/2028			15.4				15.4				14.0				—	%
Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2028			39.8				39.8				37.6				0.01	%
1301 Starks Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/16/2028			22.4				22.4				22.4				0.01	%
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/13/2043			43.4				43.4				45.0				0.02	%
Precision Components Group Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			4/11/2028			22.4				22.4				21.4				0.01	%
Sexy Nails Center LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/10/2043			202.3				202.3				215.5				0.08	%
Mark Baker		Truck Transportation		Term Loan		Prime plus 2.75%			4/9/2028			11.9				11.9				10.8				—	%
Innovation Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/6/2028			51.0				51.0				48.6				0.02	%
Newsome Mobile Notary L.L C.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/5/2028			5.2				5.2				4.6				—	%
Shree Lakshminarayyn Grocery Stores LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			4/5/2043			119.9				119.9				125.2				0.04	%
^Bean City Bar and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/4/2043			94.4				94.4				99.1				0.04	%
Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/30/2043			222.5				222.5				231.5				0.08	%
B&C Texas Leasing Inc and M&W Hot Oil, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2028			968.8				968.8				924.3				0.33	%
GQ Investments, LLC		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%			3/30/2028			208.1				208.1				187.1				0.07	%
Romancing the Stone		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/30/2043			347.9				347.9				356.8				0.13	%
Payne's Environmental Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/30/2028			224.0				224.0				212.2				0.08	%

14

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/30/2028			123.3				123.3				122.0				0.04	%
Michael S Brown Physical Therapy, P.C		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/30/2028			97.1				97.1				85.6				0.03	%
Arrow Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2028			692.0				692.0				609.0				0.22	%
B&C Texas Leasing Inc.,M & W Hot Oil, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2043			269.3				269.3				270.9				0.10	%
Fifth Wheel Truck Stop 001		Gasoline Stations		Term Loan		Prime plus 2.75%			3/30/2043			1,143.7				1,143.7				1,134.8				0.40	%
Technical Ordnance Solutions,LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2028			1,178.9				1,178.9				1,045.8				0.37	%
Master Roofing and Siding Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/30/2028			262.0				262.0				230.6				0.08	%
America's Little Leaders Academy, Inc		Social Assistance		Term Loan		Prime plus 2.75%			3/30/2043			22.4				22.4				23.6				0.01	%
Boulevard Books Inc.		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/30/2043			121.0				121.0				126.6				0.04	%
Kaz Wellness, LLC dba Grounded Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/29/2028			15.7				15.7				14.5				0.01	%
Hot Shot Services, Inc and TFB, Ltd Co		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/29/2043			399.0				399.0				432.1				0.15	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/28/2043			21.5				21.5				23.3				0.01	%
Kenneth Whelchel dba Whelchel Fencing and Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/28/2028			64.6				64.6				59.9				0.02	%
Bebos Inc dba Pizza Hut & Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%			3/28/2028			215.4				215.4				205.8				0.07	%
Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co.		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/28/2028			230.1				230.1				216.6				0.08	%
Montage Mountain Resorts, LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/28/2043			1,247.0				1,247.0				1,350.4				0.48	%
Corning Lumber Company Inc & Frank R Close & Son Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/28/2028			86.5				86.5				89.1				0.03	%
Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			3/28/2043			214.4				214.4				214.8				0.08	%
Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			3/28/2028			152.8				152.8				144.9				0.05	%
K.C. Communications, Inc.		Telecommunications		Term Loan		Prime plus 2.75%			3/27/2028			61.8				61.8				63.7				0.02	%

15

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Towing Professionals of Arizona Inc dba Shamrock Towing		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/26/2028			148.3				148.3				136.0				0.05	%
Towing Professionals of Arizona Inc dba Shamrock Towing		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/26/2043			537.4				537.4				520.8				0.18	%
Cable Management, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			97.9				97.9				93.3				0.03	%
Aque Investment Group LLC		Real Estate		Term Loan		Prime plus 2.75%			3/23/2028			262.5				262.5				268.9				0.10	%
All Regional Recyclers of Wood LLC dba ARROW		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			129.8				129.8				123.5				0.04	%
Shweiki Media Inc dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/23/2028			74.1				74.1				74.6				0.03	%
Sunshine Tents and Event Rentals LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			3/23/2028			61.0				61.0				62.9				0.02	%
Denton BioFuels LLC and American BioSource, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			96.4				96.4				89.8				0.03	%
Sofasco, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/23/2043			99.8				99.8				99.2				0.04	%
Kajun Martial Arts LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/23/2028			22.2				22.2				19.9				0.01	%
New York Label & Box Corp		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/23/2043			1,247.0				1,247.0				1,288.5				0.46	%
ME Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/22/2028			18.5				18.5				16.3				0.01	%
GeoTek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2043			847.9				847.9				881.0				0.31	%
Rexco Foods LLC dba Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/20/2028			42.0				42.0				37.0				0.01	%
RTSP Union LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			3/20/2028			348.5				348.5				359.0				0.13	%
TX Superior Communications, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/19/2028			92.2				92.2				84.6				0.03	%
Cest Chic Concepts, LLC dba Salon Cest Chic		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/19/2028			11.1				11.1				10.0				—	%
Petroleum Equipment & Services, Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%			3/16/2028			247.2				247.2				251.5				0.09	%
Camerabots Media, LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			3/16/2028			14.8				14.8				13.4				—	%

16

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/16/2028			22.2				22.2				22.9				0.01	%
Rojenco II, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/15/2043			401.5				401.5				428.5				0.15	%
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/15/2043			517.8				517.8				552.6				0.20	%
Bear Bones, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			3/15/2043			22.4				22.4				23.8				0.01	%
CTD Operations Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/15/2028			60.1				60.1				53.8				0.02	%
Summit Insights Group LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			3/14/2028			94.4				94.4				83.1				0.03	%
Bovill Creative LLC		Real Estate		Term Loan		Prime plus 2.75%			3/14/2028			53.8				53.8				55.4				0.02	%
SRG Waterfront LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/9/2028			308.9				308.9				275.5				0.10	%
Dante Ultimate Cleaning Service LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/9/2028			10.1				10.1				9.5				—	%
^HG Ventures, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			3/9/2028			132.4				132.4				116.5				0.04	%
2b Mom Inc dba Mom's the Word Maternity		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			3/9/2028			96.5				96.5				85.0				0.03	%
Bee Kidz Funzone Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/9/2028			143.5				143.5				132.1				0.05	%
Integrity Machinery Moving, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/8/2028			22.2				22.2				22.9				0.01	%
Treft Systems Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/8/2028			14.8				14.8				13.1				—	%
Play4Fun dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/7/2028			114.3				114.3				107.5				0.04	%
Unpainted Arizona, LLC dba Westside Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/7/2043			62.5				62.5				67.7				0.02	%
Espinoza & Salinas Group Ltd dba Credit 360 Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/2/2028			4.9				4.9				4.4				—	%
BC Bishop Enterprises LLC dba 9Round Pooler		Educational Services		Term Loan		Prime plus 2.75%			3/2/2028			8.3				8.3				7.5				—	%

17

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Stepping Stones Childrens Academy		Social Assistance		Term Loan		Prime plus 2.75%			3/2/2043			253.3				253.3				267.6				0.09	%
The Law Offices of Samuel R Miller LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/28/2043			118.6				118.6				127.9				0.05	%
Connie Engelbrecht		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			2/28/2028			2.9				2.9				2.7				—	%
Merciful Heavenly Homes, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			2/28/2043			65.8				65.8				71.1				0.03	%
Urban Fitness Group LLC dba Crunch Fitness Group LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2028			172.2				172.2				177.4				0.06	%
Carey Collision Repairs Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/27/2028			73.7				73.7				66.6				0.02	%
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/26/2043			353.7				353.7				383.0				0.14	%
Purely Seed LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			2/26/2028			122.9				122.9				108.1				0.04	%
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/23/2028			5.1				5.1				4.5				—	%
Jackpine Technologies Corporation		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			2/22/2028			77.7				77.7				74.7				0.03	%
Crossfit iQ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/21/2028			41.8				41.8				37.8				0.01	%
Wellfleet Consulting Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/21/2028			14.7				14.7				13.0				—	%
New View Media Group LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			2/16/2028			81.1				81.1				83.5				0.03	%
Town & Country Transportation Co.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			2/16/2028			65.1				65.1				67.1				0.02	%
Lulinjett LLC dba All American Printing & Design		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			2/14/2043			105.9				105.9				114.6				0.04	%
Margab Inc dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/13/2028			12.5				12.5				11.3				—	%
JumboMarkets, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/13/2028			203.9				203.9				185.7				0.07	%
Start "UP" Dreams, Inc dba SDC Concrete and Start"UP" Dream Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/9/2028			73.7				73.7				68.5				0.02	%
Tony Herring & Associates, Inc.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			2/9/2028			8.1				8.1				8.1				—	%

18

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Quality Machine of Iowa, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			2/9/2028			1,250.0				1,250.0				1,196.2				0.42	%
Apps Inc., Market Share, and Singular Leaseholdings LLC		Telecommunications		Term Loan		Prime plus 2.75%			2/8/2028			515.8				515.8				454.0				0.16	%
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/7/2028			77.2				77.2				70.5				0.02	%
Macrotech Integrated Management Solutions dba Extreme Lawn Care		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/5/2028			11.8				11.8				12.2				—	%
Midlothian Hardware Inc dba Grills True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			2/2/2028			14.7				14.7				15.0				0.01	%
M&R Wong LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			2/1/2028			11.8				11.8				10.4				—	%
Chace Building Supply of CT Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			1/31/2043			299.0				299.0				323.7				0.11	%
Rocco's Landscaping LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/31/2043			74.6				74.6				80.8				0.03	%
USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%			1/31/2028			14.7				14.7				13.2				—	%
WydeBodi, LLC dba Wyde Bodi Auto Tags		Support Activities for Transportation		Term Loan		Prime plus 2.75%			1/30/2043			47.3				47.3				49.4				0.02	%
New Phaze Packaging Inc		Paper Manufacturing		Term Loan		Prime plus 2.75%			1/26/2043			954.5				954.5				1,026.3				0.36	%
Parati USA Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			1/25/2028			22.0				22.0				19.3				0.01	%
Concrete Services LLC and James Ward		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/25/2028			97.7				97.7				91.0				0.03	%
Southside BBQ Corp		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/25/2028			19.0				19.0				19.6				0.01	%
Flair Interiors, Inc dba Giant Don's Flooring America		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			1/24/2028			134.3				134.3				138.4				0.05	%
Tier 1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/23/2028			7.3				7.3				6.6				—	%
Friend Contractors, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			1/19/2043			231.4				231.4				238.2				0.08	%
Weeping Willow Kennels, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/19/2028			10.3				10.3				10.5				—	%
Lavish Specs Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			1/19/2028			7.3				7.3				6.4				—	%

19

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%			1/18/2028			129.6				129.6				114.1				0.04	%
MedWorxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/18/2028			76.9				76.9				67.7				0.02	%
Lou & Choo Enterprises Inc dba Lou & Choo Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/18/2043			114.4				114.4				117.0				0.04	%
Specialized Dairy Processors LLC and Nathaly Zapata		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/16/2028			63.5				63.5				55.9				0.02	%
Human Resource Time Manager LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/8/2028			15.1				15.1				15.6				0.01	%
Impress Therapeutic Massage LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/8/2043			62.7				62.7				66.0				0.02	%
Sandfree Systems LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/5/2028			7.3				7.3				7.6				—	%
Crad Holding LLC dba Neighborhood Laundry of Bloomfield		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/5/2028			61.0				61.0				54.2				0.02	%
Social Link LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/29/2027			10.9				10.9				9.5				—	%
Morrocco Method, Inc		Chemical Manufacturing		Term Loan		Prime plus 2.75%			12/27/2042			855.9				855.9				882.1				0.31	%
Anglin Cultured Stone Products LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/27/2042			639.7				639.7				628.1				0.22	%
Landmark Ventures USA Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			12/22/2027			60.7				60.7				52.9				0.02	%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2027			755.7				755.7				668.0				0.24	%
^TrialHawk Litigation Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2027			15.3				15.3				13.3				—	%
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/22/2027			11.7				11.7				10.2				—	%
^Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/22/2027			48.1				48.1				45.8				0.02	%
Muckamuck Trucks, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			13.4				13.4				12.7				—	%
O'Rourke's Diner, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/22/2027			3.6				3.6				3.5				—	%

20

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dudeck Enterprise LLC dba Detail Garage Las Vegas		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/22/2027			15.8				15.8				16.2				0.01	%
Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			730.1				730.1				636.7				0.23	%
Bisson Transportation Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			72.8				72.8				70.9				0.03	%
Anderson Farms Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			1,228.3				1,228.3				1,082.8				0.38	%
^Medical Plaza of Boro Park PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/22/2027			60.7				60.7				52.9				0.02	%
Jacliff Investments Inc dba International Heal		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/22/2027			48.6				48.6				42.3				0.01	%
^Street Magic Enterprise LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/21/2027			86.3				86.3				83.1				0.03	%
^Tropical Stone LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/21/2027			182.1				182.1				186.8				0.07	%
Ameco Forest Products LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/21/2027			170.3				170.3				174.7				0.06	%
DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/21/2027			22.2				22.2				20.2				0.01	%
^Blue Lagoon Resort, LLC dba Hill View Cottages		Accommodation		Term Loan		Prime plus 2.75%			12/21/2042			188.3				188.3				203.0				0.07	%
^CT Auto Spa LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/21/2027			209.7				209.7				211.7				0.07	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/20/2027			72.8				72.8				69.2				0.02	%
Best Quality Home Care LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/19/2027			7.7				7.7				6.7				—	%
^CZAR Industries, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			12/19/2027			255.3				255.3				237.6				0.08	%
^Auto Excellence of Fort Myers Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/19/2042			105.6				105.6				113.9				0.04	%
^Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/18/2027			122.3				122.3				115.3				0.04	%
^1-0 Granny's Helpful Hands, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/15/2027			21.8				21.8				19.2				0.01	%
^Galaforo Construction and Companies LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/15/2042			207.8				207.8				214.4				0.08	%
^Crystal II Auto Glass Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/15/2027			14.6				14.6				12.7				—	%
^Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/15/2027			17.3				17.3				16.3				0.01	%

21

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ocean Trans LLC & Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2042			606.2				606.2				595.8				0.21	%
^Galaforo Construction LLC and Paul M Galaforo, Jr.		Construction of Buildings		Term Loan		Prime plus 2.75%			12/15/2027			336.5				336.5				293.5				0.10	%
^Legion Bowl, Inc & Legion Pub Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/15/2042			331.5				331.5				357.6				0.13	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%			12/15/2027			60.7				60.7				57.2				0.02	%
^Capital Containers LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2027			21.8				21.8				19.5				0.01	%
^Peanut Butter & Co., Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/15/2027			218.5				218.5				190.5				0.07	%
^JMD Aviation Holdings, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/15/2027			485.5				485.5				486.8				0.17	%
Neville Galvanizing, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2042			625.0				625.0				634.2				0.22	%
^Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			12/14/2027			121.4				121.4				106.8				0.04	%
^KR Calvert & Co, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			12/14/2027			455.0				455.0				398.5				0.14	%
Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/14/2027			649.4				649.4				566.3				0.20	%
^Atlas Geo-Constructors, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/14/2027			295.2				295.2				283.2				0.10	%
^LP Industries Inc. dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			12/14/2027			73.1				73.1				70.6				0.03	%
Beale Street Blues Company Inc. dba B.B. King's Club-Memphis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/14/2027			978.3				978.3				860.2				0.30	%
^AADJ Empire Inc and AADJ Galaxy Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/14/2042			180.1				180.1				180.3				0.06	%
^Heung Kyun Im		Nonstore Retailers		Term Loan		Prime plus 2.75%			12/14/2027			15.0				15.0				13.1				—	%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			12/14/2027			93.7				93.7				92.1				0.03	%
^Hardway Inc & AFC Leasing Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/13/2027			910.4				910.4				793.9				0.28	%
^Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/13/2042			87.0				87.0				88.9				0.03	%
Polymer Dynamics, Inc and Carl Bent		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/12/2027			70.4				70.4				71.6				0.03	%

22

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^LPB LPB Property Management Inc dba Wilderness View Cabins		Real Estate		Term Loan		Prime plus 2.75%			12/12/2042			99.4				99.4				106.6				0.04	%
A-1 Van Services Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			12/12/2027			697.8				697.8				672.8				0.24	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/12/2027			449.7				449.7				427.7				0.15	%
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation		Air Transportation		Term Loan		Prime plus 2.75%			12/12/2027			485.5				485.5				423.4				0.15	%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/12/2027			48.6				48.6				42.3				0.01	%
^Big Picture Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/12/2027			364.1				364.1				331.2				0.12	%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/12/2027			14.6				14.6				13.1				—	%
^Clear Sound Communications, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/8/2027			3.6				3.6				3.2				—	%
^AV Strategy Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/8/2027			429.7				429.7				400.7				0.14	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/7/2027			14.6				14.6				12.7				—	%
^Kim Howard Corp dba NPN Machine Tools		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/7/2042			572.4				572.4				614.8				0.22	%
^IHC Hardware Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/6/2042			99.4				99.4				98.2				0.03	%
^ODS Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/6/2027			47.6				47.6				43.9				0.02	%
^Earth First Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/6/2027			72.8				72.8				72.6				0.03	%
^Driven Powersports, Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/6/2027			85.0				85.0				74.1				0.03	%
^Affordable Auto Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/5/2027			7.3				7.3				6.6				—	%
^Healthcare Interventions, Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/4/2027			14.6				14.6				12.7				—	%
Oil Palace, Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			12/4/2042			983.7				983.7				1,060.9				0.38	%
^PS Camping Inc.		Accommodation		Term Loan		Prime plus 2.75%			12/1/2027			19.1				19.1				19.3				0.01	%

23

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Linda Jean Howard Riley dba The Rusty Bolt		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/1/2042			20.9				20.9				22.5				0.01	%
^Salud Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/1/2027			54.6				54.6				47.9				0.02	%
^Square1 Partners, LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/1/2027			60.8				60.8				53.0				0.02	%
Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/1/2027			10.2				10.2				10.0				—	%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			11/30/2027			126.7				126.7				125.6				0.04	%
^Frontier Sand LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			11/30/2027			497.1				497.1				486.8				0.17	%
^WTI Distribution Inc		Support Activities for Transportation		Term Loan		Prime plus 2.75%			11/30/2027			38.6				38.6				36.4				0.01	%
^Create- A- Stitch, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/30/2042			86.8				86.8				92.3				0.03	%
^Skin Beauty Bar Inc. and Tameka J. Mathis		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/30/2027			8.7				8.7				7.8				—	%
^J. Venture Holdings, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/30/2027			12.0				12.0				12.3				—	%
^Our Playhouse Preschool, LLC		Social Assistance		Term Loan		Prime plus 2.75%			11/29/2042			233.8				233.8				252.2				0.09	%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car		Rental and Leasing Services		Term Loan		Prime plus 2.75%			11/29/2027			166.5				166.5				148.5				0.05	%
^OPH Lexington, Inc		Social Assistance		Term Loan		Prime plus 2.75%			11/29/2042			192.8				192.8				207.9				0.07	%
Amped Coffee Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/28/2027			60.1				60.1				61.4				0.02	%
Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/27/2042			118.3				118.3				127.5				0.05	%
^JMD Corporation dba Dart's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			11/22/2027			18.1				18.1				17.0				0.01	%
^Webtez Inc dba Mod Vans		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			11/22/2027			67.6				67.6				59.2				0.02	%
^Step Up Academy of the Arts, LLC		Educational Services		Term Loan		Prime plus 2.75%			11/22/2027			15.2				15.2				13.3				—	%
PB Market LLC dba Pure Barre		Educational Services		Term Loan		Prime plus 2.75%			11/21/2027			104.7				104.7				91.5				0.03	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/21/2027			21.7				21.7				20.5				0.01	%

24

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Vision Collision Center LLC dba Integrity Auto Body & Vision Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/21/2027			399.2				399.2				372.9				0.13	%
^Grumpy's Restaurant Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/21/2027			68.6				68.6				60.0				0.02	%
^Glencadia Corporation		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/21/2027			3.6				3.6				3.1				—	%
^B Lam LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/20/2042			179.9				179.9				189.2				0.07	%
N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			11/20/2027			397.0				397.0				346.2				0.12	%
N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			11/20/2042			175.5				175.5				162.3				0.06	%
^TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%			11/17/2027			182.5				182.5				175.6				0.06	%
^Maya Motel, LLC dba Town House Motel		Accommodation		Term Loan		Prime plus 2.75%			11/17/2042			56.6				56.6				61.0				0.02	%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/17/2027			51.1				51.1				45.1				0.02	%
^SSI Refrigerated Express Inc. and Robert M Stallone		Truck Transportation		Term Loan		Prime plus 2.75%			11/17/2027			62.6				62.6				55.8				0.02	%
^Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Repair		Support Activities for Transportation		Term Loan		Prime plus 2.75%			11/17/2027			48.3				48.3				44.1				0.02	%
^Ian Winterbotham dba Furnishing America		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			11/17/2027			245.0				245.0				213.7				0.08	%
^H & H Hotshot Services, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/16/2027			67.6				67.6				61.5				0.02	%
Murf & Sons LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/16/2027			160.5				160.5				142.8				0.05	%
^J R Wholesale Tires & Auto Center, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			11/15/2042			13.4				13.4				14.5				0.01	%
^Auto Rx LLC, J&P Auto Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/15/2042			194.8				194.8				208.3				0.07	%
^Marcaco LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			11/15/2042			672.4				672.4				705.0				0.25	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%			5/14/2043			324.2				324.2				349.2				0.12	%
^GFA International Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/13/2027			90.5				90.5				92.8				0.03	%
^Wing King at the Gardens LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/10/2027			9.4				9.4				8.2				—	%

25

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Linqserv Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			11/9/2027			595.9				595.9				564.7				0.20	%
^Bobcatt Solutions, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/8/2027			91.7				91.7				86.1				0.03	%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			11/8/2027			14.5				14.5				12.6				—	%
^Street Magic Enterprise LLC dba New Lisbon Travel Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			11/7/2042			419.0				419.0				433.2				0.15	%
^JNP Delivery Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/7/2027			108.6				108.6				100.9				0.04	%
^His Loving Hands Christian Academy, Inc.		Social Assistance		Term Loan		Prime plus 2.75%			11/6/2042			91.1				91.1				95.7				0.03	%
^S & S Auto Body Shop Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/3/2042			163.8				163.8				174.8				0.06	%
^Sterling Campbell Insurance Agency, Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			11/3/2027			7.2				7.2				6.3				—	%
^Top Quality Dent Service LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/2/2027			5.8				5.8				5.1				—	%
^American Reclamation LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			11/1/2027			7.3				7.3				7.1				—	%
^ Edge Studios Inc Radiant Yoga LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/1/2027			63.9				63.9				57.1				0.02	%
Berza TLG, LLC dba The Little Gym of Lake Charles		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/31/2027			40.7				40.7				36.2				0.01	%
^Rachael Reel dba Rachel Reel Insurance Age		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			10/31/2027			7.2				7.2				6.3				—	%
^The Five Lakes LLC		Educational Services		Term Loan		Prime plus 2.75%			10/30/2042			470.8				470.8				507.8				0.18	%
^Die Hard Used Car Sales		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/30/2042			55.8				55.8				60.2				0.02	%
^Blue Eagle Transport Inc, Golden Eagle Transport, Inc & Green Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%			10/27/2027			36.0				36.0				32.3				0.01	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			10/27/2027			9.6				9.6				8.5				—	%
^Ashore Ventures Inc dba PuroClean Professional Restoration		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/27/2027			14.0				14.0				12.5				—	%
^Cardinal Homes, Inc		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			10/27/2027			104.9				104.9				107.6				0.04	%

26

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Suzie LLC dba Tony D's Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/25/2042			86.7				86.7				92.1				0.03	%
^White Walker LLC dba Frenchette		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/25/2027			268.9				268.9				275.8				0.10	%
^Grand Blanc Lanes, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/25/2027			14.4				14.4				14.8				0.01	%
^Schafer Fisheries Inc		Food Manufacturing		Term Loan		Prime plus 2.75%			10/25/2027			33.6				33.6				34.5				0.01	%
^The Jig, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/24/2042			75.1				75.1				78.5				0.03	%
^Action Physical Therapy Yoga and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/24/2027			21.6				21.6				21.0				0.01	%
^Florida Apnea Diagnostics LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/20/2027			150.6				150.6				133.9				0.05	%
^Alpha Auto Sales, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/19/2027			76.7				76.7				78.7				0.03	%
^Island Refrigeration & AC Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/18/2042			140.5				140.5				144.4				0.05	%
Looky Enterprises, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/18/2027			63.8				63.8				57.1				0.02	%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry		Electronics and Appliance Stores		Term Loan		7.88%			10/17/2042			65.1				65.1				70.2				0.02	%
^Blueridge Armor LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			10/17/2027			7.9				7.9				7.4				—	%
^Cortez Landscaping, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/13/2027			18.4				18.4				17.0				0.01	%
^Albas Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/13/2042			44.6				44.6				44.3				0.02	%
^Crawfordsville Fitness LLC dba Planet Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/13/2027			119.0				119.0				106.6				0.04	%
^On Call Services LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			10/13/2027			17.3				17.3				17.7				0.01	%
^JD Ventures LLC and JD Roof Co LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/12/2027			21.6				21.6				19.3				0.01	%
Pro Anderson, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/11/2027			51.9				51.9				45.9				0.02	%
^Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/11/2027			18.0				18.0				17.5				0.01	%
^Eye Optique Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			10/5/2027			14.4				14.4				12.5				—	%

27

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ains Holding Company LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			10/2/2027			78.0				78.0				69.9				0.02	%
^Becky Lou Corp dba Rent A Center		Rental and Leasing Services		Term Loan		Prime plus 2.75%			10/2/2027			87.5				87.5				81.3				0.03	%
^Dan Cline Transport Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			9/29/2030			973.2				973.2				879.1				0.31	%
^Threads of Time LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			9/29/2042			136.1				136.1				138.5				0.05	%
^Miechella Suzette Decker		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/29/2042			99.2				99.2				106.9				0.04	%
^Harco Metal Products Inc		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			9/29/2042			486.9				486.9				476.7				0.17	%
^Chicago American Manufacturing LLC, Dockside Steel Processing, LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/29/2042			1,238.7				1,238.7				1,282.6				0.45	%
^Sashshel Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/29/2042			210.4				210.4				226.7				0.08	%
^Dr Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/29/2042			869.9				869.9				879.1				0.31	%
^Cagwin Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			9/29/2042			321.7				321.7				341.0				0.12	%
^Pets A Go Go LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/28/2042			196.8				196.8				205.9				0.07	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/28/2042			544.4				544.4				552.7				0.20	%
^Nicholson Lumber Co Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/28/2030			208.1				208.1				207.9				0.07	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/28/2042			379.1				379.1				384.9				0.14	%
^National Media Services, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/28/2027			17.9				17.9				15.6				0.01	%
^Moreno Brother's Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/28/2027			14.3				14.3				12.5				—	%
^Complete Care IT LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/27/2027			14.0				14.0				12.2				—	%
^Technologist Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/27/2027			414.0				414.0				397.7				0.14	%
^Rollins Construction & Trucking LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			9/26/2027			325.2				325.2				320.7				0.11	%

28

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Inspirations Food Design, Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/26/2042			462.5				462.5				475.8				0.17	%
^Magnation Corporation		Utilities		Term Loan		Prime plus 2.75%			9/22/2027			47.6				47.6				48.8				0.02	%
^JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/22/2027			21.5				21.5				18.9				0.01	%
^KB Waterjet Cutting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/22/2027			9.7				9.7				9.0				—	%
^Sallee Pro-Custom Fabrication Shop LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/21/2027			8.6				8.6				8.8				—	%
^Excel, RP Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			9/20/2027			95.3				95.3				89.0				0.03	%
^Denek Contracting Inc and Denek Leasing LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/20/2042			207.9				207.9				224.1				0.08	%
^Max Home Deliveries, Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%			9/20/2027			76.9				76.9				71.2				0.03	%
CR Park Incorporated dba Define Body and Mind		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/20/2027			95.6				95.6				86.4				0.03	%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/20/2027			190.6				190.6				182.6				0.06	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			9/20/2042			160.9				160.9				162.9				0.06	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%			9/20/2042			387.8				387.8				386.3				0.14	%
^NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/20/2027			979.1				979.1				945.0				0.33	%
^Imagine By Carleen, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/20/2027			7.1				7.1				7.0				—	%
^Alexander Pierce Corporation		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/20/2042			618.3				618.3				629.9				0.22	%
^Commonwealth Diagnostics International, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/20/2027			1,104.2				1,104.2				1,131.4				0.40	%
^Venus Pizza, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/20/2042			90.8				90.8				97.9				0.03	%
^Insight Diagnostic Technologist Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/20/2027			291.2				291.2				264.2				0.09	%
^CIS BIG DOG, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/19/2027			58.9				58.9				59.6				0.02	%
^Stone's Construction and Remodeling, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/19/2027			5.0				5.0				4.3				—	%

29

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Party By Design Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/18/2042			1,203.7				1,203.7				1,214.7				0.43	%
^Li Family Spokane LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2042			380.6				380.6				400.6				0.14	%
^SD Kickboxing LLC dba CKO Kickboxing Dan Diego		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/15/2027			38.1				38.1				34.7				0.01	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%			9/15/2027			60.0				60.0				55.7				0.02	%
^Inglis Food Mart Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/15/2027			21.4				21.4				21.6				0.01	%
^Clinton Food Market LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			9/15/2042			259.9				259.9				265.6				0.09	%
^Tarleton & Family Landscaping, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/15/2027			79.8				79.8				72.0				0.03	%
^Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/13/2027			315.9				315.9				275.1				0.10	%
^Fox Valley Rentals & Investments, LLC		Food Services and Drinking Places		Term Loan		Prime plus 3.75%			9/13/2027			7.2				7.2				7.2				—	%
^Nails By Mercede LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/13/2027			13.6				13.6				12.8				—	%
^Town & Country Transportation Co. and Popco, LLC.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/12/2042			167.0				167.0				180.0				0.06	%
^Rajbai Maa Inc. dba Nara Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/12/2042			386.0				386.0				382.7				0.14	%
^Morgan Lynn Kerstetter dba Catherine School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			9/11/2027			7.1				7.1				7.3				—	%
^Health & Performance Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/11/2027			19.4				19.4				16.9				0.01	%
^Foxtail, LLC and Tottly New Services Corp		Social Assistance		Term Loan		Prime plus 2.75%			9/8/2042			288.3				288.3				295.6				0.10	%
^Desert Ribs, LLC and Famous Charlie, LLC and Famous Freddie, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/8/2042			1,241.6				1,241.6				1,198.9				0.42	%
^Echelon Planning Group, LLC dba Echelon Financial Services and Echelon		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			9/8/2027			7.2				7.2				7.1				—	%
^Crazy Beatz Productions LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 3.75%			9/7/2027			5.1				5.1				4.8				—	%
^South Fulton Landscape & Nursery, Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/7/2042			99.2				99.2				106.9				0.04	%

30

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dreaming Big Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%			9/5/2042			366.7				366.7				375.6				0.13	%
^Big Coop's Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			9/1/2027			95.3				95.3				90.5				0.03	%
^Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%			8/31/2027			363.1				363.1				325.9				0.12	%
^Evernook Valley Milk LLC		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%			8/31/2042			637.5				637.5				649.4				0.23	%
^The Pink Alli, LLC dba The Alli		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			8/30/2027			17.0				17.0				15.4				0.01	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2042			692.0				692.0				640.4				0.23	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2042			543.7				543.7				503.1				0.18	%
^Lake County Tow LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			8/25/2042			86.5				86.5				88.1				0.03	%
^Parlay Disributors LLC		Educational Services		Term Loan		Prime plus 2.75%			8/25/2027			106.5				106.5				94.3				0.03	%
^InUSA Ventures Inc dba InUSA Services		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			8/24/2027			23.7				23.7				20.6				0.01	%
^Genuine Ventures LLC and Seaweed Ventures LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/24/2030			538.5				538.5				511.0				0.18	%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/23/2042			81.7				81.7				88.0				0.03	%
^Delicias de Minas Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/22/2027			195.5				195.5				193.5				0.07	%
^L&V Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			8/21/2027			17.0				17.0				17.5				0.01	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/21/2027			15.6				15.6				13.6				—	%
^Damiano Global Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/21/2027			21.3				21.3				20.3				0.01	%
^Tier 1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/18/2027			17.8				17.8				16.1				0.01	%
^Tony Herring & Associates, Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			8/17/2027			7.1				7.1				6.2				—	%

31

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Chester's World Enterprise LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/16/2027			21.3				21.3				19.4				0.01	%
^D'Amato & Sons Construction, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			8/11/2027			7.8				7.8				7.2				—	%
^Roundhay Partners LLC and Roundhay Farming LLC		Crop Production		Term Loan		Prime plus 2.75%			8/8/2042			902.1				902.1				842.6				0.30	%
^Splashlight LLC, Splashlight Photographic and Digital Studios, LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			8/7/2027			473.4				473.4				428.0				0.15	%
^L & J Corporate Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/4/2027			7.0				7.0				6.1				—	%
^Furniture Masters Limited Liability Company		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/3/2027			8.5				8.5				7.4				—	%
^HMG Strategy LLC,		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/2/2027			47.3				47.3				41.2				0.01	%
^Hope Health Care, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			7/31/2027			9.9				9.9				8.6				—	%
^Bowl Mor LLC dba Bowl Mor Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/31/2027			7.1				7.1				6.1				—	%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			7/31/2042			52.3				52.3				55.4				0.02	%
^Raffi's Inc dba Atlantic Auto Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/31/2027			13.4				13.4				13.5				—	%
^Sharon G McMillen, MA Psychologist, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/28/2027			17.5				17.5				15.2				0.01	%
^HQTRONIC LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			7/27/2027			21.2				21.2				18.4				0.01	%
^Oberon IT, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/26/2027			205.8				205.8				190.5				0.07	%
^Gilles Peress Studio LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/25/2027			58.9				58.9				51.3				0.02	%
^Ocean Trans LLC		Truck Transportation		Term Loan		Prime plus 2.75%			7/21/2027			35.3				35.3				30.7				0.01	%
^Obok LLC		Food Manufacturing		Term Loan		Prime plus 2.75%			7/21/2027			11.3				11.3				10.6				—	%
^Lil Tots' Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%			7/21/2042			46.9				46.9				47.8				0.02	%
^Nova Solutions, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			7/19/2027			23.5				23.5				23.3				0.01	%

32

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 3.75%			7/19/2027			7.1				7.1				7.3				—	%
^Aitheras Aviation Group, LLC, Aitheras Aviation Group, LLC		Air Transportation		Term Loan		Prime plus 2.75%			7/18/2027			775.7				775.7				680.4				0.24	%
^Wildflour Bakery & Cafe, LLC		Food Manufacturing		Term Loan		Prime plus 2.75%			7/17/2027			21.2				21.2				21.7				0.01	%
^Florida Home and Kitchen LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/14/2027			11.3				11.3				9.8				—	%
^Koep Companies dba Pipestone True value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			7/14/2042			322.4				322.4				322.4				0.11	%
^Rocks Auto Exchange LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			7/13/2027			14.1				14.1				12.3				—	%
^McCord Holdings, Inc. dba Fast Signs 176101		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/7/2027			17.6				17.6				15.7				0.01	%
^Thrifty Market Inc dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%			7/6/2027			96.5				96.5				88.2				0.03	%
^The Country House Restaurant, LLC and Pelton Real Estate, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2042			49.3				49.3				52.0				0.02	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/30/2027			71.3				71.3				72.9				0.03	%
^J. T. O'Neill Company, L.L.C		Real Estate		Term Loan		Prime plus 2.75%			6/30/2027			14.0				14.0				12.2				—	%
^Hamilton & Associates Real Estate and Investments Firm LLC		Real Estate		Term Loan		Prime plus 2.75%			6/30/2042			53.3				53.3				55.1				0.02	%
^BQRS, Inc. DBA Gresham Meineke Car Care Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/30/2027			58.4				58.4				51.9				0.02	%
^Veola's Day Spa and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/30/2027			8.6				8.6				7.8				—	%
^JWH Designs, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/30/2027			99.3				99.3				86.4				0.03	%
^New Chicago Wholesale Bakery Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			6/30/2027			14.1				14.1				13.6				—	%
^J&M Civil Construction Services LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/30/2027			93.6				93.6				81.4				0.03	%
^Stiegelbauer Associates Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2027			288.8				288.8				295.6				0.10	%
^Best Bees Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%			6/29/2027			21.0				21.0				18.3				0.01	%
^Miguel Fernando Borda PA dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/29/2027			48.5				48.5				43.9				0.02	%

33

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Oakhill Farms, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2030			95.5				95.5				98.8				0.04	%
^Greensboro Plastic Surgical Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/29/2042			570.2				570.2				578.8				0.21	%
^Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/29/2027			563.1				563.1				489.8				0.17	%
^HG Ventures, Inc. dba Diamond Head Trucking		Truck Transportation		Term Loan		Prime plus 2.75%			6/29/2030			971.5				971.5				857.3				0.30	%
^Malhame & Company Publishers & Importers Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/29/2027			84.2				84.2				73.4				0.03	%
^Intellixion LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/29/2027			3.5				3.5				3.0				—	%
^Foxhop Fitness, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/28/2027			87.0				87.0				76.5				0.03	%
^Akal Express Inc. dba Truck Trailer Service Stop		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/28/2042			59.1				59.1				62.5				0.02	%
^Old Dominion Transportation Group, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			6/28/2027			1,059.1				1,059.1				942.8				0.33	%
^Citibin, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			6/27/2027			116.8				116.8				101.6				0.04	%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			6/27/2030			234.3				234.3				236.6				0.08	%
^WB Cleaners Inc. DBA $2.75 Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/27/2027			15.3				15.3				15.6				0.01	%
^Ains Holding Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/26/2027			1,101.0				1,101.0				980.7				0.35	%
^Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/26/2042			215.2				215.2				219.8				0.08	%
^Rustic LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/23/2042			18.5				18.5				17.1				0.01	%
^Northern Industries, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/23/2042			56.9				56.9				61.3				0.02	%
^Vella Construction Enterprises, Inc. dba Vella Construction		Construction of Buildings		Term Loan		Prime plus 2.75%			6/23/2027			21.0				21.0				18.3				0.01	%
^Birches Group, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/22/2027			46.7				46.7				40.6				0.01	%
^Tarver-Henley Inc. and Tar-Hen LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/21/2042			315.4				315.4				320.3				0.11	%

34

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^704 Meat Center Inc. dba El Mercado and La Plaza Mercado		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/20/2042			172.5				172.5				182.3				0.06	%
^Sanabi Investment, LLC dba Oscar's Moving and Storage		Truck Transportation		Term Loan		Prime plus 2.75%			6/20/2027			116.8				116.8				107.1				0.04	%
^Scarlet Spartan Inc.dba FastSigns of Brighton		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/19/2027			52.0				52.0				46.4				0.02	%
^Don G. Timpton DDS & Associates PA and Indsaad Properties, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/16/2042			394.3				394.3				388.2				0.14	%
^All Regional Recyclers of Wood LLC dba ARROW, Superior Carting, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/15/2042			306.4				306.4				310.0				0.11	%
^JAM Media Solutions, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/15/2027			58.4				58.4				50.8				0.02	%
^Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/14/2042			91.2				91.2				96.0				0.03	%
^ESA 365 Corp and Lucathor Realty LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/14/2042			22.2				22.2				23.0				0.01	%
^Hull's Kitchen, LLC and HK Too, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/14/2042			95.0				95.0				101.9				0.04	%
^Susan Hughes dba Aloha Junction B and B		Accommodation		Term Loan		Prime plus 2.75%			6/14/2042			61.2				61.2				65.9				0.02	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			6/12/2027			111.0				111.0				105.6				0.04	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/8/2027			3.3				3.3				2.9				—	%
^Earth First Recycling, LLC and 191 Clark Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/5/2027			338.0				338.0				341.8				0.12	%
^Skydive California, LLC		Educational Services		Term Loan		Prime plus 2.75%			6/2/2027			51.4				51.4				52.6				0.02	%
^SCW, LLC dba Arthur Murray Dance Studio		Educational Services		Term Loan		Prime plus 2.75%			6/2/2042			143.9				143.9				147.3				0.05	%
^Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			6/1/2042			45.0				45.0				46.9				0.02	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			5/31/2027			20.9				20.9				18.4				0.01	%
^Haroon Baig,Inc.dba US1 Petrol		Gasoline Stations		Term Loan		Prime plus 2.75%			5/31/2042			259.8				259.8				279.9				0.10	%
^Funtime, LLC and Universal Entertainment Group LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/31/2027			61.5				61.5				54.5				0.02	%
^Impact Grounds Maintenance and Design, Inc. dba Impact Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/31/2042			78.3				78.3				83.0				0.03	%

35

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ricnet III, Inc. dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/31/2027			13.8				13.8				12.2				—	%
^Eagle Wood Works LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			5/26/2027			11.1				11.1				10.3				—	%
^Hurricane Group, Inc.		Other Information Services		Term Loan		Prime plus 2.75%			5/26/2027			69.6				69.6				60.6				0.02	%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/26/2042			191.7				191.7				200.4				0.07	%
^Chet Lemon Enterprises LLC dba All American Sports		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/26/2042			780.0				780.0				840.2				0.30	%
Swantown Inn & Spa LLC		Accommodation		Term Loan		Prime plus 2.75%			5/26/2042			125.0				125.0				133.3				0.05	%
^Abdul Naushad MD PC dba Advanced Pain Centers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/25/2042			387.5				387.5				407.4				0.14	%
^Locavore LLC dba Paloma Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/25/2027			46.4				46.4				41.9				0.01	%
^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/25/2027			199.6				199.6				190.3				0.07	%
^Beyond Waves A Unique Salon LLC and Lori Ann Carlson		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2027			13.9				13.9				12.2				—	%
^Jung Design Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/25/2027			8.4				8.4				7.3				—	%
^Innovim, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/24/2027			313.2				313.2				272.5				0.10	%
^Gill Express Inc. and Gill Express 2 LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/23/2042			333.4				333.4				337.6				0.12	%
^Prestige Construction of Florida, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			5/23/2042			331.1				331.1				330.1				0.12	%
^Southeast Recycling, LLC and Southeast Land Holdings LLC dba 67 Motor		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			5/23/2042			179.4				179.4				191.7				0.07	%
^GEM2K, LLC dba Precision Precast Group		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			5/19/2027			150.8				150.8				136.8				0.05	%
^Hayden Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/19/2027			218.7				218.7				205.8				0.07	%
^Tres K Deli,Grocery, Fruit and Meat Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/19/2027			7.7				7.7				7.2				—	%
^ Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/19/2042			573.3				573.3				592.2				0.21	%
^PS Camping, Inc. dba Prospectors RV Resort		Accommodation		Term Loan		Prime plus 2.75%			5/19/2042			255.2				255.2				273.5				0.10	%

36

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Enfield Tractor & Equipment Co		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/19/2027			275.3				275.3				267.2				0.09	%
^Waterford Plumbing Co, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/18/2027			46.4				46.4				41.1				0.01	%
^Mr. B's Bicycles & Mopeds, Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			5/18/2042			144.4				144.4				148.4				0.05	%
^New Image Building Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/18/2027			139.8				139.8				126.4				0.04	%
^Bay Car Wash LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2042			118.9				118.9				123.0				0.04	%
^Computech Computers Inc.		Educational Services		Term Loan		Prime plus 2.75%			5/17/2027			46.4				46.4				40.4				0.01	%
^Arco Electrical Contractors Inc. dba Arco Construction Group		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/16/2027			334.6				334.6				311.4				0.11	%
^Batter & Company,LLC dba Batter Co. Dessert Collection		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/16/2027			49.9				49.9				44.4				0.02	%
^5 Stars Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%			5/16/2042			60.8				60.8				62.6				0.02	%
^Band Sawn Lumber,LLC and Nathan Ryan Adams		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			5/15/2042			111.9				111.9				112.9				0.04	%
^Keys Armored Express, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/12/2027			37.1				37.1				33.8				0.01	%
^Sanderson Distribution Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			5/12/2027			9.7				9.7				8.5				—	%
^SG Linke LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			5/12/2027			77.3				77.3				79.1				0.03	%
^B G F Bobby Q's Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/11/2027			7.0				7.0				6.9				—	%
^Estelle Finkel Educational Associates,LLC		Educational Services		Term Loan		Prime plus 2.75%			5/11/2027			110.6				110.6				96.2				0.03	%
^Labmates, LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			5/10/2027			92.8				92.8				89.9				0.03	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/9/2027			82.1				82.1				74.8				0.03	%
^1872 Rosecrans, LLC dba Goodbar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/9/2027			59.3				59.3				52.0				0.02	%
^Innovation Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/9/2027			72.4				72.4				69.9				0.02	%

37

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/9/2042			21.6				21.6				20.7				0.01	%
^Arclay ,LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			5/5/2030			139.4				139.4				130.3				0.05	%
^Benchmark Building, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%			5/5/2027			20.9				20.9				18.2				0.01	%
^Cable Management LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			5/3/2027			53.3				53.3				50.8				0.02	%
^Fine Arts Center of Easley, Inc. dba Midtown Music		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			5/2/2042			114.8				114.8				123.7				0.04	%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			4/28/2027			81.8				81.8				72.2				0.03	%
^Georgia Productions Services LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			4/28/2027			84.1				84.1				78.2				0.03	%
^Love and Glory Learning Center, Inc.		Social Assistance		Term Loan		Prime plus 2.75%			4/28/2042			76.7				76.7				78.0				0.03	%
^JMA Inc. dba Primecut and Mezzo; Primecut at Marquee		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/27/2042			218.7				218.7				235.6				0.08	%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/27/2042			613.0				613.0				622.0				0.22	%
^Asheville's Fun Depot, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/26/2027			80.7				80.7				82.6				0.03	%
^Resident Research, LLC		Other Information Services		Term Loan		Prime plus 2.75%			4/24/2027			81.3				81.3				70.7				0.03	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/21/2027			6.9				6.9				6.3				—	%
^Ralph's Hair Salon, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/21/2042			49.1				49.1				51.1				0.02	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/20/2027			128.3				128.3				111.6				0.04	%
^Condron Brothers LLC DBA Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/19/2027			110.2				110.2				100.9				0.04	%
^Affordable Auto Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/17/2027			11.8				11.8				11.1				—	%
^Carpeteria (Markarian) Co.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/13/2027			122.4				122.4				123.2				0.04	%

38

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Bloomer Machine & Fab, Inc and Dale Stertz Properties		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/13/2042			202.0				202.0				212.9				0.08	%
^Butternuts Beer and Ale LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			4/12/2027			68.0				68.0				69.6				0.02	%
^Citizens Lanes, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/31/2042			610.6				610.6				657.3				0.23	%
^The Altitude Group, LLC and Core Home Security, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/31/2027			45.9				45.9				39.9				0.01	%
^Shelter Harbor Inn, Inc.		Accommodation		Term Loan		Prime plus 2.75%			3/31/2042			204.2				204.2				219.8				0.08	%
^Golden Hen Inc. dba Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/31/2027			59.4				59.4				52.3				0.02	%
^Landmark Ventures USA, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			3/31/2027			172.0				172.0				149.4				0.05	%
^MIT LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/31/2042			86.1				86.1				92.7				0.03	%
^Applied Integrated Technologies, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/31/2027			114.7				114.7				99.7				0.04	%
^Bear Trail Lodge LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/31/2042			543.8				543.8				579.6				0.21	%
^KWG Industries LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2027			27.5				27.5				27.4				0.01	%
^Signature Rooms, Inc dba Gallery Furniture		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			3/30/2042			487.9				487.9				522.2				0.18	%
^Sea Smoke Barbeque, Corp and Danwen LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/30/2042			232.7				232.7				240.3				0.09	%
^Schafer Fisheries Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/30/2042			245.1				245.1				263.8				0.09	%
^Douglas K. Soderblom . dba Loma Linda Optometry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/29/2027			91.7				91.7				84.0				0.03	%
^Discount Price, LLC dba Robert's Market		Gasoline Stations		Term Loan		Prime plus 2.75%			3/29/2042			203.0				203.0				211.5				0.07	%
^First Sail Group Inc. and Omen Board Industires LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			3/29/2027			18.3				18.3				17.1				0.01	%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham		Accommodation		Term Loan		Prime plus 2.75%			3/29/2042			1,039.6				1,039.6				1,112.0				0.39	%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics		Couriers and Messengers		Term Loan		Prime plus 2.75%			3/29/2030			92.1				92.1				81.1				0.03	%

39

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^American Pharmaceutical Innovation Company, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%			3/28/2027			27.5				27.5				24.0				0.01	%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			3/27/2042			403.8				403.8				434.6				0.15	%
^Heil & Hornik LLC dba Elysium Tennis		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/27/2042			914.5				914.5				937.1				0.33	%
^Ericon Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%			3/24/2027			57.3				57.3				56.1				0.02	%
^Robert Dixon PA dba Law Offices of Robert Dixon		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/24/2042			419.5				419.5				449.2				0.16	%
^Executive Fitness & Nutrition Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/23/2027			18.6				18.6				18.5				0.01	%
JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/23/2042			87.3				87.3				89.4				0.03	%
^Color Graphic Press, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/23/2027			110.1				110.1				112.5				0.04	%
^Denton Bio Fuels LLC and American Bio Source LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2027			54.3				54.3				50.3				0.02	%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			3/22/2042			632.9				632.9				666.4				0.24	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/21/2027			20.6				20.6				17.9				0.01	%
^J Sivilis LLC dba Pet Wants		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/17/2027			11.3				11.3				10.1				—	%
^Reservoir International LLC		Educational Services		Term Loan		Prime plus 2.75%			3/16/2027			91.7				91.7				86.4				0.03	%
^The Purple Cow House of Pancake Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/16/2042			158.2				158.2				170.3				0.06	%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/16/2027			275.4				275.4				281.6				0.10	%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M		Truck Transportation		Term Loan		Prime plus 2.75%			3/13/2027			645.5				645.5				560.9				0.20	%
^Dwayne Bernard Tate		Truck Transportation		Term Loan		Prime plus 2.75%			3/10/2027			9.6				9.6				8.9				—	%
^Elegant Occasions, LLC dba E Productions		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/10/2042			579.9				579.9				597.2				0.21	%
^Anthony LLC dba Star of Woodward Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/9/2042			113.4				113.4				122.0				0.04	%
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			3/9/2027			114.9				114.9				102.2				0.04	%

40

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Allegro Assisted Living Of Texas		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			3/6/2027			88.1				88.1				90.0				0.03	%
^Robbie E. Bakery and Cafe LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/3/2027			57.3				57.3				49.8				0.02	%
^Podium Auto Sales Inc and RRS Property, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/3/2042			89.3				89.3				91.3				0.03	%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express		Truck Transportation		Term Loan		Prime plus 2.75%			2/28/2027			219.6				219.6				190.8				0.07	%
^Weeping Willow Kennels, Inc and Aileen N Black		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/28/2042			137.6				137.6				143.7				0.05	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2027			87.7				87.7				79.5				0.03	%
^Total Document Solutions Inc and,TDS Services, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			2/27/2030			293.7				293.7				275.0				0.10	%
^Teracore Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/27/2027			149.1				149.1				129.6				0.05	%
^John Finn Associates LLC, Greenslate LLC, Finn Technology, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/27/2027			614.8				614.8				599.3				0.21	%
^McNally Enterprises Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			2/27/2027			59.2				59.2				53.6				0.02	%
^B & J Bicycle Shop Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			2/24/2027			9.1				9.1				9.3				—	%
^3W Enterprises LLC		Textile Product Mills		Term Loan		Prime plus 2.75%			2/24/2042			80.3				80.3				82.8				0.03	%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/24/2027			97.9				97.9				92.6				0.03	%
^Victorian Restaurant and Tavern, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/22/2042			105.6				105.6				106.5				0.04	%
^DER Services, LLC dba A.K.A. Sports		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			2/17/2042			39.4				39.4				42.4				0.02	%
^Bike Slug, LLC, Bike Slug Holdings Inc. and Seven Rivers Group ,LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/17/2027			17.8				17.8				15.4				0.01	%
^Ameritube, LLC and Ravone Properties, LLC		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			2/14/2042			182.1				182.1				196.0				0.07	%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/10/2027			85.4				85.4				75.1				0.03	%
^Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			2/10/2042			243.2				243.2				256.2				0.09	%
^Sushiya Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/10/2027			17.1				17.1				15.4				0.01	%

41

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Maximo Canot dba Wash and Dry Laundromat		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/10/2042			135.3				135.3				142.9				0.05	%
^Marvic Enterprises Inc dba Jordan's Liquor		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/10/2042			215.3				215.3				225.3				0.08	%
^Harrison Logging Company LLC		Forestry and Logging		Term Loan		Prime plus 2.75%			2/9/2027			96.8				96.8				89.0				0.03	%
^8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/7/2042			322.8				322.8				326.2				0.12	%
^Christopher Borgia		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/6/2027			11.8				11.8				10.4				—	%
^Splashlight LLC, Splashlight Photographic & Digital Studios LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			2/2/2027			683.3				683.3				616.8				0.22	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/1/2042			181.8				181.8				183.8				0.07	%
^Brandco, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/31/2027			39.6				39.6				34.4				0.01	%
^Chidlren's House Learning, Inc and Tarps Investment Group		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2042			315.9				315.9				325.0				0.12	%
^Fave Realty, Inc.		Real Estate		Term Loan		Prime plus 2.75%			1/30/2042			53.5				53.5				55.7				0.02	%
^ZMKNY Tires Inc dba Houston International Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			1/27/2042			105.7				105.7				113.8				0.04	%
House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/27/2042			133.3				133.3				133.4				0.05	%
^SRC Publishing LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			1/27/2027			20.3				20.3				17.7				0.01	%
^Return to Excellence Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			1/27/2027			16.0				16.0				16.4				0.01	%
^Sideways Sports Lounge and Jonathan E. McGrew and Patricia C. McGrew		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/23/2027			16.3				16.3				14.2				0.01	%
^Fox Valley Rentals & Investments LLC and Brian M Tomaszewski		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/20/2042			41.7				41.7				42.7				0.02	%
^Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			1/19/2030			234.2				234.2				220.4				0.08	%
^Jolibe LLC and Jolibe Atelier LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/18/2027			9.5				9.5				8.6				—	%
^Eickmann Management Group LLC dba Jimmy Johns of Dundee		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/17/2027			90.1				90.1				89.8				0.03	%

42

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ramjay Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			1/13/2027			396.1				396.1				365.6				0.13	%
^Fullbro Trust dba Menemsha Blues		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			1/13/2027			20.4				20.4				20.8				0.01	%
^Echelon Enterprises, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			1/10/2027			45.3				45.3				46.3				0.02	%
^Fort Smith Wings Inc. dba Wing Stop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/28/2026			17.5				17.5				16.8				0.01	%
^Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/27/2041			417.1				417.1				441.0				0.16	%
^Joshua L. Baker		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			12/23/2026			14.1				14.1				13.2				—	%
^Jacliff Investments Inc. dba International health Technologies		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/23/2026			112.2				112.2				104.9				0.04	%
^New Image Building Services, Inc.dba The Maids Servicing Oakland		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/21/2026			39.3				39.3				37.6				0.01	%
^Metropolitan Solutions Group Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/19/2041			269.3				269.3				280.3				0.10	%
^Means Enterprises LLC dba FastFrame Frisco		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/16/2026			20.2				20.2				19.1				0.01	%
^Soon Im. Chin dba Stan C-Store		Gasoline Stations		Term Loan		Prime plus 2.75%			12/15/2041			208.1				208.1				226.1				0.08	%
^Sempco, Inc.		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			41.1				41.1				45.1				0.02	%
^Allied Welding Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			735.8				735.8				775.9				0.27	%
^Ericon, Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%			12/15/2041			325.9				325.9				346.4				0.12	%
^White Hawk Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2026			986.7				986.7				922.2				0.33	%
^Elita 7, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/15/2041			697.7				697.7				751.6				0.27	%
^New Chicago Wholesale Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			445.9				445.9				471.3				0.17	%
^Techni-Pro Institute LLC		Educational Services		Term Loan		Prime plus 2.75%			12/15/2026			170.6				170.6				162.5				0.06	%
^Trison Enterprises Inc.dba Lee's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/14/2041			399.0				399.0				427.7				0.15	%
^Cardinal Homes Inc. and Bret A Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2041			118.7				118.7				129.9				0.05	%

43

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^D and E Hardware Co. and D and E Pump Sales and Service		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/14/2041			517.7				517.7				549.5				0.19	%
^HMG Strategy, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/14/2026			44.9				44.9				42.0				0.01	%
^AGG Management Team LLC dba Chevron		Gasoline Stations		Term Loan		Prime plus 2.75%			12/14/2041			281.5				281.5				308.7				0.11	%
^Cardinal Homes Inc,.Alouette Holdings Inc.		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2026			957.3				957.3				989.6				0.35	%
^Wayfarer Bicycle LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			12/13/2041			90.6				90.6				95.0				0.03	%
^Success Advertising Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/13/2041			456.8				456.8				497.0				0.18	%
^Roast Beef Levittown LLC dba Arby's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/13/2026			397.5				397.5				410.9				0.15	%
^Queen Express LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/13/2041			183.6				183.6				199.8				0.07	%
^Mack Team Enterprises Inc.dba The UPS Store #6815		Couriers and Messengers		Term Loan		Prime plus 2.75%			12/9/2026			18.3				18.3				17.7				0.01	%
^Recycling Revolution, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/9/2041			90.3				90.3				95.8				0.03	%
^Myndshft Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/9/2026			695.9				695.9				667.8				0.24	%
^New Life Hospital LLC		Hospitals		Term Loan		Prime plus 2.75%			12/8/2041			1,184.9				1,184.9				1,299.2				0.46	%
^Imagine By Carleen Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/8/2041			51.4				51.4				54.9				0.02	%
^Hanson's Greeks LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/8/2026			10.1				10.1				10.4				—	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/7/2029			66.3				66.3				66.4				0.02	%
^Lan Doctors, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/7/2026			214.2				214.2				218.3				0.08	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/5/2026			14.3				14.3				13.8				—	%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites		Accommodation		Term Loan		Prime plus 2.75%			12/5/2041			347.1				347.1				376.4				0.13	%
^Ericon, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/1/2041			712.3				712.3				759.6				0.27	%

44

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Noso Development LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/1/2026			67.3				67.3				62.9				0.02	%
^Quick Ship, LLC		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/30/2026			9.4				9.4				8.7				—	%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			11/30/2041			66.0				66.0				72.4				0.03	%
^Sharaz Shah DBA Thomas Jewelers		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			11/30/2026			7.2				7.2				6.7				—	%
^Studio Find It Georgia, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/30/2026			6.7				6.7				6.3				—	%
^Imaginarium Foods LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2042			367.3				367.3				395.0				0.14	%
^RD Management, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/30/2026			190.5				190.5				179.5				0.06	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/30/2026			20.1				20.1				19.2				0.01	%
^Usman Jalil, LLC dba Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			11/29/2041			228.1				228.1				238.7				0.08	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/29/2026			1,002.7				1,002.7				937.1				0.33	%
^Merchant Coterie, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			11/23/2026			111.6				111.6				104.3				0.04	%
^CRK Mens, LLC dba Spiff for Men		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/23/2026			96.0				96.0				90.9				0.03	%
^WPN Recycling Company LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			11/23/2026			20.1				20.1				20.7				0.01	%
^Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/23/2026			53.5				53.5				50.4				0.02	%
^Bouquet Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/22/2041			122.2				122.2				130.8				0.05	%
^J.B.K Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/22/2041			425.3				425.3				452.2				0.16	%
^6E Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/22/2026			152.3				152.3				149.3				0.05	%
^Broms Asset Management LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			11/22/2026			112.2				112.2				104.9				0.04	%

45

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			11/21/2026			89.1				89.1				92.1				0.03	%
^Catherine Christine Morin dba Purr-Fect Pets		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/17/2026			16.7				16.7				15.6				0.01	%
^Stratmar Systems Inc dba Stratmar Retail Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/16/2026			61.0				61.0				63.1				0.02	%
^Hoosier Health Plus, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/15/2026			111.4				111.4				110.7				0.04	%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			11/10/2026			172.8				172.8				176.8				0.06	%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			11/10/2041			438.5				438.5				473.4				0.17	%
^Hackensack Steel Corporation and Luzerne Ironworks Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/10/2026			213.5				213.5				220.6				0.08	%
^Panther Ironworks and Rigging Solutions LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/10/2026			134.8				134.8				131.7				0.05	%
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/9/2026			39.0				39.0				38.5				0.01	%
^Bovill Creative, LLC		Real Estate		Term Loan		Prime plus 2.75%			11/9/2041			274.9				274.9				301.4				0.11	%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			11/9/2041			235.2				235.2				248.7				0.09	%
^Big Apple Entertainment Partners LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/9/2026			156.0				156.0				145.8				0.05	%
^MIK LLC dba Firehouse Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/9/2026			181.8				181.8				171.3				0.06	%
^Fine Line Interiors, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/4/2041			76.9				76.9				84.3				0.03	%
^131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/3/2041			123.6				123.6				133.4				0.05	%
^Veracruz Shabo, LLC Waterfalls Quick Lube LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/1/2041			117.7				117.7				126.8				0.04	%
^Glocecol LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/1/2026			66.8				66.8				69.1				0.02	%
^Bloomquist Communications Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2026			53.1				53.1				49.6				0.02	%
^Middlesex Auto Sales Corp		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/31/2041			122.2				122.2				131.9				0.05	%

46

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Moolchan Enterprises LLC dba Staying Green		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2026			14.6				14.6				14.6				0.01	%
^Woodstock Enterprises Corp dba True Scent Candle Co		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			10/31/2041			86.8				86.8				91.0				0.03	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			10/27/2029			209.9				209.9				214.5				0.08	%
^FibAire Communications, LLC		Telecommunications		Term Loan		Prime plus 2.75%			10/27/2026			95.7				95.7				93.6				0.03	%
^Bonita Stone LLC and Castone Creations Inc		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			10/25/2041			258.1				258.1				274.3				0.10	%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc.		Nonstore Retailers		Term Loan		Prime plus 2.75%			10/25/2026			116.3				116.3				120.3				0.04	%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			10/24/2026			376.0				376.0				387.4				0.14	%
^Worldwide Estate, Inc. dba Washington Heights Manor		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			10/21/2041			219.4				219.4				240.6				0.09	%
^Eco Vehicle Systems LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			10/21/2026			845.1				845.1				873.4				0.31	%
^Gold Wind Logistics LLC		Truck Transportation		Term Loan		Prime plus 2.75%			10/20/2041			171.1				171.1				187.6				0.07	%
^Speaker City, Inc. dba Rollin Thunder		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%			10/14/2041			122.2				122.2				131.5				0.05	%
^Justin Partlow		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			10/13/2026			17.2				17.2				16.1				0.01	%
^Maine Service Corp		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			10/13/2026			167.2				167.2				166.5				0.06	%
^Reliable Recovery Services LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			10/7/2026			99.5				99.5				96.8				0.03	%
^Wyspen Corporation dba Charlestown Ace		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			10/3/2026			31.8				31.8				29.8				0.01	%
^Ailky Corporation		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			10/3/2026			221.2				221.2				210.2				0.07	%
^JJA Transportation Management Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2026			46.0				46.0				42.9				0.02	%
^MegaPhase, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			9/30/2026			131.4				131.4				132.6				0.05	%
^Seaway LLC and Reklaw LLC dba Allure Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/30/2041			133.7				133.7				146.5				0.05	%

47

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Adelwerth Bus Corporation, Transportation Leasing Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2029			598.6				598.6				607.3				0.22	%
^Adelwerth Bus Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2041			236.3				236.3				250.2				0.09	%
^Thunderdome Racing Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/29/2026			16.7				16.7				17.1				0.01	%
^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/29/2029			620.1				620.1				618.1				0.22	%
^CNC Precision Machine, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/28/2041			1,235.9				1,235.9				1,315.3				0.47	%
^CD Game Exchange Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/28/2026			19.7				19.7				18.4				0.01	%
^Beadon Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/28/2026			19.7				19.7				20.3				0.01	%
^Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			9/28/2041			826.4				826.4				905.5				0.32	%
^Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/27/2026			202.4				202.4				192.5				0.07	%
^Luna Nueva LLC dba Bio Builders		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/27/2026			13.2				13.2				12.5				—	%
^Reynolds Fence & Guardrail Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/27/2026			551.5				551.5				552.2				0.20	%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/27/2026			46.0				46.0				44.2				0.02	%
^PeopleBest Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/26/2026			13.1				13.1				12.3				—	%
^TPFC,LLC dbaThe Picture Frame Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/26/2041			57.1				57.1				61.0				0.02	%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			9/26/2026			7.9				7.9				8.1				—	%
^Sarah S Olelewe MD Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/26/2041			284.8				284.8				303.9				0.11	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/23/2026			76.7				76.7				73.5				0.03	%
^Mr. Mulch, Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/23/2041			394.5				394.5				405.1				0.14	%

48

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^InformationTelevision Network Inc		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			9/22/2041			823.0				823.0				896.4				0.32	%
^Cuppiecakes LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/21/2041			21.9				21.9				23.3				0.01	%
^Wrecking Crew Media LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			9/21/2026			43.8				43.8				40.9				0.01	%
^Benoit's Towing and Recovery LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			9/20/2026			10.5				10.5				9.9				—	%
^Consulting Solutions Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/20/2026			19.7				19.7				19.6				0.01	%
^Brittany Burns LLC dba Dreams Come True		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/19/2026			11.7				11.7				12.1				—	%
^Eyncon LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/16/2041			48.6				48.6				52.2				0.02	%
^The Merrin Group LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2026			153.3				153.3				154.2				0.05	%
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/14/2026			127.7				127.7				126.0				0.04	%
^Atlantic Alarm Systems and Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/14/2026			13.5				13.5				12.9				—	%
^Metropet Dog Center, Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/13/2041			106.2				106.2				114.2				0.04	%
^Marquis Cattle Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%			9/13/2026			44.2				44.2				45.7				0.02	%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/12/2041			80.2				80.2				84.4				0.03	%
^Artisan Infrastructure Holdings, LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%			9/7/2026			109.5				109.5				102.2				0.04	%
^SRA Mechanicial Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/6/2041			42.5				42.5				46.6				0.02	%
^Sandia Enterprises Inc dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/6/2026			54.8				54.8				51.1				0.02	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/30/2026			110.0				110.0				104.4				0.04	%
^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			8/29/2026			541.1				541.1				520.0				0.18	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2041			231.2				231.2				240.8				0.09	%
^Raem Corporation dba Dryclean Express		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/29/2041			70.4				70.4				76.6				0.03	%

49

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			8/29/2041			638.7				638.7				653.0				0.23	%
^Warren Dale Warrington dba Custom Paint and Body		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/26/2041			98.3				98.3				106.1				0.04	%
^TAGR Inc dba Miami Grill 137and John Nakis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/26/2026			92.8				92.8				88.1				0.03	%
^Albert Basse Associates Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			8/25/2026			53.7				53.7				55.4				0.02	%
^Dean Technology Inc		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%			8/25/2041			375.8				375.8				410.4				0.15	%
^Rosmel Pools Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/25/2026			19.6				19.6				18.5				0.01	%
^Avery Management Inc. dba Whetstone Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/25/2026			9.3				9.3				8.7				—	%
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U		Rental and Leasing Services		Term Loan		Prime plus 2.75%			8/25/2026			78.3				78.3				73.0				0.03	%
^Tabadesa Associates Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/25/2026			19.6				19.6				18.3				0.01	%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/24/2041			492.0				492.0				537.0				0.19	%
^Luv 2 Play Temecula, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/15/2026			52.2				52.2				48.7				0.02	%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/11/2026			71.7				71.7				66.9				0.02	%
^Grayson O Company		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			8/10/2041			606.7				606.7				662.6				0.23	%
^Charal Investments LLC dba Orange Theory Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/10/2026			76.1				76.1				71.0				0.03	%
^Paul Belanger dba Paul Belanger Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/9/2026			13.0				13.0				12.2				—	%
^The Hungry Rhino LLC		Real Estate		Term Loan		Prime plus 2.75%			7/29/2041			73.9				73.9				78.8				0.03	%
^Nicolette Reiser dba Comfort & Balance		Personal and Laundry Services		Term Loan		Prime plus 2.75%			7/29/2041			72.7				72.7				78.4				0.03	%
^USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/29/2026			19.4				19.4				18.5				0.01	%
^303 Tower Drive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/29/2041			387.9				387.9				420.0				0.15	%

50

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Little Tree Huggers Child Care LLC		Social Assistance		Term Loan		Prime plus 2.75%			7/29/2041			135.7				135.7				148.7				0.05	%
^676 Club LP dba The Green Door Tavern/The Drifter		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/28/2041			649.4				649.4				706.7				0.25	%
^Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/28/2026			258.8				258.8				241.5				0.09	%
^MacIver Corporation dba Division Camera		Rental and Leasing Services		Term Loan		Prime plus 2.75%			7/28/2026			1,078.1				1,078.1				1,072.5				0.38	%
^Intrepid Trinity LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			7/28/2041			60.6				60.6				65.2				0.02	%
^Apple Tree NC Inc dba Williams Farm & Garden Center		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			7/28/2041			327.2				327.2				346.6				0.12	%
^EPEC Juice LLC dba Jamba Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/27/2026			72.0				72.0				67.2				0.02	%
^Kidtastic LLC dba The Little Gym of Audubon		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/27/2026			48.9				48.9				45.7				0.02	%
^GF Libations Inc dba Minuteman Press		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			7/27/2041			38.3				38.3				38.2				0.01	%
^Pinco Pizza LLC dba Jet's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/27/2026			63.8				63.8				65.3				0.02	%
^JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/27/2026			107.8				107.8				100.6				0.04	%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			7/26/2026			78.3				78.3				76.3				0.03	%
^My Sainath Inc dba Motel 6		Accommodation		Term Loan		Prime plus 2.75%			7/22/2041			296.0				296.0				321.0				0.11	%
^Robert G Larson State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			7/22/2026			19.4				19.4				18.1				0.01	%
^J and D Resources LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/19/2026			112.6				112.6				105.8				0.04	%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			7/18/2026			13.6				13.6				12.7				—	%
^Franklin Firm LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/15/2041			168.5				168.5				180.1				0.06	%
^Billingsworks LLC dba Spoon Shine Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/15/2026			4.9				4.9				5.1				—	%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/13/2026			39.9				39.9				37.2				0.01	%

51

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Jacob Rugs LLC dba Rugs Outlet		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			7/13/2026			56.6				56.6				58.4				0.02	%
^RM Hawkins LLC dba Pure Water Tech West		Nonstore Retailers		Term Loan		Prime plus 2.75%			7/7/2026			43.1				43.1				43.3				0.02	%
^Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/7/2026			12.3				12.3				11.7				—	%
^Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/30/2041			285.4				285.4				310.0				0.11	%
^P L H Pharmaco Inc dba Farmacia San Jose		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			6/30/2026			146.3				146.3				150.3				0.05	%
^Martin Inventory Management LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/30/2026			90.5				90.5				93.3				0.03	%
^Desert Tacos LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2026			86.8				86.8				86.1				0.03	%
^VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/30/2026			19.3				19.3				18.0				0.01	%
^Corning Lumber Company Inc and Frank R Close and Son Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/30/2029			176.1				176.1				184.2				0.07	%
^Castone Creations Inc		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			6/29/2026			74.9				74.9				71.8				0.03	%
^WGI, LLC dba Williams Grant Inn		Accommodation		Term Loan		Prime plus 2.75%			6/29/2041			127.0				127.0				135.7				0.05	%
^Ninsa LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2041			108.9				108.9				119.2				0.04	%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			6/29/2041			295.1				295.1				318.3				0.11	%
^O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/29/2026			119.8				119.8				113.6				0.04	%
^E & P Holdings 1 LLC and Evans & Paul LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			6/28/2026			110.3				110.3				105.0				0.04	%
^MaidPro Marin dba MaidPro		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/28/2026			15.0				15.0				14.0				—	%
^All Printing Solutions, Inc. dba Pryntcomm		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			6/27/2041			528.8				528.8				551.7				0.20	%
^Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/27/2026			641.8				641.8				598.2				0.21	%
^JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/24/2026			42.8				42.8				39.9				0.01	%
^El Basha Inc dba RPM West San Fernando Valley		Real Estate		Term Loan		Prime plus 2.75%			6/24/2026			14.6				14.6				13.6				—	%

52

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast		Accommodation		Term Loan		Prime plus 2.75%			6/24/2041			98.0				98.0				107.3				0.04	%
^Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/23/2041			482.1				482.1				507.1				0.18	%
^Visual Advantage LLC dba Signs Now Perryberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/23/2041			88.4				88.4				94.0				0.03	%
^Long Island Comedy LLC dba Governors and New York Comedy, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/23/2041			181.4				181.4				194.2				0.07	%
^SNS of Central Alabama, LLC dba Steak N Shake dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/21/2026			49.2				49.2				47.9				0.02	%
^Evergreen Investment & Property Management LLC, Universal Kidney Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/20/2041			1,215.0				1,215.0				1,318.4				0.47	%
^Italian Heritage Tile and Stone Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/20/2026			53.5				53.5				49.8				0.02	%
^Bagelicious, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/17/2026			46.7				46.7				43.7				0.02	%
^Winegirl Wines LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			6/16/2026			9.6				9.6				9.9				—	%
^NKJ Lusby Donuts LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/16/2026			19.3				19.3				17.9				0.01	%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%			6/16/2026			474.0				474.0				441.8				0.16	%
^Jai-Alexia Consulting, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%			6/15/2026			10.1				10.1				9.4				—	%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares		Social Assistance		Term Loan		Prime plus 2%			6/15/2041			496.8				496.8				508.4				0.18	%
^Strag Industries LLC dba Meineke Car Care Center 841		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/15/2026			12.8				12.8				12.6				—	%
^Luv 2 Play AZ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/10/2026			53.5				53.5				54.4				0.02	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/10/2026			74.1				74.1				69.1				0.02	%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2026			71.9				71.9				67.0				0.02	%
^ScimTech Industries Inc dba Archer Aerospace		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			6/6/2026			10.3				10.3				9.6				—	%
^Larry H. Patterson and Rainbow Movers, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/6/2026			19.3				19.3				18.0				0.01	%
^Solvit Inc and Solvit North Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/3/2026			217.7				217.7				209.5				0.07	%

53

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^AP5 LLC dba Krauser's Food Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/2/2041			187.7				187.7				204.8				0.07	%
^ATI Jet Inc		Air Transportation		Term Loan		Prime plus 2.75%			5/31/2026			439.9				439.9				422.8				0.15	%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/31/2026			42.0				42.0				43.3				0.02	%
^Angelo Faia dba AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%			5/27/2041			96.4				96.4				102.9				0.04	%
^Premier Athletic Center of Ohio, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/27/2026			74.3				74.3				76.6				0.03	%
^Jack Frost Firewood Inc. and David Dubinsky		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/26/2041			199.2				199.2				211.8				0.08	%
^Mersada Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			5/26/2026			286.5				286.5				295.4				0.10	%
^Southwest Division Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			5/26/2026			7.0				7.0				6.8				—	%
^International Kitchen Supply LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/25/2026			158.5				158.5				153.2				0.05	%
^Groth Lumber Co. Inc. dba True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/25/2026			19.1				19.1				19.7				0.01	%
^Powerspec Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/24/2026			74.2				74.2				69.2				0.02	%
^Island Life Graphics Inc dba FASTSIGNS #576		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			5/24/2026			19.1				19.1				18.0				0.01	%
^Horseshoe Barbecue, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/23/2029			11.5				11.5				12.0				—	%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan		Social Assistance		Term Loan		Prime plus 2.75%			5/20/2026			10.8				10.8				10.1				—	%
^National Air Cargo Holdings Inc		Air Transportation		Term Loan		Prime plus 2.75%			5/20/2026			1,061.1				1,061.1				1,087.3				0.39	%
^Pro Auto Repair LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/20/2026			6.3				6.3				6.4				—	%
^HBA LLC dba Palmetto Twist-Vista		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2026			16.4				16.4				15.6				0.01	%
^J&A Laundromat Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/18/2026			57.3				57.3				54.4				0.02	%
^Dedicated Incorporated		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/18/2041			44.9				44.9				48.2				0.02	%

54

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^FJN Catering Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/13/2041			254.0				254.0				277.2				0.10	%
^LED Lighting Enterprises LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/13/2026			19.1				19.1				18.1				0.01	%
^Studio Find It Georgia Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/13/2026			19.1				19.1				18.2				0.01	%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano		Social Assistance		Term Loan		Prime plus 2.75%			5/12/2041			128.0				128.0				136.4				0.05	%
^Sabir Inc. dba Bear Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/11/2041			119.7				119.7				129.6				0.05	%
^Gator D'Lites LLC dba D'Lites Emporium		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/5/2026			19.1				19.1				17.8				0.01	%
^Warner Home Comfort, LLC dba Smith Piping		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/29/2041			79.6				79.6				84.9				0.03	%
^Keller, Fishback & Jackson LLP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/29/2026			109.3				109.3				112.7				0.04	%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/29/2026			18.9				18.9				17.7				0.01	%
^Euro Car Miami LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			4/29/2026			52.6				52.6				54.2				0.02	%
^Hard Exercise Works Winter Park LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/29/2026			34.3				34.3				32.0				0.01	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			4/29/2026			6.3				6.3				5.9				—	%
^La Nopalera Mexicano 2, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/29/2026			35.9				35.9				37.0				0.01	%
^Empowerschool LLC and Empower Autism Academy, LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/29/2041			146.5				146.5				160.4				0.06	%
^Scoler LLC dba Gold's Gym		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/29/2026			221.0				221.0				212.6				0.08	%
^May-Craft Fiberglass Products Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			4/29/2041			238.7				238.7				261.3				0.09	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/29/2041			169.4				169.4				185.5				0.07	%
^Inner Beauty Salon and Suite LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/28/2041			62.7				62.7				68.4				0.02	%
^Atlantic Restaurant Associates LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/28/2041			253.2				253.2				274.4				0.10	%

55

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Costume World Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			4/28/2041			1,207.6				1,207.6				1,322.1				0.47	%
^Pecos Inn LLC dba Econo Lodge		Accommodation		Term Loan		Prime plus 2.75%			4/28/2041			651.3				651.3				705.6				0.25	%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma City		Real Estate		Term Loan		Prime plus 2.75%			4/28/2026			7.6				7.6				7.1				—	%
^Knowledge First Inc dba Magic Years of Learning		Social Assistance		Term Loan		Prime plus 2.75%			4/27/2026			68.6				68.6				68.5				0.02	%
^Green Country Filter Manufacturing LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			4/27/2026			72.1				72.1				68.4				0.02	%
^Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/26/2026			75.8				75.8				70.6				0.03	%
^Homecare Casa Rhoda 123 Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2%			4/26/2041			648.8				648.8				669.7				0.24	%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			4/22/2041			241.1				241.1				251.3				0.09	%
^McIntosh Trail Management Services Organization Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/22/2041			410.6				410.6				449.5				0.16	%
^Jande Graphics LLC dba FastSigns #103201		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/21/2026			47.1				47.1				43.9				0.02	%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/21/2026			6.6				6.6				6.8				—	%
^Miguel Fernando Borda, P.A. dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/15/2026			18.9				18.9				18.0				0.01	%
^Sushiya Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/12/2026			73.7				73.7				70.6				0.03	%
^Sierra Foothill Cremation & Funeral Service, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/7/2026			44.6				44.6				41.6				0.01	%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/6/2041			267.1				267.1				287.7				0.10	%
^KNS Early Learning Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/6/2041			49.3				49.3				52.3				0.02	%
^Duke's Cleaners Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/31/2026			39.2				39.2				38.6				0.01	%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/31/2041			54.6				54.6				59.8				0.02	%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/31/2026			62.6				62.6				58.3				0.02	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/31/2026			18.8				18.8				17.5				0.01	%

56

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/31/2041			378.9				378.9				391.2				0.14	%
^Gill Express Inc and Blue Speed LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/31/2041			498.8				498.8				532.4				0.19	%
^Dana A. Farley dba Independent Cabinets		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			3/31/2041			65.0				65.0				71.1				0.03	%
^NOSO Development, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			3/30/2026			156.6				156.6				145.7				0.05	%
^Wyldewood Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2041			961.5				961.5				1,004.2				0.36	%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn		Accommodation		Term Loan		Prime plus 2.75%			3/30/2026			19.0				19.0				19.6				0.01	%
^MTS Car Service LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			3/30/2026			8.8				8.8				8.2				—	%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/30/2041			248.3				248.3				269.5				0.10	%
^Beale Street Blues Company-West Palm Beach, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			3/30/2026			78.3				78.3				74.2				0.03	%
^Barrocas Gym LLC dba Snap Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/29/2026			16.6				16.6				16.3				0.01	%
^Vinmar Inc. dba Locanda Portofino		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/29/2026			67.8				67.8				63.1				0.02	%
^Lust for Life Footwear, LLC		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%			3/29/2026			313.1				313.1				291.5				0.10	%
^Marathon Engineering Corporation		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			3/28/2041			43.3				43.3				46.8				0.02	%
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/28/2026			41.8				41.8				40.4				0.01	%
^RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/25/2026			47.0				47.0				43.7				0.02	%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/25/2026			19.0				19.0				18.0				0.01	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			3/25/2026			104.4				104.4				101.3				0.04	%
^International Construction Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			3/24/2041			48.2				48.2				51.2				0.02	%
^ActKnowledge, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/24/2026			104.4				104.4				107.5				0.04	%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/24/2026			41.7				41.7				42.6				0.02	%

57

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Acton Hardware LLC and Mark Allgood & Jamie Allgood		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/24/2041			480.4				480.4				504.3				0.18	%
^Magnation Corporation and Misha Family Trust		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/22/2041			97.8				97.8				107.0				0.04	%
^growth.period LLC and Potomac Recruiting LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2026			40.7				40.7				37.9				0.01	%
^Precious Care LLC and Precious Care Management LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/21/2026			465.8				465.8				435.5				0.15	%
^Media Capital Partners, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			3/21/2026			18.8				18.8				17.5				0.01	%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/18/2041			77.8				77.8				84.6				0.03	%
^ERT Group Inc and Curt's Tools Inspection Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%			3/18/2041			1,210.1				1,210.1				1,288.4				0.46	%
^Kekoa Enterprises Inc dba Signarama Sandy		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/18/2026			41.3				41.3				38.5				0.01	%
^Mariam Diner Inc dba Country Kitchen Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/18/2026			43.8				43.8				40.8				0.01	%
^Brian T Rice dba BD Logging		Forestry and Logging		Term Loan		Prime plus 2.75%			3/17/2026			7.3				7.3				7.3				—	%
^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/16/2026			18.2				18.2				18.3				0.01	%
^Evergreen Pallet LLC and Evergreen Recycle LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			3/16/2026			918.7				918.7				886.4				0.31	%
^K Soles Corp dba Max Collections		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			3/16/2026			18.8				18.8				17.5				0.01	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/16/2026			45.9				45.9				47.3				0.02	%
^R & D Enterprises Inc dba My Pool Man		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/15/2026			41.8				41.8				38.9				0.01	%
^Mustafa Inc and Raouf Properties LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/14/2041			72.2				72.2				78.5				0.03	%
^HEWZ, LLC dba Hard Exercise Works		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/14/2026			18.7				18.7				17.4				0.01	%

58

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Country Paint and Hardware Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/11/2026			73.0				73.0				68.9				0.02	%
^Dupre Capital LLC dba Fastsigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			3/11/2026			48.8				48.8				45.4				0.02	%
^Magill Truck Line LLC and Jeff J. Ralls		Truck Transportation		Term Loan		Prime plus 2.75%			3/11/2029			193.4				193.4				189.2				0.07	%
^Accuair Control Systems LLC dba Accuair Suspension		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			3/11/2026			125.3				125.3				118.4				0.04	%
^ABCs & 123s Infant and Child Care Center LP		Social Assistance		Term Loan		Prime plus 2.75%			3/11/2026			9.4				9.4				8.7				—	%
^State Painting & Decorating Co., Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/10/2026			86.6				86.6				80.6				0.03	%
^B.P.T.M. of NV LLC and Agentis Bros., LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/9/2041			505.5				505.5				540.6				0.19	%
^Step Up Academy of the Arts LLC		Educational Services		Term Loan		Prime plus 2.75%			3/9/2026			6.7				6.7				6.2				—	%
^Faith Summit Supply Inc dba Summit Supply and Summit True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/9/2026			18.8				18.8				18.3				0.01	%
^Swerve Salon LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/8/2026			66.0				66.0				61.4				0.02	%
^J & W Hardwood Flooring Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/7/2026			6.3				6.3				5.8				—	%
^Labmates LLC and POV Holdings LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/4/2041			105.2				105.2				115.1				0.04	%
^Hueston and Company CPA LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/4/2026			6.8				6.8				6.4				—	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/3/2026			45.0				45.0				45.8				0.02	%
^Miles of Smiles Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/2/2026			79.5				79.5				75.1				0.03	%
^Doxa Deo Inc dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2026			90.8				90.8				86.5				0.03	%
^The River Beas, LLC dba Subway and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2041			130.7				130.7				142.2				0.05	%
^Living Essentials HVAC Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/28/2026			12.4				12.4				11.7				—	%
^Consulting Solutions, Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/28/2026			9.3				9.3				9.5				—	%

59

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Drug Detection Laboratories, Inc. and Minh Tran		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/28/2026			16.4				16.4				15.4				0.01	%
^Powerpits CS1, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2026			15.5				15.5				15.0				0.01	%
^Aaradhya LLC dba Market Square Laundry		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/23/2026			66.2				66.2				61.7				0.02	%
^Blackstones Hairdressing LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/23/2026			43.4				43.4				40.6				0.01	%
^R & K Contracting Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/18/2026			13.1				13.1				13.4				—	%
^Pacific Coast Medical Group LLC dba Celebrity Laser Spa and Advanced		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/17/2026			202.9				202.9				208.9				0.07	%
^B for Blonde, LLC dba Blo Blow Dry Bar		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/12/2026			52.0				52.0				48.4				0.02	%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/12/2029			273.8				273.8				270.9				0.10	%
^Ei3 Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/12/2026			270.7				270.7				278.7				0.10	%
^Jersey Shore Marina & Boat Sales, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/12/2041			601.6				601.6				658.2				0.23	%
^Base USA, Inc.		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			2/2/2026			41.4				41.4				42.7				0.02	%
^Zouk Ltd dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/29/2026			18.5				18.5				19.0				0.01	%
^SuzyQue's LLC dba SuzyQue's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/28/2026			18.5				18.5				19.0				0.01	%
^Wildflour Bakery & Cafe LLC		Social Assistance		Term Loan		Prime plus 2.75%			1/28/2026			51.3				51.3				52.6				0.02	%
^Tammy Lavertue		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			1/28/2026			9.2				9.2				9.4				—	%
^New Image Building Services, Inc. dba The Maids serving Oakland		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/19/2026			68.3				68.3				65.7				0.02	%
^Gendron Funeral and Cremation Services, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/11/2041			106.5				106.5				116.5				0.04	%
^Dolarian Realty LLC and OV's Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/5/2041			65.1				65.1				71.2				0.03	%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/29/2025			91.6				91.6				92.2				0.03	%

60

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/29/2025			15.3				15.3				15.2				0.01	%
^Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			12/28/2025			12.9				12.9				12.9				—	%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/28/2025			1,017.8				1,017.8				1,013.0				0.36	%
^V2 Tango LLC dba Palette 22		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/23/2025			203.6				203.6				204.4				0.07	%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/23/2040			98.1				98.1				108.7				0.04	%
^800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			12/23/2040			231.0				231.0				255.2				0.09	%
^Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2040			289.1				289.1				319.0				0.11	%
^The LAX Shop Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			12/22/2025			79.6				79.6				82.9				0.03	%
^Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Gates		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/22/2028			769.0				769.0				814.3				0.29	%
^Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2025			14.7				14.7				14.8				0.01	%
^G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/18/2040			981.5				981.5				1,095.8				0.39	%
^Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/18/2025			142.5				142.5				141.7				0.05	%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/18/2025			61.0				61.0				61.2				0.02	%
^Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/18/2040			634.9				634.9				702.5				0.25	%
^Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/18/2025			54.7				54.7				54.9				0.02	%
^Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/18/2040			155.6				155.6				173.7				0.06	%
^Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/17/2025			85.0				85.0				88.5				0.03	%
^Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%			12/17/2025			8.8				8.8				8.7				—	%
^New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/16/2025			758.9				758.9				788.1				0.28	%

61

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/16/2025			61.1				61.1				62.6				0.02	%
^Swalm Sreet LLC and New York Home Health Care Equipment LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/16/2040			363.0				363.0				403.8				0.14	%
^JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2025			203.6				203.6				202.4				0.07	%
^Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2022			89.9				89.9				89.4				0.03	%
^Evans & Paul LLC and E&P Holdings I LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2025			105.1				105.1				105.5				0.04	%
^DC Enterprises Ltd. dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/14/2025			18.3				18.3				18.9				0.01	%
^Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/14/2040			327.9				327.9				362.4				0.13	%
^AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%			12/11/2025			18.3				18.3				18.9				0.01	%
^Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/11/2040			44.3				44.3				49.4				0.02	%
^Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%			12/10/2025			6.1				6.1				6.4				—	%
^Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/9/2025			81.4				81.4				81.9				0.03	%
^Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/8/2025			88.6				88.6				89.1				0.03	%
^My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/7/2025			28.8				28.8				28.7				0.01	%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/4/2040			482.0				482.0				534.8				0.19	%
^Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			12/2/2040			359.1				359.1				398.6				0.14	%
^Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			11/30/2025			87.3				87.3				90.9				0.03	%
^Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%			11/30/2025			14.1				14.1				14.7				0.01	%
^Japp Business Inc dba Pick and Eat and Japp Drink Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/30/2025			101.0				101.0				102.0				0.04	%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/30/2025			100.9				100.9				101.0				0.04	%
^DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%			11/25/2025			9.1				9.1				9.0				—	%

62

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/25/2025			58.4				58.4				58.0				0.02	%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/23/2040			738.3				738.3				822.5				0.29	%
^Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%			11/23/2025			9.0				9.0				9.3				—	%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			11/20/2025			72.8				72.8				72.8				0.03	%
^Haven Hospitality Group Inc. dba Haven Gastropub		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/20/2025			106.9				106.9				106.9				0.04	%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/20/2040			234.7				234.7				255.4				0.09	%
^S.B.B. Enterprises Inc dba Williamston Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			11/19/2040			103.7				103.7				113.0				0.04	%
^Key Pix Productions Inc. dba Air Bud Entertainment		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			11/18/2040			602.6				602.6				672.8				0.24	%
^E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%			11/11/2025			71.9				71.9				72.0				0.03	%
^Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/6/2025			110.3				110.3				114.3				0.04	%
^JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%			11/4/2025			247.2				247.2				256.5				0.09	%
^Bisson Transportation Inc dba I & R Associates and Document Security		Truck Transportation		Term Loan		Prime plus 2.75%			10/30/2025			18.0				18.0				18.5				0.01	%
^Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/28/2025			568.2				568.2				571.6				0.20	%
^Financial Network Recovery Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/26/2025			32.0				32.0				31.8				0.01	%
^Windsor Direct Distribution LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			10/26/2025			11.4				11.4				11.3				—	%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			10/14/2025			71.1				71.1				70.7				0.03	%
^ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			10/8/2025			18.0				18.0				18.0				0.01	%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/30/2027			644.1				644.1				658.5				0.23	%
^SCJEN Management Inc dba Bowl of Heaven		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/30/2025			57.1				57.1				56.7				0.02	%

63

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%			9/30/2025			99.1				99.1				98.3				0.03	%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/30/2028			57.0				57.0				59.8				0.02	%
^R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			9/30/2025			308.3				308.3				318.0				0.11	%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			9/30/2040			136.2				136.2				151.9				0.05	%
^Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/30/2025			17.8				17.8				17.7				0.01	%
^Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/28/2040			83.3				83.3				91.9				0.03	%
^RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/28/2040			380.1				380.1				418.5				0.15	%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/28/2025			406.8				406.8				423.2				0.15	%
^Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/25/2040			422.1				422.1				462.9				0.16	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/25/2040			916.8				916.8				1,004.9				0.36	%
^Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/25/2025			7.8				7.8				7.9				—	%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%			9/25/2040			12.9				12.9				14.3				0.01	%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/24/2040			312.5				312.5				348.5				0.12	%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%			9/24/2040			595.3				595.3				658.0				0.23	%
^Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/23/2040			59.0				59.0				65.3				0.02	%
^Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			9/23/2025			39.6				39.6				39.3				0.01	%
^J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/23/2025			120.9				120.9				120.0				0.04	%
^Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			9/22/2040			304.8				304.8				337.0				0.12	%
^Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%			9/22/2040			156.0				156.0				168.7				0.06	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/21/2025			39.6				39.6				40.0				0.01	%

64

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/21/2025			529.7				529.7				525.8				0.19	%
^Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%			9/18/2025			12.6				12.6				12.5				—	%
^MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/18/2025			6.5				6.5				6.5				—	%
^Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%			9/17/2025			99.1				99.1				98.4				0.03	%
^Import Car Connection Inc dba Car Connection		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/16/2040			388.2				388.2				431.9				0.15	%
^FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/15/2025			118.9				118.9				118.0				0.04	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%			9/11/2025			53.7				53.7				55.8				0.02	%
^Veliu LLC dba FASTSIGNS #15901		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			9/10/2025			40.2				40.2				40.2				0.01	%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			9/8/2040			133.4				133.4				148.7				0.05	%
^Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%			9/4/2040			652.5				652.5				727.8				0.26	%
^AIG Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/4/2040			346.5				346.5				378.5				0.13	%
^Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/2/2025			6.5				6.5				6.6				—	%
^Delray Scrap Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			8/31/2025			17.5				17.5				17.3				0.01	%
^The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			8/31/2025			983.4				983.4				1,001.4				0.35	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/28/2025			63.8				63.8				64.8				0.02	%
^Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%			8/28/2025			11.9				11.9				11.8				—	%
^J and K Fitness L.L.C. dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2041			90.3				90.3				100.3				0.04	%
^God Be Glorified Inc dba GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			8/20/2025			41.6				41.6				41.3				0.01	%
^3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/20/2040			130.7				130.7				145.4				0.05	%

65

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/19/2040			137.9				137.9				152.1				0.05	%
^Gold Jet Corp.		Couriers and Messengers		Term Loan		Prime plus 2.75%			8/14/2025			56.5				56.5				57.4				0.02	%
^SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/13/2025			66.5				66.5				66.3				0.02	%
^LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			7/29/2025			97.4				97.4				99.9				0.04	%
^Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/28/2025			51.2				51.2				51.8				0.02	%
^Beale Street Blues Company-West Palm Beach LLC dba Lafayette's		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			7/24/2025			51.6				51.6				51.8				0.02	%
^Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			7/23/2025			17.5				17.5				17.4				0.01	%
^Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/21/2025			50.0				50.0				49.6				0.02	%
^Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%			7/15/2040			331.1				331.1				363.3				0.13	%
^Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/10/2025			76.8				76.8				78.2				0.03	%
^Thrifty Market, Inc. dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/30/2030			229.0				229.0				236.6				0.08	%
^Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2040			40.8				40.8				44.6				0.02	%
^Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/30/2025			217.2				217.2				218.5				0.08	%
^Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/30/2025			57.8				57.8				59.5				0.02	%
^BJ's Tavern LLC and BJ's Cabana Bar Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2040			201.3				201.3				222.4				0.08	%
^Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/29/2025			12.3				12.3				12.1				—	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			8/29/2030			255.2				255.2				265.6				0.09	%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/29/2025			260.2				260.2				259.4				0.09	%
^CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/26/2040			128.5				128.5				141.2				0.05	%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling		Gasoline Stations		Term Loan		Prime plus 2.75%			6/26/2040			360.0				360.0				396.8				0.14	%

66

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%			6/26/2025			51.1				51.1				50.6				0.02	%
^TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/26/2029			17.7				17.7				18.8				0.01	%
^E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/26/2025			17.3				17.3				17.2				0.01	%
^Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.59%			6/25/2040			1,156.5				1,156.5				1,269.8				0.45	%
^Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/25/2040			233.5				233.5				253.6				0.09	%
^Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/24/2025			17.3				17.3				17.5				0.01	%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/23/2040			522.7				522.7				582.6				0.21	%
^RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/23/2025			17.2				17.2				17.0				0.01	%
^Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/22/2025			41.0				41.0				42.5				0.02	%
^PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/19/2025			11.5				11.5				11.4				—	%
^KRN Logistics, LLC and Newsome Trucking, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/19/2025			431.9				431.9				438.3				0.16	%
^Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/18/2025			47.2				47.2				46.8				0.02	%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		6.75%			6/17/2025			344.8				344.8				358.1				0.13	%
^AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/17/2040			82.2				82.2				91.4				0.03	%
^Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		Prime plus 2.75%			6/16/2025			100.8				100.8				99.9				0.04	%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/12/2040			131.5				131.5				141.3				0.05	%
^Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			6/12/2025			88.5				88.5				87.7				0.03	%
^Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/12/2040			275.3				275.3				306.8				0.11	%
^Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2040			53.3				53.3				59.4				0.02	%
^Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/5/2022			8.8				8.8				8.6				—	%

67

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/5/2025			12.1				12.1				12.0				—	%
^ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/5/2025			47.8				47.8				47.7				0.02	%
^Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/4/2040			86.0				86.0				95.9				0.03	%
^Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/3/2025			96.4				96.4				95.8				0.03	%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2025			6.3				6.3				6.2				—	%
^Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/27/2025			6.9				6.9				6.9				—	%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%			5/20/2040			164.7				164.7				182.5				0.06	%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/15/2025			556.4				556.4				555.9				0.20	%
^15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/15/2040			243.2				243.2				265.6				0.09	%
^Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/8/2025			49.7				49.7				49.4				0.02	%
^George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/7/2025			99.3				99.3				98.5				0.03	%
^South Park Properties LLC and Midlothian Hardware LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/6/2040			47.1				47.1				52.4				0.02	%
^Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/4/2040			95.3				95.3				102.8				0.04	%
^Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%			5/1/2040			76.6				76.6				85.4				0.03	%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/24/2025			11.3				11.3				11.3				—	%
^Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/21/2025			15.1				15.1				15.2				0.01	%
^Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			4/21/2025			15.8				15.8				15.7				0.01	%
^Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/17/2025			17.0				17.0				16.9				0.01	%
^Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			4/14/2025			33.6				33.6				33.3				0.01	%

68

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/3/2040			69.4				69.4				76.5				0.03	%
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/31/2040			707.0				707.0				769.5				0.27	%
^HAVANA CENTRAL NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/31/2025			213.1				213.1				221.0				0.08	%
^Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/31/2040			404.0				404.0				438.9				0.16	%
^Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			3/30/2025			93.6				93.6				95.1				0.03	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			3/30/2025			75.6				75.6				78.4				0.03	%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes		Accommodation		Term Loan		Prime plus 2.75%			3/27/2040			284.3				284.3				316.6				0.11	%
^Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%			3/27/2040			976.3				976.3				1,060.8				0.38	%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%			3/27/2025			927.2				927.2				917.6				0.33	%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			3/27/2025			79.8				79.8				81.5				0.03	%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/26/2040			50.9				50.9				56.5				0.02	%
^Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%			3/25/2025			16.8				16.8				16.7				0.01	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			3/24/2025			9.0				9.0				8.9				—	%
^Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/20/2040			106.0				106.0				118.0				0.04	%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/20/2040			40.3				40.3				44.3				0.02	%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/19/2040			80.5				80.5				89.6				0.03	%
^MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/18/2040			151.4				151.4				166.1				0.06	%
^Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/16/2040			85.9				85.9				94.7				0.03	%
^BND Sebastian Limited Liability Company and Sebastian Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/16/2040			162.5				162.5				179.9				0.06	%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/9/2040			180.5				180.5				197.9				0.07	%

69

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/4/2025			8.4				8.4				8.7				—	%
^Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%			2/27/2025			46.9				46.9				46.5				0.02	%
^Kingseal LLC dba Desoto Health and Rehab Center		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			2/26/2040			1,192.7				1,192.7				1,327.9				0.47	%
^Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			2/26/2025			48.9				48.9				50.7				0.02	%
^Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/24/2025			9.2				9.2				9.1				—	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%			2/19/2040			58.4				58.4				64.0				0.02	%
^Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			2/18/2025			55.1				55.1				55.8				0.02	%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/11/2040			161.6				161.6				176.9				0.06	%
^740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			2/10/2040			464.0				464.0				516.7				0.18	%
^Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/6/2040			62.4				62.4				68.7				0.02	%
^DuCharme Realty LLC and DuCharme Enterprises LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			2/2/2040			211.7				211.7				231.1				0.08	%
^Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/29/2025			61.5				61.5				61.3				0.02	%
^Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/23/2025			61.1				61.1				61.1				0.02	%
^Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/22/2025			10.4				10.4				10.8				—	%
^Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/20/2022			4.9				4.9				4.7				—	%
^Grand Blanc Lanes, Inc. and H, H and H, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/31/2039			124.8				124.8				140.1				0.05	%
^Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/30/2024			168.9				168.9				175.6				0.06	%
^First Prevention and Dialysis Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/30/2024			213.2				213.2				221.1				0.08	%
^Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/24/2039			1,128.3				1,128.3				1,268.3				0.45	%

70

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/23/2039			496.8				496.8				552.4				0.20	%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			12/23/2039			468.5				468.5				526.6				0.19	%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			12/22/2024			136.2				136.2				140.0				0.05	%
^MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/19/2025			34.8				34.8				35.7				0.01	%
^B.S. Ventures LLC dba Dink's Market		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/19/2039			50.4				50.4				56.6				0.02	%
^The Jewelers Inc. dba The Jewelers of Las Vegas		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			12/19/2024			907.7				907.7				926.9				0.33	%
^Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		6.25%			12/19/2024			123.4				123.4				128.6				0.05	%
^B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/17/2039			154.2				154.2				172.0				0.06	%
^All American Games, LLC and Sportslink - The Game, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			12/10/2024			290.5				290.5				298.8				0.11	%
^Kemmer LLC and Apples Tree Top Liquors LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/4/2039			130.0				130.0				144.8				0.05	%
^The Red Pill Management, Inc. dba UFC Gym Matthews		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			11/26/2024			39.7				39.7				40.7				0.01	%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/25/2039			111.4				111.4				124.8				0.04	%
^DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/25/2024			9.5				9.5				9.9				—	%
^Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			11/25/2024			158.1				158.1				161.6				0.06	%
^Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/21/2024			30.2				30.2				30.8				0.01	%
^J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/21/2024			545.8				545.8				558.2				0.20	%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			11/20/2039			112.2				112.2				125.8				0.04	%
^MLM Enterprises LLC and Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/18/2024			50.9				50.9				52.7				0.02	%
^Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/7/2024			0.7				0.7				0.7				—	%

71

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Heartland American Properties LLC and Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/31/2039			447.1				447.1				501.0				0.18	%
^Golden Transaction Corporation dba Bleh Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%			10/30/2039			146.2				146.2				164.1				0.06	%
^Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%			10/27/2039			84.5				84.5				94.3				0.03	%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy		Personal and Laundry Services		Term Loan		Prime plus 2.75%			10/24/2039			83.2				83.2				92.6				0.03	%
^One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/14/2024			14.6				14.6				14.9				0.01	%
^DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%			10/10/2039			95.0				95.0				106.6				0.04	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			10/10/2024			133.1				133.1				136.7				0.05	%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/10/2039			1,181.1				1,181.1				1,327.6				0.47	%
^Smith Spinal Care Center P.C. and James C. Smith		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/8/2039			56.0				56.0				62.7				0.02	%
^Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/8/2024			66.1				66.1				68.7				0.02	%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory		Personal and Laundry Services		Term Loan		Prime plus 2.75%			10/3/2039			115.5				115.5				129.6				0.05	%
^Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/2/2024			37.8				37.8				39.4				0.01	%
^Roccos LLC and Sullo Pantalone Inc dba Rocco's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/30/2039			238.3				238.3				265.5				0.09	%
^Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%			9/26/2039			53.6				53.6				60.2				0.02	%
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud		Gasoline Stations		Term Loan		Prime plus 2.75%			9/26/2024			15.8				15.8				16.2				0.01	%
^North Columbia LLC and Loop Liquor and Convenience Store LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/24/2039			148.4				148.4				166.2				0.06	%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/24/2039			432.6				432.6				479.7				0.17	%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/23/2024			20.7				20.7				21.1				0.01	%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/17/2039			135.6				135.6				152.2				0.05	%
^Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/17/2024			40.8				40.8				41.6				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/15/2024			195.1				195.1				200.5				0.07	%

72

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2039			398.5				398.5				446.1				0.16	%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/11/2024			443.3				443.3				451.7				0.16	%
^B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/10/2024			56.3				56.3				57.3				0.02	%
^Feel The World Inc dba Xero Shoes and Invisible Shoes		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%			9/5/2024			36.5				36.5				37.3				0.01	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			8/28/2039			859.0				859.0				964.6				0.34	%
^Lamjam LLC Goldsmith Lambros Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			8/27/2024			96.1				96.1				99.9				0.04	%
^Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/27/2024			15.8				15.8				16.1				0.01	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			8/26/2024			84.0				84.0				86.6				0.03	%
^Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/22/2039			47.9				47.9				53.5				0.02	%
^Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%			8/15/2024			86.4				86.4				88.0				0.03	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			8/15/2039			135.6				135.6				152.3				0.05	%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook		Motor Vehicle and Parts Dealers		Term Loan		6%			8/8/2039			176.4				176.4				198.0				0.07	%
^Almost Home Property LLC and Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%			8/7/2039			677.8				677.8				760.1				0.27	%
^AGV Enterprises LLC dba Jet's Pizza #42		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/31/2024			37.7				37.7				38.5				0.01	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/31/2024			271.1				271.1				279.2				0.10	%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/30/2039			19.9				19.9				22.3				0.01	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%			7/24/2039			139.2				139.2				156.3				0.06	%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/17/2039			94.8				94.8				106.1				0.04	%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/30/2024			67.9				67.9				70.5				0.02	%
^AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/30/2039			193.0				193.0				216.6				0.08	%

73

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2039			584.9				584.9				648.6				0.23	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/30/2039			811.9				811.9				910.8				0.32	%
^JPM Investments LLC and Carolina Family Foot Care P.A.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/26/2039			132.6				132.6				148.3				0.05	%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/25/2039			444.1				444.1				496.5				0.18	%
^Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/20/2039			216.2				216.2				241.6				0.09	%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/19/2024			249.1				249.1				258.7				0.09	%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%			6/17/2039			852.3				852.3				956.2				0.34	%
^Global Educational Delivery Services LLC		Educational Services		Term Loan		Prime plus 2.75%			6/16/2024			41.3				41.3				42.9				0.02	%
^Sico & Walsh Insurance Agency Inc and The AMS Trust		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			6/6/2039			87.3				87.3				98.0				0.03	%
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/3/2024			15.3				15.3				15.7				0.01	%
^Long Island Barber Institute Inc		Educational Services		Term Loan		Prime plus 2.75%			6/2/2039			51.5				51.5				57.4				0.02	%
^CJR LLC and PowerWash Plus, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/30/2024			35.6				35.6				36.9				0.01	%
^Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/30/2024			15.1				15.1				15.7				0.01	%
^Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/29/2024			87.9				87.9				89.5				0.03	%
^EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2024			12.9				12.9				13.2				—	%
^Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			5/27/2024			40.3				40.3				41.0				0.01	%
^Hae M. and Jin S. Park dba Buford Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/15/2039			153.2				153.2				170.7				0.06	%
^The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/8/2039			83.6				83.6				93.5				0.03	%
^AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/29/2039			100.4				100.4				112.7				0.04	%
^Gerami Realty, LC Sherrill Universal City Corral, LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/23/2027			60.5				60.5				64.0				0.02	%

74

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/23/2039			19.2				19.2				21.5				0.01	%
^Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu		Real Estate		Term Loan		Prime plus 2.75%			4/22/2039			95.8				95.8				107.5				0.04	%
^Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2024			123.7				123.7				126.3				0.04	%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/9/2039			125.9				125.9				141.0				0.05	%
^Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2024			110.6				110.6				113.4				0.04	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/31/2039			85.3				85.3				94.8				0.03	%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			3/31/2039			413.4				413.4				462.2				0.16	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/31/2039			94.1				94.1				104.6				0.04	%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			3/31/2024			463.1				463.1				478.7				0.17	%
^Kemmer, LLC and Pitts Package Store, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/31/2039			108.5				108.5				120.0				0.04	%
^Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			7/28/2039			116.9				116.9				130.5				0.05	%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox		Social Assistance		Term Loan		Prime plus 2.75%			3/21/2039			135.1				135.1				150.4				0.05	%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/20/2039			102.1				102.1				114.4				0.04	%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			3/20/2039			72.6				72.6				81.3				0.03	%
^Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/18/2024			16.9				16.9				17.5				0.01	%
^Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/14/2039			60.0				60.0				67.3				0.02	%
^Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/14/2029			850.1				850.1				900.8				0.32	%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/13/2039			205.8				205.8				230.6				0.08	%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/28/2039			383.8				383.8				427.9				0.15	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			2/28/2024			227.6				227.6				234.7				0.08	%

75

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/28/2039			197.1				197.1				219.4				0.08	%
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/28/2039			193.9				193.9				215.9				0.08	%
^Choe Trade Group Inc dba Rapid Printers of Monterey		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			2/28/2024			103.4				103.4				107.2				0.04	%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/12/2039			130.2				130.2				145.9				0.05	%
^JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			2/11/2024			181.7				181.7				185.5				0.07	%
^Awesome Pets II Inc dba Mellisa's Pet Depot		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			2/7/2024			54.6				54.6				55.9				0.02	%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/7/2039			91.5				91.5				102.2				0.04	%
^Sarah Sibadan dba Sibadan Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			1/27/2039			118.6				118.6				132.8				0.05	%
^Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			1/15/2024			13.9				13.9				14.5				0.01	%
^Nutmeg North Associates LLC Steeltech Building Products Inc		Construction of Buildings		Term Loan		Prime plus 2.75%			12/31/2038			840.1				840.1				946.9				0.34	%
^KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/23/2028			151.0				151.0				162.0				0.06	%
^Mosley Auto Group LLC dba America's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/20/2038			202.7				202.7				228.9				0.08	%
^Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/20/2038			81.3				81.3				91.9				0.03	%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/19/2038			508.1				508.1				573.0				0.20	%
^TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%			12/18/2038			371.1				371.1				418.6				0.15	%
^TOL LLC dba Wild Birds Unlimited		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			12/13/2023			11.8				11.8				12.2				—	%
^920 CHR Realty LLC V. Garofalo Carting Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			12/10/2038			382.6				382.6				432.4				0.15	%
^DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%			12/5/2038			127.0				127.0				143.5				0.05	%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/3/2038			95.4				95.4				107.3				0.04	%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/2/2023			254.3				254.3				263.6				0.09	%

76

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			11/27/2038			69.9				69.9				78.9				0.03	%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			11/27/2023			42.0				42.0				43.4				0.02	%
^Wallace Holdings LLC, GFA International Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%			11/25/2023			77.7				77.7				79.8				0.03	%
^AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/21/2023			9.7				9.7				10.0				—	%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/18/2023			28.6				28.6				29.5				0.01	%
^Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%			11/15/2023			46.9				46.9				48.4				0.02	%
^Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			11/14/2023			2.9				2.9				3.0				—	%
^Polpo Realty, LLC, Polpo Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/6/2038			56.8				56.8				64.2				0.02	%
^Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%			10/31/2038			862.9				862.9				972.9				0.34	%
^Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/31/2038			125.5				125.5				141.7				0.05	%
^Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2038			543.7				543.7				612.3				0.22	%
^Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%			10/31/2023			27.1				27.1				28.1				0.01	%
^1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/31/2038			193.9				193.9				219.0				0.08	%
^New Image Building Services Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/29/2023			199.7				199.7				206.7				0.07	%
^Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/24/2023			127.2				127.2				132.2				0.05	%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/24/2038			135.7				135.7				153.4				0.05	%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/18/2023			54.0				54.0				55.9				0.02	%
^First Steps Real Estate Company, LLC and First Steps Preschool		Social Assistance		Term Loan		Prime plus 2.75%			9/30/2038			88.7				88.7				99.8				0.04	%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			9/30/2038			268.5				268.5				302.8				0.11	%

77

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			9/30/2038			109.4				109.4				123.5				0.04	%
^Discount Wheel and Tire of Broken Bow Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/30/2038			203.3				203.3				229.1				0.08	%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%			9/30/2038			313.6				313.6				354.0				0.13	%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/27/2038			304.5				304.5				343.2				0.12	%
^Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			9/27/2038			688.5				688.5				775.5				0.27	%
^Eastside Soccer Dome, Inc .		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/26/2038			421.4				421.4				475.7				0.17	%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/26/2038			90.9				90.9				102.6				0.04	%
^Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/26/2038			46.5				46.5				52.5				0.02	%
^Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/25/2023			7.2				7.2				7.4				—	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%			9/25/2038			82.4				82.4				92.8				0.03	%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%			9/20/2023			28.3				28.3				29.2				0.01	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/20/2038			244.2				244.2				275.3				0.10	%
^Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/19/2038			102.1				102.1				115.0				0.04	%
^Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/18/2023			9.9				9.9				10.2				—	%
^Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%			9/13/2023			101.0				101.0				104.3				0.04	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/12/2028			42.8				42.8				45.7				0.02	%
^The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/12/2023			264.6				264.6				273.1				0.10	%
^Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%			9/11/2038			112.9				112.9				127.3				0.05	%
^Alma J. and William R. Walton and Almas Child Day Care Center, Inc		Social Assistance		Term Loan		Prime plus 2.75%			9/11/2038			35.9				35.9				40.5				0.01	%
^B for Brunette dba Blo		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/10/2023			32.9				32.9				33.9				0.01	%

78

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/4/2038			202.5				202.5				228.1				0.08	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			8/30/2023			78.3				78.3				81.3				0.03	%
^IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/30/2023			413.1				413.1				427.1				0.15	%
^ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			8/30/2023			327.3				327.3				339.7				0.12	%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%			8/30/2023			26.0				26.0				27.0				0.01	%
^Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			8/28/2023			112.7				112.7				116.1				0.04	%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins		Nonstore Retailers		Term Loan		Prime plus 2.75%			8/26/2023			48.6				48.6				50.4				0.02	%
^JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/16/2023			11.6				11.6				12.0				—	%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			8/14/2038			314.5				314.5				354.0				0.13	%
^Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			8/12/2023			13.5				13.5				14.0				—	%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/24/2023			7.0				7.0				7.3				—	%
^Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/19/2038			84.3				84.3				95.1				0.03	%
^Harbor Ventilation Inc and Estes Investment, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/19/2038			2.1				2.1				2.4				—	%
^Tri County Heating and Cooling Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/19/2023			52.2				52.2				54.2				0.02	%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%			7/17/2023			31.9				31.9				32.8				0.01	%
^Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/28/2023			26.4				26.4				27.4				0.01	%
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/28/2038			88.0				88.0				99.2				0.04	%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			6/19/2026			622.8				622.8				658.4				0.23	%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			6/18/2028			671.5				671.5				718.6				0.25	%

79

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			6/14/2023			201.0				201.0				206.9				0.07	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			6/12/2038			821.3				821.3				926.1				0.33	%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/5/2038			168.2				168.2				189.5				0.07	%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/5/2038			170.5				170.5				191.6				0.07	%
^RXSB, Inc dba Medicine Shoppe		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			5/30/2023			107.1				107.1				110.2				0.04	%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/28/2023			36.4				36.4				37.6				0.01	%
^Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			5/24/2023			28.0				28.0				28.8				0.01	%
^Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			4/30/2023			56.5				56.5				58.1				0.02	%
^PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/30/2038			495.2				495.2				557.2				0.20	%
^Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%			4/22/2023			45.3				45.3				46.7				0.02	%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/29/2038			111.8				111.8				125.6				0.04	%
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads		Food Manufacturing		Term Loan		Prime plus 2.75%			3/29/2038			302.0				302.0				338.9				0.12	%
^A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%			3/27/2038			296.2				296.2				333.3				0.12	%
^Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%			3/27/2028			204.9				204.9				218.9				0.08	%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/25/2038			482.3				482.3				542.0				0.19	%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/22/2038			60.6				60.6				68.1				0.02	%
^Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2023			45.1				45.1				46.4				0.02	%
^M & H Pine Straw Inc and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			3/21/2023			197.4				197.4				203.8				0.07	%
^Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/18/2023			31.5				31.5				32.6				0.01	%

80

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/15/2023			287.4				287.4				296.7				0.11	%
^Golden Gate Lodging LLC		Accommodation		Term Loan		Prime plus 2.75%			3/12/2038			103.2				103.2				116.1				0.04	%
^Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2023			57.7				57.7				59.2				0.02	%
^River Club Golf Course Inc dba The River Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2038			432.8				432.8				486.6				0.17	%
^Osceola River Mill, LLC, Ironman Machine, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			2/20/2038			77.2				77.2				86.9				0.03	%
^Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/19/2038			45.7				45.7				51.5				0.02	%
^Retain Loyalty LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			2/15/2038			95.2				95.2				107.1				0.04	%
^Knits R Us, Inc. dba NYC Sports / Mingle		Textile Mills		Term Loan		Prime plus 2.75%			2/11/2038			112.1				112.1				126.2				0.04	%
^North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			2/6/2023			8.3				8.3				8.6				—	%
^MJD Investments, LLC dba The Community Day School		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2038			230.7				230.7				259.4				0.09	%
^Sherill Universal City dba Golden Corral LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/28/2038			395.1				395.1				444.2				0.16	%
^Macho LLC, Madelaine Chocolate Novelties Inc		Food Manufacturing		Term Loan		Prime plus 2.75%			12/31/2037			448.1				448.1				505.9				0.18	%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/31/2022			52.1				52.1				53.7				0.02	%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/28/2027			31.1				31.1				33.1				0.01	%
^John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/28/2022			275.0				275.0				284.4				0.10	%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/27/2037			461.3				461.3				520.8				0.18	%
^Martin L Hopp, MD PHD A Medical Corp dba Tower ENT		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2022			35.3				35.3				36.4				0.01	%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/20/2027			288.2				288.2				307.5				0.11	%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/20/2022			119.5				119.5				123.5				0.04	%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/30/2037			256.1				256.1				289.0				0.10	%

81

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			11/28/2037			203.9				203.9				230.2				0.08	%
^D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			11/27/2022			5.1				5.1				5.3				—	%
^Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			11/27/2037			164.8				164.8				186.0				0.07	%
^DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/26/2022			31.8				31.8				32.9				0.01	%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			11/21/2037			85.6				85.6				96.7				0.03	%
^Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			11/21/2022			143.8				143.8				148.5				0.05	%
^R & J Petroleum LLC, Manar USA, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			11/20/2037			160.1				160.1				180.7				0.06	%
^St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/19/2022			11.1				11.1				11.5				—	%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/9/2022			11.7				11.7				12.1				—	%
^Reidville Hydraulics Mfg Inc dba Summit		Machinery Manufacturing		Term Loan		Prime plus 2.75%			11/2/2037			236.5				236.5				266.6				0.09	%
^Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/26/2022			95.4				95.4				98.3				0.03	%
^University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/27/2022			38.7				38.7				39.9				0.01	%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/26/2037			164.0				164.0				184.8				0.07	%
^O'Rourkes Diner LLC dba O'Rourke's Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/19/2037			58.0				58.0				65.3				0.02	%
^AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%			8/27/2022			8.4				8.4				8.7				—	%
^New Image Building Services, Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/23/2037			252.4				252.4				284.1				0.10	%
^Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			8/17/2037			318.1				318.1				358.8				0.13	%
^Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			7/27/2022			52.7				52.7				54.4				0.02	%
^Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/27/2022			7.3				7.3				7.5				—	%
^Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/29/2037			253.4				253.4				285.2				0.10	%

82

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^WPI, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			6/29/2024			77.4				77.4				80.7				0.03	%
^Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/29/2022			699.8				699.8				721.0				0.26	%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2037			61.2				61.2				69.0				0.02	%
^KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			6/15/2022			23.9				23.9				24.6				0.01	%
^Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/14/2022			9.7				9.7				10.0				—	%
^ALF, LLC, Mulit-Service Eagle Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			5/31/2037			55.1				55.1				62.1				0.02	%
^Christou Real Estate Holdings LLC dba Tops American Grill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/17/2037			248.5				248.5				279.9				0.10	%
^Tracey Vita-Morris dba Tracey Vita's School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			5/10/2022			10.7				10.7				11.0				—	%
^Fair Deal Food Mart Inc dba Neighbors Market		Gasoline Stations		Term Loan		Prime plus 2.75%			5/3/2037			334.1				334.1				376.3				0.13	%
^Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/27/2022			3.8				3.8				3.9				—	%
^Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%			4/12/2022			259.2				259.2				267.1				0.09	%
^Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			4/5/2022			2.7				2.7				2.7				—	%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/30/2031			182.8				182.8				199.3				0.07	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/30/2022			83.3				83.3				85.3				0.03	%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/29/2037			658.3				658.3				740.7				0.26	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%			3/23/2037			2,623.4				2,623.4				2,951.9				1.05	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6.25%			3/23/2022			693.1				693.1				712.8				0.25	%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/23/2028			74.8				74.8				79.9				0.03	%
^Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/22/2027			818.2				818.2				869.7				0.31	%

83

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%			12/28/2026			568.2				568.2				604.7				0.21	%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/22/2036			358.1				358.1				403.5				0.14	%
^K's Salon, LLC d/b/a K's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/20/2021			31.7				31.7				32.5				0.01	%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/16/2021			105.5				105.5				108.5				0.04	%
^M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/15/2021			133.8				133.8				137.4				0.05	%
^Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/8/2021			131.9				131.9				135.6				0.05	%
^MRM Supermarkets, Inc. dba Constantin's Breads		Food Manufacturing		Term Loan		Prime plus 2.75%			11/10/2021			57.6				57.6				59.2				0.02	%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			10/26/2021			25.0				25.0				25.6				0.01	%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/25/2021			9.2				9.2				9.4				—	%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/30/2036			71.3				71.3				80.3				0.03	%
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/30/2021			121.3				121.3				124.4				0.04	%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/30/2036			24.2				24.2				27.3				0.01	%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/28/2021			422.8				422.8				433.4				0.15	%
^Equity National Capital LLC & Chadbourne Road Capital, LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			9/26/2021			25.2				25.2				25.8				0.01	%
^Michael S. Decker & Janet Decker dba The Hen House Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/30/2036			14.1				14.1				15.8				0.01	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			8/19/2021			69.7				69.7				71.5				0.03	%
^Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			8/19/2036			114.5				114.5				128.8				0.05	%
^Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			8/12/2036			36.3				36.3				40.9				0.01	%
^LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/3/2036			66.0				66.0				74.2				0.03	%

84

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/30/2036			214.8				214.8				241.4				0.09	%
^Lavertue Properties LLP dba Lavertue Properties		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			6/29/2036			38.3				38.3				43.1				0.02	%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/29/2036			299.7				299.7				336.9				0.12	%
^Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/13/2036			218.2				218.2				245.2				0.09	%
^J&K Fitness, LLC dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/8/2036			392.9				392.9				441.6				0.16	%
^Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			6/3/2021			16.4				16.4				16.7				0.01	%
^Demand Printing Solutions, Inc. and MLM Enterprises, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/27/2021			6.0				6.0				6.1				—	%
^Modern on the Mile, LLC dba Ligne Roset		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			5/25/2021			76.3				76.3				78.0				0.03	%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2036			108.1				108.1				121.5				0.04	%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store		Nonstore Retailers		Term Loan		Prime plus 2.75%			4/18/2036			113.8				113.8				127.9				0.05	%
^Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/24/2036			13.1				13.1				14.7				0.01	%
^Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/21/2021			19.9				19.9				20.3				0.01	%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/10/2021			53.2				53.2				54.4				0.02	%
^Stephen Frank, Patricia Frank and Suds Express LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/25/2023			28.7				28.7				29.8				0.01	%
^SuzyQue’s LLC dba Suzy Que’s		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/11/2036			51.6				51.6				57.9				0.02	%
^Little People’s Village, LLC dba Little People’s Village		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2036			26.1				26.1				29.3				0.01	%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%			1/28/2036			95.4				95.4				107.1				0.04	%
^Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown		Support Activities for Transportation		Term Loan		5.25%			12/28/2035			1,316.8				1,316.8				1,476.7				0.52	%

85

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%			12/17/2035			23.2				23.2				26.0				0.01	%
^Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%			12/17/2023			69.0				69.0				72.0				0.03	%
^Lodin Medical Imaging, LLC dba Watson Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/1/2020			20.8				20.8				21.2				0.01	%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/30/2035			28.4				28.4				31.9				0.01	%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/12/2035			124.5				124.5				139.7				0.05	%
^K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			9/30/2020			5.5				5.5				5.6				—	%
^Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			9/30/2035			189.7				189.7				212.5				0.08	%
^Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%			9/29/2020			24.9				24.9				25.3				0.01	%
^Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			9/20/2020			59.2				59.2				60.2				0.02	%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%			9/17/2020			5.2				5.2				5.2				—	%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/2/2035			41.6				41.6				46.6				0.02	%
^Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%			9/2/2035			204.6				204.6				229.1				0.08	%
^California College of Communications, Inc.		Educational Services		Term Loan		Prime plus 2.75%			11/2/2020			51.6				51.6				52.7				0.02	%
^DDLK Investments LLC d/b/a Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/30/2020			0.9				0.9				0.9				—	%
^Members Only Software, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/30/2020			10.9				10.9				11.1				—	%
^ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/30/2020			13.0				13.0				13.3				—	%
^I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			6/29/2035			$	61.8			$	61.8			$	69.1			0.02	%
^Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/25/2020			$	7.5			$	7.5			$	7.7			—	%
^CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%			6/25/2020			$	5.3			$	5.3			$	5.4			—	%
^Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/22/2035			$	78.1			$	78.1			$	87.3			0.03	%

86

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^B&B Fitness and Barbell, Inc. dba Elevations Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		6%			6/22/2035			$	169.4			$	169.4			$	189.5			0.07	%
^M & H Pine Straw, Inc.and Harris Maloy		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			7/10/2020			$	27.4			$	27.4			$	27.9			0.01	%
^Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%			7/8/2028			$	34.5			$	34.5			$	37.2			0.01	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2020			$	1.6			$	1.6			$	1.6			—	%
^ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2020			$	1.9			$	1.9			$	2.0			—	%
^Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			6/21/2020			$	9.3			$	9.3			$	9.5			—	%
^M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%			4/30/2020			$	55.3			$	55.3			$	56.1			0.02	%
^New Economic Methods LLC dba Rita's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/15/2020			$	0.4			$	0.4			$	0.5			—	%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/26/2020			$	1.5			$	1.5			$	1.5			—	%
^Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/30/2034			$	34.6			$	34.6			$	38.6			0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/29/2024			$	24.5			$	24.5			$	25.6			0.01	%
^David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/11/2019			$	1.7			$	1.7			$	1.8			—	%
^KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/19/2034			$	47.3			$	47.3			$	52.8			0.02	%
^Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/12/2019			$	1.9			$	1.9			$	1.9			—	%
^Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			10/29/2034			$	119.5			$	119.5			$	133.4			0.05	%
^Rover Repairs		Repair and Maintenance		Term Loan		Prime plus 2.5%			11/28/2029			$	50.0			$	50.0			$	53.5			0.02	%
^Supreme Screw Products		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/17/2019			$	32.7			$	32.7			$	32.9			0.01	%
^Gray Tree Service, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/18/2018			$	2.7			$	2.7			$	2.7			—	%
^Gourmet to You, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2019			$	1.0			$	1.0			$	1.0			—	%

87

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%			1/10/2019			$	8.1			$	8.1			$	8.1			—	%
^Inflate World Corporation		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/30/2018			$	0.2			$	0.2			$	0.2			—	%
^D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%			8/1/2031			$	47.8			$	47.8			$	52.4			0.02	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%			8/31/2019			$	67.1			$	67.1			$	67.8			0.02	%
^Zog Inc.		Other Information Services		Term Loan		Prime plus 2.75%			4/30/2020			$	40.3			$	40.3			$	41.0			0.01	%
^All American Printing Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			10/26/2032			$	35.9			$	35.9			$	39.7			0.01	%
^Connect Litigation Technology, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2%			10/18/2025			$	23.9			$	23.9			$	24.7			0.01	%
^1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2032			$	11.6			$	11.6			$	12.8			—	%
^Water Works Laundromat, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.25%			9/7/2027			$	163.9			$	163.9			$	171.7			0.06	%
^Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/5/2026			$	27.9			$	27.9			$	29.6			0.01	%
^Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			1/5/2027			$	167.0			$	167.0			$	178.1			0.06	%
^Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		7.75%			12/31/2018			$	25.7			$	25.7			$	25.8			0.01	%
^Fran-Car Corporation dba Horizon Landscape Management		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/3/2028			$	63.9			$	63.9			$	68.6			0.02	%
^Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/27/2031			$	8.4			$	8.4			$	9.2			—	%
^Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%			10/28/2026			$	2.9			$	2.9			$	3.1			—	%
^Mogas Limited		Gasoline Stations		Term Loan		Prime plus 2.75%			5/31/2030			$	67.7			$	67.7			$	73.7			0.03	%
^Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%			5/2/2030			$	59.9			$	59.9			$	65.2			0.02	%
^Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			3/31/2030			$	8.3			$	8.3			$	9.0			—	%
^Nancy Carapelluci & A & M Seasonal Corner Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/1/2025			$	12.4			$	12.4			$	13.1			—	%

88

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Patricia Hughes Jones, MD PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/13/2020			$	2.9			$	2.9			$	2.9			—	%
^Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5.3%			2/1/2025			$	2.5			$	2.5			$	2.6			—	%
David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		6%			8/26/2024			$	14.9			$	14.9			$	15.6			0.01	%
^McCallister Venture Group, LLC and Maw's Vittles, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/30/2029			$	10.6			$	10.6			$	11.5			—	%
^Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%			2/27/2024			$	7.9			$	7.9			$	8.2			—	%
Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%			4/9/2029			$	14.2			$	14.2			$	14.8			0.01	%
^Center-Mark Car Wash, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/18/2024			$	23.3			$	23.3			$	24.4			0.01	%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%			11/10/2028			$	15.5			$	15.5			$	16.3			0.01	%
^Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2028			$	15.8			$	15.8			$	17.0			0.01	%
^Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%			4/5/2029			$	38.9			$	38.9			$	41.6			0.01	%
^Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%			8/17/2023			$	6.3			$	6.3			$	6.6			—	%
^RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%			1/31/2023			$	5.5			$	5.5			$	5.7			—	%
^Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%			6/29/2025			$	7.5			$	7.5			$	7.7			—	%
^Ralph Werner dba Werner Transmission Inc		Gasoline Stations		Term Loan		Prime plus 2.75%			12/29/2021			$	1.7			$	1.7			$	1.8			—	%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%			9/14/2023			$	28.6			$	28.6			$	29.8			0.01	%
^OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%			3/12/2022			$	3.0			$	3.0			$	3.0			—	%
^CPN Motel, L.L.C. dba American Motor Lodge		Accommodation		Term Loan		Prime plus 2.25%			4/30/2024			$	25.6			$	25.6			$	26.5			0.01	%
^Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/16/2025			$	4.2			$	4.2			$	4.4			—	%
^Duttakrupa, LLC dba Birmingham Motor Court		Accommodation		Term Loan		Prime plus 2.25%			9/8/2023			$	9.9			$	9.9			$	10.2			—	%
^Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%			2/14/2025			$	23.4			$	23.4			$	24.2			0.01	%
^Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%			11/25/2024			$	21.5			$	21.5			$	22.3			0.01	%

89

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^LABH, Inc. t/a Ramada Ltd.		Accommodation		Term Loan		Prime plus 2.25%			9/27/2024			$	34.5			$	34.5			$	35.6			0.01	%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			3/13/2023			$	5.6			$	5.6			$	5.8			—	%
^Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%			5/31/2023			$	16.1			$	16.1			$	16.5			0.01	%
^Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%			3/31/2024			$	24.7			$	24.7			$	25.5			0.01	%
^Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%			1/14/2023			$	5.0			$	5.0			$	5.2			—	%
^Karis, Inc.		Accommodation		Term Loan		Prime plus 2%			12/22/2023			$	10.9			$	10.9			$	11.2			—	%
^Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/11/2019			$	2.5			$	2.5			$	2.5			—	%
^Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%			9/30/2023			$	37.6			$	37.6			$	38.6			0.01	%
^Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%			3/27/2023			$	2.8			$	2.8			$	2.9			—	%
^Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/23/2022			$	8.3			$	8.3			$	8.6			—	%
^Delyannis Iron Works		Fabricated Metal Product Manufacturing		Term Loan		6%			12/8/2022			$	8.1			$	8.1			$	8.3			—	%
^P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/18/2021			$	6.1			$	6.1			$	6.2			—	%
Total Performing SBA Unguaranteed Investments												$	283,994.9			$	283,994.9			$	291,354.9			103.21	%
Non-Performing SBA Unguaranteed Investments (3) (21)
*^200 North 8th Street Associates LLC and Enchanted Acres Fa		Food Manufacturing		Term Loan		6.25%			5/4/2028			469.3				469.3				368.7				0.13	%
*^214 North Franklin, LLC and Winter Ventures, Inc.		Nonstore Retailers		Term Loan		6%			11/29/2037			81.7				81.7				—				—	%
*^A & A Auto Care LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/9/2026			10.4				10.4				9.8				—	%
*^A & A Auto Care, LLC d/b/a A & A Auto Care, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/12/2036			88.0				88.0				82.6				0.03	%
*Alive Design, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/13/2027			20.6				20.6				16.1				0.01	%
*^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc		Motor Vehicle and Parts Dealers		Term Loan		6.25%			9/18/2040			34.7				34.7				—				—	%
*^Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		7%			6/24/2025			380.5				380.5				—				—	%

90

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.		Ambulatory Health Care Services		Term Loan		6%			3/14/2038			305.7				305.7				—				—	%
*AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%			4/30/2025			34.8				34.8				—				—	%
*^B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%			3/30/2021			13.0				13.0				12.7				—	%
*^B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		7%			8/27/2040			532.9				532.9				458.6				0.16	%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%			3/29/2036			177.4				177.4				86.0				0.03	%
*^Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B		Gasoline Stations		Term Loan		6%			9/30/2038			400.4				400.4				—				—	%
*^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D		Gasoline Stations		Term Loan		6.25%			8/15/2039			146.3				146.3				—				—	%
*^Bear Creek Entertainment LLC dba The Woods at Bear Creek		Accommodation		Term Loan		Prime plus 2.75%			8/12/2041			402.0				402.0				117.2				0.04	%
*^Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		7.25%			12/30/2024			85.4				85.4				80.1				0.03	%
*Bone Bar & Grill LLC		Food Services and Drinking Places		Term Loan		7%			6/30/2042			73.4				73.4				59.6				0.02	%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		6.75%			2/27/2025			811.7				811.7				60.9				0.02	%
*Calhoun Satellite Communications, Inc.		Telecommunications		Term Loan		7%			12/2/2026			189.1				189.1				52.3				0.02	%
*^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2027			573.2				573.2				537.7				0.19	%
*^Central Ohio Cleaners Inc		Personal and Laundry Services		Term Loan		7%			6/13/2024			90.5				90.5				47.2				0.02	%
*^Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%			12/22/2035			59.0				59.0				55.4				0.02	%
*^Chickamauga Properties, Inc. and MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%			10/19/2022			43.5				43.5				—				—	%
*^CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's		Food Manufacturing		Term Loan		Prime plus 2.75%			12/27/2023			475.7				475.7				460.7				0.16	%
*^CM Lab Inc		Professional, Scientific, and Technical Services		Term Loan		6.75%			5/20/2026			166.1				166.1				151.0				0.05	%
*^Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai		Repair and Maintenance		Term Loan		6.75%			9/26/2039			569.3				569.3				560.3				0.20	%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access		Professional, Scientific, and Technical Services		Term Loan		6.25%			6/17/2021			264.2				264.2				227.8				0.08	%

91

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access		Broadcasting (except Internet)		Term Loan		6.25%			4/30/2022			94.3				94.3				—				—	%
*^D&G Capital LLC dba Miami Grill 277		Food Services and Drinking Places		Term Loan		6.5%			12/16/2025			81.2				81.2				53.2				0.02	%
*^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Ser		Repair and Maintenance		Term Loan		7%			3/29/2018			0.1				0.1				0.1				—	%
*^Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%			3/31/2035			126.0				126.0				120.1				0.04	%
*^Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%			3/29/2023			64.8				64.8				61.8				0.02	%
*^Dill Street Bar and Grill Inc and WO Entertainment, Inc		Food Services and Drinking Places		Term Loan		6%			9/27/2027			78.4				78.4				2.1				—	%
*^DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		7%			6/2/2025			54.8				54.8				45.8				0.02	%
*^E & I Holdings, LP & PA Farm Products, LLC		Food Manufacturing		Term Loan		6%			4/30/2030			4,705.2				4,826.0				1,971.4				0.70	%
*^Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%			9/26/2022			313.8				313.8				23.4				0.01	%
*^Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%			5/31/2023			73.4				73.4				—				—	%
*^Event Mecca LLC		Other Information Services		Term Loan		6%			4/10/2023			12.0				12.0				9.4				—	%
*^EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%			1/31/2023			86.4				86.4				11.7				—	%
*Farec, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/29/2042			280.5				280.5				217.7				0.08	%
*^Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%			3/30/2022			233.5				233.5				—				—	%
*^Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%			4/25/2022			157.8				157.8				—				—	%
*^Gator Communications Group, LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%			3/27/2023			13.3				13.3				—				—	%
*^Gino Italian American Deli and Meat Market Inc		Food and Beverage Stores		Term Loan		7%			7/25/2041			529.0				529.0				512.4				0.18	%
*^Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%			2/20/2023			19.0				19.0				17.8				0.01	%
*Guzman Group,LLC		Rental and Leasing Services		Term Loan		6%			9/30/2019			175.8				175.8				172.3				0.06	%
*Harrelson Materials Management,Inc		Waste Management and Remediation Services		Term Loan		6%			6/24/2021			465.2				465.2				23.7				0.01	%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC		Ambulatory Health Care Services		Term Loan		6.25%			6/30/2026			472.2				472.2				36.4				0.01	%
*^Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		7%			3/26/2024			107.7				107.7				64.6				0.02	%

92

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Hemingway Custom Cabinetry LLC		Furniture and Related Product Manufacturing		Term Loan		6.5%			9/25/2025			198.6				198.6				54.6				0.02	%
*^Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		6.25%			6/30/2040			58.8				58.8				47.9				0.02	%
*^J And G Group Services LLC and United Vending of Florida Inc and John		Merchant Wholesalers, Nondurable Goods		Term Loan		7.25%			7/28/2026			29.6				29.6				28.7				0.01	%
*^J Harris Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/19/2027			18.7				18.7				12.2				—	%
*^J Harris Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/13/2026			38.1				38.1				35.7				0.01	%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%			6/28/2025			628.4				628.4				70.5				0.02	%
*^J&M Concessions, Inc.dba A-1 Liquors		Food and Beverage Stores		Term Loan		6.25%			3/3/2039			130.6				130.6				52.3				0.02	%
*^J&M Concessions Inc dba A 1 Liquors		Food and Beverage Stores		Term Loan		6.5%			2/27/2025			80.0				80.0				17.6				0.01	%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		7%			10/23/2025			40.9				40.9				39.6				0.01	%
*Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%			6/29/2036			98.8				98.8				—				—	%
*^Juliador Resources LLC DBA Cue Hair Salon and Skin Care		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/24/2027			21.9				21.9				20.6				0.01	%
*^Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto		Motor Vehicle and Parts Dealers		Term Loan		6.25%			10/29/2039			11.1				11.1				—				—	%
*^Kids at Heart,LLC dba Monster Mini Golf		Amusement, Gambling, and Recreation Industries		Term Loan		6.75%			9/22/2026			21.0				21.0				8.3				—	%
*Krishna of Orangeburg, Inc.		Accommodation		Term Loan		6%			2/20/2032			10.3				10.3				5.6				—	%
*^Kup's Auto Spa Inc		Repair and Maintenance		Term Loan		6.25%			11/15/2038			366.8				366.8				355.3				0.13	%
*Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		6.25%			10/23/2025			54.7				54.7				53.0				0.02	%
*^Las Casuelas Del Este Inc.		Food Services and Drinking Places		Term Loan		7%			9/29/2041			791.6				791.6				361.9				0.13	%
*^L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		Prime plus 2.75%			10/28/2025			65.7				65.7				12.8				—	%
*^LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/28/2037			617.8				617.8				561.4				0.20	%
*^Lone Star Hardware and Home Decor, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.25%			9/29/2027			70.8				70.8				—				—	%
*^Lowgap Grocery & Grill LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%			3/24/2041			162.5				162.5				142.2				0.05	%
*^M and C Renovations Inc		Construction of Buildings		Term Loan		Prime plus 2.75%			10/31/2024			11.4				11.4				9.0				—	%

93

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		6.25%			8/3/2022			124.3				124.3				106.6				0.04	%
*^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		7%			11/25/2025			19.6				19.6				1.5				—	%
*^Mojo Brands Media, LLC		Broadcasting (except Internet)		Term Loan		6%			8/28/2023			725.0				725.0				334.8				0.12	%
*Morris Glass and Construction Inc		Specialty Trade Contractors		Term Loan		6%			3/7/2021			465.1				465.1				101.6				0.04	%
*Municipal Hydro Sevices Inc.		Rental and Leasing Services		Term Loan		7%			3/30/2027			215.7				215.7				5.2				—	%
*New England Country Day School, Inc. and Thomas D. Walker		Social Assistance		Term Loan		Prime plus 2.75%			3/28/2042			349.7				349.7				305.3				0.11	%
*^New Paltz Dental Care, PLLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%			6/19/2025			97.5				97.5				15.7				0.01	%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer		Repair and Maintenance		Term Loan		7%			1/29/2026			96.9				96.9				46.8				0.02	%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa		Heavy and Civil Engineering Construction		Term Loan		7%			9/28/2026			606.9				606.9				62.9				0.02	%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv		Heavy and Civil Engineering Construction		Term Loan		7%			9/28/2041			399.1				399.1				350.6				0.12	%
*^Peckett's Inc		Crop Production		Term Loan		Prime plus 2.75%			7/27/2041			219.6				219.6				209.3				0.07	%
*^Pen Tex Inc dba The UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/20/2025			17.3				17.3				16.5				0.01	%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		7%			7/23/2040			100.3				100.3				97.1				0.03	%
*Professional Systems, LLC and Professional Cleaning		Administrative and Support Services		Term Loan		6%			7/30/2020			131.8				131.8				4.2				—	%
*^RDT Enterprises LLC		Specialty Trade Contractors		Term Loan		7%			9/15/2027			136.9				136.9				96.4				0.03	%
*^RDT Enterprises, L.L.C.		Specialty Trade Contractors		Term Loan		7%			11/12/2025			19.6				19.6				—				—	%
*^RDT Enterprises, LLC		Specialty Trade Contractors		Term Loan		7%			12/31/2028			119.0				119.0				76.1				0.03	%
*^Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d		Food Services and Drinking Places		Term Loan		6.25%			9/30/2039			279.5				279.5				172.1				0.06	%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		6.75%			7/25/2022			32.1				32.1				31.1				0.01	%
*^SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/15/2040			417.7				417.7				336.8				0.12	%
*^Select Propane & Fuel Inc. and Select Fuel & Convenience LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			2/10/2030			1,191.5				1,191.5				587.4				0.21	%
*Shaffer Automotive Repair, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/24/2030			132.8				132.8				114.7				0.04	%

94

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Shane M. Howell and Buck Hardware and Garden Center, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/27/2038			293.7				293.7				279.9				0.10	%
*^Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		6.25%			12/20/2032			8.0				8.0				—				—	%
*^Soregard Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			6/30/2041			270.5				270.5				151.4				0.05	%
*^Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		6.5%			12/17/2025			45.0				45.0				42.9				0.02	%
*^Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		6.75%			2/7/2024			697.1				697.1				355.9				0.13	%
*^Square Deal Siding Company,LLC dba Square Deal Siding Company		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/18/2025			2.1				2.1				1.8				—	%
*^STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%			5/9/2037			31.6				31.6				—				—	%
*^Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		Prime plus 2.75%			9/23/2025			51.9				51.9				40.4				0.01	%
*^Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			11/25/2024			105.1				105.1				81.8				0.03	%
*Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%			11/7/2036			111.2				111.2				—				—	%
*^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7%			3/31/2025			23.0				23.0				—				—	%
*^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			6/17/2026			204.5				204.5				—				—	%
*T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			12/7/2026			95.2				95.2				46.9				0.02	%
*^The Delon Group LLC dba I Love Juice Bar		Food Services and Drinking Places		Term Loan		7%			5/12/2026			19.3				19.3				18.7				0.01	%
*^Tim's Tire & Automotive Center, LLC		Support Activities for Transportation		Term Loan		7%			8/16/2026			544.1				544.1				130.5				0.05	%
*^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The		Accommodation		Term Loan		7%			9/29/2039			$	489.6			$	489.6			$	459.3			0.16	%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		6.75%			11/16/2021			$	34.3			$	34.3			$	33.3			0.01	%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio		Telecommunications		Term Loan		7%			12/2/2041			$	141.3			$	141.3			$	79.9			0.03	%
*^Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/11/2025			$	13.3			$	13.3			$	12.4			—	%
*^Webb Eye Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/19/2027			$	71.2			$	71.2			$	69.0			0.02	%

95

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/11/2026			$	93.2			$	93.2			$	84.7			0.03	%
*^Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/28/2039			$	402.7			$	402.7			$	365.9			0.13	%
*^Winter Ventures Inc and 214 N Franklin LLC		Nonstore Retailers		Term Loan		6%			4/29/2024			$	56.6			$	56.6			$	—			—	%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%			12/23/2024			$	149.3			$	149.3			$	—			—	%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%			4/3/2029			$	134.5			$	134.5			$	—			—	%
*Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/10/2028			$	5.2			$	5.2			$	5.1			—	%
*^Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/28/2027			$	48.6			$	48.6			$	47.0			0.02	%
*^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/28/2025			$	67.9			$	67.9			$	23.2			0.01	%
*^Zinger Hardware and General Merchant Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/26/2024			$	45.0			$	45.0			$	42.8			0.02	%
Total Non-Performing Unguaranteed SBA Investments												$	28,324.2			$	28,445.0			$	14,123.3			5.00	%
Total Unguaranteed SBA Investments												$	312,319.1			$	312,439.9			$	305,478.2			108.22	%
Performing SBA Guaranteed Investments (4)
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.		Chemical Manufacturing		Term Loan		Prime plus 2.75%			12/27/2042			2,567.6				2,567.6				2,888.6				1.02	%
Blue Lagoon Resort, LLC dba Hill View Cottages		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			6/15/2028			2,797.8				2,797.8				3,035.6				1.08	%
Gorilla Warfare LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/22/2028			85.0				85.0				93.4				0.03	%
Advance Case Parts Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/22/2043			419.3				419.3				474.3				0.17	%
Anderson Farms Inc		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			6/22/2043			236.3				236.3				267.3				0.09	%
Muckamuck Trucks, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/25/2028			206.3				206.3				226.7				0.08	%
TrialHawk Litigation Group LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/25/2043			918.0				918.0				1,038.6				0.37	%

96

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Salida Family Chiropractic-PPLC dba Salida Sport and Spine		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/26/2043			318.8				318.8				360.6				0.13	%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/27/2028			127.5				127.5				140.1				0.05	%
Medical Plaza of Boro Park PC		Nonstore Retailers		Term Loan		Prime plus 2.75%			6/27/2028			91.0				91.0				100.0				0.04	%
National Dredging Service of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2043			86.3				86.3				97.6				0.03	%
National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2028			159.8				159.8				175.6				0.06	%
InUSA Ventures, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			6/27/2028			150.0				150.0				164.9				0.06	%
RLW4 Builders LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			6/27/2043			3,000.0				3,000.0				3,372.0				1.19	%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			6/27/2043			1,063.5				1,063.5				1,202.3				0.43	%
Local Leads, LLC dba New Direction Chiropractic		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2028			102.0				102.0				112.1				0.04	%
Corptek Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/28/2028			142.5				142.5				156.6				0.06	%
Critter Cabana, LLC dba Critter Cabana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/28/2028			251.3				251.3				276.1				0.10	%
M J Losito Electrical Contractor's, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2028			176.3				176.3				193.7				0.07	%
DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/21/2027			125.8				125.8				137.0				0.05	%
Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/30/2043			667.5				667.5				753.9				0.27	%
House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/27/2042			399.9				399.9				448.7				0.16	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%			5/14/2043			972.6				972.6				1,096.1				0.39	%
Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/27/2042			354.8				354.8				399.4				0.14	%
Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/1/2027			57.8				57.8				63.0				0.02	%
Urban Fitness Group LLC dba Crunch Fitness Group LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2028			516.6				516.6				567.0				0.20	%

97

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Play4Fun dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/7/2028			342.9				342.9				376.5				0.13	%
Unpainted Arizona, LLC dba Westside Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/7/2043			187.6				187.6				212.3				0.08	%
Bee Kidz Funzone Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/9/2028			430.6				430.6				473.0				0.17	%
CTD Operations Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/15/2028			$	180.3			$	180.3			$	180.3			0.06	%
RTSP Union LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			3/20/2028			$	1,045.5			$	1,045.5			$	1,129.7			0.40	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/28/2043			$	64.5			$	64.5			$	72.9			0.03	%
Southern Oaks Athletic Club, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/17/2043			$	814.7			$	814.7			$	921.0			0.33	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2043			$	48.6			$	48.6			$	54.9			0.02	%
Kneading Dough LLC dba NY Bagel Cafe & Deli		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/23/2028			$	82.4			$	82.4			$	90.5			0.03	%
Olmsted LLC and 626 Van LLC dba Maison Yaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/1/2028			$	321.6			$	321.6			$	353.4			0.13	%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery		Accommodation		Term Loan		Prime plus 2.75%			5/25/2043			$	260.0			$	260.0			$	294.1			0.10	%
Starship, LLC dba Tint World Smyrna		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/25/2043			$	207.7			$	207.7			$	235.0			0.08	%
Crowley Ventures, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2028			$	206.2			$	206.2			$	226.6			0.08	%
P & M Entertainment, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/10/2028			$	236.0			$	236.0			$	259.3			0.09	%
SSMV LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/30/2028			$	146.1			$	146.1			$	160.6			0.06	%
AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%			6/1/2028			$	71.8			$	71.8			$	78.9			0.03	%
Hardway Inc and A F C Leasing, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/6/2028			$	146.1			$	146.1			$	160.6			0.06	%
Oil Palace Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			6/15/2043			$	96.7			$	96.7			$	109.4			0.04	%
Surya Hotel LLC dba Hotel Royal		Accommodation		Term Loan		Prime plus 2.75%			6/21/2028			$	57.1			$	57.1			$	62.7			0.02	%

98

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Bio- Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2043			$	712.5			$	712.5			$	806.1			0.29	%
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2028			$	273.8			$	273.8			$	300.7			0.11	%
Total SBA Guaranteed Performing Investments												$	21,926.5			$	21,926.5			$	24,399.6			8.64	%
Total SBA Unguaranteed and Guaranteed Investments												$	334,245.6			$	334,366.4			$	329,877.8			116.86	%
Controlled Investments (5) (21)
*Advanced Cyber Security Systems, LLC (6), (19)		Data processing, hosting and related services.		50% Membership Interest		—	%		—			—				—				—				—	%
				Term Loan		3	%		December 2014			381.0				381.0				—				—	%
*Automated Merchant Services, Inc. (7), (19)		Data processing, hosting and related services.		100% Common Stock		—	%		—			—				—				—				—	%
CDS Business Services, Inc. (8)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—	%		—			—				4,428.0				8,000.0				2.83	%
				Line of Credit		Prime plus 2.5%			August 2018			8,141.9				8,141.9				8,141.9				2.88	%
				Term Loan		10	%		April 2020			1,000.0				1,000.0				1,000.0				0.35	%
*Newtek Technology Solutions, Inc. (11)		Data processing, hosting and related services.		100% Common Stock		—	%		—			—				8,384.0				11,200.0				3.97	%
*Fortress Data Management, LLC (19)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				—				—				—	%
*Newtek Insurance Agency, LLC (13)		Insurance Carriers and Related Activities		100% Membership Interest		—	%		—			—				65.0				2,215.0				0.78	%
*PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				895.1				—				—	%
				Term Loan		10%-12%			Various maturities through May 2020			2,685.0				2,685.0				—				—	%
Small Business Lending, LLC (12), (19)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				—				2,100.0				0.74	%

99

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*ADR Partners, LLC dba banc-serv Partners, LLC (12)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				6,252.9				1,433.0				0.51	%
Premier Payments LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				16,438.0				23,000.0				8.15	%
International Professional Marketing, Inc. (16)		Professional, Scientific, and Technical Services		100% Common Stock		—	%		—			—				4,000.0				4,000.0				1.42	%
				Line of Credit		Prime plus 0.5%			April 2019			150.0				150.0				150.0				0.05	%
SIDCO, LLC (16)		Professional, Scientific, and Technical Services		100% Membership Interest		—	%		—			—				7,119.7				7,119.7				2.52	%
				Line of Credit		Prime plus 0.5%			July 2019			375.0				375.0				375.0				0.13	%
Universal Processing Services of Wisconsin, LLC (11) (19)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				—				85,000.0				30.11	%
Mobil Money, LLC (17)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				3,300.0				3,300.0				1.17	%
Newtek Business Lending, LLC (10)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				75.0				75.0				0.03	%
Titanium Asset Management, LLC (14)		Administrative and Support Services		Term Loan		3	%		December 2018			193.9				193.9				—				—	%
				100% Membership Interest		—	%		—			—				—				—				—	%
Excel WebSolutions, LLC (15)		Data processing, hosting and related services.		Term Loan		10	%		September 2018			171.9				171.9				125.2				0.04	%
				50% Membership Interest		—	%		—			—				—				—				—	%
Total Controlled Investments												$	13,098.7			$	64,056.4			$	157,234.8			55.70	%
Non-Control/Affiliate Investments (21)
EMCAP Loan Holdings, LLC (18) (23)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		6.04% Membership Interest		—	%		—			$	—			$	600.0			$	600.0			0.21	%
Investments in Money Market Funds

100

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS JUNE 30, 2018 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
UBS Select Treasury Institutional Fund - 1.63% yield												$	9.3			$	9.3			$	9.3			—	%
Total Investments												$	347,353.6			$	399,032.1			$	487,721.9			172.78	%

^ Denotes investment has been pledged as collateral under the Securitization Trusts.

* Denotes non-income producing security.

(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.

(2) Prime Rate is equal to 4.75% as of June 30, 2018.

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

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

(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 5 in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2017 with affiliates the Company is deemed to control.

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

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

(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).

(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).

(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.

(11) 100% owned by Newtek Business Services Holdco 1, Inc. (a subsidiary of Newtek Business Services Corp.).

(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).

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

(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).

(15) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.

(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.). During the year ended December 31, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio

101

See accompanying notes to unaudited condensed consolidated financial statements.

---

company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $4,000,000 and $7,120,000, respectively.

(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).

(18) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

(19) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.

(20) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.

(21) The fair value of the investment was determined using significant unobservable inputs.

(22) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.

(23) Restricted security initially obtained on April 25, 2018.

(24) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2018, 4.5% of total assets are non-qualifying assets.

102

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Performing SBA Unguaranteed Investments (1)
Farec, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/29/2042			$	281.2			$	281.2			$	286.1			0.10	%
Best Choice Meats, Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/29/2027			65.0				65.0				65.1				0.02	%
Social Link LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/29/2027			11.3				11.3				9.8				—	%
Morrocco Method, Inc		Chemical Manufacturing		Term Loan		Prime plus 2.75%		12/27/2042			861.3				861.3				876.0				0.31	%
Anglin Cultured Stone Products LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/27/2042			643.8				643.8				623.7				0.22	%
Landmark Ventures USA Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		12/22/2027			62.5				62.5				54.3				0.02	%
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			12.0				12.0				10.4				—	%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			778.3				778.3				685.7				0.25	%
^TrialHawk Litigation Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			15.8				15.8				13.7				—	%
Gorilla Warfare LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2027			22.5				22.5				20.4				0.01	%
^Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/22/2027			50.0				50.0				47.3				0.02	%
Muckamuck Trucks, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			13.8				13.8				13.0				—	%
O'Rourke's Diner, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/22/2027			3.8				3.8				3.6				—	%
^Dudeck Enterprise LLC dba Detail Garage Las Vegas		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/22/2027			16.1				16.1				16.4				0.01	%
Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			750.0				750.0				652.1				0.23	%
Bisson Transportation Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			75.0				75.0				72.6				0.03	%
Anderson Farms Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			1,250.0				1,250.0				1,098.6				0.39	%

103

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Medical Plaza of Boro Park PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			62.5				62.5				54.3				0.02	%
Jacliff Investments Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/22/2027			50.0				50.0				43.5				0.02	%
^Street Magic Enterprise LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		12/21/2027			87.8				87.8				84.2				0.03	%
^Tropical Stone LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2027			187.5				187.5				191.8				0.07	%
Ameco Forest Products LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2027			175.0				175.0				179.0				0.06	%
DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/21/2027			8.4				8.4				8.1				—	%
^Blue Lagoon Resort, LLC dba Hill View Cottages		Accommodation		Term Loan		Prime plus 2.75%		12/21/2042			188.8				188.8				201.1				0.07	%
^CT Auto Spa LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/21/2027			215.6				215.6				216.2				0.08	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/20/2027			75.0				75.0				70.9				0.03	%
^Auto Excellance of Fort Myers Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/19/2042			106.3				106.3				113.2				0.04	%
^CZAR Industries, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		12/19/2027			262.5				262.5				243.1				0.09	%
Best Quality Home Care LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/19/2027			8.0				8.0				6.9				—	%
^Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2027			125.0				125.0				117.3				0.04	%
Neville Galvanizing, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2042			625.0				625.0				626.2				0.22	%
^Ocean Trans LLC & Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2042			610.0				610.0				591.6				0.21	%
^1-0 Granny's Helpful Hands, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/15/2027			22.5				22.5				19.7				0.01	%
^Galaforo Construction and Companies LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/15/2042			208.5				208.5				212.3				0.08	%
^Crystal II Auto Glass Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/15/2027			15.0				15.0				13.1				—	%
Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/15/2027			17.7				17.7				16.6				0.01	%
^Galaforo Construction LLC and Paul M Galaforo, Jr.		Construction of Buildings		Term Loan		Prime plus 2.75%		12/15/2027			337.5				337.5				293.5				0.11	%

104

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Legion Bowl, Inc & Legion Pub Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/15/2042			333.6				333.6				355.5				0.13	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%		12/15/2027			62.5				62.5				58.6				0.02	%
^Capital Containers LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2027			22.5				22.5				20.0				0.01	%
^JMD Aviation Holdings, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/15/2027			500.0				500.0				498.0				0.18	%
^Peanut Butter & Co., Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/15/2027			225.0				225.0				195.6				0.07	%
Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/14/2027			668.8				668.8				581.5				0.21	%
^KR Calvert & Co, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		12/14/2027			468.0				468.0				408.6				0.15	%
^Atlas Geo-Constructors, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/14/2027			304.0				304.0				290.0				0.10	%
^LP Industries Inc. dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/14/2027			75.0				75.0				72.1				0.03	%
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/14/2027			968.8				968.8				849.1				0.31	%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		12/14/2027			96.5				96.5				94.3				0.03	%
^AADJ Empire Inc and AADJ Galaxy Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/14/2042			181.3				181.3				179.0				0.06	%
^Heung Kyun Im		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/14/2027			15.5				15.5				13.4				—	%
^Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		12/14/2027			125.0				125.0				109.7				0.04	%
^Hardway Inc & AFC Leasing Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/13/2027			937.5				937.5				815.2				0.29	%
^Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/13/2042			87.5				87.5				88.3				0.03	%
Polymer Dynamics, Inc and Carl Bent		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/12/2027			72.5				72.5				73.2				0.03	%
^LPB Property Management Inc dba Wilderness View Cabins & Ellijay Cabin		Real Estate		Term Loan		Prime plus 2.75%		12/12/2042			100.0				100.0				105.9				0.04	%
A-1 Van Services Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		12/12/2027			719.8				719.8				690.0				0.25	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		12/12/2027			462.5				462.5				437.6				0.16	%

105

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation		Air Transportation		Term Loan		Prime plus 2.75%		12/12/2027			500.0				500.0				434.8				0.16	%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		12/12/2027			50.0				50.0				43.5				0.02	%
^Big Picture Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/12/2027			375.0				375.0				339.7				0.12	%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/12/2027			15.0				15.0				13.5				—	%
^Clear Sound Communications, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/8/2027			3.8				3.8				3.3				—	%
^AV Strategy Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/8/2027			442.5				442.5				410.7				0.15	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/7/2027			15.0				15.0				13.0				—	%
^Kim Howard Corp dba NPN Machine Tools		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/7/2042			575.0				575.0				609.8				0.22	%
^IHC Hardware Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/6/2042			100.0				100.0				97.5				0.04	%
^Earth First Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/6/2027			75.0				75.0				74.3				0.03	%
^ODS Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/6/2027			49.0				49.0				45.0				0.02	%
^Driven Powersports, Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/6/2027			87.5				87.5				76.1				0.03	%
^Affordable Auto Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2027			7.5				7.5				6.8				—	%
^Healthcare Interventions, Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/4/2027			15.0				15.0				13.0				—	%
Oil Palace, Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/4/2042			818.4				818.4				872.1				0.31	%
^PS Camping Inc.		Accommodation		Term Loan		Prime plus 2.75%		12/1/2027			19.7				19.7				19.7				0.01	%
^Linda Jean Howard Riley dba The Rusty Bolt Gift Shop		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/1/2042			21.0				21.0				22.4				0.01	%
^Salud Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2027			56.3				56.3				49.2				0.02	%
Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2027			6.4				6.4				6.6				—	%

106

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Square 1 Partners, LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/1/2027			62.5				62.5				54.3				0.02	%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/30/2027			131.3				131.3				129.2				0.05	%
^Frontier Sand LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2027			500.0				500.0				487.9				0.18	%
^WTI Distribution Inc		Support Activities for Transportation		Term Loan		Prime plus 2.75%		11/30/2027			40.0				40.0				37.5				0.01	%
^Create- A- Stitch, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/30/2042			87.5				87.5				91.8				0.03	%
^J. Venture Holdings, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/30/2027			12.5				12.5				12.7				—	%
^Skin Beauty Bar Inc. and Tameka J. Mathis		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/30/2027			9.0				9.0				8.1				—	%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/29/2027			172.5				172.5				153.3				0.06	%
^Our Playhouse Preschool, LLC		Social Assistance		Term Loan		Prime plus 2.75%		11/29/2042			235.0				235.0				250.4				0.09	%
^OPH Lexington, Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/29/2042			193.8				193.8				206.5				0.07	%
Amped Coffee Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/28/2027			3.8				3.8				3.8				—	%
Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/27/2042			50.4				50.4				53.7				0.02	%
^JMD Corporation dba Dart's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/22/2027			18.8				18.8				17.6				0.01	%
^Webtez Inc dba Mod Vans		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/22/2027			70.0				70.0				61.2				0.02	%
^Step Up Academy of the Arts, LLC		Educational Services		Term Loan		Prime plus 2.75%		11/22/2027			15.8				15.8				13.7				—	%
PB Market LLC dba Pure Barre		Educational Services		Term Loan		Prime plus 2.75%		11/21/2027			108.5				108.5				94.5				0.03	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/21/2027			22.5				22.5				21.1				0.01	%
^Vision Collision Center LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/21/2027			408.8				408.8				380.1				0.14	%
^Grumpy's Restaurant Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/21/2027			71.1				71.1				62.0				0.02	%
^Glencadia Corporation		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2027			3.8				3.8				3.3				—	%

107

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^B Lam LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/20/2042			181.3				181.3				188.1				0.07	%
N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		11/20/2027			410.0				410.0				356.5				0.13	%
N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		11/20/2042			176.3				176.3				160.8				0.06	%
^TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/17/2027			189.1				189.1				180.9				0.06	%
^Maya Motel, LLC dba Town House Motel		Accommodation		Term Loan		Prime plus 2.75%		11/17/2042			57.0				57.0				60.7				0.02	%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/17/2027			53.0				53.0				46.5				0.02	%
^SSI Refrigerated Express Inc. and Robert M Stallone		Truck Transportation		Term Loan		Prime plus 2.75%		11/17/2027			64.0				64.0				56.9				0.02	%
^Jacob's Towing, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%		11/17/2027			50.0				50.0				45.5				0.02	%
^Ian Winterbotham dba Furnishing America		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		11/17/2027			253.9				253.9				220.8				0.08	%
^H & H Hotshot Services, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/16/2027			70.0				70.0				63.5				0.02	%
Murf & Sons LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/16/2027			60.1				60.1				55.1				0.02	%
^J R Wholesale Tires & Auto Center, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/15/2042			13.5				13.5				14.4				0.01	%
^Marcaco LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		11/15/2042			677.5				677.5				701.0				0.25	%
^Auto Rx LLC,J&P Auto Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/15/2042			196.3				196.3				207.2				0.07	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%		5/14/2043			216.0				216.0				229.7				0.08	%
^GFA International Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/13/2027			93.8				93.8				95.9				0.03	%
^Wing King at the Gardens LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/10/2027			9.8				9.8				8.5				—	%
^Linqserv Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/9/2027			617.5				617.5				581.9				0.21	%
^Bobcatt Solutions, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/8/2027			95.0				95.0				88.8				0.03	%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/8/2027			14.9				14.9				13.0				—	%

108

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^JNP Delivery Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/7/2027			112.5				112.5				104.0				0.04	%
^Street Magic Enterprise LLC dba New Lisbon Travel Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/7/2042			420.0				420.0				428.8				0.15	%
^His Loving Hands Christian Academy, Inc.		Social Assistance		Term Loan		Prime plus 2.75%		11/6/2042			91.8				91.8				95.2				0.03	%
^S & S Auto Body Shop Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/3/2042			165.0				165.0				173.8				0.06	%
^Sterling Campbell Insurance Agency, Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/3/2027			7.5				7.5				6.5				—	%
^Top Quality Dent Service LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/2/2027			6.0				6.0				5.2				—	%
^American Reclamation LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		11/1/2027			7.5				7.5				7.3				—	%
^ Edge Studios Inc Radiant Yoga LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/1/2027			66.3				66.3				58.9				0.02	%
Berza TLG,LLC dba The Little Gym of Lake Charles		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/31/2027			24.3				24.3				21.9				0.01	%
^Rachael Reel dba Rachel Reel Insurance Age		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/31/2027			7.5				7.5				6.5				—	%
^The Five Lakes LLC		Educational Services		Term Loan		Prime plus 2.75%		10/30/2042			474.4				474.4				505.5				0.18	%
^Die Hard Used Car Sales		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/30/2042			56.2				56.2				59.9				0.02	%
^Hip Hop Style Inc dba Serene Haven		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/27/2027			16.5				16.5				14.8				0.01	%
^Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%		10/27/2027			37.3				37.3				33.4				0.01	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/27/2027			9.9				9.9				8.8				—	%
^Ashore Ventures Inc dba PuroClean Professional Restoration		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/27/2027			14.5				14.5				12.9				—	%
^Cardinal Homes, Inc		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		10/27/2027			108.8				108.8				110.9				0.04	%
^Suzie LLC dba Tony D's Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2042			87.4				87.4				91.6				0.03	%
^White Walker LLC dba Frenchette		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2027			276.6				276.6				282.9				0.10	%

109

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Grand Blanc Lanes, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/25/2027			14.9				14.9				15.3				0.01	%
^Schafer Fisheries Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		10/25/2027			34.9				34.9				35.7				0.01	%
^The Jig, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/24/2042			75.7				75.7				78.0				0.03	%
^Action Physical Therapy Yoga and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/24/2027			22.4				22.4				21.6				0.01	%
^Florida Apnea Diagnostics LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/20/2027			155.3				155.3				137.6				0.05	%
^Berens & Miller P. A.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/19/2027			149.1				149.1				129.7				0.05	%
^Alpha Auto Sales, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/19/2027			79.5				79.5				81.3				0.03	%
^Island Refrigeration & AC Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/18/2042			141.5				141.5				143.6				0.05	%
Looky Enterprises, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/18/2027			17.2				17.2				16.5				0.01	%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry		Electronics and Appliance Stores		Term Loan		7.75%		10/17/2042			66.8				66.8				71.2				0.03	%
^Blueridge Armor LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		10/17/2027			8.2				8.2				7.6				—	%
^Albas Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/13/2042			44.9				44.9				44.0				0.02	%
^Cortez Landscaping, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/13/2027			19.1				19.1				17.6				0.01	%
^Crawfordsville Fitness LLC dba Planet Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/13/2027			123.4				123.4				110.1				0.04	%
^On Call Services LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		10/13/2027			17.9				17.9				18.3				0.01	%
^JD Ventures LLC and JD Roof Co LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/12/2027			22.4				22.4				19.9				0.01	%
Pro Anderson, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/11/2027			19.3				19.3				17.5				0.01	%
^Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/11/2027			18.6				18.6				18.1				0.01	%
^Eye Optique Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		10/5/2027			14.9				14.9				13.0				—	%

110

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ains Holding Company LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		10/2/2027			80.8				80.8				72.1				0.03	%
^Becky Lou Corp dba Rent A Center		Rental and Leasing Services		Term Loan		Prime plus 2.75%		10/2/2027			90.7				90.7				83.8				0.03	%
^Dan Cline Transport Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/29/2030			997.5				997.5				895.7				0.32	%
^Lone Star Hardware and Home Decor, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/29/2027			71.7				71.7				62.6				0.02	%
^Threads of Time LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		9/29/2042			137.2				137.2				137.7				0.05	%
^Miechella Suzette Decker		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/29/2042			99.8				99.8				106.2				0.04	%
^Harco Metal Products Inc		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		9/29/2042			490.8				490.8				474.1				0.17	%
^Chicago American Manufacturing LLC, Dockside Steel Processing, LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/29/2042			1,249.3				1,249.3				1,276.6				0.46	%
^Sashshel Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/29/2042			212.0				212.0				225.8				0.08	%
^Dr Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/29/2042			873.9				873.9				871.8				0.31	%
^Cagwin Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		9/29/2042			324.2				324.2				339.1				0.12	%
^Pets A Go Go LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/28/2042			197.6				197.6				204.1				0.07	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2042			548.6				548.6				549.6				0.20	%
^Moreno Brother's Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/28/2027			14.8				14.8				12.9				—	%
^National Media Services, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2027			18.5				18.5				16.1				0.01	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2042			382.0				382.0				382.8				0.14	%
^Nicholson Lumber Co Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/28/2030			213.3				213.3				211.4				0.08	%
^Complete Care IT LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/27/2027			14.6				14.6				12.7				—	%

111

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Technologist Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/27/2027			429.4				429.4				410.0				0.15	%
^Rollins Construction & Trucking LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		9/26/2027			337.2				337.2				330.4				0.12	%
^Inspirations Food Design, Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/26/2042			464.9				464.9				472.1				0.17	%
^JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/22/2027			22.2				22.2				19.5				0.01	%
^KB Waterjet Cutting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2027			10.1				10.1				9.2				—	%
^Magnation Corporation		Utilities		Term Loan		Prime plus 2.75%		9/22/2027			49.4				49.4				50.5				0.02	%
^Sallee Pro-Custom Fabrication Shop LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/21/2027			8.9				8.9				9.1				—	%
^Excel, RP Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		9/20/2027			98.8				98.8				91.8				0.03	%
^Denek Contracting Inc and Denek Leasing LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/20/2042			209.5				209.5				223.1				0.08	%
^Max Home Deliveries, Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/20/2027			79.8				79.8				73.5				0.03	%
CR Park Incorporated dba Define Body and Mind		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/20/2027			47.6				47.6				44.4				0.02	%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/20/2027			197.8				197.8				188.3				0.07	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/20/2042			162.1				162.1				162.0				0.06	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%		9/20/2042			390.8				390.8				384.2				0.14	%
^Alexander Pierce Corporation		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/20/2042			623.4				623.4				626.8				0.23	%
^NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/20/2027			1,015.5				1,015.5				974.1				0.35	%
^Imagine By Carleen, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2027			7.4				7.4				7.2				—	%
^Commonwealth Diagnostics International, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2027			1,250.0				1,250.0				1,277.5				0.46	%
^Venus Pizza, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/20/2042			91.0				91.0				96.9				0.03	%
^Insight Diagnostic Technologist Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2027			299.4				299.4				270.7				0.10	%

112

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^CIS Big Dog, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/19/2027			60.5				60.5				60.8				0.02	%
^Stone's Construction and Remodeling, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/19/2027			5.2				5.2				4.5				—	%
^Party By Design Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/18/2042			1,203.7				1,203.7				1,199.5				0.43	%
^Li Family Spokane LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2042			383.5				383.5				398.4				0.14	%
^SD Kickboxing LLC dba CKO Kickboxing Dan Diego		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/15/2027			39.5				39.5				35.9				0.01	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%		9/15/2027			61.8				61.8				57.0				0.02	%
^Inglis Food Mart Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/15/2027			22.2				22.2				22.2				0.01	%
^Clinton Food Market LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/15/2042			262.2				262.2				264.4				0.09	%
^Tarleton & Family Landscaping, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/15/2027			82.8				82.8				74.3				0.03	%
^Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/13/2027			327.6				327.6				284.6				0.10	%
^Fox Valley Rentals & Investments, LLC		Food Services and Drinking Places		Term Loan		Prime plus 3.75%		9/13/2027			7.4				7.4				7.5				—	%
^Nails By Mercede LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/13/2027			14.1				14.1				13.2				—	%
^Town & Country Transportation Co. and Popco, LLC.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/12/2042			168.3				168.3				179.3				0.06	%
^Rajbai Maa Inc. dba Nara Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/12/2042			387.1				387.1				378.7				0.14	%
^Morgan Lynn Kerstetter dba Catherine School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/11/2027			7.4				7.4				7.6				—	%
^Health & Performance Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/11/2027			20.2				20.2				17.5				0.01	%
^Foxtail, LLC and Tottly New Services Corp		Social Assistance		Term Loan		Prime plus 2.75%		9/8/2042			290.5				290.5				294.0				0.11	%
^Desert Ribs, LLC and Famous Charlie, LLC and Famous Freddie, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/8/2042			1,250.0				1,250.0				1,191.0				0.43	%
^Echelon Planning Group, LLC dba Echelon Financial Services		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		9/8/2027			7.4				7.4				7.3				—	%

113

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Crazy Beatz Productions LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 3.75%		9/7/2027			5.3				5.3				4.9				—	%
^South Fulton Landscape & Nursery, Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/7/2042			99.8				99.8				106.2				0.04	%
^Dreaming Big Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%		9/5/2042			367.8				367.8				371.9				0.13	%
^Big Coop's Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		9/1/2027			98.8				98.8				93.4				0.03	%
^Blue Eagle Transport Inc, Greeneagle Transport Inc & Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/31/2027			376.7				376.7				336.9				0.12	%
^Evernook Valley Milk LLC		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		8/31/2042			640.1				640.1				643.7				0.23	%
^Bark Life, Inc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/31/2027			22.1				22.1				19.2				0.01	%
^The Pink Alli, LLC dba The Alli		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/30/2027			17.7				17.7				15.9				0.01	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2042			697.4				697.4				636.6				0.23	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2042			547.9				547.9				500.2				0.18	%
^Parlay Disributors LLC		Educational Services		Term Loan		Prime plus 2.75%		8/25/2027			110.5				110.5				97.5				0.04	%
^Lake County Tow LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		8/25/2042			87.2				87.2				87.6				0.03	%
^InUSA Ventures Inc dba InUSA Services		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		8/24/2027			24.6				24.6				21.3				0.01	%
^Genuine Ventures LLC and Seaweed Ventures LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/24/2030			551.0				551.0				519.3				0.19	%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/23/2042			82.2				82.2				87.5				0.03	%
^Delicias de Minas Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/22/2027			203.0				203.0				199.5				0.07	%
^The Holder Grooup LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/22/2027			7.4				7.4				6.4				—	%
^L&V Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		8/21/2027			17.7				17.7				18.1				0.01	%

114

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/21/2027			16.2				16.2				14.1				0.01	%
^Damiano Global Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/21/2027			22.1				22.1				20.9				0.01	%
^Tier1Solutions, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/18/2027			18.4				18.4				16.6				0.01	%
^Tony Herring & Associates, Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		8/17/2027			7.4				7.4				6.4				—	%
^Chester's World Enterprise LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/16/2027			22.1				22.1				20.1				0.01	%
^D'Amato & Sons Construction, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/11/2027			8.1				8.1				7.4				—	%
^HTP LLC dba Hot Tomatoes Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/11/2027			11.1				11.1				10.4				—	%
^Roundhay Partners LLC and Roundhay Farming LLC		Crop Production		Term Loan		Prime plus 2.75%		8/8/2042			909.1				909.1				837.7				0.30	%
^Splashlight LLC, Splashlight Photographic and Digital Studios, LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		8/7/2027			491.2				491.2				442.3				0.16	%
^L & J Corporate Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/4/2027			7.3				7.3				6.4				—	%
^Furniture Masters Limited Liability Company		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/3/2027			8.8				8.8				7.7				—	%
^HMG Strategy LLC,		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/2/2027			49.1				49.1				42.7				0.02	%
^Bowl Mor LLC dba Bowl Mor Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/31/2027			7.3				7.3				6.4				—	%
^Hope Health Care, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		7/31/2027			10.3				10.3				8.9				—	%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		7/31/2042			52.7				52.7				55.1				0.02	%
^Raffi's Inc dba Atlantic Auto Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/31/2027			13.9				13.9				13.9				—	%
^Sharon G McMillen, MA Psychologist, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/28/2027			18.2				18.2				15.8				0.01	%
^Work of Heart Inc.dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/28/2027			50.0				50.0				43.7				0.02	%

115

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^HQTRONIC LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		7/27/2027			22.0				22.0				19.1				0.01	%
^Oberon IT, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/26/2027			213.6				213.6				196.7				0.07	%
^Gilles Peress Studio LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/25/2027			61.0				61.0				53.0				0.02	%
^Ocean Trans LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/21/2027			36.6				36.6				31.8				0.01	%
^Obok LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		7/21/2027			11.7				11.7				11.0				—	%
^Lil Tots' Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%		7/21/2042			47.3				47.3				47.6				0.02	%
^Nova Solutions, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		7/19/2027			24.4				24.4				24.0				0.01	%
^Webb Eye Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/19/2027			72.4				72.4				69.2				0.02	%
^Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 3.75%		7/19/2027			7.3				7.3				7.6				—	%
^Aitheras Aviation Group, LLC, Aitheras Aviation Group, LLC		Air Transportation		Term Loan		Prime plus 2.75%		7/18/2027			805.2				805.2				704.2				0.25	%
^Wildflour Bakery & Cafe, LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		7/17/2027			22.0				22.0				22.5				0.01	%
^Florida Home and Kitchen LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/14/2027			11.7				11.7				10.2				—	%
^Koep Companies dba Pipestone True value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		7/14/2042			324.9				324.9				320.7				0.12	%
^Rocks Auto Exchange LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/13/2027			14.6				14.6				12.7				—	%
^McCord Holdings, Inc. dba Fast Signs 176101		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/7/2027			18.3				18.3				16.3				0.01	%
^Thrifty Market Inc dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/6/2027			100.1				100.1				91.1				0.03	%
^New Chicago Wholesale Bakery Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		6/30/2027			14.6				14.6				13.9				—	%
^Safeguard Construction Company, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%		6/30/2027			74.0				74.0				63.5				0.02	%
^The Country House Restaurant, LLC and Pelton Real Estate, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2042			49.7				49.7				51.5				0.02	%

116

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/30/2027			74.0				74.0				75.3				0.03	%
^J. T. O'Neill Company, L.L.C		Real Estate		Term Loan		Prime plus 2.75%		6/30/2027			14.6				14.6				12.5				—	%
^Hamilton & Associates Real Estate and Investments Firm LLC		Real Estate		Term Loan		Prime plus 2.75%		6/30/2042			53.7				53.7				54.5				0.02	%
^BQRS, Inc. DBA Gresham Meineke Car Care Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2027			60.7				60.7				53.2				0.02	%
^JWH Designs, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2027			103.1				103.1				88.5				0.03	%
^Veola's Day Spa and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/30/2027			8.9				8.9				8.0				—	%
^J&M Civil Construction Services LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2027			97.2				97.2				83.4				0.03	%
^Best Bees Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		6/29/2027			21.8				21.8				18.7				0.01	%
^Greensboro Plastic Surgical Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2042			574.7				574.7				572.1				0.21	%
^Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		6/29/2027			584.7				584.7				502.0				0.18	%
^HG Ventures, Inc. dba Diamond Head Trucking		Truck Transportation		Term Loan		Prime plus 2.75%		6/29/2030			988.2				988.2				857.9				0.31	%
^Malhame & Company Publishers & Importers Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/29/2027			87.5				87.5				75.2				0.03	%
^Intellixion LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/29/2027			3.6				3.6				3.1				—	%
^Steigelbauer Associates Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2027			299.9				299.9				305.3				0.11	%
^Miguel Fernando Borda PA dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2027			49.4				49.4				44.2				0.02	%
^Oakhill Farms, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2030			98.0				98.0				100.2				0.04	%
^ElKareh Brothers Investment, LLC, Best Choice Meats Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/29/2027			435.5				435.5				443.3				0.16	%
^Foxhop Fitness, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/28/2027			90.3				90.3				78.4				0.03	%
^Akal Express Inc. dba Truck Trailer Service Stop		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/28/2042			59.6				59.6				62.0				0.02	%

117

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Old Dominion Transportation Group, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		6/28/2027			1,099.8				1,099.8				966.4				0.35	%
^Citibin, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		6/27/2027			121.3				121.3				104.2				0.04	%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		6/27/2030			240.3				240.3				239.6				0.09	%
^WB Cleaners Inc. DBA $2.75 Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/27/2027			21.8				21.8				21.5				0.01	%
^Ains Holding Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2027			1,141.1				1,141.1				1,003.3				0.36	%
^Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/26/2042			216.3				216.3				216.7				0.08	%
^Rustic LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/23/2042			18.6				18.6				16.8				0.01	%
^Vella Construction Enterprises, Inc. dba Vella Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		6/23/2027			21.8				21.8				18.7				0.01	%
^Northern Industries, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/23/2042			57.4				57.4				60.8				0.02	%
^Birches Group, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/22/2027			48.5				48.5				41.7				0.01	%
^Tarver-Henley Inc. and Tar-Hen LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/21/2042			317.9				317.9				316.7				0.11	%
^704 Meat Center Inc. dba El Mercado and La Plaza Mercado		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/20/2042			173.9				173.9				180.6				0.06	%
^Sanabi Investment, LLC dba Oscar's Moving and Storage		Truck Transportation		Term Loan		Prime plus 2.75%		6/20/2027			120.4				120.4				109.1				0.04	%
^Scarlet Spartan Inc.dba FastSigns of Brighton		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/19/2027			54.0				54.0				47.6				0.02	%
^Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/16/2042			397.4				397.4				383.2				0.14	%
^JAM Media Solutions, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/15/2027			60.7				60.7				52.1				0.02	%
^All Regional Recyclers of Wood LLC dba ARROW,Superior Carting, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/15/2042			312.0				312.0				309.3				0.11	%
^Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2042			91.9				91.9				95.0				0.03	%
^Susan Hughes dba Aloha Junction B and B		Accommodation		Term Loan		Prime plus 2.75%		6/14/2042			61.6				61.6				65.4				0.02	%

118

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^ESA 365 Corp and Lucathor Realty LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/14/2042			22.4				22.4				22.7				0.01	%
^Hull's Kitchen, LLC and HK Too, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/14/2042			95.8				95.8				101.0				0.04	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/12/2027			115.2				115.2				108.3				0.04	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/8/2027			3.4				3.4				2.9				—	%
^Earth First Recycling, LLC and 191 Clark Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/5/2027			344.7				344.7				345.5				0.12	%
^Skydive California, LLC		Educational Services		Term Loan		Prime plus 2.75%		6/2/2027			53.4				53.4				54.3				0.02	%
^SCW, LLC dba Arthur Murray Dance Studio		Educational Services		Term Loan		Prime plus 2.75%		6/2/2042			145.0				145.0				145.7				0.05	%
^Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/1/2042			45.4				45.4				46.4				0.02	%
^Impact Grounds Maintenance and Design, Inc. dba Impact Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/31/2042			78.9				78.9				82.2				0.03	%
^Ricnet III, Inc. dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/31/2027			14.3				14.3				12.5				—	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		5/31/2027			21.7				21.7				18.9				0.01	%
^Funtime, LLC and Universal Entertainment Group LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/31/2027			63.9				63.9				55.8				0.02	%
^Haroon Baig,Inc.dba US1 Petrol		Gasoline Stations		Term Loan		Prime plus 2.75%		5/31/2042			261.9				261.9				277.8				0.10	%
^Chet Lemon Enterprises LLC dba All American Sports		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/26/2042			786.2				786.2				833.9				0.30	%
Swantown Inn & Spa LLC		Accommodation		Term Loan		Prime plus 2.75%		5/26/2042			81.9				81.9				86.9				0.03	%
^Eagle Wood Works LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		5/26/2027			11.6				11.6				10.6				—	%
^Hurricane Group, Inc.		Other Information Services		Term Loan		Prime plus 2.75%		5/26/2027			72.3				72.3				62.1				0.02	%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/26/2042			192.7				192.7				197.9				0.07	%
^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/25/2027			205.7				205.7				193.9				0.07	%
^Beyond Waves A Unique Salon LLC and Lori Ann Carlson		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/25/2027			14.5				14.5				12.6				—	%

119

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Jung Design Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/25/2027			8.7				8.7				7.5				—	%
^Abdul Naushad MD PC dba Advanced Pain Centers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/25/2042			390.6				390.6				403.4				0.14	%
^Locavore LLC dba Paloma Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/25/2027			48.2				48.2				43.0				0.02	%
^Shaffer Automotive Repair, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/24/2030			133.5				133.5				125.0				0.04	%
^Juliador Resources LLC DBA Cue Hair Salon and Skin Care		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/24/2027			21.9				21.9				18.8				0.01	%
^Innovim, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/24/2027			325.4				325.4				279.4				0.10	%
^Southeast Recycling, LLC and Southeast Land Holdings LLC dba 67 Motor		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		5/23/2042			179.9				179.9				189.1				0.07	%
^Gill Express Inc. and Gill Express 2 LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/23/2042			336.1				336.1				333.7				0.12	%
^Prestige Construction of Florida, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		5/23/2042			333.7				333.7				326.0				0.12	%
^Enfield Tractor & Equipment Co		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/19/2027			285.9				285.9				274.2				0.10	%
^PS Camping, Inc. dba Prospectors RV Resort		Accommodation		Term Loan		Prime plus 2.75%		5/19/2042			255.7				255.7				269.8				0.10	%
^GEM2K, LLC dba Precision Precast Group		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		5/19/2027			156.7				156.7				140.4				0.05	%
^Hayden Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/19/2027			253.2				253.2				233.5				0.08	%
^Tres K Deli,Grocery,Fruit and Meat Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/19/2027			8.0				8.0				7.4				—	%
^ Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/19/2042			577.9				577.9				585.9				0.21	%
^J Harris Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/19/2027			18.8				18.8				17.9				0.01	%
^New Image Building Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/18/2027			145.4				145.4				129.7				0.05	%
^Bay Car Wash LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2042			119.8				119.8				121.8				0.04	%
^Waterford Plumbing Co, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/18/2027			48.2				48.2				42.2				0.02	%

120

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Mr. B's Bicycles & Mopeds, Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		5/18/2042			145.6				145.6				146.8				0.05	%
^Computech Computers Inc.		Educational Services		Term Loan		Prime plus 2.75%		5/17/2027			48.2				48.2				41.4				0.01	%
^Arco Electrical Contractors Inc. dba Arco Construction Group		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/16/2027			347.9				347.9				319.7				0.11	%
^Batter & Company,LLC dba Batter Co. Dessert Collection		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/16/2027			51.8				51.8				45.5				0.02	%
^5 Stars Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%		5/16/2042			61.3				61.3				61.9				0.02	%
^Band Sawn Lumber,LLC and Nathan Ryan Adams		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		5/15/2042			112.8				112.8				111.6				0.04	%
^Keys Armored Express, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/12/2027			38.6				38.6				34.6				0.01	%
^Sanderson Distribution Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		5/12/2027			10.1				10.1				8.7				—	%
^SG Linke LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		5/12/2027			106.3				106.3				104.7				0.04	%
^B G F Bobby Q's Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/11/2027			7.2				7.2				7.1				—	%
^Estelle Finkel Educational Associates,LLC		Educational Services		Term Loan		Prime plus 2.75%		5/11/2027			115.1				115.1				98.8				0.04	%
^Labmates,LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		5/10/2027			96.4				96.4				92.3				0.03	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/9/2027			85.3				85.3				76.7				0.03	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/9/2042			21.7				21.7				20.4				0.01	%
^Innovation Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/9/2027			75.3				75.3				71.8				0.03	%
^1872 Rosecrans, LLC dba Goodbar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/9/2027			61.5				61.5				53.2				0.02	%
^Arclay, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		5/5/2030			142.6				142.6				131.4				0.05	%
^Benchmark Building, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%		5/5/2027			21.7				21.7				18.6				0.01	%
^Cable Management LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		5/3/2027			57.5				57.5				54.0				0.02	%

121

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Fine Arts Center of Easley, Inc. dba Midtown Music		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		5/2/2042			115.7				115.7				122.8				0.04	%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/28/2027			85.0				85.0				74.0				0.03	%
^Love and Glory Learning Center, Inc.		Social Assistance		Term Loan		Prime plus 2.75%		4/28/2042			77.3				77.3				77.1				0.03	%
^Georgia Productions Services LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		4/28/2027			87.4				87.4				80.3				0.03	%
^JMA Inc. dba Primecut and Mezzo; Primecut at Marquee		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/27/2042			220.4				220.4				233.8				0.08	%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/27/2042			617.7				617.7				614.8				0.22	%
^Asheville's Fun Depot, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2027			83.9				83.9				85.4				0.03	%
^Carl Joseph Johnston dba Viking Transport		Truck Transportation		Term Loan		Prime plus 2.75%		4/26/2027			31.2				31.2				29.6				0.01	%
^Resident Research, LLC		Other Information Services		Term Loan		Prime plus 2.75%		4/24/2027			84.6				84.6				72.6				0.03	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/21/2027			7.2				7.2				6.4				—	%
^Ralph's Hair Salon, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/21/2042			49.5				49.5				50.6				0.02	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/20/2027			133.3				133.3				114.5				0.04	%
^MJ and M Home Improvements LLC DBA House Doctors		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2027			19.7				19.7				17.2				0.01	%
^Condron Brothers LLC DBA Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/19/2027			114.6				114.6				103.5				0.04	%
^Affordable Auto Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/17/2027			12.2				12.2				11.3				—	%
^Carpeteria (Markarian) Co.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/13/2027			127.3				127.3				126.6				0.05	%
^Bloomer Machine & Fab, Inc and Dale Stertz Properties		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/13/2042			203.6				203.6				210.9				0.08	%
^Butternuts Beer and Ale LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		4/12/2027			70.7				70.7				71.9				0.03	%

122

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Citizens Lanes, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/31/2042			614.9				614.9				651.8				0.23	%
^The Altitude Group, LLC and Core Home Security, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/31/2027			47.7				47.7				40.9				0.01	%
^Golden Hen Inc. dba Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2027			61.8				61.8				53.7				0.02	%
^Shelter Harbor Inn, Inc.		Accommodation		Term Loan		Prime plus 2.75%		3/31/2042			205.8				205.8				218.2				0.08	%
^Landmark Ventures USA, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		3/31/2027			178.8				178.8				153.4				0.06	%
^MIT LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/31/2042			86.8				86.8				92.0				0.03	%
^Applied Integrated Technologies, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/31/2027			119.3				119.3				102.3				0.04	%
^Bear Trail Lodge LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/31/2042			548.0				548.0				574.2				0.21	%
^KWG Industries LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2027			28.6				28.6				28.1				0.01	%
^Sea Smoke Barbeque, Corp and Danwen LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2042			233.4				233.4				236.7				0.09	%
^Signature Rooms, Inc dba Gallery Furniture		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/30/2042			491.7				491.7				517.6				0.19	%
^Schafer Fisheries Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/30/2042			247.1				247.1				261.9				0.09	%
^Discount Price, LLC dba Robert's Market		Gasoline Stations		Term Loan		Prime plus 2.75%		3/29/2042			204.6				204.6				209.3				0.08	%
^Douglas K. Soderblom . dba Loma Linda Optometry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2027			95.4				95.4				86.2				0.03	%
^First Sail Group Inc. and Omen Board Industires LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/29/2027			19.1				19.1				17.6				0.01	%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham		Accommodation		Term Loan		Prime plus 2.75%		3/29/2042			1,047.6				1,047.6				1,102.0				0.40	%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics		Couriers and Messengers		Term Loan		Prime plus 2.75%		3/29/2030			94.5				94.5				82.0				0.03	%
^American Pharmaceutical Innovation Company, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%		3/28/2027			28.6				28.6				24.6				0.01	%

123

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Heil & Hornik LLC dba Elysium Tennis		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/27/2042			921.7				921.7				926.9				0.33	%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		3/27/2042			410.9				410.9				435.5				0.16	%
^Ericon Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%		3/24/2027			59.6				59.6				57.6				0.02	%
^Robert Dixon PA dba Law Offices of Robert Dixon		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/24/2042			422.8				422.8				445.2				0.16	%
^Denton Bio Fuels LLC and American Bio Source LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/23/2027			56.5				56.5				51.6				0.02	%
^Color Graphic Press, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/23/2027			114.4				114.4				116.4				0.04	%
JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/23/2042			85.3				85.3				86.0				0.03	%
^Executive Fitness & Nutrition Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/23/2027			19.3				19.3				19.0				0.01	%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/22/2042			637.8				637.8				659.9				0.24	%
^Vehicle Safety supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/21/2027			21.5				21.5				18.4				0.01	%
^J Sivilis LLC dba Pet Wants		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/17/2027			11.7				11.7				10.4				—	%
^The Purple Cow House of Pancake Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/16/2042			159.9				159.9				169.5				0.06	%
^Reservoir International LLC		Educational Services		Term Loan		Prime plus 2.75%		3/16/2027			95.4				95.4				88.7				0.03	%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/16/2027			287.0				287.0				291.9				0.10	%
Alive Design, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/13/2027			22.0				22.0				18.8				0.01	%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M		Truck Transportation		Term Loan		Prime plus 2.75%		3/13/2027			671.0				671.0				575.5				0.21	%
^Dwayne Bernard Tate		Truck Transportation		Term Loan		Prime plus 2.75%		3/10/2027			10.0				10.0				9.2				—	%
^Elegant Occasions, LLC dba E Productions		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/10/2042			584.4				584.4				590.8				0.21	%
^Anthony LLC dba Star of Woodward Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/9/2042			114.2				114.2				121.1				0.04	%

124

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		3/9/2027			119.2				119.2				104.7				0.04	%
^Allegro Assisted Living Of Texas		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		3/6/2027			91.6				91.6				93.1				0.03	%
^Robbie E. Bakery and Cafe LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/3/2027			59.6				59.6				51.1				0.02	%
^Podium Auto Sales Inc and RRS Property, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/3/2042			90.0				90.0				90.3				0.03	%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express		Truck Transportation		Term Loan		Prime plus 2.75%		2/28/2027			223.2				223.2				191.4				0.07	%
^Weeping Willow Kennels, Inc and Aileen N Black		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2042			138.7				138.7				142.2				0.05	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2027			91.2				91.2				81.7				0.03	%
^Total Document Solutions Inc and,TDS Services, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		2/27/2030			301.5				301.5				278.2				0.10	%
^Teracore Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/27/2027			155.1				155.1				133.0				0.05	%
^John Finn Associates LLC, Greenslate LLC, Finn Technology, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/27/2027			639.5				639.5				616.1				0.22	%
^McNally Enterprises Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		2/27/2027			61.6				61.6				55.1				0.02	%
^B & J Bicycle Shop Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		2/24/2027			14.2				14.2				14.5				0.01	%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/24/2027			101.8				101.8				95.2				0.03	%
^3W Enterprises LLC		Textile Product Mills		Term Loan		Prime plus 2.75%		2/24/2042			80.9				80.9				81.9				0.03	%
^Victorian Restaurant and Tavern, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/22/2042			106.4				106.4				105.3				0.04	%
^DER Services, LLC dba A.K.A. Sports		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		2/17/2042			39.7				39.7				42.0				0.02	%
^Bike Slug, LLC, Bike Slug Holdings Inc. and Seven Rivers Group ,LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		2/17/2027			18.5				18.5				15.8				0.01	%
^Ameritube, LLC and Ravone Properties, LLC		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/14/2042			183.3				183.3				194.3				0.07	%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/10/2027			88.8				88.8				77.2				0.03	%

125

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		2/10/2042			245.1				245.1				253.7				0.09	%
^Sushiya Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/10/2027			17.8				17.8				15.8				0.01	%
^Select Propane & Fuel Inc. and Select Fuel & Convenience LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/10/2030			1,208.1				1,208.1				1,114.5				0.40	%
^Maximo Canot dba Wash and Dry Laundrymat		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/10/2042			136.3				136.3				141.5				0.05	%
^Marvic Enterprises Inc dba Jordan's Liquor		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/10/2042			216.9				216.9				223.0				0.08	%
^Harrison Logging Company LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		2/9/2027			100.7				100.7				91.5				0.03	%
^8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%		2/7/2042			324.7				324.7				321.8				0.12	%
^Christopher Borgia		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/6/2027			12.2				12.2				10.7				—	%
^Splashlight LLC, Splashlight Photographic & Digital Studios LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		2/2/2027			710.7				710.7				633.5				0.23	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/1/2042			183.2				183.2				181.7				0.07	%
^Brandco, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/31/2027			41.2				41.2				35.3				0.01	%
^Chidlren's House Learning, Inc and Tarps Investment Group		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2042			318.3				318.3				321.5				0.12	%
AP6 LLC and Amishp LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2042			107.1				107.1				113.5				0.04	%
^Fave Realty, Inc.		Real Estate		Term Loan		Prime plus 2.75%		1/30/2042			53.9				53.9				55.1				0.02	%
^ZMKNY Tires Inc dba Houston International Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/27/2042			106.4				106.4				112.8				0.04	%
House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/27/2042			134.6				134.6				132.0				0.05	%
^SRC Publishing LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		1/27/2027			21.2				21.2				18.2				0.01	%
^Return to Excellence Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		1/27/2027			16.7				16.7				17.0				0.01	%

126

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sideways Sports Lounge and Jonathan E. McGrew and Patricia C. McGrew		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/23/2027			17.0				17.0				14.5				0.01	%
^Fox Valley Rentals & Investments LLC and Brian M Tomaszewski		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/20/2042			42.0				42.0				42.2				0.02	%
^Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		1/19/2030			240.5				240.5				223.1				0.08	%
^Jolibe LLC and Jolibe Atelier LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/18/2027			9.9				9.9				8.8				—	%
^Eickmann Management Group LLC dba Jimmy Johns of Dundee		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/17/2027			93.0				93.0				91.7				0.03	%
^Ramjay Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		1/13/2027			412.2				412.2				375.7				0.13	%
^Fullbro Trust dba Menemsha Blues		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		1/13/2027			21.2				21.2				21.6				0.01	%
^Echelon Enterprises, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		1/10/2027			47.1				47.1				47.9				0.02	%
^Fort Smith Wings Inc. dba Wing Stop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/28/2026			18.2				18.2				16.4				0.01	%
^Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2041			417.1				417.1				415.6				0.15	%
^Joshua L. Baker		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		12/23/2026			14.7				14.7				12.6				—	%
^Jacliff Investments Inc. dba International health Technologies		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/23/2026			116.9				116.9				100.1				0.04	%
^New Image Building Services, Inc.dba The Maids Servicing Oakland		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/21/2026			40.9				40.9				36.5				0.01	%
^Chestnut Street Associates, LLC and Metropolitan Solutions, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/19/2041			271.4				271.4				263.1				0.09	%
^Means Enterprises LLC dba FastFrame Frisco		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/16/2026			21.0				21.0				18.3				0.01	%
^Soon Im. Chin dba Stan C-Store		Gasoline Stations		Term Loan		Prime plus 2.75%		12/15/2041			209.7				209.7				218.7				0.08	%
^Sempco, Inc.		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			41.5				41.5				43.9				0.02	%
^Allied Welding Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			741.6				741.6				735.2				0.26	%
^Ericon, Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%		12/15/2041			328.5				328.5				330.1				0.12	%

127

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^White Hawk Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2026			1,028.4				1,028.4				881.1				0.32	%
^Elita 7, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/15/2041			703.2				703.2				722.6				0.26	%
^New Chicago Wholesale Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			446.9				446.9				445.0				0.16	%
^Techni-Pro Institute LLC		Educational Services		Term Loan		Prime plus 2.75%		12/15/2026			177.6				177.6				157.1				0.06	%
^Trison Enterprises Inc.dba Lee's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/14/2041			402.2				402.2				409.8				0.15	%
^Cardinal Homes Inc. and Bret A Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		12/14/2041			119.7				119.7				126.2				0.05	%
^HMG Strategy, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/14/2026			46.7				46.7				40.1				0.01	%
^D and E Hardware Co. and D and E Pump Sales and Service		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/14/2041			521.7				521.7				523.0				0.19	%
^Cardinal Homes Inc,.Alouette Holdings Inc.		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		12/14/2026			996.8				996.8				1,010.8				0.36	%
^AGG Management Team LLC dba Chevron		Gasoline Stations		Term Loan		Prime plus 2.75%		12/14/2041			283.8				283.8				300.6				0.11	%
^Wayfarer Bicycle LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/13/2041			91.3				91.3				89.6				0.03	%
^Success Advertising Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/13/2041			460.4				460.4				480.9				0.17	%
^Roast Beef Levittown LLC dba Arby's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/13/2026			439.4				439.4				446.5				0.16	%
^Queen Express LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		12/13/2041			185.1				185.1				193.5				0.07	%
^Mack Team Enterprises Inc.dba The UPS Store #6815		Couriers and Messengers		Term Loan		Prime plus 2.75%		12/9/2026			19.1				19.1				17.2				0.01	%
^Recycling Revolution,LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/9/2041			91.0				91.0				91.2				0.03	%
^Myndshft Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/9/2026			724.6				724.6				648.9				0.23	%
^New Life Hospital LLC		Hospitals		Term Loan		Prime plus 2.75%		12/8/2041			1,184.9				1,184.9				1,255.4				0.45	%
^Imagine By Carleen Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/8/2041			51.8				51.8				52.4				0.02	%

128

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Hanson's Greeks LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/8/2026			10.5				10.5				10.7				—	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/7/2029			68.1				68.1				64.7				0.02	%
^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		12/7/2026			95.2				95.2				89.5				0.03	%
^Lan Doctors, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/7/2026			222.5				222.5				219.7				0.08	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/5/2026			14.9				14.9				13.5				—	%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites		Accommodation		Term Loan		Prime plus 2.75%		12/5/2041			348.5				348.5				362.4				0.13	%
^Ericon, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/1/2041			717.9				717.9				725.3				0.26	%
^Noso Development LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/1/2026			70.1				70.1				60.1				0.02	%
^Quick Ship, LLC		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/30/2026			9.7				9.7				8.4				—	%
^Pebble Wood Lane, LLC and Good Sam's Assisted Living Residence, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		11/30/2041			66.6				66.6				70.5				0.03	%
^Sharaz Shah DBA Thomas Jewelers		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		11/30/2026			7.5				7.5				6.4				—	%
^Choe Trading Group, Inc.dba Rapid Printers of Monterey		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/30/2026			20.9				20.9				20.7				0.01	%
^Studio Find It Georgia, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/30/2026			7.0				7.0				6.1				—	%
^Imaginarium Foods LLC,		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2042			369.8				369.8				378.7				0.14	%
^RD Management, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2026			198.5				198.5				172.3				0.06	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/30/2026			20.9				20.9				18.7				0.01	%
^Usman Jalil, LLC dba Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/29/2041			229.9				229.9				224.9				0.08	%
^Honor Mansion, Inc.		Accommodation		Term Loan		Prime plus 2.75%		11/29/2026			81.2				81.2				82.6				0.03	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/29/2026			1,044.6				1,044.6				895.0				0.32	%

129

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^CRK Mens, LLC dba Spiff for Men		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/23/2026			99.2				99.2				86.8				0.03	%
^WPN Recycling Company LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		11/23/2026			20.9				20.9				21.2				0.01	%
^Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/23/2026			55.7				55.7				48.4				0.02	%
^Merchant Coterie, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		11/23/2026			116.1				116.1				99.4				0.04	%
^6E Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/22/2026			159.9				159.9				148.2				0.05	%
^Rognes Corp dba RTS		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		11/22/2026			360.0				360.0				331.0				0.12	%
^Bouquet Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/22/2041			123.2				123.2				125.2				0.04	%
^J.B.K Truck Trailer and Bus Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/22/2041			428.7				428.7				430.9				0.15	%
^Broms Asset Management LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		11/22/2026			116.1				116.1				99.4				0.04	%
^Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/21/2026			92.9				92.9				94.4				0.03	%
^Catherine Christine Morin dba Purr-Fect Pets		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/17/2026			17.4				17.4				14.9				0.01	%
^Stratmar Systems Inc dba Stratmar Retail Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/16/2026			63.6				63.6				64.6				0.02	%
^Hoosier Health Plus, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/15/2026			116.1				116.1				109.9				0.04	%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/10/2041			439.5				439.5				453.7				0.16	%
^Hackensack Steel Corporation and Luzerne Ironworks Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/10/2026			224.7				224.7				228.4				0.08	%
^Panther Ironworks and Rigging Solutions LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/10/2026			140.4				140.4				129.5				0.05	%
^J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/10/2026			175.3				175.3				174.7				0.06	%
^MIK LLC dba Firehouse Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/9/2026			189.3				189.3				164.5				0.06	%

130

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/9/2026			40.6				40.6				38.1				0.01	%
^Bovill Creative,LLC		Real Estate		Term Loan		Prime plus 2.75%		11/9/2041			277.0				277.0				293.5				0.11	%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/9/2041			237.0				237.0				236.0				0.08	%
^Big Apple Entertainment Partners LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/9/2026			162.5				162.5				139.2				0.05	%
^Surgarloaf Concepts LLC dba Fat Biscuit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/8/2026			162.1				162.1				164.7				0.06	%
^Fine Line Interiors, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/4/2041			80.6				80.6				85.4				0.03	%
^131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/3/2041			124.6				124.6				128.4				0.05	%
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/1/2041			117.9				117.9				121.3				0.04	%
^Glocecol LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/1/2026			69.6				69.6				70.7				0.03	%
^Moolchan Enterprises LLC dba Staying Green		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2026			16.7				16.7				15.9				0.01	%
^Bloomquist Communications Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2026			55.3				55.3				47.4				0.02	%
^Middlesex Auto Sales Corp		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/31/2041			123.1				123.1				127.0				0.05	%
^Woodstock Enterprises Corp dba True Scent Candle Co		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		10/31/2041			87.5				87.5				85.9				0.03	%
^FibAire Communications, LLC		Telecommunications		Term Loan		Prime plus 2.75%		10/27/2026			99.7				99.7				92.1				0.03	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/27/2029			215.7				215.7				211.5				0.08	%
^Bonita Stone LLC and Castone Creations Inc		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		10/25/2041			260.2				260.2				261.2				0.09	%
^Empire Processor Services Inc. and Verrazano Wholesale Dist., Inc.		Nonstore Retailers		Term Loan		Prime plus 2.75%		10/25/2026			121.0				121.0				123.0				0.04	%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		10/24/2026			391.9				391.9				393.8				0.14	%
^Eco Vehicle Systems LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		10/21/2026			881.5				881.5				889.6				0.32	%
^Worldwide Estate, Inc. dba Washington Heights Manor		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		10/21/2041			221.1				221.1				234.3				0.08	%

131

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Gold Wind Logistics LLC		Truck Transportation		Term Loan		Prime plus 2.75%		10/20/2041			173.3				173.3				183.6				0.07	%
^Speaker City, Inc. dba Rollin Thunder		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%		10/14/2041			123.1				123.1				126.4				0.05	%
^Maine Service Corp		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		10/13/2026			190.4				190.4				179.6				0.06	%
^Justin Partlow		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/13/2026			18.0				18.0				15.4				0.01	%
^Reliable Recovery Services LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		10/7/2026			103.7				103.7				95.0				0.03	%
^Ailky Corporation		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		10/3/2026			230.5				230.5				203.1				0.07	%
^Wyspen Corporation dba Charlestown Ace		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		10/3/2026			33.2				33.2				28.4				0.01	%
^MegaPhase, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		9/30/2026			137.1				137.1				133.3				0.05	%
^Seaway LLC and Reklaw LLC dba Allure Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2041			134.8				134.8				142.8				0.05	%
^JJA Transportation Management Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2026			48.0				48.0				41.1				0.01	%
^Adelwerth Bus Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2041			238.3				238.3				238.1				0.09	%
^Adelwerth Bus Corporation, Transportation Leasing Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2029			615.8				615.8				597.2				0.21	%
^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/29/2029			631.7				631.7				595.7				0.21	%
^Thunderdome Racing Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/29/2026			17.4				17.4				17.4				0.01	%
^Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		9/28/2041			833.4				833.4				882.5				0.32	%
^Beadon Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/28/2026			20.6				20.6				20.7				0.01	%
^CNC Precision Machine, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/28/2041			1,235.9				1,235.9				1,246.2				0.45	%
^CD Game Exchange Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/28/2026			20.6				20.6				17.6				0.01	%

132

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2026			204.7				204.7				180.9				0.06	%
^Reynolds Fence & Guardrail Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/27/2026			575.4				575.4				552.7				0.20	%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/27/2026			48.0				48.0				43.1				0.02	%
^Luna Nueva LLC dba Bio Builders		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/27/2026			13.7				13.7				12.1				—	%
^Sarah S Olelewe MD Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/26/2041			287.3				287.3				290.7				0.10	%
^TPFC,LLC dbaThe Picture Frame Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/26/2041			57.6				57.6				58.4				0.02	%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		9/26/2026			8.2				8.2				8.2				—	%
^PeopleBest Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/26/2026			13.7				13.7				11.7				—	%
^Mr. Mulch, Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2041			397.8				397.8				377.1				0.14	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/23/2026			80.0				80.0				71.6				0.03	%
^InformationTelevision Network Inc		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		9/22/2041			823.0				823.0				862.9				0.31	%
^GRA Financial Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/22/2026			11.0				11.0				9.4				—	%
^Cuppiecakes LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/21/2041			22.1				22.1				22.3				0.01	%
^Wrecking Crew Media LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/21/2026			45.7				45.7				39.1				0.01	%
^Benoit's Towing and Recovery LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		9/20/2026			11.0				11.0				9.5				—	%
^Consulting Solutions Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2026			20.6				20.6				19.5				0.01	%
^Brittany Burns LLC dba Dreams Come True		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/19/2026			12.0				12.0				12.2				—	%
^Eyncon LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/16/2041			49.0				49.0				50.1				0.02	%

133

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^The Merrin Group LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2026			159.9				159.9				154.8				0.06	%
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/14/2026			133.1				133.1				124.9				0.04	%
^Atlantic Alarm Systems and Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/14/2026			14.1				14.1				12.5				—	%
^Metropet Dog Center, Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/13/2041			107.1				107.1				109.8				0.04	%
^Marquis Cattle Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		9/13/2026			46.1				46.1				46.9				0.02	%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/12/2041			80.9				80.9				79.9				0.03	%
^Artisan Infrastructure Holdings, LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		9/7/2026			114.2				114.2				97.8				0.04	%
^SRA Mechanicial Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/6/2041			42.9				42.9				45.3				0.02	%
^Sandia Enterprises Inc dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/6/2026			57.1				57.1				48.9				0.02	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/30/2026			113.8				113.8				100.1				0.04	%
^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2026			543.4				543.4				489.2				0.18	%
^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2041			638.7				638.7				601.1				0.22	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2041			232.5				232.5				225.9				0.08	%
^Raem Corporation dba Dryclean Express		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/29/2041			71.0				71.0				74.3				0.03	%
^Warren Dale Warrington dba Custom Paint and Body		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/26/2041			99.1				99.1				102.2				0.04	%
^TAGR Inc dba Miami Grill 137and John Nakis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/26/2026			96.9				96.9				85.3				0.03	%
^Albert Basse Associates Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		8/25/2026			56.7				56.7				57.6				0.02	%
^Avery Management Inc. dba Whetstone Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/25/2026			9.7				9.7				8.3				—	%
^Dean Technology Inc		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		8/25/2041			379.0				379.0				398.7				0.14	%
^Rosmel Pools Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/25/2026			20.4				20.4				17.9				0.01	%

134

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Tabadesa Associates Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/25/2026			20.4				20.4				17.5				0.01	%
^TR Companies LLC dba True Value Rental and Liberty Rental 4 U		Rental and Leasing Services		Term Loan		Prime plus 2.75%		8/25/2026			81.7				81.7				69.9				0.03	%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/24/2041			492.0				492.0				517.3				0.19	%
^Luv 2 Play Temecula, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/15/2026			54.4				54.4				46.6				0.02	%
^Bear Creek Entertainment LLC dba The Woods at Bear Creek		Accommodation		Term Loan		Prime plus 2.75%		8/12/2041			402.0				402.0				400.8				0.14	%
^2 Cool Beans LLC dba Menchies's Frozen Yogurt		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/11/2026			74.9				74.9				64.1				0.02	%
^Grayson O Company		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/10/2041			611.9				611.9				643.6				0.23	%
^Charal Investments LLC dba Orange Theory Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/10/2026			79.4				79.4				68.0				0.02	%
^Paul Belanger dba Paul Belanger Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/9/2026			13.6				13.6				11.6				—	%
^Nicolette Reiser dba Comfort & Balance		Personal and Laundry Services		Term Loan		Prime plus 2.75%		7/29/2041			73.3				73.3				75.5				0.03	%
^The Hungry Rhino LLC		Real Estate		Term Loan		Prime plus 2.75%		7/29/2041			74.5				74.5				75.3				0.03	%
^USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2026			20.3				20.3				18.0				0.01	%
^303 Tower Drive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2041			391.2				391.2				405.7				0.15	%
^Little Tree Huggers Child Care LLC		Social Assistance		Term Loan		Prime plus 2.75%		7/29/2041			136.8				136.8				144.8				0.05	%
^Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/28/2026			270.3				270.3				231.3				0.08	%
^676 Club LP dba The Green Door Tavern/The Drifter		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/28/2041			654.9				654.9				685.0				0.25	%
^KJCKD Inc dba Camelot Print & Copy Centers/Copy A Second		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/28/2041			573.8				573.8				581.8				0.21	%
^MacIver Corporation dba Division Camera		Rental and Leasing Services		Term Loan		Prime plus 2.75%		7/28/2026			1,133.9				1,133.9				1,077.0				0.39	%
^Apple Tree NC Inc dba Williams Farm & Garden Center		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		7/28/2041			329.4				329.4				329.3				0.12	%

135

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Intrepid Trinity LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		7/28/2041			61.1				61.1				62.7				0.02	%
^Kidtastic LLC dba The Little Gym of Audubon		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/27/2026			51.1				51.1				43.7				0.02	%
^GF Libations Inc dba Minuteman Press		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		7/27/2041			38.6				38.6				34.8				0.01	%
^EPEC Juice LLC dba Jamba Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/27/2026			75.2				75.2				64.4				0.02	%
^Pinco Pizza LLC dba Jet's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/27/2026			66.6				66.6				66.3				0.02	%
^JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/27/2026			112.6				112.6				96.4				0.03	%
^Peckett's Inc		Crop Production		Term Loan		Prime plus 2.75%		7/27/2041			219.6				219.6				232.5				0.08	%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		7/26/2026			81.9				81.9				75.3				0.03	%
^My Sainath Inc dba Motel 6		Accommodation		Term Loan		Prime plus 2.75%		7/22/2041			298.5				298.5				310.3				0.11	%
^Robert G Larson State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/22/2026			20.3				20.3				17.3				0.01	%
^J and D Resources LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2026			117.6				117.6				101.8				0.04	%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		7/18/2026			14.2				14.2				12.1				—	%
^Franklin Firm LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/15/2041			169.9				169.9				172.5				0.06	%
^Billingsworks LLC dba Spoon Shine Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2026			8.7				8.7				8.8				—	%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/13/2026			41.7				41.7				35.7				0.01	%
^Jacob Rugs LLC dba Rugs Outlet		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		7/13/2026			59.1				59.1				60.0				0.02	%
^RM Hawkins LLC dba Pure Water Tech West		Nonstore Retailers		Term Loan		Prime plus 2.75%		7/7/2026			45.1				45.1				43.5				0.02	%
^Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/7/2026			12.8				12.8				11.3				—	%
^Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2041			287.9				287.9				304.5				0.11	%
^Soregard Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		6/30/2041			272.0				272.0				272.3				0.10	%

136

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Martin Inventory Management LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/30/2026			94.6				94.6				96.6				0.03	%
^P L H Pharmaco Inc dba Farmacia San Jose		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		6/30/2026			155.7				155.7				157.2				0.06	%
^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC		Ambulatory Health Care Services		Term Loan		6.25%		6/30/2026			474.6				474.6				432.7				0.16	%
^Desert Tacos LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2026			90.7				90.7				88.1				0.03	%
^VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2026			20.2				20.2				18.2				0.01	%
^Corning Lumber Company Inc and Frank R Close and Son Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/30/2029			181.2				181.2				187.1				0.07	%
^Castone Creations Inc		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2026			78.2				78.2				72.9				0.03	%
^WGI, LLC dba Williams Grant Inn		Accommodation		Term Loan		Prime plus 2.75%		6/29/2041			128.1				128.1				132.8				0.05	%
^Ninsa LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2041			109.8				109.8				117.4				0.04	%
^KWG Industries, LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2041			297.7				297.7				312.2				0.11	%
^O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/29/2026			125.2				125.2				115.2				0.04	%
^E & P Holdings 1 LLC and Evans & Paul LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/28/2026			111.9				111.9				103.5				0.04	%
^MaidPro Marin dba MaidPro		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/28/2026			15.7				15.7				14.1				0.01	%
^Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/27/2026			670.7				670.7				604.2				0.22	%
^All Printing Solutions, Inc. dba Pryntcomm		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		6/27/2041			533.1				533.1				536.5				0.19	%
^Jumbomarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/24/2026			44.7				44.7				40.3				0.01	%
^El Basha Inc dba RPM West San Fernando Valley		Real Estate		Term Loan		Prime plus 2.75%		6/24/2026			16.7				16.7				15.1				0.01	%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast		Accommodation		Term Loan		Prime plus 2.75%		6/24/2041			98.8				98.8				105.7				0.04	%
^Yellow Cab Company of Kissimmee Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		6/24/2041			55.5				55.5				55.6				0.02	%

137

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/23/2041			486.3				486.3				494.3				0.18	%
^Long Island Comedy LLC dba Governors and New York Comedy, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/23/2041			183.0				183.0				190.1				0.07	%
^Visual Advantage LLC dba Signs Now Perryberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2041			89.1				89.1				91.7				0.03	%
^SNS of Central Alabama, LLC dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/21/2026			51.4				51.4				48.7				0.02	%
^Evergreen Investment & Property Management LLC ,Universal Kidney Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/20/2041			1,223.2				1,223.2				1,292.8				0.46	%
^Italian Heritage Tile and Stone Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/20/2026			55.9				55.9				50.3				0.02	%
^Bagelicious, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2026			48.8				48.8				44.2				0.02	%
^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		6/17/2026			204.5				204.5				208.9				0.08	%
^NKJ Lusby Donuts LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/16/2026			20.1				20.1				18.1				0.01	%
^Winegirl Wines LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		6/16/2026			10.1				10.1				10.3				—	%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%		6/16/2026			506.1				506.1				455.9				0.16	%
^Jai-Alexia Consulting, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%		6/15/2026			10.6				10.6				9.5				—	%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares		Social Assistance		Term Loan		Prime plus 2%		6/15/2041			501.5				501.5				497.8				0.18	%
^Strag Industries LLC dba Meineke Car Care Center 841		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/15/2026			13.4				13.4				12.9				—	%
^Luv 2 Play AZ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/10/2026			55.9				55.9				55.9				0.02	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/10/2026			77.4				77.4				69.8				0.03	%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2026			75.1				75.1				67.7				0.02	%
^ScimTech Industries Inc dba Archer Aerospace		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		6/6/2026			10.7				10.7				9.7				—	%
^Larry H. Patterson and Rainbow Movers, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/6/2026			20.1				20.1				18.2				0.01	%

138

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Solvit Inc and Solvit North Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/3/2026			226.2				226.2				211.8				0.08	%
^AP5 LLC dba Krauser's Food Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/2/2041			236.8				236.8				246.4				0.09	%
^ATI Jet Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/31/2026			460.4				460.4				430.3				0.15	%
^Farmer Boy Diner Inc dba Farmer Boy Diner & Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/31/2026			44.4				44.4				45.3				0.02	%
^Angelo Faia dba AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		5/27/2041			97.1				97.1				100.5				0.04	%
^Premier Athletic Center of Ohio, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/27/2026			77.7				77.7				79.3				0.03	%
^Jack Frost Firewood Inc. and David Dubinsky		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/26/2041			201.0				201.0				207.0				0.07	%
^Mersada Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		5/26/2026			299.6				299.6				305.9				0.11	%
^Southwest Division Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		5/26/2026			7.3				7.3				6.9				—	%
^PennyLion LLC dba Creamistry		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/25/2026			72.8				72.8				67.1				0.02	%
^International Kitchen Supply LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/25/2026			165.8				165.8				155.9				0.06	%
^Groth Lumber Co. Inc. dba True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/25/2026			20.0				20.0				20.4				0.01	%
^Powerspec Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/24/2026			77.7				77.7				70.0				0.03	%
^Island Life Graphics Inc dba FASTSIGNS #576		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		5/24/2026			20.0				20.0				18.2				0.01	%
^Horseshoe Barbecue, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/23/2029			12.4				12.4				12.8				—	%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan		Social Assistance		Term Loan		Prime plus 2.75%		5/20/2026			11.3				11.3				10.2				—	%
^National Air Cargo Holdings Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/20/2026			1,109.5				1,109.5				1,118.9				0.40	%
^Pro Auto Repair LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/20/2026			6.6				6.6				6.6				—	%
^HBA LLC dba Palmetto Twist-Vista		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2026			17.2				17.2				15.9				0.01	%

139

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^J&A Laundromat Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/18/2026			59.9				59.9				55.1				0.02	%
^Dedicated Incorporated		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/18/2041			45.3				45.3				47.3				0.02	%
^J Harris Trucking, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/13/2026			38.3				38.3				36.3				0.01	%
^FJN Catering Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/13/2041			256.2				256.2				272.6				0.10	%
^LED Lighting Enterprises LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/13/2026			20.0				20.0				18.4				0.01	%
^Studio Find It Georgia Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/13/2026			20.0				20.0				18.5				0.01	%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano		Social Assistance		Term Loan		Prime plus 2.75%		5/12/2041			129.1				129.1				133.4				0.05	%
^The Delon Group LLC dba I Love Juice Bar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/12/2026			19.3				19.3				17.4				0.01	%
^Sabir Inc. dba Bear Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/11/2041			120.8				120.8				127.3				0.05	%
^Gator D'Lites LLC dba D'Lites Emporium		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/5/2026			20.0				20.0				18.0				0.01	%
^Warner Home Comfort, LLC dba Smith Piping		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/29/2041			80.3				80.3				83.0				0.03	%
^Keller, Fishback & Jackson LLP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/29/2026			115.0				115.0				117.5				0.04	%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/29/2026			19.8				19.8				17.9				0.01	%
^Euro Car Miami LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		4/29/2026			55.1				55.1				56.2				0.02	%
^Hard Exercise Works Winter Park LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/29/2026			35.9				35.9				32.3				0.01	%
^La Nopalera Mexicano 2, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2026			79.5				79.5				81.2				0.03	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/29/2026			6.6				6.6				6.0				—	%
^May-Craft Fiberglass Products Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		4/29/2041			240.8				240.8				257.5				0.09	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/29/2041			171.0				171.0				182.9				0.07	%

140

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Scoler LLC dba Gold's Gym		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/29/2026			231.2				231.2				216.3				0.08	%
^Empowerschool LLC and Empower Autism Academy, LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/29/2041			147.8				147.8				158.0				0.06	%
^Inner Beauty Salon and Suite LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/28/2041			63.2				63.2				67.2				0.02	%
^Atlantic Restaurant Associates LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/28/2041			255.4				255.4				269.4				0.10	%
^Costume World Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		4/28/2041			1,219.4				1,219.4				1,304.0				0.47	%
^Pecos Inn LLC dba Econo Lodge		Accommodation		Term Loan		Prime plus 2.75%		4/28/2041			657.0				657.0				692.9				0.25	%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma		Real Estate		Term Loan		Prime plus 2.75%		4/28/2026			7.9				7.9				7.1				—	%
^Knowledge First Inc dba Magic Years of Learning		Social Assistance		Term Loan		Prime plus 2.75%		4/27/2026			70.6				70.6				69.1				0.02	%
^Green Country Filter Manufacturing LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		4/27/2026			75.4				75.4				69.4				0.02	%
^Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/26/2026			79.3				79.3				71.4				0.03	%
^Homecare Casa Rhoda 123 Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2%		4/26/2041			654.6				654.6				656.7				0.24	%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/22/2041			243.2				243.2				244.5				0.09	%
^McIntosh Trail Management Services Organization Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/22/2041			414.1				414.1				442.8				0.16	%
^Jande Graphics LLC dba FastSigns #103201		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/21/2026			49.3				49.3				44.4				0.02	%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/21/2026			6.9				6.9				7.1				—	%
^Miguel Fernando Borda, P.A. dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/15/2026			19.8				19.8				18.3				0.01	%
^Sushiya Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/12/2026			77.1				77.1				71.7				0.03	%
^Sierra Foothill Cremation & Funeral Service, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/7/2026			46.7				46.7				42.1				0.02	%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/6/2041			268.2				268.2				281.0				0.10	%

141

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^KNS Early Learning Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/6/2041			49.7				49.7				51.1				0.02	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/31/2026			19.7				19.7				17.7				0.01	%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			382.2				382.2				379.9				0.14	%
^Gill Express Inc and Blue Speed LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2041			503.2				503.2				521.2				0.19	%
^Dana A. Farley dba Independent Cabinets		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			65.6				65.6				70.1				0.03	%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/31/2041			55.1				55.1				58.9				0.02	%
^Duke's Cleaners Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/31/2026			41.1				41.1				39.5				0.01	%
^Farhad Brothers LLC dba Lulu's Pizzeria & Family Restaurant and Marvin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2026			54.8				54.8				49.3				0.02	%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/31/2026			65.6				65.6				59.0				0.02	%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		3/30/2026			19.9				19.9				20.3				0.01	%
^NOSO Development, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		3/30/2026			163.9				163.9				147.5				0.05	%
^Wyldewood Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2041			969.9				969.9				977.8				0.35	%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2041			250.5				250.5				264.9				0.10	%
^MTS Car Service LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		3/30/2026			9.2				9.2				8.3				—	%
^Beale Street Blues Company-West Palm Beach, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		3/30/2026			82.0				82.0				75.4				0.03	%
^Barrocas Gym LLC dba Snap Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2026			17.4				17.4				16.6				0.01	%
^Vinmar Inc. dba Locanda Portofino		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2026			71.0				71.0				63.9				0.02	%
^Lust for Life Footwear, LLC		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%		3/29/2026			327.8				327.8				295.0				0.11	%
^Atlantis of Daytona LLC and Pierre Mamane and Eva Mamane		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2%		3/29/2041			491.7				491.7				499.9				0.18	%
^Marathon Engineering Corporation		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/28/2041			43.7				43.7				45.9				0.02	%

142

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2026			43.8				43.8				41.3				0.01	%
^ReNew Interior Surface Cleaning LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/28/2026			10.8				10.8				10.9				—	%
^RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/25/2026			49.2				49.2				44.3				0.02	%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2026			19.9				19.9				18.3				0.01	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		3/25/2026			109.3				109.3				103.4				0.04	%
^ActKnowledge, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/24/2026			109.3				109.3				111.5				0.04	%
^International Construction Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		3/24/2041			48.6				48.6				50.1				0.02	%
^Lowgap Grocery & Grill LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%		3/24/2041			162.7				162.7				173.9				0.06	%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/24/2026			43.7				43.7				44.0				0.02	%
^Acton Hardware LLC and Mark Allgood & Jamie Allgood		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/24/2041			484.7				484.7				491.8				0.18	%
^Magnation Corporation and Misha Family Trust		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/22/2041			98.6				98.6				105.4				0.04	%
^growth.period LLC and Potomac Recruiting LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2026			136.6				136.6				122.9				0.04	%
^Precious Care LLC and Precious Care Management LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/21/2026			488.0				488.0				441.6				0.16	%
^Media Capital Partners, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		3/21/2026			19.7				19.7				17.7				0.01	%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/18/2041			78.4				78.4				83.2				0.03	%
^ERT Group Inc and Curt's Tools Inspection Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%		3/18/2041			1,229.8				1,229.8				1,269.0				0.46	%
^Kekoa Enterprises Inc dba Signarama Sandy		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2026			43.3				43.3				38.9				0.01	%
^Mariam Diner Inc dba Country Kitchen Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/18/2026			45.9				45.9				41.3				0.01	%

143

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Brian T Rice dba BD Logging		Forestry and Logging		Term Loan		Prime plus 2.75%		3/17/2026			13.8				13.8				13.0				—	%
^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/16/2026			19.0				19.0				18.7				0.01	%
^Evergreen Pallet LLC and Evergreen Recycle LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		3/16/2026			918.7				918.7				864.7				0.31	%
^K Soles Corp dba Max Collections		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/16/2026			19.7				19.7				17.7				0.01	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/16/2026			48.1				48.1				49.1				0.02	%
^R & D Enterprises Inc dba My Pool Man		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/15/2026			43.7				43.7				39.3				0.01	%
^Mustafa Inc and Raouf Properties LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/14/2041			73.0				73.0				77.2				0.03	%
^HEWZ, LLC dba Hard Exercise Works		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/14/2026			19.6				19.6				17.7				0.01	%
^Country Paint and Hardware Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/11/2026			76.4				76.4				70.0				0.03	%
^Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/11/2026			94.2				94.2				92.6				0.03	%
^Dupre Capital LLC dba Fastsigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			51.1				51.1				45.9				0.02	%
^Magill Truck Line LLC and Jeff J. Ralls		Truck Transportation		Term Loan		Prime plus 2.75%		3/11/2029			193.4				193.4				183.9				0.07	%
^ABCs & 123s Infant and Child Care Center LP		Social Assistance		Term Loan		Prime plus 2.75%		3/11/2026			9.8				9.8				8.8				—	%
^Accuair Control Systems LLC dba Accuair Suspension		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			131.1				131.1				120.2				0.04	%
^State Painting & Decorating Co., Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/10/2026			90.7				90.7				81.6				0.03	%
^B.P.T.M. of NV LLC and Agentis Bros., LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/9/2041			510.0				510.0				529.5				0.19	%
^Step Up Academy of the Arts LLC		Educational Services		Term Loan		Prime plus 2.75%		3/9/2026			7.0				7.0				6.3				—	%
^A & A Auto Care LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/9/2026			10.8				10.8				10.7				—	%
^Faith Summit Supply Inc dba Summit Supply and Summit True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/9/2026			19.7				19.7				18.7				0.01	%

144

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Swerve Salon LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/8/2026			69.1				69.1				62.1				0.02	%
^J & W Hardwood Flooring Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/7/2026			6.6				6.6				5.9				—	%
^Labmates LLC and POV Holdings LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/4/2041			106.1				106.1				113.4				0.04	%
^Hueston and Company CPA LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/4/2026			7.1				7.1				6.5				—	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/3/2026			45.0				45.0				45.2				0.02	%
^Miles of Smiles Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/2/2026			83.3				83.3				76.3				0.03	%
^Living Essentials HVAC Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/28/2026			13.0				13.0				11.8				—	%
^Consulting Solutions, Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/28/2026			9.8				9.8				9.9				—	%
^Powerpits CS1, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2026			16.3				16.3				15.3				0.01	%
^Drug Detection Laboratories, Inc. and Minh Tran		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/28/2026			17.2				17.2				15.7				0.01	%
^Doxa Deo Inc dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2026			95.1				95.1				88.0				0.03	%
^The River Beas, LLC dba Subway and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2041			131.7				131.7				139.6				0.05	%
^Blackstones Hairdressing LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			45.4				45.4				41.2				0.01	%
^Aaradhya LLC dba Market Square Laundry		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			69.4				69.4				62.5				0.02	%
^R-No-Landscaping LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/19/2026			7.2				7.2				6.6				—	%
^BER Enterprise 332 Inc dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/19/2026			19.5				19.5				17.7				0.01	%
^R & K Contracting Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/18/2026			13.7				13.7				13.8				—	%
^Pacific Coast Medical Group LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/17/2026			212.5				212.5				216.8				0.08	%
^B for Blonde, LLC dba Blo Blow Dry Bar		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/12/2026			54.4				54.4				49.1				0.02	%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/12/2029			282.2				282.2				271.5				0.10	%

145

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ei3 Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/12/2026			283.5				283.5				289.3				0.10	%
^Jersey Shore Marina & Boat Sales, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/12/2041			607.0				607.0				648.7				0.23	%
^Base USA, Inc.		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		2/2/2026			43.4				43.4				44.3				0.02	%
^Zouk Ltd dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/29/2026			19.4				19.4				19.8				0.01	%
^Tammy Lavertue		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		1/28/2026			9.7				9.7				9.7				—	%
^Wildflour Bakery & Cafe LLC		Social Assistance		Term Loan		Prime plus 2.75%		1/28/2026			53.8				53.8				54.3				0.02	%
^SuzyQue's LLC dba SuzyQue's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2026			19.4				19.4				19.8				0.01	%
^New Image Building Services, Inc. dba The Maids serving Oakland		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/19/2026			71.6				71.6				67.0				0.02	%
^Gendron Funeral and Cremation Services, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/11/2041			107.5				107.5				114.9				0.04	%
^Dolarian Realty LLC and OV's Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/5/2041			65.7				65.7				70.2				0.03	%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2025			96.1				96.1				89.1				0.03	%
^MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/29/2025			16.0				16.0				14.5				0.01	%
^Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/28/2025			13.6				13.6				12.2				—	%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2025			1,067.6				1,067.6				962.6				0.35	%
^V2 Tango LLC dba Palette 22		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2025			213.5				213.5				197.0				0.07	%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/23/2040			99.0				99.0				103.4				0.04	%
^800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/23/2040			233.0				233.0				242.0				0.09	%
^Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2040			291.8				291.8				301.7				0.11	%

146

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^The LAX Shop Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/22/2025			83.5				83.5				85.1				0.03	%
^Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Gates		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2028			792.9				792.9				817.1				0.29	%
^Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2025			15.4				15.4				14.4				0.01	%
^G.W. Fitness Centers, LLC and J.G. Fitness LLC and NP Gym LLC and ANA		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/18/2040			990.3				990.3				1,057.7				0.38	%
^Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/18/2025			149.5				149.5				134.4				0.05	%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2025			64.0				64.0				58.9				0.02	%
^Capital Scrap Metal LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/18/2025			29.7				29.7				27.1				0.01	%
^Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/18/2040			157.0				157.0				167.7				0.06	%
^Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/18/2025			57.4				57.4				53.0				0.02	%
^Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/18/2040			640.6				640.6				667.4				0.24	%
^Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/17/2025			88.7				88.7				90.4				0.03	%
^Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%		12/17/2025			9.2				9.2				8.3				—	%
^New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2025			758.9				758.9				767.4				0.28	%
^Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/16/2025			64.1				64.1				62.4				0.02	%
^JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			213.5				213.5				192.0				0.07	%
^Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2022			98.1				98.1				91.4				0.03	%
^Swalm Sreet LLC and New York Home Health Care Equipment LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2040			363.7				363.7				384.7				0.14	%
^SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/15/2040			417.7				417.7				429.7				0.15	%
^Evans & Paul LLC and E&P Holdings I LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2025			106.8				106.8				98.6				0.04	%

147

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/14/2040			330.9				330.9				343.6				0.12	%
^DC Enterprises Ltd. dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/14/2025			19.2				19.2				19.0				0.01	%
^Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/11/2025			13.6				13.6				13.6				—	%
^AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2025			19.2				19.2				18.9				0.01	%
^Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/11/2040			44.7				44.7				47.7				0.02	%
^Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		12/10/2025			6.4				6.4				6.5				—	%
^Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/9/2025			85.4				85.4				79.1				0.03	%
^Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/8/2025			92.9				92.9				86.3				0.03	%
^My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/7/2025			30.2				30.2				27.2				0.01	%
^Blue Ox Trucking Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/4/2025			2.5				2.5				2.5				—	%
^Food & Fuel Company LLC dba Lowery Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2040			118.4				118.4				126.4				0.05	%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/4/2040			486.4				486.4				510.5				0.18	%
^American Campgrounds LLC dba Whit's End Campground		Accommodation		Term Loan		Prime plus 2.75%		12/4/2040			283.1				283.1				297.6				0.11	%
^Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		12/2/2040			362.3				362.3				380.7				0.14	%
^401 JJS, Corp and G. Randazzo's Trattoria Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2040			51.3				51.3				53.2				0.02	%
^Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2025			90.7				90.7				92.5				0.03	%
^Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/30/2025			14.8				14.8				15.1				0.01	%
^Japp Business Inc dba Pick and Eat and Japp Drink Corp.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			106.1				106.1				99.5				0.04	%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			105.9				105.9				97.0				0.03	%
^DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/25/2025			9.5				9.5				8.6				—	%

148

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/25/2025			61.2				61.2				55.1				0.02	%
^Sambella Holdings, LLC and Strike Zone Entertainment Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/23/2040			738.3				738.3				784.0				0.28	%
^Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/23/2025			9.4				9.4				9.6				—	%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/20/2025			76.4				76.4				69.8				0.03	%
^Haven Hospitality Group Inc. dba Haven Gastropub		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2025			112.2				112.2				102.5				0.04	%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2040			236.8				236.8				236.1				0.08	%
^S.B.B. Enterprises Inc dba Williamston Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/19/2040			104.7				104.7				104.6				0.04	%
^Key Pix Productions Inc. dba Air Bud Entertainment		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		11/18/2040			608.0				608.0				649.4				0.23	%
^E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%		11/11/2025			75.4				75.4				69.2				0.02	%
^Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/6/2025			110.3				110.3				110.9				0.04	%
^Jumbomarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/4/2025			259.4				259.4				260.5				0.09	%
^Bisson Transportation Inc dba I & R Associates and Document Security		Truck Transportation		Term Loan		Prime plus 2.75%		10/30/2025			18.9				18.9				18.5				0.01	%
^L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		Prime plus 2.75%		10/28/2025			65.7				65.7				60.0				0.02	%
^Top Cat Ready Mix, LLC, Ples Investments LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/28/2025			597.3				597.3				554.1				0.20	%
^Windsor Direct Distribution LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/26/2025			12.0				12.0				10.8				—	%
^Financial Network Recovery		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/26/2025			33.6				33.6				30.2				0.01	%
^Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		10/14/2025			73.4				73.4				66.0				0.02	%
^ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		10/8/2025			18.9				18.9				17.4				0.01	%
^Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2027			668.0				668.0				634.2				0.23	%

149

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^SCJEN Management Inc dba Bowl of Heaven		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2025			60.0				60.0				53.9				0.02	%
^Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/30/2025			104.1				104.1				93.5				0.03	%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/30/2028			58.8				58.8				59.1				0.02	%
^Bat Bridge Investments Inc dba Kalologie 360 Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/30/2025			72.7				72.7				65.3				0.02	%
^Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/30/2025			18.7				18.7				16.8				0.01	%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/30/2040			137.5				137.5				146.6				0.05	%
^R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/30/2025			324.3				324.3				321.5				0.12	%
^Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/28/2040			84.1				84.1				87.0				0.03	%
^RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2040			383.5				383.5				395.2				0.14	%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2025			428.0				428.0				435.8				0.16	%
^Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/25/2040			426.0				426.0				434.1				0.16	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/25/2040			925.2				925.2				941.5				0.34	%
^Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			8.2				8.2				7.9				—	%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%		9/25/2040			13.0				13.0				13.8				—	%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%		9/24/2040			600.8				600.8				625.4				0.22	%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/24/2040			314.8				314.8				336.0				0.12	%
^J.R. Wheeler Corporation dba Structurz Exhibits and Graphics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/24/2025			17.5				17.5				17.9				0.01	%
^Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/23/2040			59.6				59.6				62.1				0.02	%
^Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/23/2025			41.7				41.7				37.4				0.01	%

150

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2025			127.1				127.1				114.1				0.04	%
^Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2040			307.6				307.6				320.5				0.12	%
^Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		9/22/2040			157.4				157.4				154.5				0.06	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2025			41.6				41.6				39.1				0.01	%
^IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			556.8				556.8				500.0				0.18	%
^Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/18/2025			13.2				13.2				11.9				—	%
^MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/18/2025			6.9				6.9				6.2				—	%
^Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/17/2025			104.2				104.2				93.5				0.03	%
^Import Car Connection Inc dba Car Connection		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/16/2040			391.7				391.7				415.0				0.15	%
^FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/15/2025			125.0				125.0				112.2				0.04	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/11/2025			53.7				53.7				54.5				0.02	%
^Veliu LLC dba FASTSIGNS #15901		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/10/2025			42.2				42.2				38.8				0.01	%
^B and A Friction Materials Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/9/2025			82.6				82.6				74.2				0.03	%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/8/2040			134.6				134.6				143.6				0.05	%
^AIG Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/4/2040			349.7				349.7				352.6				0.13	%
^Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%		9/4/2040			658.5				658.5				702.8				0.25	%
^Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/2/2025			6.9				6.9				6.4				—	%
^Delray Scrap Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			18.4				18.4				16.5				0.01	%
^The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			1,041.2				1,041.2				998.9				0.36	%

151

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/28/2025			67.1				67.1				64.0				0.02	%
^Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%		8/28/2025			12.5				12.5				11.3				—	%
^J and K Fitness L.L.C. dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2041			91.1				91.1				95.9				0.03	%
^Zephyr Seven Series LLC dba 18/8 Fine Men's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/28/2025			69.6				69.6				63.7				0.02	%
^B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/27/2040			532.9				532.9				544.2				0.20	%
^3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/20/2040			132.3				132.3				139.9				0.05	%
^God Be Glorified Inc dba GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/20/2025			43.8				43.8				39.3				0.01	%
^GDP Gourmet LLC dba Joe and John's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/19/2040			139.1				139.1				144.2				0.05	%
^Gold Jet Corp.		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/14/2025			59.5				59.5				56.7				0.02	%
^SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/13/2025			70.0				70.0				63.6				0.02	%
^LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			102.4				102.4				100.0				0.04	%
^Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/28/2025			53.8				53.8				50.7				0.02	%
^Beale Street Blues Company-West Palm Beach LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/24/2025			54.3				54.3				50.3				0.02	%
^Forever & Always of Naples Inc dba Island Animal Hospital		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/24/2025			80.9				80.9				77.7				0.03	%
^Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/23/2025			18.4				18.4				16.6				0.01	%
^Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/21/2025			52.6				52.6				47.3				0.02	%
^Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/15/2040			333.8				333.8				340.8				0.12	%
^Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/10/2025			80.3				80.3				77.3				0.03	%

152

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Thrifty Market, Inc. dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2030			234.9				234.9				238.7				0.09	%
^Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			44.3				44.3				47.1				0.02	%
^Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2025			228.8				228.8				227.8				0.08	%
^Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/30/2025			60.9				60.9				62.1				0.02	%
^BJ's Tavern LLC and BJ's Cabana Bar Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			203.2				203.2				219.3				0.08	%
^Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/29/2025			12.9				12.9				12.7				—	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2030			261.7				261.7				267.9				0.10	%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2025			274.0				274.0				270.3				0.10	%
^CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/26/2040			129.6				129.6				139.0				0.05	%
^TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2029			18.2				18.2				19.1				0.01	%
^Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling		Gasoline Stations		Term Loan		Prime plus 2.75%		6/26/2040			363.4				363.4				391.2				0.14	%
^SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%		6/26/2025			53.8				53.8				52.7				0.02	%
^E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/26/2025			18.3				18.3				17.9				0.01	%
^Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.465%		6/25/2040			1,167.1				1,167.1				1,251.2				0.45	%
^Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/25/2040			236.2				236.2				250.2				0.09	%
^Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/24/2025			18.3				18.3				18.3				0.01	%
^Richards Plumbing and Heating Co., Inc. dba Richards Mechanical		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/23/2040			527.6				527.6				575.2				0.21	%
^RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2025			18.1				18.1				17.7				0.01	%
^Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/22/2025			43.1				43.1				44.4				0.02	%
^PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/19/2025			12.1				12.1				11.9				—	%

153

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^KRN Logistics, LLC and Newsome Trucking, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2025			448.4				448.4				450.6				0.16	%
^Inverted Healthcare Staffing of Florida LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/18/2025			49.7				49.7				48.8				0.02	%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/17/2025			378.7				378.7				389.6				0.14	%
^AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2040			83.0				83.0				90.2				0.03	%
^Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		Prime plus 2.75%		6/16/2025			105.9				105.9				103.8				0.04	%
^Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/12/2025			95.6				95.6				93.8				0.03	%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/12/2040			132.7				132.7				139.0				0.05	%
^Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/12/2040			277.6				277.6				302.6				0.11	%
^Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2040			53.8				53.8				58.6				0.02	%
^Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/5/2022			9.7				9.7				9.4				—	%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/5/2025			12.7				12.7				12.5				—	%
^ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/5/2025			50.3				50.3				49.8				0.02	%
^Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/4/2040			86.6				86.6				94.4				0.03	%
^Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/3/2025			101.5				101.5				99.8				0.04	%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2025			6.7				6.7				6.5				—	%
^Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/27/2025			7.2				7.2				7.2				—	%
^God is Good LLC dba BurgerFi		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/27/2025			11.4				11.4				11.8				—	%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%		5/20/2040			166.2				166.2				180.0				0.06	%
^Pen Tex Inc dba The UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/20/2025			17.7				17.7				17.4				0.01	%
^Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/15/2025			579.6				579.6				573.0				0.21	%

154

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/15/2040			245.5				245.5				261.7				0.09	%
^Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/8/2025			52.3				52.3				51.5				0.02	%
^George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/7/2025			105.1				105.1				103.1				0.04	%
^South Park Properties LLC and Midlothian Hardware LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/6/2040			161.7				161.7				176.2				0.06	%
^Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/4/2040			96.1				96.1				101.0				0.04	%
^Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		5/1/2040			77.3				77.3				84.3				0.03	%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/24/2025			12.0				12.0				11.7				—	%
^Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/21/2025			17.2				17.2				17.1				0.01	%
^Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/21/2025			17.0				17.0				16.7				0.01	%
^Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/17/2025			17.9				17.9				17.6				0.01	%
^Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		4/14/2025			35.4				35.4				34.7				0.01	%
^Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/3/2040			70.1				70.1				75.4				0.03	%
^Advance Case Parts RE Holdings LLC and Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2040			707.0				707.0				751.1				0.27	%
^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		3/31/2025			130.3				130.3				134.3				0.05	%
^Havana Central NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2025			218.9				218.9				225.2				0.08	%
^Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/31/2040			407.8				407.8				432.3				0.16	%
^Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		3/30/2025			98.8				98.8				99.4				0.04	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		3/30/2025			78.9				78.9				81.3				0.03	%

155

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sunset Marine Resort LLC and GoXpeditions LLC		Accommodation		Term Loan		Prime plus 2.75%		3/27/2040			287.0				287.0				312.7				0.11	%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%		3/27/2025			979.0				979.0				958.7				0.34	%
^Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/27/2040			985.7				985.7				1,044.9				0.38	%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2025			84.3				84.3				85.2				0.03	%
^Geo Los Angeles LLC dba Geo Film Group		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/26/2025			102.8				102.8				103.7				0.04	%
^Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/26/2040			51.4				51.4				55.8				0.02	%
^Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		3/25/2025			17.8				17.8				17.4				0.01	%
^Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/25/2040			770.5				770.5				838.3				0.30	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/24/2025			9.5				9.5				9.3				—	%
^Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/20/2040			107.0				107.0				116.5				0.04	%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/20/2040			41.1				41.1				44.1				0.02	%
^R & R Security and Investigations Inc dba Pardners Lake Buchanan		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/19/2040			81.3				81.3				88.5				0.03	%
^MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2040			152.9				152.9				163.7				0.06	%
^Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/16/2040			86.8				86.8				93.4				0.03	%
^BND Sebastian Limited Liability Company and Sebastian Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2040			164.1				164.1				177.5				0.06	%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/9/2040			182.4				182.4				195.3				0.07	%
^Luigi's on Main LLC and Luigi's Main Street Pizza Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/4/2025			8.9				8.9				9.2				—	%
^Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%		2/27/2025			49.5				49.5				48.7				0.02	%
^Kingseal LLC dba Desoto Health and Rehab Center		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		2/26/2040			1,192.7				1,192.7				1,299.2				0.47	%

156

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		2/26/2025			51.7				51.7				53.3				0.02	%
^Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/24/2025			9.8				9.8				9.5				—	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		2/19/2040			58.9				58.9				63.0				0.02	%
^Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/18/2025			58.2				58.2				58.4				0.02	%
^Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/11/2040			163.0				163.0				174.3				0.06	%
^740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/10/2040			467.6				467.6				509.4				0.18	%
^Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/6/2040			63.0				63.0				67.7				0.02	%
^DuCharme Realty LLC and DuCharme Enterprises LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		2/2/2040			213.8				213.8				227.8				0.08	%
^Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2025			63.4				63.4				62.5				0.02	%
^Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/23/2025			64.6				64.6				63.9				0.02	%
^Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/22/2025			12.4				12.4				12.8				—	%
^Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/20/2022			5.4				5.4				5.2				—	%
^Grand Blanc Lanes, Inc. and H, H and H, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/31/2039			126.0				126.0				136.8				0.05	%
^Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		Prime plus 2.75%		12/30/2024			85.4				85.4				87.9				0.03	%
^Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/30/2024			172.0				172.0				176.2				0.06	%
^FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2039			233.6				233.6				248.2				0.09	%
^First Prevention and Dialysis Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/30/2024			221.9				221.9				225.7				0.08	%
^Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/24/2039			1,139.4				1,139.4				1,240.2				0.45	%
^401 JJS Corporation and G. Randazzo Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/23/2039			452.7				452.7				489.7				0.18	%

157

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/23/2039			501.7				501.7				531.9				0.19	%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/23/2039			473.1				473.1				514.9				0.18	%
^Atlantis of Daytona LLC and Ocean Club Sportswear Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		12/23/2039			194.1				194.1				211.3				0.08	%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Hall		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/22/2024			144.2				144.2				143.5				0.05	%
^MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/19/2025			36.7				36.7				36.2				0.01	%
^B.S. Ventures LLC dba Dink's Market		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/19/2039			50.9				50.9				55.4				0.02	%
^The Jewelers Inc. dba The Jewelers of Las Vegas		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		12/19/2024			961.0				961.0				943.3				0.34	%
^Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		6.25%		12/19/2024			130.7				121.7				134.5				0.05	%
^B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2039			155.5				155.5				166.1				0.06	%
^All American Games, LLC and Sportslink - The Game, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/10/2024			307.5				307.5				306.9				0.11	%
^Kemmer LLC and Apples Tree Top Liquors LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/4/2039			130.9				130.9				139.3				0.05	%
^The Red Pill Management, Inc. dba UFC Gym Matthews		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		11/26/2024			42.0				42.0				41.8				0.02	%
^Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/25/2039			141.5				141.5				151.5				0.05	%
^DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/25/2024			10.1				10.1				10.3				—	%
^Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		11/25/2024			167.5				167.5				164.7				0.06	%
^Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2024			32.0				32.0				31.3				0.01	%
^J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/21/2024			578.9				578.9				570.4				0.20	%
^DC Real LLC and DC Enterprises LTD dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		11/20/2039			113.3				113.3				122.5				0.04	%

158

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^MLM Enterprises LLC and Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/18/2024			53.7				53.7				54.4				0.02	%
^JEJE Realty LLC and La Familia Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/10/2039			171.2				171.2				184.3				0.07	%
^Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/7/2024			0.7				0.7				0.7				—	%
^Heartland American Properties LLC and Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/31/2039			451.5				451.5				487.6				0.18	%
^Golden Transaction Corporation dba Bleh Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		10/30/2039			147.7				147.7				160.1				0.06	%
^Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%		10/27/2039			85.3				85.3				91.4				0.03	%
^Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/24/2039			84.0				84.0				89.4				0.03	%
^One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/14/2024			15.5				15.5				15.2				0.01	%
^DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%		10/10/2039			95.9				95.9				104.0				0.04	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/10/2024			141.3				141.3				140.5				0.05	%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/10/2039			1,192.8				1,192.8				1,298.3				0.47	%
^Smith Spinal Care Center P.C. and James C. Smith		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2039			56.6				56.6				61.0				0.02	%
^Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2024			70.0				70.0				71.6				0.03	%
^Michael Rey Jr. and Lynn J. Williams and GIG Petcare		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/3/2039			116.8				116.8				126.5				0.05	%
^Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/2/2024			40.1				40.1				41.2				0.01	%
^Roccos LLC and Sullo Pantalone Inc dba Rocco's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2039			240.6				240.6				256.9				0.09	%
^Keller Holdings LLC and David H Keller III and Carie C Keller		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%		9/30/2039			94.1				94.1				102.2				0.04	%
^Orange County Insurance Brokerage Inc dba Beaty Insurance Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		9/29/2039			306.9				306.9				333.8				0.12	%
^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC		Accommodation		Term Loan		Prime plus 2.75%		9/29/2039			489.6				489.6				532.5				0.19	%
^Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			54.1				54.1				58.8				0.02	%

159

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud		Gasoline Stations		Term Loan		Prime plus 2.75%		9/26/2024			16.8				16.8				16.6				0.01	%
^Keys Phase One LLC dba The Grand Guesthouse		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			696.2				696.2				752.3				0.27	%
^6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/24/2039			432.6				432.6				456.4				0.16	%
^North Columbia LLC and Loop Liquor and Convenience Store LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/24/2039			150.0				150.0				162.0				0.06	%
^Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/23/2024			23.4				23.4				22.9				0.01	%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2039			136.9				136.9				148.9				0.05	%
^Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2024			43.4				43.4				42.4				0.02	%
^Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2039			402.5				402.5				434.3				0.16	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/15/2024			204.5				204.5				204.1				0.07	%
^KW Zion, LLC and Key West Gallery Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/12/2039			1,176.2				1,176.2				1,270.9				0.46	%
^Indy East Smiles Youth Dentistry LLC dba Prime Smile East		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/11/2024			470.6				470.6				460.7				0.17	%
^B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/10/2024			59.7				59.7				58.4				0.02	%
^Feel The World Inc dba Xero Shoes and Invisible Shoes		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%		9/5/2024			38.8				38.8				38.2				0.01	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		8/28/2039			859.0				859.0				934.3				0.34	%
^Lamjam LLC, Goldsmith Lambros Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/27/2024			100.0				100.0				102.8				0.04	%
^Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/27/2024			23.5				23.5				22.9				0.01	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/26/2024			89.3				89.3				89.7				0.03	%
^Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/22/2039			48.4				48.4				51.9				0.02	%
^Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2024			91.9				91.9				89.8				0.03	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2039			136.9				136.9				148.9				0.05	%

160

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^S&P Holdings of Daytona LLC, S&P Corporation of Daytona Beach		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/15/2039			384.5				384.5				418.2				0.15	%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook		Motor Vehicle and Parts Dealers		Term Loan		6%		8/8/2039			177.0				177.0				192.5				0.07	%
^Almost Home Property LLC and Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/7/2039			677.8				677.8				734.8				0.26	%
^AGV Enterprises LLC dba Jet's Pizza #42		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			40.1				40.1				39.5				0.01	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			288.2				288.2				289.1				0.10	%
^575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2039			20.4				20.4				22.1				0.01	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		7/24/2039			140.6				140.6				152.9				0.05	%
^Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/17/2039			95.8				95.8				103.2				0.04	%
^AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2039			194.6				194.6				213.9				0.08	%
^Highway Striping Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/30/2024			38.5				38.5				39.3				0.01	%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2024			72.3				72.3				74.8				0.03	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/30/2039			820.1				820.1				901.2				0.32	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2039			590.9				590.9				643.1				0.23	%
^FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/27/2039			301.1				301.1				329.8				0.12	%
^Zinger Hardware and General Merchant Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/26/2024			45.0				45.0				46.5				0.02	%
^JPM Investments LLC and Carolina Family Foot Care P.A.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/26/2039			132.6				132.6				145.4				0.05	%
^Nikobella Properties LLC and JPO Inc dba Village Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/25/2039			449.3				449.3				492.3				0.18	%
^Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		6/20/2039			218.4				218.4				239.2				0.09	%
^510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/19/2024			251.4				251.4				259.9				0.09	%

161

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			861.0				861.0				946.2				0.34	%
^Global Educational Delivery Services LLC		Educational Services		Term Loan		Prime plus 2.75%		6/16/2024			43.9				43.9				45.4				0.02	%
^Rainbow Dry Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/13/2024			90.5				90.5				92.5				0.03	%
^NVR Corporation dba Discount Food Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/11/2039			61.7				61.7				67.8				0.02	%
^Sico & Walsh Insurance Agency Inc and The AMS Trust		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		6/6/2039			87.8				87.8				96.5				0.03	%
^Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/3/2024			16.3				16.3				16.6				0.01	%
^Long Island Barber + Beauty LLC		Educational Services		Term Loan		Prime plus 2.75%		6/2/2039			51.9				51.9				56.8				0.02	%
^CJR LLC, and PowerWash Plus, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/30/2024			37.9				37.9				39.1				0.01	%
^Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/30/2024			16.1				16.1				16.6				0.01	%
^Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/29/2024			93.7				93.7				95.3				0.03	%
^EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2024			13.8				13.8				14.1				0.01	%
^Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/27/2024			43.0				43.0				43.7				0.02	%
^Hae M. and Jin S. Park dba Buford Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/15/2039			154.8				154.8				169.1				0.06	%
^The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/8/2039			84.6				84.6				92.7				0.03	%
^AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/29/2039			101.5				101.5				111.5				0.04	%
^Gerami Realty, LC, Sherrill Universal City Corral, LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/23/2027			62.9				62.9				65.9				0.02	%
^Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/23/2039			19.5				19.5				21.4				0.01	%
^Island Wide Realty LLC and Long Island Partners, Inc.		Real Estate		Term Loan		Prime plus 2.75%		4/22/2039			96.8				96.8				106.4				0.04	%
^Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2024			132.1				132.1				134.7				0.05	%
^1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/9/2039			127.2				127.2				139.6				0.05	%

162

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2024			117.7				117.7				120.4				0.04	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/31/2039			86.2				86.2				94.0				0.03	%
^Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		3/31/2039			417.7				417.7				457.7				0.16	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/31/2039			95.1				95.1				103.7				0.04	%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/31/2024			522.7				522.7				537.3				0.19	%
^Kemmer, LLC and Pitts Package Store, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/31/2039			109.5				109.5				118.9				0.04	%
^Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/28/2039			118.0				118.0				129.2				0.05	%
^Wilban LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2039			402.7				402.7				440.9				0.16	%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox		Social Assistance		Term Loan		Prime plus 2.75%		3/21/2039			135.1				135.1				147.5				0.05	%
^636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		3/20/2039			72.6				72.6				79.7				0.03	%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/20/2039			103.2				103.2				113.3				0.04	%
^Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/18/2024			20.3				20.3				21.0				0.01	%
^SE Properties 39 Old Route 146, LLC, SmartEarly Clifton Park LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/14/2039			380.7				380.7				418.0				0.15	%
^Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2039			202.6				202.6				220.8				0.08	%
^Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2029			875.7				875.7				919.0				0.33	%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/13/2039			207.9				207.9				228.3				0.08	%
^Avayaan2 LLC dba Island Cove		Gasoline Stations		Term Loan		Prime plus 2.75%		3/7/2039			146.5				146.5				160.4				0.06	%
^R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/28/2039			387.8				387.8				423.9				0.15	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		2/28/2024			243.3				243.3				249.9				0.09	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2039			199.2				199.2				217.5				0.08	%

163

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^952 Boston Post Road Realty, LLC and HNA LLC dba Styles International		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2039			196.0				196.0				214.0				0.08	%
^Choe Trade Group Inc dba Rapid Printers of Monterey		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		2/28/2024			110.5				110.5				114.1				0.04	%
^96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/12/2039			131.9				131.9				144.8				0.05	%
^JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/11/2024			194.3				194.3				198.0				0.07	%
^Awesome Pets II Inc dba Mellisa's Pet Depot		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		2/7/2024			58.4				58.4				59.6				0.02	%
^986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/7/2039			92.4				92.4				101.2				0.04	%
^Sarah Sibadan dba Sibadan Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		1/27/2039			119.9				119.9				131.5				0.05	%
^JDR Industries Inc dba CST-The Composites Store, JetCat USA		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		1/21/2024			96.2				96.2				98.5				0.04	%
^Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		1/15/2024			14.9				14.9				15.4				0.01	%
^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2027			575.7				575.7				604.3				0.22	%
^Nutmeg North Associates LLC (OC) Steeltech Building Products Inc		Construction of Buildings		Term Loan		Prime plus 2.75%		12/31/2038			848.7				848.7				925.6				0.33	%
^Shane M. Howell and Buck Hardware and Garden Center, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/27/2038			299.3				299.3				326.2				0.12	%
^KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/23/2028			155.7				155.7				163.9				0.06	%
^Mosley Auto Group LLC dba America's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			204.9				204.9				224.5				0.08	%
^Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			82.2				82.2				90.2				0.03	%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2038			513.5				513.5				560.6				0.20	%
^TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%		12/18/2038			375.1				375.1				409.8				0.15	%
^TOL LLC dba Wild Birds Unlimited		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/13/2023			12.6				12.6				12.9				—	%
^920 CHR Realty LLC V. Garofalo Carting Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		12/10/2038			387.3				387.3				424.9				0.15	%

164

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2038			128.3				128.3				140.8				0.05	%
^Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/3/2038			96.4				96.4				104.8				0.04	%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/2/2023			267.3				267.3				273.5				0.10	%
^BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/27/2038			70.6				70.6				77.3				0.03	%
^Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		11/27/2023			45.1				45.1				45.8				0.02	%
^Wallace Holdings LLC, GFA International Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%		11/25/2023			83.5				83.5				84.3				0.03	%
^AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/21/2023			10.4				10.4				10.5				—	%
^Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/18/2023			30.8				30.8				31.3				0.01	%
^Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%		11/15/2023			50.3				50.3				51.2				0.02	%
^Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		11/14/2023			3.8				3.8				3.8				—	%
^Polpo Realty, LLC, Polpo Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/6/2038			57.5				57.5				63.1				0.02	%
^Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%		10/31/2038			874.3				874.3				954.3				0.34	%
^Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/31/2038			126.9				126.9				138.9				0.05	%
^Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2038			549.6				549.6				598.2				0.21	%
^Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%		10/31/2023			29.1				29.1				30.0				0.01	%
^1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/31/2038			195.8				195.8				214.5				0.08	%
^New Image Building Services Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/29/2023			219.5				219.5				223.8				0.08	%
^Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/24/2023			145.0				145.0				149.5				0.05	%

165

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/24/2038			226.8				226.8				247.3				0.09	%
^Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/18/2023			58.0				58.0				59.1				0.02	%
^First Steps Real Estate Company, LLC and First Steps Preschool		Social Assistance		Term Loan		Prime plus 2.75%		9/30/2038			89.7				89.7				97.6				0.04	%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			271.6				271.6				297.2				0.11	%
^Top Properties LLC and LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			110.6				110.6				121.2				0.04	%
^Discount Wheel and Tire		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/30/2038			205.6				205.6				224.3				0.08	%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%		9/30/2038			317.0				317.0				347.5				0.12	%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2038			307.8				307.8				336.3				0.12	%
^Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/27/2038			696.0				696.0				759.1				0.27	%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/26/2038			91.9				91.9				100.7				0.04	%
^Eastside Soccer Dome, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			426.0				426.0				467.0				0.17	%
^HJ & Edward Enterprises, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2023			177.5				177.5				182.3				0.07	%
^Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			47.1				47.1				51.6				0.02	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		9/25/2038			83.0				83.0				90.4				0.03	%
^Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/25/2023			8.1				8.1				8.2				—	%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%		9/20/2023			30.5				30.5				31.0				0.01	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2038			246.9				246.9				269.8				0.10	%
^Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2038			103.2				103.2				112.6				0.04	%
^Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/18/2023			10.6				10.6				10.8				—	%
^Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%		9/13/2023			108.7				108.7				110.6				0.04	%

166

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/12/2028			44.2				44.2				46.3				0.02	%
^The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/12/2023			285.1				285.1				289.9				0.10	%
^Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%		9/11/2038			114.2				114.2				124.8				0.04	%
^Alma J. and William R. Walton and Almas Child Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		9/11/2038			36.3				36.3				39.8				0.01	%
^B for Brunette dba Blo		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/10/2023			35.4				35.4				35.9				0.01	%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/4/2038			204.7				204.7				223.3				0.08	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		8/30/2023			84.3				84.3				86.8				0.03	%
^IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2023			445.0				445.0				454.0				0.16	%
^ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		8/30/2023			396.6				396.6				408.4				0.15	%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%		8/30/2023			28.0				28.0				28.8				0.01	%
^Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/28/2023			121.4				121.4				122.8				0.04	%
^RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins		Nonstore Retailers		Term Loan		Prime plus 2.75%		8/26/2023			52.4				52.4				54.0				0.02	%
^JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/16/2023			12.5				12.5				12.7				—	%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		8/14/2038			317.9				317.9				346.2				0.12	%
^Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/12/2023			14.6				14.6				14.8				0.01	%
^Majestic Contracting Services, Inc. dba Majestic Electric and Majestic		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/26/2038			173.9				173.9				189.5				0.07	%
^Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/24/2023			7.6				7.6				7.8				—	%
^Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/19/2038			85.2				85.2				93.3				0.03	%
^Harbor Ventilation Inc and Estes Investment, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2038			2.2				2.2				2.4				—	%
^Tri County Heating and Cooling Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2023			56.1				56.1				57.8				0.02	%

167

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/17/2023			34.4				34.4				34.8				0.01	%
^Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/28/2023			28.6				28.6				29.5				0.01	%
^GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/28/2038			89.1				89.1				98.1				0.04	%
^JRA Holdings LLC, Jasper County Cleaners Inc dba Superior Cleaner		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/28/2038			109.0				109.0				120.1				0.04	%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2026			665.4				665.4				697.0				0.25	%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/18/2028			693.9				693.9				733.7				0.26	%
^KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		6/14/2023			217.1				217.1				222.8				0.08	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/12/2038			830.6				830.6				915.1				0.33	%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/5/2038			170.1				170.1				187.3				0.07	%
^(EPC) Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/5/2038			172.3				172.3				189.4				0.07	%
^RXSB, Inc dba Medicine Shoppe		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/30/2023			116.1				116.1				119.1				0.04	%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/28/2023			39.3				39.3				40.5				0.01	%
^Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/24/2023			30.7				30.7				31.5				0.01	%
^PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/30/2038			500.9				500.9				550.9				0.20	%
^Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		4/30/2023			61.2				61.2				62.8				0.02	%
^Brothers International Desserts		Food Manufacturing		Term Loan		Prime plus 2.75%		4/26/2023			141.6				141.6				145.8				0.05	%
^Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%		4/22/2023			49.0				49.0				50.4				0.02	%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/29/2038			113.1				113.1				124.2				0.04	%
^Capital Scrap Metal, LLC and Powerline Investment, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/29/2038			432.5				432.5				476.1				0.17	%

168

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads		Food Manufacturing		Term Loan		Prime plus 2.75%		3/29/2038			305.5				305.5				335.3				0.12	%
^Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%		3/27/2028			211.9				211.9				223.8				0.08	%
^A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		3/27/2038			299.6				299.6				329.5				0.12	%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2038			487.8				487.8				536.0				0.19	%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/22/2038			61.3				61.3				67.4				0.02	%
^M & H Pine Straw Inc and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/21/2023			198.8				198.8				204.6				0.07	%
^Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2023			48.3				48.3				49.5				0.02	%
^J. Kinderman & Sons Inc., dba BriteStar Inc.		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		3/20/2023			112.1				112.1				115.5				0.04	%
^Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/18/2023			34.2				34.2				35.2				0.01	%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/15/2023			316.1				316.1				325.1				0.12	%
^Golden Gate Lodging LLC		Accommodation		Term Loan		Prime plus 2.75%		3/12/2038			104.4				104.4				114.8				0.04	%
^River Club Golf Course Inc dba The River Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2038			432.8				432.8				475.8				0.17	%
^Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2023			62.7				62.7				64.3				0.02	%
^Osceola River Mill, LLC, Ironman Machine, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		2/20/2038			78.1				78.1				85.9				0.03	%
^Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/19/2038			46.3				46.3				50.9				0.02	%
^Retain Loyalty LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		2/15/2038			96.2				96.2				105.9				0.04	%
^Outcome Driven Innovation, Inc. dba ODI		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		2/12/2023			50.2				50.2				51.5				0.02	%
^Knits R Us, Inc. dba NYC Sports / Mingle		Textile Mills		Term Loan		Prime plus 2.75%		2/11/2038			113.4				113.4				124.8				0.04	%
^North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/6/2023			9.0				9.0				9.3				—	%

169

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^MJD Investments, LLC dba The Community Day School		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2038			233.4				233.4				256.5				0.09	%
^Sherill Universal City dba Golden Corral		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2038			399.7				399.7				439.3				0.16	%
^Macho LLC, Madelaine Chocolate Novelties Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		12/31/2037			453.3				453.3				498.5				0.18	%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2022			56.9				56.9				58.3				0.02	%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2027			32.2				32.2				33.8				0.01	%
^John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/28/2022			300.0				300.0				308.6				0.11	%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2037			467.1				467.1				513.6				0.18	%
^Martin L Hopp, MD PHD A Medical Corp dba Tower ENT		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2022			38.5				38.5				39.5				0.01	%
^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/20/2027			298.5				298.5				313.7				0.11	%
^Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/20/2022			130.7				130.7				134.1				0.05	%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/30/2037			259.0				259.0				284.7				0.10	%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		11/28/2037			204.2				204.2				224.5				0.08	%
^D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/27/2022			5.6				5.6				5.7				—	%
^Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/27/2037			166.8				166.8				183.3				0.07	%
^DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/26/2022			34.8				34.8				35.8				0.01	%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/21/2037			86.6				86.6				95.3				0.03	%
^Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		11/21/2022			157.5				157.5				161.6				0.06	%
^R & J Petroleum LLC, Manar USA, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		11/20/2037			162.0				162.0				178.0				0.06	%
^St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/19/2022			12.1				12.1				12.5				—	%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/9/2022			12.8				12.8				13.1				—	%

170

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Reidville Hydraulics Mfg Inc dba Summit		Machinery Manufacturing		Term Loan		Prime plus 2.75%		11/2/2037			239.2				239.2				262.3				0.09	%
^Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/26/2022			104.5				104.5				106.9				0.04	%
^LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/28/2037			617.8				617.8				678.8				0.24	%
^University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/27/2022			42.4				42.4				43.6				0.02	%
^Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/26/2037			165.9				165.9				182.0				0.07	%
^LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/21/2037			226.0				226.0				247.9				0.09	%
^O'Rourkes Diner LLC dba O'Rourke's Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2037			58.7				58.7				64.3				0.02	%
^AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%		8/27/2022			9.0				9.0				9.3				—	%
^New Image Building Services, Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/23/2037			255.4				255.4				279.8				0.10	%
^Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		8/17/2037			322.0				322.0				353.8				0.13	%
^Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/27/2022			57.1				57.1				58.7				0.02	%
^Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/27/2022			8.0				8.0				8.2				—	%
^Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/29/2037			256.5				256.5				282.2				0.10	%
^WPI, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		6/29/2024			82.4				82.4				85.4				0.03	%
^Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2022			736.2				736.2				756.2				0.27	%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2037			62.0				62.0				68.2				0.02	%
^KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/15/2022			26.4				26.4				27.1				0.01	%
^Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2022			10.7				10.7				11.0				—	%
^ALF, LLC, Mulit-Service Eagle Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		5/31/2037			55.9				55.9				61.5				0.02	%
^Craig R Freehauf dba Lincoln Theatre		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		5/31/2022			16.0				16.0				16.5				0.01	%

171

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Christou Real Estate Holdings LLC dba Tops American Grill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/17/2037			251.6				251.6				277.0				0.10	%
^Tracey Vita-Morris dba Tracey Vita's School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		5/10/2022			11.8				11.8				12.1				—	%
^Bisson Transportation, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2037			550.0				550.0				604.8				0.22	%
^Bisson Moving & Storage Company Bisson Transportation Inc		Truck Transportation		Term Loan		Prime plus 2.75%		5/7/2022			319.5				319.5				328.2				0.12	%
^Fair Deal Food Mart Inc dba Neighbors Market		Gasoline Stations		Term Loan		Prime plus 2.75%		5/3/2037			338.2				338.2				372.3				0.13	%
^Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/27/2022			4.2				4.2				4.3				—	%
^Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/12/2022			288.3				288.3				296.0				0.11	%
^Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		4/5/2022			5.1				5.1				5.2				—	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/30/2022			95.2				95.2				97.4				0.03	%
^Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/30/2031			187.0				187.0				200.7				0.07	%
^Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2037			669.6				669.6				736.4				0.26	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%		3/23/2037			2,623.4				2,623.4				2,885.4				1.04	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6.25%		3/23/2022			734.2				734.2				753.2				0.27	%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/23/2028			77.5				77.5				81.8				0.03	%
^Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/22/2027			852.3				852.3				896.6				0.32	%
^ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%		12/28/2026			596.3				596.3				626.7				0.23	%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/22/2036			440.1				440.1				483.6				0.17	%
^K's Salon, LLC dba K's Salon		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/20/2021			35.5				35.5				36.3				0.01	%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/16/2021			118.7				118.7				121.5				0.04	%

172

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/15/2021			135.5				135.5				138.7				0.05	%
^Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/8/2021			148.7				148.7				152.3				0.05	%
^MRM Supermarkets, Inc. dba Constantin's Breads		Food Manufacturing		Term Loan		Prime plus 2.75%		11/10/2021			65.0				65.0				66.5				0.02	%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		10/26/2021			27.6				27.6				28.2				0.01	%
^28 Cornelia Street Properties, LLC and Zouk, Ltd.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2021			10.4				10.4				10.6				—	%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			72.3				72.3				79.3				0.03	%
^Robert E. Caves, Sr. and American Plank dba Caves Enterprises		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2021			137.7				137.7				140.8				0.05	%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			24.6				24.6				27.0				0.01	%
^PTK, Incorporated dba Night N Day 24 HR Convenience Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/30/2036			119.7				119.7				131.4				0.05	%
^Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2021			479.9				479.9				489.7				0.18	%
^Equity National Capital LLC & Chadbourne Road Capital, LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		9/26/2021			28.5				28.5				29.1				0.01	%
^Bryan Bantry Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/8/2021			38.0				38.0				38.8				0.01	%
^Michael S. Decker & Janet Decker dba The Hen House Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/30/2036			14.3				14.3				15.7				0.01	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/19/2021			79.1				79.1				80.8				0.03	%
^Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/19/2036			116.0				116.0				127.3				0.05	%
^Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		8/12/2036			36.8				36.8				40.4				0.01	%
^A & A Auto Care, LLC dba A & A Auto Care, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/12/2036			88.0				88.0				96.6				0.03	%
^LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/3/2036			66.8				66.8				73.4				0.03	%

173

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2036			217.9				217.9				239.5				0.09	%
^Lavertue Properties LLP dba Lavertue Properties		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		6/29/2036			38.8				38.8				42.7				0.02	%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/29/2036			303.8				303.8				333.9				0.12	%
^Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/13/2036			221.2				221.2				243.0				0.09	%
^Major Queens Body & Fender Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/10/2021			12.2				12.2				12.5				—	%
^J&K Fitness, LLC dba Physiques Womens Fitness Center		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/8/2036			398.3				398.3				437.7				0.16	%
^Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/3/2021			26.9				26.9				27.5				0.01	%
^Demand Printing Solutions, Inc.and MLM Enterprises, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/27/2021			6.9				6.9				7.0				—	%
^Modern on the Mile, LLC dba Ligne Roset		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		5/25/2021			87.9				87.9				89.8				0.03	%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2036			109.6				109.6				120.5				0.04	%
^Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/18/2036			113.8				113.8				125.1				0.04	%
^Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/24/2036			13.3				13.3				14.6				0.01	%
^Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2021			23.0				23.0				23.5				0.01	%
^Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/10/2021			61.5				61.5				62.8				0.02	%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/25/2023			31.3				31.3				32.3				0.01	%
^SuzyQue’s LLC dba Suzy Que’s		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/11/2036			52.3				52.3				57.5				0.02	%
^Little People’s Village, LLC dba Little People’s Village		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2036			26.5				26.5				29.1				0.01	%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%		1/28/2036			96.7				96.7				106.2				0.04	%

174

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2020			2.7				2.7				2.8				—	%
^Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown		Support Activities for Transportation		Term Loan		5.25%		12/28/2035			1,316.8				1,334.6				1,444.1				0.52	%
^Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%		12/17/2023			72.8				72.8				75.4				0.03	%
^Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		12/17/2035			23.5				23.5				25.8				0.01	%
^Lodin Medical Imaging, LLC dba Watson Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/1/2020			24.4				24.4				24.8				0.01	%
^Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/30/2035			28.8				28.8				31.6				0.01	%
^West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/12/2035			126.3				126.3				138.5				0.05	%
^K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		9/30/2020			6.4				6.4				6.5				—	%
^Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		9/30/2035			192.6				192.6				211.1				0.08	%
^Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/29/2020			30.5				30.5				31.0				0.01	%
^Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/20/2020			70.6				70.6				71.9				0.03	%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%		9/17/2020			6.0				6.0				6.1				—	%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/2/2035			42.2				42.2				46.2				0.02	%
^Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%		9/2/2035			206.1				206.1				225.8				0.08	%
^California College of Communications, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/2/2020			61.3				61.3				62.5				0.02	%
^DDLK Investments LLC dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/30/2020			1.6				1.6				1.6				—	%
^Members Only Software		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2020			13.2				13.2				13.4				—	%
^ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/30/2020			15.9				15.9				16.2				0.01	%
^I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/29/2035			62.7				62.7				68.6				0.02	%
^Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/25/2020			9.1				9.1				9.3				—	%

175

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%		6/25/2020			6.6				6.6				6.7				—	%
^Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/22/2035			79.3				79.3				86.8				0.03	%
^B&B Fitness and Barbell, Inc. dba Elevations Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/22/2035			182.0				182.0				199.2				0.07	%
^M & H Pine Straw, Inc.and Harris Maloy		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		7/10/2020			28.2				28.2				28.7				0.01	%
^Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%		7/8/2028			35.7				35.7				37.9				0.01	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			1.9				1.9				1.9				—	%
^ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			2.4				2.4				2.4				—	%
^Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/21/2020			11.5				11.5				11.7				—	%
^M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%		4/30/2020			57.0				57.0				58.0				0.02	%
^New Economic Methods LLC dba Rita's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2020			0.5				0.5				0.6				—	%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2020			1.8				1.8				1.9				—	%
^Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2034			35.2				35.2				38.4				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2024			25.8				25.8				26.8				0.01	%
^David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/11/2019			2.3				2.3				2.3				—	%
^CMA Consulting dba Construction Management Associates		Construction of Buildings		Term Loan		Prime plus 2.75%		12/11/2019			13.4				13.4				13.5				—	%
^KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/19/2034			48.0				48.0				52.5				0.02	%
^Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/12/2019			2.5				2.5				2.5				—	%
^Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/29/2034			121.1				121.1				132.3				0.05	%
^Rover Repairs		Repair and Maintenance		Term Loan		Prime plus 2.5%		11/28/2029			51.4				35.9				54.2				0.02	%
^Supreme Screw Products		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/17/2019			51.5				51.5				52.1				0.02	%

176

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Gray Tree Service, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/18/2018			6.4				6.4				6.5				—	%
^Gourmet to You, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2019			1.7				1.7				1.8				—	%
^The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%		1/10/2019			9.6				9.6				9.7				—	%
^Inflate World Corporation		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/30/2018			0.6				0.6				0.6				—	%
^Peter Thomas Roth Labs		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/26/2018			41.1				41.1				41.4				0.01	%
^CBA D&A Pope, LLC dba Christian Brothers Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/14/2018			11.0				11.0				11.0				—	%
^Gilbert Chiropractic Clinic, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/7/2018			0.3				0.3				0.3				—	%
^D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%		8/1/2031			49.0				49.0				52.8				0.02	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%		8/31/2019			68.1				68.1				68.9				0.02	%
^Zog Inc.		Other Information Services		Term Loan		6%		3/17/2018			48.2				48.2				48.4				0.02	%
^Saan M.Saelee dba Saelee's Delivery Service		Truck Transportation		Term Loan		Prime plus 2.75%		3/12/2018			0.3				0.3				0.3				—	%
^Integrity Sports Group, LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		6%		3/6/2018			30.6				30.6				30.7				0.01	%
^Enewhere Custom Canvas, LLC		Textile Product Mills		Term Loan		Prime plus 2.75%		2/15/2018			0.5				0.5				0.5				—	%
^A & A Acquisition, Inc. dba A & A International		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		2/15/2018			2.2				2.2				2.2				—	%
^All American Printing		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/26/2032			36.4				36.4				39.5				0.01	%
^Seo's Paradise Cleaners, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/19/2018			0.1				0.1				0.1				—	%
^Connect Litigation Technology, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2%		10/18/2025			25.2				17.6				25.7				0.01	%
^1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2032			11.9				11.9				12.8				—	%
^Water Works Laundromat, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.25%		9/7/2027			170.4				170.4				176.3				0.06	%

177

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/5/2026			29.6				29.6				31.0				0.01	%
^Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/5/2027			173.9				173.9				183.4				0.07	%
^Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		8%		12/31/2018			27.5				27.5				27.7				0.01	%
^Fran-Car Corporation dba Horizon Landscape Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/3/2028			65.4				65.4				69.3				0.02	%
^Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/27/2031			8.6				8.6				9.2				—	%
^Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%		10/28/2026			3.0				3.0				3.2				—	%
^Mogas Limited		Gasoline Stations		Term Loan		Prime plus 2.75%		5/31/2030			69.6				48.7				74.5				0.03	%
^Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		5/2/2030			61.5				61.5				65.9				0.02	%
^Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		3/31/2030			8.5				8.5				9.1				—	%
^Nancy Carapelluci & A & M Seasonal Corner Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/1/2025			13.1				13.1				13.7				—	%
^Patricia Hughes Jones, MD PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		1/13/2020			3.7				2.5				3.8				—	%
^Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5%		2/1/2025			2.7				2.7				2.9				—	%
David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		6%		8/26/2024			15.8				15.8				16.5				0.01	%
^McCallister Venture Group, LLC and Maw's Vittles, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2029			10.9				10.9				11.6				—	%
^Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%		2/27/2024			8.3				8.3				8.6				—	%
Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%		4/9/2029			65.2				65.2				66.9				0.02	%
^West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/5/2026			826.6				826.6				868.6				0.31	%
^Center-Mark Car Wash, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/18/2024			24.8				24.8				25.8				0.01	%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%		11/10/2028			16.0				16.0				16.6				0.01	%
^Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2028			16.4				16.4				17.3				0.01	%

178

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%		4/5/2029			40.2				40.2				42.3				0.02	%
^Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%		8/17/2023			6.8				6.8				7.0				—	%
^RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		1/31/2023			6.0				6.0				6.2				—	%
^Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%		6/29/2025			7.9				7.9				8.1				—	%
^Ralph Werner dba Werner Transmission Inc		Gasoline Stations		Term Loan		Prime plus 2.75%		12/29/2021			1.9				1.9				2.0				—	%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%		9/14/2023			29.6				29.6				30.7				0.01	%
^OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%		3/12/2022			3.4				3.4				3.5				—	%
^CPN Motel, L.L.C. dba American Motor Lodge		Accommodation		Term Loan		Prime plus 2.25%		4/30/2024			27.4				27.4				28.0				0.01	%
^Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/16/2025			4.4				4.4				4.6				—	%
^Duttakrupa, LLC dba Birmingham Motor Court		Accommodation		Term Loan		Prime plus 2.25%		9/8/2023			10.7				10.7				10.9				—	%
^Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%		2/14/2025			24.8				24.8				25.4				0.01	%
^Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%		11/25/2024			22.9				22.9				23.4				0.01	%
Willington Hills Equestrian Center LLC		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		10/19/2022			12.4				12.4				12.8				—	%
^LABH, Inc., Ramada Ltd.		Accommodation		Term Loan		Prime plus 2.25%		9/27/2024			36.7				36.7				37.6				0.01	%
^Randall D. & Patricia D. Casaburi dba Pat's Pizzazz		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/13/2023			6.1				6.1				6.3				—	%
^Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%		5/31/2023			17.4				17.4				17.8				0.01	%
^Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%		3/31/2024			26.4				26.4				27.1				0.01	%
^Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%		1/14/2023			5.5				5.5				5.7				—	%
^Karis, Inc.		Accommodation		Term Loan		Prime plus 2%		12/22/2023			11.8				11.8				11.9				—	%
^Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2019			3.2				3.2				3.3				—	%
^Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%		9/30/2023			38.8				38.8				39.6				0.01	%

179

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%		3/27/2023			3.1				3.1				3.2				—	%
^Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/23/2022			9.4				9.4				9.7				—	%
^Delyannis Iron Works		Fabricated Metal Product Manufacturing		Term Loan		6%		12/8/2022			10.8				10.8				11.2				—	%
^P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/18/2021			7.0				7.0				7.1				—	%
^RJS Service Corporation		Gasoline Stations		Term Loan		Prime plus 2.75%		8/20/2021			5.0				5.0				5.1				—	%
Total Performing SBA Unguaranteed Investments											$	264,318.4			$	264,282.0			$	266,467.1			95.74%
Non-Performing SBA Unguaranteed Investments (3)
*^200 North 8th Street Associates LLC and Enchanted Acres Farm		Food Manufacturing		Term Loan		6.25%		5/4/2028			$	469.3			$	469.3			$	436.5			0.16	%
*^214 North Franklin, LLC and Winter Ventures, Inc.		Nonstore Retailers		Term Loan		6%		11/29/2037			$	81.7			$	81.7			$	—			—	%
*^Alejandro Rico dba Rico Motors and Golden West Motel and Alrima Co Inc		Motor Vehicle and Parts Dealers		Term Loan		6.75%		11/25/2040			$	68.4			$	68.4			$	2.8			—	%
*^Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc		Motor Vehicle and Parts Dealers		Term Loan		6.25%		9/18/2040			$	34.7			$	34.7			$	—			—	%
*^Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		Prime plus 2.75%		6/24/2025			$	387.4			$	387.4			$	360.3			0.13	%
*^AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.		Ambulatory Health Care Services		Term Loan		6%		3/14/2038			$	305.7			$	305.7			$	—			—	%
*AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%		4/30/2025			$	34.8			$	34.8			$	—			—	%
*^B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%		3/30/2021			$	15.5			$	15.5			$	14.6			0.01	%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%		3/29/2036			$	177.4			$	177.4			$	95.5			0.03	%
*^Fieldstone Quick Stop LLC, Barber Investments LLC, Thadius M B		Gasoline Stations		Term Loan		6%		9/30/2038			$	407.3			$	407.3			$	2.6			—	%
*^Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar		Gasoline Stations		Term Loan		6.25%		8/15/2039			$	146.3			$	146.3			$	—			—	%
*Bone Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2042			$	73.4			$	73.4			$	64.2			0.02	%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/27/2025			$	811.7			$	811.7			$	431.3			0.15	%
*Calhoun Satellite Communications, Inc.		Telecommunications		Term Loan		Prime plus 2.75%		12/2/2026			$	189.1			$	189.1			$	172.6			0.06	%

180

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%		12/22/2035			$	59.0			$	59.0			$	56.5			0.02	%
*^Chickamauga Properties, Inc. and MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%		10/19/2022			$	43.5			$	43.5			$	—			—	%
*^CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's		Food Manufacturing		Term Loan		Prime plus 2.75%		12/27/2023			$	479.8			$	479.8			$	446.2			0.16	%
*^CM Lab Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/20/2026			$	166.1			$	166.1			$	154.5			0.06	%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access		Professional, Scientific, and Technical Services		Term Loan		6.25%		6/17/2021			$	272.7			$	272.7			$	234.6			0.08	%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access		Broadcasting (except Internet)		Term Loan		6.25%		4/30/2022			$	94.3			$	94.3			$	—			—	%
*^D&G Capital LLC dba Miami Grill 277		Food Services and Drinking Places		Term Loan		6.5%		12/16/2025			$	81.2			$	81.2			$	55.5			0.02	%
*^Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/29/2018			$	0.3			$	0.3			$	0.3			—	%
*^Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		3/31/2035			$	126.0			$	126.0			$	118.9			0.04	%
*^Danjam Enterprises, LLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		3/29/2023			$	64.8			$	64.8			$	61.1			0.02	%
*^Dill Street Bar and Grill Inc and WO Entertainment, Inc		Food Services and Drinking Places		Term Loan		6%		9/27/2027			$	78.4			$	78.4			$	—			—	%
*^DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/2/2025			$	54.8			$	54.8			$	43.9			0.02	%
*^E & I Holdings, LP & PA Farm Products, LLC		Food Manufacturing		Term Loan		6%		4/30/2030			$	4,923.2			$	5,047.3			$	2,529.6			0.91	%
*^ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc		Professional, Scientific, and Technical Services		Term Loan		6.75%		4/25/2024			$	273.8			$	273.8			$	—			—	%
*^ENI Inc. dba ENI Group, Inc		Other Information Services		Term Loan		6.75%		12/11/2025			$	32.8			$	32.8			$	—			—	%
*^Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%		9/26/2022			$	314.9			$	314.9			$	28.4			0.01	%
*^Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%		5/31/2023			$	73.4			$	73.4			$	—			—	%
*^Event Mecca LLC		Other Information Services		Term Loan		6%		4/10/2023			$	12.2			$	12.2			$	9.4			—	%
*^EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%		1/31/2023			$	86.4			$	86.4			$	8.1			—	%
*^Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%		3/30/2022			$	233.5			$	233.5			$	11.2			—	%

181

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Gator Communications Group LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%		4/25/2022			$	157.8			$	157.8			$	—			—	%
*^Gator Communications Group, LLC dba Harvard Printing Group		Printing and Related Support Activities		Term Loan		6.25%		3/27/2023			13.3				13.3				—				—	%
*^Gino Italian American Deli and Meat Market Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/25/2041			530.2				530.2				493.2				0.18	%
*^Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%		2/20/2023			19.0				19.0				17.6				0.01	%
*Guzman Group, LLC		Rental and Leasing Services		Term Loan		6%		9/30/2019			181.3				181.3				173.3				0.06	%
*Harrelson Materials Management, Inc		Waste Management and Remediation Services		Term Loan		6%		6/24/2021			465.2				465.2				25.0				0.01	%
*^Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/26/2024			107.7				107.7				100.2				0.04	%
*^Hemingway Custom Cabinetry LLC		Furniture and Related Product Manufacturing		Term Loan		6.5%		9/25/2025			198.6				198.6				62.5				0.02	%
*^Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		6.25%		6/30/2040			58.8				58.8				47.5				0.02	%
*^J And G Group Services LLC and United Vending of Florida Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		7/28/2026			29.6				29.6				27.5				0.01	%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%		6/28/2025			628.4				628.4				76.7				0.03	%
*^J&M Concessions, Inc.dba A-1 Liquors		Food and Beverage Stores		Term Loan		6.25%		3/3/2039			130.6				130.6				61.7				0.02	%
*^J&M Concessions Inc dba A 1 Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/27/2025			80.0				80.0				21.6				0.01	%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		7%		10/23/2025			43.7				43.7				40.6				0.01	%
*Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%		6/29/2036			98.8				98.8				10.6				—	%
*^Karykion, Corporation dba Karykion Corporation		Professional, Scientific, and Technical Services		Term Loan		6%		6/28/2022			144.8				144.8				134.7				0.05	%
*^Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto		Motor Vehicle and Parts Dealers		Term Loan		6.25%		10/29/2039			11.1				11.1				10.3				—	%
*^Kids at Heart,LLC dba Monster Mini Golf		Amusement, Gambling, and Recreation Industries		Term Loan		6.75%		9/22/2026			21.6				21.6				10.4				—	%
*Krishna of Orangeburg, Inc.		Accommodation		Term Loan		6%		2/20/2032			10.3				10.3				5.5				—	%
*^Kup's Auto Spa Inc		Repair and Maintenance		Term Loan		6.25%		11/15/2038			366.8				366.8				341.2				0.12	%
*Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		6.25%		10/23/2025			54.7				54.7				50.9				0.02	%
*^Las Casuelas Del Este Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/29/2041			791.6				791.6				393.1				0.14	%
*^Las Torres Development LLC dba Houston Event Centers		Real Estate		Term Loan		6%		8/27/2028			875.4				906.0				—				—	%

182

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^LE & JS dba Laredo Mercado Y Carniceria		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/13/2026			18.5				18.5				—				—	%
*^Luv 2 Play Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/12/2026			60.8				60.8				57.4				0.02	%
*^M and C Renovations Inc		Construction of Buildings		Term Loan		Prime plus 2.75%		10/31/2024			12.8				12.8				10.0				—	%
*^Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		6.25%		8/3/2022			125.3				125.3				110.0				0.04	%
*^Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		11/25/2025			19.5				19.5				6.1				—	%
*^Milliken and Milliken, Inc. dba Milliken Wholesale Distribution		Merchant Wholesalers, Durable Goods		Term Loan		6%		6/10/2036			25.6				25.6				—				—	%
*^Mojo Brands Media, LLC		Broadcasting (except Internet)		Term Loan		6%		8/28/2023			725.0				725.0				342.9				0.12	%
*^Morris Glass and Construction		Specialty Trade Contractors		Term Loan		6%		3/7/2021			465.1				482.1				53.5				0.02	%
*Municipal Hydro Sevices Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/30/2027			225.7				225.7				42.0				0.02	%
*New England Country Day School, Inc. and Thomas D. Walker		Social Assistance		Term Loan		Prime plus 2.75%		3/28/2042			362.6				362.6				293.2				0.11	%
*^New Paltz Dental Care, PLLC dba Ariel Dental Care		Ambulatory Health Care Services		Term Loan		6%		6/19/2025			97.5				97.5				59.6				0.02	%
*^Colts V LLC and Nowatzke Service Center, Inc		Repair and Maintenance		Term Loan		6.75%		9/26/2039			577.6				577.6				545.1				0.20	%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/29/2026			96.9				96.9				91.5				0.03	%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2026			608.3				608.3				272.1				0.10	%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2041			400.1				400.1				340.3				0.12	%
*^Planet Verte, LLC dba Audio Unlimited		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2020			16.4				16.4				15.7				0.01	%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		Prime plus 2.75%		7/23/2040			100.3				100.3				93.3				0.03	%
*Professional Systems, LLC and Professional Cleaning		Administrative and Support Services		Term Loan		6%		7/30/2020			131.8				131.8				1.8				—	%
*^RDT Enterprises LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/15/2027			136.9				136.9				127.3				0.05	%
*^RDT Enterprises, L.L.C.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/12/2025			19.5				19.5				—				—	%

183

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^RDT Enterprises, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2028			119.0				119.0				110.7				0.04	%
*^Route 130 SCPI Holdings LLC, Route 130 SCPI Operations LLC		Food Services and Drinking Places		Term Loan		6.25%		9/30/2039			536.4				536.4				320.1				0.12	%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		6.75%		7/25/2022			32.1				32.1				30.3				0.01	%
*^Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		6.25%		12/20/2032			8.0				8.0				—				—	%
*^Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/17/2025			45.0				45.0				43.1				0.02	%
*^Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		2/7/2024			697.1				697.1				345.4				0.12	%
*^Square Deal Siding Company,LLC dba Square Deal Siding Company		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/18/2025			20.3				20.3				19.4				0.01	%
*^STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%		5/9/2037			31.6				31.6				—				—	%
*^Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		Prime plus 2.75%		9/23/2025			58.1				58.1				—				—	%
*^Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		11/25/2024			116.9				116.9				41.6				0.01	%
*Stormwise South Florida dba Stormwise Shutters		Specialty Trade Contractors		Term Loan		6%		11/7/2036			111.2				111.2				—				—	%
*^Tim's Tire & Automotive Center, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		8/16/2026			768.3				768.3				529.7				0.19	%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		6.75%		11/16/2021			34.3				34.3				32.4				0.01	%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communications		Telecommunications		Term Loan		Prime plus 2.75%		12/2/2041			141.3				141.3				81.8				0.03	%
*^Winter Ventures Inc and 214 N Franklin LLC		Nonstore Retailers		Term Loan		6%		4/29/2024			56.6				56.6				—				—	%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%		12/23/2024			149.3				149.3				—				—	%
*^Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall		Nonstore Retailers		Term Loan		6%		4/3/2029			134.5				134.5				—				—	%
*^Wired LLC and Moulison North Corporation		Specialty Trade Contractors		Term Loan		6.25%		6/30/2024			118.5				118.5				108.3				0.04	%
*^Wired LLC and Moulison North Corporation		Specialty Trade Contractors		Term Loan		6.25%		7/3/2024			138.3				138.3				—				—	%
Total Non-Performing Unguaranteed SBA Investments											$	23,236.1			$	23,407.8			$	11,567.3			4.16%
Total Unguaranteed SBA Investments											$	287,554.5			$	287,689.8			$	278,034.4			99.89%
Performing SBA Guaranteed Investments (4)
Beale Street Blues Company Inc.dba Beatle Street Blues Company, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/14/2027			2,906.3				2,906.3				3,182.3				1.14	%

184

See accompanying notes to unaudited condensed consolidated financial statements.

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Table of Contents

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Blue Lagoon Resort, LLC dba Hill View Cottages		Accommodation		Term Loan		Prime plus 2.75%		12/21/2042			566.3				566.3				644.5				0.23	%
Gorilla Warfare LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/22/2027			127.5				127.5				141.1				0.05	%
Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/22/2027			150.0				150.0				166.0				0.06	%
Anderson Farms Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			3,750.0				3,750.0				4,106.3				1.48	%
Muckamuck Trucks, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			78.2				78.2				86.5				0.03	%
TrialHawk Litigation Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			89.3				89.3				98.8				0.04	%
Salida Family Chiropractic-PPLC dba Salida Sport and Spine		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			68.0				68.0				75.2				0.03	%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			2,334.8				2,334.8				2,568.2				0.92	%
Medical Plaza of Boro Park PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			187.5				187.5				207.5				0.07	%
Dudeck Enterprise LLC dba Detail Garage Las Vegas		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/22/2027			91.0				91.0				100.6				0.04	%
Jacliff Investments Inc dba International Heal		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/22/2027			150.0				150.0				166.0				0.06	%
O'Rourke's Diner, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/22/2027			21.3				21.3				23.5				0.01	%
Anglin Cultured Stone Products LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/27/2042			1,931.3				1,931.3				2,193.2				0.79	%
Farec, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/29/2042			843.6				843.6				959.6				0.34	%
Best Choice Meats, Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/29/2027			585.0				585.0				647.3				0.23	%
Social Link LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/29/2027			63.8				63.8				70.5				0.03	%
Morrocco Method, Inc		Chemical Manufacturing		Term Loan		Prime plus 2.75%		12/27/2042			2,583.8				2,583.8				2,927.7				1.05	%
JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/23/2042			255.9				255.9				290.3				0.10	%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		3/27/2042			1,232.6				1,232.6				1,393.6				0.50	%

185

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Swantown Inn & Spa LLC		Accommodation		Term Loan		Prime plus 2.75%		5/26/2042			245.7				245.7				278.8				0.10	%
House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/27/2042			403.8				403.8				457.8				0.16	%
CR Park Incorporated dba Define Body and Mind		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/20/2027			142.7				142.7				157.9				0.06	%
AP6 LLC and Amishp LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2042			321.2				321.2				364.2				0.13	%
Pro Anderson, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/11/2027			57.9				57.9				64.1				0.02	%
Looky Enterprises, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/18/2027			51.7				51.7				57.2				0.02	%
Berza TLG,LLC dba The Little Gym of Lake Charles		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/31/2027			73.0				73.0				73.0				0.03	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%		5/14/2043			647.9				647.9				737.0				0.26	%
Murf & Sons LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/16/2027			180.3				180.3				199.5				0.07	%
Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/27/2042			151.1				151.1				172.0				0.06	%
Amped Coffee Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/28/2027			11.3				11.3				12.4				—	%
Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2027			36.3				36.3				40.2				0.01	%
Oil Palace, Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/4/2042			2,455.2				2,455.2				2,774.4				1.00	%
DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/21/2027			47.4				47.4				52.5				0.02	%
Total Performing SBA Guaranteed Investments											$	22,841.3			$	22,841.3			$	25,489.6			9.16%
Total SBA Unguaranteed and Guaranteed Investments											$	310,395.8			$	310,531.1			$	303,524.0			109.05%
Controlled Investments (5)
*Advanced Cyber Security Systems, LLC (6), (19)		Data processing, hosting and related services.		50% Membership Interest		—%		—			—				—				—				—	%
				Term Loan		3%		December 2014			381.0				381.0				—				—	%
*Automated Merchant Services, Inc. (7), (19)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				—				—				—	%

186

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CDS Business Services, Inc. (8)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Common Stock		—%		—			—				4,428.0				8,000.0				2.87	%
				Line of Credit		Prime plus 2.5%		August 2018			6,396.0				6,396.0				6,396.0				2.30	%
*Newtek Technology Solutions, Inc. (11)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				8,384.0				12,400.0				4.46	%
*Fortress Data Management, LLC (19)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
*Newtek Insurance Agency, LLC (13), (19)		Insurance Carriers and Related Activities		100% Membership Interest		—%		—			—				—				2,500.0				0.90	%
*PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				725.1				—				—	%
				Term Loan		10%-12%		Various maturities through July 2019			2,685.0				2,685.0				—				—	%
Secure CyberGateway Services, LLC (10), (19)		Data processing, hosting and related services.		66.7% Membership Interest		—%		—			—				—				—				—	%
Small Business Lending, LLC (12), (19)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				—				2,500.0				0.90	%
Summit Systems and Designs, LLC (14), (19)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				—				—	%
*ADR Partners, LLC dba banc-serv Partners, LLC (12)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				5,290.3				3,430.0				1.23	%
Premier Payments LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				16,438.0				23,000.0				8.26	%
International Professional Marketing, Inc. (17)		Professional, Scientific, and Technical Services		100% Common Stock		—%		—			—				4,000.0				4,000.0				1.44	%
				Line of Credit		Prime plus 0.5%		April 2018			450.0				450.0				450.0				0.16	%
SIDCO, LLC (17)		Professional, Scientific, and Technical Services		100% Membership Interest		—%		—			—				7,119.7				7,119.7				2.56	%
				Line of Credit		Prime plus 0.5%		July 2019			550.0				550.0				550.0				0.20	%

187

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2017 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Universal Processing Services of Wisconsin, LLC (11) (19)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				—				80,000.0				28.74	%
United Capital Source, LLC (18)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				2,450.0				2,450.0				0.88	%
Titanium Asset Management, LLC (15)		Administrative and Support Services		Term Loan		3%		July 2017			193.9				193.9				—				—	%
				100% Membership Interest		—%		—			—				—				—				—	%
Excel WebSolutions, LLC (16)		Data processing, hosting and related services.		Term Loan		10%		September 2018			406.6				406.6				359.9				0.13	%
				50% Membership Interest		—%		—			—				—				—				—	%
Total Controlled Investments											$	11,062.5			$	59,897.6			$	153,155.6			55.03%
Investments in Money Market Funds
UBS Select Treasury Institutional Fund - 0.84% yield											$	9.2			$	9.2			$	9.2			—%
Total Investments											$	321,467.5			$	370,437.9			$	456,688.8			164.08%

^ Denotes investment that has been pledged as collateral under the Securitization Trusts.

* Denotes non-income producing security.

(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.

(2) Prime Rate is equal to 4.25% as of December 31, 2017.

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

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

(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more

188

See accompanying notes to unaudited condensed consolidated financial statements.

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than 25% of the voting securities of such company. See Note 5 in the accompanying notes to the consolidated financial statements for transactions during the year ended December 31, 2017 with affiliates the Company is deemed to control.

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

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

(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).

(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).

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

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

(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).

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

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

(15) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).

(16) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.

(17) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.). During the year ended December 31, 2017, a portion of IPM’s business was spun off into a new wholly-owned controlled portfolio company, SIDCO. As a result, the underlying IPM business has not changed. The Company determined the cost basis of its investments in IPM and SIDCO to be $4,000,000 and $7,120,000, respectively.

(18) 100% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.).

(19) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.

(20) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.

(21) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2017, 4.8% of total assets are non-qualifying assets.

As of December 31, 2017, the federal tax cost of investments was $361,680,000 resulting in estimated gross unrealized gains and losses of $119,606,000 and $24,597,000, respectively.

189

See accompanying notes to unaudited condensed consolidated financial statements.

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

The Company has formed certain Taxable Subsidiaries, which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.

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

Newtek Small Business Finance, LLC

Newtek Asset Backed Securities, LLC

CCC Real Estate Holdings, LLC

The Whitestone Group, LLC

Wilshire Colorado Partners, LLC

Wilshire DC Partners, LLC

Wilshire Holdings I, Inc.

Wilshire Louisiana BIDCO, LLC

Wilshire Louisiana Partners II, LLC

Wilshire Louisiana Partners III, LLC

Wilshire Louisiana Partners IV, LLC

Wilshire New York Advisers II, LLC

Wilshire New York Partners III, LLC

Wilshire New York Partners IV, LLC (1)

Wilshire New York Partners V, LLC (1)

Wilshire Partners, LLC

Exponential Business Development Co., Inc.

Newtek LSP Holdco, LLC

Newtek Business Services Holdco 1, Inc.

Newtek Business Services Holdco 2, Inc.

Newtek Business Services Holdco 3, Inc.

Newtek Business Services Holdco 4, Inc.

Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)

Newtek Business Services Holdco 6, Inc.

⁽¹⁾ Entity was merged into The Whitestone Group, LLC in December 2017.

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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, 2017 on Form 10-K. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2017 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.

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

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:

Fair Value

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

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

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

Use of Estimates

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

Consolidation 

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

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

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Distributions

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

 

Cash

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments. As of June 30, 2018, cash deposits in excess of insured amounts totaled $6,579,000. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of June 30, 2018.

Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties and cash reserves associated with securitization transactions. As of June 30, 2018, total restricted cash was $24,701,000.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2018 and 2017 and December 31, 2017 and 2016:

	June 30, 2018				June 30, 2017				December 31, 2017				December 31, 2016
Cash	$	3,575			$	3,550			2,464				$	2,051
Restricted cash	24,701				23,594				18,074				20,845
Cash and restricted cash	$	28,276			$	27,144			$	20,538			$	22,896

 

Broker Receivable

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

Income Taxes

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

The Company’s U.S. federal and state income tax returns prior to fiscal year 2014 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

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Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2018 and 2017, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $8,136,000 and $8,164,000 at June 30, 2018 and December 31, 2017, respectively, and are recorded as deferred tax liabilities on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Investment Income

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

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

The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

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

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

Stock – Based Compensation

The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term.

Recently Adopted Accounting Standards

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that the statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard with respect to its statement of cash flows.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU 2014-09 supersedes the revenue recognition requirements under ASC 605, “Revenue Recognition”, and most industry-specific guidance

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throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, which clarified the implementation guidance regarding performance obligations and licensing arrangements. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients”, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements”, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company has evaluated the guidance under Topic 606 and has identified similar performance obligations under ASC 606 as compared with deliverables and separate units of account previously identified. The Company adopted this standard with respect to its revenue recognition. The Company evaluated each revenue stream and concluded that all were covered by the scope exceptions as detailed in Topic 606. As a result, the Company determined that the timing of its revenue recognition will remain the same.

New Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements”, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance.

Segments

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

Reclassifications

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

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NOTE 3—INVESTMENTS:

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

		June 30, 2018								December 31, 2017
		Cost				Fair Value				Cost				Fair Value
Money market funds		$	9			$	9			$	9			$	9
Non-affiliate debt investments		334,367				329,878				310,531				303,524
Non-control/affiliate equity investments		600				600				—				—
Controlled investments:
Equity		50,958				147,443				48,835				145,400
Debt		13,098				9,792				11,063				7,756
Total investments		$	399,032			$	487,722			$	370,438			$	456,689

In May 2018, the Company invested in 100% of the membership interests of a new wholly-owned, controlled portfolio company, Mobil Money. Mobil Money then acquired a portfolio of merchant processing accounts for taxi drivers. Total consideration for the investment was $3,000,000 and consisted of $200,000 in restricted shares of Newtek common stock, $1,450,000 in cash and $1,350,000 to be paid in cash in two equal installments in 2019 and 2020 contingent on the achievement of specific net residual income levels for 2018 and 2019 related to the acquired taxi cab merchant portfolio. As of June 30, 2018, the fair value of the contingent consideration liabilities was $1,350,000 and is included in Accounts Payable, Accrued Expenses and Other Liabilities on the condensed consolidated statement of assets and liabilities.

On April 26, 2018, the Company sold 100% of its investment in the membership interests of UCS. Total cash received upon sale was $2,002,000, with an additional $500,000 received on May 3, 2018 for total cash proceeds of $2,502,000. The Company’s cost basis of the investment in UCS was $2,450,000. As a result of the sale, the Company recognized a realized gain of $52,000.

The following table shows the Company’s portfolio investments by industry at June 30, 2018 and December 31, 2017:

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		June 30, 2018								December 31, 2017
		Cost				Fair Value				Cost				Fair Value
Data processing, hosting and related services		$	32,396			$	122,757			$	29,152			$	115,875
Food Services and Drinking Places		30,810				30,612				31,929				31,822
Amusement, Gambling, and Recreation Industries		24,043				25,572				21,408				22,284
Securities, Commodity Contracts, and Other Financial Investments and Related Activities		21,515				22,332				19,326				23,489
Ambulatory Health Care Services		16,498				16,194				14,863				14,537
Repair and Maintenance		17,298				18,225				13,762				14,285
Professional, Scientific, and Technical Services		29,874				30,178				31,471				31,241
Accommodation		9,723				10,198				9,602				10,253
Specialty Trade Contractors		10,573				10,150				9,768				9,032
Merchant Wholesalers, Durable Goods		8,320				8,480				6,736				6,693
Truck Transportation		17,902				16,480				20,115				19,005
Food and Beverage Stores		5,816				5,925				5,143				5,114
Construction of Buildings		7,319				7,816				5,133				5,355
Fabricated Metal Product Manufacturing		11,279				11,411				8,281				8,424
Administrative and Support Services		5,702				5,349				5,909				5,371
Social Assistance		7,532				7,874				7,393				7,549
Motor Vehicle and Parts Dealers		4,655				4,920				4,879				4,904
Food Manufacturing		10,209				7,213				9,362				6,906
Transit and Ground Passenger Transportation		5,919				5,552				5,233				4,943
Building Material and Garden Equipment and Supplies Dealers		6,635				6,736				5,752				5,750
Personal and Laundry Services		7,609				7,719				6,678				6,788
Gasoline Stations		7,928				7,855				6,646				6,409
Printing and Related Support Activities		5,144				5,040				3,867				3,606
Rental and Leasing Services		5,545				5,085				5,590				5,056
Other		88,788				88,049				82,440				81,998
Total		$	399,032			$	487,722			$	370,438			$	456,689

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

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the six months ended June 30, 2018 were as follows:

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Portfolio Company		Fair Value at December 31, 2017				Purchases (Cost)				Principal Received				Net Realized Gains/(Losses)				Net Unrealized Gains/(Losses)				Fair Value at June 30, 2018				Interest and Other Income				Dividend Income
Controlled Investments
Universal Processing Services of Wisconsin, LLC		$	80,000			$	—			$	—			$	—			$	5,000			$	85,000			$	—			$	3,500
Premier Payments LLC		23,000				—				—				—				—				23,000				—				800
Mobil Money, LLC		—				3,300				—				—				—				3,300				—				—
Newtek Technology Solutions, Inc.		12,400				—				—				—				(1,200		)		11,200				—				—
International Professional Marketing, Inc.		4,450				200				(500		)		—				—				4,150				7				125
SIDCO, LLC		7,670				175				(350		)		—				—				7,495				13				500
banc-serv Partners, LLC		3,430				963				—				—				(2,960		)		1,433				—				—
CDS Business Services, Inc.		14,396				10,112				(7,366		)		—				—				17,142				314				—
Small Business Lending, LLC		2,500				—				—				—				(400		)		2,100				—				—
Newtek Insurance Agency, LLC		2,500				65				—				—				(350		)		2,215				—				—
PMTWorks Payroll, LLC		—				170				—				—				(170		)		—				—				—
Titanium Asset Management LLC		—				—				—				—				—				—				—				—
Excel WebSolutions, LLC		360				—				(235		)		—				—				125				15				—
United Capital Source, LLC		2,450				—				(2,502		)		52				—				—				—				275
Newtek Business Lending, LLC		—				75				—				—				—				75				—				—
Total Controlled Investments		$	153,156			$	15,060			$	(10,953	)		$	52			$	(80	)		$	157,235			$	349			$	5,200
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC		$	—			$	600			$	—			$	—			$	—			$	600			$	—			$	10
Total Affiliate Investments		$	153,156			$	15,660			$	(10,953	)		$	52			$	(80	)		$	157,835			$	349			$	5,210

Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6.0% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5.0%. At June 30, 2018, the Related Party RLOC bears interest at a rate of 8.00%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings from UPSW and NTS at June 30, 2018 under the Related Party RLOC were $16,275,000.

 

Interest expense incurred under the Related Party RLOC during the three months ended June 30, 2018 and 2017 was $232,000 and $31,000, respectively. Interest expense incurred under the Related Party RLOC during the six months ended June 30, 2018 and 2017 was $344,000 and $40,000, respectively.

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Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, loan processing and closing expenses from various related parties and payroll processing fees from NPS.

		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Managed technology services		$	182			$	218			$	360			$	470
Loan related processing and auditing fees		12				41				24				37
Referral fees		6				15				93				29
Payroll processing fees		10				9				20				19
Total		$	210			$	283			$	497			$	555

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

Portfolio Company		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Universal Processing Services of Wisconsin, LLC		$	41			$	40			$	80			$	71
Newtek Technology Solutions, Inc.		3				—				6				—
Small Business Lending, LLC		19				19				38				42
Newtek Insurance Agency, LLC		21				22				45				40
CDS Business Services, Inc.		16				14				32				32
Premier Payments LLC		10				11				20				25
PMTWorks Payroll, LLC		7				14				13				25
Titanium Asset Management LLC		—				3				—				7
Total		$	117			$	123			$	234			$	242

Amounts due from related parties were $3,126,000 and $2,255,000 at June 30, 2018 and December 31, 2017, respectively. Amounts due to related parties were $107,000 and zero at June 30, 2018 and December 31, 2017, respectively.

Managerial Assistance Fees from Controlled Investments

The Company offers managerial assistance to all portfolio companies and currently provides managerial assistance to certain controlled portfolio companies. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio company for the six months ended June 30, 2018 and 2017. The amounts are recorded as a credit to salaries and benefits in the condensed consolidated statements of operations.

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Portfolio Company		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Universal Processing Services of Wisconsin, LLC		$	93			$	98			$	178			$	213
Newtek Technology Solutions, Inc.		142				138				301				269
PMTWorks Payroll, LLC		14				22				28				45
Newtek Insurance Agency, LLC		39				51				86				103
Summit Systems and Designs, LLC (1)		—				—				—				11
Secure CyberGateway Services, LLC (1)		—				—				—				2
banc-serv Partners, LLC		60				53				114				98
Premier Payments LLC		35				41				67				96
CDS Business Services, Inc.		26				5				45				10
International Professional Marketing, Inc.		18				19				30				19
SIDCO, LLC		17				15				29				15
Mobil Money, LLC		24				—				24				—
Small Business Lending, LLC		103				88				196				194
Total		$	571			$	530			$	1,098			$	1,075

⁽¹⁾ Entity was dissolved in May 2018.

NOTE 5—SERVICING ASSETS:

At June 30, 2018 and December 31, 2017, servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells.

The following table summarizes the fair value and valuation assumptions related to servicing assets at June 30, 2018 and December 31, 2017:

	June 30, 2018				December 31, 2017
Fair Value	$	20,663			$	19,359
Discount factor (1)	13.06		%		13.06		%
Cumulative prepayment rate	22.50		%		20.00		%
Average cumulative default rate	20.00		%		20.00		%

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

Servicing fee income earned for the three months ended June 30, 2018 and 2017 was $2,008,000 and $1,723,000, respectively. Servicing fee income earned for the six months ended June 30, 2018 and 2017 was $4,073,000 and $3,369,000, respectively.

NOTE 6—FAIR VALUE MEASUREMENTS:

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

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

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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, 2018 or 2017. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

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

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

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker. 

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

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

The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of June 30, 2018 and December 31, 2017:

	Fair Value Measurements at June 30, 2018 Using:
	Total				Level 1				Level 2				Level 3
Assets:
Investments in money market funds	$	9			$	9			$	—			$	—
SBA unguaranteed non-affiliate investments	305,478				—				—				305,478
SBA guaranteed non-affiliate investments	24,400				—				24,400				—
Controlled investments	157,235				—				—				157,235
Other real estate owned (1)	716				—				716				—
Non-control/affiliate investments	600				—				—				600
Servicing assets	20,663				—				—				20,663
Total assets	$	509,101			$	9			$	25,116			$	483,976
Liabilities:
Contingent consideration liabilities (2)	$	1,801			$	—			$	—			$	1,801

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

⁽²⁾ Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at June 30, 2018 includes $2,694,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $80,000 in unrealized depreciation on controlled investments and $2,078,000 in unrealized depreciation on servicing assets.

	Fair Value Measurements at December 31, 2017 Using:
	Total				Level 1				Level 2				Level 3
Assets:
Investments in money market funds	$	9			$	9			$	—			$	—
SBA unguaranteed non-affiliate investments	278,034				—				—				278,034
SBA guaranteed non-affiliate investments	25,490				—				25,490				—
Controlled investments	153,156				—				—				153,156
Other real estate owned (1)	1,121				—				1,121				—
Servicing assets	19,359				—				—				19,359
Total assets	$	477,169			$	9			$	26,611			$	450,549
Liabilities:
Contingent consideration liabilities (2)	$	913			$	—			$	—			$	913

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

⁽²⁾ Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

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The following table represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the six months ended June 30, 2018 and 2017:

	Six Months Ended June 30, 2018
	SBA Unguaranteed Investments				Controlled Investments				Servicing Assets				Non-Control/Affiliate Investments				Contingent Consideration Liabilities
Fair value, December 31, 2017	$	278,034			$	153,156			$	19,359			$	—			$	913
Net change in unrealized appreciation (depreciation)	2,694				(80		)		(2,078		)		—				—
Realized gain (loss)	(944		)		52				—				—				—
SBA unguaranteed non-affiliate investments, funded	46,842				—				—				—				—
Foreclosed real estate acquired	(735		)		—				—				—				—
Purchase of investments	—				15,060				—				600				—
Sale of investment	—				(2,502		)		—				—				—
Record fair value of contingent consideration liabilities	—				—				—				—				1,350
Change in fair value of contingent consideration liabilities	—				—				—				—				17
Payment of contingent consideration	—				—				—				—				(479		)
Net accretion of premium/discount	(15		)		—				—				—				—
Principal payments received on debt investments	(20,398		)		(8,451		)		—				—				—
Additions to servicing assets	—				—				3,382				—				—
Fair value, June 30, 2018	$	305,478			$	157,235			$	20,663			$	600			$	1,801

	Six Months Ended June 30, 2017
	SBA Unguaranteed Investments				Controlled Investments				Servicing Assets				Non-Control/Non-Affiliate Investments				Contingent Consideration Liabilities
Fair value, December 31, 2016	$	211,471			$	121,302			$	16,246			$	904			$	—
Net change in unrealized appreciation (depreciation)	1,261				(1,743		)		(969		)		—				—
Realized loss	(43		)		—				—				—				—
SBA unguaranteed non-affiliate investments, funded	37,798				—				—				—				—
Foreclosed real estate acquired	(62		)		—				—				—				—
Purchase of investments	—				23,149				—				3,255				—
Transfer of Excel WebSolutions, LLC from Non-control/Non-affiliate to Controlled Investments	—				904								(904		)		—
Purchase of loan portfolio	175				—				—				—				—
Return of investment	—				(50		)		—				—				—
Net accretion of premium/discount	20				—				—				—				—
Purchase of loan from SBA	3,821				—				—				—				—
Record fair value of contingent consideration liabilities	—				—				—				—				1,368
Principal payments received on debt investments	(14,684		)		(6,557		)		—				—
Additions to servicing assets	—				—				2,847				—
Fair value, June 30, 2017	$	239,757			$	137,005			$	18,124			$	3,255			$	1,368

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2018 and December 31, 2017. In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2018 and December 31, 2017.

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													Range
		Fair Value as of June 30, 2018				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	291,355			Discounted cash flow		Market yields		6.20	%		6.20	%		6.20	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	14,123			Discounted cash flow		Market yields		6.44	%		6.44	%		6.44	%
Controlled equity investments (A)		$	144,068			Market comparable companies		EBITDA multiples (B)		8.00x			3.49x			9.59x
						Market comparable companies		Revenue multiples (B)		1.24x			0.22x			3.06x
						Discounted cash flow		Weighted average cost of capital (B)		12.90	%		11.40	%		22.20	%
		$	3,375			Recent transaction		N/A		N/A			N/A			N/A
Controlled debt investments		$	9,667			Discounted cash flow		Market yields		7.38	%		5.25	%		7.50	%
		$	125			Liquidation value		Asset value		N/A			N/A			N/A
Non-control/affiliate investments		$	600			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	20,663			Discounted cash flow		Market yields		13.06	%		13.06	%		13.06	%
Liabilities:
Contingent consideration liabilities		$	1,801			Discounted cash flow		Projected EBITDA and probability of achievement		N/A			N/A			N/A

^(A) In determining the fair value of the Company’s controlled equity investments as of June 30, 2018, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 46.0% and 54.0%, respectively, on a weighted average basis.

^(B) The Company valued $132,535,000 of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $11,533,000 of investments using only discounted cash flows.

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													Range
		Fair Value as of December 31, 2017				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	266,467			Discounted cash flow		Market yields		5.60	%		5.60	%		5.60	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	11,567			Discounted cash flow		Market yields		5.84	%		5.84	%		5.84	%
Controlled equity investments (A)		$	142,950			Market comparable companies		EBITDA multiples (B)		7.45x			3.54x			9.00x
						Market comparable companies		Revenue multiples (B)		1.08x			0.21x			2.55x
						Discounted cash flow		Weighted average cost of capital (B)		13.12	%		11.40	%		22.47	%
		$	2,450			Recent transaction		N/A		N/A			N/A			N/A
Controlled debt investments		$	7,396			Discounted cash flow		Market yields		6.70	%		4.75	%		7.00	%
		$	360			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	19,359			Discounted cash flow		Market yields		13.06	%		13.06	%		13.06	%
Liabilities:
Contingent consideration liabilities		$	913			Discounted cash flow		Projected EBITDA and probability of achievement		N/A			N/A			N/A

^(A) In determining the fair value of the Company’s controlled equity investments as of December 31, 2017, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 45.1% and 54.9%, respectively, on a weighted average basis.

^(B) The Company valued $129,020,000 of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $13,930,000 of investments using only discounted cash flows.

 

NOTE 7—BORROWINGS:

At June 30, 2018 and December 31, 2017, the Company had borrowings comprised of the following:

	June 30, 2018											December 31, 2017
	Commitments				Borrowings Outstanding				Weighted Average Interest Rate			Commitments				Borrowings Outstanding				Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)	$	100,000			$	31,000			4.25	%		$	100,000			$	—			—	%
Capital One line of credit - unguaranteed (1)	—				—				5.25	%		—				—				—	%
Notes due 2021	—				—				—	%		40,250				39,114				7.00	%
Notes due 2022	8,324				7,977				7.50	%		8,324				7,936				7.50	%
Notes due 2023	57,500				55,326				6.25	%		—				—				—	%
Notes payable - related parties	50,000				16,275				8.00	%		50,000				7,001				7.69	%
Notes payable - Securitization Trusts	143,094				140,372				4.67	%		165,432				162,201				4.10	%
Total	$	358,918			$	250,950			5.28	%		$	364,006			$	216,252			4.87	%

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⁽¹⁾ Total combined commitments of the guaranteed and unguaranteed lines of credit were $100,000,000 at June 30, 2018 and December 31, 2017.

Outstanding borrowings under the 2022 Notes, 2021 Notes, 2023 Notes and Notes payable - Securitization Trusts consisted of the following:

	June 30, 2018												December 31, 2017
	Notes Due 2022				Notes Due 2023				Notes Payable- Securitization Trusts				Notes Due 2022				Notes Due 2021				Notes Payable- Securitization Trusts
Principal	$	8,324			$	57,500			$	143,094			$	8,324			$	40,250			$	165,432
Unamortized deferred financing costs	(347		)		(2,174		)		(2,722		)		(388		)		(1,136		)		(3,231		)
Net carrying amount	$	7,977			$	55,326			$	140,372			$	7,936			$	39,114			$	162,201

At June 30, 2018 and December 31, 2017, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.

The fair values of the fixed rate 2022 Notes and 2023 Notes are based on the closing public share price on the date of measurement. On June 30, 2018, the closing price of the 2022 Notes was $26.08 per note, or $8,685,000. On June 30, 2018, the closing price of the 2023 Notes was $25.90 per note, or $59,570,000. These borrowings are not recorded at fair value on a recurring basis.

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended June 30, 2018 and 2017 was $3,787,000 and $2,612,000, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2018 and 2017 was $7,294,000 and $5,137,000, respectively.

Notes Due 2023

On February 21, 2018, the Company closed a public offering of $50,000,000 in aggregate principal amount of its 2023 Notes. The 2023 Notes will mature on March 1, 2023 and may be redeemed in whole or in part at any time or from time to time at Newtek’s option on or after March 1, 2020. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1 and December 1, of each year, beginning June 1, 2018. In February 2018, the underwriters exercised their option to purchase an additional $7,500,000 in aggregate principal amount of the 2023 Notes. Total net proceeds received after deducting underwriters’ discount and expenses was $55,176,000. The 2023 Notes are listed on the Nasdaq Global Market under the trading symbol “NEWTI”. A portion of the proceeds were used to redeem the outstanding 2021 Notes. As a result of the redemption of the 2021 Notes, the Company recorded a $1,059,000 loss on extinguishment of debt during the six months ended June 30, 2018, equivalent to the balance of unamortized deferred financing costs as of the Redemption Date.

NOTE 8—COMMITMENTS AND CONTINGENCIES:

Legal Matters

In the ordinary course of business, the Company and its wholly owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition.

On October 13, 2017, the Company announced that its portfolio company, BSP, was served with a search warrant by the Federal Bureau of Investigation on October 12, 2017 at BSP’s offices in Westfield, Indiana.  The Company closed on its $5,400,000 investment in BSP in June 2016. While the outcome of this situation cannot at this time be predicted with certainty, the Company does not expect that the matter will materially affect the Company’s financial condition or results of operations.

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As a result of a prior litigation with the Federal Trade Commission (the “FTC”), UPSW voluntarily entered into, and is presently operating under, a Permanent Injunction with respect to certain of its business practices.

Guarantees

The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2019 and automatically renews annually. At June 30, 2018, total principal owed by NBCS was $15,120,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the Sterling 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At June 30, 2018, total principal owed by NBCS was $14,777,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee. On May 1, 2018, NBCS reached an agreement with Sterling to increase maximum borrowings under the Sterling 504 Facility to $40,000,000 with the potential to increase maximum borrowings to $100,000,000.

The Company is a guarantor on the Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At June 30, 2018, total principal outstanding was $40,000,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2018, the Company had $3,684,000 of unfunded commitments in connection with its investment in NBCS. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

At June 30, 2018, the Company had $10,191,000 of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

At June 30, 2018, the Company had $400,000 of unfunded commitments in connection with its investment in EMCAP. On April 25, 2018 the Company made an investment of $600,000 for a 6.04% membership interest in EMCAP. The Company has committed to invest an additional $400,000, for a total investment of $1,000,000. The Company will fund this commitment from the same sources it uses to fund its other investment commitments.

NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

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		Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Per share data (1)
Net asset value at beginning of period		$	15.08			$	14.30
Net investment loss		(0.26		)		(0.22		)
Net realized gain on investments		1.09				1.04
Net unrealized appreciation on investments		0.13				(0.03		)
Net unrealized depreciation on servicing assets		(0.11		)		(0.06		)
Change in deferred taxes		—				0.03
Net increase in net assets resulting from operations		0.85				0.76
Dividends to common stockholders from net investment income		(0.82		)		(0.36		)
Distributions to common stockholders from capital gains		—				(0.40		)
Total dividends paid		(0.82		)		(0.76		)
Stock-based compensation expense		0.01				0.04
Accretive effect of stock offerings (issuing shares above NAV per share)		0.01				—
Dilutive effect of restricted stock awards		(0.08		)		—
Other (5)		0.01				0.02
Net asset value at end of period		$	15.06			$	14.36
Per share market value at end of period		$	19.91			$	16.29
Total return based on market value (3)(6)		12.11		%		7.23		%
Total return based on average net asset value (3)(4)(6)		5.31		%		11.47		%
Shares outstanding at end of period (in thousands)		18,745				17,432
Ratios/Supplemental Data:
Net assets at end of period		$	282,280			$	250,244
Ratio of expenses to average net assets (2)		19.54		%		19.74		%
Ratio of net investment loss to average net assets (2)		(3.50		)%		(3.29		)%
Portfolio turnover		54.83		%		52.63		%
Average debt outstanding		$	238,600			$	187,485
Average debt outstanding per share		$	12.73			$	10.76
Asset coverage ratio (7)		210		%		223		%

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

⁽²⁾ Annualized for the six months ended June 30, 2018.

⁽³⁾ Assumes dividends are reinvested.

⁽⁴⁾ Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.

⁽⁵⁾ Includes the impact of the different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Calculated based on $256,193,000 of senior securities outstanding at June 30, 2018.

NOTE 10—STOCK BASED COMPENSATION:

Stock Plan

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The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.

        

The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of June 30, 2018.

Restricted Stock authorized under the plan (1)		1,500,000
Less net restricted stock granted during:
Year ended December 31, 2016		(120,933	)
Year ended December 31, 2017		(5,007	)
Six months ended June 30, 2018		(93,568	)
Restricted stock available for issuance as of June 30, 2018		1,280,492

⁽¹⁾ A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 shares, are available for awards of restricted stock and stock options under the Equity Incentive Plan. No more than 50% of the shares of stock reserved for the grant of awards under the Equity Incentive Plan may be restricted stock awards at any time during the term of the Equity Incentive Plan. No stock options have been granted under the Equity Incentive Plan.

For the three months ended June 30, 2018 and 2017, the Company recognized total stock-based compensation expense of $176,000 and $367,000, respectively. For the six months ended June 30, 2018 and 2017 the Company recognized total stock-based compensation expense of $241,000 and $752,000, respectively.

As of June 30, 2018, there was $1,575,000 of total unrecognized compensation expense related to unvested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately 2.60 years as of June 30, 2018.

NOTE 11—COMMON STOCK:

The following table summarizes the total shares issued and proceeds received net of underwriting and offering costs in public offerings of the Company’s common stock since conversion to a BDC (excludes ATM transaction discussed separately below):

						Year Ended
		Six Months Ended June 30, 2018				December 31, 2017				December 31, 2016				December 31, 2015				December 31, 2014
Shares issued		—				2,587,500				—				2,300,000				2,530,000
Offering price per share		$	—			$	15.25			$	—			$	16.50			$	12.50
Proceeds net of underwriting discounts and offering costs		$	—			$	37,042			$	—			$	35,290			$	27,883

In January 2017 the Company priced a public offering of 2,250,000 shares of its common stock at a public offering price of $15.25 per share. The Company also sold an additional 337,500 shares of its common stock at a public offering price of $15.25 per share pursuant to the underwriter’s full exercise of the over-allotment option.

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ATM Program

On March 20, 2017, the Company entered into an ATM Equity Distribution Agreement. The ATM Equity Distribution Agreement provides that the Company may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. On September 6, 2017, the Company entered into an amended ATM Equity Distribution Agreement for the purpose of adding D.A. Davidson as placement agent. During the six months ended June 30, 2018, the Company sold 161,113 shares of its common stock at a weighted average price of $18.40 per share resulting in net proceeds of $2,904,000. During the year ended December 31, 2017 the Company sold 1,139,181 shares of its common stock at a weighted average price of $17.58 per share resulting in net proceeds of $19,620,000. As of June 30, 2018, there were 1,599,706 shares of common stock available for sale under the ATM Equity Distribution Agreement.

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

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and six months ended June 30, 2018 and 2017:

		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Net increase in net assets resulting from operations		$	7,621			$	6,930			$	15,733			$	12,835
Weighted average shares outstanding		18,680				17,345				18,588				16,867
Net increase in net assets resulting from operations per common share		$	0.41			$	0.40			$	0.85			$	0.76

NOTE 13—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended June 30, 2018 and 2017.

Date Declared		Record Date		Payment Date		Amount Per Share				Cash Distribution				DRIP Shares Issued			DRIP Shares Value
June 30, 2018
January 18, 2018		March 20, 2018		March 30, 2018		$	0.40			$	7,202			10			$	168
May 11, 2018		June 15, 2018		June 29, 2018		$	0.42			$	7,637			9			$	178
June 30, 2017
March 6, 2017		March 20, 2017		March 31, 2017		$	0.36			$	6,062			6			$	89
May 4, 2017		May 31, 2017		June 30, 2017		$	0.40			$	6,804			7			$	112

During the six months ended June 30, 2018, an additional 5,200 shares valued at $97,000 were issued related to dividends from unvested restricted stock awards.

NOTE 14—SUPPLEMENTAL FINANCIAL DATA:

Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest, as defined by the 1940 Act in portfolio companies that are not consolidated in the Company’s condensed consolidated financial statements. Below is a brief description of a portfolio company that is required to

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have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information as of June 30, 2018 and 2017.

Universal Processing Services of Wisconsin, LLC

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

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

Balance Sheets - Universal Processing Services of Wisconsin, LLC		As of June 30, 2018				As of December 31, 2017
Current assets		$	9,606			$	17,005
Noncurrent assets		17,448				9,806
Total assets		$	27,054			$	26,811
Current liabilities		3,730				4,107
Noncurrent liabilities		29,950				29,857
Total liabilities		$	33,680			$	33,964
Total deficit		$	(6,626	)		$	(7,153	)

Statements of Income - Universal Processing Services of Wisconsin, LLC		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Revenue		$	30,224			$	28,724			$	58,780			$	55,760
Expenses		27,485				26,615				53,462				51,634
Income from operations		$	2,739			$	2,109			$	5,318			$	4,126
Interest (expense) income, net		(428		)		(386		)		(962		)		(787		)
Income before tax		$	2,311			$	1,723			$	4,356			$	3,339

The Company recorded the following related to its investment in UPSW:

		Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Dividend income		$	1,750			$	1,750			$	3,500			$	3,500
Unrealized appreciation		$	—			$	—			$	5,000			$	1,000

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NOTE 15—SUBSEQUENT EVENTS:

Common Stock

On July 3, 2018, the Company entered into the First Supplement to the Amended and Restated Equity Distribution Agreement with JMP Securities, LLC, Compass Point Research & Trading, LLC, D.A. Davidson and Ladenburg Thalman & Co., Inc. From July 1, 2018 through August 8, 2018 the Company sold 47,292 shares of its common stock at a weighted average price of $20.50 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $950,000. As of August 8, 2018, there were 1,552,414 shares of common stock available for sale under the ATM Equity Distribution Agreement.

Other Events

On April 27, 2018, the Company announced that its Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved application to the Company of the asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as modified by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities were to change from 200% to 150%, effective April 27, 2019. However, at the Company’s special meeting of shareholders, held on July 26, 2018, its shareholders approved, among other things, the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the Company’s asset coverage requirements for senior securities were reduced from 200% to 150%, effective July 27, 2018.

As of August 8, 2018, the Company had $257,409,000 of senior securities outstanding and an asset coverage ratio of 210%. For a discussion of the principal risk factors associated with these senior securities, see Item 1A. Risk Factors of this quarterly report on Form 10-Q.

In addition, during the July 26, 2018 Special Meeting of Shareholders, the Company’s shareholders approved a proposal to authorize flexibility for the Company, with approval of its Board, to sell shares of its Common Stock (during the next 12 months) at a price below its then current NAV per share subject to certain conditions as set forth in the proxy statement for the Special Meeting (including that the cumulative number of shares sold does not exceed 20% of its then outstanding common stock immediately prior to each such sale).

On July 31, 2018, NBL SPV I, LLC (the “Borrower”), a wholly-owned subsidiary of NBL, a wholly owned portfolio company of the Company, entered into a Revolving Credit and Security Agreement (the “Credit Agreement”), among the Borrower, SBL (as servicer), U.S. Bank National Association (as backup servicer), the Lenders from time to time party to the Credit Agreement, and Capital One, as administrative agent for itself and for the Lenders and the other Secured Parties (as such terms are defined in the Credit Agreement). Pursuant to the terms of the Credit Agreement, the Lenders established a line of credit in favor of the Borrower in the maximum original principal amount of $75,000,000, as such amounts may be increased from time-to-time up to a maximum of $150,000,000 pursuant to and under the Credit Agreement. Additionally, on that same date, the Company entered into a Guaranty of Payment and Performance (the “Guaranty”) in favor of (i) Capital One, in its capacity as administrative agent and (ii) the Lenders. Pursuant to the terms of the Guaranty, the Company has unconditionally guaranteed the prompt and unconditional payment of all of the Borrower’s obligations under the Credit Agreement, including all advances under the Credit Agreement.

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Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Six Months Ended June 30, 2018

Portfolio Company		Type of Investment (1)		Amount of Realized Gain (Loss)				Amount of Unrealized Appreciation (Depreciation)				Amount of Interest or Dividends Credited to Income (3)				Fair Value at December 31, 2017				Gross Additions (4)				Gross Reductions (5)				Fair Value at June 30, 2018
Advanced Cyber Security Systems, LLC		50% Membership Interest (2)		$	—			$	—			$	—			$	—			$	—			$	—			$	—
		Term Loan (3%) (2)		—				—				—				—				—				—				—
Automated Merchant Services, Inc.		100% Common Stock (2)		—				—				—				—				—				—				—
CDS Business Services, Inc.		100% Common Stock		—				—				—				8,000				—				—				8,000
		Line of Credit (Prime + 2.5%) (6)		—				—				296				6,396				9,112				(7,366		)		8,142
		Term Loan (10%)										18				—				1,000				—				1,000
Newtek Technology Solutions, Inc.		100% Common Stock (2)		—				(1,200		)		—				12,400				—				(1,200		)		11,200
Fortress Data Management, LLC		100% Membership Interest (2)		—				—				—				—				—				—				—
Newtek Insurance Agency, LLC		100% Membership Interest (2)		—				(350		)		—				2,500				65				(350		)		2,215
PMTWorks Payroll, LLC		100% Membership Interest (2)		—				(170		)		—				—				170				(170		)		—
		Term Loans (10%-12%) (2)		—				—				—				—				—				—				—
Small Business Lending, LLC		100% Membership Interest (2)		—				(400		)		—				2,500				—				(400		)		2,100
banc-serv Partners, LLC		100% Membership Interest (2)		—				(2,960		)		—				3,430				963				(2,960		)		1,433
Premier Payments LLC		100% Membership Interest		—				—				800				23,000				—				—				23,000
International Professional Marketing, Inc.		100% Common Stock		—				—				125				4,000				—				—				4,000

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Portfolio Company		Type of Investment (1)		Amount of Realized Gain (Loss)				Amount of Unrealized Appreciation (Depreciation)				Amount of Interest or Dividends Credited to Income (3)				Fair Value at December 31, 2017				Gross Additions (4)				Gross Reductions (5)				Fair Value at June 30, 2018
		Line of Credit (Prime + 0.5%) (6)		—				—				7				450				200				(500		)		150
SIDCO, LLC		100% Membership Interest		—				—				500				7,120				—				—				7,120
		Line of Credit (Prime + 0.5%) (6)		—				—				13				550				175				(350		)		375
Universal Processing Services of Wisconsin, LLC		100% Membership Interest		—				5,000				3,500				80,000				5,000				—				85,000
United Capital Source, LLC		100% Membership Interest		52				—				275				2,450				—				(2,450		)		—
Titanium Asset Management, LLC		100% Membership Interest (2)		—				—				—				—				—				—				—
		Term Loans (3%) (2)		—				—				—				—				—				—				—
Newtek Business Lending, LLC		100% Membership Interest (2)		—				—				—				—				75				—				75
Mobil Money, LLC		100% Membership Interest (2)		—				—				—				—				3,300				—				3,300
Excel WebSolutions LLC		Term Loans (10%)		—				—				15				360				—				(235		)		125
		50% Membership Interest (2)		—				—				—				—				—				—				—
Total Controlled Investments				$	52			$	(80	)		$	5,549			$	153,156			$	20,060			$	(15,981	)		$	157,235
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC		6.04% Membership Interest		$	—			$	—			$	10			$	—			$	600			$	—			$	600
Total Affiliate Investments				$	52			$	(80	)		$	5,559			$	153,156			$	20,660			$	(15,981	)		$	157,835

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

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

⁽²⁾ Represents non-income producing security.

⁽³⁾ Represents the total amount of interest, fees or dividends credited to income for the period.

⁽⁴⁾ Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.

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⁽⁵⁾ Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.

⁽⁶⁾ Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At June 30, 2018, the Prime rate was 5.00%.

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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;

•	our ability to maintain our license under the SBA 7(a) program;

•	the adequacy of our cash resources and working capital;

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

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

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

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

•	our ability to recover unrealized losses.

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 16, 2018 and under “Forward-Looking Statements” of this Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial products to SMBs. Newtek's and its portfolio companies’ products and services include: Business Lending, including origination of SBA 7(a) and SBA 504 loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, The Newtek Advantage, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across every state in the U.S. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management technology software, which is similar to, but we believe better than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.

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We consolidate the following wholly-owned subsidiaries:

Newtek Small Business Finance, LLC

Newtek Asset Backed Securities, LLC

CCC Real Estate Holdings, LLC

The Whitestone Group, LLC

Wilshire Colorado Partners, LLC

Wilshire DC Partners, LLC

Wilshire Holdings I, Inc.

Wilshire Louisiana BIDCO, LLC

Wilshire Louisiana Partners II, LLC

Wilshire Louisiana Partners III, LLC

Wilshire Louisiana Partners IV, LLC

Wilshire New York Advisers II, LLC

Wilshire New York Partners III, LLC

Wilshire New York Partners IV, LLC (1)

Wilshire New York Partners V, LLC (1)

Wilshire Partners, LLC

Exponential Business Development Co., Inc.

Newtek LSP Holdco, LLC

Newtek Business Services Holdco 1, Inc.

Newtek Business Services Holdco 2, Inc.

Newtek Business Services Holdco 3, Inc.

Newtek Business Services Holdco 4, Inc.

Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)

Newtek Business Services Holdco 6, Inc.

⁽¹⁾ Entity was merged into The Whitestone Group, LLC in December 2017.

We are an internally-managed, closed-end, non-diversified investment company that has elected to be regulated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under the Code beginning in the 2015 tax year. As a BDC and a RIC, we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. NSBF is a consolidated subsidiary and originates loans under the SBA's 7(a) program.

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

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

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

We target our debt investments, which are principally made through our business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from

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portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA 7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume.

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

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

Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

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

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Expenses

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

Guarantees

The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2019 and automatically renews annually. At June 30, 2018, total principal owed by NBCS was $15,120,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is also a guarantor on the Sterling 504 Facility at NBCS. Maximum borrowings under the Sterling 504 Facility are $35,000,000, depending upon syndication. The Sterling 504 Facility matures in August 2018. At June 30, 2018, total principal owed by NBCS was $14,777,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee. On May 1, 2018, NBCS reached an agreement with Sterling to increase maximum borrowings under the Sterling 504 Facility to $40,000,000 with the potential to increase maximum borrowings to $100,000,000.

The Company is a guarantor on the Goldman Facility, a term loan facility between UPSW, NTS, Premier, BSP and SBL with Goldman Sachs with an aggregate principal amount up to $50,000,000. The Goldman Facility matures in June 2021. At June 30, 2018, total principal outstanding was $40,000,000. At June 30, 2018, the Company determined that it is not probable that payments would be required to be made under the guarantee.

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Loan Portfolio Asset Quality and Composition

The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):

As of June 30, 2018

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		1,383			$	257,851			$	186			82.5	%
Business Acquisition		203			40,044				197				12.8	%
Start-Up Business		154			14,545				94				4.7	%
Total		1,740			$	312,440			$	180			100.0	%

As of December 31, 2017

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		1,240			$	235,416			$	190			81.8	%
Business Acquisition		188			37,935				202				13.2	%
Start-Up Business		144			14,339				100				5.0	%
Total		1,572			$	287,690			$	183			100.0	%

The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):

As of June 30, 2018

Distribution by Borrower Credit Score
Credit Score		# of Loans			Balance				Average Balance				% of Balance
500 to 550		23			$	3,323			$	144			1.1	%
551 to 600		54			14,481				268				4.6	%
601 to 650		248			48,817				197				15.6	%
651 to 700		517			96,564				187				30.9	%
701 to 750		521			90,215				173				28.9	%
751 to 800		324			53,959				167				17.3	%
801 to 850		46			4,259				93				1.4	%
Not available		7			822				117				0.2	%
Total		1,740			$	312,440			$	180			100.0	%

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As of December 31, 2017

Distribution by Borrower Credit Score
Credit Score		# of Loans			Aggregate Balance				Average Balance				% of Balance
500 to 550		20			$	3,261			$	163			1.1	%
551 to 600		50			12,614				252				4.4	%
601 to 650		225			45,608				203				15.8	%
651 to 700		464			89,345				193				31.0	%
701 to 750		472			84,783				180				29.5	%
751 to 800		291			46,567				160				16.2	%
801 to 850		41			3,633				89				1.3	%
Not available		9			1,879				209				0.7	%
Total		1,572			$	287,690			$	183			100.0	%

The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):

As of June 30, 2018

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Balance				Average Balance				% of Balance
Commercial Real Estate		806			$	180,078			$	223			57.6	%
Machinery and Equipment		287			48,174				168				15.4	%
Residential Real Estate		345			27,904				81				8.9	%
Other		86			31,201				363				10.0	%
Accounts Receivable and Inventory		149			21,334				143				6.8	%
Liquid Assets		13			615				47				0.2	%
Furniture and Fixtures		17			2,085				123				0.7	%
Unsecured		37			1,049				28				0.4	%
Total		1,740			$	312,440			$	180			100.0	%

As of December 31, 2017

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Aggregate Balance				Average Balance				% of Balance
Commercial Real Estate		747			$	168,063			$	225			58.4	%
Machinery and Equipment		253			46,366				183				16.1	%
Residential Real Estate		317			25,789				81				9.0	%
Other		75			28,398				379				9.9	%
Accounts Receivable and Inventory		121			15,499				128				5.4	%
Liquid Assets		12			625				52				0.2	%
Unsecured		34			1,080				32				0.4	%
Furniture and Fixtures		13			1,870				144				0.6	%
Total		1,572			$	287,690			$	183			100.0	%

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The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2018 and December 31, 2017, respectively (in thousands):

As of June 30, 2018

Distribution by Days Delinquent
Delinquency Status		# of Loans			Balance				Average Balance				% of Balance
Current		1,546			$	261,148			$	169			83.6	%
1 to 30 days		38			8,514				224				2.7	%
31 to 60 days		29			13,151				453				4.2	%
61 to 90 days		17			4,095				241				1.3	%
91 days or greater		110			25,532				232				8.2	%
Total		1,740			$	312,440			$	180			100.0	%

As of December 31, 2017

Distribution by Days Delinquent
Delinquency Status		# of Loans			Aggregate Balance				Average Balance				% of Balance
Current		1,419			$	249,960			$	176			86.9	%
1 to 30 days		43			12,009				279				4.2	%
31 to 60 days		11			2,049				186				0.7	%
61 to 90 days		1			475				475				0.2	%
91 days or greater		98			23,197				237				8.0	%
Total		1,572			$	287,690			$	183			100.0	%

Consolidated Results of Operations

As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code.

Comparison of the three months ended June 30, 2018 and 2017

Investment Income

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Investment income:
Interest income	$	5,703			$	4,756			$	947
Dividend income	2,585				2,475				110
Servicing income	2,008				1,723				285
Other income	1,108				950				158
Total investment income	$	11,404			$	9,904			$	1,500

Interest Income

The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $276,878,000 from $220,691,000 for the three months ended June 30, 2018 and 2017, respectively, combined with an increase in the Prime Rate from 4.00% to 4.75% over the twelve month period. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. We

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also recognized an additional $399,000 of interest income period over period from holding SBA guaranteed loans. During the three months ended June 30, 2017, we recognized $852,000 of interest income related to accrued non-performing interest owed by one borrower that paid their accrued interest balance in full.

Dividend Income

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Universal Processing Services of Wisconsin, LLC	$	1,750			$	1,750			$	—
Premier Payments LLC	400				375				25
International Professional Marketing, Inc.	125				350				(225		)
SIDCO, LLC	250				—				250
United Capital Source LLC	50				—				50
EMCAP Loan Holdings, LLC	10				—				10
Total dividend income	$	2,585			$	2,475			$	110

Dividend income increased $100,000 period over period based on portfolio company financial results. During the three months ended June 30, 2018, we earned $375,000 and $50,000 of dividend income from IPM and SIDCO (combined) and UCS, respectively, all wholly-owned controlled portfolio companies that we invested in in April 2017 and October 2017, respectively. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income. See Note 3 for the discussion on the sale of the UCS investment.

NSBF Servicing Portfolio and Related Servicing Income

The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended June 30, 2018 and 2017:

(in thousands):	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Total NSBF originated servicing portfolio (1)	$	1,328,824			$	1,054,583			$	274,241
Total servicing income earned	$	2,008			$	1,723			$	285

⁽¹⁾ Of this amount, the total average NSBF originated portfolio earning servicing income was $949,629,000 and $755,690,000 for the three months ended June 30, 2018 and 2017, respectively.

The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $193,939,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was related to an increase in legal, prepayment and packaging fees earned as a result of the larger dollar volume of loans originated.

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Expenses:

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Expenses:
Salaries and benefits	$	5,212			$	4,980			$	232
Interest	3,792				2,617				1,175
Depreciation and amortization	116				96				20
Professional fees	587				602				(15		)
Origination and servicing	2,168				1,269				899
Change in fair value of contingent consideration liabilities	7				—				7
Other general and administrative costs	1,656				2,020				(364		)
Total expenses	$	13,538			$	11,584			$	1,954

Salaries and Benefits

The $232,000 net increase in salaries and benefits was the result of an increase of $422,000 in salaries and benefits resulting from an increase in headcount at NSBF, offset by a decrease in stock-based compensation expense of $190,000, period over period. The additional headcount relates primarily to employees performing loan processing, loan closing, or loan servicing functions as a result of the increase in loan originations.

Interest Expense

The following is a summary of interest expense by facility for the three months ended June 30, 2018 and 2017:

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Notes payable - Securitization Trusts	$	2,108			$	1,391			$	717
Bank notes payable	261				222				39
Notes due 2022	177				177				—
Notes due 2021	—				791				(791		)
Notes due 2023	1,009				—				1,009
Notes payable - related parties	232				31				201
Other	5				5				—
Total interest expense	$	3,792			$	2,617			$	1,175

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, 2023 Notes and Notes payable - related parties. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in December 2017. We recognized $1,009,000 of interest expense attributable to the 2023 Notes, offset by the decrease in interest expense related the 2021 Notes of $791,000 as a result of our redemption of $40,250,000 of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Notes payable - related parties was related to the increase in the average outstanding Related Party RLOC balance during each period combined with an increase in the weighted average interest rate quarter over quarter.

Origination and Servicing

The increase in origination and servicing expenses was attributed to an increase in referral fees of $372,000 resulting from increased SBA 7(a) loan originations quarter over quarter, as well as an increase in loan processing, liquidation and loan recovery expenses, all of which were attributed to an increase in the outstanding loan portfolio period over period.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the three months ended June 30, 2018 and 2017 were $10,319,000 and $8,914,000, respectively, which included realized losses of $550,000 and $69,000, respectively.

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Net Realized Gains on SBA Non-Affiliate Investments

	Three Months Ended
	June 30, 2018							June 30, 2017
(in thousands)	# of Debt Investments			$ Amount				# of Debt Investments			$ Amount
SBA non-affiliate investments originated during the quarter	147			$	106,451			134			$	80,525
SBA guaranteed non-affiliate investments sold during the quarter	130			$	78,064			121			$	61,072
Realized gains recognized on sale of SBA guaranteed non-affiliate investments	—			$	10,869			—			$	8,983
Average sale price as a percent of principal balance (1)	—			111.67		%		—			112.44		%

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

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	$	105			$	(63	)		$	168
Net unrealized appreciation on SBA unguaranteed non-affiliate investments	1,702				1,817				(115		)
Net unrealized depreciation on controlled investments	(1,250		)		(2,674		)		1,424
Change in deferred taxes	326				976				(650		)
Total net unrealized appreciation on investments	$	883			$	56			$	827

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

Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)	Three Months Ended June 30, 2018				Three Months Ended June 30, 2017				Change
Newtek Technology Solutions, Inc.	$	—			$	(2,209	)		$	2,209
CDS Business Services, Inc.	—				1,000				(1,000		)
PMTWorks Payroll, LLC	(100		)		(650		)		550
banc-serv Partners, LLC	(1,000		)		—				(1,000		)
Small Business Lending, LLC	—				(800		)		800
Newtek Insurance Agency, LLC	(150		)		—				(150		)
Titanium Asset Management LLC	—				(15		)		15
Total net unrealized depreciation on controlled investments	$	(1,250	)		$	(2,674	)		$	1,424

Unrealized depreciation related to our investment in NTS was primarily due to the Company’s inability to add sufficient new business.

The primary driver of the increase of NBCS during the three months ended June 30, 2017 was a result of growth in its SBA 504 lending program and growth in Accounts Receivable and Inventory Financing programs.

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During the three months ended June 30, 2018, the Company contributed $100,000 to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and its continued losses, the Company recognized unrealized depreciation of $100,000 for the period.

The Company contributed $433,000 in capital to BSP during the three months ending June 30, 2018 for legal fees and other working capital needs which increased the cost basis in BSP. The Company recognized $1,000,000 in unrealized depreciation on BSP during the three months ended June 30, 2018 as a result of several quantitative and qualitative factors. On a quantitative basis, BSP’s 2017 and second quarter 2018 financial performance did not meet its budget and BSP has lost customers during 2017 and 2018. Second, as previously disclosed, on October 12, 2017, the FBI executed a search warrant at BSP’s office in Westfield, Indiana. Management believes there is still uncertainty surrounding the long term impact that this investigation could have on the reputation of BSP and BSP’s customer base. In addition, Kerri Agee, the former owner and President of BSP, was terminated in April 2018, and while BSP is undergoing operational changes to position itself for stability and growth in the future, an adjustment in valuation based on the current facts and circumstances was required. Management is continuing to monitor BSP’s business and customer base closely and provide managerial support on an ongoing basis.

The unrealized depreciation adjustment of $150,000 on the Company’s investment in NIA was the result of weaker than projected financial results.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended June 30, 2018 and 2017, we recognized a benefit for deferred taxes of $326,000 and $976,000, respectively, related to the net unrealized depreciation of controlled portfolio company investments.

Comparison of the six months ended June 30, 2018 and 2017

Investment Income

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Investment income:
Interest income	$	11,026			$	9,138			$	1,888
Dividend income	5,210				4,775				435
Servicing income	4,073				3,369				704
Other income	2,163				1,615				548
Total investment income	$	22,472			$	18,897			$	3,575

Interest Income

The increase in interest income was attributable primarily to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $271,379,000 from $214,132,000 for the six months ended June 30, 2018 and 2017, respectively, combined with an increase in the Prime Rate from 4.00% to 4.75% over the twelve month period. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period. We also recognized an additional $635,000 of interest income period over period from holding SBA guaranteed loans. During the six months ended June 30, 2017, we recognized $1,493,000 of interest income related to accrued non-performing interest owed by two borrowers that paid their accrued interest balance in full.

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Dividend Income

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Universal Processing Services of Wisconsin, LLC	$	3,500			$	3,500			$	—
Premier Payments LLC	800				825				(25		)
International Professional Marketing, Inc.	125				350				(225		)
SIDCO, LLC	500				—				500
Small Business Lending, LLC	—				100				(100		)
United Capital Source LLC	275				—				275
EMCAP Loan Holdings, LLC	10				—				10
Total dividend income	$	5,210			$	4,775			$	435

Dividend income increased $435,000 period over period based on portfolio company financial results. During the six months ended June 30, 2018, we earned $625,000 and $275,000 of dividend income from IPM and SIDCO (combined) and UCS, respectively, all wholly-owned controlled portfolio companies that we invested in in April 2017 and October 2017, respectively. Dividend income is dependent on portfolio company earnings. Current period dividend income may not be indicative of future period dividend income. See Note 3 for the discussion on the sale of UCS.

NSBF Servicing Portfolio and Related Servicing Income

The following table represents the NSBF originated servicing portfolio and servicing income earned for the six months ended June 30, 2018 and 2017:

(in thousands):	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Total NSBF originated servicing portfolio (1)	$	1,328,824			$	1,054,583			$	274,241
Total servicing income earned	$	4,073			$	3,369			$	704

⁽¹⁾ Of this amount, the total average NSBF originated portfolio earning servicing income was $929,786,000 and $741,785,000 for the six months ended June 30, 2018 and 2017, respectively.

The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $188,001,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was related to an increase legal, prepayment and packaging fees earned as a result of the larger dollar volume of loans originated.

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Expenses:

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Expenses:
Salaries and benefits	$	10,090			$	9,631			$	459
Interest	7,304				5,147				2,157
Depreciation and amortization	236				185				51
Professional fees	1,527				1,449				78
Origination and servicing	3,773				2,653				1,120
Change in fair value of contingent consideration liabilities	17				—				17
Loss on extinguishment of debt	1,059				—				1,059
Other general and administrative costs	3,373				3,605				(232		)
Total expenses	$	27,379			$	22,670			$	4,709

Salaries and Benefits

The $459,000 net increase in salaries and benefits was the result of an increase of $969,000 in salaries and benefits resulting from an increase in headcount at NSBF, offset by a decrease in stock-based compensation expense of $510,000, period over period. The additional headcount relates primarily to employees performing loan processing, loan closing, or loan servicing functions as a result of the increase in loan originations. The decrease in stock-based compensation expense was the vesting of restricted stock awards in August 2017.

Interest Expense

The following is a summary of interest expense by facility for the six months ended June 30, 2018 and 2017:

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Notes payable - Securitization Trusts	$	4,090			$	2,803			$	1,287
Bank notes payable	370				360				10
Notes due 2022	353				353				—
Notes due 2021	718				1,581				(863		)
Notes due 2023	1,419				—				1,419
Notes payable - related parties	344				40				304
Other	10				10				—
Total interest expense	$	7,304			$	5,147			$	2,157

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, 2023 Notes and Notes payable - related parties. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in December 2017. We recognized $1,419,000 of interest expense attributable to the 2023 Notes, offset by the decrease in interest expense related the 2021 Notes of $863,000 as a result of our redemption of $40,250,000 of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Notes payable - related parties was related to the increase in the average outstanding Related Party RLOC balance during each period combined with an increase in the weighted average interest rate quarter over quarter.

During the six months ended June 30, 2018, we redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2017, through, but excluding, the Redemption Date. As a result, we recorded a $1,059,000 loss on extinguishment of debt.

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Origination and Servicing

The increase in origination and servicing expenses was attributed to an increase in referral fees of $546,000 and an increase in loan processing, liquidation and loan recovery expenses. The increase was attributed to the increase in the loan portfolio period over period.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2018 and 2017 were $20,200,000 and $17,599,000, respectively, which included realized losses of $944,000 and $43,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments

	Six Months Ended
	June 30, 2018							June 30, 2017
(in thousands)	# of Debt Investments			$ Amount				# of Debt Investments			$ Amount
SBA non-affiliate investments originated during the quarter	256			$	197,812			217			$	159,169
SBA guaranteed non-affiliate investments sold during the quarter	244			$	151,245			205			$	120,884
Realized gains recognized on sale of SBA guaranteed non-affiliate investments	—			$	21,145			—			$	17,642
Average sale price as a percent of principal balance (1)	—			111.74		%		—			112.24		%

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

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments	$	(175	)		$	50			$	(225	)
Net unrealized appreciation on SBA unguaranteed non-affiliate investments	2,694				1,261				1,433
Net unrealized depreciation on controlled investments	(80		)		(1,743		)		1,663
Change in deferred taxes	27				410				(383		)
Total net unrealized appreciation (depreciation) on investments	$	2,466			$	(22	)		$	2,488

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

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Net Unrealized Appreciation (Depreciation) on Controlled Investments

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017				Change
Universal Processing Services of Wisconsin, LLC	$	5,000			$	1,000			$	4,000
Newtek Technology Solutions, Inc.	(1,200		)		(2,559		)		1,359
Premier Payments LLC	—				—				—
CDS Business Services, Inc.	—				2,750				(2,750		)
PMTWorks Payroll, LLC	(170		)		(2,045		)		1,875
banc-serv Partners, LLC	(2,960		)		—				(2,960		)
Small Business Lending, LLC	(400		)		(800		)		400
Newtek Insurance Agency, LLC	(350		)		—				(350		)
Titanium Asset Management LLC	—				(42		)		42
Excel WebSolutions, LLC	—				(47		)		47
Total net unrealized depreciation on controlled investments	$	(80	)		$	(1,743	)		$	1,663

Unrealized appreciation related to our investment in UPSW was related to an increase in revenue and EBITDA projections combined with a decrease in the corporate income tax rate as recently enacted by Congress.

Unrealized depreciation related to our investment in NTS was primarily due to the cybersecurity at NTS earlier this year, as well as the Company’s inability to add sufficient new business. NTS expects to incur additional costs associated with the continued cyber security assessment and remediation.

The primary driver of the increase of NBCS during the six months ended June 30, 2017 was a result of growth in its SBA 504 lending program and growth in Accounts Receivable and Inventory Financing programs.

During the six months ended June 30, 2018, the Company contributed $170,000 to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and its continued losses, the Company recognized unrealized depreciation of $170,000 for the period.

The Company recognized $2,960,000 in unrealized depreciation on BSP during the six months ended June 30, 2018 and contributed $963,000 in capital during the six months ended June 30, 2018 which increased the cost basis of BSP. The valuation change was the result of several quantitative and qualitative factors. On a quantitative basis, BSP’s 2017 and second quarter 2018 financial performance did not meet its budget and BSP has lost customers during 2017 and 2018. Second, as previously disclosed, on October 12, 2017, the FBI executed a search warrant at BSP’s office in Westfield, Indiana. Management believes there is still uncertainty surrounding the long term impact that this investigation could have on the reputation of BSP and BSP’s customer base. In addition, Kerri Agee, the former owner and President of BSP, was terminated in April 2018, and while BSP is undergoing operational changes to position itself for stability and growth in the future, an adjustment in valuation based on the current facts and circumstances was required. Management is continuing to monitor BSP’s business and customer base closely and provide managerial support on an ongoing basis.

The unrealized depreciation adjustment of $350,000 on the Company’s investment in NIA was the result of weaker than projected financial results.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the six months ended June 30, 2018 and 2017, we recognized a benefit for deferred taxes of $27,000 and $410,000, respectively, related to the net unrealized depreciation of controlled portfolio company investments.

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Liquidity and Capital Resources

Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2022 Notes, 2023 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “At-The-Market”, or ATM, and private offerings of securities.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 2,900,000 shares of common stock from time to time through the Placement Agents. From inception through June 30, 2018, we sold 1,300,294 shares of our common stock at a weighted average price of $17.68 per share. Proceeds, net of offering costs and expenses were $22,524,000. The Company may offer up to an additional 1,599,706 shares of common stock under the ATM Equity Distribution Agreement as of June 30, 2018.

We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes.

Equity Offerings

In January 2017 we completed a public offering of 2,250,000 shares of our common stock at a public offering price of $15.25 per share and an additional 337,500 shares of common stock at a public offering price of $15.25 per share pursuant to the underwriter's full exercise of the over-allotment option. Proceeds, net of offering costs and expenses were $37,042,000.

Debt Offerings

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

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

The Base Indenture, as supplemented by the Third Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act as in effect immediately prior to the issuance of the 2023 Notes, and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to

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the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the First Supplemental Indenture. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding 2023 Notes may declare such 2023 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2018, the Company was in compliance with all covenants related to the 2023 Notes.

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

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

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

The Base Indenture, as supplemented by the First Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, to comply with the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a)(1) of the 1940 Act, and to provide financial information to the holders of the 2022 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the Second Supplemental Indenture. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding 2022 Notes may declare such 2022 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2018, the Company is in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF entered into an amendment of its Capital One facility which increased the facility from $50,000,000 to $100,000,000 and provided a reduction in interest rates. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.25% (previously Prime plus 1.00%), with a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.75% (previously Prime plus 1.875%), and there is a quarterly facility fee equal to 0.25% on the unused portion of the revolving credit calculated as of the end of each calendar quarter. In June 2018 the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans,

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was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. 

In June 2015, NSBF entered into an amendment of the existing Capital One facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on our ability to pay dividends to shareholders, as well as the release of the guarantees of our former subsidiaries (now treated as portfolio companies).

At June 30, 2018, we had $0 and $31,000,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2018, we were in full compliance with all applicable loan covenants.

Notes Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance bears interest at a rate equal to (a) LIBOR (with a floor of 0.50%) plus (b) 6.0% or at a rate equal to (y) the greater of the Prime Rate or 3.5% plus (z) 5.0%. At June 30, 2018, the Related Party RLOC interest rate was 8.00%. The Related Party RLOC has a maturity date of June 21, 2021. Outstanding borrowings at June 30, 2018 were $16,275,000.

Securitization Transactions

Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Condensed Consolidated Statements of Assets and Liabilities.

In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 of unguaranteed portions of SBA loans to the 2016-1 Trust.  The 2016-1 Trust in turn issued securitization notes for the par amount of $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of LIBOR plus 3.0% and 4.25%, respectively.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76,188,000 of unguaranteed portions of SBA loans to the 2017-1 Trust.  The 2017-1 Trust in turn issued securitization notes for the par amount of $75,426,000, consisting of $58,111,000 Class A notes and $17,315,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of LIBOR plus 2.0% and $3.0%, respectively.

Cash Flows and Liquidity

As of June 30, 2018, the Company’s unused sources of liquidity consisted of $32,690,000 available through the Capital One facility; $10,439,000 available through notes payable with related parties; $3,575,000 in unrestricted cash and $9,000 in money market funds.

Restricted cash of $24,701,000 as of June 30, 2018 is primarily held by NSBF. The majority, or $23,950,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.

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The Company generated and used cash as follows:

(in thousands)	Six Months Ended June 30, 2018				Six Months Ended June 30, 2017
Net cash used in operating activities	$	(12,638	)		$	(53,140	)
Net cash used in investing activities	(208		)		(284		)
Net cash provided by financing activities	20,584				57,672
Net increase in cash and restricted cash	7,738				4,248
Cash and restricted cash, beginning of period	20,538				22,896
Cash and restricted cash, end of period	$	28,276			$	27,144

During the six months ended June 30, 2018, operating activities used cash of $12,638,000, consisting primarily of (i) an increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded but had not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at quarter end, (ii) $197,992,000 of SBA 7(a) loan investments funded, (iii) $10,112,000 of advances to NBCS under a revolving line of credit, and (iv) $1,750,000 investment in Mobil Money.

These decreases were offset by (i) $172,463,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments, and (ii) $29,595,000 of principal payments received consisting of $21,145,000 from SBA non-affiliate investments and $8,450,000 from controlled investments.

Net cash provided by financing activities was $20,584,000 consisting primarily of (i) net proceeds of $55,164,000 from the issuance of the 2023 Notes, (ii) net borrowings of $31,000,000 from our bank notes payable, and (iii) net borrowings of $9,274,000 under the Related Party RLOC.

These increases were offset by (i) $14,839,000 of dividend payments (ii) $22,378,000 of principal payments related to securitization notes payable, and (iv) the redemption of $40,250,000 of aggregate principal of 2021 Notes.

Contractual Obligations

The following table represents the Company’s obligations and commitments as of June 30, 2018:

(in thousands)	Payments due by period
Contractual Obligations	Total				Less than 1 year				1-3 years				3-5 years				More than 5 years
Bank notes payable	$	31,000			$	31,000			$	—			$	—			$	—
Securitization notes payable (1)	143,094				—				—				—				143,094
Notes due 2022 (1)	8,324				—				—				8,324				—
Notes due 2023 (1)	57,500				—				—				57,500				—
Notes payable - related parties	16,275				—				16,275				—				—
Employment agreements	1,370				685				685				—				—
Operating leases (2)	14,155				978				3,385				3,000				6,792
Totals	$	271,718			$	32,663			$	20,345			$	68,824			$	149,886

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

⁽²⁾ Minimum payments have not been reduced by minimum sublease rentals of $310,000 due in the future under non-cancelable subleases.

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Critical Accounting Policies and Estimates

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

Fair Value Measurements

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

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

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

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:

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

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Valuation of Investments

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

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

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker. 

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

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

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

Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of June 30, 2018 and December 31, 2017 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Income Recognition

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

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

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

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

Income Taxes

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

The Company’s U.S. federal and state income tax returns prior to fiscal year 2014 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2018 and 2017, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $8,136,000 and $8,164,000 at June 30, 2018 and December 31, 2017, respectively, and are recorded as deferred tax liabilities on the condensed consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.

Recently Adopted Accounting Standards

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force),” which requires that the statement of cash flow explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted this standard with respect to its statement of cash flows.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. ASU 2014-09 supersedes the revenue recognition requirements under ASC 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the ASC. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. Under the new guidance, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The new guidance will significantly enhance

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comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net)”, which clarified the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing”, which clarified the implementation guidance regarding performance obligations and licensing arrangements. In May 2016, the FASB issued ASU No. 2016-12, “Revenue from Contracts with Customers (Topic 606)—Narrow-Scope Improvements and Practical Expedients”, which clarified guidance on assessing collectability, presenting sales tax, measuring noncash consideration, and certain transition matters. In December 2016, the FASB issued ASU No. 2016-20, “Revenue from Contracts with Customers (Topic 606)—Technical Corrections and Improvements”, which provided disclosure relief, and clarified the scope and application of the new revenue standard and related cost guidance. The ASU is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. The Company has evaluated the guidance under Topic 606 and has identified similar performance obligations under ASC 606 as compared with deliverables and separate units of account previously identified. The Company adopted this standard with respect to its revenue recognition. The Company evaluated each revenue stream and concluded that all were covered by the scope exceptions as detailed in Topic 606. As a result, the Company determined that the timing of its revenue recognition will remain the same.

New Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year. The ASU is effective for annual reporting periods beginning after December 15, 2018, and interim periods within those periods. Early adoption is permitted. The Company has not completed its review of the new guidance; however, the Company anticipates that upon adoption of the standard it will recognize additional assets and corresponding liabilities related to leases on its consolidated statements of assets and liabilities. In July 2018, the FASB issued ASU 2018-11, “Leases (Topic 842): Targeted Improvements”, which now allows entities the option of recognizing the cumulative effect of applying the new standard as an adjustment to the opening balance of retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance.

Off Balance Sheet Arrangements

There were no off balance sheet arrangements as of June 30, 2018.

Recent Developments

Common Stock

From July 1, 2018 through August 8, 2018 the Company sold 47,292 shares of its common stock at a weighted average price of $20.50 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $950,000. As of August 8, 2018, there were 1,552,414 shares of common stock available for sale under the ATM Equity Distribution Agreement.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

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

NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus a fixed factor basis and the securitization notes are at prime or libor, plus a fixed margin, whichever is less. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company

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experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.

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

We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $28,285,000 at June 30, 2018. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.

We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2018, cash deposits in excess of insured amounts totaled approximately $6,579,000.

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ITEM 4. CONTROLS AND PROCEDURES.

As of June 30, 2018 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a 15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition.

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Other than the risks described below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2017.

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

On April 27, 2018, the Company announced that its Board, including a “required majority” (as such term is defined in the 1940 Act) of the Board, approved application to the Company of the asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as modified by the Small Business Credit Availability Act. As a result, the Company’s asset coverage requirements for senior securities were to change from 200% to 150%, effective April 27, 2019. However, at the Company’s special meeting of shareholders, held on July 26, 2018, its shareholders approved, among other things, the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, the Company’s asset coverage requirements for senior securities were reduced from 200% to 150%, effective July 27, 2018. As a result, we will be able to increase our leverage up to an amount that reduces our asset coverage ratio from 200% to 150% (i.e., the amount of debt may not exceed 66 2/3% of the value of our assets) beginning on July 27, 2018, assuming that additional borrowings are available.

Prior to shareholder approval at the Special meeting held on July 26, 2018, the 1940 Act generally prohibited us from incurring indebtedness unless immediately after such borrowing we had an asset coverage for total borrowings of at least 200% (i.e., the amount of debt may not exceed 50% of the value of our assets). However, recent legislation modified the 1940 Act by allowing a BDC to increase the maximum amount of leverage it may incur from an asset coverage ratio of 200% to an asset coverage ratio of 150%, if certain requirements are met. Under the legislation, we are allowed to increase our leverage capacity if shareholders representing at least a majority of the votes cast, when quorum is met, approve a proposal to do so.  As a result of the recent stockholder approval, we are allowed to increase our leverage capacity on the first day after such approval, or July 27, 2018.   As a result of the approval, we are required to make certain disclosures on our website and in SEC filings regarding, among other things, the receipt of approval to increase our leverage, our leverage capacity and usage, and risks related to leverage.

Leverage magnifies the potential for loss on investments in our indebtedness and on invested equity capital. As we use leverage to partially finance our investments, you will experience increased risks of investing in our securities. If the value of our assets increases, then the additional leverage would cause the net asset value attributable to our common stock to increase more sharply than it would have had we not increased our leverage. Conversely, if the value of our assets decreases, the additional leverage would cause net asset value to decline more sharply than it otherwise would have had we not increased our leverage. Similarly, any increase in our income in excess of interest payable on the borrowed funds would cause our net investment income to increase more than it would without the additional leverage, while any decrease in our income would cause net investment income to decline more sharply than it would have had we not increased our leverage. Such a decline could negatively affect our ability to pay common stock dividends, scheduled debt payments or other payments related to our securities. Leverage is generally considered a speculative investment technique.

In addition, the ability of BDCs to increase their leverage will increase the capital available to BDCs and thus competition for the investments that we seek to make. This may negatively impact pricing on the investments that we do make and adversely affect our net investment income and results of operations.

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Table of Contents

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

In connection with the investment in Mobil Money, the Company issued 10,966 restricted common shares in a private transaction as a portion of the consideration, as discussed herein. Refer to Note 3 - Investments.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

Number		Description
11.1		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 8, 2018	By:	/S/    BARRY SLOANE
		Barry Sloane
		Chairman and Chief Executive Officer (Principal Executive Officer)
Date: August 8, 2018	By:	/S/    JENNIFER EDDELSON
		Jennifer Eddelson
		Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

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