UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)    

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

For the quarterly period ended March 31, 2019

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 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. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		o	Accelerated filer		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 May 3, 2019, there were 19,115,359 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 March 31, 2019 (Unaudited) and December 31, 2018	1
	Condensed Consolidated Statements of Operations (Unaudited) for the three months ended March 31, 2019 and 2018	2
	Condensed Consolidated Statement of Changes in Net Assets (Unaudited) for the three months ended March 31, 2019	3
	Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2019 and 2018	4
	Consolidated Schedules of Investments as of March 31, 2019 (Unaudited) and December 31, 2018	6
	Notes to Condensed Consolidated Financial Statements (Unaudited)	226
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	250
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	268
Item 4.	Controls and Procedures	269
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	270
Item 1A.	Risk Factors	270
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	270
Item 3.	Defaults Upon Senior Securities	270
Item 4.	Mine Safety Disclosures	270
Item 5.	Other Information	270
Item 6.	Exhibits	270

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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
2013-1 Trust	Newtek Small Business Loan Trust, Series 2013-1
2016-1 Trust	Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust	Newtek Small Business Loan Trust, Series 2017-1
2018-1 Trust	Newtek Small Business Loan Trust, Series 2018-1
2021 Notes	7.00% Notes due 2021
2022 Notes	7.50% 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	Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the Placement Agents
BDC	Business Development Company under the 1940 Act
Board	The Company's board of directors
Capital One	Capital One Bank, 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 NMS, NTS, Premier, BSP, SBL and GS Bank as amended on June 21, 2017; further amended on September 7, 2018 to remove NTS, BSP and SBL as borrowers
Goldman Sachs	Goldman Sachs Bank
LIBOR	London Interbank Offered Rate
NAV	Net Asset Value
NBL Facility	Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL and Capital One
Related Party RLOC	Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLP	Preferred Lender Program, as authorized by the SBA
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
SEC	Securities and Exchange Commission
SMB	Small-and-medium sized businesses
Sterling	Sterling National Bank
Sterling 504 Facility	Loan and Security Agreement between NBC and Sterling, as lender to originate SBA 504 loans

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Sterling Receivable and Inventory Facility	Loan and Security Agreement between NBC and Sterling, as lender to fund accounts receivable and inventory financing arrangements
Taxable Subsidiaries	Companies formed by Newtek which are taxed as corporations for income tax purposes
Trustee	U.S. Bank, 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
NBL	Newtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCL	Newtek Conventional Lending, LLC, a 50% owned portfolio company
Exponential	Exponential Business Development Co., Inc., a Taxable Subsidiary
NMS	Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
Premier	Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil Money	Mobil Money, LLC, a wholly-owned controlled portfolio company
NTS	Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPM	International Professional Marketing, Inc., a wholly-owned controlled portfolio company
SIDCO	SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWS	Excel WebSolutions, LLC, a 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 or PMT	PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIA	Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
UCS	United Capital Source, LLC, a former wholly-owned controlled portfolio company, 100% membership interest of which were sold on October 26, 2018
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)
	March 31, 2019				December 31, 2018
ASSETS	(Unaudited)				(Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $370,328 and $355,589, respectively; includes $280,430 and $323,388, respectively, related to securitization trusts)	$	366,769			$	349,402
SBA guaranteed non-affiliate investments (cost of $16,634 and $17,217, respectively)	18,586				19,100
Controlled investments (cost of $75,935 and $74,279, respectively)	171,294				171,585
Non-control/affiliate investments (cost of $1,000 and $1,000, respectively)	1,000				1,000
Investments in money market funds (cost of $9 and $9, respectively)	9				9
Total investments at fair value	557,658				541,096
Cash	3,083				2,316
Restricted cash	26,654				29,034
Broker receivable	45,354				42,617
Due from related parties	3,596				3,232
Servicing assets, at fair value	22,339				21,360
Right of use assets	8,768				—
Other assets	14,282				13,686
Total assets	$	681,734			$	653,341
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable	$	64,500			$	34,700
Notes due 2022 (par: $8,324 as of March 31, 2019 and December 31, 2018, see Note 7)	8,039				8,019
Notes due 2023 (par: $57,500 as of March 31, 2019 and December 31, 2018, see Note 7)	55,681				55,564
Notes payable - Securitization trusts (par: $201,859 and $220,137 as of March 31, 2019 and December 31, 2018, see Note 7)	198,592				216,507
Notes payable - related parties	25,890				16,840
Due to related parties	2				4
Lease liabilities	10,775				—
Deferred tax liabilities	8,712				9,241
Accounts payable, accrued expenses and other liabilities	17,537				25,021
Total liabilities	389,728				365,896
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, 19,073 and 18,919 issued and outstanding, respectively)	382				379
Additional paid-in capital	257,597				254,498
Accumulated undistributed earnings	34,027				32,568
Total net assets	292,006				287,445
Total liabilities and net assets	$	681,734			$	653,341
Net asset value per common share	$	15.31			$	15.19

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 March 31, 2019				Three Months Ended March 31, 2018
Investment income
From non-affiliate investments:
Interest income	$	7,017			$	5,174
Servicing income	2,428				2,065
Other income	921				1,055
Total investment income from non-affiliate investments	10,366				8,294
From Non-control/affiliate investments:
Dividend income	31				—
From controlled investments:
Interest income	217				149
Dividend income	3,150				2,625
Total investment income from controlled investments	3,367				2,774
Total investment income	13,764				11,068
Expenses:
Salaries and benefits	3,588				4,878
Interest	4,735				3,512
Depreciation and amortization	129				120
Professional fees	984				940
Origination and servicing	1,653				1,605
Origination and servicing - related party	2,188				—
Change in fair value of contingent consideration liabilities	46				10
Loss on extinguishment of debt	—				1,059
Other general and administrative costs	1,427				1,717
Total expenses	14,750				13,841
Net investment loss	(986		)		(2,773		)
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments - SBA 7(a) loans	9,344				9,881
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	70				(280		)
Net unrealized appreciation on SBA unguaranteed non-affiliate investments	2,629				992
Net unrealized (depreciation) appreciation on controlled investments	(1,947		)		1,170
Change in deferred taxes	529				(299		)
Net unrealized depreciation on servicing assets	(556		)		(579		)
Net realized and unrealized gains	$	10,069			$	10,885
Net increase in net assets resulting from operations	$	9,083			$	8,112
Net increase in net assets resulting from operations per share	$	0.48			$	0.44
Net investment loss per share	$	(0.05	)		$	(0.15	)
Dividends and distributions declared per common share	$	0.40			$	0.40
Weighted average number of shares outstanding	19,003				18,495

2

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)

	Three Months Ended March 31, 2019
Increase in net assets:
Net investment loss	$	(986	)
Net realized gains on investments	9,344
Net change in unrealized appreciation on investments	725
Net increase in net assets resulting from operations	9,083
Distributions to common stockholders	(7,574		)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan	218
Stock-based compensation expense	160
Issuance of common stock, net of offering costs	2,544
Net increase in net assets from capital share transactions	2,922
Impact of ASC 842 adoption	130
Total increase in net assets	4,561
Net assets at beginning of period	287,445
Net assets at end of period	$	292,006
Common shares outstanding at end of period	19,073
Capital share activity:
Shares issued under dividend reinvestment plan	12
Shares issued in connection with sales of common stock under ATM	135
Restricted shares issued under Equity Incentive Plan, net of forfeitures	8
Net increase in capital activity	155

3

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)
	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Cash flows from operating activities:
Net increase in net assets resulting from operations	$	9,083			$	8,112
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Net unrealized depreciation (appreciation) on controlled investments	1,947				(1,170		)
Net unrealized appreciation on non-affiliate investments	(2,699		)		(712		)
Net unrealized depreciation on servicing assets	556				579
Net realized gains on non-affiliate investments	(9,344		)		(9,881		)
Allowance for doubtful accounts	(45		)		24
Change in fair value of contingent consideration liabilities	46				10
Loss on extinguishment of debt	—				1,059
Amortization of deferred financing costs	540				378
Deferred income taxes	(529		)		299
Depreciation and amortization	129				120
Funding of guaranteed non-affiliate SBA loans	(73,538		)		(69,973		)
Funding of unguaranteed non-affiliate SBA loans	(24,241		)		(21,387		)
Funding of controlled investments	(3,206		)		(4,639		)
Proceeds from sale of non-affiliate SBA loans	83,849				83,457
Principal received on SBA non-affiliate investments	8,676				8,732
Principal received from controlled investments	1,050				1,522
Return of investment from controlled investments	500				—
Other, net	132				370
Changes in operating assets and liabilities:
Broker receivable	(2,738		)		(21,294		)
Due to/from related parties	(320		)		(1		)
Other assets	(235		)		699
Accounts payable, accrued expenses and other liabilities	(5,313		)		4,499
Capitalized servicing asset	(1,535		)		(1,624		)
Other, net	95				3
Net cash used in operating activities	(17,140		)		(20,818		)
Cash flows from investing activities:
Purchase of fixed assets	(132		)		(83		)
Cash flows from financing activities:
Net borrowings on bank notes payable	29,800				30,500
Proceeds from common shares sold, net of offering costs	2,544				—
Net proceeds (repayments) under related party line of credit	9,050				(3,326		)
Proceeds from Notes due 2023	—				57,500
Redemption of Notes due 2021	—				(40,250		)
Payments on Notes Payable - Securitization Trusts	(18,365		)		(9,376		)
Dividends paid	(7,354		)		(7,202		)

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)
	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Additions to deferred financing costs	(16		)		(1,893		)
Purchase of vested stock for employee payroll tax withholding	—				(34		)
Net cash provided by financing activities	15,659				25,919
Net (decrease) increase in cash and restricted cash	(1,613		)		5,018
Cash and restricted cash—beginning of period (Note 2)	31,350				20,538
Cash and restricted cash—end of period (Note 2)	$	29,737			$	25,556
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired	$	441			$	478
Issuance of common shares under dividend reinvestment plan	$	220			$	168

            

5

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (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)
Ren Investment Group Inc dba True Positon Manufacturing		Machinery Manufacturing		Term Loan		Prime plus 2.75%		3/29/2029			$	868.0			$	868.0			$	789.7			0.27	%
Pirate Cove Marina Inc, DRK Irrevocable Trust, BEK Irrevocable Trust		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2044			993.8				993.8				1,097.4				0.38	%
Knoxville Room Service		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/29/2029			6.8				6.8				6.2				—	%
Complete Care IT LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2029			52.5				52.5				47.1				0.02	%
Peak Performance Associates LLC dba Nova Hypnosis and Wellness		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2029			60.0				60.0				53.8				0.02	%
Outtasight Careers, LLC dba Gecko Hospitality		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2029			52.0				52.0				46.6				0.02	%
Turtle Shirts, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/29/2029			53.8				53.8				49.0				0.02	%
La Favorita Radio Network		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		3/29/2029			375.0				375.0				346.3				0.12	%
EJ & James Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/29/2029			9.5				9.5				9.0				—	%
J Brothers Enterprises, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/29/2044			645.0				645.0				661.2				0.23	%
Hamsons Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/29/2029			187.5				187.5				168.1				0.06	%
Pizzaplex L3C		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2029			44.8				44.8				40.9				0.01	%
Bhatti LLC dba Auntie Ann's & Bhatti LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2029			165.0				165.0				148.0				0.05	%
Key HR Associates, Inc dba Parents Choice for Kids		Social Assistance		Term Loan		Prime plus 2.75%		3/29/2044			453.8				453.8				470.1				0.16	%
Royalty Freight Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		3/29/2029			428.1				428.1				406.7				0.14	%
Reliable Power Group Inc. dba Batteries + bulbs Pensacola		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/29/2029			100.0				100.0				89.9				0.03	%
Felipe Antonio Del Valle M.D. P.A.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2029			15.0				15.0				13.5				—	%
Bayco Enterprises, Inc		Gasoline Stations		Term Loan		Prime plus 2.75%		3/29/2044			198.8				198.8				221.0				0.08	%

6

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
NuBe Business Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2044			41.0				41.0				45.6				0.02	%
Raven's Place LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2044			687.5				687.5				716.6				0.25	%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2044			825.0				825.0				848.6				0.29	%
StillBasi Holdings, Inc. dba Buxton Auto Transport		Truck Transportation		Term Loan		Prime plus 2.75%		3/29/2029			300.0				300.0				279.8				0.10	%
Stillwater Ventures, LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/29/2029			416.1				416.1				400.3				0.14	%
Bright Freight Solution, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/29/2029			1,250.0				1,250.0				1,167.4				0.40	%
Cleland Pharmacy LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		3/28/2029			22.5				22.5				23.6				0.01	%
J.C. Pallet Company, Inc.		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		3/28/2029			450.0				450.0				437.7				0.15	%
RG Productions LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/28/2029			155.5				155.5				147.3				0.05	%
Children First Home Health Care, Inc. dba Health Calls		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/28/2029			137.5				137.5				124.5				0.04	%
GS Bath Inc		Truck Transportation		Term Loan		Prime plus 2.75%		3/28/2029			312.5				312.5				295.3				0.10	%
Planet X Tobacco & Gift, LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/28/2044			285.8				285.8				308.7				0.11	%
Custom Vinyl Products LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/28/2044			1,012.5				1,012.5				1,068.9				0.37	%
Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/28/2029			15.0				15.0				14.7				0.01	%
Cocomo Joe's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2029			3.5				3.5				3.3				—	%
Skaggs RV Outlet ,LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/28/2029			250.0				250.0				261.9				0.09	%
PA Sobol Partners LLC dba Sobal		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/28/2029			21.3				21.3				20.3				0.01	%
DC AG, LLC dba Big B Sales		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/27/2044			587.8				587.8				611.2				0.21	%
Cinco Fit LLC dba Cinco Fit		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/27/2029			165.0				165.0				149.3				0.05	%
Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/27/2029			50.0				50.0				52.4				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 MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/27/2029			5.7				5.7				5.1				—	%
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/26/2044			1,250.0				1,250.0				1,317.6				0.45	%
District 5 Boutique LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/26/2029			125.0				125.0				112.1				0.04	%
Skyways, LTD		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/22/2029			825.3				825.3				745.2				0.26	%
Virginia Industrial Plastics, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		3/22/2044			296.5				296.5				329.7				0.11	%
Gary Krause dba Gary Krause Landscaping & Design		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/22/2029			6.0				6.0				5.7				—	%
Virginia Industrial Plastics, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		3/22/2029			270.8				270.8				283.6				0.10	%
J & C May Properties, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/22/2044			1,133.8				1,133.8				1,130.5				0.39	%
The Karate Dojo LLC		Educational Services		Term Loan		Prime plus 2.75%		3/21/2029			4.5				4.5				4.0				—	%
Dependable Lawn Care, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2029			523.0				523.0				490.7				0.17	%
Dependable Lawn Care, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2044			190.5				190.5				208.7				0.07	%
American Trails Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/21/2029			55.0				55.0				51.7				0.02	%
Pitman Holding LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/21/2029			7.5				7.5				7.0				—	%
Michigan Neurosurgical Institute P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/20/2029			181.3				181.3				163.1				0.06	%
Mega Trucking LLC and Olyimpian Industries LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/20/2029			400.0				400.0				383.3				0.13	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/20/2029			50.0				50.0				44.8				0.02	%
Michigan Neurosurgical Institute, P.C.,Optical Spine, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/20/2044			355.0				355.0				367.4				0.13	%
Game Station, Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/19/2029			262.5				262.5				246.5				0.08	%
Frontline Selling LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/19/2029			312.5				312.5				325.0				0.11	%
Marvellous Print & Ship LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/19/2029			3.4				3.4				3.0				—	%

8

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Vanchoc Transport Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/15/2029			87.5				87.5				78.5				0.03	%
Stepping Stones Children's Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/15/2044			375.0				375.0				398.6				0.14	%
B & W Towing LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/15/2029			57.5				57.5				59.4				0.02	%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/15/2029			14.2				14.2				14.0				—	%
Screening Services Group, LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		3/14/2029			281.3				281.3				257.9				0.09	%
Space Express, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/12/2029			150.0				150.0				137.2				0.05	%
Mill Creek Early Childhood Program LLC		Social Assistance		Term Loan		Prime plus 2.75%		6/11/2029			10.8				10.8				9.7				—	%
Precise Air Systems, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/8/2029			264.5				264.5				239.7				0.08	%
Alpine Remediation, Inc, T & M Holdings, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/8/2029			87.5				87.5				83.3				0.03	%
El Basha Inc dba RPM West San Fernando Valley		Real Estate		Term Loan		Prime plus 2.75%		3/8/2029			62.5				62.5				56.0				0.02	%
Wildflour Bakery & Cafe LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		3/8/2029			87.5				87.5				78.5				0.03	%
SG Welch Inc dba Sparks Auto Service		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/8/2029			62.5				62.5				57.0				0.02	%
D & S Village Hardware LLC dba Cedar Mountain Country Store		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/8/2044			201.8				201.8				217.9				0.07	%
Kalloren Provel LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/8/2044			287.0				287.0				304.7				0.10	%
Seeds of Knowledge Creative Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/7/2044			22.5				22.5				24.3				0.01	%
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/4/2029			157.5				157.5				141.2				0.05	%
Midwest Expediated Carrier Corporation		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/1/2029			15.0				15.0				13.5				—	%
Monkey Bones LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2044			19.5				19.5				21.7				0.01	%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		2/28/2029			50.0				50.0				48.8				0.02	%
Wooter Apparel, Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%		2/28/2029			50.0				50.0				45.5				0.02	%

9

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Shah Medical Center SC & Heeena Shyamani		Hospitals		Term Loan		Prime plus 2.75%		2/28/2044			253.8				253.8				253.5				0.09	%
Legacy Roof Contractors LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/28/2044			300.0				300.0				310.3				0.11	%
KSW Agency Inc.		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		2/28/2029			15.0				15.0				15.7				0.01	%
Woodard Electric Services, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/28/2029			21.6				21.6				19.6				0.01	%
Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 6.5%		2/27/2029			12.5				12.5				12.9				—	%
Merdad Dentistry PLLC dba Easy Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/26/2029			15.8				15.8				14.1				—	%
Harbor Management Company Inc dba Jamba Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/22/2029			150.0				150.0				135.8				0.05	%
EasyBooks, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/22/2029			6.0				6.0				5.4				—	%
Gomez Advanced Wellness Center, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/21/2044			150.0				150.0				158.6				0.05	%
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/21/2029			41.3				41.3				37.9				0.01	%
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/20/2029			50.0				50.0				45.2				0.02	%
Rob Barletta's Hockey School, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		2/19/2029			108.8				108.8				114.0				0.04	%
Bowl 360 Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/19/2029			139.4				139.4				125.5				0.04	%
Bowl 360 Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/19/2029			162.5				162.5				154.7				0.05	%
Outler Transportation Services,LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/19/2029			45.0				45.0				41.0				0.01	%
SB Investments, LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		2/15/2029			62.9				62.9				60.6				0.02	%
Integris Roofing, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/15/2029			22.5				22.5				20.2				0.01	%
M & M Burgers Inc dba Checkers		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2029			74.0				74.0				68.1				0.02	%
KHSE Parks, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		2/14/2029			82.5				82.5				74.5				0.03	%

10

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Par-Man, Inc. dba Rockstar Tattoo		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		2/14/2029			62.5				62.5				56.5				0.02	%
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/14/2044			137.5				137.5				152.9				0.05	%
Tony Herring & Associates, Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		2/14/2029			15.0				15.0				15.7				0.01	%
Precedence Enterprises LLC dba Spartan Junk Removal		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/8/2029			16.5				16.5				15.5				0.01	%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/8/2029			138.6				138.6				131.3				0.04	%
EJGR Corp dba Brite Energy Solutions		Utilities		Term Loan		Prime plus 2.75%		2/8/2029			62.5				62.5				56.2				0.02	%
Pamletics LLC dba F45		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/8/2029			3.8				3.8				3.6				—	%
Better Dayz PT, Inc. dba Physical Therapy Now		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/7/2029			11.1				11.1				10.1				—	%
Creative Counseling Nashville PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/7/2029			2.3				2.3				2.0				—	%
D & G Elite Construction, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/6/2029			162.5				162.5				170.2				0.06	%
RIHAHN INC dba RDBL, INC.		Forestry and Logging		Term Loan		Prime plus 2.75%		2/5/2029			6.9				6.9				7.1				—	%
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc		Accommodation		Term Loan		Prime plus 2.75%		2/1/2029			15.0				15.0				15.7				0.01	%
Jesus and Son's Landscape Contractors, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		2/1/2029			57.5				57.5				52.8				0.02	%
Employer Resource Services LLC dba Data Pool		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/31/2029			37.5				37.5				33.7				0.01	%
MYC Motors Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/30/2044			74.9				74.9				83.3				0.03	%
FNF LLC dba WineStyles		Food and Beverage Stores		Term Loan		Prime plus 2.75%		1/22/2029			246.1				246.1				220.8				0.08	%
IGWT Coffee, LLC dba PJ's Coffee of New Orleans		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/18/2029			82.0				82.0				74.5				0.03	%
MMC Investors, LLC dba Clean Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/18/2029			87.5				87.5				79.8				0.03	%
Hilco Athletics & Graphics Inc		Apparel Manufacturing		Term Loan		Prime plus 2.75%		1/16/2044			68.7				68.7				76.4				0.03	%
Fluid Connections LLC dba BurgerIM		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/11/2029			62.2				62.2				58.6				0.02	%

11

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/11/2029			39.2				39.2				35.9				0.01	%
HSR Tacos LLC dba California Tortilla		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/11/2029			54.2				54.2				48.6				0.02	%
Rashed and Shabila LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		1/4/2029			22.4				22.4				21.2				0.01	%
HDD Solutions, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		12/31/2028			553.8				553.8				529.6				0.18	%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		12/31/2028			240.1				240.1				216.0				0.07	%
The Chop House Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/31/2043			556.8				556.8				580.6				0.20	%
Capitol Fitness Inc. dba Anytime Fitness Shelby		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/28/2028			18.0				18.0				16.7				0.01	%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		12/28/2043			18.7				18.7				20.8				0.01	%
Superior Concepts Acquisition Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/28/2043			508.7				508.7				518.5				0.18	%
^Nix and Nix Funeral Home North Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/28/2043			570.9				570.9				619.5				0.21	%
0		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/28/2028			118.6				118.6				110.7				0.04	%
American Rewinding of NC Inc dba MTS		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/28/2028			421.4				421.4				394.3				0.14	%
Omega Funeral and Cremation Services,LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/28/2043			342.3				342.3				358.4				0.12	%
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/27/2043			1,137.8				1,137.8				1,182.6				0.40	%
East Breeze LLC dba Historic Springdale Pub and Eatery		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2043			128.0				128.0				137.3				0.05	%
Children First Home Health Care Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/27/2028			296.8				296.8				285.3				0.10	%
Medworxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/27/2028			10.4				10.4				9.3				—	%
Fave Realty Inc.		Real Estate		Term Loan		Prime plus 2.75%		12/27/2043			123.3				123.3				137.0				0.05	%
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/27/2043			463.5				463.5				480.6				0.16	%

12

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		12/26/2043			499.6				499.6				555.2				0.19	%
Reservations Unlimited LLC		Real Estate		Term Loan		Prime plus 2.75%		12/26/2043			142.0				142.0				152.6				0.05	%
BD Branson Victorian LLC dba Branson Victorian Inn		Accommodation		Term Loan		Prime plus 2.75%		12/24/2043			496.2				496.2				539.3				0.18	%
^Timios Enterprises Corp dba Palm Court		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/24/2043			706.4				706.4				748.7				0.26	%
RM Hawkins LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/24/2028			296.8				296.8				279.9				0.10	%
Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/21/2028			96.5				96.5				86.4				0.03	%
Tri-State Financial Group Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		12/21/2028			37.4				37.4				33.5				0.01	%
Siman Trio Trading		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2028			148.4				148.4				133.7				0.05	%
LP Industries, Inc and Playground Packages, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/21/2028			92.9				92.9				83.4				0.03	%
The Law Office of Jared E. Shapiro, P.A		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/21/2028			11.1				11.1				10.0				—	%
Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2028			111.4				111.4				100.8				0.03	%
Fifth Wheel Truck Stop 001, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/21/2028			103.9				103.9				93.0				0.03	%
Burgess and Dudley, Incorporated		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/21/2028			235.0				235.0				218.6				0.07	%
Diamond Estates LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/21/2028			74.3				74.3				66.5				0.02	%
Precision Bytes LLC dba Tower Connect		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/21/2028			128.4				128.4				115.7				0.04	%
Accel Compression Inc.,Accel Workover Services Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/21/2044			124.9				124.9				139.0				0.05	%
Cammarata Associates LLC		Credit Intermediation and Related Activities		Term Loan		Prime plus 2.75%		12/21/2028			74.2				74.2				66.4				0.02	%
C&D Trucking & Equipment Service, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/21/2043			117.3				117.3				130.4				0.04	%
Baseline Health, LLC & Baseline Health Management, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2028			117.5				117.5				107.1				0.04	%

13

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
ETS Tree Service Inc and Eastern Tree Service, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/21/2028			227.6				227.6				215.2				0.07	%
Sesolinc GRP, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/21/2028			371.0				371.0				353.3				0.12	%
^D.A.F.S Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/21/2028			653.0				653.0				650.7				0.22	%
Graff Excavating, Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		12/20/2028			193.4				193.4				175.5				0.06	%
Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/20/2028			296.8				296.8				283.0				0.10	%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/20/2028			638.6				638.6				630.1				0.22	%
Local Liberty Inc dba The Wardsboro Country Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/20/2043			155.0				155.0				166.5				0.06	%
^Flashii App, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/20/2028			61.8				61.8				63.5				0.02	%
Roots N Shoots, LLC & Yardplus LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/20/2028			67.3				67.3				61.2				0.02	%
Cedric Construction Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/20/2028			98.9				98.9				103.5				0.04	%
^Hotel Compete, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/20/2028			61.8				61.8				55.4				0.02	%
Darian L Hampton DDS PA and Darian L. Hampton		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/20/2028			297.2				297.2				268.0				0.09	%
CK Green Partners, LLC dba Reis and Irvy"s Columbus		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/20/2029			187.5				187.5				180.0				0.06	%
Healthy and Fresco LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/20/2029			34.5				34.5				32.1				0.01	%
^Marlin Lighting LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2028			100.7				100.7				90.1				0.03	%
^Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2028			68.2				68.2				61.5				0.02	%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/19/2044			61.0				61.0				67.8				0.02	%
^The Cromer Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/19/2028			494.7				494.7				444.4				0.15	%
^Goodson's Garden, LLC dba Always Goldies Florist		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/19/2028			11.6				11.6				10.6				—	%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/19/2029			42.1				42.1				41.6				0.01	%

14

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Peanut Butter & Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/14/2028			247.4				247.4				221.5				0.08	%
^Ventures TBD LLC dba The Bottle Tree		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/14/2043			98.6				98.6				102.6				0.04	%
^Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/14/2028			15.6				15.6				14.0				—	%
^Redskin Cafe Inc. dba Goodfellas Wine & Spirits, Redskin Cafe Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/14/2043			245.8				245.8				270.0				0.09	%
^YBL Restaurant Group LLC dba Tropisueno		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/14/2029			377.0				377.0				340.5				0.12	%
^Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena		Food Manufacturing		Term Loan		Prime plus 2.75%		12/14/2028			314.2				314.2				292.8				0.10	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/14/2028			69.4				69.4				72.6				0.02	%
^Healthy Human, LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/14/2028			123.7				123.7				110.7				0.04	%
^Alpha Landscape Contractors, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/14/2029			330.4				330.4				309.5				0.11	%
^L&M Services, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/14/2043			199.7				199.7				211.1				0.07	%
^Aero Consulting and Engineering Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/14/2028			14.8				14.8				13.3				—	%
^Fitness Orlando LLC & Fitness Orlando Oviedo, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/14/2028			272.7				272.7				253.4				0.09	%
^Sound Contracting LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/14/2028			41.3				41.3				39.2				0.01	%
^Stony Creek Wellness Group, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/14/2043			98.6				98.6				106.0				0.04	%
Sound Contracting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/14/2043			196.8				196.8				202.2				0.07	%
^Burton Realty Co., Inc dba Anchor Realty, Northeast		Real Estate		Term Loan		Prime plus 2.75%		12/13/2028			299.8				299.8				268.5				0.09	%
^The Miller Center for Esthetic Excellence		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/13/2043			386.8				386.8				386.1				0.13	%
^OC Helicopters LLC		Air Transportation		Term Loan		Prime plus 2.75%		12/13/2028			92.1				92.1				96.3				0.03	%
^Plan B Burger LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/13/2029			1,038.9				1,038.9				969.7				0.33	%
^Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/13/2043			975.8				975.8				1,009.2				0.35	%

15

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
D for Dream LLC dba Blo Blow Dry Bar Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/13/2029			73.8				73.8				66.2				0.02	%
^All About Kids and Families Mediical Center, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		1/13/2029			364.9				364.9				361.5				0.12	%
^United States Plastic Equipment LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/13/2028			141.0				141.0				126.3				0.04	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/12/2029			10.1				10.1				9.1				—	%
^Mateo Enterprise Inc dba El Milagro Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/12/2043			119.8				119.8				124.7				0.04	%
Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		1/12/2029			61.8				61.8				63.3				0.02	%
^Ashwood Food Services Inc. dba Jake Rooney's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/12/2043			214.6				214.6				233.0				0.08	%
^Behind The Scenes Chicago, LLC dba Paramount Events		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/12/2029			253.5				253.5				250.1				0.09	%
^Airstrike Firefighters LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		12/12/2028			1,236.8				1,236.8				1,189.9				0.41	%
^Mateo Enterprise Inc dba El Milagro Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		1/12/2029			59.4				59.4				53.2				0.02	%
^Ashwood Food Services, Incorporated dba Jake Rooney's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/12/2029			66.8				66.8				62.5				0.02	%
^Duck's Nuts Inc dba Pet Place Market		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		1/11/2029			42.8				42.8				40.7				0.01	%
^Googlyoogly, LLC dba Bi-Rite Supermarket		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/11/2043			202.7				202.7				210.9				0.07	%
^Hilltop Wine Shop, Inc dba Hiltop Wine Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/11/2043			127.8				127.8				135.0				0.05	%
^B&B Bodega of Delray LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		1/11/2029			19.3				19.3				17.3				0.01	%
White Wilson & Associates LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/11/2043			42.4				42.4				44.1				0.02	%
^EMES Supply, LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%		1/11/2029			123.7				123.7				113.1				0.04	%
^Oregon Medical Training Private Career School Inc.		Educational Services		Term Loan		Prime plus 2.75%		1/11/2029			39.6				39.6				35.5				0.01	%
^TFE Resources ,LTD		Utilities		Term Loan		Prime plus 2.75%		1/11/2029			591.2				591.2				544.7				0.19	%
^Team Henry, LLC dba Kelly Automotive of Deltona		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/10/2043			390.6				390.6				405.1				0.14	%

16

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^ZLM Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/10/2029			39.6				39.6				35.5				0.01	%
^Food Service Industry Consultants Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/7/2029			70.7				70.7				63.6				0.02	%
^Shining Star Kids, Inc. dba Brain Balance		Educational Services		Term Loan		Prime plus 2.75%		1/7/2029			86.6				86.6				78.1				0.03	%
^CET Inc		Truck Transportation		Term Loan		Prime plus 2.75%		1/6/2029			1,236.8				1,236.8				1,146.7				0.39	%
^3SIXO Motorsports LLC dba 3SIXO Motorsports Shop		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/6/2029			97.2				97.2				87.6				0.03	%
^Metro R Services Inc. and Metal & Roof Supplies Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		1/6/2029			205.3				205.3				215.1				0.07	%
^Unique Home Solutions Inc. and Unique Home Solutions of Ohio		Construction of Buildings		Term Loan		Prime plus 2.75%		1/5/2029			247.4				247.4				259.1				0.09	%
^Consulting Solutions, Inc and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/5/2029			56.9				56.9				51.0				0.02	%
^Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/5/2029			86.7				86.7				78.5				0.03	%
^Levine Daycare Inc dba Kids R Kids		Social Assistance		Term Loan		Prime plus 2.75%		1/5/2029			267.2				267.2				251.3				0.09	%
^The Altitude Group LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		1/4/2029			147.3				147.3				132.7				0.05	%
^Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/4/2029			38.6				38.6				36.8				0.01	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/4/2029			192.2				192.2				172.3				0.06	%
^York Concrete Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/3/2043			199.7				199.7				219.3				0.08	%
^Swantown Inn and Spa, LLC		Accommodation		Term Loan		Prime plus 2.75%		1/3/2029			13.4				13.4				14.0				—	%
^Hernando Beach Motel LLC,The Purple Cow House o APancake AInc.		Accommodation		Term Loan		Prime plus 2.75%		11/30/2043			224.4				224.4				249.3				0.09	%
^Water Station Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/30/2028			682.1				682.1				655.7				0.22	%
^Cabrera's Auto Services LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/30/2043			80.8				80.8				86.2				0.03	%
^Tammy's Place LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2044			436.0				436.0				481.0				0.16	%
^Microplex Co, Third Market LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/30/2028			162.3				162.3				145.4				0.05	%

17

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/30/2028			123.0				123.0				122.3				0.04	%
^Albert M. Quashie, DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/29/2043			65.1				65.1				68.1				0.02	%
^JJB Production LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/29/2028			7.2				7.2				6.5				—	%
^Albert M Quashie, DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/29/2028			86.1				86.1				82.9				0.03	%
^Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2028			121.8				121.8				109.6				0.04	%
^Level Up Gaming, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		11/28/2043			89.8				89.8				92.1				0.03	%
^Extreme Granite Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/28/2043			187.0				187.0				204.0				0.07	%
^True Love Christian Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		12/28/2043			41.9				41.9				45.8				0.02	%
^Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/28/2043			430.1				430.1				477.9				0.16	%
^Best Global Alternative North, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/21/2028			86.1				86.1				77.1				0.03	%
^BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/21/2028			1,229.9				1,229.9				1,268.3				0.43	%
Thames Aquatic Club, LLC		Educational Services		Term Loan		Prime plus 2.75%		7/21/2029			19.9				19.9				20.9				0.01	%
^M.A.W. Enterprises LLC dbaY-Not Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/21/2028			22.1				22.1				20.9				0.01	%
^On Call Electrical of Georgia LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/20/2043			664.4				664.4				694.5				0.24	%
^Commonwealth Warehouse Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%		12/20/2028			442.8				442.8				421.2				0.14	%
^K & A Automotive Inc		Gasoline Stations		Term Loan		Prime plus 2.75%		11/19/2043			121.7				121.7				132.2				0.05	%
^High Desert Transport, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/19/2028			74.8				74.8				69.2				0.02	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2028			61.5				61.5				55.2				0.02	%
^Cocomo Joe's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2028			1.7				1.7				1.5				—	%
^Saunders Management LLC dba Northern Light Espresso Bar and Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/16/2028			39.9				39.9				41.7				0.01	%

18

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2029			38.9				38.9				39.2				0.01	%
^Sektor Salutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/16/2028			157.8				157.8				141.3				0.05	%
^Beau & HB Inc dba Beau's Billard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/16/2043			69.8				69.8				73.7				0.03	%
^Allegro Assisted Living Services of Texas LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		11/15/2043			94.7				94.7				105.3				0.04	%
^GEM2K, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2043			381.3				381.3				402.6				0.14	%
^Schafer Fisheries Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		11/14/2028			49.2				49.2				51.5				0.02	%
^US Dedicated LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/9/2028			413.2				413.2				376.1				0.13	%
^Jinwoo Sushi Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/9/2028			21.9				21.9				22.9				0.01	%
^Salon Femi LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/9/2028			7.4				7.4				7.2				—	%
^McNeill Stokes		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/8/2028			6.6				6.6				5.9				—	%
Vancole Investments, Inc. dba Smoothie King #913		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/7/2044			274.0				274.0				295.8				0.10	%
^JN Thompson Ent,Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%		12/7/2028			388.1				388.1				358.8				0.12	%
JP Dhillon's Foods LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/1/2029			63.9				63.9				58.9				0.02	%
^Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/1/2028			319.8				319.8				286.3				0.10	%
^Modutech Marine Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		12/1/2028			369.0				369.0				386.1				0.13	%
^Steele Security, LLC dba Signal 88 Security of San Antonio		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/31/2028			108.8				108.8				98.5				0.03	%
^Abington Caregivers, LLC		Social Assistance		Term Loan		Prime plus 2.75%		11/30/2043			124.8				124.8				133.4				0.05	%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2029			80.4				80.4				73.4				0.03	%
^C.A.T.I. Armor, LLC		Apparel Manufacturing		Term Loan		Prime plus 2.75%		10/30/2043			209.5				209.5				219.6				0.08	%

19

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
UK, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2029			44.8				44.8				41.5				0.01	%
^JAL Group, Inc. dba Brainy Boulevard Daycare		Social Assistance		Term Loan		Prime plus 2.75%		10/29/2028			56.1				56.1				51.0				0.02	%
^Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		10/26/2028			143.8				143.8				150.4				0.05	%
^Reliant Trucking Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		10/25/2028			130.1				130.1				122.6				0.04	%
^The Face Place, LLC dba Classic Aesthetics		Personal and Laundry Services		Term Loan		Prime plus 2.75%		10/25/2028			9.8				9.8				8.8				—	%
^Bellas Sports Pub, Inc dba Brewmasters Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/24/2043			69.4				69.4				76.4				0.03	%
^Shovels and Whiskey LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		10/16/2043			76.2				76.2				82.7				0.03	%
Hackstaff Restaurants LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/15/2029			104.2				104.2				95.8				0.03	%
^TA Coleman, LLC dba Tom's Truck Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/12/2028			5.7				5.7				5.5				—	%
^Cater To You Agency, LLC, dba Cater To You		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/11/2043			22.4				22.4				23.6				0.01	%
^Faydon, Inc		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		10/10/2028			73.4				73.4				75.9				0.03	%
^MB Click It Photography, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/10/2043			38.1				38.1				41.1				0.01	%
^Wellfleet Consulting Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/9/2028			14.7				14.7				13.1				—	%
^Apps Inc and Market Share Inc.		Telecommunications		Term Loan		Prime plus 2.75%		10/5/2028			93.0				93.0				83.2				0.03	%
^Moore Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/4/2028			50.9				50.9				45.5				0.02	%
^SwabCo Inc.		Support Activities for Mining		Term Loan		Prime plus 2.75%		9/28/2043			943.6				943.6				989.8				0.34	%
^Throop Family Holdings, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/28/2043			641.3				641.3				666.1				0.23	%
^A-1 Van Sevices, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/28/2028			103.3				103.3				100.9				0.03	%
^Burd Brothers Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/28/2028			522.6				522.6				501.2				0.17	%
^La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/28/2043			329.4				329.4				350.7				0.12	%

20

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan		Food Manufacturing		Term Loan		Prime plus 2.75%		9/28/2028			54.5				54.5				48.6				0.02	%
^JAM Media Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2028			872.4				872.4				794.4				0.27	%
^Rami Technology USA, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		9/28/2028			175.4				175.4				156.6				0.05	%
^Blackwater Diving, LLC		Support Activities for Mining		Term Loan		Prime plus 2.75%		9/27/2028			777.7				777.7				706.3				0.24	%
^Quality Electric & Data		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/27/2028			97.2				97.2				93.5				0.03	%
^TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/27/2028			121.5				121.5				114.9				0.04	%
^Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2028			115.4				115.4				102.7				0.04	%
^Barricade Holding LLC and Action Barricade Company,LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/27/2043			176.9				176.9				180.7				0.06	%
^LG Law Center, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/27/2028			14.6				14.6				13.3				—	%
Blue Seven, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		1/27/2029			86.4				86.4				78.6				0.03	%
^Quality Electric & Data Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/27/2043			129.3				129.3				132.5				0.05	%
^Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/27/2028			678.4				678.4				651.4				0.22	%
^Action Barricade Company, LLC and Barricade Holding LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/27/2028			327.8				327.8				314.1				0.11	%
^Dentistry By Design, P.C		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/26/2028			14.6				14.6				13.2				—	%
^US Shipping Trans Inc, Esteem Trucking Inc		Truck Transportation		Term Loan		Prime plus 2.75%		9/26/2028			809.0				809.0				795.1				0.27	%
^Ace Auto Recovery, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/26/2043			159.1				159.1				169.1				0.06	%
^LTS School, Inc.		Educational Services		Term Loan		Prime plus 2.75%		9/26/2043			100.7				100.7				111.2				0.04	%
^Above and Beyond Preschool LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/26/2043			550.5				550.5				589.7				0.20	%
^Anglin Cultured Stone Products LLC dba Anglin Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		9/26/2028			97.2				97.2				91.4				0.03	%
^Akron Biotechnology, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%		9/25/2028			486.1				486.1				484.7				0.17	%

21

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/25/2028			121.7				121.7				111.4				0.04	%
^Steadfast Support Services, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		9/25/2028			11.7				11.7				10.3				—	%
^Newsome Mobile Notary LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/25/2028			5.1				5.1				4.5				—	%
^Alania Import & Export, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/24/2028			10.9				10.9				9.8				—	%
^Phillip Ramos Upholstery Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/24/2028			15.0				15.0				13.3				—	%
^ D & D Optics Inc dba Sterling Optical		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2028			52.2				52.2				47.0				0.02	%
^The Garden Club, LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/21/2028			6.4				6.4				5.7				—	%
^DC Lofty, LLC,		Accommodation		Term Loan		Prime plus 2.75%		9/21/2028			21.9				21.9				19.6				0.01	%
^MillClem Corporation & Monticello Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/21/2043			329.7				329.7				364.2				0.12	%
^Southern Services and Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2043			209.2				209.2				213.1				0.07	%
^Southern Services and Equipment, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2028			418.0				418.0				399.5				0.14	%
^Sommer Auto Sales, Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/20/2028			334.8				334.8				347.0				0.12	%
^Somerled Investments, LLC dba Mak's Place LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/20/2028			190.1				190.1				168.3				0.06	%
^Tables and Bars Services, Inc and Tables and Bars Rentals, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/20/2028			17.5				17.5				16.4				0.01	%
^C3 Capital, Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%		9/19/2028			656.6				656.6				635.7				0.22	%
^M&P RV LLC dba M&P RV		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/19/2043			111.9				111.9				122.6				0.04	%
^MB Xpress Inc		Truck Transportation		Term Loan		Prime plus 2.75%		9/19/2028			1,173.0				1,173.0				1,097.6				0.38	%
^Watearth Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/19/2028			21.9				21.9				19.4				0.01	%
^Super Station Inc		Gasoline Stations		Term Loan		Prime plus 2.75%		9/19/2043			208.8				208.8				230.7				0.08	%
^Lewis River Golf Course, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/19/2043			497.2				497.2				549.3				0.19	%

22

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal		Truck Transportation		Term Loan		Prime plus 2.75%		9/19/2028			448.7				448.7				397.0				0.14	%
^E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/18/2028			5.8				5.8				5.2				—	%
^DB Talak LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/18/2043			151.1				151.1				158.7				0.05	%
^Culmination Motorsports, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2043			556.4				556.4				609.8				0.21	%
^Pastel de Feira LLC dba Original Pastel De Feira		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/17/2028			5.9				5.9				5.5				—	%
^Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/17/2043			174.0				174.0				183.6				0.06	%
^LJS Electric, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/14/2028			439.9				439.9				452.0				0.15	%
^Rihahn Inc. dba RDBL, Inc		Forestry and Logging		Term Loan		Prime plus 2.75%		9/14/2028			133.2				133.2				125.3				0.04	%
^QBS, LLC dba Sterling Optical Exton		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/14/2028			79.0				79.0				70.5				0.02	%
^J & C Garcia LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/14/2028			71.9				71.9				65.0				0.02	%
^Innovim LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/14/2028			121.5				121.5				107.5				0.04	%
^L&M Equipment, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/14/2043			1,243.0				1,243.0				1,322.4				0.45	%
^Baby's on Broadway LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/14/2028			48.6				48.6				45.9				0.02	%
^Innovative Network Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/13/2028			120.5				120.5				109.6				0.04	%
^Brewster Marketplace Pharmacy & Hardware, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/13/2028			85.1				85.1				75.2				0.03	%
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/13/2028			254.5				254.5				241.8				0.08	%
^Peter K Lee MD, PC dba Atlanta Primary Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/13/2043			859.6				859.6				949.7				0.33	%
^Underground Productions LLC dba 31 Escape		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/13/2043			98.3				98.3				108.6				0.04	%
^Peter K Lee MD, PC dba Atlanta Primary Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/13/2028			381.0				381.0				396.3				0.14	%

23

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Perry Olson Insurance Agency Inc. dba State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		9/12/2028			14.6				14.6				13.0				—	%
^Rancho Paving, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/10/2028			182.3				182.3				180.3				0.06	%
^Pelican Executives Suites, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/7/2028			306.3				306.3				270.9				0.09	%
^NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/7/2028			313.7				313.7				299.4				0.10	%
^MurlinComputerCompany LLC dba Murlin Computer		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/7/2028			15.2				15.2				13.7				—	%
Amaka Consulting LLC dba Donut Minis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/7/2028			51.2				51.2				47.1				0.02	%
^Pool Guard of LA		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/7/2028			21.9				21.9				19.5				0.01	%
^Dr. G's Urgent Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/7/2028			21.9				21.9				19.4				0.01	%
^Asheville Spine and Nerve Institute PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/7/2043			90.7				90.7				99.2				0.03	%
^Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		9/6/2028			12.4				12.4				11.4				—	%
^Extreme Auto Repair, Inc dba 1st Class Towing		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/6/2028			105.7				105.7				110.0				0.04	%
^Living Centers Inc. dba Veranda House Senior Living		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		8/31/2043			418.9				418.9				462.8				0.16	%
National Stone LTD and NSI Group Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		8/31/2044			197.2				197.2				217.9				0.07	%
^LACCRB LLC dba PostNet		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/30/2028			14.7				14.7				13.2				—	%
^Stat Constructor L.P		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/30/2028			100.5				100.5				104.5				0.04	%
^XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/30/2043			446.9				446.9				493.7				0.17	%
^Greenfield Hill Wines & Spirits, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		8/29/2028			88.9				88.9				79.4				0.03	%
^ARVAmethod LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/29/2028			2.3				2.3				2.1				—	%
^Extreme Engineering, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/29/2028			120.7				120.7				107.7				0.04	%
^Kotyark LLC dba Gibsonton Motel		Accommodation		Term Loan		Prime plus 2.75%		8/29/2043			81.9				81.9				90.5				0.03	%

24

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Graphish Studio, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/28/2028			7.2				7.2				6.4				—	%
^JFK Transportation Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		8/28/2028			156.5				156.5				140.9				0.05	%
^Atlas Geo-Constructors LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/24/2028			72.5				72.5				72.1				0.02	%
^Finn & Emma LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/24/2028			120.8				120.8				106.8				0.04	%
^Montana Life Group, LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/24/2028			7.2				7.2				6.4				—	%
^Wearware Inc dba FlyWire Cameras		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		8/24/2028			21.7				21.7				19.6				0.01	%
^Evans and Paul LLC, Evans & Paul Unlimited Corp		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		8/24/2028			84.7				84.7				77.0				0.03	%
^Zash LLC dba Papa Murphy's take 'N' Bake Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/23/2028			40.9				40.9				38.1				0.01	%
^Buffalo Biodiesel Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/21/2028			1,207.8				1,207.8				1,197.8				0.41	%
^ Ginekis Enterprises, Inc dba Locanda Veneta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/20/2028			84.6				84.6				75.2				0.03	%
^Wilkie J. Stadeker DDS		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/17/2028			41.1				41.1				36.3				0.01	%
Geo Tek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/17/2044			127.2				127.2				134.6				0.05	%
^ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%		8/16/2028			208.0				208.0				199.7				0.07	%
^Lewins Law, P.C.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/16/2028			17.4				17.4				15.4				0.01	%
^GS Bath Inc		Truck Transportation		Term Loan		Prime plus 2.75%		8/15/2028			555.6				555.6				550.9				0.19	%
^Pamletics LLC dba F45		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/14/2028			42.2				42.2				39.1				0.01	%
^Conference Services International ETC LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/14/2028			606.7				606.7				576.7				0.20	%
^L.A. Insurance Agency GA 10 LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/10/2028			10.9				10.9				9.6				—	%

25

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Crystal Shores Inc. dba Shorewood Laundromat		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/9/2028			21.6				21.6				19.9				0.01	%
^David D. Sullivan dba DMS Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/9/2028			13.0				13.0				11.5				—	%
^Palanuk & Associates, Inc.dba Wolfpk		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/8/2028			99.1				99.1				88.3				0.03	%
^Red Tail Management, Inc dba Jon Smith Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/8/2028			48.3				48.3				45.2				0.02	%
^CJNR, LLC		Accommodation		Term Loan		Prime plus 2.75%		8/7/2043			120.9				120.9				133.6				0.05	%
^Mercedes Cab Company, Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		8/7/2028			125.6				125.6				114.6				0.04	%
^Ron's Pool and Spa Services LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/3/2028			3.6				3.6				3.2				—	%
^20th Century Lanes, Inc dba West Seattle Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/3/2028			108.7				108.7				106.6				0.04	%
^Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		8/3/2028			58.1				58.1				52.2				0.02	%
^Millwork Unlimited, Incorporated		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%		8/2/2028			7.2				7.2				6.4				—	%
^Accel Compression Inc., Accel Workover Services Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%		8/1/2028			447.2				447.2				434.9				0.15	%
^Accel Compression Inc., Accel Workover Services, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		8/1/2043			309.1				309.1				319.9				0.11	%
^Samy Optical LLC dba Site for Sore Eyes		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/1/2028			112.0				112.0				99.2				0.03	%
^Nichols Stephens Funeral & Cremation Services Ltd		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/30/2043			107.1				107.1				118.1				0.04	%
^CSL Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/27/2028			525.9				525.9				492.3				0.17	%
^Summitsoft Corporation		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		7/26/2028			236.9				236.9				210.0				0.07	%
^Sandlot Sports Inc dba Play it Again Sports		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		7/26/2028			18.0				18.0				15.9				0.01	%
^Nunez Enterprises Corporation dba La Casa		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		7/26/2028			7.9				7.9				7.0				—	%
^Relevant Elephant ,LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/25/2028			8.6				8.6				7.6				—	%

26

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Fitness Central, Inc dba Fitness Central		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		7/25/2028			60.0				60.0				54.2				0.02	%
^HAVL Enterprises Inc dba FedEx		Couriers and Messengers		Term Loan		Prime plus 2.75%		7/24/2028			76.8				76.8				76.8				0.03	%
^Florida Apnea Diagnostics, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/24/2028			20.6				20.6				18.2				0.01	%
^Top Shelf Towing and Road Service, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		7/24/2028			13.0				13.0				11.5				—	%
^TR Nails, LLC dba Simple Nails		Personal and Laundry Services		Term Loan		Prime plus 2.75%		7/20/2028			60.1				60.1				53.1				0.02	%
^ZA Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/17/2028			9.9				9.9				9.4				—	%
^674 Club LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/17/2043			259.7				259.7				286.9				0.10	%
^Mother's Cantina LLC dba Mother's Cantina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/13/2028			66.0				66.0				59.4				0.02	%
^Smart-tel Communications LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/13/2028			21.6				21.6				22.4				0.01	%
^HQTRONICS LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		7/13/2028			60.0				60.0				53.1				0.02	%
^Smoove Move Productions, LLC dba Smoove Move Productions		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		7/12/2028			10.2				10.2				10.6				—	%
^H.M.C, Incorporated		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		7/3/2028			184.9				184.9				165.3				0.06	%
^Deal to Win Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%		7/3/2028			120.1				120.1				106.2				0.04	%
^Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/3/2028			60.0				60.0				54.9				0.02	%
^Vital Inspection Professionals, Inc. dba VIP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/3/2028			298.9				298.9				289.3				0.10	%
^US Cargo Express, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		7/2/2043			87.9				87.9				97.1				0.03	%
^M J Losito Electrical Contractor's, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2028			56.1				56.1				50.5				0.02	%
Bio-Haz Solutions, Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/29/2029			210.5				210.5				199.0				0.07	%
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		5/29/2044			320.7				320.7				322.4				0.11	%
^Critter Cabana, LLC dba Critter Cabana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/28/2028			80.0				80.0				70.7				0.02	%

27

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Corptek Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/28/2028			45.3				45.3				40.0				0.01	%
^Local Leads, LLC dba New Direction Chiropractic		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2028			17.2				17.2				15.3				0.01	%
^Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		6/27/2043			351.2				351.2				376.2				0.13	%
^RLW4 Builders LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		6/27/2043			990.8				990.8				1,093.7				0.37	%
^Nick's Country Kitchen, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/27/2028			21.5				21.5				19.3				0.01	%
^InUSA Ventures, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		6/27/2028			47.7				47.7				42.2				0.01	%
^National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2028			50.9				50.9				52.9				0.02	%
^Julie Cooper-Bierman dba Forever Shopper		Nonstore Retailers		Term Loan		Prime plus 2.75%		6/27/2028			15.3				15.3				13.5				—	%
^National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2043			28.5				28.5				31.5				0.01	%
^Bengals, Inc. dba Royal Liquor Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/26/2043			105.3				105.3				110.1				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			883.1				883.1				803.4				0.28	%
^Sun Pools, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/25/2043			303.2				303.2				297.0				0.10	%
^DPF Filters Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/25/2028			65.6				65.6				59.4				0.02	%
^Sun Pools, Inc dba Sun Fiberglass Pools		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/25/2028			746.0				746.0				683.1				0.23	%
^Sushi Prime, LLC and Vasilia Investments		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/22/2028			262.5				262.5				245.2				0.08	%
^Martha Beauty Supply And Braiding, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/22/2043			139.7				139.7				154.2				0.05	%
^Judy E. Moncrief C.P.A LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/22/2028			8.5				8.5				7.5				—	%
^Mr. Lube, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/22/2043			657.6				657.6				673.7				0.23	%
^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			78.0				78.0				83.7				0.03	%

28

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Mr. Lube, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/22/2028			559.7				559.7				538.6				0.18	%
Surya Hotel LLC dba Hotel Royal		Accommodation		Term Loan		Prime plus 2.75%		12/21/2028			129.5				129.5				134.9				0.05	%
^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			241.2				241.2				250.8				0.09	%
^Independent Life LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/21/2028			119.3				119.3				105.4				0.04	%
^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			136.0				136.0				132.7				0.05	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/20/2028			17.9				17.9				16.3				0.01	%
^Mid America Motorworks, Inc and Yager Holdings L.P		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/19/2043			497.2				497.2				548.9				0.19	%
^Jones Roger Sherman Inn, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/19/2028			418.0				418.0				434.2				0.15	%
^LCP Transportation, LLC dba LCP Teleservices		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		6/19/2028			780.5				780.5				689.2				0.24	%
^Colovic Hackettstown Dairy LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/19/2043			273.0				273.0				299.4				0.10	%
^Allen Theatre and Back Stage Cafe LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		6/18/2043			124.8				124.8				135.0				0.05	%
^Schumacker Recreation, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/18/2028			143.2				143.2				148.8				0.05	%
^Northway Exit 29 Campground, Inc		Accommodation		Term Loan		Prime plus 2.75%		6/15/2043			214.3				214.3				236.5				0.08	%
^Softrol Systems Inc dba Softrol Systems		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		6/15/2028			890.4				890.4				797.1				0.27	%
^Venzix Ventures Inc. dba Venzix		Nonstore Retailers		Term Loan		Prime plus 2.75%		6/15/2028			12.6				12.6				12.2				—	%
^Oil Palace Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/15/2043			143.1				143.1				158.1				0.05	%
^Dianne Williams and Louis Williams dba Sweetlips Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/15/2043			45.8				45.8				48.9				0.02	%
^Barrett Appliance Distributors Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/14/2043			617.2				617.2				615.9				0.21	%

29

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/14/2028			149.2				149.2				139.1				0.05	%
^Tele Tax Express Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2028			21.5				21.5				21.1				0.01	%
^Barrett Appliance Distributors, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/14/2028			480.7				480.7				449.3				0.15	%
^E & J Sims Co. LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/14/2028			47.7				47.7				43.7				0.01	%
^Team Sandy Blanton Realty, Inc		Real Estate		Term Loan		Prime plus 2.75%		6/14/2043			96.7				96.7				98.2				0.03	%
^Mastiff Studios LLC		Educational Services		Term Loan		Prime plus 2.75%		6/13/2043			42.4				42.4				46.2				0.02	%
^Ciasom LLC dba Mosaic		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/11/2028			172.1				172.1				152.9				0.05	%
^Golf Swing Prescription LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/11/2028			12.6				12.6				11.1				—	%
^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			377.2				377.2				388.0				0.13	%
^Camp K-9 Pet Resort & Spa, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/8/2028			7.9				7.9				7.1				—	%
^Beyond Grooming LLC and Michelle McWatters		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/8/2043			42.6				42.6				46.4				0.02	%
^Icebox Cafe, L.C. and Icebox Cafe at Doral, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2028			755.7				755.7				681.1				0.23	%
^Applied Behavioral Consulting, Inc		Social Assistance		Term Loan		Prime plus 2.75%		6/7/2043			49.5				49.5				53.7				0.02	%
^H S Corporation dba Lake Anna Lodge		Accommodation		Term Loan		Prime plus 2.75%		6/7/2043			130.0				130.0				143.6				0.05	%
^Anurag, LLC dba Oakwood Package Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/6/2043			136.0				136.0				140.0				0.05	%
^Sowells Consulting Engineers, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/6/2028			21.5				21.5				19.1				0.01	%
^Hardway Inc and A F C Leasing, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/6/2028			282.7				282.7				249.7				0.09	%
^Funtime ,LLC dba Indoor Playgrounds International		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/5/2028			239.1				239.1				211.3				0.07	%
^SSD Designs LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/5/2028			70.9				70.9				63.2				0.02	%

30

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/1/2028			50.1				50.1				44.3				0.02	%
^Mastrocinque Restaurant Management Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/1/2028			80.0				80.0				77.6				0.03	%
^Seraj Wireless, LLC		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%		5/31/2028			118.6				118.6				122.2				0.04	%
^Awan Business Management Group LLC, Awan Sign Company LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/31/2043			272.1				272.1				290.0				0.10	%
^Brooks Seaplane Service Inc and Lunt Enterprises LLC		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%		5/31/2028			139.6				139.6				123.3				0.04	%
^SSMV LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/30/2028			63.4				63.4				60.9				0.02	%
^Eagle Aggregate Transportation, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/30/2028			83.0				83.0				77.0				0.03	%
^Crowley Ventures, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2028			70.8				70.8				63.6				0.02	%
^Iloka, Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/25/2028			237.2				237.2				222.3				0.08	%
^Conan Enterprises LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		5/25/2028			21.3				21.3				18.9				0.01	%
^Adow Pools LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/25/2028			166.0				166.0				150.3				0.05	%
Starship, LLC dba Tint World Smyrna		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/25/2043			97.3				97.3				105.3				0.04	%
^Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC		Accommodation		Term Loan		Prime plus 2.75%		5/25/2043			1,245.1				1,245.1				1,374.5				0.47	%
^Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery		Accommodation		Term Loan		Prime plus 2.75%		10/25/2043			200.7				200.7				221.9				0.08	%
^Dream Spa LLC and Dream Spa Greenwich LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/25/2028			95.6				95.6				85.4				0.03	%
^Seaside Acupuncture LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/24/2043			49.5				49.5				52.3				0.02	%
^DMA Equipment LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/24/2043			258.7				258.7				268.2				0.09	%
^Chem-Flotronics, Inc.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		5/22/2028			94.9				94.9				85.7				0.03	%
^LightStorm Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/21/2028			5.1				5.1				4.5				—	%
^Yakov Levy M.D., P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/18/2028			104.1				104.1				92.4				0.03	%

31

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Mark A Espinoza, DDS PLLC dba Central Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/18/2028			57.8				57.8				51.1				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			237.2				237.2				209.5				0.07	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/17/2028			7.8				7.8				6.9				—	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		5/16/2028			142.4				142.4				132.9				0.05	%
^Joshua One Limited Liability Company dba Genesis Personal Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/16/2043			318.1				318.1				327.0				0.11	%
^Fireplace Outlet Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		5/15/2028			21.3				21.3				22.2				0.01	%
^James T. Hendel dba Autotexx Mobile Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/15/2028			7.1				7.1				7.4				—	%
^Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/14/2028			4.3				4.3				3.8				—	%
^Adhara, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/11/2043			43.4				43.4				45.9				0.02	%
^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			10.7				10.7				9.5				—	%
^Circle and Square, Inc dba Stamford Kumon		Educational Services		Term Loan		Prime plus 2.75%		5/11/2028			40.3				40.3				35.6				0.01	%
^Daniel Woodward, DC PLLC dba Doc's Body Shop		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/11/2028			39.1				39.1				34.5				0.01	%
^Baby Gentry's Childcare & Learning Academy		Social Assistance		Term Loan		Prime plus 2.75%		5/10/2028			10.7				10.7				9.5				—	%
^P & M Entertainment, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/10/2028			114.4				114.4				105.6				0.04	%
^Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer		Educational Services		Term Loan		Prime plus 2.75%		5/9/2043			717.4				717.4				792.0				0.27	%
^Whitetail Nurseries Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/9/2028			253.8				253.8				244.1				0.08	%
^Oculi Entertainment Inc		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		5/8/2028			21.4				21.4				18.9				0.01	%
^Schmaltz Operations LLC dba Companion Camp		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/7/2028			56.9				56.9				54.9				0.02	%
^Container Shipping, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		5/4/2028			47.4				47.4				41.9				0.01	%

32

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Wilbur Standford Jr Trucking and Excavating, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/3/2028			227.7				227.7				223.5				0.08	%
^McIntosh Trail Management Service Organization, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/1/2028			90.1				90.1				93.6				0.03	%
Olmsted LLC and 626 Van LLC dba Maison Yaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/1/2029			235.3				235.3				214.3				0.07	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/30/2043			122.9				122.9				129.4				0.04	%
^Brenden Kehren Development LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/30/2028			2.8				2.8				2.5				—	%
^Saltamontes Tire Company, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/30/2043			101.3				101.3				107.6				0.04	%
^Corona Dance, LLC dba Huracan Dance Studio		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		4/30/2028			11.3				11.3				10.0				—	%
^SOWC Associates LLC dba Serenity Oaks Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/30/2043			1,237.7				1,237.7				1,366.3				0.47	%
^Sunlinc Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/30/2028			9.2				9.2				8.1				—	%
^Suraj Enterprises, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/27/2028			295.0				295.0				280.9				0.10	%
^Contrada Snacks LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/27/2028			9.6				9.6				8.5				—	%
^Little Angels Daycare and Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/27/2043			158.8				158.8				175.3				0.06	%
^Kastoria Inc. dba Bantam Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/27/2028			14.1				14.1				12.6				—	%
^Rory James Contracting LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		4/27/2028			15.1				15.1				13.4				—	%
^LMH Optics LLC dba Sterling Optical		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/26/2028			47.1				47.1				41.7				0.01	%
^RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/26/2043			210.1				210.1				207.4				0.07	%
^Pledge 4 Hope LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		4/26/2028			14.1				14.1				12.5				—	%
^RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		4/26/2028			489.6				489.6				452.2				0.15	%
^K&S Hardware LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		4/26/2028			21.2				21.2				18.7				0.01	%

33

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (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 2.75%		4/26/2028			70.8				70.8				70.8				0.02	%
^Joe & Sons Service, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/24/2028			106.1				106.1				110.2				0.04	%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagel, New York Bagel		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/23/2029			18.1				18.1				16.7				0.01	%
^Nando LLC dba Tall Timbers Banquet and Conference Center		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/20/2028			19.1				19.1				17.3				0.01	%
^Just for Boats LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2043			17.3				17.3				19.1				0.01	%
^Digzy Dogz and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/20/2028			8.5				8.5				8.2				—	%
^Spitnale's Garage LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2043			59.5				59.5				62.6				0.02	%
^Rosemarie Products Company LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		4/18/2028			14.1				14.1				12.5				—	%
^Means Enterprises LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/18/2028			7.1				7.1				6.3				—	%
^James L Shoemaker APCC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/18/2028			15.1				15.1				13.4				—	%
^A New Dawn Psychotherapy Associates, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/18/2043			86.5				86.5				88.6				0.03	%
^Veterinary Preventive Care, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/18/2028			44.1				44.1				40.4				0.01	%
^The Vine, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/17/2028			11.2				11.2				10.3				—	%
^Southern Oaks Athletic Club, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/17/2043			362.9				362.9				392.7				0.13	%
^Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2043			22.2				22.2				22.6				0.01	%
^Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2028			37.7				37.7				35.9				0.01	%
^1301 Starks Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/16/2028			21.2				21.2				21.5				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			43.0				43.0				45.4				0.02	%
^Precision Components Group Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		4/11/2028			21.2				21.2				20.4				0.01	%
^Sexy Nails Center LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/10/2043			200.1				200.1				217.5				0.07	%

34

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Mark Baker		Truck Transportation		Term Loan		Prime plus 2.75%		4/9/2028			11.3				11.3				10.3				—	%
^Innovation Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/6/2028			48.3				48.3				46.5				0.02	%
^Newsome Mobile Notary LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/5/2028			4.9				4.9				4.4				—	%
^Shree Lakshminarayyn Grocery Stores LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		4/5/2043			118.6				118.6				126.3				0.04	%
^Bean City Bar and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/4/2043			93.4				93.4				99.9				0.03	%
^Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/30/2043			220.1				220.1				233.4				0.08	%
^GQ Investments,LLC		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%		3/30/2028			197.2				197.2				177.9				0.06	%
^B&C Texas Leasing Inc and M&W Hot Oil, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		3/30/2028			918.0				918.0				883.7				0.30	%
^Master Roofing and Siding Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/30/2028			248.2				248.2				218.9				0.07	%
^Romancing the Stone		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/30/2043			344.1				344.1				359.5				0.12	%
^Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/30/2028			116.9				116.9				117.0				0.04	%
^Michael S Brown Physical Therapy, P.C		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/30/2028			92.0				92.0				81.2				0.03	%
^Arrow Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%		3/30/2028			666.0				666.0				587.3				0.20	%
^B&C Texas Leasing Inc.,M & W Hot Oill, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		3/30/2043			266.5				266.5				272.9				0.09	%
^Fifth Wheel Truck Stop 001		Gasoline Stations		Term Loan		Prime plus 2.75%		3/30/2043			1,132.4				1,132.4				1,143.3				0.39	%
^Boulevard Books Inc.		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/30/2043			119.7				119.7				127.7				0.04	%
^America's Little Leaders Academy, Inc		Social Assistance		Term Loan		Prime plus 2.75%		3/30/2043			22.2				22.2				23.8				0.01	%
^Payne's Environmental Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/30/2028			212.3				212.3				202.7				0.07	%
^Technical Ordnance Solutions,LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2028			1,142.6				1,142.6				1,016.0				0.35	%
^Kaz Wellness, LLC dba Grounded Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2028			14.9				14.9				13.8				—	%

35

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Hot Shot Services, Inc and TFB, Ltd Co		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2043			394.8				394.8				435.5				0.15	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2044			33.8				33.8				37.4				0.01	%
^Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Control		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/28/2028			218.0				218.0				206.8				0.07	%
^Kenneth Whelchel dba Whelchel Fencing and Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/28/2028			61.6				61.6				57.4				0.02	%
^Montage Mountain Resorts, LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/28/2043			1,233.7				1,233.7				1,360.8				0.47	%
^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			82.0				82.0				85.0				0.03	%
^Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		3/28/2043			212.4				212.4				216.5				0.07	%
^Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		3/28/2028			145.1				145.1				138.7				0.05	%
^K.C. Communications, Inc.		Telecommunications		Term Loan		Prime plus 2.75%		3/27/2028			58.5				58.5				60.7				0.02	%
^Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/26/2043			531.7				531.7				524.0				0.18	%
^Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/26/2028			140.5				140.5				129.5				0.04	%
^Cable Management, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/23/2028			92.7				92.7				89.2				0.03	%
^Aque Investment Group LLC		Real Estate		Term Loan		Prime plus 2.75%		3/23/2028			248.7				248.7				258.0				0.09	%
^Denton BioFuels LLC and Amercian BioSource, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/23/2028			91.3				91.3				85.6				0.03	%
^All Regional Recyclers of Wood LLC dba ARROW		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/23/2028			122.9				122.9				118.1				0.04	%
^Shweiki Media Inc dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/23/2028			70.3				70.3				71.7				0.02	%
^Sunshine Tents and Event Rentals LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		3/23/2028			57.8				57.8				60.0				0.02	%
^New York Label & Box Corp		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/23/2043			1,233.7				1,233.7				1,298.7				0.44	%
^Sofasco, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/23/2043			98.7				98.7				99.9				0.03	%

36

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Kajun Martial Arts LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/23/2028			21.1				21.1				19.0				0.01	%
^ME Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/22/2028			17.6				17.6				15.5				0.01	%
^GeoTek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2043			838.9				838.9				885.6				0.30	%
^Rexco Foods LLC dba Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/20/2028			39.8				39.8				35.1				0.01	%
^RTSP Union LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		9/20/2028			1,164.4				1,164.4				1,096.3				0.38	%
^Cest Chic Concepts, LLC dba Salon Cest Chic		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/19/2028			10.5				10.5				9.6				—	%
^Petroleum Equipment & Services, Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%		3/16/2028			234.2				234.2				241.7				0.08	%
^Camerabots Media, LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%		3/16/2028			14.1				14.1				12.7				—	%
^Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/16/2028			21.1				21.1				21.9				0.01	%
^Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/15/2043			512.2				512.2				547.1				0.19	%
^Rojenco II,Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/15/2043			76.1				76.1				81.3				0.03	%
^Bear Bones, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		3/15/2043			22.2				22.2				24.0				0.01	%
^CTD Operations Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2028			62.1				62.1				55.9				0.02	%
^Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/15/2043			76.1				76.1				81.3				0.03	%
^Rojenco II, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/15/2043			397.2				397.2				424.3				0.15	%
^Summit Insights Group LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		3/14/2028			79.0				79.0				69.7				0.02	%
^Dante Ultimate Cleaning Service LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/9/2028			9.6				9.6				9.0				—	%
^SRG Waterfront LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/9/2028			292.7				292.7				261.9				0.09	%

37

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^2b Mom Inc dba Mom's the Word Maternity		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		3/9/2028			91.4				91.4				80.6				0.03	%
^Bee Kidz Funzone Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/9/2028			183.5				183.5				167.8				0.06	%
^Integrity Machinery Moving, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		3/8/2028			21.1				21.1				21.9				0.01	%
^Treft Systems Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/8/2028			14.1				14.1				12.5				—	%
^Unpainted Arizona, LLC dba Westside Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/7/2043			103.4				103.4				108.0				0.04	%
^Play4Fun dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/7/2028			167.5				167.5				154.9				0.05	%
^BC Bishop Enterprises LLC dba 9Round Pooler		Educational Services		Term Loan		Prime plus 2.75%		3/2/2028			7.9				7.9				7.1				—	%
^Espinoza & Salinas Group Ltd dba Credit 360 Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/2/2028			4.6				4.6				4.2				—	%
^Stepping Stones Childrens Academy		Social Assistance		Term Loan		Prime plus 2.75%		3/2/2043			251.2				251.2				270.5				0.09	%
^Connie Engelbrecht		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		2/28/2028			2.8				2.8				2.5				—	%
^The Law Offices of Samuel R Miller LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/28/2043			117.3				117.3				129.1				0.04	%
^Merciful Heavenly Homes, LLC		Nursing and Residential Care Facilities		Term Loan		8%		2/28/2043			65.1				65.1				60.9				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			208.4				208.4				216.2				0.07	%
^Carey Collision Repairs Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		2/27/2028			69.8				69.8				63.3				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			351.1				351.1				387.3				0.13	%
^Purely Seed LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/26/2028			116.3				116.3				102.6				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			4.7				4.7				4.2				—	%
^Jackpine Technologies Corporation		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		2/22/2028			73.6				73.6				71.4				0.02	%

38

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Crossfit iQ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/21/2028			39.5				39.5				35.9				0.01	%
^Wellfleet Consulting Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/21/2028			14.0				14.0				12.3				—	%
^New View Media Group LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		2/16/2028			76.8				76.8				79.6				0.03	%
^Town & Country Transportation Co.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/16/2028			61.7				61.7				64.0				0.02	%
^Lulinjett LLC dba All American Printing & Design		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		2/14/2043			104.9				104.9				115.7				0.04	%
^Margab Inc dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/13/2028			11.9				11.9				10.8				—	%
^JumboMarkets, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/13/2028			193.1				193.1				176.7				0.06	%
^Tony Herring & Associates, Inc.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		2/9/2028			7.7				7.7				7.8				—	%
^Quality Machine of Iowa, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		2/9/2028			1,200.2				1,200.2				1,157.9				0.40	%
^Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/9/2028			69.8				69.8				65.3				0.02	%
^Apps Inc., Market Share, and Singular Leaseholdings LLC		Telecommunications		Term Loan		Prime plus 2.75%		2/8/2028			487.7				487.7				430.1				0.15	%
^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			73.2				73.2				67.2				0.02	%
^Macrotech Integrated Management Solutions dba Extreme Lawn Care		Repair and Maintenance		Term Loan		Prime plus 2.75%		2/5/2028			11.2				11.2				11.6				—	%
^Midlothian Hardware Inc dba Grills True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		2/2/2028			14.0				14.0				14.4				—	%
^M&R Wong LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		2/1/2028			11.1				11.1				9.8				—	%
^Chace Building Supply of CT Inc.,		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		1/31/2043			295.6				295.6				326.1				0.11	%
^USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/31/2028			13.9				13.9				12.6				—	%
^Rocco'sLandscaping LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		1/31/2043			73.8				73.8				81.4				0.03	%
^WydeBodi, LLC dba Wyde Bodi Auto Tags		Support Activities for Transportation		Term Loan		Prime plus 2.75%		1/30/2043			46.8				46.8				49.8				0.02	%

39

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^New Phaze Packaging Inc		Paper Manufacturing		Term Loan		Prime plus 2.75%		1/26/2043			944.2				944.2				1,035.5				0.35	%
^Parati USA Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		1/25/2028			19.6				19.6				17.3				0.01	%
^Concrete Services LLC and James Ward		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		1/25/2028			92.4				92.4				86.7				0.03	%
^Southside BBQ Corp		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/25/2028			18.0				18.0				18.7				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			127.1				127.1				131.8				0.05	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/23/2028			6.9				6.9				6.3				—	%
^Weeping Willow Kennels, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/19/2028			9.7				9.7				10.1				—	%
^Friend Contractors, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		1/19/2043			228.9				228.9				240.1				0.08	%
^Lavish Specs Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		1/19/2028			6.9				6.9				6.1				—	%
^MedWorxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/18/2028			72.8				72.8				64.2				0.02	%
^Lou & Choo Enterprises Inc dba Lou & Choo Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/18/2043			113.2				113.2				117.9				0.04	%
^Specialized Dairy Processors LLC and Nathaly Zapata		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/16/2028			60.1				60.1				53.0				0.02	%
^Human Resource Time Manager LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/8/2028			14.3				14.3				14.8				0.01	%
^Impress Therapeutic Massage LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		1/8/2043			62.0				62.0				66.6				0.02	%
^Crad Holding LLC dba Neighborhood Laundry of Bloomfield		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/5/2028			57.8				57.8				51.4				0.02	%
^Sandfree Systems LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		1/5/2028			6.9				6.9				7.2				—	%
^Social Link LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/29/2027			10.3				10.3				9.1				—	%
^Anglin Cultured Stone Products LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/27/2042			632.8				632.8				634.0				0.22	%
^Morrocco Method, Inc		Chemical Manufacturing		Term Loan		Prime plus 2.75%		12/27/2042			715.3				715.3				768.8				0.26	%

40

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (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		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			11.0				11.0				9.7				—	%
^Landmark Ventures USA Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		12/22/2027			57.4				57.4				50.5				0.02	%
^TrialHawk Litigation Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			14.5				14.5				12.7				—	%
^Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/22/2027			45.4				45.4				43.9				0.02	%
^Dudeck Enterprise LLC dba Detail Garage Las Vegas		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/22/2027			14.9				14.9				15.5				0.01	%
^Muckamuck Trucks, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			12.7				12.7				12.2				—	%
^Medical Plaza of Boro Park PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/22/2027			57.4				57.4				50.5				0.02	%
^O'Rourke's Diner, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/22/2027			3.4				3.4				3.4				—	%
^Bisson Transportation Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/22/2027			68.9				68.9				68.1				0.02	%
^Jacliff Investments Inc dba International Heal		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/22/2027			45.9				45.9				40.4				0.01	%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2027			714.6				714.6				638.3				0.22	%
^DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/21/2027			21.0				21.0				19.4				0.01	%
^Tropical Stone LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2027			173.2				173.2				179.4				0.06	%
^Ameco Forest Products LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/21/2027			160.7				160.7				166.5				0.06	%
^Blue Lagoon Resort, LLC dba Hill View Cottages		Accommodation		Term Loan		Prime plus 2.75%		12/21/2042			184.8				184.8				203.7				0.07	%
^CT Auto Spa LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/21/2027			198.5				198.5				204.0				0.07	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/20/2027			68.9				68.9				66.4				0.02	%
^Best Quality Home Care LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/19/2027			7.1				7.1				6.3				—	%
^CZAR Industries, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		12/19/2027			248.9				248.9				234.3				0.08	%

41

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Auto Excellance of Fort Myers Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/19/2042			104.4				104.4				115.1				0.04	%
^JMD Aviation Holdings, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/15/2027			459.1				459.1				468.4				0.16	%
^Capital Containers LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2027			20.7				20.7				18.6				0.01	%
^Ocean Trans LLC & Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2042			599.6				599.6				603.2				0.21	%
^Crystal II Auto Glass Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/15/2027			14.1				14.1				12.5				—	%
^1-0 Granny's Helpful Hands, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/15/2027			20.7				20.7				18.4				0.01	%
^Legion Bowl, Inc & Legion Pub Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/15/2042			328.5				328.5				362.1				0.12	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%		12/15/2027			57.7				57.7				55.2				0.02	%
Neville Galvanizing, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2042			625.0				625.0				648.4				0.22	%
^Peanut Butter & Co., Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/15/2027			206.6				206.6				181.9				0.06	%
^Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		12/14/2027			57.9				57.9				52.0				0.02	%
^LP Industries Inc. dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/14/2027			68.9				68.9				67.6				0.02	%
^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			925.1				925.1				821.7				0.28	%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		12/14/2027			88.6				88.6				88.6				0.03	%
^AADJ Empire Inc and AADJ Galaxy Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/14/2042			178.2				178.2				182.5				0.06	%
^Heung Kyun Im		Nonstore Retailers		Term Loan		Prime plus 2.75%		12/14/2027			14.2				14.2				12.5				—	%
^Atlas Geo-Constructors, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/14/2027			279.1				279.1				271.9				0.09	%
^Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/14/2027			614.0				614.0				540.7				0.19	%
^KR Calvert & Co, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		12/14/2027			444.1				444.1				392.8				0.13	%
^Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/13/2042			86.0				86.0				90.0				0.03	%

42

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Hardway Inc & AFC Leasing Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/13/2027			842.4				842.4				741.7				0.25	%
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation		Air Transportation		Term Loan		Prime plus 2.75%		12/12/2027			461.7				461.7				406.5				0.14	%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/12/2027			13.8				13.8				12.6				—	%
^Big Picture Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/12/2027			344.8				344.8				317.4				0.11	%
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		12/12/2027			45.9				45.9				40.4				0.01	%
^A-1 Van Services Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		12/12/2027			660.8				660.8				643.6				0.22	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		12/12/2027			424.8				424.8				409.9				0.14	%
^LPB LPB Property Management Inc dba Wilderness View Cabins		Real Estate		Term Loan		Prime plus 2.75%		12/12/2042			98.4				98.4				108.0				0.04	%
^AV Strategy Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		12/8/2027			406.3				406.3				384.1				0.13	%
^Clear Sound Communications, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/8/2027			3.4				3.4				3.0				—	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/7/2027			13.8				13.8				12.1				—	%
^Kim Howard Corp dba NPN Machine Tools		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/7/2042			566.1				566.1				622.3				0.21	%
^IHC Hardware Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		12/6/2042			98.3				98.3				99.4				0.03	%
^ODS Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/6/2027			45.0				45.0				42.1				0.01	%
^Oil Palace, Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		12/4/2042			973.2				973.2				1,072.7				0.37	%
^Healthcare Interventions, Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/4/2027			13.8				13.8				12.1				—	%
^PS Camping Inc.		Accommodation		Term Loan		Prime plus 2.75%		12/1/2027			18.8				18.8				19.2				0.01	%
^Linda Jean Howard Riley dba The Rusty Bolt		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/1/2042			20.6				20.6				22.8				0.01	%
^Salud Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2027			51.6				51.6				45.7				0.02	%

43

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/1/2027			21.4				21.4				20.0				0.01	%
^Square1 Partners, LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/1/2027			57.4				57.4				50.6				0.02	%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/30/2027			119.7				119.7				120.7				0.04	%
^WTI Distribution Inc		Support Activities for Transportation		Term Loan		Prime plus 2.75%		11/30/2027			36.5				36.5				34.8				0.01	%
^Frontier Sand LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2027			469.8				469.8				467.5				0.16	%
^Create- A- Stitch, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/30/2042			85.9				85.9				93.4				0.03	%
^J. Venture Holdings, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/30/2027			11.4				11.4				11.8				—	%
^Skin Beauty Bar Inc. and Tameka J. Mathis		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/30/2027			8.2				8.2				7.5				—	%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/29/2027			158.3				158.3				142.8				0.05	%
^Our Playhouse Preschool, LLC		Social Assistance		Term Loan		Prime plus 2.75%		11/29/2042			233.5				233.5				257.3				0.09	%
^OPH Lexington, Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/29/2042			192.5				192.5				212.2				0.07	%
^Amped Coffee Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/28/2027			57.1				57.1				59.2				0.02	%
^Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/27/2042			124.6				124.6				137.3				0.05	%
^Step Up Academy of the Arts, LLC		Educational Services		Term Loan		Prime plus 2.75%		11/22/2027			14.4				14.4				12.7				—	%
^Webtez Inc dba Mod Vans		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/22/2027			63.8				63.8				56.5				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			17.1				17.1				16.3				0.01	%
^Glencadia Corporation		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2027			3.5				3.5				3.1				—	%
^Grumpy's Restaurant Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/21/2027			64.8				64.8				57.3				0.02	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/21/2027			20.5				20.5				19.6				0.01	%
^PB Market LLC dba Pure Barre		Educational Services		Term Loan		Prime plus 2.75%		11/21/2027			98.9				98.9				87.3				0.03	%

44

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		11/20/2027			385.5				385.5				339.4				0.12	%
^N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		11/20/2042			175.3				175.3				165.9				0.06	%
^B Lam LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/20/2042			177.9				177.9				191.5				0.07	%
^Maya Motel, LLC dba Town House Motel		Accommodation		Term Loan		Prime plus 2.75%		11/17/2042			55.9				55.9				61.7				0.02	%
^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			170.1				170.1				166.5				0.06	%
^SSI Refrigerated Express Inc. and Robert M Stallone		Truck Transportation		Term Loan		Prime plus 2.75%		11/17/2027			57.2				57.2				51.6				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			45.6				45.6				42.2				0.01	%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/17/2027			48.3				48.3				43.0				0.01	%
^H & H Hotshot Services, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/16/2027			63.8				63.8				58.9				0.02	%
^Murf & Sons LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/16/2027			151.7				151.7				135.8				0.05	%
^J R Wholesale Tires & Auto Center, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/15/2042			13.3				13.3				14.6				—	%
^Marcaco LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		11/15/2042			649.3				649.3				698.7				0.24	%
^Auto Rx LLC,J&P Auto Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/15/2042			192.6				192.6				210.9				0.07	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%		10/14/2043			414.5				414.5				443.4				0.15	%
^GFA International Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/13/2027			85.5				85.5				88.6				0.03	%
^Wing King at the Gardens LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/10/2027			8.9				8.9				7.8				—	%
^Linqserv Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/9/2027			296.9				296.9				307.0				0.11	%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/8/2027			13.7				13.7				12.0				—	%
^JNP Delivery Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/7/2027			102.1				102.1				96.2				0.03	%
^His Loving Hands Christian Academy, Inc.		Social Assistance		Term Loan		Prime plus 2.75%		11/6/2042			90.1				90.1				96.9				0.03	%

45

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^S & S Auto Body Shop Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/3/2042			162.0				162.0				176.9				0.06	%
^Sterling Campbell Insurance Agency, Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		11/3/2027			6.8				6.8				6.0				—	%
^Top Quality Dent Service LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/2/2027			5.5				5.5				4.8				—	%
^ Edge Studios Inc Radiant Yoga LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/1/2027			60.4				60.4				54.6				0.02	%
^Rachael Reel dba Rachel Reel Insurance Age		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/31/2027			6.8				6.8				6.0				—	%
^Berza TLG,LLC dba The Little Gym of Lake Charles		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/31/2027			38.4				38.4				34.5				0.01	%
^Die Hard Used Car Sales		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/30/2042			55.2				55.2				60.8				0.02	%
^The Five Lakes LLC		Educational Services		Term Loan		Prime plus 2.75%		10/30/2042			465.6				465.6				513.2				0.18	%
^Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%		10/27/2027			34.0				34.0				30.9				0.01	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		10/27/2027			9.1				9.1				8.1				—	%
^Ashore Ventures Inc dba PuroClean Professional Restoration		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/27/2027			13.2				13.2				12.0				—	%
^Cardinal Homes, Inc		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		10/27/2027			99.1				99.1				102.7				0.04	%
^Suzie LLC dba Tony D's Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2042			85.8				85.8				93.3				0.03	%
^White Walker LLC dba Frenchette		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/25/2027			253.9				253.9				263.0				0.09	%
^Grand Blanc Lanes, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/25/2027			13.6				13.6				14.1				—	%
^Schafer Fisheries Inc		Food Manufacturing		Term Loan		Prime plus 2.75%		10/25/2027			31.7				31.7				32.8				0.01	%
^Action Physical Therapy Yoga and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/24/2027			20.4				20.4				20.1				0.01	%
^The Jig, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/24/2042			74.8				74.8				80.0				0.03	%
^Florida Apnea Diagnostics LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/20/2027			145.7				145.7				130.8				0.04	%

46

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Looky Enterprises, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/18/2027			60.2				60.2				54.6				0.02	%
^Island Refrigeration & AC Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/18/2042			136.6				136.6				144.0				0.05	%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry, LLC		Electronics and Appliance Stores		Term Loan		8.06%		10/17/2042			63.1				63.1				59.1				0.02	%
^Blueridge Armor LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		10/17/2027			7.5				7.5				7.1				—	%
^Crawfordsville Fitness LLC dba Planet Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/13/2027			112.4				112.4				101.8				0.03	%
^Albas Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/13/2042			44.1				44.1				44.8				0.02	%
^Cortez Landscaping, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/13/2027			17.4				17.4				16.3				0.01	%
^On Call Services LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		10/13/2027			16.3				16.3				16.9				0.01	%
^JD Ventures LLC and JD Roof Co LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/12/2027			20.4				20.4				18.4				0.01	%
^Pro Anderson, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/11/2027			49.0				49.0				43.8				0.01	%
^Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/11/2027			17.0				17.0				16.8				0.01	%
^Eye Optique Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		10/5/2027			13.6				13.6				12.0				—	%
^Becky Lou Corp dba Rent A Center		Rental and Leasing Services		Term Loan		Prime plus 2.75%		10/2/2027			82.5				82.5				77.7				0.03	%
^Ains Holding Company LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%		10/2/2027			75.8				75.8				68.6				0.02	%
^Dan Cline Transport Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/29/2030			936.6				936.6				900.5				0.31	%
^Cagwin Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		9/29/2042			319.0				319.0				353.4				0.12	%
^Sashshel Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/29/2042			208.3				208.3				233.5				0.08	%
^Threads of Time LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		9/29/2042			134.6				134.6				144.8				0.05	%
^Harco Metal Products Inc		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		9/29/2042			481.5				481.5				503.9				0.17	%
^Miechella Suzette Decker		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/29/2042			98.0				98.0				109.9				0.04	%

47

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Chicago American Manufacturing LLC, Dockside Steel Processing, LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/29/2042			1,225.9				1,225.9				1,335.6				0.46	%
^National Media Services, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2027			16.9				16.9				15.6				0.01	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2042			374.9				374.9				402.7				0.14	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2042			538.4				538.4				578.3				0.20	%
^Pets A Go Go LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/28/2042			195.0				195.0				214.0				0.07	%
^Nicholson Lumber Co Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/28/2030			200.3				200.3				207.6				0.07	%
^Complete Care IT LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/27/2027			13.2				13.2				12.3				—	%
^Technologist Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/27/2027			248.8				248.8				258.9				0.09	%
^Inspirations Food Design, Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/26/2042			456.9				456.9				495.5				0.17	%
^Rollins Construction & Trucking LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		9/26/2027			298.4				298.4				305.3				0.10	%
^KB Waterjet Cutting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2027			9.2				9.2				8.9				—	%
^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			20.2				20.2				18.9				0.01	%
^Magnation Corporation		Utilities		Term Loan		Prime plus 2.75%		9/22/2027			44.9				44.9				46.9				0.02	%
^Sallee Pro-Custom Fabrication Shop LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/21/2027			8.1				8.1				8.5				—	%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/20/2027			179.6				179.6				179.2				0.06	%
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%		9/20/2042			384.1				384.1				406.9				0.14	%
^Denek Contracting Inc and Denek Leasing LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/20/2042			205.5				205.5				230.3				0.08	%
^CR Park Incorporated dba Define Body and Mind		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/20/2027			90.2				90.2				86.1				0.03	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/20/2042			159.1				159.1				170.5				0.06	%

48

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Excel, RP Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		9/20/2027			89.9				89.9				88.0				0.03	%
^Max Home Deliveries, Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/20/2027			72.6				72.6				70.6				0.02	%
^Imagine By Carleen, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2027			6.7				6.7				6.9				—	%
^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			925.7				925.7				928.9				0.32	%
^Alexander Pierce Corporation		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/20/2042			611.4				611.4				658.3				0.23	%
^Commonwealth Diagnostics International, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2027			1,063.3				1,063.3				1,110.4				0.38	%
^Venus Pizza, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/20/2042			90.4				90.4				101.3				0.03	%
^Insight Diagnostic Technologist Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2027			273.1				273.1				261.5				0.09	%
^CIS BIG DOG, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/19/2027			56.9				56.9				59.0				0.02	%
^Stone's Construction and Remodeling, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/19/2027			4.7				4.7				4.4				—	%
^Party By Design Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/18/2042			1,185.8				1,185.8				1,268.5				0.43	%
^Inglis Food Mart Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/15/2027			20.2				20.2				21.0				0.01	%
^Clinton Food Market LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/15/2042			256.9				256.9				277.3				0.09	%
^Li Family Spokane LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2042			376.4				376.4				415.0				0.14	%
^Tarleton & Family Landscaping, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/15/2027			75.3				75.3				71.7				0.02	%
^Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		9/13/2027			298.0				298.0				276.7				0.09	%
^Nails By Mercede LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/13/2027			12.8				12.8				12.6				—	%
^Fox Valley Rentals & Investments, LLC		Food Services and Drinking Places		Term Loan		Prime plus 3.75%		9/13/2027			6.8				6.8				7.1				—	%
^Town & Country Transportation Co. and Popco, LLC.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/12/2042			165.2				165.2				185.1				0.06	%
^Rajbai Maa Inc. dba Nara Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/12/2042			380.4				380.4				401.7				0.14	%

49

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Morgan Lynn Kerstetter dba Catherine School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/11/2027			6.7				6.7				7.0				—	%
^Health & Performance Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/11/2027			18.3				18.3				17.0				0.01	%
^Foxtail, LLC and Tottly New Services Corp		Social Assistance		Term Loan		Prime plus 2.75%		9/8/2042			285.1				285.1				308.4				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			1,227.8				1,227.8				1,272.2				0.44	%
^Echelon Planning Group, LLC dba Echelon Financial Services and Echelon		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		9/8/2027			6.7				6.7				6.9				—	%
^Crazy Beatz Productions LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 3.75%		9/7/2027			4.8				4.8				4.7				—	%
^South Fulton Landscape & Nursery, Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/7/2042			98.1				98.1				109.9				0.04	%
^Dreaming Big Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%		9/5/2042			363.2				363.2				392.6				0.13	%
^Big Coop's Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		9/1/2027			89.9				89.9				89.2				0.03	%
^Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/31/2027			343.2				343.2				325.9				0.11	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2042			539.5				539.5				542.4				0.19	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2042			686.7				686.7				690.4				0.24	%
^Parlay Disributors LLC		Educational Services		Term Loan		Prime plus 2.75%		8/25/2027			100.4				100.4				94.4				0.03	%
^Lake County Tow LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		8/25/2042			85.5				85.5				92.1				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			22.3				22.3				20.7				0.01	%
^Genuine Ventures LLC and Seaweed Ventures LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/24/2030			517.7				517.7				516.3				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			80.8				80.8				90.5				0.03	%
^Delicias de Minas Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/22/2027			184.1				184.1				188.4				0.06	%

50

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^L&V Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		8/21/2027			16.1				16.1				16.8				0.01	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/21/2027			14.7				14.7				13.7				—	%
^Damiano Global Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/21/2027			20.1				20.1				19.9				0.01	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/18/2027			16.7				16.7				16.0				0.01	%
^Tony Herring & Associates, Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		8/17/2027			6.7				6.7				6.2				—	%
^Chester's World Enterprise LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/16/2027			20.1				20.1				19.3				0.01	%
^D'Amato & Sons Construction, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		8/11/2027			7.4				7.4				7.1				—	%
^Roundhay Partners LLC and Roundhay Farming LLC		Crop Production		Term Loan		Prime plus 2.75%		8/8/2042			902.1				902.1				912.9				0.31	%
^L & J Corporate Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/4/2027			6.6				6.6				6.1				—	%
^Furniture Masters Limited Liability Company		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/3/2027			8.0				8.0				7.5				—	%
^HMG Strategy LLC,		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/2/2027			44.6				44.6				41.4				0.01	%
^Bowl Mor LLC dba Bowl Mor Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/31/2027			6.6				6.6				6.2				—	%
^Hope Health Care, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		7/31/2027			9.3				9.3				8.6				—	%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		7/31/2042			51.7				51.7				57.3				0.02	%
^Raffi's Inc dba Atlantic Auto Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/31/2027			12.6				12.6				13.1				—	%
^Sharon G McMillen, MA Psychologist, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/28/2027			16.5				16.5				15.3				0.01	%
^HQTRONIC LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		7/27/2027			19.9				19.9				18.5				0.01	%
^Oberon IT, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/26/2027			193.9				193.9				188.4				0.06	%

51

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Gilles Peress Studio LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/25/2027			55.8				55.8				51.8				0.02	%
^Obok LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		7/21/2027			10.6				10.6				10.5				—	%
^Ocean Trans LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/21/2027			32.8				32.8				30.4				0.01	%
^Lil Tots' Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%		7/21/2042			46.4				46.4				50.0				0.02	%
^Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 3.75%		7/19/2027			6.7				6.7				7.1				—	%
^Nova Solutions, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		7/19/2027			22.2				22.2				22.7				0.01	%
^Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL)		Air Transportation		Term Loan		Prime plus 2.75%		7/18/2027			730.8				730.8				682.0				0.23	%
^Wildflour Bakery & Cafe, LLC		Food Manufacturing		Term Loan		Prime plus 2.75%		7/17/2027			19.9				19.9				20.8				0.01	%
^Koep Companies dba Pipestone True value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		7/14/2042			318.7				318.7				338.7				0.12	%
^Florida Home and Kitchen LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/14/2027			10.6				10.6				9.9				—	%
^Rocks Auto Exchange LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/13/2027			13.3				13.3				12.3				—	%
^McCord Holdings, Inc. dba Fast Signs 176101		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/7/2027			16.6				16.6				15.7				0.01	%
^Thrifty Market Inc dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/6/2027			91.1				91.1				87.7				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			48.7				48.7				53.8				0.02	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/30/2027			67.1				67.1				69.9				0.02	%
^J. T. O'Neill Company, L.L.C		Real Estate		Term Loan		Prime plus 2.75%		6/30/2027			13.2				13.2				12.2				—	%
^Hamilton & Associates Real Estate and Investments Firm LLC		Real Estate		Term Loan		Prime plus 2.75%		6/30/2042			52.7				52.7				57.3				0.02	%
^New Chicago Wholesale Bakery Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		6/30/2027			13.2				13.2				13.3				—	%
^J&M Civil Construction Services LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2027			88.0				88.0				81.6				0.03	%
^JWH Designs, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2027			93.4				93.4				86.6				0.03	%

52

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^BQRS, Inc. DBA Gresham Meineke Car Care Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2027			55.0				55.0				51.8				0.02	%
^Best Bees Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		6/29/2027			19.8				19.8				18.3				0.01	%
^Stiegelbauer Associates Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2027			272.2				272.2				283.8				0.10	%
^Oakhill Farms, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/29/2030			91.8				91.8				97.4				0.03	%
^Greensboro Plastic Surgical Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2042			564.7				564.7				606.1				0.21	%
^Malhame & Company Publishers & Importers Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/29/2027			79.2				79.2				73.5				0.03	%
^Intellixion LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/29/2027			3.3				3.3				3.1				—	%
^Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		6/29/2027			530.0				530.0				491.2				0.17	%
^Foxhop Fitness, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/28/2027			81.9				81.9				76.5				0.03	%
^Akal Express Inc. dba Truck Trailer Service Stop		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/28/2042			58.5				58.5				64.7				0.02	%
^Old Dominion Transportation Group, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		6/28/2027			890.4				890.4				841.4				0.29	%
^Citibin, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		6/27/2027			110.0				110.0				101.9				0.03	%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		6/27/2030			225.2				225.2				235.2				0.08	%
^WB Cleaners Inc. DBA $2.75 Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/27/2027			14.4				14.4				15.0				0.01	%
^Ains Holding Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2027			1,056.4				1,056.4				996.3				0.34	%
^Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/26/2042			212.8				212.8				229.4				0.08	%
^Rustic LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/23/2042			15.8				15.8				15.9				0.01	%
^Northern Industries, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/23/2042			56.3				56.3				63.0				0.02	%
^Vella Construction Enterprises, Inc. dba Vella Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		6/23/2027			19.8				19.8				18.3				0.01	%
^Birches Group, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/22/2027			44.0				44.0				40.8				0.01	%

53

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Sanabi Investment ,,LLC dba Oscar's Moving and Storage		Truck Transportation		Term Loan		7.5%		6/20/2027			106.9				106.9				94.7				0.03	%
^Scarlet Spartan Inc.dba FastSigns of Brighton		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/19/2027			49.0				49.0				46.2				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			391.3				391.3				410.9				0.14	%
^JAM Media Solutions, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/15/2027			55.0				55.0				51.0				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			302.9				302.9				324.4				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			90.1				90.1				99.3				0.03	%
^ESA 365 Corp and Lucathor Realty LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/14/2042			21.9				21.9				23.9				0.01	%
^Susan Hughes dba Aloha Junction B and B		Accommodation		Term Loan		Prime plus 2.75%		6/14/2042			60.5				60.5				67.7				0.02	%
^Hull's Kitchen, LLC and HK Too, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/14/2042			93.9				93.9				104.9				0.04	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/12/2027			104.5				104.5				103.6				0.04	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/8/2027			3.1				3.1				2.9				—	%
^Skydive California, LLC		Educational Services		Term Loan		Prime plus 2.75%		6/2/2027			49.3				49.3				51.4				0.02	%
^SCW, LLC dba Arthur Murray Dance Studio		Educational Services		Term Loan		Prime plus 2.75%		6/2/2042			142.3				142.3				153.6				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			44.4				44.4				48.6				0.02	%
^Ricnet III, Inc. dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/31/2027			12.8				12.8				12.0				—	%
^Impact Grounds Maintenance and Design, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/31/2042			77.3				77.3				85.7				0.03	%
^Funtime, LLC and Universal Entertainment Group LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/31/2027			57.9				57.9				54.4				0.02	%
^Haroon Baig,Inc.dba US1 Petrol		Gasoline Stations		Term Loan		Prime plus 2.75%		5/31/2042			256.9				256.9				287.6				0.10	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		5/31/2027			19.6				19.6				18.4				0.01	%
^Chet Lemon Enterprises LLC dba All American Sports		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/26/2042			771.1				771.1				863.3				0.30	%

54

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Eagle Wood Works LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		5/26/2027			10.5				10.5				10.2				—	%
^Hurricane Group, Inc.		Other Information Services		Term Loan		Prime plus 2.75%		5/26/2027			65.5				65.5				60.7				0.02	%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/26/2042			190.9				190.9				209.2				0.07	%
^Swantown Inn & Spa LLC		Accommodation		Term Loan		Prime plus 2.75%		5/26/2042			123.7				123.7				137.6				0.05	%
^Beyond Waves A Unique Salon LLC and Lori Ann Carlson		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/25/2027			13.3				13.3				12.4				—	%
^Jung Design Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/25/2027			7.9				7.9				7.3				—	%
^Locavore LLC dba Paloma Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/25/2027			43.7				43.7				41.6				0.01	%
^Abdul Naushad MD PC dba Advanced Pain Centers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/25/2042			383.1				383.1				421.9				0.14	%
^Innovim, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/24/2027			294.6				294.6				273.0				0.09	%
^Gill Express Inc. and Gill Express 2 LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/23/2042			329.6				329.6				353.2				0.12	%
^Prestige Construction of Florida, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		5/23/2042			327.3				327.3				346.8				0.12	%
^GEM2K, LLC dba Precision Precast Group		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		5/19/2027			145.9				145.9				139.4				0.05	%
^Hayden Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/19/2027			206.7				206.7				203.3				0.07	%
^Tres K Deli,Grocery,Fruit and Meat Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/19/2027			7.2				7.2				7.1				—	%
^ Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/19/2042			566.8				566.8				616.1				0.21	%
^PS Camping, Inc. dba Prospectors RV Resort		Accommodation		Term Loan		Prime plus 2.75%		5/19/2042			253.7				253.7				283.2				0.10	%
^Mr. B's Bicycles & Mopeds, Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		5/18/2042			142.8				142.8				154.6				0.05	%
^Waterford Plumbing Co, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/18/2027			43.7				43.7				41.0				0.01	%
^Bay Car Wash LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2042			117.5				117.5				127.9				0.04	%
^Computech Computers Inc.		Educational Services		Term Loan		Prime plus 2.75%		5/17/2027			43.7				43.7				40.5				0.01	%

55

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Arco Electrical Contractors Inc. dba Arco Construction Group		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		5/16/2027			314.0				314.0				306.4				0.10	%
^5 Stars Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%		5/16/2042			60.1				60.1				65.1				0.02	%
^Batter & Company,LLC dba Batter Co. Dessert Collection		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/16/2027			46.9				46.9				44.2				0.02	%
^Band Sawn Lumber,LLC and Nathan Ryan Adams		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		5/15/2042			110.9				110.9				118.5				0.04	%
^Sanderson Distribution Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		5/12/2027			9.2				9.2				8.5				—	%
^Keys Armored Express, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/12/2027			34.9				34.9				33.5				0.01	%
^SG Linke LLC		Clothing and Clothing Accessories Stores		Term Loan		8.25%		5/12/2027			72.7				72.7				70.0				0.02	%
^B G F Bobby Q's Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/11/2027			6.5				6.5				6.7				—	%
^Estelle Finkel Educational Associates,LLC		Educational Services		Term Loan		Prime plus 2.75%		5/11/2027			105.6				105.6				97.9				0.03	%
^Labmates,LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		5/10/2027			87.3				87.3				87.8				0.03	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/9/2027			77.3				77.3				74.1				0.03	%
^1872 Rosecrans, LLC dba Goodbar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/9/2027			55.8				55.8				52.0				0.02	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/9/2042			21.3				21.3				22.0				0.01	%
^Innovation Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		5/9/2027			68.1				68.1				68.3				0.02	%
^Benchmark Building, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%		5/5/2027			19.6				19.6				18.2				0.01	%
^Cable Management LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		5/3/2027			50.1				50.1				49.8				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			113.5				113.5				127.1				0.04	%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/28/2027			79.3				79.3				74.2				0.03	%
^Georgia Productions Services LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		4/28/2027			79.1				79.1				77.1				0.03	%

56

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Love and Glory Learning Center, Inc.		Social Assistance		Term Loan		Prime plus 2.75%		4/28/2042			75.8				75.8				81.5				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			215.9				215.9				241.7				0.08	%
^Sneads Ferry Foods, Inc. dba DQ Grill & Chill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/27/2042			611.4				611.4				655.8				0.22	%
^Asheville's Fun Depot, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2027			75.8				75.8				79.1				0.03	%
^Resident Research, LLC		Other Information Services		Term Loan		Prime plus 2.75%		4/24/2027			76.5				76.5				70.9				0.02	%
^Ralph's Hair Salon, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/21/2042			48.6				48.6				53.1				0.02	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/21/2027			6.5				6.5				6.2				—	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/20/2027			120.6				120.6				111.7				0.04	%
^Condron Brothers LLC DBA Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/19/2027			103.6				103.6				99.8				0.03	%
^Carpeteria (Markarian) Co.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/13/2027			114.8				114.8				119.1				0.04	%
^Butternuts Beer and Ale LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		4/12/2027			63.9				63.9				66.6				0.02	%
^Citizens Lanes, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/31/2042			608.0				608.0				680.0				0.23	%
^The Altitude Group, LLC and Core Home Security, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/31/2027			41.9				41.9				38.7				0.01	%
^MIT LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/31/2042			85.1				85.1				95.2				0.03	%
^Bear Trail Lodge LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/31/2042			537.5				537.5				597.5				0.20	%
^Landmark Ventures USA, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		3/31/2027			161.5				161.5				149.4				0.05	%
^Golden Hen Inc. dba Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2027			55.8				55.8				52.1				0.02	%
^Applied Integrated Technologies, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/31/2027			107.7				107.7				99.7				0.03	%

57

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Signature Rooms, Inc dba Gallery Furniture		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/30/2042			482.3				482.3				537.8				0.18	%
^KWG Industries LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2027			25.8				25.8				26.5				0.01	%
^Schafer Fisheries Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/30/2042			241.4				241.4				270.0				0.09	%
^Sea Smoke Barbeque, Corp and Danwen LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2042			230.0				230.0				249.8				0.09	%
^First Sail Group Inc. and Omen Board Industires LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/29/2027			17.2				17.2				16.8				0.01	%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham		Accommodation		Term Loan		Prime plus 2.75%		3/29/2042			1,027.5				1,027.5				1,145.4				0.39	%
^Discount Price, LLC dba Robert's Market		Gasoline Stations		Term Loan		Prime plus 2.75%		3/29/2042			200.6				200.6				219.4				0.08	%
^Douglas K. Soderblom . dba Loma Linda Optometry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2027			86.1				86.1				82.9				0.03	%
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics		Couriers and Messengers		Term Loan		Prime plus 2.75%		3/29/2030			88.4				88.4				83.3				0.03	%
^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				393.0				0.13	%
^American Pharmaceutical Innovation Company, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%		3/28/2027			25.8				25.8				24.0				0.01	%
^Heil & Hornik LLC dba Elysium Tennis		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/27/2042			903.5				903.5				976.2				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			399.1				399.1				446.4				0.15	%
^Robert Dixon PA dba Law Offices of Robert Dixon		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/24/2042			414.6				414.6				462.5				0.16	%
^Ericon Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%		3/24/2027			54.2				54.2				54.9				0.02	%
^Executive Fitness & Nutrition Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/23/2027			17.7				17.7				18.1				0.01	%
^Denton Bio Fuels LLC and American Bio Source LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/23/2027			51.0				51.0				49.5				0.02	%
^Color Graphic Press, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/23/2027			103.4				103.4				107.6				0.04	%
^JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/23/2042			86.3				86.3				93.2				0.03	%

58

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (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 6507 Westport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/22/2042			625.6				625.6				689.3				0.24	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/21/2027			19.4				19.4				17.9				0.01	%
^J Sivilis LLC dba Pet Wants		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/17/2027			10.6				10.6				10.0				—	%
^The Purple Cow House of Pancake Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/16/2042			156.3				156.3				174.8				0.06	%
^Reservoir International LLC		Educational Services		Term Loan		Prime plus 2.75%		3/16/2027			85.6				85.6				84.2				0.03	%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/16/2027			258.2				258.2				268.8				0.09	%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M		Truck Transportation		Term Loan		Prime plus 2.75%		3/13/2027			584.7				584.7				541.1				0.19	%
^Dwayne Bernard Tate		Truck Transportation		Term Loan		Prime plus 2.75%		3/10/2027			9.0				9.0				8.8				—	%
^Elegant Occasions, LLC dba E Productions		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/10/2042			573.1				573.1				621.3				0.21	%
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & Paul		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		3/9/2027			107.6				107.6				101.4				0.03	%
^Anthony LLC dba Star of Woodward Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/9/2042			112.0				112.0				125.3				0.04	%
^Allegro Assisted Living Of Texas		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		3/6/2027			82.7				82.7				86.1				0.03	%
^Robbie E. Bakery and Cafe LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/3/2027			55.3				55.3				51.2				0.02	%
^Podium Auto Sales Inc and RRS Property, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/3/2042			88.3				88.3				95.2				0.03	%
^Weeping Willow Kennels, Inc and Aileen N Black		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2042			136.0				136.0				149.0				0.05	%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express		Truck Transportation		Term Loan		Prime plus 2.75%		2/28/2027			199.5				199.5				184.6				0.06	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2027			82.3				82.3				78.6				0.03	%
^McNally Enterprises Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		2/27/2027			55.5				55.5				53.0				0.02	%
^Total Document Solutions Inc and,TDS Services, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		2/27/2030			281.1				281.1				277.3				0.09	%
^Teracore Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/27/2027			139.9				139.9				129.5				0.04	%

59

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^B & J Bicycle Shop Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		2/24/2027			6.5				6.5				6.8				—	%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/24/2027			91.8				91.8				90.7				0.03	%
^3W Enterprises LLC		Textile Product Mills		Term Loan		Prime plus 2.75%		2/24/2042			63.5				63.5				70.2				0.02	%
^Victorian Restaurant and Tavern, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/22/2042			104.4				104.4				111.5				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			38.9				38.9				43.5				0.01	%
^Ameritube, LLC and Ravone Properties, LLC		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/14/2042			180.0				180.0				201.3				0.07	%
^Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		2/10/2042			240.4				240.4				264.9				0.09	%
^Sushiya Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/10/2027			16.0				16.0				15.3				0.01	%
^Maximo Canot dba Wash and Dry Laundrymat		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/10/2042			133.7				133.7				147.7				0.05	%
^Marvic Enterprises Inc dba Jordan's Liquor		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/10/2042			212.8				212.8				233.4				0.08	%
^Harrison Logging Company LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		2/9/2027			90.8				90.8				87.7				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			320.7				320.7				342.8				0.12	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/1/2042			179.7				179.7				192.2				0.07	%
^Brandco, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/31/2027			37.1				37.1				34.3				0.01	%
^Chidlren's House Learning, Inc and Tarps Investment Group		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2042			312.0				312.0				338.1				0.12	%
^Fave Realty Inc.		Real Estate		Term Loan		Prime plus 2.75%		1/30/2042			52.9				52.9				57.8				0.02	%
^Return to Excellence Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		1/27/2027			15.6				15.6				16.2				0.01	%
^House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/27/2042			169.3				169.3				177.5				0.06	%
^ZMKNY Tires Inc dba Houston International Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		1/27/2042			104.5				104.5				116.9				0.04	%

60

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^SRC Publishing LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		1/27/2027			19.1				19.1				17.6				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			41.2				41.2				44.5				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			230.9				230.9				228.3				0.08	%
^Jolibe LLC and Jolibe Atelier LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/18/2027			8.9				8.9				8.5				—	%
^Eickmann Management Group LLC dba Jimmy Johns of Dundee		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/17/2027			84.5				84.5				86.8				0.03	%
^Fullbro Trust dba Menemsha Blues		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		1/13/2027			19.1				19.1				19.9				0.01	%
^Echelon Enterprises, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		1/10/2027			42.4				42.4				44.2				0.02	%
^Fort Smith Wings Inc. dba Wing Stop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/28/2026			16.4				16.4				15.7				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			413.0				413.0				442.8				0.15	%
^Joshua L. Baker		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		12/23/2026			13.2				13.2				12.2				—	%
^Jacliff Investments Inc. dba International health Technologies		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		12/23/2026			105.1				105.1				97.1				0.03	%
^Metropolitan Solutions Group Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/19/2041			266.1				266.1				280.2				0.10	%
^Means Enterprises LLC dba FastFrame Frisco		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/16/2026			18.9				18.9				17.7				0.01	%
^Soon Im. Chin dba Stan C-Store		Gasoline Stations		Term Loan		Prime plus 2.75%		12/15/2041			205.6				205.6				227.7				0.08	%
^Sempco, Inc.		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			40.6				40.6				45.4				0.02	%
^New Chicago Wholesale Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			438.9				438.9				470.6				0.16	%
^Allied Welding Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2041			729.8				729.8				780.1				0.27	%
^Techni-Pro Institute LLC		Educational Services		Term Loan		Prime plus 2.75%		12/15/2026			160.0				160.0				151.3				0.05	%

61

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ericon, Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%		12/15/2041			322.8				322.8				348.3				0.12	%
^White Hawk Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		12/15/2026			937.3				937.3				865.8				0.30	%
^Elita 7, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		12/15/2041			689.4				689.4				755.6				0.26	%
^Trison Enterprises Inc.dba Lee's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/14/2041			394.3				394.3				429.7				0.15	%
^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			511.5				511.5				551.1				0.19	%
^HMG Strategy, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/14/2026			42.0				42.0				38.8				0.01	%
^Cardinal Homes Inc, Alouette Holdings Inc., Bret Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		12/14/2026			896.6				896.6				932.1				0.32	%
^Cardinal Homes Inc. and Bret A Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		12/14/2041			117.3				117.3				131.0				0.04	%
^AGG Management Team LLC dba Chevron		Gasoline Stations		Term Loan		Prime plus 2.75%		12/14/2041			278.2				278.2				310.9				0.11	%
^Wayfarer Bicycle LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/13/2041			89.5				89.5				95.1				0.03	%
^Roast Beef Levittown LLC dba Arby's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/13/2026			255.3				255.3				265.4				0.09	%
^Success Advertising Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/13/2041			451.4				451.4				500.4				0.17	%
^Queen Express LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		12/13/2041			181.4				181.4				201.3				0.07	%
^Mack Team Enterprises Inc.dba The UPS Store #6815		Couriers and Messengers		Term Loan		Prime plus 2.75%		12/9/2026			17.2				17.2				16.5				0.01	%
^Recycling Revolution,LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/9/2041			89.2				89.2				96.1				0.03	%
^Myndshft Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/9/2026			651.8				651.8				622.5				0.21	%
^New Life Hospital LLC		Hospitals		Term Loan		Prime plus 2.75%		12/8/2041			1,181.7				1,181.7				1,320.4				0.45	%
^Imagine By Carleen Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		12/8/2041			50.8				50.8				55.1				0.02	%
^Hanson's Greeks LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/8/2026			9.4				9.4				9.8				—	%

62

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (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%		12/7/2026			206.8				206.8				212.2				0.07	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		12/7/2029			63.6				63.6				63.9				0.02	%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites		Accommodation		Term Loan		Prime plus 2.75%		12/5/2041			343.4				343.4				379.4				0.13	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/5/2026			13.4				13.4				12.9				—	%
^Noso Development LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		12/1/2026			63.1				63.1				58.3				0.02	%
^Ericon, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/1/2041			705.6				705.6				764.1				0.26	%
^Sharaz Shah DBA Thomas Jewelers		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		11/30/2026			6.8				6.8				6.2				—	%
^Studio Find It Georgia, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/30/2026			6.3				6.3				5.9				—	%
^Imaginarium Foods LLC,		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2042			363.4				363.4				397.5				0.14	%
^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			65.2				65.2				72.9				0.02	%
^Quick Ship, LLC		Couriers and Messengers		Term Loan		Prime plus 2.75%		11/30/2026			8.8				8.8				8.1				—	%
^RD Management, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2026			178.3				178.3				166.3				0.06	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/30/2026			18.8				18.8				17.9				0.01	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/29/2026			938.3				938.3				866.7				0.30	%
^Usman Jalil, LLC dba Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/29/2041			225.4				225.4				238.7				0.08	%
^WPN Recycling Company LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		11/23/2026			18.8				18.8				19.5				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			50.0				50.0				46.7				0.02	%
^Merchant Coterie, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		11/23/2026			104.8				104.8				96.8				0.03	%
^CRK Mens, LLC dba Spiff for Men		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/23/2026			90.0				90.0				84.5				0.03	%

63

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^6E Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/22/2026			140.8				140.8				138.2				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			104.2				104.2				96.2				0.03	%
^JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/22/2041			401.2				401.2				434.6				0.15	%
^Bouquet Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/22/2041			121.0				121.0				131.6				0.05	%
^Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		11/21/2026			83.4				83.4				86.7				0.03	%
^Catherine Christine Morin dba Purr-Fect Pets		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/17/2026			15.6				15.6				14.4				—	%
^Stratmar Systems Inc dba Stratmar Retail Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/16/2026			57.1				57.1				59.4				0.02	%
^Hoosier Health Plus, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/15/2026			100.0				100.0				100.0				0.03	%
^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				177.5				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				481.3				0.16	%
^Panther Ironworks and Rigging Solutions LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/10/2026			128.3				128.3				125.2				0.04	%
^Hackensack Steel Corporation and Luzerne Ironworks Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/10/2026			202.9				202.9				210.9				0.07	%
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/9/2026			37.1				37.1				36.6				0.01	%
^Big Apple Entertainment Partners LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		11/9/2026			145.9				145.9				134.8				0.05	%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/9/2041			232.0				232.0				248.8				0.09	%
^MIK LLC dba Firehouse Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/9/2026			170.1				170.1				158.7				0.05	%
^Fine Line Interiors, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/4/2041			69.3				69.3				77.4				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			122.2				122.2				134.1				0.05	%

64

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		11/1/2041			116.8				116.8				128.1				0.04	%
^Glocecol LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/1/2026			62.5				62.5				65.0				0.02	%
^Moolchan Enterprises LLC dba Staying Green		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2026			9.2				9.2				9.5				—	%
^Bloomquist Communications Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2026			49.6				49.6				45.8				0.02	%
^Woodstock Enterprises Corp dba True Scent Candle Co		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		10/31/2041			85.7				85.7				91.1				0.03	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/27/2029			200.9				200.9				207.0				0.07	%
^FibAire Communications, LLC		Telecommunications		Term Loan		Prime plus 2.75%		10/27/2026			89.4				89.4				87.4				0.03	%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		10/24/2026			351.5				351.5				365.4				0.13	%
^Worldwide Estate, Inc. dba Washington Heights Manor		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		10/21/2041			216.7				216.7				242.2				0.08	%
^Gold Wind Logistics LLC		Truck Transportation		Term Loan		Prime plus 2.75%		10/20/2041			171.1				171.1				191.1				0.07	%
^Speaker City, Inc. dba Rollin Thunder		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%		10/14/2041			120.7				120.7				132.2				0.05	%
^Justin Partlow		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		10/13/2026			16.1				16.1				14.9				0.01	%
^Maine Service Corp		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		10/13/2026			150.5				150.5				151.0				0.05	%
^Reliable Recovery Services LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		10/7/2026			93.0				93.0				90.4				0.03	%
^Wyspen Corporation dba Charlestown Ace		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		10/3/2026			29.8				29.8				27.5				0.01	%
^Ailky Corporation		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		10/3/2026			206.7				206.7				195.1				0.07	%
^MegaPhase, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		9/30/2026			122.7				122.7				128.1				0.04	%
^Adelwerth Bus Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2041			233.4				233.4				263.0				0.09	%

65

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^JJA Transportation Management Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2026			43.0				43.0				42.8				0.01	%
^Seaway LLC and Reklaw LLC dba Allure Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/30/2041			132.1				132.1				151.6				0.05	%
^Adelwerth Bus Corporation, Transportation Leasing Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		9/30/2029			574.8				574.8				608.4				0.21	%
^Thunderdome Racing Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/29/2026			14.6				14.6				15.4				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			821.5				821.5				943.0				0.32	%
^Beadon Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/28/2026			18.4				18.4				19.4				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				1,396.4				0.48	%
^CD Game Exchange Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/28/2026			18.4				18.4				18.4				0.01	%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/27/2026			43.0				43.0				43.6				0.01	%
^Luna Nueva LLC dba Bio Builders		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/27/2026			12.3				12.3				12.4				—	%
^Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2026			189.3				189.3				190.8				0.07	%
^Reynolds Fence & Guardrail Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/27/2026			515.1				515.1				535.2				0.18	%
^Sarah S Olelewe MD Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/26/2041			281.3				281.3				318.4				0.11	%
^TPFC,LLC dbaThe Picture Frame Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/26/2041			56.4				56.4				63.9				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			7.4				7.4				7.7				—	%
^PeopleBest Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/26/2026			12.3				12.3				12.2				—	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/23/2026			71.6				71.6				72.5				0.02	%
^Mr. Mulch, Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2041			389.7				389.7				432.0				0.15	%

66

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Wrecking Crew Media LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		9/21/2026			40.9				40.9				40.8				0.01	%
^Cuppiecakes LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/21/2041			21.6				21.6				24.4				0.01	%
^Benoit's Towing and Recovery LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%		9/20/2026			9.8				9.8				9.8				—	%
^Consulting Solutions Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/20/2026			18.4				18.4				19.0				0.01	%
^Eyncon LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/16/2041			48.0				48.0				54.5				0.02	%
^The Merrin Group LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2026			144.0				144.0				150.0				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			123.4				123.4				127.0				0.04	%
^Atlantic Alarm Systems and Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/14/2026			12.6				12.6				12.8				—	%
^Metropet Dog Center, Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/13/2041			104.9				104.9				119.3				0.04	%
^Marquis Cattle Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%		9/13/2026			41.3				41.3				43.6				0.01	%
^Bingham Enterprises, Inc and Full Belli Deli and Sausage Company		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/12/2041			79.2				79.2				89.0				0.03	%
^SRA Mechanicial Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/6/2041			42.0				42.0				48.2				0.02	%
^Sandia Enterprises Inc dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/6/2026			34.7				34.7				34.6				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/30/2026			102.9				102.9				103.6				0.04	%
^Raem Corporation dba Dryclean Express		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/29/2041			69.5				69.5				79.6				0.03	%
^Warren Dale Warrington dba Custom Paint and Body		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/26/2041			97.1				97.1				110.6				0.04	%
^TAGR Inc dba Miami Grill 137and John Nakis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/26/2026			86.6				86.6				87.2				0.03	%
^Albert Basse Associates Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		8/25/2026			50.1				50.1				52.8				0.02	%
^Avery Management Inc. dba Whetstone Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/25/2026			8.5				8.5				8.5				—	%
^Tabadesa Associates Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/25/2026			18.2				18.2				18.2				0.01	%

67

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^TR Companies LLC dba Liberty Rental 4 U		Rental and Leasing Services		Term Loan		Prime plus 2.75%		8/25/2026			73.0				73.0				72.8				0.02	%
^Rosmel Pools Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/25/2026			18.2				18.2				18.4				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				564.0				0.19	%
^Luv 2 Play Temecula, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		8/15/2026			48.7				48.7				48.5				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			66.9				66.9				66.7				0.02	%
^Grayson O Company		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/10/2041			599.3				599.3				687.1				0.24	%
^Paul Belanger dba Paul Belanger Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/9/2026			12.2				12.2				12.1				—	%
^USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2026			18.1				18.1				18.3				0.01	%
^The Hungry Rhino LLC		Real Estate		Term Loan		Prime plus 2.75%		7/29/2041			73.0				73.0				82.6				0.03	%
^Little Tree Huggers Child Care LLC		Social Assistance		Term Loan		Prime plus 2.75%		7/29/2041			134.0				134.0				153.8				0.05	%
^303 Tower Drive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		7/29/2041			383.1				383.1				437.2				0.15	%
^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			241.2				241.2				240.5				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			641.4				641.4				734.0				0.25	%
^MacIver Corporation dba Division Camera		Rental and Leasing Services		Term Loan		Prime plus 2.75%		7/28/2026			1,003.5				1,003.5				1,038.8				0.36	%
^Intrepid Trinity LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		7/28/2041			59.8				59.8				68.0				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			326.8				326.8				368.3				0.13	%
^Kidtastic LLC dba The Little Gym of Audubon		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/27/2026			45.6				45.6				45.5				0.02	%
^Pinco Pizza LLC dba Jet's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/27/2026			59.3				59.3				62.5				0.02	%
^EPEC Juice LLC dba Jamba Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/27/2026			67.1				67.1				67.0				0.02	%

68

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			100.5				100.5				100.2				0.03	%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		7/26/2026			72.9				72.9				74.6				0.03	%
^My Sainath Inc dba Motel 6		Accommodation		Term Loan		Prime plus 2.75%		7/22/2041			292.7				292.7				334.3				0.11	%
^Robert G Larson State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/22/2026			18.1				18.1				18.0				0.01	%
^J and D Resources LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2026			94.8				94.8				94.9				0.03	%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		7/18/2026			12.7				12.7				12.6				—	%
^Franklin Firm LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		7/15/2041			154.0				154.0				175.1				0.06	%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/13/2026			37.2				37.2				37.1				0.01	%
^Jacob Rugs LLC dba Rugs Outlet		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		7/13/2026			52.8				52.8				55.6				0.02	%
^RM Hawkins LLC dba Pure Water Tech West		Nonstore Retailers		Term Loan		Prime plus 2.75%		7/7/2026			40.1				40.1				41.8				0.01	%
^Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		7/7/2026			11.5				11.5				11.6				—	%
^Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2041			281.9				281.9				322.0				0.11	%
^Martin Inventory Management LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/30/2026			19.7				19.7				20.7				0.01	%
^P L H Pharmaco Inc dba Farmacia San Jose		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		6/30/2026			135.0				135.0				142.1				0.05	%
^VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/30/2026			17.9				17.9				17.8				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			168.3				168.3				180.8				0.06	%
^Desert Tacos LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2026			80.8				80.8				83.4				0.03	%
^WGI, LLC dba Williams Grant Inn		Accommodation		Term Loan		Prime plus 2.75%		6/29/2041			117.7				117.7				133.6				0.05	%
^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			111.6				111.6				112.2				0.04	%

69

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^KWG Industries, LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/29/2041			291.4				291.4				331.6				0.11	%
^MaidPro Marin dba MaidPro		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/28/2026			14.0				14.0				13.9				—	%
^E & P Holdings 1 LLC and Evans & Paul LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		6/28/2026			107.8				107.8				108.6				0.04	%
^Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/27/2026			597.6				597.6				594.8				0.20	%
^All Printing Solutions, Inc. dba Pryntcomm		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		6/27/2041			528.8				528.8				590.6				0.20	%
^JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/24/2026			39.8				39.8				39.7				0.01	%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast		Accommodation		Term Loan		Prime plus 2.75%		6/24/2041			96.8				96.8				110.9				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			476.2				476.2				534.3				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			179.2				179.2				203.0				0.07	%
^Visual Advantage LLC dba Signs Now Perryberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2041			87.2				87.2				98.4				0.03	%
^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				1,386.4				0.47	%
^Bagelicious, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2026			43.5				43.5				43.4				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			442.5				442.5				440.4				0.15	%
^Winegirl Wines LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		6/16/2026			9.0				9.0				9.4				—	%
^NKJ Lusby Donuts LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/16/2026			17.9				17.9				17.8				0.01	%
^Jai-Alexia Consulting, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%		6/15/2026			9.4				9.4				9.4				—	%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares		Social Assistance		Term Loan		Prime plus 2%		6/15/2041			490.0				490.0				528.1				0.18	%
^Luv 2 Play AZ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/10/2026			49.9				49.9				52.3				0.02	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/10/2026			69.0				69.0				68.7				0.02	%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2026			27.9				27.9				27.8				0.01	%

70

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^ScimTech Industries Inc dba Archer Aerospace		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%		6/6/2026			9.6				9.6				9.5				—	%
^Larry H. Patterson and Rainbow Movers, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/6/2026			17.9				17.9				17.9				0.01	%
^Solvit Inc and Solvit North Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/3/2026			202.1				202.1				204.9				0.07	%
^AP5 LLC dba Krauser's Food Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/2/2041			185.3				185.3				212.2				0.07	%
^ATI Jet Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/31/2026			408.5				408.5				413.9				0.14	%
^Angelo Faia dba AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%		5/27/2041			94.9				94.9				107.3				0.04	%
^Premier Athletic Center of Ohio, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/27/2026			69.1				69.1				72.7				0.02	%
^Mersada Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%		5/26/2026			266.5				266.5				280.5				0.10	%
^Jack Frost Firewood Inc. and David Dubinsky		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		5/26/2041			196.8				196.8				222.1				0.08	%
^Southwest Division Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		5/26/2026			6.5				6.5				6.6				—	%
^International Kitchen Supply LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		5/25/2026			147.5				147.5				149.9				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			17.8				17.8				18.7				0.01	%
^Island Life Graphics Inc dba FASTSIGNS #576		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		5/24/2026			17.8				17.8				17.8				0.01	%
^Powerspec Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/24/2026			69.0				69.0				68.6				0.02	%
^Horseshoe Barbecue, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/23/2029			10.1				10.1				10.9				—	%
^Pro Auto Repair LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/20/2026			5.8				5.8				6.1				—	%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan		Social Assistance		Term Loan		Prime plus 2.75%		5/20/2026			10.1				10.1				10.0				—	%
^National Air Cargo Holdings Inc		Air Transportation		Term Loan		Prime plus 2.75%		5/20/2026			987.1				987.1				1,038.8				0.36	%
^J&A Laundromat Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/18/2026			53.3				53.3				53.6				0.02	%

71

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^HBA LLC dba Palmetto Twist-Vista		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2026			15.3				15.3				15.4				0.01	%
^Dedicated Incorporated		Administrative and Support Services		Term Loan		Prime plus 2.75%		5/18/2041			44.4				44.4				50.4				0.02	%
^Studio Find It Georgia Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/13/2026			17.8				17.8				17.9				0.01	%
^FJN Catering Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/13/2041			250.8				250.8				287.2				0.10	%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano		Social Assistance		Term Loan		Prime plus 2.75%		5/12/2041			126.4				126.4				142.9				0.05	%
^Sabir Inc. dba Bear Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/11/2041			118.2				118.2				134.8				0.05	%
^Gator D'Lites LLC dba D'Lites Emporium		Food and Beverage Stores		Term Loan		Prime plus 2.75%		5/5/2026			17.8				17.8				17.7				0.01	%
^Warner Home Comfort, LLC dba Smith Piping		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/29/2041			78.6				78.6				88.9				0.03	%
^Keller, Fishback & Jackson LLP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/29/2026			100.7				100.7				105.9				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			17.6				17.6				17.5				0.01	%
^Empowerschool LLC and Empower Autism Academy, LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/29/2041			144.7				144.7				165.9				0.06	%
^May-Craft Fiberglass Products Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		4/29/2041			235.7				235.7				270.3				0.09	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		4/29/2041			167.3				167.3				191.8				0.07	%
^Euro Car Miami LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		4/29/2026			48.8				48.8				51.4				0.02	%
^Hard Exercise Works Winter Park LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/29/2026			31.9				31.9				31.7				0.01	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		4/29/2026			5.9				5.9				5.8				—	%
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma		Real Estate		Term Loan		Prime plus 2.75%		4/28/2026			7.0				7.0				7.0				—	%
^Pecos Inn LLC dba Econo Lodge		Accommodation		Term Loan		Prime plus 2.75%		4/28/2041			642.9				642.9				733.4				0.25	%
^Costume World Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		4/28/2041			1,192.1				1,192.1				1,367.0				0.47	%

72

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Inner Beauty Salon and Suite LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/28/2041			61.9				61.9				70.9				0.02	%
^Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/26/2026			70.4				70.4				70.1				0.02	%
^Homecare Casa Rhoda 123 Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2%		4/26/2041			640.3				640.3				693.4				0.24	%
^McIntosh Trail Management Services Organization Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/22/2041			405.3				405.3				464.8				0.16	%
^Automotive Core Recycling, LLC and 828 Old Colony Road, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/22/2041			238.1				238.1				265.9				0.09	%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		4/21/2026			6.2				6.2				6.5				—	%
^Jande Graphics LLC dba FastSigns #103201		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/21/2026			43.8				43.8				43.6				0.01	%
^Miguel Fernando Borda, P.A. dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/15/2026			17.6				17.6				17.7				0.01	%
^Sushiya Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/12/2026			68.5				68.5				69.3				0.02	%
^Sierra Foothill Cremation & Funeral Service, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/7/2026			41.4				41.4				41.2				0.01	%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/6/2041			264.3				264.3				300.5				0.10	%
^KNS Early Learning Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		4/6/2041			48.6				48.6				54.9				0.02	%
^Christian Soderquist dba Soderquist Plumbing and Heating LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/31/2041			53.9				53.9				61.8				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			58.1				58.1				57.8				0.02	%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			374.1				374.1				415.3				0.14	%
^Dana A. Farley dba Independent Cabinets		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/31/2041			64.2				64.2				73.5				0.03	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/31/2026			17.4				17.4				17.3				0.01	%
^Gill Express Inc and Blue Speed LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/31/2041			492.5				492.5				556.8				0.19	%
^NOSO Development, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%		3/30/2026			145.3				145.3				144.4				0.05	%
^Wyldewood Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		3/30/2041			960.1				960.1				1,072.3				0.37	%

73

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^MTS Car Service LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		3/30/2026			8.1				8.1				8.1				—	%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		3/30/2026			17.7				17.7				18.5				0.01	%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2041			246.2				246.2				280.9				0.10	%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West Palm		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		3/30/2026			72.7				72.7				73.0				0.02	%
^Barrocas Gym LLC dba Snap Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2026			15.1				15.1				15.5				0.01	%
^Vinmar Inc. dba Locanda Portofino		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2026			63.0				63.0				62.6				0.02	%
^Lust for Life Footwear, LLC		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%		3/29/2026			293.2				293.2				291.3				0.10	%
^Marathon Engineering Corporation		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/28/2041			42.8				42.8				48.7				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			38.8				38.8				39.4				0.01	%
^RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/25/2026			43.6				43.6				43.3				0.01	%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2026			17.7				17.7				17.7				0.01	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		3/25/2026			96.9				96.9				98.6				0.03	%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/24/2026			39.7				39.7				41.6				0.01	%
^International Construction Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		3/24/2041			47.2				47.2				53.2				0.02	%
^ActKnowledge, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/24/2026			96.9				96.9				101.8				0.03	%
^Magnation Corporation and Misha Family Trust		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/22/2041			96.5				96.5				110.5				0.04	%
^growth.period LLC and Potomac Recruiting LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2026			13.0				13.0				13.0				—	%
^Precious Care LLC and Precious Care Management LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/21/2026			438.0				438.0				436.3				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			17.4				17.4				17.3				0.01	%

74

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Kekoa Enterprises Inc dba Signarama Sandy		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2026			38.4				38.4				38.1				0.01	%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/18/2041			76.8				76.8				87.7				0.03	%
^ERT Group Inc and Curt's Tools Inspection Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%		3/18/2041			1,195.2				1,195.2				1,349.3				0.46	%
^Brian T Rice dba BD Logging		Forestry and Logging		Term Loan		Prime plus 2.75%		3/17/2026			1.4				1.4				1.5				—	%
^Evergreen Pallet LLC and Evergreen Recycle LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		3/16/2026			912.8				912.8				924.8				0.32	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/16/2026			44.3				44.3				46.5				0.02	%
^K Soles Corp dba Max Collections		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/16/2026			17.4				17.4				17.3				0.01	%
^R & D Enterprises Inc dba My Pool Man		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/15/2026			38.8				38.8				38.5				0.01	%
^HEWZ, LLC dba Hard Exercise Works		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/14/2026			17.4				17.4				17.3				0.01	%
^Mustafa Inc and Raouf Properties LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/14/2041			71.4				71.4				81.5				0.03	%
^Country Paint and Hardware Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/11/2026			67.7				67.7				67.9				0.02	%
^Accuair Control Systems LLC dba Accuair Suspension		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			116.3				116.3				116.5				0.04	%
^Dupre Capital LLC dba Fastsigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		3/11/2026			45.3				45.3				45.0				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				200.0				0.07	%
^ABCs & 123s Infant and Child Care Center LP		Social Assistance		Term Loan		Prime plus 2.75%		3/11/2026			8.7				8.7				8.7				—	%
^State Painting & Decorating Co., Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/10/2026			80.4				80.4				79.9				0.03	%
^Step Up Academy of the Arts LLC		Educational Services		Term Loan		Prime plus 2.75%		3/9/2026			6.2				6.2				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			17.4				17.4				17.8				0.01	%
^Swerve Salon LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/8/2026			61.2				61.2				60.8				0.02	%

75

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^J & W Hardwood Flooring Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/7/2026			5.8				5.8				5.8				—	%
^Labmates LLC and POV Holdings LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/4/2041			103.9				103.9				119.0				0.04	%
^Hueston and Company CPA LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/4/2026			6.3				6.3				6.3				—	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/3/2026			41.9				41.9				43.8				0.01	%
^Miles of Smiles Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/2/2026			73.8				73.8				74.0				0.03	%
^Drug Detection Laboratories, Inc. and Minh Tran		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/28/2026			15.2				15.2				15.2				0.01	%
^Powerpits CS1, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2026			14.4				14.4				14.6				—	%
^Doxa Deo Inc dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/28/2026			84.4				84.4				84.9				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			129.1				129.1				147.5				0.05	%
^Living Essentials HVAC Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/28/2026			11.5				11.5				11.5				—	%
^Consulting Solutions, Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/28/2026			8.6				8.6				9.0				—	%
^Aaradhya LLC dba Market Square Laundry		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			61.4				61.4				61.0				0.02	%
^Blackstones Hairdressing LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/23/2026			40.2				40.2				40.1				0.01	%
^R & K Contracting Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		2/18/2026			12.0				12.0				12.6				—	%
^B for Blonde, LLC dba Blo Blow Dry Bar		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/12/2026			48.2				48.2				47.9				0.02	%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/12/2029			261.2				261.2				272.0				0.09	%
^Jersey Shore Marina & Boat Sales, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		2/12/2041			594.2				594.2				680.6				0.23	%
^Ei3 Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/12/2026			251.0				251.0				263.7				0.09	%
^Base USA, Inc.		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		2/2/2026			38.4				38.4				40.4				0.01	%

76

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Zouk Ltd dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/29/2026			17.1				17.1				18.0				0.01	%
^Tammy Lavertue		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		1/28/2026			8.5				8.5				8.9				—	%
^Wildflour Bakery & Cafe LLC		Social Assistance		Term Loan		Prime plus 2.75%		1/28/2026			47.5				47.5				49.9				0.02	%
^SuzyQue's LLC dba SuzyQue's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2026			17.1				17.1				17.9				0.01	%
^Gendron Funeral and Cremation Services, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/11/2041			105.1				105.1				120.4				0.04	%
^Dolarian Realty LLC and OV's Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/5/2041			64.3				64.3				73.6				0.03	%
^MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/29/2025			14.1				14.1				14.1				—	%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/29/2025			84.7				84.7				85.3				0.03	%
^Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		12/28/2025			12.0				12.0				11.9				—	%
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/23/2040			96.9				96.9				109.8				0.04	%
^800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/23/2040			228.7				228.7				258.7				0.09	%
^Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/22/2040			285.3				285.3				322.1				0.11	%
^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			732.7				732.7				784.3				0.27	%
^Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/21/2025			13.6				13.6				13.7				—	%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/18/2025			56.4				56.4				56.6				0.02	%
^Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/18/2025			131.8				131.8				130.7				0.04	%
^Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/18/2025			44.9				44.9				45.2				0.02	%
^Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		12/18/2040			153.6				153.6				175.7				0.06	%
^Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/18/2040			626.7				626.7				709.8				0.24	%

77

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%		12/17/2025			8.1				8.1				8.1				—	%
^Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%		12/17/2025			80.1				80.1				84.0				0.03	%
^Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		12/16/2025			56.5				56.5				58.3				0.02	%
^New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/16/2025			758.9				758.9				792.9				0.27	%
^JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2025			188.3				188.3				186.7				0.06	%
^Swalm Street 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				413.5				0.14	%
^Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/16/2022			77.3				77.3				76.8				0.03	%
^Evans & Paul LLC and E&P Holdings I LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		12/15/2025			102.5				102.5				102.9				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			16.9				16.9				17.6				0.01	%
^Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/14/2040			323.7				323.7				366.1				0.13	%
^AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2025			16.9				16.9				17.6				0.01	%
^Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/11/2040			28.0				28.0				32.0				0.01	%
^Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		12/10/2025			5.6				5.6				5.9				—	%
^Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/9/2025			75.3				75.3				75.8				0.03	%
^Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/8/2025			81.9				81.9				82.5				0.03	%
^My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%		12/7/2025			26.7				26.7				26.4				0.01	%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/4/2040			475.7				475.7				540.5				0.19	%
^Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		12/2/2040			354.4				354.4				402.9				0.14	%
^Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		11/30/2025			83.0				83.0				87.0				0.03	%
^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			93.2				93.2				94.4				0.03	%

78

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/30/2025			93.8				93.8				93.8				0.03	%
^State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/25/2025			53.9				53.9				53.5				0.02	%
^DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%		11/25/2025			8.4				8.4				8.3				—	%
^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				842.5				0.29	%
^Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%		11/23/2025			8.3				8.3				8.7				—	%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		11/20/2025			67.3				67.3				67.3				0.02	%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/20/2040			232.4				232.4				258.1				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			102.4				102.4				113.8				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			594.7				594.7				680.4				0.23	%
E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%		11/11/2025			66.4				66.4				66.5				0.02	%
Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%		11/6/2025			102.7				102.7				107.4				0.04	%
JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/4/2025			228.4				228.4				239.4				0.08	%
Bisson Transportation Inc dba I & R Associates and Document Secutiry		Truck Transportation		Term Loan		Prime plus 2.75%		10/30/2025			16.6				16.6				17.2				0.01	%
^Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Gravel		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/28/2025			523.5				523.5				527.2				0.18	%
Financial Network Recovery Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/26/2025			29.6				29.6				29.3				0.01	%
ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		10/8/2025			16.6				16.6				16.6				0.01	%
R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		9/30/2025			288.5				288.5				303.3				0.10	%
Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/30/2025			16.4				16.4				16.9				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			134.3				134.3				155.7				0.05	%
Recycling Consultants, Inc. and Prairie State Salvage and Recycling Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2027			478.0				478.0				505.6				0.17	%

79

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (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			52.6				52.6				54.1				0.02	%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		9/30/2028			54.2				54.2				58.2				0.02	%
Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/28/2040			82.2				82.2				94.8				0.03	%
RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/28/2040			375.0				375.0				431.9				0.15	%
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		9/28/2025			374.5				374.5				395.0				0.14	%
Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%		9/25/2040			12.7				12.7				14.7				0.01	%
Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/25/2025			7.2				7.2				7.5				—	%
Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/25/2040			416.9				416.9				479.1				0.16	%
Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/25/2040			904.7				904.7				1,039.2				0.36	%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%		9/24/2040			587.4				587.4				677.8				0.23	%
Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/23/2040			58.3				58.3				67.2				0.02	%
J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		9/23/2025			111.4				111.4				114.6				0.04	%
Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		9/23/2025			36.5				36.5				37.6				0.01	%
Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		9/22/2040			300.8				300.8				347.1				0.12	%
Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%		9/22/2040			153.9				153.9				175.6				0.06	%
IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/21/2025			488.3				488.3				502.2				0.17	%
Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/21/2025			36.4				36.4				37.8				0.01	%
Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/18/2025			11.6				11.6				11.9				—	%
MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/18/2025			6.0				6.0				6.2				—	%
Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%		9/17/2025			91.3				91.3				94.0				0.03	%

80

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/15/2025			110.0				110.0				113.2				0.04	%
Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		9/11/2025			8.0				8.0				8.4				—	%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		9/8/2040			132.0				132.0				153.0				0.05	%
Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%		9/4/2040			643.8				643.8				746.3				0.26	%
Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/2/2025			6.0				6.0				6.2				—	%
The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		8/31/2025			902.7				902.7				942.4				0.32	%
LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/28/2025			61.1				61.1				63.7				0.02	%
Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%		8/28/2025			11.0				11.0				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			90.1				90.1				104.4				0.04	%
God Be Glorified Inc dba GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		8/20/2025			38.3				38.3				39.4				0.01	%
3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/20/2040			129.2				129.2				149.6				0.05	%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/19/2040			136.5				136.5				157.4				0.05	%
Gold Jet Corp.		Couriers and Messengers		Term Loan		Prime plus 2.75%		8/14/2025			51.9				51.9				54.1				0.02	%
SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/13/2025			61.1				61.1				63.0				0.02	%
LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		7/29/2025			89.4				89.4				93.7				0.03	%
Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		7/28/2025			46.9				46.9				48.7				0.02	%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/24/2025			47.4				47.4				49.1				0.02	%
Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		7/23/2025			16.1				16.1				16.6				0.01	%
Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		7/21/2025			46.0				46.0				47.3				0.02	%

81

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%		7/15/2040			330.7				330.7				380.0				0.13	%
Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/10/2025			73.2				73.2				76.4				0.03	%
Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/30/2025			53.1				53.1				55.7				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			198.6				198.6				228.9				0.08	%
Thrifty Market, Inc. dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%		6/30/2030			225.1				225.1				241.5				0.08	%
Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/30/2025			199.4				199.4				206.5				0.07	%
Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2040			33.5				33.5				38.4				0.01	%
Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/29/2025			238.9				238.9				246.0				0.08	%
Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/29/2025			11.3				11.3				11.6				—	%
Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		8/29/2030			245.6				245.6				264.8				0.09	%
E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/26/2025			15.9				15.9				16.4				0.01	%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling		Gasoline Stations		Term Loan		Prime plus 2.75%		6/26/2040			355.1				355.1				408.8				0.14	%
TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/26/2029			16.9				16.9				18.3				0.01	%
SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%		6/26/2025			46.9				46.9				48.1				0.02	%
CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/26/2040			126.9				126.9				145.8				0.05	%
Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/25/2040			230.8				230.8				263.6				0.09	%
Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.78%		6/25/2040			1,140.3				1,140.3				1,065.5				0.36	%
Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		6/24/2025			15.9				15.9				16.5				0.01	%
RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/23/2025			15.7				15.7				16.2				0.01	%
Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/22/2025			37.6				37.6				39.6				0.01	%
PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		6/19/2025			10.5				10.5				10.8				—	%

82

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (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			379.9				379.9				395.6				0.14	%
Inverted Healthcare Staffing of Florida LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/18/2025			33.0				33.0				33.9				0.01	%
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		6.75%		6/17/2025			316.5				316.5				309.0				0.11	%
AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/17/2040			81.1				81.1				93.8				0.03	%
Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		6/12/2025			35.5				35.5				36.5				0.01	%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		6/12/2040			129.7				129.7				147.4				0.05	%
Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/12/2040			271.2				271.2				314.0				0.11	%
Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/8/2040			52.6				52.6				60.9				0.02	%
ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/5/2025			43.9				43.9				45.2				0.02	%
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/5/2025			11.1				11.1				11.4				—	%
Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/5/2022			7.4				7.4				7.4				—	%
Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/4/2040			85.2				85.2				98.6				0.03	%
Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/3/2025			88.5				88.5				91.0				0.03	%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2025			5.8				5.8				5.9				—	%
Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		5/27/2025			6.3				6.3				6.5				—	%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%		5/20/2040			162.7				162.7				187.8				0.06	%
15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/15/2040			172.2				172.2				198.3				0.07	%
Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/8/2025			45.0				45.0				46.3				0.02	%
George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/7/2025			93.8				93.8				96.3				0.03	%

83

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
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			44.6				44.6				51.7				0.02	%
^Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		5/4/2040			93.9				93.9				106.8				0.04	%
Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%		5/1/2040			75.6				75.6				87.5				0.03	%
Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/24/2025			10.4				10.4				10.7				—	%
Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/21/2025			12.5				12.5				12.9				—	%
Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		4/21/2025			14.0				14.0				14.4				—	%
Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%		4/17/2025			15.6				15.6				16.0				0.01	%
Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%		4/14/2025			30.8				30.8				31.6				0.01	%
Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/3/2040			68.5				68.5				78.8				0.03	%
HAVANA CENTRAL NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/31/2025			198.9				198.9				208.9				0.07	%
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				807.8				0.28	%
Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		3/31/2040			398.4				398.4				454.8				0.16	%
Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		3/30/2025			71.3				71.3				74.9				0.03	%
Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		3/30/2025			85.6				85.6				89.0				0.03	%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac		Accommodation		Term Loan		Prime plus 2.75%		3/27/2040			280.4				280.4				324.2				0.11	%
Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		3/27/2025			73.0				73.0				76.1				0.03	%
Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%		3/27/2040			962.8				962.8				1,099.2				0.38	%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%		3/27/2025			847.7				847.7				868.5				0.30	%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/26/2040			50.2				50.2				58.0				0.02	%

84

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%		3/25/2025			15.4				15.4				15.8				0.01	%
Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		3/24/2025			8.2				8.2				8.4				—	%
Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/20/2040			104.5				104.5				120.9				0.04	%
Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/20/2040			40.1				40.1				46.0				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			79.3				79.3				91.7				0.03	%
MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/18/2040			149.3				149.3				171.3				0.06	%
Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/16/2040			84.8				84.8				97.5				0.03	%
BND Sebastian Limited Liability Company and Sebastian Fitness LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2040			160.3				160.3				184.8				0.06	%
Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		3/9/2040			155.9				155.9				179.3				0.06	%
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			7.7				7.7				8.1				—	%
Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%		2/27/2025			40.9				40.9				41.9				0.01	%
Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		2/26/2025			44.5				44.5				46.8				0.02	%
Kingseal LLC dba Desoto Health and Rehab Center		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%		2/26/2040			1,184.9				1,184.9				1,370.1				0.47	%
Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		2/24/2025			8.4				8.4				8.6				—	%
Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		2/19/2040			57.4				57.4				65.8				0.02	%
Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		2/18/2025			50.3				50.3				52.2				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			159.1				159.1				182.5				0.06	%
740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		2/10/2040			458.2				458.2				529.8				0.18	%
Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/29/2025			58.6				58.6				60.4				0.02	%

85

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/23/2025			55.7				55.7				57.4				0.02	%
Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/22/2025			7.6				7.6				8.0				—	%
Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		1/20/2022			4.0				4.0				4.0				—	%
^Grand Blanc Lanes, Inc. and H, H and H, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/31/2039			123.0				123.0				141.9				0.05	%
^Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/30/2024			162.4				162.4				170.1				0.06	%
First Prevention and Dialysis Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/30/2024			200.8				200.8				209.7				0.07	%
^Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		12/24/2039			1,112.3				1,112.3				1,284.5				0.44	%
^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			489.8				489.8				558.7				0.19	%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		12/23/2039			461.8				461.8				533.3				0.18	%
^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			123.9				123.9				128.0				0.04	%
^B.S. Ventures LLC dba Dink's Market		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/19/2039			49.6				49.6				57.3				0.02	%
^MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/19/2025			31.8				31.8				32.8				0.01	%
^Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		6.25%		12/19/2024			106.3				106.3				104.0				0.04	%
The Jewelers Inc. dba The Jewelers of Las Vegas		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		12/19/2024			823.6				823.6				843.8				0.29	%
^B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/17/2039			152.1				152.1				174.1				0.06	%
^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				148.5				0.05	%
^DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/25/2024			8.6				8.6				9.0				—	%
^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			109.9				109.9				126.5				0.04	%
^Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		11/25/2024			143.7				143.7				147.3				0.05	%

86

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/21/2024			27.4				27.4				28.0				0.01	%
^J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/21/2024			494.8				494.8				508.0				0.17	%
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			110.6				110.6				127.3				0.04	%
^Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		11/7/2024			0.6				0.6				0.6				—	%
^Heartland American Properties LLC and Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		10/31/2039			440.7				440.7				507.2				0.17	%
^Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%		10/27/2039			83.3				83.3				95.4				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			82.0				82.0				93.7				0.03	%
^One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/14/2024			13.3				13.3				13.6				—	%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		10/10/2039			1,173.5				1,173.5				1,355.1				0.46	%
^DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%		10/10/2039			93.6				93.6				107.9				0.04	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		10/10/2024			120.5				120.5				124.3				0.04	%
^Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2024			31.3				31.3				32.8				0.01	%
^Smith Spinal Care Center P.C. and James C. Smith		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		10/8/2039			55.3				55.3				63.6				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			113.1				113.1				130.3				0.04	%
^Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%		10/2/2024			34.3				34.3				35.9				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			234.8				234.8				272.7				0.09	%
^Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%		9/26/2039			52.8				52.8				61.5				0.02	%
^North Columbia LLC and Loop Liquor and Convenience Store LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		9/24/2039			146.2				146.2				170.2				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				501.0				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			18.4				18.4				19.1				0.01	%

87

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2039			133.6				133.6				155.7				0.05	%
^Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/17/2024			36.4				36.4				37.8				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		9/15/2024			177.0				177.0				185.0				0.06	%
Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/15/2039			393.7				393.7				458.2				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			401.5				401.5				417.5				0.14	%
^B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/10/2024			51.0				51.0				53.0				0.02	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%		8/28/2039			859.0				859.0				1,001.4				0.34	%
^Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%		8/27/2024			8.8				8.8				9.2				—	%
^Lamjam LLC, Goldsmith Lambros Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%		8/27/2024			85.2				85.2				89.6				0.03	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/26/2024			75.7				75.7				79.3				0.03	%
^Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%		8/22/2039			47.2				47.2				54.9				0.02	%
^Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2024			68.8				68.8				71.5				0.02	%
Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/15/2039			133.6				133.6				155.7				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			131.7				131.7				124.3				0.04	%
^Almost Home Property LLC and Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%		8/7/2039			677.8				677.8				789.5				0.27	%
^AGV Enterprises LLC dba Jet's Pizza #42		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			33.2				33.2				34.6				0.01	%
iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/31/2024			244.6				244.6				256.0				0.09	%
^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			19.2				19.2				22.4				0.01	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		7/24/2039			137.1				137.1				159.8				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			93.4				93.4				108.7				0.04	%
^AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/30/2039			190.1				190.1				221.4				0.08	%

88

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%		6/30/2039			799.4				799.4				930.6				0.32	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2039			576.2				576.2				666.8				0.23	%
^Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2024			61.0				61.0				64.0				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			128.9				128.9				149.8				0.05	%
^Zinger Hardware and General Merchant Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.25%		6/26/2024			43.3				43.3				42.5				0.01	%
^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				516.1				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			213.0				213.0				247.4				0.08	%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%		6/17/2039			839.7				839.7				977.5				0.33	%
^Sico & Walsh Insurance Agency Inc and The AMS Trust		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		6/6/2039			85.4				85.4				99.5				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			13.8				13.8				14.4				—	%
^Long Island Barber Institute Inc		Educational Services		Term Loan		Prime plus 2.75%		6/2/2039			50.6				50.6				58.8				0.02	%
^CJR LLC and PowerWash Plus, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/30/2024			31.9				31.9				33.4				0.01	%
^Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/30/2024			13.6				13.6				14.3				—	%
^Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		5/29/2024			78.8				78.8				81.8				0.03	%
^EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/29/2024			12.3				12.3				12.8				—	%
^Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%		5/27/2024			38.4				38.4				39.8				0.01	%
^Hae M. and Jin S. Park dba Buford Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/15/2039			150.9				150.9				175.0				0.06	%
^The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/8/2039			82.6				82.6				95.9				0.03	%
^AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%		4/29/2039			98.9				98.9				115.1				0.04	%

89

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Gerami Realty, LC Sherrill Universal City Corral, LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/23/2027			56.8				56.8				61.1				0.02	%
^Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/23/2039			18.9				18.9				22.0				0.01	%
^Island Wide Realty LLC and Long Island Partners, Inc.		Real Estate		Term Loan		Prime plus 2.75%		4/22/2039			94.3				94.3				109.8				0.04	%
^Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		4/17/2024			110.6				110.6				115.1				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			124.0				124.0				144.2				0.05	%
^Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/30/2024			99.0				99.0				103.2				0.04	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/31/2039			84.0				84.0				97.2				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			407.1				407.1				472.8				0.16	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%		3/31/2039			92.7				92.7				107.3				0.04	%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/31/2024			413.5				413.5				432.7				0.15	%
^Kemmer, LLC and Pitts Package Store, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/31/2039			107.6				107.6				124.2				0.04	%
Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		7/28/2039			115.1				115.1				133.8				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			71.9				71.9				83.6				0.03	%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/20/2039			100.5				100.5				116.9				0.04	%
^Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/18/2024			11.6				11.6				12.2				—	%
^Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2039			41.9				41.9				48.8				0.02	%
^Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		3/14/2029			811.3				811.3				880.5				0.30	%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/13/2039			202.6				202.6				235.6				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			377.9				377.9				438.2				0.15	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		2/28/2039			194.1				194.1				224.8				0.08	%

90

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%		2/28/2024			203.3				203.3				212.5				0.07	%
^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			191.0				191.0				221.3				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			92.4				92.4				96.7				0.03	%
^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			128.6				128.6				149.5				0.05	%
^JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%		2/11/2024			162.3				162.3				168.6				0.06	%
^986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/7/2039			90.1				90.1				104.5				0.04	%
^Awesome Pets II Inc dba Mellisa's Pet Depot		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		2/7/2024			48.8				48.8				50.8				0.02	%
^Sarah Sibadan dba Sibadan Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		1/27/2039			116.8				116.8				135.7				0.05	%
^Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		1/15/2024			12.4				12.4				13.0				—	%
^Nutmeg North Associates LLC, Steeltech Building Products Inc		Construction of Buildings		Term Loan		Prime plus 2.75%		12/31/2038			826.3				826.3				955.9				0.33	%
^KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/23/2028			143.9				143.9				156.3				0.05	%
^Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/20/2038			80.1				80.1				92.9				0.03	%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/19/2038			500.2				500.2				576.8				0.20	%
^TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%		12/18/2038			365.2				365.2				422.9				0.14	%
^TOL LLC dba Wild Birds Unlimited		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		12/13/2023			10.5				10.5				10.9				—	%
^920 CHR Realty LLC, V. Garofalo Carting Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		12/10/2038			376.6				376.6				437.2				0.15	%
^DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%		12/5/2038			125.0				125.0				145.1				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			93.9				93.9				108.4				0.04	%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/2/2023			222.2				222.2				230.4				0.08	%
^BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		11/27/2038			68.8				68.8				79.7				0.03	%

91

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Wallace Holdings LLC, GFA International Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%		11/25/2023			68.9				68.9				71.6				0.02	%
^AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		11/21/2023			8.6				8.6				8.8				—	%
^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			25.4				25.4				26.3				0.01	%
^Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%		11/15/2023			41.6				41.6				43.1				0.01	%
^Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%		11/14/2023			2.6				2.6				2.7				—	%
^Polpo Realty, LLC, Polpo Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/6/2038			55.9				55.9				64.9				0.02	%
^Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%		10/31/2038			849.5				849.5				983.3				0.34	%
^Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/31/2038			123.5				123.5				143.2				0.05	%
^Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		10/31/2038			535.1				535.1				618.2				0.21	%
^Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%		10/31/2023			23.9				23.9				24.9				0.01	%
^1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		10/31/2038			190.9				190.9				221.5				0.08	%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		10/24/2038			132.9				132.9				154.3				0.05	%
^Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		10/24/2023			112.6				112.6				117.6				0.04	%
^First Steps Real Estate Company, LLC (EPC) and First Steps Preschool -		Social Assistance		Term Loan		Prime plus 2.75%		9/30/2038			87.3				87.3				101.6				0.03	%
^Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			264.5				264.5				308.2				0.11	%
^LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		9/30/2038			107.6				107.6				125.4				0.04	%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%		9/30/2038			308.6				308.6				359.7				0.12	%
^Discount Wheel and Tire of Broken Bow Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		9/30/2038			200.1				200.1				233.0				0.08	%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/27/2038			299.6				299.6				349.0				0.12	%

92

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%		9/27/2038			677.5				677.5				788.5				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			89.4				89.4				104.2				0.04	%
^Eastside Soccer Dome, Inc .		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			414.7				414.7				483.4				0.17	%
^Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/26/2038			45.8				45.8				53.4				0.02	%
^Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		9/25/2023			5.1				5.1				5.3				—	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%		9/25/2038			81.3				81.3				94.6				0.03	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/20/2038			240.3				240.3				279.6				0.10	%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%		9/20/2023			25.0				25.0				26.0				0.01	%
^Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2038			100.4				100.4				116.9				0.04	%
^Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		9/18/2023			8.7				8.7				9.1				—	%
^Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%		9/13/2023			89.2				89.2				92.9				0.03	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		9/12/2028			40.6				40.6				44.2				0.02	%
^The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/12/2023			232.9				232.9				242.5				0.08	%
^Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%		9/11/2038			111.1				111.1				129.5				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			35.6				35.6				41.5				0.01	%
^B for Brunette dba Blo		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/10/2023			29.1				29.1				30.2				0.01	%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/4/2038			199.3				199.3				231.7				0.08	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%		8/30/2023			68.9				68.9				71.8				0.02	%
^ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		8/30/2023			287.0				287.0				299.8				0.10	%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%		8/30/2023			22.9				22.9				23.9				0.01	%

93

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2023			344.0				344.0				358.3				0.12	%
^Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		8/28/2023			99.3				99.3				103.2				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			42.7				42.7				44.5				0.02	%
^JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%		8/16/2023			10.2				10.2				10.6				—	%
^Island Nautical Enterprises, Inc.and Ingwall Holdings, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		8/14/2038			309.4				309.4				360.0				0.12	%
^Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		8/12/2023			11.9				11.9				12.4				—	%
^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			6.2				6.2				6.5				—	%
^Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/19/2038			82.9				82.9				96.6				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				2.5				—	%
^Tri County Heating and Cooling Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/19/2023			45.9				45.9				48.0				0.02	%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%		7/17/2023			28.0				28.0				29.1				0.01	%
^Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		6/28/2023			23.1				23.1				24.0				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			86.5				86.5				100.7				0.03	%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%		6/19/2026			441.4				441.4				472.1				0.16	%
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%		6/18/2028			637.5				637.5				693.0				0.24	%
^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			176.1				176.1				182.7				0.06	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		6/12/2038			807.7				807.7				938.6				0.32	%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%		6/5/2038			165.5				165.5				192.5				0.07	%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/5/2038			167.7				167.7				194.7				0.07	%

94

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			31.5				31.5				32.8				0.01	%
^Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		5/24/2023			23.9				23.9				24.8				0.01	%
^Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%		4/30/2023			49.2				49.2				51.0				0.02	%
^PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/30/2038			486.9				486.9				565.9				0.19	%
^Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%		4/22/2023			39.4				39.4				41.0				0.01	%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/29/2038			109.9				109.9				127.6				0.04	%
^A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%		3/27/2038			291.2				291.2				338.3				0.12	%
^Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%		3/27/2028			194.1				194.1				210.6				0.07	%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/25/2038			474.3				474.3				550.4				0.19	%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		3/22/2038			59.5				59.5				69.2				0.02	%
^Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/21/2023			41.9				41.9				43.4				0.01	%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		3/15/2023			248.5				248.5				258.3				0.09	%
^Golden Gate Lodging LLC		Accommodation		Term Loan		Prime plus 2.75%		3/12/2038			101.6				101.6				118.0				0.04	%
^Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/28/2023			50.0				50.0				51.7				0.02	%
^Osceola River Mill, LLC, Ironman Machine, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%		2/20/2038			75.9				75.9				88.2				0.03	%
^Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/19/2038			45.0				45.0				52.2				0.02	%
^Retain Loyalty LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		2/15/2038			93.7				93.7				108.7				0.04	%
^North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		2/6/2023			7.6				7.6				7.9				—	%
^Sherill Universal City dba Golden Corral LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/28/2038			388.4				388.4				451.3				0.15	%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		12/31/2022			44.8				44.8				46.2				0.02	%

95

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Macho LLC, Madelaine Chocolate Novelties Inc dba The Madelai		Food Manufacturing		Term Loan		Prime plus 2.75%		12/31/2037			440.4				440.4				511.1				0.18	%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/28/2027			29.4				29.4				31.6				0.01	%
^John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%		12/28/2022			236.4				236.4				244.4				0.08	%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/27/2037			453.6				453.6				526.4				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			30.3				30.3				31.4				0.01	%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/30/2037			251.6				251.6				291.9				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			200.2				200.2				232.4				0.08	%
^D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		11/27/2022			4.4				4.4				4.5				—	%
^Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%		11/27/2037			161.9				161.9				187.8				0.06	%
^DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		11/26/2022			27.3				27.3				28.3				0.01	%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%		11/21/2037			84.1				84.1				97.6				0.03	%
^Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		11/21/2022			123.2				123.2				127.6				0.04	%
^R & J Petroleum LLC Manar USA, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		11/20/2037			157.3				157.3				182.5				0.06	%
^St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		11/19/2022			9.4				9.4				9.8				—	%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/9/2022			10.0				10.0				10.4				—	%
^Reidville Hydraulics Mfg Inc dba Summit		Machinery Manufacturing		Term Loan		Prime plus 2.75%		11/2/2037			232.8				232.8				269.6				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			81.4				81.4				84.1				0.03	%
^University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/27/2022			32.9				32.9				34.1				0.01	%
^O'Rourkes Diner LLC dba O'Rourke's Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		9/19/2037			57.0				57.0				66.2				0.02	%
AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%		8/27/2022			6.9				6.9				7.1				—	%

96

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%		8/17/2037			312.5				312.5				363.5				0.12	%
^Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		7/27/2022			6.1				6.1				6.3				—	%
^Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%		7/27/2022			44.4				44.4				46.0				0.02	%
^Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/29/2037			248.8				248.8				288.9				0.10	%
^Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/29/2022			604.3				604.3				624.9				0.21	%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%		6/27/2037			60.1				60.1				69.8				0.02	%
^KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/15/2022			20.1				20.1				20.7				0.01	%
^Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		6/14/2022			8.1				8.1				8.4				—	%
^ALF, LLC, Mulit-Service Eagle Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		5/31/2037			54.1				54.1				62.8				0.02	%
^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			8.9				8.9				9.2				—	%
^Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		4/27/2022			3.1				3.1				3.2				—	%
^Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%		4/12/2022			214.0				214.0				221.3				0.08	%
^Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		4/5/2022			1.8				1.8				1.9				—	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/30/2022			68.8				68.8				71.0				0.02	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%		3/23/2037			2,623.4				2,623.4				2,487.0				0.85	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6.25%		3/23/2022			567.6				567.6				561.2				0.19	%
Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/23/2028			70.9				70.9				77.1				0.03	%
^Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		3/22/2027			773.8				773.8				834.5				0.29	%
ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%		12/28/2026			537.1				537.1				578.0				0.20	%

97

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		12/22/2036			348.9				348.9				403.9				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			25.8				25.8				26.5				0.01	%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%		12/16/2021			85.6				85.6				88.1				0.03	%
Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%		12/8/2021			86.2				86.2				88.7				0.03	%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		10/26/2021			20.0				20.0				20.6				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			7.3				7.3				7.5				—	%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			70.0				70.0				80.9				0.03	%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		9/30/2036			23.8				23.8				27.5				0.01	%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		9/30/2021			96.3				96.3				98.9				0.03	%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		9/28/2021			333.8				333.8				342.8				0.12	%
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			20.1				20.1				20.6				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			13.9				13.9				16.1				0.01	%
Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%		8/19/2036			112.3				112.3				129.8				0.04	%
Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		8/19/2021			55.2				55.2				56.7				0.02	%
Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%		8/12/2036			35.6				35.6				41.2				0.01	%
LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/3/2036			64.7				64.7				74.8				0.03	%
MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/30/2036			213.2				213.2				246.2				0.08	%
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			37.5				37.5				43.3				0.01	%

98

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		6/29/2036			293.7				293.7				339.1				0.12	%
Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		6/13/2036			213.7				213.7				246.8				0.08	%
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				453.6				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			12.7				12.7				13.0				—	%
Modern on the Mile, LLC dba Ligne Roset		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		5/25/2021			58.2				58.2				59.6				0.02	%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%		4/20/2036			105.8				105.8				122.2				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				131.4				0.04	%
Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%		3/24/2036			12.8				12.8				14.8				0.01	%
Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/21/2021			15.0				15.0				15.4				0.01	%
Stephen Frank, Patricia Frank and Suds Express LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		2/25/2023			24.8				24.8				25.8				0.01	%
SuzyQue’s LLC dba Suzy Que’s		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/11/2036			50.5				50.5				58.2				0.02	%
^Little People’s Village, LLC dba Little People’s Village		Social Assistance		Term Loan		Prime plus 2.75%		1/31/2036			25.6				25.6				29.5				0.01	%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%		1/28/2036			93.4				93.4				107.7				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				1,251.9				0.43	%
^Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		12/17/2035			22.7				22.7				26.2				0.01	%
Lodin Medical Imaging, LLC dba Watson Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/1/2020			15.2				15.2				15.5				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			27.8				27.8				32.0				0.01	%
K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%		9/30/2020			3.8				3.8				3.8				—	%
Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		9/30/2035			184.9				184.9				212.5				0.07	%
Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%		9/29/2020			16.6				16.6				16.9				0.01	%

99

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		9/20/2020			41.3				41.3				42.0				0.01	%
Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%		9/17/2020			3.9				3.9				4.0				—	%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/2/2035			40.7				40.7				46.8				0.02	%
Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%		9/2/2035			201.0				201.0				231.0				0.08	%
DDLK Investments LLC d/b/a Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/30/2020			0.3				0.3				0.3				—	%
Members Only Software, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		8/30/2020			7.3				7.3				7.5				—	%
ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%		6/30/2020			8.6				8.6				8.7				—	%
I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%		6/29/2035			60.4				60.4				69.3				0.02	%
Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/25/2020			5.1				5.1				5.2				—	%
CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%		6/25/2020			3.4				3.4				3.5				—	%
Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/22/2035			76.0				76.0				87.2				0.03	%
Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%		7/8/2028			32.8				32.8				35.8				0.01	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			0.9				0.9				0.9				—	%
ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		6/28/2020			1.2				1.2				1.2				—	%
Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%		6/21/2020			6.0				6.0				6.1				—	%
New Economic Methods LLC dba Rita's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2020			0.3				0.3				0.3				—	%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		4/26/2020			0.9				0.9				0.9				—	%
Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		12/30/2034			33.8				33.8				38.7				0.01	%
Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2024			21.9				21.9				23.0				0.01	%
David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		12/11/2019			0.9				0.9				0.9				—	%

100

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%		11/19/2034			46.2				46.2				52.8				0.02	%
^ROVER REPAIRS		Repair and Maintenance		Term Loan		Prime plus 2.5%		11/28/2029			47.8				47.8				52.1				0.02	%
^The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%		3/10/2021			6.0				6.0				6.0				—	%
D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%		8/1/2031			45.9				45.9				44.1				0.02	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%		8/31/2019			65.7				65.7				65.5				0.02	%
^Zog Inc.		Other Information Services		Term Loan		Prime plus 2.75%		4/30/2020			27.9				27.9				28.3				0.01	%
^Connect Litigation Technology, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2%		10/18/2025			22.0				22.0				22.9				0.01	%
1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%		5/18/2032			11.3				11.3				12.7				—	%
Water Works Laundromat, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.25%		9/7/2027			156.6				156.6				166.5				0.06	%
Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%		2/5/2026			25.9				25.9				27.7				0.01	%
Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%		1/5/2027			156.6				156.6				169.0				0.06	%
Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		1/27/2031			8.1				8.1				9.0				—	%
Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%		10/28/2026			2.7				2.7				2.9				—	%
^Mogas Limited		Gasoline Stations		Term Loan		Prime plus 2.75%		5/31/2030			65.0				65.0				72.0				0.02	%
^Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%		5/2/2030			57.6				57.6				63.8				0.02	%
Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%		3/31/2030			8.0				8.0				8.8				—	%
Nancy Carapelluci & A & M Seasonal Corner Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		3/1/2025			11.3				11.3				12.0				—	%
^Patricia Hughes Jones, MD PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		1/13/2020			1.4				1.4				1.5				—	%
Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5.3%		2/1/2025			2.0				2.0				2.0				—	%

101

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		6%		8/26/2024			13.4				13.4				13.1				—	%
McCallister Venture Group, LLC and Maw's Vittles, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/30/2029			10.3				10.3				11.3				—	%
Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%		2/27/2024			6.9				6.9				7.2				—	%
Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%		4/9/2029			13.6				13.6				14.4				—	%
Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%		11/10/2028			14.9				14.9				15.9				0.01	%
Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		1/30/2028			14.9				14.9				16.3				0.01	%
Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%		4/5/2029			37.1				37.1				40.3				0.01	%
Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%		8/17/2023			5.5				5.5				5.4				—	%
RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%		1/31/2023			4.7				4.7				4.9				—	%
Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%		6/29/2025			6.9				6.9				7.2				—	%
Ralph Werner dba Werner Transmission Inc		Gasoline Stations		Term Loan		Prime plus 2.75%		12/29/2021			1.4				1.4				1.4				—	%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%		9/14/2023			27.1				27.1				26.7				0.01	%
OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%		3/12/2022			2.4				2.4				2.5				—	%
Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%		6/16/2025			3.9				3.9				4.1				—	%
^Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%		2/14/2025			21.3				21.3				22.2				0.01	%
^Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%		11/25/2024			19.5				19.5				20.3				0.01	%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%		3/13/2023			4.9				4.9				5.1				—	%
^Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%		5/31/2023			14.0				14.0				14.5				—	%
^Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%		3/31/2024			22.0				22.0				22.9				0.01	%
Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%		1/14/2023			4.3				4.3				4.5				—	%
^Karis, Inc.		Accommodation		Term Loan		Prime plus 2%		12/22/2023			9.9				9.9				10.2				—	%

102

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/11/2019			1.2				1.2				1.3				—	%
^Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%		9/30/2023			35.5				35.5				36.8				0.01	%
^Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%		3/27/2023			2.2				2.2				2.3				—	%
Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%		12/23/2022			6.6				6.6				6.9				—	%
^Delyannis Iron Works		Fabricated Metal Product Manufacturing		Term Loan		6%		12/8/2022			3.9				3.9				3.8				—	%
P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/18/2021			4.7				4.7				4.8				—	%
Total Performing SBA Unguaranteed Investments											$	331,752.1			$	331,752.1			$	344,457.4			117.96	%
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				351.2				0.12	%
*^A & A Auto Care LLC		Repair and Maintenance		Term Loan		7.5%		3/9/2026			10.4				10.4				4.5				—	%
*A & A Auto Care, LLC d/b/a A & A Auto Care, LLC		Repair and Maintenance		Term Loan		7.25%		8/12/2036			88.0				88.0				86.7				0.03	%
*^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			478.2				478.2				305.2				0.10	%
*Alive Design, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/13/2027			17.0				17.0				14.8				0.01	%
*Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		7%		6/24/2025			369.9				369.9				353.8				0.12	%
*^American Reclamation LLC		Furniture and Related Product Manufacturing		Term Loan		8%		11/1/2027			7.2				7.2				6.5				—	%
*Anderson Farms Inc		Truck Transportation		Term Loan		7.5%		12/22/2027			1,170.1				1,170.1				963.5				0.33	%
*^Arclay ,LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%		5/5/2030			137.1				137.1				132.9				0.05	%
*^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud		Gasoline Stations		Term Loan		7.75%		9/26/2024			15.7				15.7				15.2				0.01	%
*AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%		6/1/2028			26.1				26.1				17.6				0.01	%
*AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%		4/30/2025			34.4				34.4				1.3				—	%
*B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%		3/30/2021			11.0				11.0				10.5				—	%

103

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		7%		8/27/2040			532.9				532.9				501.4				0.17	%
*B&B Fitness and Barbell, Inc. dba Elevations Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		6%		6/22/2035			200.7				200.7				130.5				0.04	%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%		3/29/2036			177.4				177.4				84.7				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				37.6				0.01	%
*^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			1,608.1				1,671.1				424.4				0.15	%
*^Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		7.25%		12/30/2024			85.4				85.4				81.5				0.03	%
*Bebos Inc dba Pizza Hut & Sunoco		Gasoline Stations		Term Loan		7.75%		3/28/2028			214.1				214.1				103.9				0.04	%
*^Bike Slug Holdings Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		12/28/2028			8.9				8.9				—				—	%
*^Bike Slug, LLC, Bike Slug Holdings Inc. and Seven Rivers Group ,LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%		2/17/2027			17.0				17.0				2.7				—	%
*^Bobcatt Solutions, LLC		Specialty Trade Contractors		Term Loan		8%		11/8/2027			17.4				17.4				16.6				0.01	%
*Bone Bar & Grill LLC		Food Services and Drinking Places		Term Loan		7%		6/30/2042			73.4				73.4				58.7				0.02	%
*Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/30/2031			179.3				179.3				168.3				0.06	%
*Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		6.75%		2/27/2025			724.2				724.2				—				—	%
*Calhoun Satellite Communications, Inc.		Telecommunications		Term Loan		7%		12/2/2026			189.1				189.1				40.6				0.01	%
*Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC		Ambulatory Health Care Services		Term Loan		7.75%		5/15/2025			556.4				556.4				324.6				0.11	%
*^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber		Transit and Ground Passenger Transportation		Term Loan		7.5%		9/30/2027			573.2				573.2				546.7				0.19	%
*^Central Ohio Cleaners Inc		Personal and Laundry Services		Term Loan		7%		6/13/2024			90.5				90.5				4.3				—	%
*Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%		12/22/2035			59.0				59.0				58.1				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				—				—	%
*^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%		8/29/2041			73.3				73.3				65.8				0.02	%

104

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%		9/15/2027			58.6				58.6				—				—	%
*^CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's		Food Manufacturing		Term Loan		7%		12/27/2023			462.3				462.3				426.0				0.15	%
*^CM Lab Inc		Professional, Scientific, and Technical Services		Term Loan		6.75%		5/20/2026			166.1				166.1				110.4				0.04	%
*^Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai		Repair and Maintenance		Term Loan		6.75%		9/26/2039			553.3				553.3				519.5				0.18	%
*Custom Software, Inc. a Colorado Corporation dba M-33 Access		Professional, Scientific, and Technical Services		Term Loan		6.25%		6/17/2021			253.7				253.7				226.1				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			46.2				46.2				13.9				—	%
*Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		10/29/2034			114.3				114.3				107.3				0.04	%
*Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/12/2019			1.6				1.6				1.5				—	%
*Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand		Printing and Related Support Activities		Term Loan		8%		5/27/2021			5.5				5.5				5.2				—	%
*^MLM Enterprises LLC and Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		11/18/2024			50.2				50.2				47.1				0.02	%
*^Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		12/15/2027			17.0				17.0				15.9				0.01	%
*^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/16/2026			17.8				17.8				16.8				0.01	%
*^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		5/25/2027			199.2				199.2				76.3				0.03	%
*^Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC		Ambulatory Health Care Services		Term Loan		7.5%		9/29/2042			869.9				869.9				599.0				0.21	%
*^Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery		Ambulatory Health Care Services		Term Loan		7.5%		12/18/2027			122.3				122.3				—				—	%
*Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		8%		12/22/2027			726.2				726.2				470.8				0.16	%
*Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%		1/18/2028			129.0				129.0				—				—	%
*DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		7%		6/2/2025			54.8				54.8				53.1				0.02	%
*^DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty		Wood Product Manufacturing		Term Loan		Prime plus 2.75%		2/2/2040			210.1				210.1				197.2				0.07	%
*^E & I Holdings, LP & PA Farm Products, LLC		Food Manufacturing		Term Loan		6%		4/30/2030			4,705.2				4,820.9				2,782.5				0.95	%

105

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Earth First Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%		12/6/2027			72.8				72.8				68.4				0.02	%
*^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				317.4				0.11	%
*Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%		9/26/2022			312.9				312.9				17.1				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			11.3				11.3				8.6				—	%
*^Evernook Valley Milk LLC		Animal Production and Aquaculture		Term Loan		7.5%		8/31/2042			637.5				637.5				564.3				0.19	%
*EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%		1/31/2023			86.4				86.4				—				—	%
*Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		7.75%		12/20/2027			286.5				286.5				59.0				0.02	%
*New Image Building Services, Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		7.75%		8/23/2037			251.5				251.5				165.9				0.06	%
*New Image Building Services Inc. dba New Image Repair Services; The Ma		Repair and Maintenance		Term Loan		7.75%		10/29/2023			197.1				197.1				—				—	%
*^New Image Building Services, Inc. dba The Maids serving Oakland and Ma		Administrative and Support Services		Term Loan		7.75%		1/19/2026			67.8				67.8				—				—	%
*^New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco		Administrative and Support Services		Term Loan		7.75%		12/21/2026			39.0				39.0				—				—	%
*^New Image Building Services, Inc.		Administrative and Support Services		Term Loan		7.75%		5/18/2027			138.9				138.9				—				—	%
*Farec, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		7.5%		12/29/2042			259.4				259.4				248.3				0.09	%
*^Galaforo Construction and Companies LLC		Construction of Buildings		Term Loan		7.5%		12/15/2042			207.8				207.8				201.4				0.07	%
*Galaforo Construction LLC and Paul M Galaforo, Jr.		Construction of Buildings		Term Loan		7.5%		12/15/2027			329.0				329.0				135.7				0.05	%
*^Gino Italian American Deli and Meat Market Inc		Food and Beverage Stores		Term Loan		7%		7/25/2041			119.9				119.9				102.1				0.03	%
*Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%		2/20/2023			19.0				19.0				17.8				0.01	%
*^Green Country Filter Manufacturing LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%		4/27/2026			68.3				68.3				55.4				0.02	%
*^Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%		12/17/2023			8.8				8.8				8.5				—	%
*Guzman Group,LLC		Rental and Leasing Services		Term Loan		6%		9/30/2019			173.8				173.8				2.5				—	%
*Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%		9/24/2040			311.5				311.5				292.5				0.10	%

106

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*Harrelson Materials Management,Inc		Waste Management and Remediation Services		Term Loan		6%		6/24/2021			465.2				465.2				24.6				0.01	%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC		Ambulatory Health Care Services		Term Loan		6.25%		6/30/2026			462.5				462.5				—				—	%
*^Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		7%		3/26/2024			96.1				96.1				53.0				0.02	%
*^HG Ventures, Inc.		Truck Transportation		Term Loan		7.5%		3/9/2028			120.9				120.9				93.0				0.03	%
*^HG Ventures, Inc. dba Diamond Head Trucking		Truck Transportation		Term Loan		7.5%		6/29/2030			897.0				897.0				693.8				0.24	%
*Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		6.25%		6/30/2040			0.4				0.4				0.4				—	%
*^Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%		11/30/2025			13.6				13.6				13.4				—	%
*^Ian Winterbotham dba Furnishing America		Furniture and Home Furnishings Stores		Term Loan		8%		11/17/2027			87.7				87.7				—				—	%
*^InformationTelevision Network Inc		Motion Picture and Sound Recording Industries		Term Loan		7.5%		9/22/2041			823.0				823.0				784.9				0.27	%
*^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				29.1				0.01	%
*J Harris Trucking LLC		Truck Transportation		Term Loan		7.25%		5/19/2027			18.7				18.7				8.2				—	%
*^J Harris Trucking, LLC		Truck Transportation		Term Loan		7.25%		5/13/2026			38.1				38.1				34.6				0.01	%
*J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%		6/28/2025			628.4				628.4				45.5				0.02	%
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		7%		10/23/2025			9.4				9.4				—				—	%
*Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%		6/29/2036			98.8				98.8				9.7				—	%
*Juliador Resources LLC DBA Cue Hair Salon and Skin Care		Personal and Laundry Services		Term Loan		7.25%		5/24/2027			21.9				21.9				19.8				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				8.1				—	%
*^Kids at Heart,LLC dba Monster Mini Golf		Amusement, Gambling, and Recreation Industries		Term Loan		6.75%		9/22/2026			20.2				20.2				15.5				0.01	%
*^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox		Social Assistance		Term Loan		8%		3/21/2039			133.3				133.3				125.1				0.04	%
*^Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		8%		2/6/2040			61.9				61.9				34.2				0.01	%
*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			70.5				70.5				32.6				0.01	%
*Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		6.25%		10/23/2025			54.7				54.7				—				—	%
*L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		7.25%		10/28/2025			60.6				60.6				9.4				—	%

107

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		7.25%		9/28/2037			617.8				617.8				589.3				0.20	%
*^Las Casuelas Del Este Inc.		Food Services and Drinking Places		Term Loan		7%		9/29/2041			253.4				253.4				—				—	%
*^Lowgap Grocery & Grill LLC		General Merchandise Stores		Term Loan		7.25%		3/24/2041			48.0				48.0				40.3				0.01	%
*M & H Pine Straw Inc and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%		3/21/2023			197.4				197.4				57.9				0.02	%
*M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%		4/30/2020			54.2				54.2				51.7				0.02	%
*M & H Pine Straw, Inc.and Harris Maloy		Support Activities for Agriculture and Forestry		Term Loan		7.5%		7/10/2020			27.4				27.4				19.7				0.01	%
*M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%		12/15/2021			133.8				133.8				48.3				0.02	%
*^M and C Renovations Inc		Construction of Buildings		Term Loan		6.25%		10/31/2024			12.8				12.8				8.2				—	%
*^Mariam Diner Inc dba Country Kitchen Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/18/2026			42.8				42.8				24.3				0.01	%
*Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		6.25%		8/3/2022			121.4				121.4				98.5				0.03	%
*^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				13.1				—	%
*Mojo Brands Media, LLC		Broadcasting (except Internet)		Term Loan		6%		8/28/2023			725.0				725.0				335.5				0.11	%
*^Morris Glass and Construction Inc		Specialty Trade Contractors		Term Loan		15%		10/1/2023			437.3				437.3				418.3				0.14	%
*Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		7.75%		6/16/2025			100.8				100.8				65.1				0.02	%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer		Repair and Maintenance		Term Loan		7%		1/29/2026			96.9				96.9				34.1				0.01	%
*^Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC		Truck Transportation		Term Loan		Prime plus 2.75%		6/20/2028			603.5				603.5				275.0				0.09	%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa		Heavy and Civil Engineering Construction		Term Loan		7%		9/28/2026			571.2				571.2				26.7				0.01	%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv		Heavy and Civil Engineering Construction		Term Loan		7%		9/28/2041			110.1				110.1				105.0				0.04	%
*^Peckett's Inc		Crop Production		Term Loan		7%		7/27/2041			85.7				85.7				65.0				0.02	%
*Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		7%		7/23/2040			100.3				100.3				98.7				0.03	%
*^Ramjay Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%		1/13/2027			389.4				389.4				322.3				0.11	%

108

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (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		7%		9/15/2027			136.9				136.9				79.4				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			111.5				111.5				71.5				0.02	%
*^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				123.4				0.04	%
*^Scoler LLC dba Gold's Gym		Amusement, Gambling, and Recreation Industries		Term Loan		7.75%		4/29/2026			210.5				210.5				207.2				0.07	%
*Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		6.75%		7/25/2022			32.1				32.1				26.1				0.01	%
*^SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		7.5%		12/15/2040			108.5				108.5				106.8				0.04	%
*Select Propane & Fuel Inc. and Select Fuel & Convenience LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%		2/10/2030			592.5				592.5				108.5				0.04	%
*Shaffer Automotive Repair, LLC		Repair and Maintenance		Term Loan		7%		5/24/2030			132.8				132.8				66.2				0.02	%
*Shane M. Howell and Buck Hardware and Garden Center, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.5%		12/27/2038			113.4				113.4				87.2				0.03	%
*Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		6.25%		12/20/2032			3.3				3.3				—				—	%
*^Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		7.75%		12/31/2018			22.9				22.9				22.6				0.01	%
*^SNS of Central Alabama, LLC dba Steak N Shake dba Steak N Shake Bigl		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/21/2026			45.2				45.2				43.8				0.01	%
*^Soregard Inc		Furniture and Related Product Manufacturing		Term Loan		7.5%		6/30/2041			158.9				158.9				80.5				0.03	%
*^Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		6.5%		12/17/2025			45.0				45.0				42.9				0.01	%
*Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		6.75%		2/7/2024			649.5				649.5				507.5				0.17	%
*Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/18/2023			30.6				30.6				29.2				0.01	%
*STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%		5/9/2037			31.6				31.6				11.5				—	%
*Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		7.25%		9/23/2025			53.1				53.1				—				—	%
*^Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		7.75%		11/25/2024			102.9				102.9				37.5				0.01	%
*^Street Magic Enterprise LLC		Gasoline Stations		Term Loan		7.75%		12/21/2027			86.3				86.3				16.2				0.01	%
*^Street Magic Enterprise LLC dba New Lisbon Travel Mart		Gasoline Stations		Term Loan		7.5%		11/7/2042			419.0				419.0				399.6				0.14	%
*^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		7.25%		8/29/2041			635.4				635.4				531.7				0.18	%

109

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (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		7.5%		8/29/2026			536.6				536.6				445.3				0.15	%
*T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7%		3/31/2025			23.0				23.0				20.7				0.01	%
*^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7.25%		6/17/2026			204.5				204.5				—				—	%
*T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7.25%		12/7/2026			95.2				95.2				92.2				0.03	%
*Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		7.75%		10/14/2025			71.1				71.1				44.3				0.02	%
*^Tarver-Henley Inc. and Tar-Hen LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.75%		6/21/2042			314.6				314.6				219.9				0.08	%
*^The Delon Group LLC dba I Love Juice Bar		Food Services and Drinking Places		Term Loan		7%		5/12/2026			18.6				18.6				17.7				0.01	%
*^Tim's Tire & Automotive Center, LLC		Support Activities for Transportation		Term Loan		7%		8/16/2026			410.2				410.2				—				—	%
*^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The		Accommodation		Term Loan		7%		9/29/2039			489.6				489.6				467.0				0.16	%
*Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		6.75%		11/16/2021			32.9				32.9				32.4				0.01	%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio		Telecommunications		Term Loan		7%		12/2/2041			141.3				141.3				66.8				0.02	%
*^Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		7.5%		12/11/2025			10.3				10.3				7.4				—	%
*^TX Superior Communications, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%		3/19/2028			88.5				88.5				56.2				0.02	%
*^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance		Motor Vehicle and Parts Dealers		Term Loan		7.5%		9/29/2029			295.3				295.3				186.4				0.06	%
*Vision Collision Center LLC dba Integrity Auto Body & Vision Automoti		Repair and Maintenance		Term Loan		7.5%		11/21/2027			349.2				349.2				—				—	%
*Warner Family Restaurant LLC dba Burgerim		Food Services and Drinking Places		Term Loan		8%		5/3/2028			20.1				20.1				2.8				—	%
*^Webb Eye Associates, PA		Ambulatory Health Care Services		Term Loan		7.25%		7/19/2027			71.2				71.2				29.0				0.01	%
*^Wilban LLC		Food Services and Drinking Places		Term Loan		7.5%		3/11/2026			93.2				93.2				88.9				0.03	%
*^Wilban LLC		Food Services and Drinking Places		Term Loan		7.25%		3/28/2039			402.7				402.7				298.6				0.10	%
*Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		7.5%		1/10/2028			5.2				5.2				5.1				—	%

110

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		7.5%		7/28/2027			47.1				47.1				46.3				0.02	%
Total Non-Performing Unguaranteed SBA Investments											$	38,397.2			$	38,575.9			$	22,311.3			7.64	%
Total Unguaranteed SBA Investments											$	370,149.3			$	370,328.0			$	366,768.7			125.60	%
Performing and Non-Performing SBA Guaranteed Investments (4)
Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 6.5%		2/27/2029			12.5				12.5				13.8				—	%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/27/2029			32.3				32.3				35.6				0.01	%
Cocomo Joe's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2029			19.6				19.6				21.6				0.01	%
Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%		3/28/2029			85.0				85.0				93.8				0.03	%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2044			2,475.0				2,475.0				2,785.6				0.95	%
Peak Performance Associates LLC dba Nova Hypnosis and Wellness		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2029			180.0				180.0				198.6				0.07	%
NuBe Business Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		3/29/2044			123.0				123.0				138.9				0.05	%
Felipe Antonio Del Valle M.D. P.A.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/29/2029			85.0				85.0				93.8				0.03	%
Pizzaplex L3C		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/29/2029			134.3				134.3				148.2				0.05	%
EJ & James Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/29/2029			53.6				53.6				59.1				0.02	%
Key HR Associates, Inc dba Parents Choice for Kids		Social Assistance		Term Loan		Prime plus 2.75%		3/29/2044			1,361.3				1,361.3				1,536.9				0.53	%
Knoxville Room Service		Food and Beverage Stores		Term Loan		Prime plus 2.75%		3/29/2029			38.3				38.3				42.2				0.01	%
Outtasight Careers, LLC dba Gecko Hospitality		Administrative and Support Services		Term Loan		Prime plus 2.75%		3/29/2029			156.0				156.0				172.2				0.06	%
Turtle Shirts, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%		3/29/2029			161.3				161.3				177.9				0.06	%
Pirate Cove Marina Inc, DRK Irrevocable Trust, BEK Irrevocable Trust		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/29/2044			2,981.3				2,981.3				3,353.9				1.15	%

111

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
La Favorita Radio Network		Broadcasting (except Internet)		Term Loan		Prime plus 2.75%		3/29/2029			1,125.0				1,125.0				1,240.6				0.42	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%		10/14/2043			1,243.5				1,243.5				1,375.7				0.47	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/28/2044			101.4				101.4				114.5				0.04	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%		4/30/2043			368.6				368.6				413.8				0.14	%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagel, New York Bagel		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/23/2029			102.5				102.5				112.3				0.04	%
*AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%		6/1/2028			78.2				78.2				85.2				0.03	%
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		5/29/2044			962.0				962.0				1,080.4				0.37	%
Bio-Haz Solutions, Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%		3/29/2029			631.6				631.6				695.7				0.24	%
National Stone LTD and NSI Group Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%		8/31/2044			591.5				591.5				664.9				0.23	%
Hackstaff Restaurants LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/15/2029			312.5				312.5				344.7				0.12	%
UK, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/30/2029			134.4				134.4				148.3				0.05	%
JP Dhillon's Foods LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/1/2029			191.6				191.6				211.4				0.07	%
Vancole Investments, Inc. dba Smoothie King #913		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		5/7/2044			821.9				821.9				927.5				0.32	%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		3/16/2029			116.6				116.6				128.6				0.04	%
Thames Aquatic Club, LLC		Educational Services		Term Loan		Prime plus 2.75%		7/21/2029			59.6				59.6				65.8				0.02	%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		3/19/2029			126.4				126.4				139.5				0.05	%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll		Personal and Laundry Services		Term Loan		Prime plus 2.75%		9/19/2044			182.9				182.9				206.4				0.07	%
Healthy and Fresco LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		2/20/2029			103.4				103.4				114.1				0.04	%
Accel Compression Inc.,Accel Workover Services Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%		6/21/2044			374.6				374.6				422.9				0.14	%

112

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		4/11/2029			117.6				117.6				129.7				0.04	%
Better Dayz PT, Inc. dba Physical Therapy Now		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%		3/7/2029			63.1				63.1				69.7				0.02	%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%		5/8/2029			415.7				415.7				458.8				0.16	%
M & M Burgers Inc dba Checkers		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		7/15/2029			222.1				222.1				245.1				0.08	%
Mill Creek Early Childhood Program LLC		Social Assistance		Term Loan		Prime plus 2.75%		6/11/2029			32.3				32.3				35.6				0.01	%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		6/15/2029			42.5				42.5				46.9				0.02	%
Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%		3/27/2029			150.0				150.0				165.5				0.06	%
PA Sobol Partners LLC dba Sobal		Food Services and Drinking Places		Term Loan		Prime plus 2.75%		8/28/2029			63.8				63.8				70.4				0.02	%
Total SBA Guaranteed Performing and Non-Performing Investments											$	16,633.8			$	16,633.8			$	18,586.1			6.36	%
Total SBA Unguaranteed and Guaranteed Investments											$	386,783.1			$	386,961.8			$	385,354.8			131.97	%
Controlled Investments (5) (21)
*Advanced Cyber Security Systems, LLC (6), (20)		Data processing, hosting and related services.		50% Membership Interest		—%		—			—				—				—				—	%
				Term Loan		3%		December 2014			381.0				381.0				—				—	%
*Automated Merchant Services, Inc. (7), (20)		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				5,000.0				1.71	%
				Line of Credit		Prime plus 2.5%		December 2019			5,000.0				5,000.0				5,000.0				1.71	%
				Term Loan		10%		April 2020			525.0				525.0				525.0				0.18	%
*Newtek Technology Solutions, Inc. (11)		Data processing, hosting and related services.		100% Common Stock		—%		—			—				8,384.0				7,000.0				2.40	%
				Line of Credit		LIBOR plus 2.5%		November 2028			7,200.0				7,200.0				7,200.0				2.47	%
*Newtek Insurance Agency, LLC (13)		Insurance Carriers and Related Activities		100% Membership Interest		—%		—			—				135.0				2,215.0				0.76	%

113

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
*PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				1,291.1				—				—	%
				Term Loan		10%-12%		Various maturities through May 2020			2,685.0				2,685.0				—				—	%
Small Business Lending, LLC (12), (20)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				598.0				3,948.0				1.35	%
*ADR Partners, LLC dba banc-serv Partners, LLC (12)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				7,041.2				—				—	%
International Professional Marketing, Inc. (16)		Professional, Scientific, and Technical Services		100% Common Stock		—%		—			—				4,000.0				3,300.0				1.13	%
				Line of Credit		Prime plus 0.5%		April 2021			300.0				300.0				300.0				0.10	%
SIDCO, LLC (16)		Professional, Scientific, and Technical Services		100% Membership Interest		—%		—			—				7,119.7				7,500.0				2.57	%
				Line of Credit		Prime plus 0.5%		July 2019			100.0				100.0				100.0				0.03	%
Newtek Merchant Solutions, LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				16,438.0				116,250.0				39.81	%
Mobil Money, LLC (17)		Data processing, hosting and related services.		100% Membership Interest		—%		—			—				2,980.0				2,980.0				1.02	%
Newtek Business Lending, LLC (10)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—%		—			—				6,063.0				9,063.0				3.10	%
Newtek Conventional Lending, LLC (18)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		50% Membership Interest		—%		—			—				12.5				12.5				—	%
Titanium Asset Management, LLC (14)		Administrative and Support Services		Term Loan		10%		Various maturities through March 2021			1,093.9				1,093.9				900.0				0.31	%
				100% Membership Interest		—%		—			—				—				—				—	%
Excel WebSolutions, LLC (15)		Data processing, hosting and related services.		Term Loan		10%		September 2020			159.2				159.2				—				—	%

114

See accompanying notes to unaudited condensed consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS MARCH 31, 2019 (UNAUDITED) (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)		Maturity			Principal				Cost				Fair Value				% of Net Assets
				50% Membership Interest		—		—			—				—				—				—	%
Total Controlled Investments											$	17,444.1			$	75,934.6			$	171,293.5			58.66	%
Non-Control/Affiliate Investments (21)
EMCAP Loan Holdings, LLC (19) (24)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		6.04% Membership Interest		—%		—			$	—			$	1,000.0			$	1,000.0			0.34	%
Investments in Money Market Funds
UBS Select Treasury Institutional Fund - 2.26% yield											$	9.0			$	9.0			$	9.0			—	%
Total Investments											$	404,236.2			$	463,905.4			$	557,657.3			190.97	%

^ 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. Includes 5 loans with a cost basis of $4,615,000 and fair value of $4,405,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.

(2) Prime Rate is equal to 5.50% as of March 31, 2019.

(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. Includes 3 loans with a cost basis of $6,929,000 and fair value of $3,625,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.

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

(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the condensed consolidated financial statements for transactions during the three months ended March 31, 2019 with affiliates the Company is deemed to control.

115

See accompanying notes to unaudited condensed consolidated financial statements.

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

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

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

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

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

(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.

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

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

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

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

(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).

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

(18) 50% owned by Newtek Conventional Lending, Inc. (a subsidiary of Newtek Business Services Corp.).

(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

(20) 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.

(21) 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.

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

(23) 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.

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

(25) 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 March 31, 2019, 5.5% of total assets are non-qualifying assets.

As of March 31, 2019, the federal tax cost of investments was $463,905,000 resulting in estimated gross unrealized gains and losses of $139,235,000 and $37,099,000, respectively.

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Performing SBA Unguaranteed Investments (1)
HDD Solutions, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/31/2028			$	553.8			$	553.8			$	527.5			0.18	%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/31/2028			237.5				237.5				213.1				0.07	%
The Chop House Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/31/2043			557.8				557.8				575.3				0.20	%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			12/28/2043			18.8				18.8				20.6				0.01	%
Superior Concepts Acquisition Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/28/2028			119.8				119.8				111.4				0.04	%
Nix and Nix Funeral Home North Inc,		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/28/2043			569.5				569.5				610.9				0.21	%
Capitol Fitness Shelby Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/28/2028			18.2				18.2				16.8				0.01	%
American Rewinding of NC Inc dba MTS		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/28/2028			425.0				425.0				396.2				0.14	%
Omega Funeral and Cremation Services, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/28/2043			342.9				342.9				355.1				0.12	%
Superior Concepts Acquisition Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/28/2043			509.6				509.6				514.0				0.18	%
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/27/2043			1,137.8				1,137.8				1,170.1				0.41	%
East Breeze LLC dba Historic Springdale Pub and Eatery		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/27/2043			128.3				128.3				136.0				0.05	%
Children First Home Health Care Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/27/2028			300.0				300.0				286.9				0.10	%
Medworxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/27/2028			10.5				10.5				9.4				—	%
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/27/2043			463.5				463.5				475.5				0.17	%
Fave Realty Inc.		Real Estate		Term Loan		Prime plus 2.75%			12/27/2043			123.5				123.5				135.6				0.05	%
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%			12/26/2043			500.0				500.0				549.1				0.19	%

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Reservations Unlimited LLC		Real Estate		Term Loan		Prime plus 2.75%			12/26/2043			142.3				142.3				151.1				0.05	%
BD Branson Victorian LLC dba Branson Victorian Inn		Accommodation		Term Loan		Prime plus 2.75%			12/24/2043			497.0				497.0				533.9				0.19	%
Timios Enterprises Corp dba Palm Court		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/24/2043			707.6				707.6				741.7				0.26	%
RM Hawkins LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			12/24/2028			300.0				300.0				281.8				0.10	%
LP Industries, Inc and Playground Packages, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			12/21/2028			93.8				93.8				84.0				0.03	%
Tri-State Financial Group Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			12/21/2028			37.8				37.8				33.8				0.01	%
Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/21/2028			97.5				97.5				87.1				0.03	%
Fifth Wheel Truck Stop 001, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/21/2028			105.0				105.0				93.8				0.03	%
Siman Trio Trading		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/21/2028			150.0				150.0				134.8				0.05	%
The Law Office of Jared E. Shapiro, P.A.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/21/2028			11.3				11.3				10.0				—	%
Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2028			112.5				112.5				101.5				0.04	%
Diamond Estates LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/21/2028			75.0				75.0				67.0				0.02	%
Burgess and Dudley, Incorporated		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/21/2028			237.5				237.5				220.1				0.08	%
D.A.F.S Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/21/2028			660.0				660.0				653.7				0.23	%
Precision Bytes LLC dba Tower Connect		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/21/2028			129.8				129.8				116.6				0.04	%
Accel Compression Inc., Accel Workover Services Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/21/2044			44.5				44.5				48.9				0.02	%
Cammarata Associates LLC		Credit Intermediation and Related Activities		Term Loan		Prime plus 2.75%			12/21/2028			75.0				75.0				67.0				0.02	%
C&D Trucking & Equipment Service, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/21/2028			117.5				117.5				122.2				0.04	%
Baseline Health, LLC & Baseline Health Management, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2028			118.8				118.8				107.9				0.04	%
Sesolinc GRP, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/21/2028			375.0				375.0				355.5				0.12	%

118

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
ETS Tree Service Inc and Eastern Tree Service, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/21/2028			230.0				230.0				216.6				0.08	%
Local Liberty Inc dba The Wardsboro Country Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/20/2043			155.3				155.3				164.9				0.06	%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/20/2028			662.5				662.5				648.5				0.23	%
Graff Excavating, Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/20/2028			195.5				195.5				176.9				0.06	%
Flashii App, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/20/2028			62.5				62.5				63.8				0.02	%
Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/20/2028			300.0				300.0				284.8				0.10	%
Hotel Compete, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/20/2028			62.5				62.5				55.8				0.02	%
Healthy and Fresco LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/20/2029			25.0				25.0				23.5				0.01	%
CK Green Parners, LLC dba Reis and Irvy's Columbus		Nonstore Retailers		Term Loan		Prime plus 2.75%			3/20/2029			187.5				187.5				179.3				0.06	%
Darian L Hampton DDS PA and Darian L. Hampton		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/20/2028			300.0				300.0				269.8				0.09	%
Roots N Shoots, LLC & Yardplus LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/20/2028			68.0				68.0				61.7				0.02	%
Cedric Construction Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/20/2028			100.0				100.0				104.0				0.04	%
Accent Comfort Services, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/19/2028			68.8				68.8				61.8				0.02	%
Marlin Lighting LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/19/2028			101.8				101.8				90.9				0.03	%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/19/2044			28.9				28.9				31.7				0.01	%
Always Goldie's Florist		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/19/2028			11.7				11.7				10.6				—	%
The Cromer Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/19/2028			500.0				500.0				448.0				0.16	%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/19/2029			42.1				42.1				41.4				0.01	%
^Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/14/2028			15.8				15.8				14.1				—	%
^Peanut Butter & Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/14/2028			250.0				250.0				223.3				0.08	%

119

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Alpha Landscape Contractors, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/14/2029			334.0				334.0				311.6				0.11	%
^YBL Restaurant Group LLC dba Tropisueno		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/14/2029			377.0				377.0				339.6				0.12	%
^Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena		Food Manufacturing		Term Loan		Prime plus 2.75%			12/14/2028			317.5				317.5				294.8				0.10	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/14/2028			70.0				70.0				72.8				0.03	%
^Healthy Human, LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			12/14/2028			125.0				125.0				111.7				0.04	%
^Aero Consulting and Engineering Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/14/2028			15.0				15.0				13.4				—	%
^L&M Services, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/14/2043			200.0				200.0				209.2				0.07	%
^Redskin Cafe Inc. dba Goodfellas Wine & Spirits, Redskin Cafe Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/14/2043			245.8				245.8				266.9				0.09	%
^Ventures TBD LLC dba The Bottle Tree		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/14/2043			98.8				98.8				101.6				0.04	%
^Fitness Orlando LLC & Fitness Orlando Oviedo, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/14/2028			275.0				275.0				254.6				0.09	%
^Stony Creek Wellness Group, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/14/2043			98.8				98.8				105.0				0.04	%
Sound Contracting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2043			197.0				197.0				200.3				0.07	%
Sound Contracting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2028			41.8				41.8				39.4				0.01	%
^OC Helicopters LLC		Air Transportation		Term Loan		Prime plus 2.75%			12/13/2028			25.0				25.0				26.0				0.01	%
^The Miller Center for Esthetic Excellence		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/13/2043			387.5				387.5				383.0				0.13	%
^Plan B Burger LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/13/2029			1,050.0				1,050.0				976.2				0.34	%
^Burton Realty Co., Inc dba Anchor Realty, Northeast		Real Estate		Term Loan		Prime plus 2.75%			12/13/2028			303.0				303.0				270.7				0.09	%
^Tapia Auto Care, LLC dba Shoreline Quick LUbe and Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/13/2043			977.5				977.5				1,000.2				0.35	%
D for Dream LLC dba Blow Dry Bar Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/13/2029			24.4				24.4				21.9				0.01	%
^All About Kids and Families Mediical Center, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/13/2029			368.8				368.8				363.2				0.13	%

120

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^United States Plastic Equipment LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/13/2028			142.5				142.5				127.3				0.04	%
Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/12/2029			62.5				62.5				63.6				0.02	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/12/2029			10.2				10.2				9.1				—	%
^Mateo Enterprise Inc dba El Milagro Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/12/2043			120.0				120.0				123.5				0.04	%
^Behind The Scenes Chicago, LLC dba Paramount Events		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/12/2029			256.3				256.3				251.3				0.09	%
^Ashwood Food Services Inc. dba Jake Rooney's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/12/2043			215.0				215.0				230.7				0.08	%
Airstrike Firefighters LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			12/12/2028			1,250.0				1,250.0				1,196.7				0.42	%
^Mateo Enterprise Inc dba El Milagro Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			1/12/2029			60.0				60.0				53.7				0.02	%
^Ashwood Food Services, Incorporated dba Jake Rooney's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/12/2029			67.5				67.5				62.9				0.02	%
^Oregon Medical Training Private Career School Inc.		Educational Services		Term Loan		Prime plus 2.75%			1/11/2029			40.0				40.0				35.8				0.01	%
^TFE Resources ,LTD		Utilities		Term Loan		Prime plus 2.75%			1/11/2029			597.5				597.5				548.6				0.19	%
^B&B Bodega of Delray LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			1/11/2029			19.5				19.5				17.5				0.01	%
White Wilson & Associates LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/11/2043			42.5				42.5				43.7				0.02	%
^EMES Supply, LLC		General Merchandise Stores		Term Loan		Prime plus 2.75%			1/11/2029			125.0				125.0				114.0				0.04	%
^Googlyoogly, LLC dba Bi-Rite Supermarket		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/11/2043			203.0				203.0				209.0				0.07	%
^Hilltop Wine Shop, Inc dba Graceland Party		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/11/2043			128.0				128.0				133.7				0.05	%
^The Duck's Nuts Inc dba Pet Place Market		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			1/11/2029			43.3				43.3				40.9				0.01	%
^Team Henry, LLC dba Kelly Automotive of Deltona		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/10/2043			391.3				391.3				401.5				0.14	%
^ZLM Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/10/2029			40.0				40.0				35.8				0.01	%
^Shining Star Kids, Inc. dba Brain Balance		Educational Services		Term Loan		Prime plus 2.75%			1/7/2029			87.5				87.5				78.7				0.03	%

121

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Food Service Industry Consultants Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/7/2029			71.5				71.5				64.2				0.02	%
^Metro R Services Inc. and Metal & Roof Supplies Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/6/2029			207.5				207.5				216.0				0.08	%
^CET Inc		Truck Transportation		Term Loan		Prime plus 2.75%			1/6/2029			1,250.0				1,250.0				1,154.7				0.40	%
^3SIXO Motorsports LLC dba 3SIXO Motorsports Shop		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			1/6/2029			98.3				98.3				88.2				0.03	%
^Consulting Solutions, Inc and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/5/2029			57.5				57.5				51.4				0.02	%
^Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/5/2029			87.5				87.5				79.0				0.03	%
^Unique Home Solutions Inc. and Unique Home Solutions of Ohio		Construction of Buildings		Term Loan		Prime plus 2.75%			1/5/2029			250.0				250.0				260.3				0.09	%
^Levine Daycare Inc dba Kids R Kids		Social Assistance		Term Loan		Prime plus 2.75%			1/5/2029			270.0				270.0				252.9				0.09	%
^Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/4/2029			39.0				39.0				37.0				0.01	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/4/2029			194.3				194.3				173.7				0.06	%
^The Altitude Group LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/4/2029			150.0				150.0				134.7				0.05	%
^York Concrete Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/3/2043			200.0				200.0				217.1				0.08	%
^Swantown Inn and Spa, LLC		Accommodation		Term Loan		Prime plus 2.75%			1/3/2029			13.5				13.5				14.1				—	%
^Tammy's Place LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2044			436.8				436.8				476.1				0.17	%
^Microplex Co, Third Market LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/30/2028			165.0				165.0				147.4				0.05	%
^Hernando Beach Motel LLC,The Purple Cow House o APancake A Inc.		Accommodation		Term Loan		Prime plus 2.75%			11/30/2043			225.0				225.0				247.1				0.09	%
^Cabrera's Auto Services LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/30/2043			81.0				81.0				85.5				0.03	%
^Water Station Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			12/30/2028			693.3				693.3				662.9				0.23	%
^Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/30/2028			125.0				125.0				123.5				0.04	%
^Albert M Quashie, DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/29/2028			87.5				87.5				83.8				0.03	%

122

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^JJB Production LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/29/2028			7.4				7.4				6.6				—	%
^Albert M. Quashie, DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/29/2043			65.0				65.0				67.4				0.02	%
^Bike Slug Holdings Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/28/2028			9.0				9.0				8.0				—	%
^Extreme Granite Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/28/2043			187.5				187.5				202.2				0.07	%
^True Love Christian Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			12/28/2043			42.0				42.0				45.4				0.02	%
^Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/28/2028			123.8				123.8				111.1				0.04	%
^Level Up Gaming, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			11/28/2043			90.0				90.0				91.4				0.03	%
^Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/28/2043			431.3				431.3				473.6				0.16	%
^BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/21/2028			1,250.0				1,250.0				1,278.9				0.44	%
Thames Aquatic Club, LLC		Educational Services		Term Loan		Prime plus 2.75%			7/21/2029			18.5				18.5				19.3				0.01	%
^Best Global Alternative North, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/21/2028			87.5				87.5				78.2				0.03	%
^M.A.W. Enterprises LLC dbaY-Not Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/21/2028			22.5				22.5				21.1				0.01	%
^Commonwealth Warehouse Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%			12/20/2028			450.0				450.0				426.0				0.15	%
^On Call Electrical of Georgia LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/20/2043			666.9				666.9				689.5				0.24	%
^K & A Automotive Inc		Gasoline Stations		Term Loan		Prime plus 2.75%			11/19/2043			122.0				122.0				131.0				0.05	%
^High Desert Transport, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			12/19/2028			76.0				76.0				70.0				0.02	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2028			62.5				62.5				56.0				0.02	%
^Cocomo Joe's LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2028			1.7				1.7				1.6				—	%
^Saunders Management LLC dba Northern Light Espresso Bar and Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/16/2028			40.5				40.5				42.1				0.01	%

123

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/16/2029			6.9				6.9				7.2				—	%
^Sektor Salutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/16/2028			158.0				158.0				141.2				0.05	%
^Beau & HB Inc dba Beau's Billard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/16/2043			70.0				70.0				73.1				0.03	%
^Allegro Assisted Living Services of Texas LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			11/15/2043			95.0				95.0				104.3				0.04	%
^GEM2K, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2043			381.3				381.3				398.3				0.14	%
^Schafer Fisheries Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			11/14/2028			50.0				50.0				52.0				0.02	%
^US Dedicated LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/9/2028			420.0				420.0				381.1				0.13	%
^Jinwoo Sushi Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/9/2028			22.3				22.3				23.1				0.01	%
^Salon Femi LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/9/2028			7.5				7.5				7.2				—	%
^McNeill Stokes		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/8/2028			6.8				6.8				6.0				—	%
Vancole Investments, Inc. dba Smoothie King #913		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/7/2044			229.3				229.3				249.3				0.09	%
^JN Thompson Ent, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%			12/7/2028			394.5				394.5				363.4				0.13	%
JP Dhillon's Foods LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/1/2029			25.8				25.8				24.6				0.01	%
^Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/1/2028			325.0				325.0				290.3				0.10	%
^Modutech Marine Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			12/1/2028			375.0				375.0				390.0				0.14	%
^Steele Security, LLC dba Signal 88 Security of San Antonio		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/31/2028			110.6				110.6				99.9				0.03	%
^Abington Caregivers, LLC		Social Assistance		Term Loan		Prime plus 2.75%			11/30/2043			124.9				124.9				132.0				0.05	%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2029			81.3				81.3				73.9				0.03	%
^C.A.T.I. Armor, LLC		Apparel Manufacturing		Term Loan		Prime plus 2.75%			10/30/2043			210.0				210.0				217.8				0.08	%

124

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
UK, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2029			32.4				32.4				30.3				0.01	%
^JAL Group, Inc. dba Brainy Boulevard Daycare		Social Assistance		Term Loan		Prime plus 2.75%			10/29/2028			56.8				56.8				51.4				0.02	%
^Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			10/26/2028			146.0				146.0				151.8				0.05	%
^The Face Place, LLC dba Classic Aesthetics		Personal and Laundry Services		Term Loan		Prime plus 2.75%			10/25/2028			10.0				10.0				9.0				—	%
^Reliant Trucking Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			10/25/2028			132.3				132.3				124.1				0.04	%
^Bellas Sports Pub, Inc dba Brewmasters Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/24/2043			69.7				69.7				75.8				0.03	%
^Shovels and Whiskey LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			10/16/2043			76.4				76.4				81.9				0.03	%
Hackstaff Restaurants LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/15/2029			57.5				57.5				53.6				0.02	%
^TA Coleman, LLC dba Tom's Truck Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/12/2028			5.8				5.8				5.6				—	%
^Cater To You Agency, LLC, dba Cater To You		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/11/2043			22.5				22.5				23.4				0.01	%
^Faydon, Inc		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			10/10/2028			74.6				74.6				76.5				0.03	%
^MB Click It Photography, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/10/2043			38.2				38.2				40.7				0.01	%
^Wellfleet Consulting Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/9/2028			14.9				14.9				13.3				—	%
^Apps Inc and Market Share Inc.		Telecommunications		Term Loan		Prime plus 2.75%			10/5/2028			94.5				94.5				84.4				0.03	%
^Moore Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/4/2028			51.7				51.7				46.2				0.02	%
^SwabCo Inc.		Support Activities for Mining		Term Loan		Prime plus 2.75%			9/28/2043			946.7				946.7				988.9				0.34	%
^A-1 Van Sevices, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/28/2028			105.1				105.1				102.7				0.04	%
^La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/28/2043			330.5				330.5				350.1				0.12	%
^Burd Brothers Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			9/28/2028			534.0				534.0				513.1				0.18	%
^Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan		Food Manufacturing		Term Loan		Prime plus 2.75%			9/28/2028			55.5				55.5				49.8				0.02	%

125

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Throop Family Holdings, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/28/2043			643.5				643.5				665.9				0.23	%
^JAM Media Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/28/2028			887.5				887.5				813.2				0.28	%
^Rami Technology USA, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			9/28/2028			178.4				178.4				160.6				0.06	%
^Quality Electric & Data		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/27/2028			98.9				98.9				95.3				0.03	%
Blue Seven, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/27/2029			49.8				49.8				46.4				0.02	%
^Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associates		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/27/2028			117.4				117.4				105.3				0.04	%
^TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/27/2028			123.6				123.6				117.3				0.04	%
^Blackwater Diving, LLC		Support Activities for Mining		Term Loan		Prime plus 2.75%			9/27/2028			791.1				791.1				723.2				0.25	%
^Barricade Holding LLC and Action Barricade Company, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/27/2043			177.3				177.3				180.7				0.06	%
^LG Law Center, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/27/2028			14.8				14.8				13.6				—	%
^Quality Electric & Data Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/27/2043			129.7				129.7				132.6				0.05	%
^Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/27/2028			685.8				685.8				660.2				0.23	%
^Action Barricade Company, LLC and Barricade Holding LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/27/2028			333.4				333.4				320.3				0.11	%
^Dentistry By Design, P.C		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/26/2028			14.8				14.8				13.6				—	%
^US Shipping Trans Inc, Esteem Trucking Inc		Truck Transportation		Term Loan		Prime plus 2.75%			9/26/2028			822.9				822.9				809.0				0.28	%
^Ace Auto Recovery, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/26/2043			159.6				159.6				168.9				0.06	%
^Above and Beyond Preschool LLC		Social Assistance		Term Loan		Prime plus 2.75%			9/26/2043			551.3				551.3				587.4				0.20	%
^Anglin Cultured Stone Products LLC dba Anglin Construction		Construction of Buildings		Term Loan		Prime plus 2.75%			9/26/2028			98.9				98.9				93.3				0.03	%
^LTS School, Inc.		Educational Services		Term Loan		Prime plus 2.75%			9/26/2043			101.0				101.0				110.9				0.04	%

126

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Akron Biotechnology, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%			9/25/2028			494.5				494.5				492.7				0.17	%
^Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/25/2028			123.6				123.6				113.8				0.04	%
^Steadfast Support Services, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			9/25/2028			11.9				11.9				10.6				—	%
^Newsome Mobile Notary LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/25/2028			5.2				5.2				4.6				—	%
^Alania Import & Export, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			9/24/2028			11.1				11.1				10.1				—	%
^Phillip Ramos Upholstery Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/24/2028			15.3				15.3				13.6				—	%
^D & D Optics Inc dba Sterling Optical		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2028			53.0				53.0				48.1				0.02	%
^The Garden Club, LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/21/2028			6.5				6.5				5.8				—	%
^DC Lofty, LLC,		Accommodation		Term Loan		Prime plus 2.75%			9/21/2028			22.3				22.3				20.1				0.01	%
^MillClem Corporation & Monticello Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			9/21/2043			330.8				330.8				363.1				0.13	%
^Southern Services and Equipment, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/21/2028			424.3				424.3				406.5				0.14	%
^Southern Services and Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/21/2043			209.8				209.8				213.2				0.07	%
^Sommer Auto Sales, Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/20/2028			340.6				340.6				351.8				0.12	%
^Somerled Investments, LLC dba Mak's Place LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/20/2028			193.3				193.3				172.6				0.06	%
^Tables and Bars Services, Inc and Tables and Bars Rentals, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/20/2028			17.8				17.8				16.8				0.01	%
^M&P RV LLC dba M&P RV		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/19/2043			112.2				112.2				122.2				0.04	%
^C3 Capital, Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%			9/19/2028			667.8				667.8				647.5				0.23	%
^Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal		Truck Transportation		Term Loan		Prime plus 2.75%			9/19/2028			455.4				455.4				406.4				0.14	%
^MB Xpress Inc		Truck Transportation		Term Loan		Prime plus 2.75%			9/19/2028			1,193.2				1,193.2				1,121.1				0.39	%
^Watearth Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/19/2028			22.3				22.3				19.9				0.01	%

127

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Super Station Inc		Gasoline Stations		Term Loan		Prime plus 2.75%			9/19/2043			209.0				209.0				229.4				0.08	%
^Lewis River Golf Course, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/19/2043			498.9				498.9				547.5				0.19	%
^E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/18/2028			5.9				5.9				5.3				—	%
^DB Talak LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/18/2043			151.7				151.7				158.5				0.06	%
^Culmination Motorsports, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/17/2043			558.2				558.2				607.8				0.21	%
^Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/17/2043			174.6				174.6				183.4				0.06	%
^Pastel de Feira LLC dba Original Pastel De Feira		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/17/2028			6.0				6.0				5.7				—	%
^Baby's on Broadway LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			9/14/2028			49.4				49.4				46.9				0.02	%
^J & C Garcia LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/14/2028			73.2				73.2				66.6				0.02	%
^Innovim LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/14/2028			123.6				123.6				110.3				0.04	%
^LJS Electric, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/14/2028			447.5				447.5				458.4				0.16	%
^Rihahn Inc. dba RDBL, Inc		Forestry and Logging		Term Loan		Prime plus 2.75%			9/14/2028			134.7				134.7				127.2				0.04	%
^QBS, LLC dba Sterling Optical Exton		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/14/2028			80.3				80.3				72.3				0.03	%
^L&M Equipment, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/14/2043			1,247.2				1,247.2				1,320.3				0.46	%
^Underground Productions LLC dba 31 Escape		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/13/2043			98.5				98.5				108.1				0.04	%
^Peter K Lee MD, PC dba Atlanta Primary Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/13/2043			860.6				860.6				944.5				0.33	%
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/13/2028			261.1				261.1				248.6				0.09	%
^Brewster Marketplace Pharmacy & Hardware, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/13/2028			86.5				86.5				77.2				0.03	%
^Peter K Lee MD, PC dba Atlanta Primary Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/13/2028			383.2				383.2				398.0				0.14	%

128

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Innovative Network Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/13/2028			123.6				123.6				113.1				0.04	%
^Perry Olson Insurance Agency Inc. dba State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			9/12/2028			14.8				14.8				13.3				—	%
^Rancho Paving, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/10/2028			185.4				185.4				183.3				0.06	%
^Pelican Executives Suites, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/7/2028			314.2				314.2				280.3				0.10	%
^NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/7/2028			318.4				318.4				304.8				0.11	%
^MurlinComputerCompany LLC dba Murlin Computer		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/7/2028			15.4				15.4				14.1				—	%
^Dr. G's Urgent Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/7/2028			22.3				22.3				19.9				0.01	%
^Pool Guard of LA		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/7/2028			22.3				22.3				20.0				0.01	%
Amaka Consulting LLC dba Donut Minis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/7/2028			52.0				52.0				48.1				0.02	%
^Asheville Spine and Nerve Institute PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/7/2043			91.0				91.0				98.9				0.03	%
^Trolley Express Philly, Inc dba Shuttlebee & Honeybee Transportation LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			9/6/2028			12.6				12.6				11.7				—	%
^Extreme Auto Repair, Inc dba 1st Class Towing		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/6/2028			107.5				107.5				111.7				0.04	%
^Living Centers Inc. dba Veranda House Senior Living		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			8/31/2043			420.3				420.3				461.3				0.16	%
National Stone LTD and NSI Group Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			8/31/2044			193.2				193.2				211.6				0.07	%
^LACCRB LLC dba PostNet		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/30/2028			14.9				14.9				13.5				—	%
^XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/30/2043			448.4				448.4				492.1				0.17	%
^Stat Constructor L.P		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			8/30/2028			102.3				102.3				106.2				0.04	%
^Extreme Engineering, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/29/2028			122.9				122.9				110.4				0.04	%
^Greenfield Hill Wines & Spirits, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			8/29/2028			90.5				90.5				81.4				0.03	%

129

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^ARVAmethod LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/29/2028			2.4				2.4				2.1				—	%
^Kotyark LLC dba Gibsonton Motel		Accommodation		Term Loan		Prime plus 2.75%			8/29/2043			82.2				82.2				90.2				0.03	%
^Graphish Studio, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/28/2028			7.4				7.4				6.6				—	%
^JFK Transportation Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			8/28/2028			159.4				159.4				144.5				0.05	%
^Atlas Geo-Constructors LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			8/24/2028			73.7				73.7				73.4				0.03	%
^Finn & Emma LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			8/24/2028			122.9				122.9				109.6				0.04	%
^Montana Life Group, LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			8/24/2028			7.4				7.4				6.6				—	%
^Wearware Inc dba FlyWire Cameras		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			8/24/2028			22.1				22.1				20.1				0.01	%
^Evans and Paul LLC, Evans & Paul Unlimited Corp		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			8/24/2028			86.2				86.2				78.9				0.03	%
^Zash LLC dba Papa Murphy's Take 'N' Bake Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/23/2028			41.5				41.5				38.9				0.01	%
^Buffalo Biodiesel Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			8/21/2028			1,228.9				1,228.9				1,218.3				0.42	%
^Ginekis Enterprises, Inc dba Locanda Veneta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/20/2028			86.0				86.0				77.1				0.03	%
^Wilkie J. Stadeker DDS		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			8/17/2028			41.8				41.8				37.3				0.01	%
Geo Tek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/17/2044			56.8				56.8				62.4				0.02	%
^ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%			8/16/2028			211.6				211.6				203.6				0.07	%
^Lewins Law, P.C.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/16/2028			17.7				17.7				15.8				0.01	%
^GS Bath Inc		Truck Transportation		Term Loan		Prime plus 2.75%			8/15/2028			565.3				565.3				560.3				0.19	%
^Pamletics LLC dba F45		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/14/2028			42.9				42.9				40.0				0.01	%

130

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Conference Services International ETC LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/14/2028			617.2				617.2				588.4				0.20	%
^L.A. Insurance Agency GA 10 LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			8/10/2028			11.1				11.1				9.9				—	%
^Crystal Shores Inc. dba Shorewood Laundromat		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/9/2028			22.0				22.0				20.3				0.01	%
^David D. Sullivan dba DMS Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			8/9/2028			13.3				13.3				11.8				—	%
^Palanuk & Associates, Inc.dba Wolfpk		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/8/2028			100.8				100.8				90.6				0.03	%
^Red Tail Management, Inc dba Jon Smith Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/8/2028			49.2				49.2				46.2				0.02	%
^CJNR, LLC		Accommodation		Term Loan		Prime plus 2.75%			8/7/2043			121.3				121.3				133.2				0.05	%
^Mercedes Cab Company, Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			8/7/2028			127.8				127.8				117.3				0.04	%
^Ron's Pool and Spa Services LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/3/2028			3.7				3.7				3.3				—	%
^20th Century Lanes, Inc dba West Seattle Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/3/2028			110.6				110.6				108.5				0.04	%
^Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			8/3/2028			59.0				59.0				53.3				0.02	%
^Millwork Unlimited, Incorporated		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%			8/2/2028			7.4				7.4				6.6				—	%
^Accel Compression Inc., Accel Workover Services Inc.		Rental and Leasing Services		Term Loan		Prime plus 2.75%			8/1/2028			455.0				455.0				443.0				0.15	%
^Samy Optical LLC dba Site for Sore Eyes		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			8/1/2028			115.3				115.3				102.9				0.04	%
^Accel Compression Inc., Accel Workover Services, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			8/1/2043			310.2				310.2				319.9				0.11	%
^Nichols Stephens Funeral & Cremation Services Ltd		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/30/2043			107.4				107.4				117.6				0.04	%
^CSL Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/27/2028			535.2				535.2				503.0				0.17	%
^Sandlot Sports Inc dba Play it Again Sports		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			7/26/2028			18.3				18.3				16.3				0.01	%

131

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Summitsoft Corporation		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			7/26/2028			240.6				240.6				215.1				0.07	%
^Nunez Enterprises Corporation dba La Casa		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			7/26/2028			8.1				8.1				7.2				—	%
^Relevant Elephant, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/25/2028			8.8				8.8				7.8				—	%
^Fitness Central, Inc dba Fitness Central		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			7/25/2028			61.1				61.1				55.5				0.02	%
^HAVL Enterprises Inc dba FedEx		Couriers and Messengers		Term Loan		Prime plus 2.75%			7/24/2028			78.2				78.2				78.1				0.03	%
^Florida Apnea Diagnostics, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/24/2028			20.8				20.8				18.5				0.01	%
^Top Shelf Towing and Road Service, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			7/24/2028			13.2				13.2				11.8				—	%
^TR Nails, LLC dba Simple Nails		Personal and Laundry Services		Term Loan		Prime plus 2.75%			7/20/2028			61.5				61.5				54.9				0.02	%
^Elephant's Trunk of Westchester, LTD		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			7/17/2028			38.9				38.9				40.4				0.01	%
^674 Club LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/17/2043			260.6				260.6				286.0				0.10	%
^ZA Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			7/17/2028			10.0				10.0				9.6				—	%
^Mother's Cantina LLC dba Mother's Cantina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/13/2028			67.2				67.2				60.9				0.02	%
^Smart-tel Communications LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/13/2028			22.0				22.0				22.7				0.01	%
^HQTRONICS LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			7/13/2028			61.1				61.1				54.5				0.02	%
^Smoove Move Productions, LLC dba Smoove Move Productions		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			7/12/2028			10.5				10.5				10.9				—	%
^Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/3/2028			61.1				61.1				56.2				0.02	%
^H.M.C, Incorporated		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			7/3/2028			188.1				188.1				169.5				0.06	%
^Deal to Win Inc		Nonstore Retailers		Term Loan		Prime plus 2.75%			7/3/2028			122.2				122.2				109.0				0.04	%
^Vital Inspection Professionals, Inc. dba VIP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/3/2028			304.2				304.2				294.9				0.10	%

132

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^US Cargo Express, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			7/2/2043			88.1				88.1				96.7				0.03	%
^M J Losito Electrical Contractor's, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2028			57.1				57.1				51.2				0.02	%
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2043			302.1				302.1				300.5				0.10	%
Bio-Haz Solutions, Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			1/29/2029			112.0				112.0				110.9				0.04	%
^Critter Cabana, LLC dba Critter Cabana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/28/2028			81.4				81.4				71.7				0.02	%
^Corptek Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/28/2028			46.2				46.2				40.6				0.01	%
^Local Leads, LLC dba New Direction Chiropractic		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2028			17.5				17.5				15.5				0.01	%
^RLW4 Builders LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			6/27/2043			994.2				994.2				1,084.8				0.38	%
^InUSA Ventures, Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			6/27/2028			48.6				48.6				42.8				0.01	%
^Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, Inc		Food Manufacturing		Term Loan		Prime plus 2.75%			6/27/2043			352.4				352.4				373.1				0.13	%
^Nick's Country Kitchen, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/27/2028			21.9				21.9				19.6				0.01	%
^National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2043			28.6				28.6				31.2				0.01	%
^National Dredging Services of North Florida, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2028			51.8				51.8				53.5				0.02	%
^Julie Cooper-Bierman dba Forever Shopper		Nonstore Retailers		Term Loan		Prime plus 2.75%			6/27/2028			15.6				15.6				13.7				—	%
^Bengals, Inc. dba Royal Liquor Mart		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/26/2043			105.6				105.6				109.2				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			898.9				898.9				814.5				0.28	%
^Sun Pools, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/25/2043			304.2				304.2				295.0				0.10	%
^DPF Filters Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/25/2028			66.8				66.8				60.3				0.02	%

133

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			759.3				759.3				692.4				0.24	%
^Sushi Prime, LLC and Vasilia Investments		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/22/2028			267.2				267.2				248.3				0.09	%
^Martha Beauty Supply And Braiding, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/22/2043			139.7				139.7				152.4				0.05	%
^Judy E. Moncrief C.P.A LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/22/2028			14.6				14.6				12.8				—	%
^Mr. Lube, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/22/2043			659.9				659.9				668.6				0.23	%
^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			78.3				78.3				83.1				0.03	%
^Mr. Lube, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/22/2028			569.7				569.7				544.9				0.19	%
Surya Hotel LLC dba Hotel Royal		Accommodation		Term Loan		Prime plus 2.75%			12/21/2028			100.9				100.9				104.4				0.04	%
^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			242.1				242.1				248.8				0.09	%
^Independent Life LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/21/2028			121.5				121.5				107.0				0.04	%
^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			138.5				138.5				134.2				0.05	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/20/2028			18.3				18.3				16.5				0.01	%
^Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/20/2028			603.5				603.5				535.5				0.19	%
^Jones Roger Sherman Inn, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/19/2028			425.0				425.0				438.9				0.15	%
^LCP Transportation, LLC dba LCP Teleservices		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			6/19/2028			794.4				794.4				699.5				0.24	%
^Mid America Motorworks, Inc and Yager Holdings L.P		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/19/2043			497.7				497.7				543.0				0.19	%
^Colovic Hackettstown Dairy LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/19/2043			274.0				274.0				296.8				0.10	%
^Allen Theatre and Back Stage Cafe LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			6/18/2043			125.3				125.3				133.9				0.05	%

134

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			145.8				145.8				150.5				0.05	%
^Softrol Systems Inc dba Softrol Systems		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			6/15/2028			906.3				906.3				808.6				0.28	%
^Oil Palace Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			9/15/2043			143.4				143.4				156.6				0.05	%
^Kootenay Columbia LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/15/2028			5.8				5.8				5.6				—	%
^Northway Exit 29 Campground, Inc		Accommodation		Term Loan		Prime plus 2.75%			6/15/2043			215.0				215.0				234.6				0.08	%
^Dianne Williams and Louis Williams dba Sweetlips Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/15/2043			46.0				46.0				48.5				0.02	%
^Venzix Ventures Inc. dba Venzix		Nonstore Retailers		Term Loan		Prime plus 2.75%			6/15/2028			12.8				12.8				12.4				—	%
^Barrett Appliance Distributors Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/14/2043			619.3				619.3				611.5				0.21	%
^Tele Tax Express Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/14/2028			21.9				21.9				21.4				0.01	%
^Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/14/2028			151.8				151.8				140.9				0.05	%
^E & J Sims Co. LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/14/2028			48.6				48.6				44.3				0.02	%
^Barrett Appliance Distributors, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/14/2028			489.5				489.5				455.2				0.16	%
^Team Sandy Blanton Realty, Inc		Real Estate		Term Loan		Prime plus 2.75%			6/14/2043			96.7				96.7				97.1				0.03	%
^Mastiff Studios LLC		Educational Services		Term Loan		Prime plus 2.75%			6/13/2043			42.5				42.5				45.8				0.02	%
^Golf Swing Prescription LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/11/2028			12.8				12.8				11.3				—	%
^Ciasom LLC dba Mosaic		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/11/2028			174.9				174.9				154.9				0.05	%
^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			378.5				378.5				385.0				0.13	%
^Beyond Grooming LLC and Michelle McWatters		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/8/2043			42.7				42.7				46.0				0.02	%

135

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Camp K-9 Pet Resort & Spa, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/8/2028			8.0				8.0				7.2				—	%
^Icebox Cafe, L.C. and Icebox Cafe at Doral, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2028			769.2				769.2				690.7				0.24	%
^Applied Behavioral Consulting, Inc		Social Assistance		Term Loan		Prime plus 2.75%			6/7/2043			49.7				49.7				53.2				0.02	%
^H S Corporation dba Lake Anna Lodge		Accommodation		Term Loan		Prime plus 2.75%			6/7/2043			130.5				130.5				142.4				0.05	%
^Anurag, LLC dba Oakwood Package Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/6/2043			136.5				136.5				139.0				0.05	%
^Sowells Consulting Engineers, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/6/2028			21.9				21.9				19.4				0.01	%
^Hardway Inc and A F C Leasing, Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/6/2028			287.5				287.5				253.1				0.09	%
^SSD Designs LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/5/2028			72.2				72.2				64.2				0.02	%
^Funtime ,LLC dba Indoor Playgrounds International		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/5/2028			243.4				243.4				214.5				0.07	%
^BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/1/2028			51.3				51.3				45.2				0.02	%
AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%			6/1/2028			26.1				26.1				25.2				0.01	%
^Mastrocinque Restaurant Management Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/1/2028			81.4				81.4				78.5				0.03	%
^Seraj Wireless, LLC		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%			5/31/2028			120.7				120.7				123.4				0.04	%
^Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/31/2043			272.6				272.6				287.3				0.10	%
^Brooks Seaplane Service Inc and Lunt Enterprises LLC		Scenic and Sightseeing Transportation		Term Loan		Prime plus 2.75%			5/31/2028			142.0				142.0				125.0				0.04	%
^SSMV LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/30/2028			64.5				64.5				61.6				0.02	%
^Eagle Aggregate Transportation, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/30/2028			84.5				84.5				78.0				0.03	%
^Crowley Ventures, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2028			72.1				72.1				64.5				0.02	%
^Iloka, Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/25/2028			241.5				241.5				225.2				0.08	%

136

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Conan Enterprises LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			5/25/2028			21.7				21.7				19.1				0.01	%
Starship, LLC dba Tint World Smyrna		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/25/2043			88.8				88.8				96.1				0.03	%
^Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze		Accommodation		Term Loan		Prime plus 2.75%			5/25/2043			1,245.1				1,245.1				1,358.7				0.47	%
^Adow Pools LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2028			169.0				169.0				152.5				0.05	%
^Dream Spa LLC and Dream Spa Greenwich LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2028			97.4				97.4				86.7				0.03	%
^Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery		Accommodation		Term Loan		Prime plus 2.75%			10/25/2043			201.0				201.0				219.7				0.08	%
^Seaside Acupuncture LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/24/2043			49.6				49.6				51.9				0.02	%
^DMA Equipment LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/24/2043			259.6				259.6				266.2				0.09	%
^Chem-Flotronics, Inc.		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			5/22/2028			96.6				96.6				86.9				0.03	%
^LightStorm Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/21/2028			5.2				5.2				4.6				—	%
^Yakov Levy M.D., P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/18/2028			106.0				106.0				93.7				0.03	%
^Mark A Espinoza, DDS PLLC dba Central Dental Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/18/2028			58.9				58.9				51.9				0.02	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/17/2028			8.0				8.0				7.0				—	%
^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			241.5				241.5				212.6				0.07	%
^Joshua One Limited Liability Company dba Genesis Personal Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/16/2043			319.2				319.2				324.5				0.11	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			5/16/2028			145.1				145.1				134.7				0.05	%
^James T. Hendel dba Autotexx Mobile Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/15/2028			7.2				7.2				7.5				—	%
^Fireplace Outlet Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			5/15/2028			21.7				21.7				22.4				0.01	%
^Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/14/2028			4.3				4.3				3.9				—	%
^Circle and Square, Inc dba Stamford Kumon		Educational Services		Term Loan		Prime plus 2.75%			5/11/2028			41.0				41.0				36.2				0.01	%

137

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			10.9				10.9				9.7				—	%
^Adhara, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/11/2043			43.5				43.5				45.5				0.02	%
^Daniel Woodward, DC PLLC dba Doc's Body Shop		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/11/2028			39.8				39.8				35.1				0.01	%
^Baby Gentry's Childcare & Learning Academy		Social Assistance		Term Loan		Prime plus 2.75%			5/10/2028			10.9				10.9				9.6				—	%
^P & M Entertainment, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/10/2028			116.3				116.3				106.9				0.04	%
^Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer		Educational Services		Term Loan		Prime plus 2.75%			5/9/2043			719.9				719.9				785.6				0.27	%
^Whitetail Nurseries Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/9/2028			258.4				258.4				247.0				0.09	%
^Oculi Entertainment Inc		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			5/8/2028			21.7				21.7				19.1				0.01	%
^Schmaltz Operations LLC dba Companion Camp		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/7/2028			58.0				58.0				55.5				0.02	%
^Container Shipping, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			5/4/2028			48.3				48.3				42.5				0.01	%
^Wilbur Standford Jr Trucking and Excavating, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/3/2028			231.8				231.8				226.1				0.08	%
^Warner Family Restaurant LLC dba Burgerim		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/3/2028			20.1				20.1				18.5				0.01	%
Olmsted LLC and 626 Van LLC dba Maison Yaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/1/2029			188.2				188.2				171.7				0.06	%
^McIntosh Trail Management Service Organization, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/1/2028			91.8				91.8				94.8				0.03	%
^Sunlinc Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2028			9.4				9.4				8.2				—	%
^SOWC Associates LLC dba Serenity Oaks Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/30/2043			1,242.1				1,242.1				1,355.4				0.47	%
^Saltamontes Tire Company, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/30/2043			101.7				101.7				106.7				0.04	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2043			34.2				34.2				37.3				0.01	%

138

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Brenden Kehren Development LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2028			2.9				2.9				2.5				—	%
^Corona Dance, LLC dba Huracan Dance Studio		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			4/30/2028			11.5				11.5				10.1				—	%
^Little Angels Daycare and Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/27/2043			159.4				159.4				173.9				0.06	%
^Rory James Contracting LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			4/27/2028			15.4				15.4				13.6				—	%
^Kastoria Inc. dba Bantam Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/27/2028			14.4				14.4				12.8				—	%
^Suraj Enterprises, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/27/2028			300.6				300.6				284.5				0.10	%
^Contrada Snacks LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/27/2028			9.8				9.8				8.6				—	%
^Pledge 4 Hope LLC		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%			4/26/2028			14.4				14.4				12.7				—	%
^RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2028			498.6				498.6				458.4				0.16	%
^Matrix Z, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2028			72.6				72.6				72.0				0.03	%
^K&S Hardware LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			4/26/2028			21.6				21.6				19.0				0.01	%
^RWT Corporation dba Welding Works		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/26/2043			210.9				210.9				205.9				0.07	%
^LMH Optics LLC dba Sterling Optical		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/26/2028			48.0				48.0				42.4				0.01	%
^Joe & Sons Service, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/24/2028			108.0				108.0				111.5				0.04	%
Kneading Dough LLC dba NY Bagel Cafe & Deli, NY Bagel, New York Bagel		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/23/2029			18.1				18.1				16.7				0.01	%
^Just for Boats LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2043			17.4				17.4				18.9				0.01	%
^Nando LLC dba Tall Timbers Banquet and Conference Center		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/20/2028			19.4				19.4				17.6				0.01	%
^Digzy Dogz and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/20/2028			8.6				8.6				8.3				—	%
^Spitnale's Garage LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2043			59.8				59.8				62.1				0.02	%

139

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Rosemarie Products Company LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			4/18/2028			14.4				14.4				12.7				—	%
^Means Enterprises LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/18/2028			7.2				7.2				6.4				—	%
^James L Shoemaker APCC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/18/2028			15.4				15.4				13.6				—	%
^Veterinary Preventive Care, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/18/2028			44.9				44.9				41.0				0.01	%
^A New Dawn Psychotherapy Associates, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/18/2043			86.8				86.8				88.0				0.03	%
^Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2043			22.3				22.3				22.4				0.01	%
^Southern Oaks Athletic Club, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/17/2043			364.3				364.3				389.5				0.14	%
^The Vine, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/17/2028			12.4				12.4				11.3				—	%
^Southern HVAC LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2028			38.4				38.4				36.4				0.01	%
^1301 Starks Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/16/2028			21.6				21.6				21.8				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			43.1				43.1				45.1				0.02	%
^Precision Components Group Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			4/11/2028			21.6				21.6				20.7				0.01	%
^Sexy Nails Center LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/10/2043			200.8				200.8				215.7				0.08	%
^Mark Baker		Truck Transportation		Term Loan		Prime plus 2.75%			4/9/2028			11.5				11.5				10.5				—	%
^Innovation Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/6/2028			49.3				49.3				47.1				0.02	%
^Newsome Mobile Notary LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/5/2028			5.0				5.0				4.4				—	%
^Shree Lakshminarayyn Grocery Stores LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			4/5/2043			119.0				119.0				125.3				0.04	%
^Bean City Bar and Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/4/2043			93.7				93.7				99.1				0.03	%
^Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/30/2043			220.9				220.9				231.5				0.08	%

140

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^GQ Investments,LLC		Electrical Equipment, Appliance, and Component Manufacturing		Term Loan		Prime plus 2.75%			3/30/2028			200.8				200.8				180.6				0.06	%
^B&C Texas Leasing Inc and M&W Hot Oil, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2028			935.0				935.0				894.7				0.31	%
^Master Roofing and Siding Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/30/2028			252.8				252.8				222.3				0.08	%
^Romancing the Stone		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/30/2043			345.3				345.3				356.8				0.12	%
^Alaska Industrial Paint LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/30/2028			119.0				119.0				118.3				0.04	%
^Michael S Brown Physical Therapy, P.C		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/30/2028			94.2				94.2				82.9				0.03	%
^Arrow Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2028			671.7				671.7				590.6				0.21	%
^B&C Texas Leasing Inc.,M & W Hot Oill, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			3/30/2043			267.4				267.4				270.9				0.09	%
^Fifth Wheel Truck Stop 001		Gasoline Stations		Term Loan		Prime plus 2.75%			3/30/2043			1,135.3				1,135.3				1,134.1				0.39	%
^Boulevard Books Inc.		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/30/2043			120.1				120.1				126.7				0.04	%
^Technical Ordnance Solutions,LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2028			1,142.6				1,142.6				1,012.9				0.35	%
^Payne's Environmental Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/30/2028			216.2				216.2				205.3				0.07	%
^America's Little Leaders Academy, Inc		Social Assistance		Term Loan		Prime plus 2.75%			3/30/2043			22.3				22.3				23.6				0.01	%
^Kaz Wellness, LLC dba Grounded Wellness Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/29/2028			15.2				15.2				14.0				—	%
^Hot Shot Services, Inc and TFB, Ltd Co		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/29/2043			396.2				396.2				432.0				0.15	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2044			33.8				33.8				37.0				0.01	%
^Montage Mountain Resorts, LP		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/28/2043			1,238.0				1,238.0				1,350.0				0.47	%
^Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			3/28/2028			147.5				147.5				140.2				0.05	%
^Kenneth Whelchel dba Whelchel Fencing and Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/28/2028			62.0				62.0				57.6				0.02	%
^Clancy 15 LLC and Allied Molded Products LLC		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			3/28/2043			212.9				212.9				214.7				0.07	%

141

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			83.5				83.5				86.1				0.03	%
^Cartwright Termite & Pest Control Inc. and Cartwright Termite & Pest Co.		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/28/2028			222.1				222.1				209.5				0.07	%
^K.C. Communications, Inc.		Telecommunications		Term Loan		Prime plus 2.75%			3/27/2028			59.6				59.6				61.5				0.02	%
^Towing Professionals of Arizona Inc dba Shamrock Towing		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/26/2028			143.1				143.1				131.4				0.05	%
^Towing Professionals of Arizona Inc dba Shamrock Towing		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/26/2043			533.6				533.6				520.4				0.18	%
^Cable Management, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			94.5				94.5				90.3				0.03	%
^Sunshine Tents and Event Rentals LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			3/23/2028			58.9				58.9				60.7				0.02	%
^Shweiki Media Inc dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/23/2028			71.6				71.6				72.4				0.03	%
^Aque Investment Group LLC		Real Estate		Term Loan		Prime plus 2.75%			3/23/2028			253.3				253.3				261.2				0.09	%
^Denton BioFuels LLC and Amercian BioSource, LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			93.0				93.0				86.8				0.03	%
^All Regional Recyclers of Wood LLC dba ARROW		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2028			125.2				125.2				119.5				0.04	%
^New York Label & Box Corp		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/23/2043			1,238.0				1,238.0				1,288.6				0.45	%
^Sofasco, Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/23/2043			99.0				99.0				99.2				0.03	%
^Kajun Martial Arts LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/23/2028			21.5				21.5				19.2				0.01	%
^ME Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/22/2028			17.9				17.9				15.7				0.01	%
^GeoTek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2043			841.9				841.9				878.6				0.31	%
^Rexco Foods LLC dba Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/20/2028			40.6				40.6				35.7				0.01	%

142

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^RTSP Union LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			9/20/2028			1,182.3				1,182.3				1,107.4				0.39	%
^Cest Chic Concepts, LLC dba Salon Cest Chic		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/19/2028			10.7				10.7				9.7				—	%
^Petroleum Equipment & Services, Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%			3/16/2028			238.5				238.5				244.1				0.08	%
^Camerabots Media, LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 2.75%			3/16/2028			14.3				14.3				12.9				—	%
^Car Pro Auto Spa of Stuart, LLC dba Tide Pools Island Gifts		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/16/2028			21.5				21.5				22.1				0.01	%
^Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/15/2043			514.0				514.0				542.8				0.19	%
^Rojenco II,Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/15/2043			76.3				76.3				80.6				0.03	%
^Bear Bones, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			3/15/2043			22.3				22.3				23.8				0.01	%
^CTD Operations Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/15/2028			63.2				63.2				56.6				0.02	%
^Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/15/2043			76.3				76.3				80.6				0.03	%
^Rojenco II, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/15/2043			398.6				398.6				420.9				0.15	%
^Summit Insights Group LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			3/14/2028			84.9				84.9				74.6				0.03	%
^Dante Ultimate Cleaning Service LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/9/2028			9.7				9.7				9.2				—	%
^SRG Waterfront LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/9/2028			298.2				298.2				265.8				0.09	%
^2b Mom Inc dba Mom's the Word Maternity		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			3/9/2028			93.1				93.1				81.9				0.03	%
^Bee Kidz Funzone Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/9/2028			186.6				186.6				169.9				0.06	%
^Integrity Machinery Moving, LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			3/8/2028			21.5				21.5				22.1				0.01	%
^Treft Systems Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/8/2028			14.3				14.3				12.7				—	%

143

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Unpainted Arizona, LLC dba Westside Bowl		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/7/2043			103.5				103.5				107.0				0.04	%
^Play4Fun dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/7/2028			170.4				170.4				156.8				0.05	%
^Espinoza & Salinas Group Ltd dba Credit 360 Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/2/2028			4.7				4.7				4.3				—	%
^BC Bishop Enterprises LLC dba 9Round Pooler		Educational Services		Term Loan		Prime plus 2.75%			3/2/2028			8.0				8.0				7.2				—	%
^Stepping Stones Childrens Academy		Social Assistance		Term Loan		Prime plus 2.75%			3/2/2043			252.0				252.0				268.3				0.09	%
^Connie Engelbrecht		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			2/28/2028			2.8				2.8				2.6				—	%
^The Law Offices of Samuel R Miller LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/28/2043			117.7				117.7				128.0				0.04	%
^Merciful Heavenly Homes, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			2/28/2043			65.6				65.6				71.5				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			212.4				212.4				219.0				0.08	%
^Carey Collision Repairs Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/27/2028			71.1				71.1				64.2				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			352.9				352.9				384.8				0.13	%
^Purely Seed LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			2/26/2028			118.5				118.5				104.2				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			4.9				4.9				4.3				—	%
^Jackpine Technologies Corporation		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			2/22/2028			75.0				75.0				72.3				0.03	%
^Crossfit iQ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/21/2028			40.3				40.3				36.5				0.01	%
^Wellfleet Consulting Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/21/2028			14.2				14.2				12.5				—	%
^New View Media Group LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			2/16/2028			78.2				78.2				80.7				0.03	%
^Town & Country Transportation Co.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			2/16/2028			62.8				62.8				64.8				0.02	%

144

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Lulinjett LLC dba All American Printing & Design		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			2/14/2043			105.4				105.4				115.0				0.04	%
^JumboMarkets, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/13/2028			196.7				196.7				179.3				0.06	%
^Margab Inc dba Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/13/2028			12.1				12.1				10.9				—	%
^Tony Herring & Associates, Inc.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			2/9/2028			7.8				7.8				7.9				—	%
^Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/9/2028			71.1				71.1				66.2				0.02	%
^Quality Machine of Iowa, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			2/9/2028			1,223.3				1,223.3				1,172.9				0.41	%
^Apps Inc., Market Share, and Singular Leaseholdings LLC		Telecommunications		Term Loan		Prime plus 2.75%			2/8/2028			497.4				497.4				437.4				0.15	%
^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			74.4				74.4				68.1				0.02	%
^Macrotech Integrated Management Solutions dba Extreme Lawn Care		Repair and Maintenance		Term Loan		Prime plus 2.75%			2/5/2028			11.4				11.4				11.7				—	%
^Midlothian Hardware Inc dba Grills True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			2/2/2028			14.2				14.2				14.6				0.01	%
^M&R Wong LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			2/1/2028			11.3				11.3				10.0				—	%
^Chace Building Supply of CT Inc.,		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			1/31/2043			296.7				296.7				323.6				0.11	%
^Rocco'sLandscaping LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/31/2043			74.1				74.1				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			14.1				14.1				12.8				—	%
^WydeBodi, LLC dba Wyde Bodi Auto Tags		Support Activities for Transportation		Term Loan		Prime plus 2.75%			1/30/2043			46.9				46.9				49.4				0.02	%
^New Phaze Packaging Inc		Paper Manufacturing		Term Loan		Prime plus 2.75%			1/26/2043			947.6				947.6				1,026.9				0.36	%
^Parati USA Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			1/25/2028			20.0				20.0				17.6				0.01	%
^Concrete Services LLC and James Ward		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/25/2028			94.2				94.2				87.9				0.03	%
^Southside BBQ Corp		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/25/2028			18.4				18.4				18.9				0.01	%

145

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Flair Interiors, Inc dba Giant Don's Flooring America		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			1/24/2028			129.5				129.5				133.6				0.05	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/23/2028			7.1				7.1				6.4				—	%
^Lavish Specs Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			1/19/2028			7.1				7.1				6.2				—	%
^Friend Contractors, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			1/19/2043			229.7				229.7				238.2				0.08	%
^Weeping Willow Kennels, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/19/2028			9.9				9.9				10.2				—	%
^Lou & Choo Enterprises Inc dba Lou & Choo Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/18/2043			113.6				113.6				117.0				0.04	%
^MedWorxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/18/2028			74.2				74.2				65.2				0.02	%
^Specialized Dairy Processors LLC and Nathaly Zapata		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/16/2028			61.2				61.2				53.8				0.02	%
^Human Resource Time Manager LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/8/2028			14.6				14.6				15.0				0.01	%
^Impress Therapeutic Massage LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/8/2043			62.2				62.2				66.0				0.02	%
^Sandfree Systems LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			1/5/2028			7.1				7.1				7.3				—	%
^Crad Holding LLC dba Neighborhood Laundry of Bloomfield		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/5/2028			58.9				58.9				52.2				0.02	%
^Social Link LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/29/2027			10.5				10.5				9.2				—	%
^Anglin Cultured Stone Products LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/27/2042			635.1				635.1				629.6				0.22	%
^Morrocco Method, Inc		Chemical Manufacturing		Term Loan		Prime plus 2.75%			12/27/2042			719.0				719.0				763.7				0.27	%
^Dudeck Enterprise LLC dba Detail Garage Las Vegas		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/22/2027			15.2				15.2				15.7				0.01	%
^O'Rourke's Diner, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/22/2027			3.5				3.5				3.4				—	%
^Muckamuck Trucks, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			12.9				12.9				12.3				—	%
^Advance Case Parts Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/22/2027			46.4				46.4				44.6				0.02	%

146

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^TrialHawk Litigation Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2027			14.7				14.7				12.9				—	%
^Landmark Ventures USA Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			12/22/2027			58.5				58.5				51.4				0.02	%
^Medical Plaza of Boro Park PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/22/2027			58.5				58.5				51.4				0.02	%
^Bisson Transportation Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			70.2				70.2				69.0				0.02	%
^Jacliff Investments Inc dba International Heal		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/22/2027			46.8				46.8				41.1				0.01	%
^Salida Family Chiropractic-PPLC dba Salida Sport and Spine		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/22/2027			11.2				11.2				9.9				—	%
^Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diagnostics		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2027			728.4				728.4				648.5				0.23	%
^CT Auto Spa LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/21/2027			202.8				202.8				206.6				0.07	%
^Blue Lagoon Resort, LLC dba Hill View Cottages		Accommodation		Term Loan		Prime plus 2.75%			12/21/2042			186.6				186.6				203.3				0.07	%
^DHD Enterprise LLC dba Edible Arrangements #1699		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/21/2027			21.4				21.4				19.7				0.01	%
^Tropical Stone LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/21/2027			175.8				175.8				181.1				0.06	%
^Ameco Forest Products LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/21/2027			163.8				163.8				168.7				0.06	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/20/2027			70.2				70.2				67.2				0.02	%
^Best Quality Home Care LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/19/2027			7.4				7.4				6.5				—	%
^CZAR Industries, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			12/19/2027			248.9				248.9				233.3				0.08	%
^Auto Excellance of Fort Myers Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/19/2042			104.8				104.8				114.2				0.04	%
^1-0 Granny's Helpful Hands, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/15/2027			21.1				21.1				18.7				0.01	%
^Legion Bowl, Inc & Legion Pub Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/15/2042			329.7				329.7				359.3				0.12	%

147

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%			12/15/2027			59.6				59.6				56.6				0.02	%
^Ocean Trans LLC & Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2042			601.8				601.8				599.0				0.21	%
^Capital Containers LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2027			21.1				21.1				18.9				0.01	%
^Crystal II Auto Glass Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/15/2027			14.1				14.1				12.4				—	%
Neville Galvanizing, Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2042			625.0				625.0				641.5				0.22	%
^JMD Aviation Holdings, LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/15/2027			468.0				468.0				473.7				0.16	%
^Peanut Butter & Co., Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/15/2027			210.6				210.6				184.9				0.06	%
^KR Calvert & Co, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			12/14/2027			446.3				446.3				393.5				0.14	%
^Royalty Freight Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/14/2027			625.9				625.9				549.6				0.19	%
^Atlas Geo-Constructors, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/14/2027			284.5				284.5				275.3				0.10	%
^Barcade Holdings, LLC, Barcade LLC,& Barcade New Haven LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			12/14/2027			59.0				59.0				52.8				0.02	%
^Heung Kyun Im		Nonstore Retailers		Term Loan		Prime plus 2.75%			12/14/2027			14.5				14.5				12.7				—	%
^AADJ Empire Inc and AADJ Galaxy Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/14/2042			178.8				178.8				181.2				0.06	%
^LP Industries Inc. dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			12/14/2027			70.3				70.3				68.6				0.02	%
^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			942.9				942.9				834.9				0.29	%
^Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			12/14/2027			90.3				90.3				89.6				0.03	%
^Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/13/2042			86.3				86.3				89.3				0.03	%
^Hardway Inc & AFC Leasing Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/13/2027			871.8				871.8				765.5				0.27	%
^LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C		Real Estate		Term Loan		Prime plus 2.75%			12/12/2042			98.6				98.6				107.0				0.04	%
^Clore Construction LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/12/2027			433.2				433.2				415.5				0.14	%

148

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/12/2027			46.8				46.8				41.1				0.01	%
^Big Picture Group LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/12/2027			351.0				351.0				321.7				0.11	%
^Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation		Air Transportation		Term Loan		Prime plus 2.75%			12/12/2027			468.0				468.0				410.9				0.14	%
^A-1 Van Services Inc		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			12/12/2027			673.6				673.6				651.9				0.23	%
^The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/12/2027			14.0				14.0				12.8				—	%
^Clear Sound Communications, Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/8/2027			3.5				3.5				3.1				—	%
^AV Strategy Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			12/8/2027			414.1				414.1				389.4				0.14	%
^JVLS LLC dba Vaccines 2 Go		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/7/2027			14.0				14.0				12.3				—	%
^Kim Howard Corp dba NPN Machine Tools		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/7/2042			568.2				568.2				617.2				0.21	%
^IHC Hardware Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/6/2042			98.6				98.6				98.7				0.03	%
^Driven Powersports, Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/6/2027			81.9				81.9				71.9				0.03	%
^Earth First Recycling LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/6/2027			72.8				72.8				72.9				0.03	%
^ODS Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/6/2027			45.9				45.9				42.7				0.01	%
^Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightstar		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/4/2027			14.0				14.0				12.3				—	%
^Oil Palace, Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			12/4/2042			976.8				976.8				1,064.4				0.37	%
^PS Camping Inc.		Accommodation		Term Loan		Prime plus 2.75%			12/1/2027			18.9				18.9				19.1				0.01	%
^Square1 Partners, LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/1/2027			58.5				58.5				51.4				0.02	%
^Utara LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/1/2027			22.0				22.0				20.4				0.01	%
^Linda Jean Howard Riley dba The Rusty Bolt		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/1/2042			20.7				20.7				22.6				0.01	%

149

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Salud Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/1/2027			52.6				52.6				46.5				0.02	%
^Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			11/30/2027			122.0				122.0				122.1				0.04	%
^WTI Distribution Inc		Support Activities for Transportation		Term Loan		Prime plus 2.75%			11/30/2027			37.2				37.2				35.3				0.01	%
^Frontier Sand LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			11/30/2027			479.0				479.0				473.3				0.16	%
^Create- A- Stitch, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/30/2042			86.2				86.2				92.7				0.03	%
^J. Venture Holdings, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/30/2027			11.6				11.6				11.9				—	%
^Skin Beauty Bar Inc. and Tameka J. Mathis		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/30/2027			8.4				8.4				7.6				—	%
^OPH Lexington, Inc		Social Assistance		Term Loan		Prime plus 2.75%			11/29/2042			192.8				192.8				210.1				0.07	%
^Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Car		Rental and Leasing Services		Term Loan		Prime plus 2.75%			11/29/2027			160.4				160.4				144.1				0.05	%
^Our Playhouse Preschool, LLC		Social Assistance		Term Loan		Prime plus 2.75%			11/29/2042			233.8				233.8				254.8				0.09	%
^Amped Coffee Company LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/28/2027			58.2				58.2				60.0				0.02	%
^Beacon Brewing LLC and C' Sons, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/27/2042			125.1				125.1				136.3				0.05	%
^Step Up Academy of the Arts, LLC		Educational Services		Term Loan		Prime plus 2.75%			11/22/2027			14.7				14.7				12.9				—	%
^Webtez Inc dba Mod Vans		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			11/22/2027			65.1				65.1				57.5				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			17.4				17.4				16.5				0.01	%
^Glencadia Corporation		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/21/2027			3.5				3.5				3.1				—	%
^Grumpy's Restaurant Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/21/2027			66.1				66.1				58.2				0.02	%
^Cali Fit Meals		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/21/2027			20.9				20.9				19.9				0.01	%
^PB Market LLC dba Pure Barre		Educational Services		Term Loan		Prime plus 2.75%			11/21/2027			100.9				100.9				88.7				0.03	%
^N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			11/20/2027			385.5				385.5				338.5				0.12	%

150

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^N Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			11/20/2042			175.3				175.3				164.3				0.06	%
^B Lam LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/20/2042			178.6				178.6				190.0				0.07	%
^Maya Motel, LLC dba Town House Motel		Accommodation		Term Loan		Prime plus 2.75%			11/17/2042			56.2				56.2				61.2				0.02	%
^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			175.8				175.8				170.7				0.06	%
^SSI Refrigerated Express Inc. and Robert M Stallone		Truck Transportation		Term Loan		Prime plus 2.75%			11/17/2027			59.4				59.4				53.4				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			46.5				46.5				42.8				0.01	%
^Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/17/2027			49.3				49.3				43.7				0.02	%
^H & H Hotshot Services, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/16/2027			65.1				65.1				59.7				0.02	%
^Murf & Sons LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/16/2027			154.7				154.7				138.0				0.05	%
^J R Wholesale Tires & Auto Center, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			11/15/2042			13.3				13.3				14.5				0.01	%
^Marcaco LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			11/15/2042			651.7				651.7				693.3				0.24	%
^Auto Rx LLC,J&P Auto Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/15/2042			193.3				193.3				209.2				0.07	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%			10/14/2043			408.5				408.5				432.7				0.15	%
^GFA International Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/13/2027			87.2				87.2				89.8				0.03	%
^Wing King at the Gardens LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/10/2027			9.1				9.1				8.0				—	%
^Linqserv Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			11/9/2027			574.1				574.1				548.7				0.19	%
^Hofgard & Co, Inc dba Hofgard Benefits and James Marsh		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			11/8/2027			13.8				13.8				12.1				—	%
^JNP Delivery Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/7/2027			104.1				104.1				97.5				0.03	%
^His Loving Hands Christian Academy, Inc.		Social Assistance		Term Loan		Prime plus 2.75%			11/6/2042			90.4				90.4				96.1				0.03	%
^Sterling Campbell Insurance Agency, Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			11/3/2027			7.0				7.0				6.1				—	%

151

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^S & S Auto Body Shop Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/3/2042			162.6				162.6				175.5				0.06	%
^Top Quality Dent Service LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/2/2027			5.6				5.6				4.9				—	%
^Edge Studios Inc Radiant Yoga LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/1/2027			61.6				61.6				55.5				0.02	%
^Rachael Reel dba Rachel Reel Insurance Age		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			10/31/2027			6.9				6.9				6.1				—	%
^Berza TLG,LLC dba The Little Gym of Lake Charles		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/31/2027			39.2				39.2				35.1				0.01	%
^The Five Lakes LLC		Educational Services		Term Loan		Prime plus 2.75%			10/30/2042			467.3				467.3				509.2				0.18	%
^Die Hard Used Car Sales		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/30/2042			55.4				55.4				60.4				0.02	%
^Blue Eagle Transport Inc, Golden Eagle Transport, Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%			10/27/2027			34.7				34.7				31.4				0.01	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			10/27/2027			9.2				9.2				8.2				—	%
^Ashore Ventures Inc dba PuroClean Professional Restoration		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/27/2027			13.4				13.4				12.2				—	%
^Cardinal Homes, Inc		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			10/27/2027			101.0				101.0				104.1				0.04	%
^Suzie LLC dba Tony D's Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/25/2042			86.1				86.1				92.5				0.03	%
^White Walker LLC dba Frenchette		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/25/2027			258.9				258.9				266.7				0.09	%
^Grand Blanc Lanes, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/25/2027			13.9				13.9				14.3				—	%
^Schafer Fisheries Inc		Food Manufacturing		Term Loan		Prime plus 2.75%			10/25/2027			32.3				32.3				33.3				0.01	%
^Action Physical Therapy Yoga and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/24/2027			20.8				20.8				20.4				0.01	%
^The Jig, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/24/2042			74.8				74.8				79.1				0.03	%
^Florida Apnea Diagnostics LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/20/2027			146.5				146.5				131.1				0.05	%
^Looky Enterprises, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/18/2027			61.4				61.4				55.4				0.02	%

152

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Island Refrigeration & AC Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/18/2042			138.6				138.6				144.3				0.05	%
^H and K Dry Cleaning LLC, Quintero Shopping Center LLC, Aqua Laundry		Electronics and Appliance Stores		Term Loan		8%			10/17/2042			63.3				63.3				69.0				0.02	%
^Blueridge Armor LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			10/17/2027			7.6				7.6				7.2				—	%
^Albas Bar & Grill LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/13/2042			44.3				44.3				44.5				0.02	%
^Cortez Landscaping, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/13/2027			17.7				17.7				16.5				0.01	%
^Crawfordsville Fitness LLC dba Planet Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/13/2027			114.6				114.6				103.4				0.04	%
^On Call Services LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			10/13/2027			16.6				16.6				17.1				0.01	%
^JD Ventures LLC and JD Roof Co LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/12/2027			20.8				20.8				18.7				0.01	%
^Pro Anderson, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/11/2027			49.9				49.9				44.5				0.02	%
^Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/11/2027			17.3				17.3				17.0				0.01	%
^Eye Optique Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			10/5/2027			13.9				13.9				12.2				—	%
^Becky Lou Corp dba Rent A Center		Rental and Leasing Services		Term Loan		Prime plus 2.75%			10/2/2027			84.2				84.2				78.9				0.03	%
^Ains Holding Company LLC		Management of Companies and Enterprises		Term Loan		Prime plus 2.75%			10/2/2027			75.8				75.8				68.3				0.02	%
^Dan Cline Transport Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			9/29/2030			948.9				948.9				864.6				0.30	%
^Cagwin Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			9/29/2042			321.7				321.7				344.6				0.12	%
^Sashshel Corporation		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/29/2042			209.1				209.1				227.7				0.08	%
^Threads of Time LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			9/29/2042			135.1				135.1				139.1				0.05	%
^Harco Metal Products Inc		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			9/29/2042			483.3				483.3				479.2				0.17	%
^Miechella Suzette Decker		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/29/2042			98.4				98.4				107.1				0.04	%
^Chicago American Manufacturing LLC, Dockside Steel Processing LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/29/2042			1,230.3				1,230.3				1,289.0				0.45	%

153

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Pets A Go Go LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/28/2042			195.5				195.5				206.8				0.07	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/28/2042			540.4				540.4				555.3				0.19	%
^Nicholson Lumber Co Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/28/2030			202.9				202.9				204.5				0.07	%
^Rhode Island Tennis Management LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/28/2042			376.3				376.3				386.7				0.13	%
^National Media Services, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/28/2027			17.2				17.2				15.1				0.01	%
^Complete Care IT LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/27/2027			13.5				13.5				11.8				—	%
^Technologist Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/27/2027			318.5				318.5				316.0				0.11	%
^Rollins Construction & Trucking LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			9/26/2027			312.4				312.4				311.0				0.11	%
^Inspirations Food Design, Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/26/2042			460.0				460.0				478.7				0.17	%
^KB Waterjet Cutting LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/22/2027			9.4				9.4				8.7				—	%
^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			20.6				20.6				18.3				0.01	%
^Magnation Corporation		Utilities		Term Loan		Prime plus 2.75%			9/22/2027			45.9				45.9				47.2				0.02	%
^Sallee Pro-Custom Fabrication Shop LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/21/2027			8.3				8.3				8.5				—	%
^Sound Manufacturing, Inc. & Monster Power Equipment, Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/20/2027			183.3				183.3				177.1				0.06	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			9/20/2042			159.7				159.7				163.6				0.06	%
^CR Park Incorporated dba Define Body and Mind		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/20/2027			92.1				92.1				83.8				0.03	%
^Denek Contracting Inc and Denek Leasing LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/20/2042			206.3				206.3				224.6				0.08	%
^Excel, RP Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			9/20/2027			91.7				91.7				86.3				0.03	%
^Max Home Deliveries, Inc		Couriers and Messengers		Term Loan		Prime plus 2.75%			9/20/2027			74.1				74.1				69.1				0.02	%

154

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Montessori Community School		Social Assistance		Term Loan		Prime plus 2.75%			9/20/2042			387.8				387.8				390.9				0.14	%
^Imagine By Carleen, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/20/2027			6.9				6.9				6.8				—	%
^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			942.4				942.4				917.5				0.32	%
^Alexander Pierce Corporation		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/20/2042			613.6				613.6				632.7				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				1,136.0				0.40	%
^Insight Diagnostic Technologist Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/20/2027			278.4				278.4				254.6				0.09	%
^Venus Pizza, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/20/2042			90.4				90.4				98.4				0.03	%
^CIS BIG DOG, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/19/2027			56.9				56.9				58.1				0.02	%
^Stone's Construction and Remodeling, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/19/2027			4.8				4.8				4.2				—	%
^Party By Design Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/18/2042			1,190.5				1,190.5				1,216.5				0.42	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%			9/15/2027			58.6				58.6				54.8				0.02	%
^Inglis Food Mart Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/15/2027			20.6				20.6				21.0				0.01	%
^Clinton Food Market LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			9/15/2042			257.9				257.9				266.7				0.09	%
^Li Family Spokane LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2042			377.8				377.8				402.2				0.14	%
^Tarleton & Family Landscaping, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/15/2027			76.8				76.8				69.8				0.02	%
^Alaska Motor Home Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			9/13/2027			304.0				304.0				266.6				0.09	%
^Nails By Mercede LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/13/2027			13.1				13.1				12.4				—	%
^Fox Valley Rentals & Investments, LLC		Food Services and Drinking Places		Term Loan		Prime plus 3.75%			9/13/2027			6.9				6.9				7.0				—	%
^Town & Country Transportation Co. and Popco, LLC.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/12/2042			165.8				165.8				180.5				0.06	%
^Rajbai Maa Inc. dba Nara Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/12/2042			381.9				381.9				383.4				0.13	%

155

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Morgan Lynn Kerstetter dba Catherine School of Dance		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			9/11/2027			6.9				6.9				7.1				—	%
^Health & Performance Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/11/2027			18.7				18.7				16.4				0.01	%
^Foxtail, LLC and Tottly New Services Corp		Social Assistance		Term Loan		Prime plus 2.75%			9/8/2042			286.2				286.2				296.9				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			1,233.2				1,233.2				1,206.1				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			6.9				6.9				6.9				—	%
^Crazy Beatz Productions LLC		Motion Picture and Sound Recording Industries		Term Loan		Prime plus 3.75%			9/7/2027			4.9				4.9				4.6				—	%
^South Fulton Landscape & Nursery, Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/7/2042			98.4				98.4				107.2				0.04	%
^Dreaming Big Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%			9/5/2042			364.1				364.1				377.4				0.13	%
^Big Coop's Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			9/1/2027			91.7				91.7				87.9				0.03	%
^Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%			8/31/2027			349.9				349.9				316.4				0.11	%
^The Pink Alli, LLC dba The Alli		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			8/30/2027			16.4				16.4				15.0				0.01	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2042			540.2				540.2				506.6				0.18	%
^Busby Outdoor LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2042			687.6				687.6				644.9				0.22	%
^Parlay Disributors LLC		Educational Services		Term Loan		Prime plus 2.75%			8/25/2027			102.5				102.5				91.4				0.03	%
^Lake County Tow LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			8/25/2042			85.9				85.9				88.5				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			22.8				22.8				20.0				0.01	%
^Genuine Ventures LLC and Seaweed Ventures LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/24/2030			524.6				524.6				502.4				0.17	%
^R & R Strength & Conditioning Corp dba Crossfit Light House Point		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/23/2042			81.1				81.1				88.3				0.03	%

156

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Delicias de Minas Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/22/2027			188.0				188.0				187.8				0.07	%
^L&V Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			8/21/2027			16.4				16.4				16.9				0.01	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/21/2027			15.0				15.0				13.2				—	%
^Damiano Global Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/21/2027			20.5				20.5				19.7				0.01	%
^Tier1 Solutions LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/18/2027			17.1				17.1				15.7				0.01	%
^Tony Herring & Associates, Inc		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			8/17/2027			6.8				6.8				6.0				—	%
^Chester's World Enterprise LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/16/2027			20.5				20.5				18.8				0.01	%
^D'Amato & Sons Construction, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			8/11/2027			7.5				7.5				7.0				—	%
^Roundhay Partners LLC and Roundhay Farming LLC		Crop Production		Term Loan		Prime plus 2.75%			8/8/2042			902.1				902.1				853.8				0.30	%
^L & J Corporate Services Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/4/2027			6.8				6.8				6.0				—	%
^Furniture Masters Limited Liability Company		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/3/2027			8.2				8.2				7.2				—	%
^HMG Strategy LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/2/2027			45.5				45.5				39.9				0.01	%
^Bowl Mor LLC dba Bowl Mor Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/31/2027			6.8				6.8				5.9				—	%
^Hope Health Care, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			7/31/2027			9.5				9.5				8.3				—	%
^Royal Blue Investments, Inc. and Cleland Pharmacy LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			7/31/2042			51.9				51.9				55.6				0.02	%
^Raffi's Inc dba Atlantic Auto Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/31/2027			12.9				12.9				13.1				—	%
^Sharon G McMillen, MA Psychologist, Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/28/2027			16.8				16.8				14.8				0.01	%
^HQTRONIC LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			7/27/2027			20.4				20.4				17.8				0.01	%

157

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Oberon IT, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/26/2027			197.9				197.9				184.6				0.06	%
^Gilles Peress Studio LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/25/2027			56.6				56.6				49.6				0.02	%
^Obok LLC		Food Manufacturing		Term Loan		Prime plus 2.75%			7/21/2027			10.9				10.9				10.3				—	%
^Ocean Trans LLC		Truck Transportation		Term Loan		Prime plus 2.75%			7/21/2027			33.9				33.9				29.7				0.01	%
^Lil Tots' Learning Center LLC		Social Assistance		Term Loan		Prime plus 2.75%			7/21/2042			46.6				46.6				48.0				0.02	%
^Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 3.75%			7/19/2027			6.8				6.8				7.1				—	%
^Nova Solutions, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			7/19/2027			22.6				22.6				22.6				0.01	%
^Aitheras Aviation Group, LLC (OH) , Aitheras Aviation Group, LLC (FL)		Air Transportation		Term Loan		Prime plus 2.75%			7/18/2027			745.9				745.9				658.8				0.23	%
^Wildflour Bakery & Cafe, LLC		Food Manufacturing		Term Loan		Prime plus 2.75%			7/17/2027			20.3				20.3				20.9				0.01	%
^Koep Companies dba Pipestone True value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			7/14/2042			319.9				319.9				324.0				0.11	%
^Florida Home and Kitchen LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/14/2027			10.9				10.9				9.5				—	%
^Rocks Auto Exchange LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			7/13/2027			13.6				13.6				11.9				—	%
^McCord Holdings, Inc. dba Fast Signs 176101		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/7/2027			17.0				17.0				15.2				0.01	%
^Thrifty Market Inc dba Thrifty Foods		Food and Beverage Stores		Term Loan		Prime plus 2.75%			7/6/2027			92.9				92.9				85.5				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			48.9				48.9				53.3				0.02	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/30/2027			68.5				68.5				71.0				0.02	%
^J. T. O'Neill Company, L.L.C		Real Estate		Term Loan		Prime plus 2.75%			6/30/2027			13.5				13.5				12.4				—	%
^Hamilton & Associates Real Estate and Investments Firm LLC		Real Estate		Term Loan		Prime plus 2.75%			6/30/2042			52.9				52.9				56.9				0.02	%
^New Chicago Wholesale Bakery Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			6/30/2027			13.5				13.5				13.5				—	%

158

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^BQRS, Inc. DBA Gresham Meineke Car Care Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/30/2027			56.1				56.1				52.6				0.02	%
^JWH Designs, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/30/2027			95.4				95.4				88.1				0.03	%
^Veola's Day Spa and Wellness Center Inc.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/30/2027			8.2				8.2				7.8				—	%
^J&M Civil Construction Services LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/30/2027			89.9				89.9				83.0				0.03	%
^Best Bees Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%			6/29/2027			20.2				20.2				18.7				0.01	%
^Stiegelbauer Associates Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2027			278.0				278.0				288.4				0.10	%
^Oakhill Farms, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/29/2030			93.1				93.1				98.0				0.03	%
^Greensboro Plastic Surgical Associates, PA		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/29/2042			565.8				565.8				600.4				0.21	%
^Malhame & Company Publishers & Importers Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/29/2027			80.9				80.9				74.8				0.03	%
^Intellixion LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/29/2027			3.4				3.4				3.1				—	%
^Ocean Trans LLC and Dehal Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			6/29/2027			541.1				541.1				499.8				0.17	%
^Foxhop Fitness, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/28/2027			83.6				83.6				77.9				0.03	%
^Akal Express Inc. dba Truck Trailer Service Stop		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/28/2042			58.7				58.7				64.1				0.02	%
^Old Dominion Transportation Group, Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			6/28/2027			909.2				909.2				855.7				0.30	%
^Citibin, Inc.		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			6/27/2027			112.3				112.3				103.7				0.04	%
^Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			6/27/2030			228.3				228.3				236.6				0.08	%
^WB Cleaners Inc. DBA $2.75 Cleaners		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/27/2027			14.7				14.7				15.3				0.01	%
^Ains Holding Company, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/26/2027			1,056.4				1,056.4				992.7				0.35	%
^Four Seasons Laser Center Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/26/2042			213.6				213.6				227.6				0.08	%
^Northern Industries, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/23/2042			56.5				56.5				62.5				0.02	%

159

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Rustic LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/23/2042			15.9				15.9				15.8				0.01	%
^Vella Construction Enterprises, Inc. dba Vella Construction		Construction of Buildings		Term Loan		Prime plus 2.75%			6/23/2027			20.2				20.2				18.7				0.01	%
^Birches Group, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/22/2027			44.9				44.9				41.5				0.01	%
^Sanabi Investment ,,LLC dba Oscar's Moving and Storage		Truck Transportation		Term Loan		Prime plus 2.75%			6/20/2027			110.0				110.0				105.7				0.04	%
^Scarlet Spartan Inc.dba FastSigns of Brighton		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/19/2027			50.0				50.0				47.0				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			391.7				391.7				406.8				0.14	%
^JAM Media Solutions, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/15/2027			56.1				56.1				51.8				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			304.0				304.0				321.8				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			90.5				90.5				98.5				0.03	%
^ESA 365 Corp and Lucathor Realty LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/14/2042			22.0				22.0				23.7				0.01	%
^Susan Hughes dba Aloha Junction B and B		Accommodation		Term Loan		Prime plus 2.75%			6/14/2042			60.7				60.7				67.2				0.02	%
^Hull's Kitchen, LLC and HK Too, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/14/2042			94.3				94.3				104.1				0.04	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			6/12/2027			106.7				106.7				105.2				0.04	%
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/8/2027			3.2				3.2				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				347.6				0.12	%
^Skydive California, LLC		Educational Services		Term Loan		Prime plus 2.75%			6/2/2027			50.1				50.1				51.9				0.02	%
^SCW, LLC dba Arthur Murray Dance Studio		Educational Services		Term Loan		Prime plus 2.75%			6/2/2042			142.8				142.8				152.4				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			44.6				44.6				48.2				0.02	%
^Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/31/2042			77.6				77.6				85.0				0.03	%

160

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Funtime, LLC and Universal Entertainment Group LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/31/2027			59.2				59.2				55.4				0.02	%
^Ricnet III, Inc. dba Edible Arrangements		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/31/2027			13.2				13.2				12.4				—	%
^Haroon Baig,Inc.dba US1 Petrol		Gasoline Stations		Term Loan		Prime plus 2.75%			5/31/2042			257.8				257.8				285.3				0.10	%
^Sage Oil LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			5/31/2027			20.1				20.1				18.7				0.01	%
^Chet Lemon Enterprises LLC dba All American Sports		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/26/2042			774.0				774.0				856.5				0.30	%
^Mitchell Auto Repair, LLC and and C&M Mitchell, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/26/2042			191.0				191.0				206.9				0.07	%
^Eagle Wood Works LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			5/26/2027			10.7				10.7				10.3				—	%
^Hurricane Group, Inc.		Other Information Services		Term Loan		Prime plus 2.75%			5/26/2027			66.9				66.9				61.8				0.02	%
^Swantown Inn & Spa LLC		Accommodation		Term Loan		Prime plus 2.75%			5/26/2042			124.2				124.2				136.4				0.05	%
^Beyond Waves A Unique Salon LLC and Lori Ann Carlson		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/25/2027			13.4				13.4				12.5				—	%
^Jung Design Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/25/2027			8.0				8.0				7.4				—	%
^Locavore LLC dba Paloma Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/25/2027			44.6				44.6				42.3				0.01	%
^Abdul Naushad MD PC dba Advanced Pain Centers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/25/2042			384.6				384.6				418.5				0.15	%
^Innovim, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/24/2027			300.9				300.9				277.9				0.10	%
^Gill Express Inc. and Gill Express 2 LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/23/2042			330.9				330.9				350.4				0.12	%
^Prestige Construction of Florida, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			5/23/2042			328.6				328.6				344.2				0.12	%
^GEM2K, LLC dba Precision Precast Group		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			5/19/2027			145.9				145.9				138.9				0.05	%
^Hayden Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/19/2027			210.1				210.1				205.6				0.07	%
^Tres K Deli,Grocery,Fruit and Meat Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/19/2027			7.4				7.4				7.2				—	%
^Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/19/2042			568.9				568.9				611.3				0.21	%

161

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			264.6				264.6				264.9				0.09	%
^PS Camping, Inc. dba Prospectors RV Resort		Accommodation		Term Loan		Prime plus 2.75%			5/19/2042			253.7				253.7				279.9				0.10	%
^Mr. B's Bicycles & Mopeds, Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			5/18/2042			143.3				143.3				153.4				0.05	%
^Waterford Plumbing Co, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/18/2027			44.6				44.6				41.7				0.01	%
^Bay Car Wash LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2042			117.9				117.9				126.9				0.04	%
^Computech Computers Inc.		Educational Services		Term Loan		Prime plus 2.75%			5/17/2027			44.6				44.6				41.2				0.01	%
^Arco Electrical Contractors Inc. dba Arco Construction Group		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			5/16/2027			320.8				320.8				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			47.9				47.9				45.0				0.02	%
^5 Stars Learning Center Inc		Social Assistance		Term Loan		Prime plus 2.75%			5/16/2042			60.4				60.4				64.7				0.02	%
^Band Sawn Lumber,LLC and Nathan Ryan Adams		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			5/15/2042			111.1				111.1				117.3				0.04	%
^Sanderson Distribution Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			5/12/2027			9.4				9.4				8.7				—	%
^Keys Armored Express, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/12/2027			35.7				35.7				34.0				0.01	%
^SG Linke LLC		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			5/12/2027			74.2				74.2				77.0				0.03	%
^B G F Bobby Q's Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/11/2027			6.7				6.7				6.8				—	%
^Estelle Finkel Educational Associates,LLC		Educational Services		Term Loan		Prime plus 2.75%			5/11/2027			107.8				107.8				99.6				0.03	%
^Labmates,LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			5/10/2027			89.2				89.2				89.1				0.03	%
^NHS, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			5/9/2027			78.9				78.9				75.3				0.03	%
^1872 Rosecrans, LLC dba Goodbar		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/9/2027			57.0				57.0				52.9				0.02	%

162

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			21.4				21.4				21.8				0.01	%
^Innovation Transport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			5/9/2027			69.5				69.5				69.4				0.02	%
^Arclay, LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			5/5/2030			137.1				137.1				134.3				0.05	%
^Benchmark Building, Inc.		Construction of Buildings		Term Loan		Prime plus 2.75%			5/5/2027			20.1				20.1				18.5				0.01	%
^Cable Management LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			5/3/2027			51.1				51.1				50.5				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			114.0				114.0				126.1				0.04	%
^Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			4/28/2027			79.6				79.6				74.2				0.03	%
^Love and Glory Learning Center, Inc.		Social Assistance		Term Loan		Prime plus 2.75%			4/28/2042			76.1				76.1				80.9				0.03	%
^Georgia Productions Services LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			4/28/2027			80.8				80.8				78.3				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			216.8				216.8				239.9				0.08	%
^Sneads Ferry Foods, Inc. dba DQ Grill & Chill		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/27/2042			611.4				611.4				648.4				0.23	%
^Asheville's Fun Depot, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/26/2027			77.4				77.4				80.3				0.03	%
^Resident Research, LLC		Other Information Services		Term Loan		Prime plus 2.75%			4/24/2027			78.0				78.0				72.1				0.03	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/21/2027			6.6				6.6				6.3				—	%
^Ralph's Hair Salon, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/21/2042			48.8				48.8				52.7				0.02	%
^M.E. Interiors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/20/2027			123.2				123.2				113.8				0.04	%
^Condron Brothers LLC DBA Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/19/2027			105.8				105.8				101.5				0.04	%
^Bloomer Machine & Fab, Inc and Dale Stertz Properties		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/13/2042			200.4				200.4				218.5				0.08	%

163

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Carpeteria (Markarian) Co.		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/13/2027			117.4				117.4				120.8				0.04	%
^Butternuts Beer and Ale LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			4/12/2027			65.3				65.3				67.7				0.02	%
^Citizens Lanes, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/31/2042			608.5				608.5				672.7				0.23	%
^Shelter Harbor Inn, Inc.		Accommodation		Term Loan		Prime plus 2.75%			3/31/2042			202.6				202.6				224.0				0.08	%
^The Altitude Group, LLC and Core Home Security, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/31/2027			43.4				43.4				40.0				0.01	%
^MIT LLC		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/31/2042			85.4				85.4				94.5				0.03	%
^Bear Trail Lodge LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/31/2042			539.5				539.5				592.7				0.21	%
^Landmark Ventures USA, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			3/31/2027			165.0				165.0				152.2				0.05	%
^Golden Hen Inc. dba Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/31/2027			57.0				57.0				53.1				0.02	%
^Applied Integrated Technologies, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/31/2027			110.1				110.1				101.5				0.04	%
^Signature Rooms, Inc dba Gallery Furniture		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			3/30/2042			484.1				484.1				533.5				0.19	%
^KWG Industries LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2027			26.4				26.4				26.9				0.01	%
^Sea Smoke Barbeque, Corp and Danwen LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/30/2042			230.9				230.9				247.9				0.09	%
^Schafer Fisheries Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/30/2042			242.4				242.4				268.0				0.09	%
^Discount Price, LLC dba Robert's Market		Gasoline Stations		Term Loan		Prime plus 2.75%			3/29/2042			201.4				201.4				217.7				0.08	%
^Douglas K. Soderblom . dba Loma Linda Optometry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/29/2027			88.0				88.0				84.3				0.03	%
^Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham		Accommodation		Term Loan		Prime plus 2.75%			3/29/2042			1,031.5				1,031.5				1,136.2				0.40	%
^First Sail Group Inc. and Omen Board Industires LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			3/29/2027			17.6				17.6				17.1				0.01	%

164

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^H and H Hotshot Services, Inc. dba AA Hotshot & Logistics		Couriers and Messengers		Term Loan		Prime plus 2.75%			3/29/2030			89.6				89.6				84.1				0.03	%
^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				388.6				0.14	%
^American Pharmaceutical Innovation Company, LLC		Chemical Manufacturing		Term Loan		Prime plus 2.75%			3/28/2027			26.4				26.4				24.4				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			400.7				400.7				443.0				0.15	%
^Heil & Hornik LLC dba Elysium Tennis		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/27/2042			907.1				907.1				968.8				0.34	%
^Robert Dixon PA dba Law Offices of Robert Dixon		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/24/2042			416.2				416.2				458.8				0.16	%
^Ericon Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%			3/24/2027			55.0				55.0				55.4				0.02	%
^Executive Fitness & Nutrition Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/23/2027			18.0				18.0				18.4				0.01	%
^Denton Bio Fuels LLC and American Bio Source LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/23/2027			52.1				52.1				50.3				0.02	%
^Color Graphic Press, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/23/2027			105.6				105.6				109.4				0.04	%
^JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/23/2042			86.6				86.6				92.5				0.03	%
^Baton Rouge Cargo Services Inc. and 6507 Westport, LLC		Truck Transportation		Term Loan		Prime plus 2.75%			3/22/2042			628.0				628.0				683.9				0.24	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/21/2027			19.8				19.8				18.3				0.01	%
^J Sivilis LLC dba Pet Wants		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/17/2027			10.8				10.8				10.2				—	%
^Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/16/2027			264.0				264.0				273.5				0.10	%
^The Purple Cow House of Pancake Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/16/2042			156.9				156.9				173.4				0.06	%
^Reservoir International LLC		Educational Services		Term Loan		Prime plus 2.75%			3/16/2027			87.5				87.5				85.6				0.03	%
^1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M		Truck Transportation		Term Loan		Prime plus 2.75%			3/13/2027			603.3				603.3				556.4				0.19	%
^Dwayne Bernard Tate		Truck Transportation		Term Loan		Prime plus 2.75%			3/10/2027			9.2				9.2				8.9				—	%

165

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Elegant Occasions, LLC dba E Productions		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/10/2042			575.3				575.3				616.6				0.21	%
^E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & Paul		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			3/9/2027			109.9				109.9				103.2				0.04	%
^Anthony LLC dba Star of Woodward Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/9/2042			112.5				112.5				124.3				0.04	%
^Allegro Assisted Living Of Texas		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			3/6/2027			84.5				84.5				87.5				0.03	%
^Robbie E. Bakery and Cafe LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/3/2027			56.4				56.4				52.0				0.02	%
^Podium Auto Sales Inc and RRS Property, LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/3/2042			88.6				88.6				94.5				0.03	%
^Weeping Willow Kennels, Inc and Aileen N Black		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/28/2042			136.6				136.6				147.8				0.05	%
^SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express		Truck Transportation		Term Loan		Prime plus 2.75%			2/28/2027			205.8				205.8				189.8				0.07	%
^Getting Even LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2027			84.1				84.1				80.0				0.03	%
^Total Document Solutions Inc and,TDS Services, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			2/27/2030			285.1				285.1				279.5				0.10	%
^McNally Enterprises Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			2/27/2027			56.8				56.8				54.0				0.02	%
^Teracore Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/27/2027			143.0				143.0				131.9				0.05	%
^B & J Bicycle Shop Inc.		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			2/24/2027			8.4				8.4				8.7				—	%
^3W Enterprises LLC		Textile Product Mills		Term Loan		Prime plus 2.75%			2/24/2042			63.8				63.8				69.7				0.02	%
^TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/24/2027			93.9				93.9				92.2				0.03	%
^Victorian Restaurant and Tavern, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/22/2042			104.8				104.8				110.7				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			39.1				39.1				43.2				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			17.0				17.0				15.7				0.01	%
^Ameritube, LLC and Ravone Properties, LLC		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			2/14/2042			180.7				180.7				199.8				0.07	%
^R&S Barnes Enterprises, Inc. dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/10/2027			81.9				81.9				76.2				0.03	%

166

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			241.3				241.3				262.9				0.09	%
^Sushiya Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/10/2027			16.4				16.4				15.5				0.01	%
^Maximo Canot dba Wash and Dry Laundrymat		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/10/2042			134.3				134.3				146.5				0.05	%
^Marvic Enterprises Inc dba Jordan's Liquor		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/10/2042			213.6				213.6				231.6				0.08	%
^Harrison Logging Company LLC		Forestry and Logging		Term Loan		Prime plus 2.75%			2/9/2027			92.8				92.8				89.3				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			320.7				320.7				339.0				0.12	%
^DBMS Consulting, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/1/2042			180.4				180.4				190.8				0.07	%
^Brandco, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/31/2027			37.9				37.9				35.0				0.01	%
^Chidlren's House Learning, Inc and Tarps Investment Group		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2042			313.3				313.3				335.5				0.12	%
^Fave Realty Inc.		Real Estate		Term Loan		Prime plus 2.75%			1/30/2042			53.1				53.1				57.3				0.02	%
^Return to Excellence Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			1/27/2027			15.6				15.6				16.2				0.01	%
^House of Bread & Coffee Corp dba Casa Do Pao		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/27/2042			169.9				169.9				176.2				0.06	%
^ZMKNY Tires Inc dba Houston International Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			1/27/2042			104.9				104.9				116.0				0.04	%
^SRC Publishing LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			1/27/2027			19.5				19.5				18.0				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			41.4				41.4				44.1				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			232.5				232.5				228.6				0.08	%
^Jolibe LLC and Jolibe Atelier LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/18/2027			9.1				9.1				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			86.4				86.4				88.2				0.03	%

167

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Fullbro Trust dba Menemsha Blues		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			1/13/2027			19.5				19.5				20.2				0.01	%
^Ramjay Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			1/13/2027			389.8				389.8				375.4				0.13	%
^Echelon Enterprises, Inc		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			1/10/2027			43.4				43.4				44.9				0.02	%
^Fort Smith Wings Inc. dba Wing Stop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/28/2026			16.8				16.8				16.0				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			413.0				413.0				438.0				0.15	%
^Joshua L. Baker		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			12/23/2026			13.5				13.5				12.5				—	%
^Jacliff Investments Inc. dba International health Technologies		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			12/23/2026			107.5				107.5				99.0				0.03	%
^Metropolitan Solutions Group Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/19/2041			267.1				267.1				278.2				0.10	%
^Means Enterprises LLC dba FastFrame Frisco		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/16/2026			19.4				19.4				18.0				0.01	%
^Soon Im. Chin dba Stan C-Store		Gasoline Stations		Term Loan		Prime plus 2.75%			12/15/2041			206.4				206.4				225.9				0.08	%
^Sempco, Inc.		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			40.8				40.8				45.1				0.02	%
^New Chicago Wholesale Bakery, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			440.6				440.6				467.2				0.16	%
^Ericon, Inc. dba Quik Pik		Gasoline Stations		Term Loan		Prime plus 2.75%			12/15/2041			323.2				323.2				344.9				0.12	%
^White Hawk Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			12/15/2026			944.4				944.4				869.7				0.30	%
^Elita 7, LLC		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			12/15/2041			692.2				692.2				749.9				0.26	%
^Allied Welding Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/15/2041			729.8				729.8				771.5				0.27	%
^Techni-Pro Institute LLC		Educational Services		Term Loan		Prime plus 2.75%			12/15/2026			163.7				163.7				154.2				0.05	%
^Trison Enterprises Inc.dba Lee's Automotive		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/14/2041			395.9				395.9				426.4				0.15	%
^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			513.5				513.5				547.0				0.19	%

168

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^HMG Strategy, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/14/2026			43.0				43.0				39.6				0.01	%
^Cardinal Homes Inc,.Alouette Holdings Inc.,Bret Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2026			917.0				917.0				948.6				0.33	%
^AGG Management Team LLC dba Chevron		Gasoline Stations		Term Loan		Prime plus 2.75%			12/14/2041			279.3				279.3				308.5				0.11	%
^Cardinal Homes Inc. and Bret A Berneche		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			12/14/2041			117.8				117.8				129.9				0.05	%
^Success Advertising Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/13/2041			453.2				453.2				496.5				0.17	%
^Wayfarer Bicycle LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			12/13/2041			89.9				89.9				94.4				0.03	%
^Roast Beef Levittown LLC dba Arby's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/13/2026			280.5				280.5				290.2				0.10	%
^Queen Express LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/13/2041			182.1				182.1				199.7				0.07	%
^Mack Team Enterprises Inc.dba The UPS Store #6815		Couriers and Messengers		Term Loan		Prime plus 2.75%			12/9/2026			17.5				17.5				16.8				0.01	%
^Myndshft Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/9/2026			666.6				666.6				633.9				0.22	%
^Recycling Revolution, LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/9/2041			89.6				89.6				95.4				0.03	%
^Imagine By Carleen Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/8/2041			51.0				51.0				54.6				0.02	%
^New Life Hospital LLC		Hospitals		Term Loan		Prime plus 2.75%			12/8/2041			1,184.9				1,184.9				1,308.9				0.46	%
^Hanson's Greeks LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/8/2026			9.7				9.7				10.0				—	%
^Lan Doctors, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/7/2026			212.0				212.0				216.0				0.08	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			12/7/2029			64.5				64.5				64.5				0.02	%
^The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites		Accommodation		Term Loan		Prime plus 2.75%			12/5/2041			343.4				343.4				375.1				0.13	%
^Lilo Holdings LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/5/2026			13.7				13.7				13.2				—	%
^Noso Development LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			12/1/2026			64.5				64.5				59.4				0.02	%

169

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ericon, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/1/2041			706.5				706.5				756.5				0.26	%
^Sharaz Shah DBA Thomas Jewelers		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			11/30/2026			6.9				6.9				6.4				—	%
^Imaginarium Foods LLC,		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2042			364.4				364.4				393.9				0.14	%
^RD Management, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/30/2026			182.4				182.4				169.6				0.06	%
^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			65.5				65.5				72.3				0.03	%
^Studio Find It Georgia, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/30/2026			6.4				6.4				6.0				—	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/30/2026			19.2				19.2				18.3				0.01	%
^Quick Ship, LLC		Couriers and Messengers		Term Loan		Prime plus 2.75%			11/30/2026			9.0				9.0				8.3				—	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/29/2026			959.9				959.9				884.0				0.31	%
^Usman Jalil, LLC dba Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			11/29/2041			226.3				226.3				237.0				0.08	%
^WPN Recycling Company LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			11/23/2026			19.2				19.2				19.9				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			51.2				51.2				47.6				0.02	%
^CRK Mens, LLC dba Spiff for Men		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/23/2026			91.2				91.2				85.3				0.03	%
^Merchant Coterie, Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			11/23/2026			107.0				107.0				98.5				0.03	%
^Broms Asset Management LLC		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			11/22/2026			107.3				107.3				98.8				0.03	%
^6E Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/22/2026			144.6				144.6				141.2				0.05	%
^JBK Truck Trailer and Bus Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/22/2041			403.0				403.0				431.5				0.15	%
^Bouquet Restaurant LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/22/2041			121.2				121.2				130.4				0.05	%

170

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			85.3				85.3				88.3				0.03	%
^Catherine Christine Morin dba Purr-Fect Pets		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/17/2026			16.0				16.0				14.7				0.01	%
^Stratmar Systems Inc dba Stratmar Retail Services		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/16/2026			58.4				58.4				60.4				0.02	%
^Hoosier Health Plus, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/15/2026			106.8				106.8				105.9				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%			11/10/2026			172.8				172.8				176.6				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				475.9				0.17	%
^Panther Ironworks and Rigging Solutions LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/10/2026			129.1				129.1				125.4				0.04	%
^Hackensack Steel Corporation and Luzerne Ironworks Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/10/2026			206.5				206.5				213.6				0.07	%
^Rich's Food Stores LLC dba Hwy 55 of Wallace		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/9/2026			37.3				37.3				36.7				0.01	%
^Dyer Properties, LLC and Bayview Pharmacy, Inc.		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			11/9/2041			233.0				233.0				247.0				0.09	%
^Big Apple Entertainment Partners LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			11/9/2026			149.3				149.3				137.5				0.05	%
^MIK LLC dba Firehouse Subs		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/9/2026			174.0				174.0				161.8				0.06	%
^Fine Line Interiors, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/4/2041			71.2				71.2				78.6				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			122.6				122.6				133.1				0.05	%
^Veracruz Shabo, LLC, Waterfalls Quick Lube LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			11/1/2041			117.6				117.6				127.4				0.04	%
^Glocecol LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/1/2026			64.0				64.0				66.2				0.02	%
^Moolchan Enterprises LLC dba Staying Green		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2026			14.0				14.0				14.0				—	%
^Bloomquist Communications Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2026			50.8				50.8				46.8				0.02	%

171

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Middlesex Auto Sales Corp		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/31/2041			121.2				121.2				131.6				0.05	%
^Woodstock Enterprises Corp dba True Scent Candle Co		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			10/31/2041			86.1				86.1				90.4				0.03	%
^FibAire Communications, LLC		Telecommunications		Term Loan		Prime plus 2.75%			10/27/2026			91.6				91.6				89.0				0.03	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			10/27/2029			203.9				203.9				208.6				0.07	%
^Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			10/24/2026			359.7				359.7				372.1				0.13	%
^Worldwide Estate, Inc. dba Washington Heights Manor		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			10/21/2041			217.6				217.6				240.4				0.08	%
^Gold Wind Logistics LLC		Truck Transportation		Term Loan		Prime plus 2.75%			10/20/2041			171.1				171.1				189.0				0.07	%
^Speaker City, Inc. dba Rollin Thunder		Electronics and Appliance Stores		Term Loan		Prime plus 2.75%			10/14/2041			121.1				121.1				131.1				0.05	%
^Maine Service Corp		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			10/13/2026			158.6				158.6				157.7				0.05	%
^Justin Partlow		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			10/13/2026			16.5				16.5				15.2				0.01	%
^Reliable Recovery Services LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			10/7/2026			95.2				95.2				92.0				0.03	%
^Ailky Corporation		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			10/3/2026			211.6				211.6				198.8				0.07	%
^Wyspen Corporation dba Charlestown Ace		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			10/3/2026			30.5				30.5				28.1				0.01	%
^MegaPhase, LLC		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			9/30/2026			125.7				125.7				126.9				0.04	%
^Adelwerth Bus Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2041			234.7				234.7				249.2				0.09	%
^JJA Transportation Management Inc.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2026			44.0				44.0				40.4				0.01	%
^Seaway LLC and Reklaw LLC dba Allure Lounge		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/30/2041			132.6				132.6				146.4				0.05	%
^Adelwerth Bus Corporation, Transportation Leasing Corp.		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			9/30/2029			581.3				581.3				589.7				0.21	%

172

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Thunderdome Racing Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/29/2026			15.0				15.0				15.5				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			824.3				824.3				909.9				0.32	%
^CD Game Exchange Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/28/2026			18.8				18.8				17.3				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				1,319.6				0.46	%
^Beadon Inc		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/28/2026			18.8				18.8				19.5				0.01	%
^Reynolds Fence & Guardrail Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/27/2026			527.4				527.4				527.8				0.18	%
^Kyle M Walker DDS, PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/27/2026			193.4				193.4				181.9				0.06	%
^Luna Nueva LLC dba Bio Builders		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/27/2026			12.6				12.6				11.9				—	%
^Luv 2 Play Nor Cal, LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/27/2026			44.0				44.0				41.9				0.01	%
^Sarah S Olelewe MD Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/26/2041			282.4				282.4				302.6				0.11	%
^PeopleBest Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/26/2026			12.6				12.6				11.6				—	%
^TPFC,LLC dbaThe Picture Frame Company		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/26/2041			56.7				56.7				60.8				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			7.5				7.5				7.7				—	%
^Mr. Mulch, Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/23/2041			391.3				391.3				401.1				0.14	%
^B4 Fitness LLC dba The Zoo Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/23/2026			73.3				73.3				69.6				0.02	%
^Cuppiecakes LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/21/2041			21.7				21.7				23.2				0.01	%
^Wrecking Crew Media LLC		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			9/21/2026			41.9				41.9				38.5				0.01	%
^Benoit's Towing and Recovery LLC		Support Activities for Transportation		Term Loan		Prime plus 2.75%			9/20/2026			10.1				10.1				9.3				—	%

173

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Consulting Solutions Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/20/2026			18.8				18.8				18.7				0.01	%
^Brittany Burns LLC dba Dreams Come True		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/19/2026			11.2				11.2				11.6				—	%
^Eyncon LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/16/2041			48.2				48.2				52.0				0.02	%
^The Merrin Group LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2026			146.6				146.6				147.5				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			124.9				124.9				122.6				0.04	%
^Atlantic Alarm Systems and Services LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/14/2026			12.9				12.9				12.2				—	%
^Metropet Dog Center, Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/13/2041			105.4				105.4				113.9				0.04	%
^Marquis Cattle Company		Animal Production and Aquaculture		Term Loan		Prime plus 2.75%			9/13/2026			42.3				42.3				43.7				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			79.6				79.6				83.9				0.03	%
^SRA Mechanicial Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/6/2041			42.2				42.2				46.6				0.02	%
^Sandia Enterprises Inc dba Massage Envy Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/6/2026			52.4				52.4				48.1				0.02	%
^Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/30/2026			104.2				104.2				97.7				0.03	%
^Raem Corporation dba Dryclean Express		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/29/2041			69.8				69.8				76.6				0.03	%
^Clark Realty LLC		Real Estate		Term Loan		Prime plus 2.75%			8/29/2041			73.3				73.3				80.9				0.03	%
^Warren Dale Warrington dba Custom Paint and Body		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/26/2041			97.5				97.5				105.8				0.04	%
^TAGR Inc dba Miami Grill 137and John Nakis		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/26/2026			88.7				88.7				83.2				0.03	%
^Albert Basse Associates Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			8/25/2026			51.3				51.3				53.0				0.02	%
^Avery Management Inc. dba Whetstone Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/25/2026			8.8				8.8				8.1				—	%
^TR Companies LLC dba Liberty Rental 4 U		Rental and Leasing Services		Term Loan		Prime plus 2.75%			8/25/2026			74.8				74.8				68.8				0.02	%
^Tabadesa Associates Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/25/2026			18.7				18.7				17.2				0.01	%

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Rosmel Pools Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/25/2026			18.7				18.7				17.5				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				540.6				0.19	%
^Luv 2 Play Temecula, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			8/15/2026			49.8				49.8				45.8				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			68.5				68.5				63.0				0.02	%
^Grayson O Company		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			8/10/2041			601.7				601.7				662.3				0.23	%
^Paul Belanger dba Paul Belanger Landscaping		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/9/2026			12.5				12.5				11.5				—	%
^Nicolette Reiser dba Comfort & Balance		Personal and Laundry Services		Term Loan		Prime plus 2.75%			7/29/2041			64.2				64.2				70.4				0.02	%
^USA General Investment LLC dba Braniff Paint and Body Shop		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/29/2026			18.5				18.5				17.5				0.01	%
^The Hungry Rhino LLC		Real Estate		Term Loan		Prime plus 2.75%			7/29/2041			73.3				73.3				78.4				0.03	%
^303 Tower Drive LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			7/29/2041			384.7				384.7				419.2				0.15	%
^Little Tree Huggers Child Care LLC		Social Assistance		Term Loan		Prime plus 2.75%			7/29/2041			134.6				134.6				148.5				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			247.1				247.1				227.2				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			644.0				644.0				706.0				0.25	%
^MacIver Corporation dba Division Camera		Rental and Leasing Services		Term Loan		Prime plus 2.75%			7/28/2026			1,028.7				1,028.7				1,021.7				0.36	%
^Intrepid Trinity LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			7/28/2041			60.1				60.1				65.0				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			326.8				326.8				347.1				0.12	%
^EPEC Juice LLC dba Jamba Juice		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/27/2026			68.8				68.8				63.3				0.02	%
^Pinco Pizza LLC dba Jet's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/27/2026			60.8				60.8				62.5				0.02	%
^Kidtastic LLC dba The Little Gym of Audubon		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/27/2026			46.7				46.7				43.0				0.01	%

175

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			103.0				103.0				94.7				0.03	%
^The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			7/26/2026			75.1				75.1				72.8				0.03	%
^My Sainath Inc dba Motel 6		Accommodation		Term Loan		Prime plus 2.75%			7/22/2041			293.5				293.5				320.5				0.11	%
^Robert G Larson State Farm Insurance		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			7/22/2026			18.5				18.5				17.0				0.01	%
^J and D Resources LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/19/2026			97.0				97.0				90.1				0.03	%
^Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			7/18/2026			13.0				13.0				11.9				—	%
^Franklin Firm LLC dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			7/15/2041			154.7				154.7				167.1				0.06	%
^Jacob Rugs LLC dba Rugs Outlet		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			7/13/2026			54.1				54.1				55.8				0.02	%
^Takeuchi Commercial Cleaning Services, LLC dba We Clean San Diego		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/13/2026			38.1				38.1				35.0				0.01	%
^RM Hawkins LLC dba Pure Water Tech West		Nonstore Retailers		Term Loan		Prime plus 2.75%			7/7/2026			41.2				41.2				41.4				0.01	%
^Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			7/7/2026			11.7				11.7				11.0				—	%
^Nevey's LLC dba Stark Food III		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/30/2041			283.0				283.0				319.4				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			140.2				140.2				146.9				0.05	%
^Martin Inventory Management LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/30/2026			21.1				21.1				22.2				0.01	%
^VMA Technologies LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/30/2026			18.4				18.4				18.2				0.01	%
^Desert Tacos LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2026			82.8				82.8				85.1				0.03	%
^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			170.9				170.9				182.5				0.06	%
^WGI, LLC dba Williams Grant Inn		Accommodation		Term Loan		Prime plus 2.75%			6/29/2041			125.9				125.9				140.9				0.05	%
^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			114.3				114.3				114.5				0.04	%

176

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^KWG Industries, LLC dba Peterson & Marsh Metal Industries		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			6/29/2041			292.6				292.6				329.0				0.11	%
^MaidPro Marin dba MaidPro		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/28/2026			14.3				14.3				14.2				—	%
^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				110.7				0.04	%
^Edge Pest Control LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/27/2026			612.5				612.5				607.6				0.21	%
^All Printing Solutions, Inc. dba Pryntcomm		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			6/27/2041			528.8				528.8				583.8				0.20	%
^Island Time Investments, LLC dba Swantown Inn Bed & Breakfast		Accommodation		Term Loan		Prime plus 2.75%			6/24/2041			97.2				97.2				110.1				0.04	%
^JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/24/2026			40.8				40.8				40.5				0.01	%
^Visual Advantage LLC dba Signs Now Perryberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/23/2041			87.6				87.6				97.7				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			179.9				179.9				201.4				0.07	%
^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			478.1				478.1				530.3				0.18	%
^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			46.9				46.9				47.6				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				1,370.1				0.48	%
^Bagelicious, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/17/2026			44.5				44.5				44.3				0.02	%
^NKJ Lusby Donuts LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/16/2026			18.4				18.4				18.2				0.01	%
^Winegirl Wines LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			6/16/2026			9.2				9.2				9.6				—	%
^Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Transport		Couriers and Messengers		Term Loan		Prime plus 2.75%			6/16/2026			453.2				453.2				449.5				0.16	%
^Jai-Alexia Consulting, Inc.		Couriers and Messengers		Term Loan		Prime plus 2.75%			6/15/2026			9.7				9.7				9.6				—	%
^Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares		Social Assistance		Term Loan		Prime plus 2%			6/15/2041			492.2				492.2				524.6				0.18	%
^Strag Industries LLC dba Meineke Car Care Center 841		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/15/2026			12.2				12.2				12.5				—	%
^Luv 2 Play AZ LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/10/2026			51.1				51.1				53.3				0.02	%

177

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Refoleen Inc dba Spice and Tea Exchange		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/10/2026			70.7				70.7				70.1				0.02	%
^VBGB Uptown, LLC dba VBGB Beer Hall & Garden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2026			43.5				43.5				43.1				0.01	%
^ScimTech Industries Inc dba Archer Aerospace		Computer and Electronic Product Manufacturing		Term Loan		Prime plus 2.75%			6/6/2026			9.8				9.8				9.7				—	%
^Larry H. Patterson and Rainbow Movers, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/6/2026			18.4				18.4				18.3				0.01	%
^Solvit Inc and Solvit North Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/3/2026			207.8				207.8				209.9				0.07	%
^AP5 LLC dba Krauser's Food Store		Food and Beverage Stores		Term Loan		Prime plus 2.75%			6/2/2041			186.1				186.1				210.6				0.07	%
^ATI Jet Inc		Air Transportation		Term Loan		Prime plus 2.75%			5/31/2026			419.1				419.1				422.9				0.15	%
^Angelo Faia dba AVF Construction		Construction of Buildings		Term Loan		Prime plus 2.75%			5/27/2041			95.4				95.4				106.7				0.04	%
^Premier Athletic Center of Ohio, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/27/2026			70.8				70.8				74.2				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			197.6				197.6				220.4				0.08	%
^Mersada Holdings LLC		Nonstore Retailers		Term Loan		Prime plus 2.75%			5/26/2026			273.5				273.5				286.7				0.10	%
^Southwest Division Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			5/26/2026			6.7				6.7				6.8				—	%
^International Kitchen Supply LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			5/25/2026			151.2				151.2				153.1				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			18.2				18.2				19.1				0.01	%
^Island Life Graphics Inc dba FASTSIGNS #576		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			5/24/2026			18.2				18.2				18.2				0.01	%
^Powerspec Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/24/2026			70.7				70.7				70.2				0.02	%
^Horseshoe Barbecue, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/23/2029			10.6				10.6				11.3				—	%
^Elderfriend Inc dba Granny Nannies dba GN Live Scan		Social Assistance		Term Loan		Prime plus 2.75%			5/20/2026			10.3				10.3				10.2				—	%
^National Air Cargo Holdings Inc		Air Transportation		Term Loan		Prime plus 2.75%			5/20/2026			1,014.0				1,014.0				1,061.5				0.37	%

178

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Pro Auto Repair LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/20/2026			6.0				6.0				6.2				—	%
^J&A Laundromat Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/18/2026			54.6				54.6				54.8				0.02	%
^Dedicated Incorporated		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/18/2041			44.5				44.5				50.0				0.02	%
^HBA LLC dba Palmetto Twist-Vista		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2026			15.7				15.7				15.7				0.01	%
^Studio Find It Georgia Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			5/13/2026			18.2				18.2				18.3				0.01	%
^FJN Catering Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/13/2041			251.8				251.8				285.0				0.10	%
^Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano		Social Assistance		Term Loan		Prime plus 2.75%			5/12/2041			126.9				126.9				141.8				0.05	%
^Sabir Inc. dba Bear Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/11/2041			118.7				118.7				133.8				0.05	%
^Gator D'Lites LLC dba D'Lites Emporium		Food and Beverage Stores		Term Loan		Prime plus 2.75%			5/5/2026			18.2				18.2				18.1				0.01	%
^Warner Home Comfort, LLC dba Smith Piping		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/29/2041			78.9				78.9				88.2				0.03	%
^Marc S. Rosenberg P.C. dba Mammuth and Rosenberg		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/29/2026			18.1				18.1				17.9				0.01	%
^Keller, Fishback & Jackson LLP		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/29/2026			104.5				104.5				109.5				0.04	%
^Euro Car Miami LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			4/29/2026			50.1				50.1				52.5				0.02	%
^Hard Exercise Works Winter Park LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/29/2026			32.7				32.7				32.4				0.01	%
^Alpha Omega Trucking LLC		Truck Transportation		Term Loan		Prime plus 2.75%			4/29/2041			168.3				168.3				190.7				0.07	%
^May-Craft Fiberglass Products Inc		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			4/29/2041			236.7				236.7				268.2				0.09	%
^Empowerschool LLC and Empower Autism Academy, LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/29/2041			145.3				145.3				164.6				0.06	%
^La Nopalera Mexicano 2, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/29/2026			0.2				0.2				0.2				—	%
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			4/29/2026			6.0				6.0				6.0				—	%

179

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Shepherd Appraisal Services LLC dba Property Damage Appraisers of Oklahoma		Real Estate		Term Loan		Prime plus 2.75%			4/28/2026			7.2				7.2				7.2				—	%
^Pecos Inn LLC dba Econo Lodge		Accommodation		Term Loan		Prime plus 2.75%			4/28/2041			645.6				645.6				727.7				0.25	%
^Costume World Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			4/28/2041			1,197.2				1,197.2				1,356.7				0.47	%
^Inner Beauty Salon and Suite LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/28/2041			62.2				62.2				70.3				0.02	%
^Green Country Filter Manufacturing LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			4/27/2026			68.3				68.3				68.5				0.02	%
^Accent Comfort Services, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/26/2026			72.2				72.2				71.6				0.02	%
^Homecare Casa Rhoda 123 Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2%			4/26/2041			643.3				643.3				688.8				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			239.1				239.1				263.9				0.09	%
^McIntosh Trail Management Services Organization Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/22/2041			407.1				407.1				461.3				0.16	%
^AAA Mill Direct, Inc. dba Carpet Mill Outlets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			4/21/2026			6.3				6.3				6.6				—	%
^Jande Graphics LLC dba FastSigns #103201		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/21/2026			44.9				44.9				44.6				0.02	%
^Miguel Fernando Borda, P.A. dba BGR Dental		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/15/2026			18.1				18.1				18.1				0.01	%
^Sushiya Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/12/2026			70.3				70.3				70.7				0.02	%
^Sierra Foothill Cremation & Funeral Service, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/7/2026			42.5				42.5				42.1				0.01	%
^Waterfalls Quick Lube LLC and Veracruz Shabo LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/6/2041			265.4				265.4				298.1				0.10	%
^KNS Early Learning Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			4/6/2041			48.8				48.8				54.4				0.02	%
^Men of Steel Enterprises LLC and Vogelbacher Properties LLC		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/31/2041			375.7				375.7				412.3				0.14	%
^Vehicle Safety Supply LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/31/2026			17.9				17.9				17.7				0.01	%
^Dana A. Farley dba Independent Cabinets		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			3/31/2041			64.4				64.4				72.9				0.03	%
^Gill Express Inc and Blue Speed LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/31/2041			494.5				494.5				552.6				0.19	%

180

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Christian Soderquist dba Soderquist Plumbing and Heating LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/31/2041			54.2				54.2				61.3				0.02	%
^Duke's Cleaners Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/31/2026			37.4				37.4				38.2				0.01	%
^Cameo Carter, MD A Professional Corporation dba The Garden Pediatric Group		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/31/2026			59.6				59.6				59.1				0.02	%
^NOSO Development, LLC		Construction of Buildings		Term Loan		Prime plus 2.75%			3/30/2026			149.1				149.1				147.7				0.05	%
^Wyldewood Cellars, Inc.		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			3/30/2041			960.1				960.1				1,060.0				0.37	%
^Tom Sawyer Country Restaurant LLC and AM 3208 LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/30/2041			246.9				246.9				278.4				0.10	%
^Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West Palm		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			3/30/2026			74.6				74.6				74.6				0.03	%
^Gordon Rogers and Heidi Rogers dba Stone House Motor Inn		Accommodation		Term Loan		Prime plus 2.75%			3/30/2026			18.1				18.1				19.0				0.01	%
^MTS Car Service LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			3/30/2026			8.3				8.3				8.3				—	%
^Barrocas Gym LLC dba Snap Fitness		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/29/2026			15.5				15.5				15.9				0.01	%
^Lust for Life Footwear, LLC		Leather and Allied Product Manufacturing		Term Loan		Prime plus 2.75%			3/29/2026			298.2				298.2				295.3				0.10	%
^Vinmar Inc. dba Locanda Portofino		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/29/2026			64.6				64.6				64.0				0.02	%
^Marathon Engineering Corporation		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			3/28/2041			43.0				43.0				48.3				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			39.8				39.8				40.2				0.01	%
^Revolution Physical Therapy LLC dba Apex Network Physical Therapy		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/25/2026			18.1				18.1				18.1				0.01	%
^RCB Enterprises, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/25/2026			44.7				44.7				44.3				0.02	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			3/25/2026			99.4				99.4				100.8				0.04	%
^Flooring Liquidators Inc and Premier Flooring Yonkers Inc and Flooring		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/24/2026			39.7				39.7				41.5				0.01	%
^ActKnowledge, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/24/2026			99.4				99.4				104.0				0.04	%
^International Construction Inc		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			3/24/2041			47.8				47.8				53.3				0.02	%

181

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			478.2				478.2				529.5				0.18	%
^Magnation Corporation and Misha Family Trust		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/22/2041			96.9				96.9				109.7				0.04	%
^growth.period LLC and Potomac Recruiting LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2026			28.6				28.6				28.4				0.01	%
^Precious Care LLC and Precious Care Management LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/21/2026			444.9				444.9				441.7				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			17.9				17.9				17.7				0.01	%
^Kekoa Enterprises Inc dba Signarama Sandy		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/18/2026			39.4				39.4				39.0				0.01	%
^Taylors Zinn Enterprises Inc dba Eons Auto Care Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/18/2041			77.1				77.1				87.1				0.03	%
^ERT Group Inc and Curt's Tools Inspection Inc		Support Activities for Mining		Term Loan		Prime plus 2.75%			3/18/2041			1,197.6				1,197.6				1,336.4				0.46	%
^Brian T Rice dba BD Logging		Forestry and Logging		Term Loan		Prime plus 2.75%			3/17/2026			1.5				1.5				1.5				—	%
^K Soles Corp dba Max Collections		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			3/16/2026			17.9				17.9				17.7				0.01	%
^Evergreen Pallet LLC and Evergreen Recycle LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			3/16/2026			912.8				912.8				921.6				0.32	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/16/2026			45.2				45.2				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			39.8				39.8				39.4				0.01	%
^HEWZ, LLC dba Hard Exercise Works		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/14/2026			17.8				17.8				17.7				0.01	%
^Mustafa Inc and Raouf Properties LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/14/2041			71.6				71.6				80.8				0.03	%
^Country Paint and Hardware Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/11/2026			69.5				69.5				69.4				0.02	%
^ABCs & 123s Infant and Child Care Center LP		Social Assistance		Term Loan		Prime plus 2.75%			3/11/2026			8.9				8.9				8.9				—	%

182

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Accuair Control Systems LLC dba Accuair Suspension		Transportation Equipment Manufacturing		Term Loan		Prime plus 2.75%			3/11/2026			119.3				119.3				119.1				0.04	%
^Magill Truck Line LLC and Jeff J. Ralls		Truck Transportation		Term Loan		Prime plus 2.75%			3/11/2029			193.4				193.4				199.0				0.07	%
^Dupre Capital LLC dba Fastsigns		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			3/11/2026			46.4				46.4				46.0				0.02	%
^State Painting & Decorating Co., Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/10/2026			82.5				82.5				81.7				0.03	%
^Step Up Academy of the Arts LLC		Educational Services		Term Loan		Prime plus 2.75%			3/9/2026			6.4				6.4				6.3				—	%
^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			17.9				17.9				18.2				0.01	%
^Swerve Salon LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/8/2026			62.8				62.8				62.2				0.02	%
^J & W Hardwood Flooring Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/7/2026			6.0				6.0				5.9				—	%
^Labmates LLC and POV Holdings LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/4/2041			104.3				104.3				118.1				0.04	%
^Hueston and Company CPA LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/4/2026			6.5				6.5				6.5				—	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/3/2026			43.0				43.0				44.8				0.02	%
^Miles of Smiles Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/2/2026			75.7				75.7				75.6				0.03	%
^Doxa Deo Inc dba Luv 2 Play		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/28/2026			86.6				86.6				86.9				0.03	%
^Powerpits CS1, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2026			14.8				14.8				14.9				0.01	%
^Drug Detection Laboratories, Inc. and Minh Tran		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/28/2026			15.6				15.6				15.5				0.01	%
^The River Beas, LLC dba Subway and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2041			129.4				129.4				146.1				0.05	%
^Living Essentials HVAC Corp		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/28/2026			11.8				11.8				11.8				—	%
^Consulting Solutions, Inc. and Mark Luciani		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/28/2026			8.8				8.8				9.2				—	%
^Aaradhya LLC dba Market Square Laundry		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/23/2026			63.0				63.0				62.4				0.02	%

183

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Blackstones Hairdressing LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/23/2026			41.3				41.3				41.0				0.01	%
^R & K Contracting Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			2/18/2026			12.5				12.5				13.1				—	%
^B for Blonde, LLC dba Blo Blow Dry Bar		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/12/2026			49.5				49.5				49.0				0.02	%
^Jersey Shore Marina & Boat Sales, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			2/12/2041			596.7				596.7				675.4				0.23	%
^Gilmore Heights Dental Holdings, LTD and Chas Rob LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/12/2029			265.4				265.4				274.9				0.10	%
^Ei3 Corporation		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/12/2026			257.6				257.6				269.5				0.09	%
^Base USA, Inc.		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			2/2/2026			39.4				39.4				41.3				0.01	%
^Zouk Ltd dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/29/2026			17.6				17.6				18.4				0.01	%
^SuzyQue's LLC dba SuzyQue's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/28/2026			17.6				17.6				18.4				0.01	%
^Wildflour Bakery & Cafe LLC		Social Assistance		Term Loan		Prime plus 2.75%			1/28/2026			48.8				48.8				51.1				0.02	%
^Tammy Lavertue		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			1/28/2026			8.8				8.8				9.1				—	%
^Gendron Funeral and Cremation Services, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/11/2041			105.8				105.8				119.7				0.04	%
^Dolarian Realty LLC and OV's Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/5/2041			64.5				64.5				73.1				0.03	%
^Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/29/2025			87.1				87.1				87.3				0.03	%
^MCF Forte LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/29/2025			14.5				14.5				14.4				0.01	%
^Bright Dialysis LLC and Ft Pierce Kidney Care LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/28/2025			967.3				967.3				957.5				0.33	%
^Panditos LLC dba White Lotus Home		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			12/28/2025			12.3				12.3				12.2				—	%
^V2 Tango LLC dba Palette 22		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/23/2025			193.5				193.5				193.6				0.07	%
^800 on the Trax LLC and Matrix Z LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		Prime plus 2.75%			12/23/2040			229.7				229.7				256.8				0.09	%

184

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/23/2040			97.3				97.3				109.0				0.04	%
^Joyce Outdoor Advertising Chicago LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/22/2040			286.6				286.6				319.8				0.11	%
^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			744.8				744.8				793.0				0.28	%
^Hattingh Incorporated dba Prosthetic Care Facility		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/21/2025			13.9				13.9				14.1				—	%
^Jay Kevin Gremillion dba Dino Smiles Children's Cosmetic Dentistry		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/18/2025			58.0				58.0				57.9				0.02	%
^Trip Consultants U.S.A. Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/18/2025			135.4				135.4				133.9				0.05	%
^Accent Tag and Label Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/18/2040			629.4				629.4				704.6				0.25	%
^Labmates LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/18/2040			154.2				154.2				174.4				0.06	%
^Abbondanza Market LLC dba Hampton Falls Village Market		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/18/2025			51.9				51.9				52.0				0.02	%
^Learning Skills LLC and Christopher Shrope		Educational Services		Term Loan		Prime plus 2.75%			12/17/2025			8.4				8.4				8.3				—	%
^Mustafa Inc dba Adiba Grocery		Food and Beverage Stores		Term Loan		Prime plus 2.75%			12/17/2025			80.7				80.7				84.3				0.03	%
^New York Home Health Care Equipment, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/16/2025			758.9				758.9				789.8				0.27	%
^Moments to Remember USA LLC dba Retain Loyalty		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/16/2025			58.0				58.0				59.5				0.02	%
^Swalm Street 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				408.8				0.14	%
^JAG Unit 1, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2025			193.5				193.5				191.2				0.07	%
^Abitino's JFK LLC dba Abitino's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/16/2022			81.6				81.6				80.8				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				105.1				0.04	%
^Basista Family Limited Partnership and UPE, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/14/2040			325.1				325.1				363.4				0.13	%
^DC Enterprises Ltd. dba Lakeview True Value		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			12/14/2025			17.4				17.4				18.0				0.01	%

185

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Alexandra Afentoulides dba Vi's Pizza Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/11/2040			28.1				28.1				31.8				0.01	%
^AGR Foodmart Inc dba Nashua Road Mobil		Gasoline Stations		Term Loan		Prime plus 2.75%			12/11/2025			17.4				17.4				18.0				0.01	%
^Cares, Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%			12/10/2025			5.8				5.8				6.1				—	%
^Custom Exteriors, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/9/2025			77.4				77.4				77.6				0.03	%
^Sushiya, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/8/2025			84.2				84.2				84.5				0.03	%
^My Jewels, LLC dba The UPS Store #6712		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/7/2025			27.4				27.4				27.1				0.01	%
^LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/4/2040			477.8				477.8				536.6				0.19	%
^Tariq, LLC dba 76 Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			12/2/2040			356.0				356.0				400.0				0.14	%
^Hurshell Leon Dutton dba High Jump Party Rentals		Rental and Leasing Services		Term Loan		Prime plus 2.75%			11/30/2025			13.6				13.6				14.3				—	%
^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			95.9				95.9				96.7				0.03	%
^Delta Aggregate, LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			11/30/2025			83.9				83.9				87.7				0.03	%
^Smokeyard Inc dba Smokeyard BBQ and Chop Shop		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/30/2025			95.8				95.8				95.5				0.03	%
^State Painting and Decorating Co Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/25/2025			55.4				55.4				54.8				0.02	%
^DWeb Studio, Inc.		Educational Services		Term Loan		Prime plus 2.75%			11/25/2025			8.6				8.6				8.5				—	%
^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				832.8				0.29	%
^Play and Learn Child Care and School Inc		Social Assistance		Term Loan		Prime plus 2.75%			11/23/2025			8.5				8.5				8.9				—	%
^Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			11/20/2025			69.3				69.3				69.0				0.02	%
^CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/20/2040			232.4				232.4				255.2				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			102.8				102.8				113.0				0.04	%

186

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Key Pix Productions Inc. dba Air Bud Entertainment		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			11/18/2040			597.3				597.3				675.5				0.24	%
^E.S.F.P. LLC dba Volusia Van and Storage		Truck Transportation		Term Loan		Prime plus 2.75%			11/11/2025			68.2				68.2				68.1				0.02	%
^Green Life Lawnscapes LLC dba Green Life Lawn Care		Administrative and Support Services		Term Loan		Prime plus 2.75%			11/6/2025			105.6				105.6				109.8				0.04	%
^JumboMarkets Inc dba Rines Jumbomarkets		Food and Beverage Stores		Term Loan		Prime plus 2.75%			11/4/2025			234.7				234.7				244.7				0.09	%
^Bisson Transportation Inc dba I & R Associates and Document Secutiry		Truck Transportation		Term Loan		Prime plus 2.75%			10/30/2025			17.1				17.1				17.6				0.01	%
^Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and Gravel		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/28/2025			538.5				538.5				540.3				0.19	%
^Windsor Direct Distribution LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			10/26/2025			10.8				10.8				10.7				—	%
^Financial Network Recovery Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/26/2025			30.4				30.4				30.0				0.01	%
^ADMO Inc dba Mid States Equipment		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			10/8/2025			17.1				17.1				17.0				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			487.7				487.7				501.5				0.17	%
^SCJEN Management Inc dba Bowl of Heaven		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/30/2025			54.1				54.1				53.4				0.02	%
^Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			9/30/2028			55.1				55.1				58.1				0.02	%
^Barub Realty LLC and Barub LLC dba Woodlawn Cabinets		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			9/30/2040			135.0				135.0				152.5				0.05	%
^R.H. Hummer Jr., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			9/30/2025			292.1				292.1				302.3				0.11	%
^Binky's Vapes LLC		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/30/2025			16.9				16.9				16.7				0.01	%
^Greensward of Marco Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/28/2040			82.6				82.6				92.1				0.03	%
^RIM Investments LLC and RIM Architects LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/28/2040			376.7				376.7				419.3				0.15	%
^The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			9/28/2025			387.2				387.2				403.7				0.14	%
^Daniel W. Stark dba Mountain Valley Lodge and RV Park		Accommodation		Term Loan		Prime plus 2.75%			9/25/2040			12.7				12.7				14.4				0.01	%

187

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Prestigious LifeCare for Seniors LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/25/2025			7.4				7.4				7.5				—	%
^Sandlot Ventures LLC and Sandbox Ventures LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/25/2040			418.9				418.9				464.0				0.16	%
^Yachting Solutions LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/25/2040			908.7				908.7				1,006.0				0.35	%
^St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn		Accommodation		Term Loan		Prime plus 2.75%			9/24/2040			590.0				590.0				659.8				0.23	%
^Hagerstown Muffler, Inc. and JMS Muffler, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/24/2040			311.5				311.5				351.9				0.12	%
^Rutledge Enterprises Inc dba BLC Property Management		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/23/2040			58.5				58.5				65.5				0.02	%
^J3K LLC dba Ronan True Value Hardware		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			9/23/2025			114.6				114.6				113.1				0.04	%
^Finish Strong Inc dba FASTSIGNS St Peters		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			9/23/2025			37.6				37.6				37.1				0.01	%
^Nova Solutions Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			9/22/2040			302.1				302.1				337.9				0.12	%
^Pine Belt Wood Products LLC		Forestry and Logging		Term Loan		Prime plus 2.75%			9/22/2040			154.6				154.6				168.5				0.06	%
^IIoka Inc dba New Cloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/21/2025			502.2				502.2				495.6				0.17	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/21/2025			37.5				37.5				37.8				0.01	%
^Vanderhoof LLC dba Soxfords		Apparel Manufacturing		Term Loan		Prime plus 2.75%			9/18/2025			11.9				11.9				11.8				—	%
^MiJoy Inc dba Imo's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/18/2025			6.2				6.2				6.1				—	%
^Naeem Khan LTD		Apparel Manufacturing		Term Loan		Prime plus 2.75%			9/17/2025			94.0				94.0				92.7				0.03	%
^Import Car Connection Inc dba Car Connection		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/16/2040			384.7				384.7				433.5				0.15	%
^FirstVitals Health and Wellness Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			9/15/2025			112.7				112.7				111.2				0.04	%
^Almost Home Daycare LLC		Social Assistance		Term Loan		Prime plus 2.75%			9/11/2025			8.2				8.2				8.6				—	%
^Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			9/8/2040			132.4				132.4				149.5				0.05	%

188

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Empower Autism Academy		Social Assistance		Term Loan		Prime plus 2.75%			9/4/2040			646.7				646.7				730.6				0.25	%
^Higher Grounds Community Coffeehouse, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/2/2025			6.2				6.2				6.2				—	%
^The Camera House Inc		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			8/31/2025			929.6				929.6				947.0				0.33	%
^LAN Doctors Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/28/2025			62.7				62.7				63.6				0.02	%
^Elite Institute LLC dba Huntington Learning Center		Educational Services		Term Loan		Prime plus 2.75%			8/28/2025			11.3				11.3				11.2				—	%
^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			90.1				90.1				101.4				0.04	%
^3000 CSI Property LLC and Consulting Solutions Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/20/2040			129.8				129.8				146.2				0.05	%
^God Be Glorified Inc dba GBG Inc		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			8/20/2025			39.4				39.4				38.9				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			136.9				136.9				152.8				0.05	%
^Gold Jet Corp.		Couriers and Messengers		Term Loan		Prime plus 2.75%			8/14/2025			53.5				53.5				54.3				0.02	%
^SKJ Inc dba Subway		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/13/2025			62.9				62.9				62.4				0.02	%
^LP Industries Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			7/29/2025			92.0				92.0				94.5				0.03	%
^Pauley Tree and Lawn Care Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			7/28/2025			48.3				48.3				48.8				0.02	%
^Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Palm		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			7/24/2025			48.8				48.8				48.9				0.02	%
^Smart Artists Inc.		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			7/23/2025			16.6				16.6				16.4				0.01	%
^Free Ion Advisors LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			7/21/2025			47.3				47.3				46.7				0.02	%
^Murrayville Donuts, Inc dba Dunkin' Donuts		Food and Beverage Stores		Term Loan		Prime plus 2.75%			7/15/2040			330.7				330.7				366.5				0.13	%
^Union 2 LLC dba The Standard		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/10/2025			74.6				74.6				76.0				0.03	%

189

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			225.1				225.1				240.1				0.08	%
^Jonathan E Nichols and Nichols Fire and Security LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/30/2025			54.7				54.7				57.2				0.02	%
^Anglin Cultured Stone Products LLC dba Anglin Construction		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/30/2025			205.4				205.4				212.0				0.07	%
^Danny V, LLC dba Hugo's Taproom		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2040			38.6				38.6				43.8				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			199.5				199.5				227.3				0.08	%
^Myclean Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/29/2025			11.6				11.6				11.9				—	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			8/29/2030			248.8				248.8				266.7				0.09	%
^Advanced Skincare Medcenter Inc dba Advanced Skincare Surgery		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/29/2025			246.0				246.0				252.6				0.09	%
^CEM Autobody LLC dba Dawn's Autobody		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/26/2040			127.4				127.4				144.7				0.05	%
^SofRep, Inc dba Force 12 Media		Other Information Services		Term Loan		Prime plus 2.75%			6/26/2025			48.3				48.3				49.4				0.02	%
^TJU-DGT Inc dba The Lorenz Cafe		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/26/2029			17.2				17.2				18.5				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			356.7				356.7				405.9				0.14	%
^E & G Enterprises LLC dba Comfort Keepers		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/26/2025			16.4				16.4				16.8				0.01	%
^Ohs Auto Body, Inc. dba Ohs Body Shop		Repair and Maintenance		Term Loan		7.72%			6/25/2040			1,145.8				1,145.8				1,301.2				0.45	%
^Wolf Enviro Interests, LLC and Enviromax Services Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/25/2040			231.4				231.4				261.3				0.09	%
^Evinger PA One, Inc. dba Postal Annex, Falcon		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			6/24/2025			16.4				16.4				17.0				0.01	%
^RJI Services, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/23/2025			16.2				16.2				16.6				0.01	%
^Real Help LLC dba Real Help Decorative Concrete		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/22/2025			38.7				38.7				40.6				0.01	%
^PM Cassidy Enterprises, Inc. dba Junk King		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/19/2025			10.9				10.9				11.1				—	%
^KRN Logistics, LLC and Newsome Trucking, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/19/2025			391.4				391.4				406.1				0.14	%

190

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Inverted Healthcare Staffing of Florida LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/18/2025			44.7				44.7				45.7				0.02	%
^Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC		Specialty Trade Contractors		Term Loan		6.75%			6/17/2025			316.5				316.5				332.0				0.12	%
^AM PM Properties, LLC and AM PM Willington, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/17/2040			81.5				81.5				93.1				0.03	%
^Bizzare Foods Inc dba Trooper Foods		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			6/12/2025			80.2				80.2				82.0				0.03	%
^Anturio Marketing Inc dba Logic Consulting		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/12/2040			272.4				272.4				311.8				0.11	%
^Mirage Plastering Inc and Mpire LLC and Mpire II LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			6/12/2040			130.3				130.3				146.3				0.05	%
^Eldredge Tavern LLC dba Gonyea's Tavern		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/8/2040			52.8				52.8				60.4				0.02	%
^Nicor LLC dba Fibrenew Sacramento		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/5/2022			7.8				7.8				7.9				—	%
^ViAr Visual Communications, Inc. dba Fastsigns 281701		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/5/2025			45.2				45.2				46.5				0.02	%
^Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/5/2025			11.4				11.4				11.7				—	%
^Video Vault & Tanning LLC and Mosaic Salon LLC		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/4/2040			85.3				85.3				97.6				0.03	%
^Medworxs LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/3/2025			91.1				91.1				93.4				0.03	%
^XCESSIVE THROTTLE, INC dba Jake's Roadhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2025			5.9				5.9				6.1				—	%
^Villela CPA PL		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			5/27/2025			6.5				6.5				6.7				—	%
^Douglas Posey and Sally Watkinson dba Audrey's Farmhouse		Accommodation		Term Loan		Prime plus 2.75%			5/20/2040			163.2				163.2				186.2				0.06	%
^15 McArdle LLC and No Other Impressions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/15/2040			240.9				240.9				272.9				0.09	%
^Guard Dogs MFS LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/8/2025			46.7				46.7				47.9				0.02	%
^George S Cochran DDS Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/7/2025			93.8				93.8				96.0				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			45.1				45.1				51.6				0.02	%

191

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Matthew Taylor and Landon Farm LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/4/2040			94.4				94.4				106.2				0.04	%
^Cares Inc dba Dumpling Grounds Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%			5/1/2040			75.9				75.9				86.9				0.03	%
^Orchid Enterprises Inc dba Assisting Hands of Sussex County		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/24/2025			10.7				10.7				11.0				—	%
^Ragazza Restaurant Group, Inc. dba Bambolina		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/21/2025			12.9				12.9				13.3				—	%
^Diamond Solutions LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			4/21/2025			14.6				14.6				15.0				0.01	%
^Giacchino Maritime Consultants Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			4/17/2025			16.1				16.1				16.5				0.01	%
^Sound Coaching Inc		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		Prime plus 2.75%			4/14/2025			31.7				31.7				32.5				0.01	%
^Faramarz Nikourazm dba Car Clinic Center		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/3/2040			68.8				68.8				78.3				0.03	%
^HAVANA CENTRAL NJ1, LLC dba Havana Central		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/31/2025			203.4				203.4				213.0				0.07	%
^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				798.7				0.28	%
^Mid-South Lumber Co. of Northwest Florida, Inc.		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			3/31/2040			400.2				400.2				451.7				0.16	%
^Copper Beech Financial Group LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			3/30/2025			88.3				88.3				91.5				0.03	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			3/30/2025			72.3				72.3				75.7				0.03	%
^Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac		Accommodation		Term Loan		Prime plus 2.75%			3/27/2040			281.7				281.7				322.0				0.11	%
^Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC		Real Estate		Term Loan		Prime plus 2.75%			3/27/2025			874.5				874.5				893.4				0.31	%
^Shellhorn and Hill Inc dba Total Fleet Service		Nonstore Retailers		Term Loan		Prime plus 2.75%			3/27/2040			967.3				967.3				1,091.8				0.38	%
^Shorr Enterprises Inc dba New Design Furniture Manufacturers		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			3/27/2025			75.4				75.4				78.4				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			50.4				50.4				57.6				0.02	%
^Zero-In Media Inc		Data Processing, Hosting, and Related Services		Term Loan		Prime plus 2.75%			3/25/2025			15.9				15.9				16.2				0.01	%

192

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Loriet LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			3/24/2025			8.5				8.5				8.7				—	%
^Shelton Incorporated dba Mrs. Winners		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/20/2040			105.0				105.0				120.0				0.04	%
^Jaymie Hazard dba Indigo Hair Studio and Day Spa		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/20/2040			40.1				40.1				45.5				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			79.7				79.7				91.1				0.03	%
^MMS Realty, LLC and Molecular MS Diagnostics LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/18/2040			150.0				150.0				170.2				0.06	%
^Royal Crest Motors LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/16/2040			85.1				85.1				96.8				0.03	%
^BND Sebastian Limited Liability Company and Sebastian Fitness LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/16/2040			161.0				161.0				183.5				0.06	%
^Douglas Printy Motorsports, Inc. dba Blackburn Trike		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			3/9/2040			179.1				179.1				203.1				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			7.9				7.9				8.3				—	%
^Baystate Firearms and Training, LLC		Educational Services		Term Loan		Prime plus 2.75%			2/27/2025			44.2				44.2				45.2				0.02	%
^Pace Motor Lines, Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			2/26/2025			46.0				46.0				48.2				0.02	%
^Kingseal LLC dba Desoto Health and Rehab Center		Nursing and Residential Care Facilities		Term Loan		Prime plus 2.75%			2/26/2040			1,190.4				1,190.4				1,360.8				0.47	%
^Nelson Financial Services LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/24/2025			8.7				8.7				8.9				—	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%			2/19/2040			57.8				57.8				65.5				0.02	%
^Triangle Trash LLC dba Bin There Dump That		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			2/18/2025			51.9				51.9				53.7				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			159.9				159.9				181.2				0.06	%
^740 Barry Street Realty LLC and Wild Edibles Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			2/10/2040			459.6				459.6				525.4				0.18	%
^Kostekos Inc dba New York Style Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/6/2040			61.9				61.9				70.3				0.02	%
^DuCharme Realty LLC and DuCharme Enterprises LLC		Wood Product Manufacturing		Term Loan		Prime plus 2.75%			2/2/2040			210.1				210.1				237.7				0.08	%

193

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Dean 1021 LLC dba Pure Pita		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/29/2025			59.4				59.4				61.0				0.02	%
^Limameno LLC dba Sal's Italian Ristorante		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/23/2025			57.5				57.5				59.1				0.02	%
^Palmabak Inc dba Mami Nora's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/22/2025			8.5				8.5				8.9				—	%
^Jung Design Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			1/20/2022			4.3				4.3				4.3				—	%
^Grand Blanc Lanes, Inc. and H, H and H, LLC		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/31/2039			123.5				123.5				140.9				0.05	%
^Evans and Paul LLC		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			12/30/2024			167.9				167.9				175.2				0.06	%
^First Prevention and Dialysis Center, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/30/2024			204.0				204.0				212.4				0.07	%
^Bowlerama Inc		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/24/2039			1,117.6				1,117.6				1,276.1				0.44	%
^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			492.1				492.1				555.0				0.19	%
^Thermoplastic Services Inc and Paragon Plastic Sheet, Inc		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			12/23/2039			464.0				464.0				529.8				0.18	%
^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			128.1				128.1				131.9				0.05	%
^MM and M Management Inc dba Pizza Artista		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/19/2025			32.8				32.8				33.7				0.01	%
^B.S. Ventures LLC dba Dink's Market		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/19/2039			49.9				49.9				57.0				0.02	%
^Will Zac Management LLC dba Papa John's		Food Services and Drinking Places		Term Loan		6.25%			12/19/2024			112.1				112.1				117.2				0.04	%
^The Jewelers Inc. dba The Jewelers of Las Vegas		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			12/19/2024			851.7				851.7				870.1				0.30	%
^B & W Towing, LLC and Boychucks Fuel LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/17/2039			152.6				152.6				172.7				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			273.2				273.2				281.6				0.10	%
^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				146.9				0.05	%

194

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			110.3				110.3				125.5				0.04	%
^DeRidder Chiropractic LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/25/2024			8.9				8.9				9.3				—	%
^Modern Manhattan LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			11/25/2024			148.5				148.5				151.9				0.05	%
^J&D Resources, LLC dba Aqua Science		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/21/2024			512.0				512.0				524.1				0.18	%
^Legacy Estate Planning Inc dba American Casket Enterprises		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/21/2024			28.4				28.4				28.9				0.01	%
^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			111.1				111.1				126.5				0.04	%
^Joey O's LLC and Jennifer Olszewski		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/7/2024			0.6				0.6				0.6				—	%
^Heartland American Properties LLC and Skaggs RV Outlet LLC		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			10/31/2039			442.8				442.8				503.8				0.18	%
^Seelan Inc dba Candleridge Market		Gasoline Stations		Term Loan		Prime plus 2.75%			10/27/2039			83.7				83.7				94.8				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			82.4				82.4				93.1				0.03	%
^One Hour Jewelry Repair Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/14/2024			13.7				13.7				14.0				—	%
^Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			10/10/2039			1,173.5				1,173.5				1,339.9				0.47	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			10/10/2024			124.7				124.7				128.3				0.04	%
^DNT Storage and Properties LLC		Real Estate		Term Loan		Prime plus 2.75%			10/10/2039			94.1				94.1				107.2				0.04	%
^Smith Spinal Care Center P.C. and James C. Smith		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/8/2039			55.5				55.5				63.1				0.02	%
^Doctors Express Management of Central Texas LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			10/8/2024			32.4				32.4				33.9				0.01	%
^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			114.0				114.0				129.9				0.05	%
^Sumad LLC dba BrightStar Care of Encinitas		Administrative and Support Services		Term Loan		Prime plus 2.75%			10/2/2024			35.5				35.5				37.1				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			235.9				235.9				266.8				0.09	%
^Gordon E Rogers dba Stonehouse Motor Inn		Accommodation		Term Loan		Prime plus 2.75%			9/26/2039			53.0				53.0				60.5				0.02	%

195

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^North Columbia LLC and Loop Liquor and Convenience Store LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			9/24/2039			146.9				146.9				167.1				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				486.3				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			19.1				19.1				19.4				0.01	%
^Ryan Crick and Pamela J. Crick and Crick Enterprises Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/17/2039			134.2				134.2				153.1				0.05	%
^Modern Leather Goods Repair Shop Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/17/2024			38.2				38.2				38.9				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			9/15/2024			180.1				180.1				185.4				0.06	%
^Tavern Properties LLC and Wildwood Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/15/2039			394.7				394.7				448.5				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			415.6				415.6				423.5				0.15	%
^B&P Diners LLC dba Engine House Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/10/2024			52.8				52.8				53.7				0.02	%
^Delta Aggregate LLC		Mining (except Oil and Gas)		Term Loan		Prime plus 2.75%			8/28/2039			859.0				859.0				979.7				0.34	%
^Orange County Cleaning Inc		Administrative and Support Services		Term Loan		Prime plus 2.75%			8/27/2024			9.4				9.4				9.6				—	%
^Lamjam LLC, Goldsmith Lambros Inc		Clothing and Clothing Accessories Stores		Term Loan		Prime plus 2.75%			8/27/2024			88.4				88.4				92.2				0.03	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			8/26/2024			78.5				78.5				81.1				0.03	%
^Atlas Auto Body Inc dba Atlas Auto Sales		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/22/2039			47.5				47.5				53.8				0.02	%
^Alpha Preparatory Academy LLC		Social Assistance		Term Loan		Prime plus 2.75%			8/15/2039			134.3				134.3				153.1				0.05	%
^Katie Senior Care LLC dba Home Instead Senior Care		Social Assistance		Term Loan		Prime plus 2.75%			8/15/2024			80.8				80.8				82.2				0.03	%
^Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook		Motor Vehicle and Parts Dealers		Term Loan		6%			8/8/2039			176.0				176.0				200.8				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				771.8				0.27	%
^AGV Enterprises LLC dba Jet's Pizza #42		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/31/2024			35.2				35.2				36.0				0.01	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/31/2024			253.5				253.5				261.8				0.09	%

196

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			19.4				19.4				22.1				0.01	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%			7/24/2039			137.8				137.8				157.1				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			93.8				93.8				106.6				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			63.3				63.3				66.2				0.02	%
^iFood, Inc. dba Steak N Shake		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2039			579.0				579.0				662.6				0.23	%
^Honeyspot Investors LLP and Pace Motor Lines Inc		Truck Transportation		Term Loan		Prime plus 2.75%			6/30/2039			803.5				803.5				924.8				0.32	%
^AMG Holding, LLC and Stetson Automotive, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/30/2039			190.9				190.9				219.7				0.08	%
^Zinger Hardware and General Merchant Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.25%			6/26/2024			43.8				43.8				45.8				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			129.6				129.6				148.9				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				510.3				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			214.0				214.0				245.9				0.09	%
^Nirvi Enterprises LLC dba Howard Johnson / Knights Inn		Accommodation		Term Loan		Prime plus 2.75%			6/17/2039			843.8				843.8				971.2				0.34	%
^Sico & Walsh Insurance Agency Inc and The AMS Trust		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			6/6/2039			85.5				85.5				98.4				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			14.3				14.3				14.9				0.01	%
^Long Island Barber Institute Inc		Educational Services		Term Loan		Prime plus 2.75%			6/2/2039			50.9				50.9				58.4				0.02	%
^CJR LLC and PowerWash Plus, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/30/2024			33.1				33.1				34.7				0.01	%
^Pocono Coated Products, LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/30/2024			14.1				14.1				14.8				0.01	%
^Wilton Dental Care P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/29/2024			81.9				81.9				84.9				0.03	%
^EGM Food Services Inc dba Gold Star Chili		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/29/2024			12.3				12.3				12.7				—	%

197

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Jonesboro Health Food Center LLC		Health and Personal Care Stores		Term Loan		Prime plus 2.75%			5/27/2024			38.7				38.7				40.1				0.01	%
^Hae M. and Jin S. Park dba Buford Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/15/2039			151.7				151.7				173.9				0.06	%
^The River Beas LLC and Punam Singh		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/8/2039			82.9				82.9				95.2				0.03	%
^AS Boyals LLC dba Towne Liquors		Food and Beverage Stores		Term Loan		Prime plus 2.75%			4/29/2039			99.4				99.4				114.4				0.04	%
^Gerami Realty, LC, Sherrill Universal City Corral, LP dba Golden		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			4/23/2027			58.1				58.1				62.1				0.02	%
^Complete Body & Paint, Inc.		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/23/2039			19.0				19.0				21.9				0.01	%
^Island Wide Realty LLC and Long Island Partners, Inc.		Real Estate		Term Loan		Prime plus 2.75%			4/22/2039			94.8				94.8				109.1				0.04	%
^Wilshire Media Systems Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			4/17/2024			115.0				115.0				119.4				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			124.6				124.6				143.3				0.05	%
^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			409.2				409.2				469.9				0.16	%
^Dantanna's Tavern LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/30/2024			103.3				103.3				107.4				0.04	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/31/2039			84.4				84.4				96.6				0.03	%
^Little People's Village II LLC and Iliopoulos Realty LLC		Social Assistance		Term Loan		Prime plus 2.75%			3/31/2039			93.2				93.2				106.6				0.04	%
^Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC		Truck Transportation		Term Loan		Prime plus 2.75%			3/31/2024			430.2				430.2				448.9				0.16	%
^Kemmer, LLC and Pitts Package Store, Inc.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/31/2039			108.2				108.2				123.5				0.04	%
^Lake Area Autosound LLC and Ryan H. Whittington		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			7/28/2039			115.7				115.7				133.0				0.05	%
^Knowledge First Inc dba Magic Years of Learning and Kimberly Knox		Social Assistance		Term Loan		Prime plus 2.75%			3/21/2039			133.3				133.3				152.7				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			71.9				71.9				82.6				0.03	%
^Cormac Enterprises and Wyoming Valley Beverage Incorporated		Food and Beverage Stores		Term Loan		Prime plus 2.75%			3/20/2039			101.1				101.1				116.2				0.04	%
^Kinisi, Inc. dba The River North UPS Store		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/18/2024			13.1				13.1				13.7				—	%

198

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Tortilla King Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/14/2039			42.2				42.2				48.5				0.02	%
^Tortilla King, Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			3/14/2029			824.3				824.3				889.8				0.31	%
^Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/13/2039			203.7				203.7				234.1				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			379.8				379.8				435.5				0.15	%
^Summit Beverage Group LLC		Beverage and Tobacco Product Manufacturing		Term Loan		Prime plus 2.75%			2/28/2024			211.5				211.5				220.4				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			192.0				192.0				219.9				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			96.1				96.1				100.3				0.03	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			2/28/2039			195.1				195.1				223.5				0.08	%
^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			128.8				128.8				148.0				0.05	%
^JWB Industries, Inc. dba Carteret Die Casting		Primary Metal Manufacturing		Term Loan		Prime plus 2.75%			2/11/2024			168.9				168.9				175.0				0.06	%
^986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/7/2039			90.5				90.5				103.9				0.04	%
^Awesome Pets II Inc dba Mellisa's Pet Depot		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			2/7/2024			50.8				50.8				52.7				0.02	%
^Sarah Sibadan dba Sibadan Agency		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			1/27/2039			117.4				117.4				134.9				0.05	%
^Icore Enterprises Inc dba Air Flow Filters Inc		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			1/15/2024			12.9				12.9				13.5				—	%
^Nutmeg North Associates LLC, Steeltech Building Products Inc		Construction of Buildings		Term Loan		Prime plus 2.75%			12/31/2038			830.5				830.5				950.2				0.33	%
^KK International Trading Corporation		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/23/2028			146.3				146.3				158.1				0.06	%
^Kurtis Sniezek dba Wolfe's Foreign Auto		Repair and Maintenance		Term Loan		Prime plus 2.75%			12/20/2038			80.5				80.5				92.4				0.03	%
^PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/19/2038			502.8				502.8				573.5				0.20	%
^TAK Properties LLC and Kinderland Inc		Social Assistance		Term Loan		Prime plus 2.75%			12/18/2038			367.1				367.1				420.5				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			10.9				10.9				11.3				—	%

199

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^920 CHR Realty LLC, V. Garofalo Carting Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			12/10/2038			379.3				379.3				435.5				0.15	%
^DKB Transport Corp		Truck Transportation		Term Loan		Prime plus 2.75%			12/5/2038			125.7				125.7				144.3				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			94.4				94.4				107.7				0.04	%
^Spectrum Development LLC and Solvit Inc & Solvit North, Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/2/2023			235.8				235.8				244.0				0.08	%
^BVIP Limousine Service LTD		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			11/27/2038			69.1				69.1				79.3				0.03	%
^Wallace Holdings LLC, GFA International Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.5%			11/25/2023			71.9				71.9				74.5				0.03	%
^AcuCall LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			11/21/2023			8.9				8.9				9.2				—	%
^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			26.5				26.5				27.4				0.01	%
^Yousef Khatib dba Y&M Enterprises		Wholesale Electronic Markets and Agents and Brokers		Term Loan		Prime plus 2.75%			11/15/2023			43.4				43.4				44.8				0.02	%
^Howell Gun Works LLC		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		Prime plus 2.75%			11/14/2023			2.7				2.7				2.8				—	%
^Polpo Realty, LLC, Polpo Restaurant, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/6/2038			56.3				56.3				64.6				0.02	%
^Twinsburg Hospitality Group LLC dba Comfort Suites		Accommodation		Term Loan		Prime plus 2.75%			10/31/2038			853.9				853.9				977.5				0.34	%
^Mid-Land Sheet Metal Inc		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/31/2038			124.1				124.1				142.4				0.05	%
^Master CNC Inc & Master Properties LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			10/31/2038			538.0				538.0				614.7				0.21	%
^Janice B. McShan and The Metropolitan Day School, LLC		Social Assistance		Term Loan		Prime plus 2.75%			10/31/2023			24.9				24.9				26.0				0.01	%
^1 North Restaurant Corp dba 1 North Steakhouse		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			10/31/2038			191.6				191.6				219.8				0.08	%
^Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			10/24/2038			133.6				133.6				153.4				0.05	%
^Greenbrier Technical Services, Inc		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/24/2023			117.5				117.5				122.4				0.04	%

200

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^First Steps Real Estate Company, LLC and First Steps Preschool		Social Assistance		Term Loan		Prime plus 2.75%			9/30/2038			87.8				87.8				100.2				0.03	%
^Lenoir Business Partners LLC, LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			9/30/2038			265.5				265.5				304.2				0.11	%
^LP Industries, Inc dba Childforms		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			9/30/2038			108.2				108.2				124.1				0.04	%
^Cencon Properties LLC and Central Connecticut Warehousing Company, Inc		Warehousing and Storage		Term Loan		Prime plus 2.75%			9/30/2038			310.2				310.2				355.7				0.12	%
^Discount Wheel and Tire of Broken Bow Inc		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			9/30/2038			201.2				201.2				230.0				0.08	%
^Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/27/2038			301.3				301.3				344.8				0.12	%
^Gabrielle Realty, LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			9/27/2038			681.1				681.1				778.4				0.27	%
^Eastside Soccer Dome, Inc .		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/26/2038			416.9				416.9				478.0				0.17	%
^Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Homes		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/26/2038			89.9				89.9				103.1				0.04	%
^Southeast Chicago Soccer, Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/26/2038			46.0				46.0				52.8				0.02	%
^Kiddie Steps 4 You Inc.		Social Assistance		Term Loan		Prime plus 2.75%			9/25/2038			81.8				81.8				93.5				0.03	%
^Diamond Memorials Incorporated		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			9/25/2023			6.3				6.3				6.5				—	%
^Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta		Educational Services		Term Loan		Prime plus 2.75%			9/20/2023			26.1				26.1				27.0				0.01	%
^Faith Memorial Chapel LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/20/2038			241.6				241.6				276.1				0.10	%
^Westville Seafood LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/19/2038			101.0				101.0				115.5				0.04	%
^Maynard Enterprises Inc dba Fastsigns of Texarkana		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			9/18/2023			9.1				9.1				9.4				—	%
^Grafio Inc dba Omega Learning Center-Acworth		Educational Services		Term Loan		Prime plus 2.75%			9/13/2023			93.2				93.2				96.3				0.03	%
^The Berlerro Group, LLC dba Sky Zone		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			9/12/2023			243.6				243.6				251.4				0.09	%
^Sound Manufacturing Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			9/12/2028			41.4				41.4				44.5				0.02	%
^Prospect Kids Academy Inc		Educational Services		Term Loan		Prime plus 2.75%			9/11/2038			111.7				111.7				127.9				0.04	%

201

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Alma J. and William R. Walton and Almas Child Day Care Center		Social Assistance		Term Loan		Prime plus 2.75%			9/11/2038			35.6				35.6				40.9				0.01	%
^B for Brunette dba Blo		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/10/2023			30.4				30.4				31.3				0.01	%
^Schmaltz Holdings, LLC and Schmaltz Operations, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/4/2038			200.3				200.3				228.6				0.08	%
^Excel RP Inc		Machinery Manufacturing		Term Loan		Prime plus 2.75%			8/30/2023			72.1				72.1				74.5				0.03	%
^ACI Northwest Inc.		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			8/30/2023			300.1				300.1				312.1				0.11	%
^Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis		Social Assistance		Term Loan		Prime plus 2.75%			8/30/2023			23.9				23.9				24.9				0.01	%
^IlOKA Inc dba Microtech Tel and NewCloud Networks		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/30/2023			359.7				359.7				371.6				0.13	%
^Ramard Inc and Advanced Health Sciences Inc		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			8/28/2023			103.8				103.8				106.8				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			44.7				44.7				46.4				0.02	%
^JSIL LLC dba Blackstones Hairdressing		Personal and Laundry Services		Term Loan		Prime plus 2.75%			8/16/2023			10.7				10.7				11.0				—	%
^Island Nautical Enterprises, Inc. and Ingwall Holdings, LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			8/14/2038			311.1				311.1				355.3				0.12	%
^Caribbean Concepts, Inc. dba Quick Bleach		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			8/12/2023			12.4				12.4				12.8				—	%
^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			6.5				6.5				6.7				—	%
^Angkor Restaurant Inc		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/19/2038			83.4				83.4				95.5				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			47.8				47.8				49.8				0.02	%
^Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC		Truck Transportation		Term Loan		Prime plus 2.75%			7/17/2023			29.3				29.3				30.1				0.01	%
^Maxiflex LLC		Miscellaneous Manufacturing		Term Loan		Prime plus 2.75%			6/28/2023			24.2				24.2				25.2				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			87.0				87.0				100.2				0.03	%
^2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.		Truck Transportation		Term Loan		Prime plus 2.75%			6/19/2026			449.8				449.8				479.3				0.17	%

202

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			6/18/2028			648.9				648.9				701.9				0.24	%
^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			184.5				184.5				191.1				0.07	%
^Elite Structures Inc		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			6/12/2038			812.2				812.2				933.6				0.32	%
^Willowbrook Properties LLC, Grove Gardens Landscaping Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			6/5/2038			166.4				166.4				191.4				0.07	%
^Absolute Desire LLC and Mark H. Szierer, Sophisticated Smile		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/5/2038			168.3				168.3				193.3				0.07	%
^Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			5/28/2023			33.1				33.1				34.4				0.01	%
^Ryan D. Thornton and Thornton & Associates LLC		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			5/24/2023			25.2				25.2				26.1				0.01	%
^Peanut Butter & Co., Inc.		Food Manufacturing		Term Loan		Prime plus 2.75%			4/30/2023			51.7				51.7				53.5				0.02	%
^PowerWash Plus, Inc. and CJR, LLC		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/30/2038			489.6				489.6				562.9				0.20	%
^Kidrose, LLC dba Kidville Riverdale		Educational Services		Term Loan		Prime plus 2.75%			4/22/2023			41.4				41.4				43.0				0.01	%
^1258 Hartford TPKE, LLC and Phelps and Sons, Inc		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/29/2038			110.6				110.6				126.9				0.04	%
^A & M Commerce, Inc. dba Cranberry Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%			3/27/2038			292.9				292.9				336.5				0.12	%
^Xela Pack, Inc. and Aliseo and Catherine Gentile		Paper Manufacturing		Term Loan		Prime plus 2.75%			3/27/2028			197.7				197.7				213.5				0.07	%
^American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			3/25/2038			476.9				476.9				547.6				0.19	%
^Michael A.and HeatherR. Welsch dba Art & FrameEtc.		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			3/22/2038			59.9				59.9				68.8				0.02	%
^Truth Technologies Inc dba Truth Technologies Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/21/2023			44.1				44.1				45.6				0.02	%
^Sound Manufacturing, Inc. and Monster Power Equipment Inc.		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			3/15/2023			261.6				261.6				271.4				0.09	%
^Golden Gate Lodging LLC		Accommodation		Term Loan		Prime plus 2.75%			3/12/2038			102.2				102.2				117.4				0.04	%
^Bakhtar Group LLC dba Malmaison		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2023			52.6				52.6				54.3				0.02	%

203

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Osceola River Mill, LLC, Ironman Machine, Inc.		Machinery Manufacturing		Term Loan		Prime plus 2.75%			2/20/2038			76.3				76.3				87.7				0.03	%
^Java Warung, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/19/2038			45.2				45.2				52.0				0.02	%
^Retain Loyalty LLC		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			2/15/2038			94.1				94.1				108.0				0.04	%
^North Country Transport, LLC		Transit and Ground Passenger Transportation		Term Loan		Prime plus 2.75%			2/6/2023			7.7				7.7				8.0				—	%
^MJD Investments, LLC dba The Community Day School		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2038			228.1				228.1				261.9				0.09	%
^Sherill Universal City dba Golden Corral LP		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/28/2038			390.6				390.6				449.0				0.16	%
^Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			12/31/2022			47.3				47.3				48.7				0.02	%
^Macho LLC, Madelaine Chocolate Novelties Inc		Food Manufacturing		Term Loan		Prime plus 2.75%			12/31/2037			442.9				442.9				508.6				0.18	%
^Babie Bunnie Enterprises Inc dba Triangle Mothercare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/28/2027			29.9				29.9				32.1				0.01	%
^John Duffy Fuel Co., Inc.		Merchant Wholesalers, Nondurable Goods		Term Loan		Prime plus 2.75%			12/28/2022			249.5				249.5				257.5				0.09	%
^Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/27/2037			456.9				456.9				524.6				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			32.0				32.0				33.1				0.01	%
^Cheryle A Baptiste and Cheryle Baptiste DDS PLLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/30/2037			252.5				252.5				289.8				0.10	%
^Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			11/28/2037			201.4				201.4				231.3				0.08	%
^D&L Rescources, Inc. dba The UPS Store		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			11/27/2022			4.6				4.6				4.8				—	%
^Richmond Hill Mini Market, LLC		Food and Beverage Stores		Term Loan		Prime plus 2.75%			11/27/2037			162.9				162.9				186.9				0.07	%
^DRV Enterprise, Inc. dba Cici's Pizza # 339		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			11/26/2022			28.8				28.8				29.9				0.01	%
^U & A Food and Fuel, Inc. dba Express Gas & Food Mart		Gasoline Stations		Term Loan		Prime plus 2.75%			11/21/2037			84.6				84.6				97.2				0.03	%
^Pioneer Windows Manufacturing Corp, Pioneer Windows		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			11/21/2022			129.9				129.9				134.3				0.05	%
^R & J Petroleum LLC, Manar USA, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			11/20/2037			158.2				158.2				181.6				0.06	%

204

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^St Judes Physical Therapy P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			11/19/2022			10.0				10.0				10.4				—	%
^Hi-Def Imaging, Inc. dba SpeedPro Imaging		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			11/9/2022			10.6				10.6				10.9				—	%
^Reidville Hydraulics Mfg Inc dba Summit		Machinery Manufacturing		Term Loan		Prime plus 2.75%			11/2/2037			234.6				234.6				268.7				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			86.2				86.2				88.8				0.03	%
^University Park Retreat, LLC dba Massage Heights		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/27/2022			34.8				34.8				36.0				0.01	%
^O'Rourkes Diner LLC dba O'Rourke's Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			9/19/2037			57.3				57.3				65.6				0.02	%
^AJK Enterprise LLC dba AJK Enterprise LLC		Truck Transportation		Term Loan		Prime plus 2.75%			8/27/2022			7.3				7.3				7.6				—	%
^Suncoast Aluminum Furniture, Inc		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			8/17/2037			314.4				314.4				360.5				0.13	%
^Hofgard & Co., Inc. dba HofgardBenefits		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			7/27/2022			46.2				46.2				47.5				0.02	%
^Georgia Safe Sidewalks LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			7/27/2022			6.5				6.5				6.7				—	%
^Havana Central (NY) 5, LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			6/29/2022			641.8				641.8				662.8				0.23	%
^Central Tire, Inc. dba Cooper Tire & Auto Services		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/29/2037			250.3				250.3				287.6				0.10	%
^Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change		Repair and Maintenance		Term Loan		Prime plus 2.75%			6/27/2037			60.5				60.5				69.5				0.02	%
^KIND-ER-ZZ Inc dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			6/15/2022			21.4				21.4				22.1				0.01	%
^Graphish Studio, Inc. and Scott Fishoff		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			6/14/2022			8.7				8.7				8.9				—	%
^ALF, LLC, Mulit-Service Eagle Tires		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			5/31/2037			54.5				54.5				62.6				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			245.4				245.4				282.0				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			9.5				9.5				9.8				—	%
^Fair Deal Food Mart Inc dba Neighbors Market		Gasoline Stations		Term Loan		Prime plus 2.75%			5/3/2037			330.0				330.0				379.2				0.13	%

205

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Tanner Optical, Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			4/27/2022			3.4				3.4				3.5				—	%
^Zane Filippone Co Inc dba Culligan Water Conditioning		Nonstore Retailers		Term Loan		Prime plus 2.75%			4/12/2022			229.4				229.4				236.9				0.08	%
^Indoor Playgrounds Limited Liability Company dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			4/5/2022			2.0				2.0				2.0				—	%
^Access Staffing, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/30/2022			73.7				73.7				75.9				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			179.3				179.3				198.2				0.07	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6%			3/23/2037			2,623.4				2,623.4				3,010.5				1.05	%
^DC Realty, LLC dba FOGO Data Centers		Professional, Scientific, and Technical Services		Term Loan		6.25%			3/23/2022			609.9				609.9				628.6				0.22	%
^Manuel P. Barrera and Accura Electrical Contractor, Inc.		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/23/2028			72.1				72.1				78.0				0.03	%
^Shweiki Media, Inc. dba Study Breaks Magazine		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			3/22/2027			786.4				786.4				844.5				0.29	%
^ATI Jet, Inc.		Air Transportation		Term Loan		Prime plus 2.75%			12/28/2026			548.2				548.2				587.5				0.20	%
^J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			12/22/2036			352.6				352.6				404.1				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			27.8				27.8				28.5				0.01	%
^15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			12/16/2021			92.2				92.2				94.7				0.03	%
^Taylor Transport, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			12/8/2021			93.2				93.2				95.8				0.03	%
^K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			10/26/2021			21.7				21.7				22.3				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			7.9				7.9				8.2				—	%
^39581 Garfield, LLC and Tri County Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/30/2036			70.4				70.4				80.5				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			104.5				104.5				107.2				0.04	%
^39581 Garfield, LLC and Tricounty Neurological Associates, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			9/30/2036			23.9				23.9				27.4				0.01	%

206

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^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			363.9				363.9				373.0				0.13	%
^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			21.8				21.8				22.4				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			13.9				13.9				15.9				0.01	%
^Qycell Corporation		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			8/19/2021			60.1				60.1				61.6				0.02	%
^Trademark Equipment Company Inc and David A. Daniel		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			8/19/2036			113.0				113.0				129.3				0.04	%
^Valiev Ballet Academy, Inc		Performing Arts, Spectator Sports, and Related Industries		Term Loan		Prime plus 2.75%			8/12/2036			35.9				35.9				41.0				0.01	%
^LaHoBa, LLC d/b/a Papa John's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/3/2036			65.1				65.1				74.5				0.03	%
^MTV Bowl, Inc. dba Legend Lanes		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			6/30/2036			213.2				213.2				243.8				0.08	%
^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			37.8				37.8				43.2				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			295.7				295.7				338.0				0.12	%
^Pierce Developments, Inc. dba Southside Granite		Merchant Wholesalers, Durable Goods		Term Loan		Prime plus 2.75%			6/13/2036			215.3				215.3				246.1				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				449.2				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			14.0				14.0				14.3				—	%
^Modern on the Mile, LLC dba Ligne Roset		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			5/25/2021			64.3				64.3				65.8				0.02	%
^Profile Performance, Inc. and Eidak Real Estate, L.L.C.		Repair and Maintenance		Term Loan		Prime plus 2.75%			4/20/2036			106.6				106.6				121.9				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				130.1				0.05	%

207

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Michael S. Korfe dba North Valley Auto Repair		Repair and Maintenance		Term Loan		Prime plus 2.75%			3/24/2036			12.9				12.9				14.7				0.01	%
^Actknowledge,Inc dba Actknowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%			3/21/2021			16.7				16.7				17.1				0.01	%
^Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			2/25/2023			26.1				26.1				27.1				0.01	%
^SuzyQue’s LLC dba Suzy Que’s		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/11/2036			50.9				50.9				58.1				0.02	%
^Little People’s Village, LLC dba Little People’s Village		Social Assistance		Term Loan		Prime plus 2.75%			1/31/2036			25.8				25.8				29.4				0.01	%
^Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.		Support Activities for Transportation		Term Loan		Prime plus 2.75%			1/28/2036			94.0				94.0				107.4				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				1,501.0				0.52	%
^Shree OM Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%			12/17/2035			22.9				22.9				26.1				0.01	%
^Lodin Medical Imaging, LLC dba Watson Imaging Center		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/1/2020			17.1				17.1				17.4				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			28.0				28.0				31.9				0.01	%
^K9 Bytes, Inc & Epazz, Inc		Publishing Industries (except Internet)		Term Loan		Prime plus 2.75%			9/30/2020			4.4				4.4				4.4				—	%
^Elan Realty, LLC and Albert Basse Asociates, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			9/30/2035			187.1				187.1				212.9				0.07	%
^Success Express,Inc. dba Success Express		Couriers and Messengers		Term Loan		Prime plus 2.75%			9/29/2020			19.5				19.5				19.8				0.01	%
^Modern Manhattan, LLC		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			9/20/2020			47.4				47.4				48.2				0.02	%
^Dirk's Trucking, L.L.C. dba Dirk's Trucking		Truck Transportation		Term Loan		Prime plus 2.75%			9/17/2020			4.0				4.0				4.1				—	%
^Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery		Repair and Maintenance		Term Loan		Prime plus 2.75%			9/2/2035			41.0				41.0				46.6				0.02	%
^Newsome Trucking Inc and Kevin Newsome		Truck Transportation		Term Loan		Prime plus 2.75%			9/2/2035			201.6				201.6				229.4				0.08	%
^DDLK Investments LLC d/b/a Smoothie King		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/30/2020			0.6				0.6				0.6				—	%
^Members Only Software, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			8/30/2020			8.5				8.5				8.7				—	%
^ActKnowledge,Inc dba ActKnowledge		Personal and Laundry Services		Term Loan		Prime plus 2.75%			6/30/2020			10.1				10.1				10.3				—	%

208

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^I-90 RV & Auto Supercenter		Motor Vehicle and Parts Dealers		Term Loan		Prime plus 2.75%			6/29/2035			60.8				60.8				69.2				0.02	%
^Zouk, Ltd. dba Palma		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			8/25/2020			5.9				5.9				6.0				—	%
^CJ Park Inc. dba Kidville Midtown West		Educational Services		Term Loan		Prime plus 2.75%			6/25/2020			4.1				4.1				4.1				—	%
^B&B Fitness and Barbell, Inc. dba Elevations Health Club		Amusement, Gambling, and Recreation Industries		Term Loan		6%			6/22/2035			200.3				200.3				227.7				0.08	%
^Tanner Optical Inc. dba Murphy Eye Care		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/22/2035			76.6				76.6				87.1				0.03	%
^Excel RP, Inc./Kevin and Joann Foley		Machinery Manufacturing		Term Loan		Prime plus 2.75%			7/8/2028			33.4				33.4				36.3				0.01	%
^ValleyStar, Inc. dba BrightStar Healthcare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2020			1.5				1.5				1.5				—	%
ValleyStar, Inc. dba BrightStar HealthCare		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			6/28/2020			1.1				1.1				1.2				—	%
^Diag, LLC dba Kidville		Educational Services		Term Loan		Prime plus 2.75%			6/21/2020			7.1				7.1				7.2				—	%
^New Economic Methods LLC dba Rita's		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/15/2020			0.3				0.3				0.4				—	%
^Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/26/2020			1.1				1.1				1.1				—	%
^Lahoba,LLC dba Papa John's Pizza		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/30/2034			34.1				34.1				38.6				0.01	%
^Animal Intrusion Prevention Systems Holding Company, LLC		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/29/2024			22.0				22.0				23.1				0.01	%
^David A. Nusblatt, D.M.D, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/11/2019			1.2				1.2				1.2				—	%
^KMC RE, LLC & B&B Kennels		Personal and Laundry Services		Term Loan		Prime plus 2.75%			11/19/2034			46.5				46.5				52.8				0.02	%
^ROVER REPAIRS		Repair and Maintenance		Term Loan		Prime plus 2.5%			11/28/2029			48.5				48.5				52.6				0.02	%
^Supreme Screw Products		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2.75%			4/17/2019			14.2				14.2				14.3				—	%
^Gourmet to You, Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2019			0.3				0.3				0.3				—	%
^The Alba Financial Group, Inc.		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		Term Loan		6%			1/10/2019			7.0				7.0				7.0				—	%

209

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^D & D's Divine Beauty School of Esther, LLC		Educational Services		Term Loan		6%			8/1/2031			46.6				46.6				51.7				0.02	%
Bliss Coffee and Wine Bar, LLC		Food Services and Drinking Places		Term Loan		6%			8/31/2019			66.1				66.1				66.7				0.02	%
^Zog Inc.		Other Information Services		Term Loan		Prime plus 2.75%			4/30/2020			32.1				32.1				32.6				0.01	%
^Connect Litigation Technology, Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2%			10/18/2025			22.7				22.7				23.5				0.01	%
^1911 East Main Street Holdings, Corp		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/18/2032			11.4				11.4				12.7				—	%
^Water Works Laundromat, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.25%			9/7/2027			160.0				160.0				169.3				0.06	%
^Dave Kris, and MDK Ram Corp.		Food and Beverage Stores		Term Loan		Prime plus 2.75%			2/5/2026			26.8				26.8				28.6				0.01	%
^Gill Express Inc. dba American Eagle Truck Wash		Repair and Maintenance		Term Loan		Prime plus 2.75%			1/5/2027			160.1				160.1				172.1				0.06	%
^Smooth Grounds, Inc.		Food Services and Drinking Places		Term Loan		7.75%			1/31/2019			23.7				23.7				23.8				0.01	%
^Fran-Car Corporation dba Horizon Landscape Management		Administrative and Support Services		Term Loan		Prime plus 2.75%			3/3/2028			61.9				61.9				67.0				0.02	%
^Head To Toe Personalized Pampering, Inc.		Personal and Laundry Services		Term Loan		Prime plus 2.75%			1/27/2031			8.2				8.2				9.0				—	%
^Christopher F. Bohon & Pamela D. Bohon		Social Assistance		Term Loan		Prime plus 2.75%			10/28/2026			2.7				2.7				2.9				—	%
^Mogas Limited		Gasoline Stations		Term Loan		Prime plus 2.75%			5/31/2030			66.1				66.1				72.8				0.03	%
^Shree Om Lodging, LLC dba Royal Inn		Accommodation		Term Loan		Prime plus 2.75%			5/2/2030			58.4				58.4				64.3				0.02	%
^Pedzik's Pets, LLC		Support Activities for Agriculture and Forestry		Term Loan		Prime plus 2.75%			3/31/2030			8.1				8.1				8.9				—	%
^Nancy Carapelluci & A & M Seasonal Corner Inc.		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			3/1/2025			11.7				11.7				12.4				—	%
^Patricia Hughes Jones, MD PC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/13/2020			1.9				1.9				1.9				—	%
^Moonlight Multi Media Production, Inc.		Other Information Services		Term Loan		5.3%			2/1/2025			2.2				2.2				2.3				—	%
David M. Goens dba Superior Auto Paint & Body, Inc.		Repair and Maintenance		Term Loan		6%			8/26/2024			13.8				13.8				14.6				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			10.3				10.3				11.3				—	%

210

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Chong Hun Im dba Kim's Market		Food and Beverage Stores		Term Loan		Prime plus 2.5%			2/27/2024			7.3				7.3				7.6				—	%
Whirlwind Car Wash, Inc.		Repair and Maintenance		Term Loan		Prime plus 2%			4/9/2029			13.8				13.8				14.6				0.01	%
^Shuttle Car Wash, Inc. dba Shuttle Car Wash		Repair and Maintenance		Term Loan		Prime plus 2.25%			11/10/2028			15.0				15.0				16.0				0.01	%
^Min Hui Lin		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2028			15.2				15.2				16.5				0.01	%
^Delta Partners, LLC dba Delta Carwash		Repair and Maintenance		Term Loan		Prime plus 2.5%			4/5/2029			37.8				37.8				40.8				0.01	%
^Auto Sales, Inc.		Motor Vehicle and Parts Dealers		Term Loan		6%			8/17/2023			5.8				5.8				6.0				—	%
^RAB Services, Inc. & Professional Floor Installations		Specialty Trade Contractors		Term Loan		Prime plus 2.5%			1/31/2023			5.0				5.0				5.2				—	%
^Taste of Inverness, Inc. dba China Garden		Food Services and Drinking Places		Term Loan		Prime plus 2%			6/29/2025			7.1				7.1				7.4				—	%
^Ralph Werner dba Werner Transmission Inc		Gasoline Stations		Term Loan		Prime plus 2.75%			12/29/2021			1.5				1.5				1.5				—	%
^Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC		Amusement, Gambling, and Recreation Industries		Term Loan		6%			9/14/2023			27.6				27.6				28.8				0.01	%
^OrthoQuest, P.C.		Ambulatory Health Care Services		Term Loan		Prime plus 2%			3/12/2022			2.5				2.5				2.6				—	%
^Track Side Collision & Tire, Inc.		Plastics and Rubber Products Manufacturing		Term Loan		Prime plus 2.75%			6/16/2025			4.0				4.0				4.2				—	%
^Duttakrupa, LLC dba Birmingham Motor Court		Accommodation		Term Loan		Prime plus 2.25%			9/8/2023			9.1				9.1				9.4				—	%
^Deesha Corporation, Inc. dba Best Inn & Suites		Accommodation		Term Loan		Prime plus 2.25%			2/14/2025			22.0				22.0				22.9				0.01	%
^Maruti, Inc		Accommodation		Term Loan		Prime plus 2.25%			11/25/2024			20.2				20.2				21.0				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			5.1				5.1				5.3				—	%
^Gain Laxmi, Inc. dba Super 8 Motel		Accommodation		Term Loan		Prime plus 2.25%			5/31/2023			14.7				14.7				15.2				0.01	%
^Naseeb Corporation		Accommodation		Term Loan		Prime plus 2.25%			3/31/2024			22.9				22.9				23.7				0.01	%
^Stillwell Ave Prep School		Social Assistance		Term Loan		Prime plus 2.75%			1/14/2023			4.6				4.6				4.8				—	%
^Karis, Inc.		Accommodation		Term Loan		Prime plus 2%			12/22/2023			10.1				10.1				10.4				—	%
^Five Corners, Ltd.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/11/2019			1.7				1.7				1.7				—	%

211

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
^Alyssa Corp dba Knights Inn		Accommodation		Term Loan		Prime plus 2.25%			9/30/2023			36.2				36.2				37.4				0.01	%
^Bhailal Patel dba New Falls Motel		Accommodation		Term Loan		Prime plus 2.75%			3/27/2023			2.4				2.4				2.5				—	%
^Pegasus Automotive, Inc.		Gasoline Stations		Term Loan		Prime plus 2.75%			12/23/2022			7.2				7.2				7.5				—	%
^Delyannis Iron Works		Fabricated Metal Product Manufacturing		Term Loan		6%			12/8/2022			5.2				5.2				5.4				—	%
^P. Agrino, Inc. dba Andover Diner		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			7/18/2021			5.2				5.2				5.3				—	%
Total Performing SBA Unguaranteed Investments												$	318,862.2			$	318,862.2			$	329,339.7			114.57%
Non-Performing SBA Unguaranteed Investments (3)
*^200 North 8th Street Associates LLC and Enchanted Acres Fa		Food Manufacturing		Term Loan		6.25%			5/4/2028			$	469.3			$	469.3			$	366.0			0.13	%
*^A & A Auto Care LLC		Repair and Maintenance		Term Loan		7.5%			3/9/2026			10.4				10.4				4.5				—	%
*^A & A Auto Care, LLC d/b/a A & A Auto Care, LLC		Repair and Maintenance		Term Loan		7.25%			8/12/2036			88.0				88.0				84.7				0.03	%
*Alive Design, LLC		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			3/13/2027			17.9				17.9				13.7				—	%
*^Amboy Group, LLC dba Tommy's Moloney's		Food Manufacturing		Term Loan		7%			6/24/2025			375.2				375.2				367.9				0.13	%
*^American Reclamation LLC		Furniture and Related Product Manufacturing		Term Loan		Prime plus 2.75%			11/1/2027			7.2				7.2				6.4				—	%
*Anderson Farms Inc		Truck Transportation		Term Loan		7.5%			12/22/2027			1,217.1				1,217.1				947.3				0.33	%
*^Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud		Gasoline Stations		Term Loan		7.75%			9/26/2024			15.7				15.7				14.8				0.01	%
*AWA Fabrication & Construction, L.L.C.		Fabricated Metal Product Manufacturing		Term Loan		6%			4/30/2025			34.8				34.8				5.2				—	%
*^B & J Manufacturing Corporation and Benson Realty Trust		Fabricated Metal Product Manufacturing		Term Loan		Prime plus 2%			3/30/2021			11.0				11.0				9.8				—	%
*^B and J Catering Inc dba Culinary Solutions		Food Services and Drinking Places		Term Loan		7%			8/27/2040			532.9				532.9				486.2				0.17	%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.		Nonstore Retailers		Term Loan		6%			3/29/2036			177.4				177.4				81.8				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				36.4				0.01	%
*^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			1,608.1				1,671.3				412.9				0.14	%

212

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Bear Creek Entertainment, LLC dba The Woods at Bear Creek		Accommodation		Term Loan		7.25%			12/30/2024			85.4				85.4				79.0				0.03	%
*Bebos Inc dba Pizza Hut & Sunoco		Gasoline Stations		Term Loan		Prime plus 2.75%			3/28/2028			214.1				214.1				99.5				0.03	%
*^Bobcatt Solutions, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			11/8/2027			35.8				35.8				33.1				0.01	%
*Bone Bar & Grill LLC		Food Services and Drinking Places		Term Loan		7%			6/30/2042			73.4				73.4				57.5				0.02	%
*^Calhoun Satellite Communications Inc and Transmission Solutions Group		Broadcasting (except Internet)		Term Loan		6.75%			2/27/2025			724.2				724.2				—				—	%
*Calhoun Satellite Communications, Inc.		Telecommunications		Term Loan		7%			12/2/2026			189.1				189.1				40.9				0.01	%
*^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				314.8				0.11	%
*^Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber		Transit and Ground Passenger Transportation		Term Loan		7.5%			9/30/2027			573.2				573.2				551.2				0.19	%
*^Central Ohio Cleaners Inc		Personal and Laundry Services		Term Loan		7%			6/13/2024			90.5				90.5				8.9				—	%
*^Chickamauga Properties, Inc., MSW Enterprises, LLP		Amusement, Gambling, and Recreation Industries		Term Loan		6.25%			12/22/2035			59.0				59.0				56.8				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		7%			12/27/2023			469.0				469.0				459.9				0.16	%
*^CM Lab Inc		Professional, Scientific, and Technical Services		Term Loan		6.75%			5/20/2026			166.1				166.1				134.9				0.05	%
*^Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai		Repair and Maintenance		Term Loan		6.75%			9/26/2039			553.3				553.3				528.7				0.18	%
*^Custom Software, Inc. a Colorado Corporation dba M-33 Access		Professional, Scientific, and Technical Services		Term Loan		6.25%			6/17/2021			256.7				256.7				226.1				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				28.7				0.01	%
*^Demand Printing Solutions, Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			10/29/2034			119.5				119.5				110.5				0.04	%
*^Demand Printing Solutions, Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/12/2019			1.6				1.6				1.5				—	%
*^Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/27/2021			5.5				5.5				5.1				—	%

213

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (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			50.2				50.2				46.4				0.02	%
*^Demand Printing Solutions Inc		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			12/15/2027			17.0				17.0				15.7				0.01	%
*^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			3/16/2026			17.8				17.8				16.5				0.01	%
*^Demand Printing Solutions Inc.		Printing and Related Support Activities		Term Loan		Prime plus 2.75%			5/25/2027			199.2				199.2				82.1				0.03	%
*^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				679.6				0.24	%
*^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				—				—	%
*^Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%			12/22/2027			726.2				726.2				671.6				0.23	%
*^Driven Warehouse/Distribution LLC		Truck Transportation		Term Loan		Prime plus 2.75%			1/18/2028			129.0				129.0				10.2				—	%
*^DTM Parts Supply Inc.		Merchant Wholesalers, Durable Goods		Term Loan		7%			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			4,705.2				4,822.6				2,741.0				0.95	%
*^Europlast Ltd		Plastics and Rubber Products Manufacturing		Term Loan		6%			9/26/2022			313.0				313.0				22.3				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			11.4				11.4				9.0				—	%
*^Evernook Valley Milk LLC		Animal Production and Aquaculture		Term Loan		7.5%			8/31/2042			637.5				637.5				545.9				0.19	%
*^EZ Towing, Inc.		Support Activities for Transportation		Term Loan		6%			1/31/2023			86.4				86.4				1.2				—	%
*^Ezzo Properties, LLC and Great Lakes Cleaning, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/20/2027			286.5				286.5				72.5				0.03	%
*^New Image Building Services, Inc. dba New Image Repair Services		Repair and Maintenance		Term Loan		Prime plus 2.75%			8/23/2037			251.9				251.9				152.9				0.05	%
*^New Image Building Services Inc. dba New Image Repair Services; The Ma		Repair and Maintenance		Term Loan		Prime plus 2.75%			10/29/2023			197.1				197.1				—				—	%
*^New Image Building Services, Inc. dba The Maids serving Oakland and Ma		Administrative and Support Services		Term Loan		Prime plus 2.75%			1/19/2026			67.8				67.8				—				—	%
*^New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco		Administrative and Support Services		Term Loan		Prime plus 2.75%			12/21/2026			39.0				39.0				—				—	%
*^New Image Building Services, Inc.		Administrative and Support Services		Term Loan		Prime plus 2.75%			5/18/2027			138.9				138.9				—				—	%

214

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*Farec, Inc		Amusement, Gambling, and Recreation Industries		Term Loan		7.5%			12/29/2042			267.9				267.9				248.9				0.09	%
*^Galaforo Construction and Companies LLC		Construction of Buildings		Term Loan		7.5%			12/15/2042			207.8				207.8				196.0				0.07	%
*Galaforo Construction LLC and Paul M Galaforo, Jr.		Construction of Buildings		Term Loan		7.5%			12/15/2027			334.0				334.0				82.8				0.03	%
*^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			119.9				119.9				113.1				0.04	%
*^Groundworks Unlimited LLC		Specialty Trade Contractors		Term Loan		6%			12/17/2023			8.8				8.8				8.3				—	%
*^Grand Manor Realty, Inc. & Kevin LaRoe		Real Estate		Term Loan		6%			2/20/2023			19.0				19.0				17.2				0.01	%
*Guzman Group,LLC		Rental and Leasing Services		Term Loan		6%			9/30/2019			173.8				173.8				37.6				0.01	%
*Harrelson Materials Management,Inc		Waste Management and Remediation Services		Term Loan		6%			6/24/2021			465.2				465.2				23.8				0.01	%
*^Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC		Ambulatory Health Care Services		Term Loan		6.25%			6/30/2026			462.5				462.5				—				—	%
*^Hascher Gabelstapler Inc		Repair and Maintenance		Term Loan		7%			3/26/2024			106.6				106.6				58.8				0.02	%
*^HG Ventures, Inc.		Truck Transportation		Term Loan		7.5%			3/9/2028			125.9				125.9				96.7				0.03	%
*^HG Ventures, Inc. dba Diamond Head Trucking		Truck Transportation		Term Loan		7.5%			6/29/2030			929.1				929.1				715.9				0.25	%
*^Home Again Restaurant LLC		Food Services and Drinking Places		Term Loan		6.25%			6/30/2040			0.4				0.4				0.4				—	%
*^Ian Winterbotham dba Furnishing America		Furniture and Home Furnishings Stores		Term Loan		Prime plus 2.75%			11/17/2027			93.4				93.4				73.9				0.03	%
*^InformationTelevision Network Inc		Motion Picture and Sound Recording Industries		Term Loan		7.5%			9/22/2041			823.0				823.0				761.1				0.26	%
*^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				28.5				0.01	%
*J Harris Trucking LLC		Truck Transportation		Term Loan		7.25%			5/19/2027			18.7				18.7				8.3				—	%
*^J Harris Trucking, LLC		Truck Transportation		Term Loan		7.25%			5/13/2026			38.1				38.1				36.5				0.01	%
*^J Olson Enterprises LLC and Olson Trucking Direct, Inc.		Truck Transportation		Term Loan		6%			6/28/2025			628.4				628.4				44.2				0.02	%

215

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Jacksonville Beauty Institute Inc. dba Beauty Institute's		Educational Services		Term Loan		7%			10/23/2025			40.9				40.9				31.7				0.01	%
*Jenny's Wunderland, Inc.		Social Assistance		Term Loan		6%			6/29/2036			98.8				98.8				14.6				0.01	%
*Juliador Resources LLC DBA Cue Hair Salon and Skin Care		Personal and Laundry Services		Term Loan		7.25%			5/24/2027			21.9				21.9				19.4				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				8.7				—	%
*^Kids at Heart,LLC dba Monster Mini Golf		Amusement, Gambling, and Recreation Industries		Term Loan		6.75%			9/22/2026			20.4				20.4				15.9				0.01	%
*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			70.5				70.5				31.6				0.01	%
*Kup’s Auto Spa, Inc.		Repair and Maintenance		Term Loan		6.25%			10/23/2025			54.7				54.7				—				—	%
*^L.M. Jury Enterprises, Inc dba Midwest Monograms		Textile Product Mills		Term Loan		7.25%			10/28/2025			60.6				60.6				9.1				—	%
*^LA Diner Inc dba Loukas L A Diner		Food Services and Drinking Places		Term Loan		7.25%			9/28/2037			617.8				617.8				571.4				0.20	%
*^Las Casuelas Del Este Inc.		Food Services and Drinking Places		Term Loan		7%			9/29/2041			791.6				791.6				356.0				0.12	%
*^Lowgap Grocery & Grill LLC		General Merchandise Stores		Term Loan		7.25%			3/24/2041			48.0				48.0				40.0				0.01	%
*^M & H Pine Straw Inc and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%			3/21/2023			197.4				197.4				58.4				0.02	%
*^M & H Pine Straw, Inc and Harris L. Maloy		Support Activities for Agriculture and Forestry		Term Loan		6%			4/30/2020			54.2				54.2				52.1				0.02	%
*^M & H Pine Straw, Inc.and Harris Maloy		Support Activities for Agriculture and Forestry		Term Loan		7.5%			7/10/2020			27.4				27.4				19.8				0.01	%
*^M & H Pinestraw, Inc. and Harris L. Maloy		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%			12/15/2021			133.8				133.8				48.7				0.02	%
*^M and C Renovations Inc		Construction of Buildings		Term Loan		6.25%			10/31/2024			13.0				13.0				7.8				—	%
*^Mariam Diner Inc dba Country Kitchen Restaurant		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/18/2026			42.8				42.8				24.5				0.01	%
*^Matchless Transportation LLC dba First Class Limo		Transit and Ground Passenger Transportation		Term Loan		6.25%			8/3/2022			123.3				123.3				103.0				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				12.7				—	%
*^Mojo Brands Media, LLC		Broadcasting (except Internet)		Term Loan		6%			8/28/2023			725.0				725.0				325.3				0.11	%

216

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Morris Glass and Construction Inc		Specialty Trade Contractors		Term Loan		15%			10/1/2023			448.0				448.0				350.5				0.12	%
*^Nelson Sargsyan dba HDA Trucking		Support Activities for Transportation		Term Loan		Prime plus 2.75%			6/16/2025			100.8				100.8				63.7				0.02	%
*^Nowatzke Service Center Inc dba Nowatzke Truck and Trailer		Repair and Maintenance		Term Loan		7%			1/29/2026			96.9				96.9				61.3				0.02	%
*Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa		Heavy and Civil Engineering Construction		Term Loan		7%			9/28/2026			571.2				571.2				25.9				0.01	%
*^Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv		Heavy and Civil Engineering Construction		Term Loan		7%			9/28/2041			110.1				110.1				101.9				0.04	%
*^Peckett's Inc		Crop Production		Term Loan		7%			7/27/2041			219.6				219.6				169.0				0.06	%
*^Pooh's Corner Realty LLC and Pooh's Corner Inc		Social Assistance		Term Loan		7%			7/23/2040			100.3				100.3				96.4				0.03	%
*^RDT Enterprises LLC		Specialty Trade Contractors		Term Loan		7%			9/15/2027			136.9				136.9				77.9				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			111.5				111.5				70.1				0.02	%
*^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				125.2				0.04	%
*^Scoler LLC dba Gold's Gym		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			4/29/2026			219.3				219.3				26.7				0.01	%
*^Scoville Plumbing & Heating Inc and Thomas P. Scoville		Specialty Trade Contractors		Term Loan		6.75%			7/25/2022			32.1				32.1				30.8				0.01	%
*^SDA Holdings LLC and Les Cheveux Salon Inc		Personal and Laundry Services		Term Loan		7.5%			12/15/2040			108.5				108.5				104.3				0.04	%
*Select Propane & Fuel Inc. and Select Fuel & Convenience LLC		Merchant Wholesalers, Nondurable Goods		Term Loan		7.5%			2/10/2030			593.3				593.3				109.4				0.04	%
*Shaffer Automotive Repair, LLC		Repair and Maintenance		Term Loan		7%			5/24/2030			132.8				132.8				120.1				0.04	%
*^Shane M. Howell and Buck Hardware and Garden Center, LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		7.5%			12/27/2038			120.2				120.2				93.3				0.03	%
*^Shivsakti, LLC dba Knights Inn		Accommodation		Term Loan		6.25%			12/20/2032			3.3				3.3				—				—	%
*^Soregard Inc		Furniture and Related Product Manufacturing		Term Loan		7.5%			6/30/2041			158.9				158.9				81.3				0.03	%
*^Sourceco Limited Liability Company		Merchant Wholesalers, Nondurable Goods		Term Loan		6.5%			12/17/2025			45.0				45.0				44.1				0.02	%
*^Sovereign Communications LLC		Broadcasting (except Internet)		Term Loan		6.75%			2/7/2024			654.2				654.2				517.0				0.18	%
*^Square Deal Siding Company,LLC dba Square Deal Siding Company		Specialty Trade Contractors		Term Loan		7.5%			6/18/2025			2.1				2.1				2.0				—	%

217

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^Stellar Environmental LLC		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			3/18/2023			30.6				30.6				28.3				0.01	%
*^STK Ventures Inc dba JP Dock Service & Supply		Specialty Trade Contractors		Term Loan		6%			5/9/2037			31.6				31.6				11.2				—	%
*^Stormrider Inc dba Shirley's Stormrider Inc		Truck Transportation		Term Loan		Prime plus 2.75%			9/23/2025			50.9				50.9				—				—	%
*^Stormrider Inc dba Shirley's Stormrider, Inc		Truck Transportation		Term Loan		Prime plus 2.75%			11/25/2024			102.9				102.9				37.5				0.01	%
*^Street Magic Enterprise LLC		Gasoline Stations		Term Loan		Prime plus 2.75%			12/21/2027			86.3				86.3				15.7				0.01	%
*^Street Magic Enterprise LLC dba New Lisbon Travel Mart		Gasoline Stations		Term Loan		7.5%			11/7/2042			419.0				419.0				387.5				0.13	%
*^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		7.25%			8/29/2041			638.7				638.7				262.8				0.09	%
*^Suncrest Stone Products LLC		Nonmetallic Mineral Product Manufacturing		Term Loan		7.5%			8/29/2026			539.6				539.6				131.3				0.05	%
*^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7%			3/31/2025			23.0				23.0				20.2				0.01	%
*^T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7.25%			6/17/2026			204.5				204.5				—				—	%
*T and B Boots Inc dba Takken's Shoes		Clothing and Clothing Accessories Stores		Term Loan		7.25%			12/7/2026			95.2				95.2				89.8				0.03	%
*^Tannehill Enterprises Inc dba Hobbytown USA Folsom		Sporting Goods, Hobby, Musical Instrument, and Book Stores		Term Loan		7.75%			10/14/2025			71.1				71.1				45.5				0.02	%
*^Tarver-Henley Inc. and Tar-Hen LLC		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			6/21/2042			314.6				314.6				302.5				0.11	%
*^The Delon Group LLC dba I Love Juice Bar		Food Services and Drinking Places		Term Loan		7%			5/12/2026			19.3				19.3				18.6				0.01	%
*^Tim's Tire & Automotive Center, LLC		Support Activities for Transportation		Term Loan		7%			8/16/2026			410.2				410.2				98.6				0.03	%
*^The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The		Accommodation		Term Loan		7%			9/29/2039			489.6				489.6				452.8				0.16	%
*^Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.		Specialty Trade Contractors		Term Loan		6.75%			11/16/2021			33.6				33.6				32.3				0.01	%
*Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio		Telecommunications		Term Loan		7%			12/2/2041			141.3				141.3				65.7				0.02	%
*^Tri-State Remodeling & Investments, LLC		Specialty Trade Contractors		Term Loan		7.5%			12/11/2025			13.3				13.3				11.5				—	%

218

See accompanying notes to unaudited condensed consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*^TX Superior Communications, LLC		Specialty Trade Contractors		Term Loan		Prime plus 2.75%			3/19/2028			90.3				90.3				30.5				0.01	%
*^Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance		Motor Vehicle and Parts Dealers		Term Loan		7.5%			9/29/2029			570.1				570.1				299.4				0.10	%
*Vision Collision Center LLC dba Integrity Auto Body & Vision Automoti		Repair and Maintenance		Term Loan		7.5%			11/21/2027			349.2				349.2				—				—	%
*^Webb Eye Associates, PA		Ambulatory Health Care Services		Term Loan		7.25%			7/19/2027			71.2				71.2				28.9				0.01	%
*^Wilban LLC		Food Services and Drinking Places		Term Loan		7.5%			3/11/2026			93.2				93.2				86.2				0.03	%
*^Wilban LLC		Food Services and Drinking Places		Term Loan		7.25%			3/28/2039			402.7				402.7				289.6				0.10	%
*Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		7.5%			1/10/2028			5.2				5.2				5.1				—	%
*^Work of Heart Inc dba Little Nest Portraits		Professional, Scientific, and Technical Services		Term Loan		7.5%			7/28/2027			47.1				47.1				46.2				0.02	%
Total Non-Performing Unguaranteed SBA Investments												$	36,546.2			$	36,726.8			$	20,062.3			6.98%
Total Unguaranteed SBA Investments												$	355,408.4			$	355,589.0			$	349,402.0			121.55%
Performing SBA Guaranteed Investments (4)
Always Goldie's Florist		Miscellaneous Store Retailers		Term Loan		Prime plus 2.75%			12/19/2028			66.3				66.3				72.7				0.03	%
The Law Office of Jared E. Shapiro, P.A.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/21/2028			63.8				63.8				69.9				0.02	%
Medworxs Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/27/2028			59.5				59.5				65.2				0.02	%
Fave Realty Inc.		Real Estate		Term Loan		Prime plus 2.75%			12/27/2043			370.5				370.5				415.3				0.14	%
East Breeze LLC dba Historic Springdale Pub and Eatery		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/27/2043			384.8				384.8				431.3				0.15	%
Children First Home Health Care Inc		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			12/27/2028			900.0				900.0				988.2				0.34	%
Superior Concepts Acquisition Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/28/2028			359.5				359.5				395.1				0.14	%

219

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Superior Concepts Acquisition Corp		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			12/28/2043			1,528.8				1,528.8				1,710.0				0.59	%
Nix and Nix Funeral Home North Inc,		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/28/2043			1,708.5				1,708.5				1,905.0				0.66	%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute		Insurance Carriers and Related Activities		Term Loan		Prime plus 2.75%			12/28/2043			106.3				106.3				119.1				0.04	%
Omega Funeral and Cremation Services, LLC		Personal and Laundry Services		Term Loan		Prime plus 2.75%			12/28/2043			1,028.6				1,028.6				1,152.0				0.40	%
Capitol Fitness Shelby Inc.		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			12/28/2028			102.9				102.9				113.0				0.04	%
The Chop House Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			12/31/2043			1,673.3				1,673.3				1,870.7				0.65	%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/31/2028			712.5				712.5				783.0				0.27	%
HDD Solutions, LLC		Heavy and Civil Engineering Construction		Term Loan		Prime plus 2.75%			12/31/2028			1,661.3				1,661.3				1,816.6				0.63	%
Paramount Dance Studios Inc. and Homestead Dance Supply		Educational Services		Term Loan		Prime plus 2.75%			10/14/2043			1,225.5				1,225.5				1,360.4				0.47	%
Lou & Choo Enterprises Inc.		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/28/2044			101.4				101.4				113.1				0.04	%
Metropolitan Solutions Inc.		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			4/30/2043			102.7				102.7				114.5				0.04	%
Kneading Dough LLC dba NY Bagel Cafe & Deli, NY Bagel, New York Bagel		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/23/2029			102.5				102.5				111.8				0.04	%
Olmsted LLC and 626 Van LLC dba Maison Yaki		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/1/2029			564.5				564.5				617.0				0.21	%
Starship, LLC dba Tint World Smyrna		Repair and Maintenance		Term Loan		Prime plus 2.75%			5/25/2043			266.3				266.3				297.1				0.10	%
AVM LLC dba Luv 2 Play		Social Assistance		Term Loan		Prime plus 2.75%			6/1/2028			78.2				78.2				84.4				0.03	%
Surya Hotel LLC dba Hotel Royal		Accommodation		Term Loan		Prime plus 2.75%			12/21/2028			302.6				302.6				331.1				0.12	%
Bio-Haz Solutions, Inc.		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			6/29/2043			906.3				906.3				1,011.7				0.35	%
Bio-Haz Solutions, Inc		Waste Management and Remediation Services		Term Loan		Prime plus 2.75%			1/29/2029			335.9				335.9				367.5				0.13	%

220

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Geo Tek Alaska, Inc		Professional, Scientific, and Technical Services		Term Loan		Prime plus 2.75%			2/17/2044			170.3				170.3				190.5				0.07	%
National Stone LTD and NSI Group Inc		Building Material and Garden Equipment and Supplies Dealers		Term Loan		Prime plus 2.75%			8/31/2044			579.5				579.5				645.4				0.22	%
Blue Seven, LLC		Ambulatory Health Care Services		Term Loan		Prime plus 2.75%			1/27/2029			149.3				149.3				164.1				0.06	%
Hackstaff Restaurants LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/15/2029			172.6				172.6				189.7				0.07	%
UK, LLC dba Pita Pit		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			1/30/2029			97.2				97.2				106.8				0.04	%
JP Dhillon's Foods LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/1/2029			77.5				77.5				85.2				0.03	%
Vancole Investments, Inc. dba Smoothie King #913		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			5/7/2044			687.7				687.7				770.6				0.27	%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade		Amusement, Gambling, and Recreation Industries		Term Loan		Prime plus 2.75%			3/16/2029			20.7				20.7				22.8				0.01	%
Thames Aquatic Club, LLC		Educational Services		Term Loan		Prime plus 2.75%			7/21/2029			55.5				55.5				61.0				0.02	%
D for Dream LLC dba Blow Dry Bar Inc		Personal and Laundry Services		Term Loan		Prime plus 2.75%			5/13/2029			73.2				73.2				80.4				0.03	%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			3/19/2029			126.4				126.4				138.9				0.05	%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral Chapel ll		Personal and Laundry Services		Term Loan		Prime plus 2.75%			9/19/2044			86.7				86.7				97.0				0.03	%
Healthy and Fresco LLC		Food Services and Drinking Places		Term Loan		Prime plus 2.75%			2/20/2029			75.0				75.0				82.4				0.03	%
Accel Compression Inc., Accel Workover Services Inc		Rental and Leasing Services		Term Loan		Prime plus 2.75%			6/21/2044			133.6				133.6				149.7				0.05	%
Total Performing SBA Guaranteed Investments												$	17,217.4			$	17,217.4			$	19,100.2			6.64%
Total SBA Unguaranteed and Guaranteed Investments												$	372,625.8			$	372,806.4			$	368,502.2			128.20%
Controlled Investments (5)
*Advanced Cyber Security Systems, LLC (6), (20)		Data processing, hosting and related services.		50% Membership Interest		—	%		—			—				—				—				—	%
				Term Loan		3	%		December 2014			381.0				381.0				—				—	%

221

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
*Automated Merchant Services, Inc. (7), (20)		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				5,000.0				1.74	%
				Line of Credit		Prime plus 2.5%			December 2019			5,000.0				5,000.0				5,000.0				1.74	%
				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				8,500.0				2.96	%
				Line of Credit		LIBOR plus 2.5%			November 2028			6,800.0				6,800.0				6,800.0				2.37	%
*Newtek Insurance Agency, LLC (13)		Insurance Carriers and Related Activities		100% Membership Interest		—	%		—			—				135.0				2,215.0				0.77	%
*PMTWorks Payroll, LLC (9)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				1,106.1				—				—	%
				Term Loan		10%-12%			Various maturities through May 2020			2,685.0				2,685.0				—				—	%
Small Business Lending, LLC (12), (20)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				250.0				3,300.0				1.15	%
*ADR Partners, LLC dba banc-serv Partners, LLC (12)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				6,799.2				—				—	%
International Professional Marketing, Inc. (16)		Professional, Scientific, and Technical Services		100% Common Stock		—	%		—			—				4,000.0				3,300.0				1.15	%
				Line of Credit		Prime plus 0.5%			April 2019			800.0				800.0				800.0				0.28	%
SIDCO, LLC (16)		Professional, Scientific, and Technical Services		100% Membership Interest		—	%		—			—				7,119.7				7,819.7				2.72	%
				Line of Credit		Prime plus 0.5%			July 2019			175.0				175.0				175.0				0.06	%
Newtek Merchant Solutions, LLC (11)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				16,438.0				116,250.0				40.44	%
Mobil Money, LLC (17)		Data processing, hosting and related services.		100% Membership Interest		—	%		—			—				2,980.0				2,980.0				1.04	%

222

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, 2018 (In Thousands)
Portfolio Company		Industry		Type of Investment		Interest Rate (2)			Maturity			Principal				Cost				Fair Value				% of Net Assets
Newtek Business Lending, LLC (10)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		100% Membership Interest		—	%		—			—				5,445.0				8,445.0				2.94	%
Newtek Conventional Lending, LLC (18)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		50% Membership Interest		—	%		—			—				—				—				—	%
Titanium Asset Management, LLC (14)		Administrative and Support Services		Term Loan		10	%		December 2018			193.9				193.9				—				—	%
				100% Membership Interest		—	%		—			—				—				—				—	%
Excel WebSolutions, LLC (15)		Data processing, hosting and related services.		Term Loan		10	%		September 2020			159.2				159.2				—				—	%
				50% Membership Interest		—	%		—			—				—				—				—	%
Total Controlled Investments												$	17,194.1			$	74,279.1			$	171,584.7			59.69%
Non-control/Affiliate Investments
EMCAP Loan Holdings, LLC (19) (23)		Securities, Commodity Contracts, and Other Financial Investments and Related Activities		6.04% Membership Interest		—	%		—			—				1,000.0				1,000.0				0.35%
Investments in Money Market Funds
UBS Select Treasury Institutional Fund - 2.17% yield												$	9.0			$	9.0			$	9.0			—%
Total Investments												$	389,828.9			$	448,094.5			$	541,095.9			188.24%

^ 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. Includes 5 loans with a cost basis of $4,663,000 and fair value of $5,258,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.

223

See accompanying notes to unaudited condensed consolidated financial statements.

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(2) Prime Rate is equal to 5.25% as of December 31, 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. Includes 3 loans with a cost basis of $6,942,000 and fair value of $3,504,000 which NSBF owns 100% of the outstanding loan balance that were originated by NSBF, but are no longer deemed SBA 7(a) loans as a result of Newtek repurchasing the guaranteed portions of the loans from the SBA.

(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, 2018 with affiliates the Company is deemed to control.

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

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

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

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

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

(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.

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

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

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

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

(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.). 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.

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

(18) 50% owned by Newtek Conventional Lending, Inc. (a subsidiary of Newtek Business Services Corp.).

(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).

(20) 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.

(21) 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.

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

(23) 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.

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

(25) 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, 2018, 4.2% of total assets are non-qualifying assets.

As of December 31, 2018, the federal tax cost of investments was $439,711,000 resulting in estimated gross unrealized gains and losses of $136,870,000 and $35,485,000, respectively.

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See accompanying notes to unaudited condensed consolidated financial statements.

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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 (1)

Wilshire DC Partners, LLC

Wilshire Holdings I, Inc.

Wilshire Louisiana BIDCO, LLC

Wilshire Louisiana Partners II, LLC

Wilshire Louisiana Partners III, LLC

Wilshire Louisiana Partners IV, LLC

Wilshire New York Advisers II, LLC

Wilshire New York Partners III, LLC

Wilshire Partners, LLC

Exponential Business Development Co., Inc.

Newtek Commercial Lending, Inc.

Newtek LSP Holdco, LLC

NBSH Holdings, LLC

Newtek Business Services Holdco 1, Inc.

Newtek Business Services Holdco 2, Inc.

Newtek Business Services Holdco 3, Inc.

Newtek Business Services Holdco 4, Inc.

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

Newtek Business Services Holdco 6, Inc.

⁽¹⁾ Entity was merged into The Whitestone Group, LLC on December 31, 2018.

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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, 2018 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, 2018 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 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 March 31, 2019, cash deposits in excess of insured amounts totaled $15,749,000. 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 March 31, 2019.

Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties and cash reserves associated with securitization transactions. As of March 31, 2019, total restricted cash was $26,654,000.

The following table provides a reconciliation of cash and restricted cash as of March 31, 2019 and 2018 and December 31, 2018 and 2017:

	March 31, 2019				March 31, 2018				December 31, 2018				December 31, 2017
Cash	$	3,083			$	2,606			2,316				$	2,464
Restricted cash	26,654				22,950				29,034				18,074
Cash and restricted cash	$	29,737			$	25,556			$	31,350			$	20,538

 

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 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

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Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended March 31, 2019 and 2018, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $8,712,000 and $9,241,000 at March 31, 2019 and December 31, 2018, 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 February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.

The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying condensed consolidated statements of assets and liabilities, statements of operations or statements of

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cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year. The Company expects the adoption of ASC 842 will not materially impact its results of operations, financial condition, or cash flows on an ongoing basis.

New Accounting Standards

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

Segments

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

Reclassifications

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

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NOTE 3—INVESTMENTS:

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

		March 31, 2019								December 31, 2018
		Cost				Fair Value				Cost				Fair Value
Money market funds		$	9			$	9			$	9			$	9
Non-affiliate debt investments		386,962				385,355				372,806				368,502
Non-control/affiliate equity investments		1,000				1,000				1,000				1,000
Controlled investments:
Equity		58,491				157,269				57,085				157,810
Debt		17,444				14,025				17,194				13,775
Total investments		$	463,906			$	557,658			$	448,094			$	541,096

The following table shows the Company’s portfolio investments by industry at March 31, 2019 and December 31, 2018:

		March 31, 2019								December 31, 2018
		Cost				Fair Value				Cost				Fair Value
Data Processing, Hosting and Related Services		$	39,548			$	133,458			$	38,964			$	134,559
Food Services and Drinking Places		36,710				37,456				37,919				38,293
Professional, Scientific, and Technical Services		34,869				34,553				36,575				37,116
Amusement, Gambling, and Recreation Industries		25,866				27,989				21,030				22,300
Securities, Commodity Contracts, and Other Financial Investments and Related Activities		25,455				25,305				24,738				24,526
Ambulatory Health Care Services		23,398				23,563				21,182				20,999
Truck Transportation		25,846				23,539				23,040				21,145
Repair and Maintenance		17,536				17,655				17,690				18,054
Specialty Trade Contractors		13,611				13,776				13,048				13,051
Fabricated Metal Product Manufacturing		13,308				13,754				12,608				12,793
Accommodation		11,481				11,344				11,994				11,742
Social Assistance		10,404				11,291				8,424				9,006
Personal and Laundry Services		9,938				10,491				10,758				11,425
Merchant Wholesalers, Durable Goods		9,170				9,463				9,002				9,184
Building Material and Garden Equipment and Supplies Dealers		9,033				9,198				7,349				7,665
Rental and Leasing Services		8,784				8,437				7,959				7,539
Administrative and Support Services		9,121				8,423				8,003				7,265
Gasoline Stations		8,016				7,924				8,152				7,981
Food Manufacturing		9,167				7,156				9,073				7,056
Food and Beverage Stores		6,032				6,371				5,795				6,100
Transit and Ground Passenger Transportation		6,550				6,264				6,859				6,541
Construction of Buildings		5,077				5,113				5,085				5,010
Printing and Related Support Activities		4,761				5,066				5,042				4,868
Motor Vehicle and Parts Dealers		4,771				5,053				4,816				4,915
Other		95,454				95,016				92,989				91,963
Total		$	463,906			$	557,658			$	448,094			$	541,096

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

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the three months ended March 31, 2019 were as follows:

Portfolio Company		Fair Value at December 31, 2018				Purchases (Cost)				Principal Received				Net Realized Gains/(Losses)				Net Unrealized Gains/(Losses)				Fair Value at March 31, 2019				Interest and Other Income				Dividend Income
Controlled Investments
Newtek Merchant Solutions, LLC		$	116,250			$	—			$	—			$	—			$	—			$	116,250			$	—			$	2,900
Mobil Money, LLC		2,980				—				—				—				—				2,980				—				100
Newtek Technology Solutions, Inc.		15,300				400				—				—				(1,500		)		14,200				85				—
International Professional Marketing, Inc.		4,800				—				(500		)		—				—				4,300				5				—
SIDCO, LLC		7,295				—				(75		)		—				(320		)		6,900				2				150
banc-serv Partners, LLC		—				242				—				—				(242		)		—				—				—
CDS Business Services, Inc.		11,000				—				(475		)		—				—				10,525				125				—
Small Business Lending, LLC		3,300				348				—				—				300				3,948				—				—
Newtek Insurance Agency, LLC		2,215				—				—				—				—				2,215				—				—
PMTWorks Payroll, LLC		—				185				—				—				(185		)		—				—				—
Titanium Asset Management LLC		—				900				—				—				—				900				—				—
Excel WebSolutions, LLC		—				—				—				—				—				—				—				—
Newtek Conventional Lending, LLC		—				13				—				—				—				13				—				—
Newtek Business Lending, LLC		8,445				1,118				(500		)		—				—				9,063				—				—
Total Controlled Investments		$	171,585			$	3,206			$	(1,550	)		$	—			$	(1,947	)		$	171,294			$	217			$	3,150
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC		$	1,000			$	—			$	—			$	—			$	—			$	1,000			$	—			$	31
Total Affiliate Investments		$	172,585			$	3,206			$	(1,550	)		$	—			$	(1,947	)		$	172,294			$	217			$	3,181

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 had an interest rate equal to LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of LIBOR plus 2.5% or the Prime Rate plus 1.5%.

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At March 31, 2019, the Related Party RLOC interest rate was 4.99%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at March 31, 2019 under the Related Party RLOC were $25,890,000.

 

For the three months ended March 31, 2019 and 2018, interest expense was $204,000 and $112,000, respectively.

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 March 31, 2019				Three Months Ended March 31, 2018
Managed technology services		$	179			$	178
Loan related processing and auditing fees		2,188				12
Referral fees		—				87
Payroll processing fees		10				10
Total		$	2,377			$	287

The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:

Portfolio Company		Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Newtek Merchant Solutions, LLC		$	65			$	49
Newtek Technology Solutions, Inc.		3				3
Small Business Lending, LLC		19				19
Newtek Insurance Agency, LLC		19				24
CDS Business Services, Inc.		13				16
PMTWorks Payroll, LLC		11				6
United Capital Source, LLC		—				20
Newtek Business Lending, LLC		2				—
Total		$	132			$	137

Amounts due from related parties were $3,596,000 and $3,232,000 at March 31, 2019 and December 31, 2018, respectively. Amounts due to related parties were $2,000 and $4,000 at March 31, 2019 and December 31, 2018, 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 three months ended March 31, 2019 and 2018, and 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 March 31, 2019				Three Months Ended March 31, 2018
Newtek Merchant Solutions, LLC		$	105			$	85
Newtek Technology Solutions, Inc.		113				159
PMTWorks Payroll, LLC		42				14
Newtek Insurance Agency, LLC		51				47
banc-serv Partners, LLC		41				54
Premier Payments LLC		—				32
CDS Business Services, Inc.		17				19
International Professional Marketing, Inc.		22				12
SIDCO, LLC		33				12
Mobil Money, LLC		27				—
Newtek Business Lending, LLC		17				—
Small Business Lending, LLC		109				93
Total		$	577			$	527

NOTE 5—SERVICING ASSETS:

At March 31, 2019 and December 31, 2018, 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 March 31, 2019 and December 31, 2018:

	March 31, 2019				December 31, 2018
Fair Value	$	22,339			$	21,360
Discount factor (1)	13.87		%		14.24		%
Cumulative prepayment rate	26.00		%		26.00		%
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 March 31, 2019 and 2018 was $2,428,000 and $2,065,000, 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 three months ended March 31, 2019 or 2018. 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 March 31, 2019 and December 31, 2018:

	Fair Value Measurements at March 31, 2019
	Total				Level 1				Level 2				Level 3
Assets:
Investments in money market funds	$	9			$	9			$	—			$	—
SBA unguaranteed non-affiliate investments	366,769				—				—				366,769
SBA guaranteed non-affiliate investments	18,586				—				18,586				—
Controlled investments	171,294				—				—				171,294
Other real estate owned (1)	2,268				—				2,268				—
Non-control/affiliate investments	1,000				—				—				1,000
Servicing assets	22,339				—				—				22,339
Total assets	$	582,265			$	9			$	20,854			$	561,402
Liabilities:
Contingent consideration liabilities (2)	$	1,779			$	—			$	—			$	1,779

⁽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 March 31, 2019 includes $2,629,000 in unrealized appreciation on SBA unguaranteed non-affiliate investments, $1,947,000 in unrealized depreciation on controlled investments and $556,000 in unrealized depreciation on servicing assets.

	Fair Value Measurements at December 31, 2018
	Total				Level 1				Level 2				Level 3
Assets:
Investments in money market funds	$	9			$	9			$	—			$	—
SBA unguaranteed non-affiliate investments	349,402				—				—				349,402
SBA guaranteed non-affiliate investments	19,100				—				19,100				—
Controlled investments	171,585				—				—				171,585
Other real estate owned (1)	1,998				—				1,998				—
Non-control/Non-affiliate investments	1,000				—				—				1,000
Servicing assets	21,360				—				—				21,360
Total assets	$	564,454			$	9			$	21,098			$	543,347
Liabilities:
Contingent consideration liabilities (2)	$	1,733			$	—			$	—			$	1,733

⁽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 three months ended March 31, 2019 and 2018:

	Three Months Ended March 31, 2019
	SBA Unguaranteed Investments				Controlled Investments				Servicing Assets				Non-Control/Affiliate Investments				Contingent Consideration Liabilities (1)
Fair value, December 31, 2018	$	349,402			$	171,585			$	21,360			$	1,000			$	1,733
Net change in unrealized appreciation (depreciation)	2,629				(1,947		)		(556		)		—				—
Realized loss	(402		)		—				—				—				—
SBA unguaranteed non-affiliate investments, funded	24,241				—				—				—				—
Foreclosed real estate acquired	(514		)		—				—				—				—
Purchase of investments	—				3,206				—				—				—
Change in fair value of contingent consideration liabilities	—				—				—				—				46
Net accretion of premium/discount	(2		)		—				—				—				—
Return of investment	—				(500		)		—				—				—
Principal payments received on debt investments	(8,585		)		(1,050		)		—				—				—
Additions to servicing assets	—				—				1,535				—				—
Fair value, March 31, 2019	$	366,769			$	171,294			$	22,339			$	1,000			$	1,779

⁽¹⁾ Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

	Three Months Ended March 31, 2018
	SBA Unguaranteed Investments				Controlled Investments				Servicing Assets				Contingent Consideration Liabilities (1)
Fair value, December 31, 2017	$	278,034			$	153,156			$	19,359			$	913
Net change in unrealized appreciation (depreciation)	992				1,170				(579		)		—
Realized loss	(394		)		—				—				—
SBA unguaranteed non-affiliate investments, funded	21,387				—				—				—
Foreclosed real estate acquired	(478		)		—				—				—
Purchase of investments	—				4,639				—				—
Net accretion of premium/discount	32				—				—				—
Change in fair value of contingent consideration liabilities	—				—				—				10
Principal payments received on debt investments	(8,635		)		(1,523		)		—				—
Additions to servicing assets	—				—				1,624				—
Fair value, March 31, 2018	$	290,938			$	157,442			$	20,404			$	923

⁽¹⁾ Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Condensed Consolidated Statements of Assets and Liabilities

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of March 31, 2019 and December 31, 2018. 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 March 31, 2019 and December 31, 2018.

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													Range
		Fair Value as of March 31, 2019				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	344,458			Discounted cash flow		Market yields		5.80	%		5.80	%		5.80	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	22,311			Discounted cash flow		Market yields		6.36	%		6.36	%		6.36	%
Controlled equity investments (A)		$	157,269			Market comparable companies		EBITDA multiples (B)		7.9x			4.50x			8.80x
						Market comparable companies		Revenue multiples (B)		1.0x			0.15x			2.25x
						Discounted cash flow		Weighted average cost of capital (B)		13.03	%		11.20	%		43.90	%
Controlled debt investments		$	14,025			Discounted cash flow		Market yields		6.60	%		4.99	%		10.00	%
Non-control/affiliate investments		$	1,000			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	22,339			Discounted cash flow		Market yields		13.87	%		13.87	%		13.87	%
Liabilities:
Contingent consideration liabilities		$	1,779			Discounted cash flow		Projected EBITDA and net residual income 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 March 31, 2019, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 42.8% and 57.2%, respectively, on a weighted average basis.

^(B) The Company valued $136,265,000 of investments using generally, an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $20,991,000 of investments using only discounted cash flows.

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													Range
		Fair Value as of December 31, 2018				Valuation Techniques		Unobservable Input		Weighted Average			Minimum			Maximum
Assets:
SBA unguaranteed non-affiliate investments - performing loans		$	329,340			Discounted cash flow		Market yields		6.40	%		6.40	%		6.40	%
SBA unguaranteed non-affiliate investments - non-performing loans		$	20,062			Discounted cash flow		Market yields		7.89	%		7.89	%		7.89	%
Controlled equity investments (A)		$	157,810			Market comparable companies		EBITDA multiples (B)		8.83x			3.97x			10.00x
						Market comparable companies		Revenue multiples (B)		1.05x			0.15x			2.73x
						Discounted cash flow		Weighted average cost of capital (B)		13.46	%		11.84	%		40.00	%
Controlled debt investments		$	13,775			Discounted cash flow		Market yields		6.34	%		4.84	%		10.00	%
Non-control/affiliate investments		$	1,000			Liquidation value		Asset value		N/A			N/A			N/A
Servicing assets		$	21,360			Discounted cash flow		Market yields		14.24	%		14.24	%		14.24	%
Liabilities:
Contingent consideration liabilities		$	1,733			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, 2018, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 43.8% and 56.2%, respectively, on a weighted average basis.

^(B) The Company valued $138,085,000 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 $19,725,000 of investments using only discounted cash flows.

 

NOTE 7—BORROWINGS:

At March 31, 2019 and December 31, 2018, the Company had borrowings comprised of the following:

	March 31, 2019											December 31, 2018
	Commitments				Borrowings Outstanding				Weighted Average Interest Rate			Commitments				Borrowings Outstanding				Weighted Average Interest Rate
Capital One line of credit - guaranteed (1)	$	100,000			$	34,600			4.75	%		$	100,000			$	34,700			4.75	%
Capital One line of credit - unguaranteed (1)	—				29,900				5.75	%		—				—				—	%
Notes due 2022	8,324				8,039				7.50	%		8,324				8,019				7.50	%
Notes due 2023	57,500				55,681				6.25	%		57,500				55,564				6.25	%
Notes payable - related parties	50,000				25,890				4.99	%		50,000				16,840				4.84	%
Notes payable - Securitization Trusts	201,859				198,592				4.82	%		220,137				216,507				4.66	%
Total	$	417,683			$	352,702			5.20	%		$	435,961			$	331,630			5.02	%

⁽¹⁾ Total combined commitments of the guaranteed and unguaranteed lines of credit were $100,000,000 at March 31, 2019 and December 31, 2018.

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As of March 31, 2019, our asset coverage was 182%.

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

	March 31, 2019												December 31, 2018
	Notes Due 2022				Notes Due 2023				Notes Payable- Securitization Trusts				Notes Due 2022				Notes Due 2023				Notes Payable- Securitization Trusts
Principal balance	$	8,324			$	57,500			$	201,859			$	8,324			$	57,500			$	220,137
Unamortized deferred financing costs	(285		)		(1,819		)		(3,266		)		(305		)		(1,936		)		(3,630		)
Net carrying amount	$	8,039			$	55,681			$	198,592			$	8,019			$	55,564			$	216,507

At March 31, 2019 and December 31, 2018, 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 March 31, 2019, the closing price of the 2022 Notes was $26.22 per note, or $8,730,000. On March 31, 2019, the closing price of the 2023 Notes was $25.45 per note, or $58,535,000. 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 March 31, 2019 and 2018 was $4,730,000 and $3,507,000, 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 three months ended March 31, 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. On March 22, 2019, the Company learned that five former employees of BSP were taken into custody in connection with the previously disclosed federal investigation of what the Company believes to be pre-acquisition conduct of certain former BSP employees. As of December 31, 2018, the fair valuation of BSP was zero and presently, BSP has no employees. 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”), NMS voluntarily entered into, and is presently operating under, a Permanent Injunction with respect to certain of its business practices.

Guarantees

The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2020 and automatically renews annually. At March 31, 2019, total principal owed by NBCS was $19,097,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At March 31, 2019, 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 matured on April 30, 2019. NBCS had zero principal outstanding on the line at that time and is currently discussing termination of the line. At March 31, 2019, total principal owed by NBCS was $4,252,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At March 31, 2019, total principal owed by NBL was $13,813,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At March 31, 2019, total principal outstanding was $35,000,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At March 31, 2019, the Company had $6,413,000 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.

NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

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		Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Per share data (1)
Net asset value at beginning of period		$	15.19			$	15.08
Net investment loss		(0.05		)		(0.15		)
Net realized gain on investments		0.49				0.54
Net unrealized appreciation on investments		0.04				0.10
Net unrealized depreciation on servicing assets		(0.03		)		(0.03		)
Change in deferred taxes		0.03				(0.02		)
Net increase in net assets resulting from operations		0.48				0.44
Distributions to common stockholders		(0.40		)		(0.40		)
Stock-based compensation expense		0.01				—
Accretive effect of stock offerings (issuing shares above NAV per share)		0.03				—
Dilutive effect of restricted stock awards		(0.01		)		(0.08		)
Other (5)		0.01				0.01
Net asset value at end of period		$	15.31			$	15.05
Per share market value at end of period		$	19.64			$	18.07
Total return based on market value (3)(6)		10.32		%		(0.11		)%
Total return based on average net asset value (3)(4)(6)		3.42		%		2.45		%
Shares outstanding at end of period (in thousands)		19,073				18,561
Ratios/Supplemental Data:
Net assets at end of period		$	292,006			$	279,272
Ratio of expenses to average net assets (2)		20.36		%		19.86		%
Ratio of net investment loss to average net assets (2)		(1.36		)%		(3.98		)%
Portfolio turnover		25.58		%		26.25		%
Average debt outstanding		$	347,787			$	238,536
Average debt outstanding per share		$	18.23			$	12.85
Asset coverage ratio (7)		182		%		209		%

⁽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 three months ended March 31, 2019.

⁽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 $358,073,000 and $256,065,000 of senior securities outstanding at March 31, 2019 and December 31, 2018, respectively.

NOTE 10—STOCK BASED COMPENSATION:

Stock Plan

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair

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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 March 31, 2019.

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	)
Year ended December 31, 2018		(93,568	)
Quarter ended March 31, 2019		(5,277	)
Restricted stock available for issuance as of March 31, 2019		1,275,215

⁽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 March 31, 2019 and 2018 the Company recognized total stock-based compensation expense of $160,000 and $65,000, respectively.

As of March 31, 2019, there was $1,176,000 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 2.18 years as of March 31, 2019.

NOTE 11—COMMON STOCK:

ATM Program

On March 20, 2017, the Company entered into an ATM equity distribution agreement. The ATM equity distribution agreement provided 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. On August 31, 2018, the Company entered into a Second Amended and Restated ATM Equity Distribution Agreement which increased the maximum number of shares that the Company may offer and sell up to 4,400,000 shares of common stock from time to time through the Placement Agents.

The following table summarizes the total shares sold and net proceeds received under the ATM equity distribution agreement:

		Three Months Ended March 31, 2019				Year Ended December 31, 2018				Year Ended December 31, 2017
Shares sold		134,658				291,232				1,139,181
Weighted average price per share		$	18.89			$	19.14			$	17.58
Net proceeds		$	2,454			$	5,196			$	19,620

As of March 31, 2019, there were 2,834,929 shares of common stock available for sale under the ATM Equity Distribution Agreement.

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

NOTE 12—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three months ended March 31, 2019 and 2018:

		Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Net increase in net assets resulting from operations		$	9,083			$	8,112
Weighted average shares outstanding		19,003				18,495
Net increase in net assets resulting from operations per common share		$	0.48			$	0.44

NOTE 13—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 8 years, some of which include renewal options extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

As the rate implicit in the leases is generally not readily determinable for our operating leases, the discount rates used to determine the present value of our lease liability are based on our incremental borrowing rate at the lease commencement date and commensurate with the remaining lease term. Our incremental borrowing rate for a lease is the rate of interest we would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.  Leases with an initial term of 12 months or less are not recorded on the balance sheet.

Total lease costs for the three months ended March 31, 2019 were $218,000 and are included in other general and administrative costs on the condensed consolidated statements of operations.

The following table summarizes supplemental cash flow information related to our operating leases and the weighted average remaining lease term and discount rate of our leases:

		Three Months Ended March 31, 2019
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)		$	361
Weighted-average remaining lease term - operating leases		7.71		years
Weighted-average discount rate - operating leases		4.76		%

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Table of Contents

The following table represents the maturity of the Company’s operating lease liabilities as of March 31, 2019:

Maturity of Lease Liabilities
2019	$	1,248
2020	1,646
2021	1,555
2022	1,576
2023	1,619
Thereafter	5,332
Total future minimum lease payments	$	12,976
Less: Imputed interest	$	(2,201	)
Present value of future minimum lease payments	$	10,775

Minimum future rental payments required under operating leases in effect as of December 31, 2018 are as follows:

Year
2019	$	1,826
2020	1,593
2021	1,494
2022	1,506
2023	1,549
Thereafter	5,343
Total	$	13,312

NOTE 14—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the three months ended March 31, 2019 and 2018.

Date Declared		Record Date		Payment Date		Amount Per Share				Cash Distribution				DRIP Shares Issued			DRIP Shares Value
Three months ended March 31, 2019
February 15, 2019		March 15, 2019		March 29, 2019		$	0.40			$	7,355			12			$	220
Three months ended March 31, 2018
January 18, 2018		March 20, 2018		March 30, 2018		$	0.40			$	7,202			10			$	168

During the three months ended March 31, 2019 and 2018, an additional 2,500 and 2,700 shares valued at $47,000 and $47,000, respectively, were issued related to dividends from unvested restricted stock awards.

NOTE 15—SUPPLEMENTAL FINANCIAL DATA:

Summarized Financial Information of Our Unconsolidated Subsidiaries

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

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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.

 

Newtek Merchant Solutions, LLC

NMS 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 - Newtek Merchant Solutions, LLC		As of March 31, 2019				As of December 31, 2018
Current assets		$	8,573			$	16,044
Noncurrent assets		43,690				35,949
Total assets		$	52,263			$	51,993
Current liabilities		4,757				7,471
Noncurrent liabilities		34,316				31,660
Total liabilities		$	39,073			$	39,131
Total member’s equity		$	13,190			$	12,862

Statements of Income - Newtek Merchant Solutions, LLC		Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Revenue		$	31,136			$	28,556
Expenses		27,603				25,977
Income from operations		$	3,533			$	2,579
Interest (expense) income, net		(273		)		(534		)
Income before tax		$	3,260			$	2,045

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

		Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Dividend income		$	2,900			$	1,750
Unrealized appreciation		$	—			$	5,000

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NOTE 16—SUBSEQUENT EVENTS:

Common Stock

From April 1, 2019 through May 3, 2019 the Company sold 37,604 shares of its common stock at a weighted average price of $20.79 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $782,000. As of May 3, 2019, there were 2,797,325 shares of common stock available for sale under the ATM Equity Distribution Agreement.

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Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Three Months Ended March 31, 2019

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, 2018				Gross Additions (4)				Gross Reductions (5)				Fair Value at March 31, 2019
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 (2)		—				—				—				5,000				—				—				5,000
		Line of Credit (Prime + 2.5%) (6)		—				—				100				5,000				—				—				5,000
		Term Loan (10%)										25				1,000				—				(475		)		525
Newtek Technology Solutions, Inc.		100% Common Stock (2)		—				(1,500		)		85				8,500				—				(1,500		)		7,000
		Line of Credit (LIBOR + 2.5%)		—				—				—				6,800				400				—				7,200
Newtek Insurance Agency, LLC		100% Membership Interest (2)		—				—				—				2,215				—				—				2,215
PMTWorks Payroll, LLC		100% Membership Interest (2)		—				(185		)		—				—				185				(185		)		—
		Term Loans (10%-12%) (2)		—				—				—				—				—				—				—
Small Business Lending, LLC		100% Membership Interest (2)		—				300				—				3,300				648				—				3,948
banc-serv Partners, LLC		100% Membership Interest (2)		—				(242		)		—				—				242				(242		)		—
International Professional Marketing, Inc.		100% Common Stock (2)		—				—				—				3,300				—				—				3,300
		Line of Credit (Prime + 0.5%) (6)		—				—				5				800				—				(500		)		300
SIDCO, LLC		100% Membership Interest		—				(320		)		150				7,820				—				(320		)		7,500

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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, 2018				Gross Additions (4)				Gross Reductions (5)				Fair Value at March 31, 2019
		Line of Credit (Prime + 0.5%) (6)		—				—				2				175				—				(75		)		100
Newtek Merchant Solutions, LLC		100% Membership Interest		—				—				2,900				116,250				—				—				116,250
Titanium Asset Management, LLC		100% Membership Interest (2)		—				—				—				—				—				—				—
		Term Loans (10%) (2)		—				—				—				—				900				—				900
Newtek Business Lending, LLC		100% Membership Interest		—				—				—				8,445				1,118				(500		)		9,063
Newtek Conventional Lending, LLC		50% Membership Interest		—				—				—				—				13				—				13
Mobil Money, LLC		100% Membership Interest		—				—				100				2,980				—				—				2,980
Excel WebSolutions LLC		Term Loans (10%) (2)		—				—				—				—				—				—				—
		50% Membership Interest (2)		—				—				—				—				—				—				—
Total Controlled Investments				$	—			$	(1,947	)		$	3,367			$	171,585			$	3,506			$	(3,797	)		$	171,294
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC		6.04% Membership Interest		$	—			$	—			$	31			$	1,000			$	—			$	—			$	1,000
Total Affiliate Investments				$	—			$	(1,947	)		$	3,398			$	172,585			$	3,506			$	(3,797	)		$	172,294

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

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

⁽²⁾ Represents non-income producing security.

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

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

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

⁽⁶⁾ Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At March 31, 2019, the Prime rate was 5.5%.

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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 solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504 loans and conventional 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 (1)

Wilshire DC Partners, LLC

Wilshire Holdings I, Inc.

Wilshire Louisiana BIDCO, LLC

Wilshire Louisiana Partners II, LLC

Wilshire Louisiana Partners III, LLC

Wilshire Louisiana Partners IV, LLC

Wilshire New York Advisers II, LLC

Wilshire New York Partners III, LLC

Wilshire Partners, LLC

Exponential Business Development Co., Inc.

Newtek Commercial Lending, Inc.

Newtek LSP Holdco, LLC

Newtek Business Services Holdco 1, Inc.

Newtek Business Services Holdco 2, Inc.

Newtek Business Services Holdco 3, Inc.

Newtek Business Services Holdco 4, Inc.

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

Newtek Business Services Holdco 6, Inc.

¹⁾ Entity was merged into The Whitestone Group, LLC on December 31, 2018.

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

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

NSBF has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender, 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 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 guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In

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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. During 2018, sale prices for guaranteed portions of SBA 7(a) loans were negatively impacted by market conditions, in particular a higher interest rate environment, which led to higher prepayments during the period, resulting in lower sale prices in the secondary market.  A continuation or further reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.

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 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 originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

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

Guarantees

The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBCS. Maximum borrowings under the Sterling Receivable and Inventory Facility are $22,500,000. The Sterling Receivable and Inventory Facility matures in February 2020 and automatically renews annually. At March 31, 2019, total principal owed by NBCS was $19,097,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At March 31, 2019, 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 matured on April 30, 2019. NBCS had zero principal outstanding on the line at that time and is currently discussing termination of the line. At March 31, 2019, total principal owed by NBCS was $4,252,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At March 31, 2019, total principal owed by NBL was $13,813,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At March 31, 2019, total principal outstanding was $35,000,000. At March 31, 2019, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At March 31, 2019, the Company had $6,413,000 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.

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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 March 31, 2019 and December 31, 2018, respectively (in thousands):

As of March 31, 2019

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		1,618			$	301,539			$	186			81.5	%
Business Acquisition		251			51,990				207				14.0	%
Start-Up Business		180			16,799				93				4.5	%
Total (1)		2,049			$	370,328			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at March 31, 2019 is $11,544,000.

As of December 31, 2018

Distribution by Business Type
Business Type		# of Loans			Balance				Average Balance				% of Balance
Existing Business		1,556			$	292,200			$	188			82.2	%
Business Acquisition		233			47,333				203				13.3	%
Start-Up Business		171			16,056				94				4.5	%
Total (1)		1,960			$	355,589			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.

The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at March 31, 2019 and December 31, 2018, respectively (in thousands):

As of March 31, 2019

Distribution by Borrower Credit Score
Credit Score		# of Loans			Balance				Average Balance				% of Balance
500 to 550		22			$	4,271			$	194			1.2	%
551 to 600		65			16,714				257				4.5	%
601 to 650		294			60,678				206				16.4	%
651 to 700		621			111,498				180				30.1	%
701 to 750		607			102,789				169				27.8	%
751 to 800		377			67,327				179				18.2	%
801 to 850		56			6,241				111				1.7	%
Not available		7			810				116				0.1	%
Total (1)		2,049			$	370,328			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at March 31, 2019 is $11,544,000.

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As of December 31, 2018

Distribution by Borrower Credit Score
Credit Score		# of Loans			Aggregate Balance				Average Balance				% of Balance
500 to 550		22			$	4,332			$	197			1.2	%
551 to 600		65			16,739				258				4.7	%
601 to 650		285			58,269				204				16.4	%
651 to 700		592			107,359				181				30.2	%
701 to 750		569			97,117				171				27.3	%
751 to 800		367			65,324				178				18.4	%
801 to 850		53			5,634				106				1.6	%
Not available		7			815				116				0.2	%
Total (1)		1,960			$	355,589			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.

The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at March 31, 2019 and December 31, 2018, respectively (in thousands):

As of March 31, 2019

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Balance				Average Balance				% of Balance
Commercial Real Estate		883			$	202,510			$	229			54.7	%
Machinery and Equipment		367			71,084				194				19.2	%
Residential Real Estate		427			33,946				79				9.2	%
Other		96			29,534				308				8.0	%
Accounts Receivable and Inventory		194			28,905				149				7.8	%
Liquid Assets		11			498				45				0.1	%
Furniture and Fixtures		27			2,746				102				0.7	%
Unsecured		44			1,105				25				0.3	%
Total (1)		2,049			$	370,328			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at March 31, 2019 is $11,544,000.

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As of December 31, 2018

Distribution by Primary Collateral Type
Collateral Type		# of Loans			Aggregate Balance				Average Balance				% of Balance
Commercial Real Estate		867			$	195,908			$	226			55.1	%
Machinery and Equipment		343			66,099				193				18.6	%
Residential Real Estate		401			32,285				81				9.1	%
Other		93			30,703				330				8.6	%
Accounts Receivable and Inventory		182			26,456				145				7.4	%
Liquid Assets		11			511				46				0.1	%
Unsecured		40			1,070				27				0.3	%
Furniture and Fixtures		23			2,557				111				0.8	%
Total (1)		1,960			$	355,589			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.

The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at March 31, 2019 and December 31, 2018, respectively (in thousands):

As of March 31, 2019

Distribution by Days Delinquent
Delinquency Status		# of Loans			Balance				Average Balance				% of Balance
Current		1,817			$	309,127			$	170			83.5	%
31 to 60 days		43			11,954				278				3.2	%
61 to 90 days		31			8,924				288				2.4	%
91 days or greater		158			40,323				255				10.9	%
Total (1)		2,049			$	370,328			$	181			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at March 31, 2019 is $11,544,000.

As of December 31, 2018

Distribution by Days Delinquent
Delinquency Status		# of Loans			Aggregate Balance				Average Balance				% of Balance
Current		1,762			$	301,892			$	171			96.1	%
31 to 60 days		33			6,951				211				2.2	%
61 to 90 days		—			—				—				—	%
91 days or greater		12			5,356				446				1.7	%
Total (1)		1,807			$	314,199			$	174			100.0	%

⁽¹⁾ The table above includes loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at December 31, 2018 is $11,605,000.

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Consolidated Results of Operations

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

Comparison of the three months ended March 31, 2019 and 2018

Investment Income

(in thousands)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Investment income:
Interest income	$	7,234			$	5,323			$	1,911
Dividend income	3,181				2,625				556
Servicing income	2,428				2,065				363
Other income	921				1,055				(134		)
Total investment income	$	13,764			$	11,068			$	2,696

Interest Income

The increase in interest income was attributable to the average outstanding performing portfolio of SBA non-affiliate investments increasing to $320,581,000 from $267,042,000 for the three months ended March 31, 2019 and 2018, respectively, combined with an increase in the Prime Rate from 4.75% to 5.50% 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 $230,000 of interest income period over period from holding SBA guaranteed loans for sale, as well as partially funded loans.

Dividend Income

(in thousands)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Newtek Merchant Solutions, LLC	$	2,900			$	1,750			$	1,150
Premier Payments LLC (1)	—				400				(400		)
SIDCO, LLC	150				250				(100		)
United Capital Source LLC	—				225				(225		)
Mobil Money, LLC	100				—				100
EMCAP Loan Holdings, LLC	31				—				31
Total dividend income	$	3,181			$	2,625			$	556

⁽¹⁾On December 31, 2018, Premier was merged into NMS.

Dividend income increased $556,000 period over period based on each portfolio company’s financial results. Dividend income from NMS and Premier combined, increased $750,000. We earned $100,000 of dividend income from Mobil Money, a controlled portfolio company which we invested in May 2018. These increases were offset by a decrease in dividend income from UCS of $225,000 as a result of our sale of UCS in October 2018. Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income.

NSBF Servicing Portfolio and Related Servicing Income

The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended March 31, 2019 and 2018:

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(in thousands):	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Total NSBF originated servicing portfolio (1)	$	1,556,518			$	1,275,249			$	281,269
Total servicing income earned	$	2,428			$	2,065			$	363

⁽¹⁾ Of this amount, the total average NSBF originated portfolio earning servicing income was $1,111,712,000 and $909,106,000 for the three months ended March 31, 2019 and 2018, 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 $202,606,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Expenses:

(in thousands)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Salaries and benefits	$	3,588			$	4,878			$	(1,290	)
Interest	4,735				3,512				1,223
Depreciation and amortization	129				120				9
Professional fees	984				940				44
Origination and servicing	1,653				1,605				48
Origination and servicing - related party	2,188				—				2,188
Change in fair value of contingent consideration liabilities	46				10				36
Loss on extinguishment of debt	—				1,059				(1,059		)
Other general and administrative costs	1,427				1,717				(290		)
Total expenses	$	14,750			$	13,841			$	909

Salaries and Benefits

As discussed below, the decrease in salaries and benefits was the result of certain NSBF employees being hired by SBL. SBL is a lender service provider that, effective January 1, 2019, provides NSBF with loan origination and servicing function performed by its employees. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.

Interest Expense

The following is a summary of interest expense by facility for the three months ended March 31, 2019 and 2018:

(in thousands)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Notes payable - Securitization Trusts	$	3,044			$	1,982			$	1,062
Bank notes payable	290				108				182
Notes due 2022	176				176				—
Notes due 2021	—				718				(718		)
Notes due 2023	1,015				410				605
Notes payable - related parties	204				112				92
Other	6				6				—
Total interest expense	$	4,735			$	3,512			$	1,223

The increase in interest expense period over period is primarily related to interest from the Notes payable - Securitization Trusts, Bank notes payable and 2023 Notes. The increase from Notes payable - Securitization Trusts was the result of an additional securitization transaction completed in November 2018. We recognized $1,015,000 of interest expense attributable to the 2023 Notes which represented a full quarter of interest as compared to partial quarter of interest during the three months

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ended March 31, 2018. These increases were offset by the decrease in interest expense related the 2021 Notes of $718,000 as a result of our redemption of the 2021 Notes in March 2018 and issuance of $57,500,000 of 2023 Notes. The increase in interest expense from Bank Notes payable was related to an increase in the average outstanding balance period over period.

During the three months ended March 31, 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 loss on extinguishment of debt of $1,059,000.

Origination and Servicing

The increase in origination and servicing expenses was attributed to $2,188,000 of origination and servicing costs incurred from SBL. Effective January 1, 2019, certain employees performing origination and servicing functions were hired by SBL. As a result, costs related to these employees previously included in salaries and benefits, are included in origination and servicing - related party.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the three months ended March 31, 2019 and 2018 were $9,344,000 and $9,881,000, respectively, which included realized losses of $402,000 and $394,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments

	Three Months Ended
	March 31, 2019							March 31, 2018
(in thousands)	# of Debt Investments			$ Amount				# of Debt Investments			$ Amount
SBA non-affiliate investments originated during the quarter	120			$	97,779			125			$	91,360
SBA guaranteed non-affiliate investments sold during the quarter	117			$	74,102			114			$	73,181
Realized gains recognized on sale of SBA guaranteed non-affiliate investments	—			$	9,746			—			$	10,275
Average sale price as a percent of principal balance (1)	—			111.09		%		—			111.82		%

⁽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 March 31, 2019				Three Months Ended March 31, 2018				Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments	$	70			$	(280	)		$	350
Net unrealized appreciation on SBA unguaranteed non-affiliate investments	2,629				992				1,637
Net unrealized (depreciation) appreciation on controlled investments	(1,947		)		1,170				(3,117		)
Change in deferred taxes	529				(299		)		828
Total net unrealized appreciation on investments	$	1,281			$	1,583			$	(302	)

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)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018				Change
Newtek Merchant Solutions, LLC	$	—			$	5,000			$	(5,000	)
Newtek Technology Solutions, Inc.	(1,500		)		(1,200		)		(300		)
SIDCO, LLC	(320		)		—				(320		)
PMTWorks Payroll, LLC	(185		)		(70		)		(115		)
banc-serv Partners, LLC	(242		)		(1,960		)		1,718
Small Business Lending, LLC	300				(400		)		700
Newtek Insurance Agency, LLC	—				(200		)		200
Total net unrealized (depreciation) appreciation on controlled investments	$	(1,947	)		$	1,170			$	(3,117	)

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

During the three months ended March 31, 2019 and 2018, the Company contributed $185,000 and $70,000, respectively to PMT for working capital needs. Based on PMT’s inability to generate sufficient cash flows and their continued losses, the Company recognized unrealized depreciation of $185,000 and $70,000, respectively.

The Company contributed $242,000 in capital to BSP during the three months ended March 31, 2019 for legal fees and other working capital needs which increased the cost basis in BSP. The Company recognized $242,000 in unrealized depreciation on BSP during the three months ended March 31, 2019.

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 March 31, 2019 and 2018, we recognized a benefit for deferred taxes of $529,000 and provision for deferred taxes of $299,000 related to the net unrealized appreciation and depreciation of controlled portfolio company investments, respectively.

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Liquidity and Capital Resources

Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 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. As of March 31, 2019, our asset coverage was 182% based on $358,073,000 of aggregate principal amount of senior securities outstanding. On April 27, 2018, we announced that our Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved a proposal to reduce our asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act, from 200% to 150%, pursuant to recent modifications included in the Small Business Credit Availability Act. Such change would have been effective April 27, 2019. However, on July 26, 2018, our stockholders approved a proposal to reduce our asset coverage requirement to 150%, effective July 27, 2018.

Public Offerings

ATM Program

The ATM Equity Distribution Agreement provides that we may offer and sell up to 4,400,000 shares of common stock from time to time through the Placement Agents. From inception through March 31, 2019, we sold 1,565,071 shares of our common stock at a weighted average price of $17.96 per share. Proceeds, net of offering costs and expenses were $27,360,000. The Company has up to an additional 2,834,929 shares of common stock available under the ATM Equity Distribution Agreement as of March 31, 2019.

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.

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 (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as

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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 March 31, 2019, 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) of the 1940 Act (or any successor provisions), 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 March 31, 2019, the Company was in compliance with all covenants related to the 2022 Notes.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. 

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At March 31, 2019, we had $29,900,000 and $34,600,000 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At March 31, 2019, we were in full compliance with all applicable loan covenants.

Notes Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC with certain controlled portfolio companies. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At March 31, 2019, the Related Party RLOC interest rate was 4.99%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings at March 31, 2019 were $25,890,000.

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.

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

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108,551,000 of unguaranteed portions of SBA loans to the 2018-1 Trust.  The 2018-1 Trust in turn issued securitization notes for the par amount of $108,551,000, consisting of $82,876,000 Class A notes and $25,675,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2044.

On March 6, 2019, the 2010-1 Trust was terminated as a result of NSBF purchasing the 2010-1 Trust assets, with the 2010-1 Trust’s noteholders receiving the redemption price. 

Cash Flows and Liquidity

As of March 31, 2019, the Company’s unused sources of liquidity consisted of $21,888,000 available through the Capital One facility; $13,480,000 available through notes payable with related parties; $3,083,000 in unrestricted cash and $9,000 in money market funds.

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Restricted cash of $26,654,000 as of March 31, 2019 is primarily held by NSBF. The majority, or $25,902,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.

The Company generated and used cash as follows:

(in thousands)	Three Months Ended March 31, 2019				Three Months Ended March 31, 2018
Net cash used in operating activities	$	(17,140	)		$	(20,818	)
Net cash used in investing activities	(132		)		(83		)
Net cash provided by financing activities	15,659				25,919
Net (decrease) increase in cash and restricted cash	(1,613		)		5,018
Cash and restricted cash, beginning of period	31,350				20,538
Cash and restricted cash, end of period	$	29,737			$	25,556

During the three months ended March 31, 2019, operating activities used cash of $17,140,000, 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 and (ii) $97,779,000 of SBA 7(a) loan investments funded.

These decreases were offset by (i) $83,849,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments (ii)$8,676,000 of principal payments received from SBA non-affiliate investments.

Net cash provided by financing activities was $15,659,000 consisting primarily of (i) net borrowings of $29,800,000 from our bank notes payable, (ii) net borrowings of $9,050,000 under the Related Party RLOC and (iii) $2,544,000 of net proceeds from the sale of common shares under the ATM Equity Distribution Agreement.

These increases were offset by (i) $7,354,000 of dividend payments and (ii) $18,365,000 of principal payments related to securitization notes payable.

Contractual Obligations

The following table represents the Company’s obligations and commitments as of March 31, 2019:

(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	$	64,500			$	34,600			$	—			$	29,900			$	—
Securitization notes payable (1)	201,859				—				—				—				201,859
Notes due 2022 (1)	8,324				—				—				8,324				—
Notes due 2023 (1)	57,500				—				—				57,500				—
Notes payable - related parties	25,890				—				—				25,890				—
Employment agreements	1,871				468				1,403				—				—
Operating leases (2)	12,743				1,258				3,087				3,055				5,343
Totals	$	372,687			$	36,326			$	4,490			$	124,669			$	207,202

⁽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 $29,000 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 March 31, 2019 and December 31, 2018 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 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three months ended March 31, 2019 and 2018, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $8,712,000 and $9,241,000 at March 31, 2019 and December 31, 2018, 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 February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.

The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying condensed consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year. The Company expects the adoption of ASC 842 will not materially impact its results of operations, financial condition, or cash flows on an ongoing basis.

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New Accounting Standards

 In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

Off Balance Sheet Arrangements

There were no off balance sheet arrangements as of March 31, 2019.

Recent Developments

Common Stock

From April 1, 2019 through May 3, 2019 the Company sold 37,604 shares of its common stock at a weighted average price of $20.79 per share under the ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $782,000. As of May 3, 2019, there were 2,797,325 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 or minus 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 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. During the third quarter of 2018, sale prices for guaranteed portions of SBA 7(a) loans was negatively impacted by market conditions, in particular a higher interest rate environment, which led to higher prepayments during the period, resulting in lower sale prices in the secondary market. A continuation or further reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.

We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $29,746,000 at March 31, 2019. 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. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of March 31, 2019, cash deposits in excess of insured amounts totaled approximately $15,749,000.

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ITEM 4. CONTROLS AND PROCEDURES.

As of March 31, 2019 (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, 2018, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2018.

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.

Number		Description
31.1		Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
31.2		Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
32.1		Certification by Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NEWTEK BUSINESS SERVICES CORP.
Date: May 3, 2019	By:	/S/    BARRY SLOANE
		Barry Sloane
		Chairman and Chief Executive Officer (Principal Executive Officer)
Date: May 3, 2019	By:	/S/    JENNIFER EDDELSON
		Jennifer Eddelson
		Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

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