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NewtekOne, Inc. - Quarter Report: 2019 March (Form 10-Q)


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.




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




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



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





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.




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.




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.





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.




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.





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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




(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.





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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




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.




(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.


224
See accompanying notes to unaudited condensed consolidated financial statements.










225
See accompanying notes to unaudited condensed consolidated financial statements.




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.

226


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.


227


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.


228


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

229


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.

230


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



231


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%.


232


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.


233


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:

234


 
 
 
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. 

235



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


236


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.


237


 
 
 
 
 
 
 
 
 
 
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.


238


 
 
 
 
 
 
 
 
 
 
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.

239



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.

240



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:


241


 
 
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

245


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.








247



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


248


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%.



249


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.



250



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

251


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.


252


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.







253


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.

254



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.





255


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.



256


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:

257


(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

258


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.


259


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.

260


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

261


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.



267


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.

268


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.


269


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
 
 
 
 
 
 
 
 
 

270


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)



271