UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)    

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

For the quarterly period ended June 30, 2021

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.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida						33431
(Address of principal executive offices)						(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.02 per share

NEWT

Nasdaq Global Market LLC

5.75% Notes due 2024

NEWTL

Nasdaq Global Market LLC

5.50% Notes due 2026

NEWTZ

Nasdaq Global Market LLC

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 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.

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Large accelerated filer

o

Accelerated filer

o

Non-accelerated filer

x

Smaller reporting company

o

Emerging growth company

o

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

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

As of August 12, 2021, there were 22,547,348 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.

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TABLE OF CONTENTS

 

						Page
PART I - FINANCIAL INFORMATION
Item 1.			Financial Statements:
			Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2021 (Unaudited) and December 31, 2020			7
			Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2021 and 2020			8
			Condensed Consolidated Statements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2021 and 2020			9
			Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2021 and 2020			10
			Consolidated Schedules of Investments as of June 30, 2021 (Unaudited) and December 31, 2020			11
			Notes to Condensed Consolidated Financial Statements (Unaudited)			300
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			328
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			354
Item 4.			Controls and Procedures			354
PART II - OTHER INFORMATION
Item 1.			Legal Proceedings			355
Item 1A.			Risk Factors			355
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			361
Item 3.			Defaults Upon Senior Securities			361
Item 4.			Mine Safety Disclosures			361
Item 5.			Other Information			361
Item 6.			Exhibits			362

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Table of Contents

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
2010-1 Trust			Newtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 Trust			Newtek Small Business Loan Trust, Series 2013-1, terminated in October 2018
2014-1 Trust			Newtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
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
2019-1 Trust			Newtek Small Business Loan Trust, Series 2019-1
2022 Notes			7.50% Notes due 2022, redeemed in August 2019
2023 Notes			6.25% Notes due 2023, redeemed in February 2021
2024 Notes			5.75% Notes due 2024
2025 Notes			6.85% Notes due 2025
2026 Notes			5.50% Notes due 2026
Amended 2019 ATM Distribution Agreement			First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASC			Accounting Standards Codification, as issued by the FASB
ASU			Accounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution Agreement			Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution Agreement			Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution Agreement			Equity Distribution Agreement, dated June 25, 2020 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, National Association
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 Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
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
NBNYC			National Bank of New York City
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
PPP			Paycheck Protection Program
Related Party RLOC			Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
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			U.S. Securities and Exchange Commission

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SMB			Small-and-medium sized businesses
Sterling			Sterling National Bank
Sterling Receivable and Inventory Facility			Loan and Security Agreement between NBC and Sterling, as lender, to fund accounts receivable and inventory financing arrangements
Stock Purchase Agreement			Stock Purchase Agreement between the Company, NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC
Taxable Subsidiaries			Companies formed by Newtek which are taxed as corporations for income tax purposes
Trustee			U.S. Bank, National Association
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 wholly-owned controlled portfolio company
NBC			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 former 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
TAM			Titanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAP			EMCAP Loan Holdings, LLC
POS			POS on Cloud, LLC, dba Newtek Payment Systems, a controlled portfolio company

5

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6

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data)
			June 30, 2021						December 31, 2020
ASSETS			(Unaudited)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $424,795 and $420,400, respectively; includes $290,269 and $312,649, respectively, related to securitization trusts)			$	413,728					$	407,748
SBA guaranteed non-affiliate investments (cost of $33,176 and $16,964, respectively)			36,449						17,822
Controlled investments (cost of $144,286 and $138,891, respectively)			239,021						239,171
Non-control investments (cost of $6,415 and $6,447, respectively)			6,939						6,447
Total investments at fair value			696,137						671,188
Cash			18,798						2,073
Restricted cash			129,765						49,352
Broker receivable			35,102						52,730
Due from related parties			7,162						6,112
Servicing assets, at fair value			27,380						26,061
Right of use assets			7,909						6,933
Other assets			25,077						26,530
Total assets			$	947,330					$	840,979
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable			$	45,000					$	86,339
Notes due 2023 (par: $0 and $57,500 as of June 30, 2021 and December 31, 2020, Note 7)			—						56,505
Notes due 2024 (par: $78,250 and $63,250 as of June 30, 2021 and December 31, 2020, Note 7)			76,888						61,774
Notes due 2025 (par: $15,000 and $5,000 as of June 30, 2021 and December 31, 2020, Note 7)			14,486						4,735
Notes due 2026 (par: $115,000 and $0 as of June 30, 2021 and December 31, 2020, Note 7)			111,769						—
Notes payable - Securitization trusts (par: $192,983 and $221,752 as of June 30, 2021 and December 31, 2020, Note 7)			190,016						218,339
Notes payable - related parties			9,550						24,090
Due to related parties			2,558						2,133
Lease liabilities			9,676						8,697
Deferred tax liabilities			10,683						11,406
Due to participants			95,927						17,885
Derivative instruments (Note 8)			37						—
Accounts payable, accrued expenses and other liabilities			11,738						9,723
Total liabilities			578,328						501,626
Commitment and contingencies (Note 9)
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, 22,530 and 21,970 issued and outstanding, respectively)			451						439
Additional paid-in capital			325,775						316,629
Accumulated undistributed earnings			42,776						22,285
Total net assets			369,002						339,353
Total liabilities and net assets			$	947,330					$	840,979
Net asset value per common share			$	16.38					$	15.45

7

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Investment income
From non-affiliate investments:
Interest income - PPP loans			$	25,512					$	34,657					$	49,720					$	34,657
Interest income - SBA 7(a) loans			6,248						6,189						12,197						13,511
Servicing income			2,787						2,777						5,527						5,492
Other income			1,269						303						2,383						1,209
Total investment income from non-affiliate investments			35,816						43,926						69,827						54,869
From non-control investments:
Interest income			124						—						248						—
Dividend income			21						20						47						40
Total investment income from non-control investments			145						20						295						40
From controlled investments:
Interest income			576						480						1,109						937
Dividend income			51						2,268						51						6,650
Total investment income from controlled investments			627						2,748						1,160						7,587
Total investment income			36,588						46,694						71,282						62,496
Expenses:
Salaries and benefits			5,926						3,740						10,376						7,187
Interest			4,968						4,604						10,040						9,788
Depreciation and amortization			79						104						164						219
Professional fees			859						1,207						2,047						2,171
Origination and loan processing			2,998						2,722						5,969						4,546
Origination and loan processing - related party			4,510						3,095						7,653						5,733
Change in fair value of contingent consideration liabilities			—						—						—						54
Loss on extinguishment of debt			—						—						955						—
Other general and administrative costs			1,706						1,475						3,341						3,333
Total expenses			21,046						16,947						40,545						33,031
Net investment income			15,542						29,747						30,737						29,465
Net realized and unrealized gains (losses):
Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans			11,414						(1,214)						18,807						3,299
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments			(1,983)						(200)						2,410						(383)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments			198						(1,633)						1,585						(6,144)
Net unrealized depreciation on controlled investments			(7,920)						(82)						(5,545)						(10,871)
Change in deferred taxes			1,356						29						723						2,940
Net unrealized appreciation (depreciation) on non-control investments			(3)						—						524						0
Net unrealized depreciation on servicing assets			(1,193)						(1,180)						(1,706)						(92)
Net unrealized depreciation on derivative transactions			(37)						—						(37)						—
Net realized and unrealized gains (losses)			$	1,832					$	(4,280)					$	16,761					$	(11,251)
Net increase in net assets resulting from operations			$	17,374					$	25,467					$	47,498					$	18,214
Net increase in net assets resulting from operations per share			$	0.77					$	1.22					$	2.12					$	0.88
Net investment income per share			$	0.69					$	1.42					$	1.37					$	1.42
Dividends and distributions declared per common share			$	0.70					$	0.56					$	1.20					$	1.00
Weighted average number of shares outstanding			22,524						20,893						22,431						20,815

8

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
			Three Months Ended June 30,												Six Months Ended June 30,
			2021						2020						2021						2020
Increase in net assets:
Net investment income (loss)			$	15,542					$	29,747					$	30,737					$	29,465
Net realized gain on investments			11,414						(1,214)						18,807						3,299
Net unrealized depreciation on investments			(9,582)						(3,066)						(2,046)						(14,550)
Net increase in net assets resulting from operations			17,374						25,467						47,498						18,214
Distributions to common stockholders			(15,646)						(11,684)						(26,812)						(20,790)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan			214						—						354						224
Stock-based compensation expense			480						139						1,174						310
Purchase of vested stock for employee payroll tax withholding			(271)						(48)						(1,535)						(48)
Issuance of common stock, net of offering costs			—						1,107						8,970						7,310
Net increase in net assets from capital share transactions			423						1,198						8,963						7,796
Total increase in net assets			2,151						14,981						29,649						5,220
Net assets at beginning of period			366,851						312,465						339,353						322,226
Net assets at end of period			$	369,002					$	327,446					$	369,002					$	327,446
Common shares outstanding at end of period			22,530						20,905						22,530						20,905
Capital share activity:
Shares issued under dividend reinvestment plan			6						—						12						18
Shares issued in connection with sales of common stock			—						70						430						360
Purchase of vested stock for employee payroll tax withholding			(10)						(3)						(56)						(3)
Restricted shares issued under Equity Incentive Plan, net of forfeitures			3						—						173						—
Net increase in capital activity			(1)						67						559						375

9

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
			Six Months Ended June 30,
			2021						2020
Cash flows from operating activities:
Net increase in net assets resulting from operations			$	47,498					$	18,214
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Net unrealized depreciation on controlled investments			5,545						10,871
Net unrealized (appreciation) depreciation on non-affiliate investments			(4,524)						6,527
Net unrealized depreciation on servicing assets			1,706						92
Net unrealized depreciation on derivative transactions			37						—
Net realized gains on non-affiliate investments			(15,781)						(3,298)
Change in fair value of contingent consideration liabilities			—						54
Loss on extinguishment of debt			955						—
Amortization of deferred financing costs			1,200						969
Deferred income taxes			(723)						(2,940)
Depreciation and amortization			164						218
Purchase of loans			(7,332)						(5,522)
Funding of guaranteed non-affiliate SBA loans			(885,602)						(1,163,301)
Funding of unguaranteed non-affiliate SBA loans			(35,679)						(17,379)
Funding of controlled investments			(20,395)						(17,580)
Proceeds from sale of non-affiliate SBA loans			887,828						1,167,376
Principal received on SBA non-affiliate investments			34,971						31,374
Principal received from controlled investments			—						475
Principal received from non-control investments			32						—
Return of investment from controlled investments			15,000						700
Other, net			1,451						(36)
Changes in operating assets and liabilities:
Broker receivable			17,628						51,173
Due to/from related parties			(625)						(1,629)
Other assets			908						(6,109)
Due to participants			78,042						4,539
Accounts payable, accrued expenses and other liabilities			3,005						(2,719)
Capitalized servicing asset			(3,025)						(1,192)
Other, net			25						(43)
Net cash provided by operating activities			122,309						70,834
Cash flows from investing activities:
Purchase of fixed assets			—						(10)
Cash flows from financing activities:
Net repayments on bank notes payable			(41,339)						(6,360)
Proceeds from common shares sold, net of offering costs			8,969						7,310
Net repayments under related party line of credit			(14,540)						(12,163)
Proceeds from Notes due 2024			15,000						—
Proceeds from Notes due 2025			10,000						—
Proceeds from Notes due 2026			115,000						—
Redemption of Notes due 2023			(57,500)						—
Payments on Notes Payable - Securitization Trusts			(28,769)						(29,706)
Dividends paid			(26,458)						(8,882)
Additions to deferred financing costs			(3,999)						(584)
Purchase of vested stock for employee payroll tax withholding			(1,535)						(48)

10

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
			Six Months Ended June 30,
			2021						2020
Net cash used in financing activities			(25,171)						(50,433)
Net increase in cash and restricted cash			97,138						20,391
Cash and restricted cash—beginning of period (Note 2)			51,425						33,207
Cash and restricted cash—end of period (Note 2)			$	148,563					$	53,598
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired			$	710					$	358
Dividends declared but not paid during the period			$	—					$	11,685
Issuance of common shares under dividend reinvestment plan			$	354					$	224

            

11

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Gene Properties LLC,4 Winnapaug Rd LLC and,144 Atlantic Ave LLC			(#)			149 Atlantic Ave, Westerly, RI 02891						Accommodation						Term Loan						Prime plus 2.75%						6/30/2046						$	3,600.0					$	3,600.0					$	4,037.0					1.09		%
Royal Restaurants, LLC			(#)			3213 N Fourth St, Longview, TX 75605						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2031						250.0						250.0						261.8						0.07		%
Craftwork Carpentry and Millwork Inc.			(#)			2777 S Financial Ct., Sandford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2031						116.0						116.0						97.9						0.03		%
Ata&Ana LLC dba Ata Ana Home Health Agency			(#)			8304 Old Courthouse Rd Unit D, Vienna, VA 22182						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/30/2031						160.0						160.0						142.6						0.04		%
Zollner Enterprises, Inc			(#)			221 Hulls Chapel Rd, Fredericksburg, VA 22406						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						50.0						50.0						42.1						0.01		%
Sheldon T Banks LLC			(#)			G2340 W Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/30/2046						57.8						57.8						64.8						0.02		%
VILLELA CPA PLLC			(#)			3877 SE 5th Ave, Ocala, FL 34480						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2031						15.0						15.0						12.6						—		%
Tidal Commerce Inc			(#)			2100 Clearwater Dr, Oak Brook, IL 60523						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/30/2031						327.5						327.5						275.3						0.07		%
Holland Holdings LLC			(#)			1102 Blackbriar Cir Ne, Hartselle, AL 35640						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/30/2031						200.0						200.0						174.3						0.05		%
Superior Coach Interiors, Inc			(#)			211 Babb Dr, Lebanon, TN 37087						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						383.7						383.7						401.8						0.11		%
Neil Hoss, D.M.D., LLC.			(#)			115 Hartford Turnpike, Tolland, CT 06084						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/30/2031						28.1						28.1						24.1						0.01		%
New York Equestrian Center Ltd			(#)			633 EAGLE AVE, WEST HEMPSTEAD, NY 11552						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/30/2046						4,000.0						4,000.0						4,485.5						1.22		%
Martin C. Liu & Associates, PLLC			(#)			135 Bowery St., New York, NY 10002						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2031						50.0						50.0						52.4						0.01		%
Eagle's Eye Comfort Care Miramar LLC			(#)			6308 SW 27th St, Miramar, FL 33023						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/30/2046						65.5						65.5						69.9						0.02		%
Kings Autoshow Inc dba Brooklyn Mitsubishi and Grand Auto Group LLC			(#)			5815 Church Ave, Brooklyn, NY 11203						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/30/2031						38.5						38.5						38.4						0.01		%
Seema Aijaz Enterprises Inc dba Edible Arrangements			(#)			1040 South Broadway, Unit 6, Hicksville, NY 11801						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/29/2031						28.9						28.9						25.0						0.01		%
360 Concepts Group, LLC dba Bowl 360 Astoria			(#)			7 Grace Dr, Old Westbury, NY 11568						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2031						117.0						117.0						98.3						0.03		%
Yogi's Logistics Inc and 9371 Truck Yard LLC			(#)			9371 Jackson Rd, Sacramento, CA 95826						Truck Transportation						Term Loan						Prime plus 2.75%						6/29/2046						142.0						142.0						159.2						0.04		%
Little Imaginations Learning Center Inc			(#)			189 toll Gate Rd,, Warwick, RI 02886						Social Assistance						Term Loan						Prime plus 2.75%						6/29/2046						114.4						114.4						117.0						0.03		%
O.P.P. Presents LLC			(#)			15927 Pioneer Blvd, Norwalk, CA 90650						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/29/2031						14.4						14.4						12.1						—		%
La Favorita Radio Network			(#)			4043 Geer Rd, Hughson, CA 95326						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						6/29/2046						180.0						180.0						198.7						0.05		%
CALTEL, INC.			(#)			2309 Acie Ave, Conway, SC 29528						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/29/2031						95.0						95.0						89.7						0.02		%
HTE Acquisition, LLC dba Hi Tech Engineering			(#)			4600, Calle Quetza, Camarillo, CA 93012						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2031						52.5						52.5						46.8						0.01		%

12

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Troung Enterprises Inc			(#)			1305 SW 107th Ave, Miami, FL 33174						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/28/2031						10.0						10.0						8.4						—		%
US Press, LLC			(#)			1628-A James P. Rodgers Dr, Valdosta, GA 31601						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						6/25/2046						1,733.6						1,733.6						1,800.0						0.49		%
CURVE MART C-STORE AND CAJUN DELI LLC dba Curve Mart			(#)			44063 Hwy 431, Saint Amant, LA 70774						Gasoline Stations						Term Loan						Prime plus 2.75%						6/25/2046						185.0						185.0						196.7						0.05		%
The Buckeye Health Group, LLC			(#)			8120 Walcot Ln, Cincinnati, OH 45249						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2031						50.0						50.0						42.8						0.01		%
J & J Rocket Fizz General Partnership			(#)			8072 State Rd 46 E, Nashville, IN 47448						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/25/2031						15.0						15.0						12.6						—		%
Alpha Variance Solutions, LLC			(#)			48 Western Dr, Ardsley, NY 10502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2031						75.0						75.0						63.9						0.02		%
Kevin Head Agency, LLC			(#)			941 Moores Ferry Rd, Villa Rica, GA 30180						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/25/2046						76.4						76.4						85.7						0.02		%
T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's Itali			(#)			4280 Lavon Dr, Garland, TX 75040						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/25/2031						29.0						29.0						24.3						0.01		%
KDKB Properties, LLC and US Press, LLC			(#)			1628-A James P. Rodgers Dr, Valdosta, GA 31601						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						6/25/2031						2,266.4						2,266.4						1,976.7						0.54		%
Nevada Adult Day healthcare Centers Inc			(#)			2008 S Jones Blvd, Las Vegas, NV 89146						Social Assistance						Term Loan						Prime plus 2.75%						6/25/2031						45.0						45.0						47.1						0.01		%
Craftwork Carpentry and Millwork Inc			(#)			2777 S Financial Ct., Sandford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/24/2046						180.0						180.0						189.6						0.05		%
Northwest Evergreen Innovations, LLC and James Hamilton Gregersen			(#)			6791 Bethel Rd SE, Port Orchard, WA 98367						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/24/2046						52.6						52.6						58.1						0.02		%
DAVIS WINES LLC and BRICK & MORTAR WINES, LLC			(#)			25 Healdsburg Ave Bld 20, Healdsburg, CA 95448						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						6/24/2031						95.0						95.0						85.6						0.02		%
The AAC Speech Clinic, LLC and Red Rock Neurorehabilitation Center			(#)			9260 West Sunset Rd, Ste 204, Las Vegas, NV 89148						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/23/2031						35.0						35.0						29.4						0.01		%
Pampanguena Market Place Corp			(#)			18623 SW 107th Ave, Miami, FL 33157						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/23/2046						48.6						48.6						48.1						0.01		%
JC's Tall Glass Inc			(#)			2810 Hypoluxo Rd, Lantana, FL 33462						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/23/2046						209.8						209.8						225.8						0.06		%
2B St. Marks, Inc dba Duetto			(#)			540 Greene St., Unit 1, Key West, FL 33040						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/22/2031						21.0						21.0						17.6						—		%
Prestige Nationwide, LLC dba Eastern Standard			(#)			1131 Burke St., Winston-Salem, NC 27101						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/22/2046						42.5						42.5						44.9						0.01		%
Vance Ewing LLC dba The Bow & Barrel Sportsmen Center			(#)			22940 Harlan Lane, St Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/22/2046						50.0						50.0						54.3						0.01		%
Bluewater Laundry & Linen, LLC			(#)			2315 Main St., Loris, SC 29569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2031						120.7						120.7						110.6						0.03		%
Butcher Block of Woodland Park, LLC			(#)			320 S Baldwin St, Woodland Park, CO 80863						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/21/2031						15.0						15.0						12.6						—		%

13

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ellerman Engineerting & Innovations, Inc and R & S Properties and Hold			(#)			4444 Forest St., Leonard, MI 48367						Machinery Manufacturing						Term Loan						Prime plus 2.75%						6/21/2031						46.5						46.5						43.1						0.01		%
Francis L Bailey Jr dba Carolina GPS Services			(#)			1545 Langston Dr, Johns Island, SC 29455						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/21/2031						20.4						20.4						17.1						—		%
Two Mean Beans, LLC dba Coffee and Crepes			(#)			315 Crossroads Blvd, Floor G, Cary, NC 27518						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2031						11.6						11.6						10.1						—		%
Bluewater Laundry & Linen, llc			(#)			2315 Main St., Loris, SC 29569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2046						71.7						71.7						80.3						0.02		%
Vancole Investments, Inc			(#)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2031						71.4						71.4						59.9						0.02		%
K&R Enterprises III Inc dba The Frozen Cow			(#)			6710 Post Rd, North Kingstown, RI 02852						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/18/2046						36.1						36.1						38.9						0.01		%
Subhash Joshi LLC dba Mata Hardware			(#)			6370 Mae Anne Ave, Stes 1 and 2, Reno, NV 89523						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/18/2031						33.7						33.7						28.7						0.01		%
Bolton Construction, LLC and Meeker Stone Company, LLC			(#)			73544 CO-64, Meeker, CO 81641						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/16/2031						150.0						150.0						130.0						0.04		%
Semper Foods, LLC			(#)			7000 W. Palmetto Park Rd,, Boca Raton, FL 33433						Wholesale Electronic Markets and Agents and Brokers						Term Loan						Prime plus 2.75%						6/15/2031						50.0						50.0						42.0						0.01		%
Integrated Rehabiilitation Inc			(#)			10340 SE Division St., Portland, OR 97266						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/15/2031						150.0						150.0						138.8						0.04		%
360 Cloud Solutions, LLC and 360 Cloud Apps, LLC			(#)			299 S Main St., Salt Lake City, UT 84111						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2031						353.4						353.4						296.6						0.08		%
AAAK Investments LLC			(#)			19595 15 Mile Rd, Clinton Twp, MI 48035						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/14/2046						41.2						41.2						45.3						0.01		%
Edgar I Cordoba dba Edgar Cordoba Insurance Agency			(#)			9201 Dyer St., El Paso, TX 79924						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/14/2031						16.0						16.0						13.4						—		%
21st Century Living LLC dba 21st Century Concierge			(#)			33 Fitchett St., Poughkeepsie, NY 12601						Construction of Buildings						Term Loan						Prime plus 2.75%						6/11/2031						25.0						25.0						25.3						0.01		%
The Ogden Group of Rochester, Inc			(#)			78 Brunswick St, Rochester, NY 14607						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/11/2031						11.0						11.0						9.3						—		%
BearWaters Brewing Company			(#)			101 Park St., Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/11/2046						65.0						65.0						71.5						0.02		%
FRSSE Inc dba Foote's Rest Rental			(#)			510/512 East Main St. Unit 1-4, Frisco, CO 80443						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/10/2031						48.5						48.5						40.7						0.01		%
LVM Constructiion LLC			(#)			194 N Grove St., East Orange, NJ 07017						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/10/2031						15.0						15.0						13.5						—		%
Dulceria NYC Inc			(#)			2220 Frederick Douglass Blvd, New York, NY 10026						Food Manufacturing						Term Loan						Prime plus 2.75%						6/10/2031						10.0						10.0						8.6						—		%
Halikamai Inc dba Neighborhood Beer and Wine			(#)			510 Farm Market Rd 718, Unit A, Newark, TX 76071						Gasoline Stations						Term Loan						Prime plus 2.75%						6/10/2031						20.0						20.0						20.9						0.01		%
899 Toscanini, LLC			(#)			899 Main St., Cambridge, MA 02139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						6.5						6.5						6.8						—		%
Swantown Inn & Spa LLC			(#)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						6/8/2046						35.0						35.0						39.2						0.01		%

14

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Tri-Span Construction LLC dba Lawrence County Sand and Stone			(#)			136 Southland Dr, Louisa, KY 41230						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/8/2031						45.0						45.0						46.0						0.01		%
Iloka, Inc dba Newcloud Networks			(#)			160 Inverness Dr West, #100, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/7/2031						410.0						410.0						348.2						0.09		%
La Taqueria, Inc.			(#)			10 Greenwich Ave, Greenwich, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/3/2031						25.0						25.0						21.0						0.01		%
Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Recove			(#)			6549 Rajol Dr, Sebring, FL 33875						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/3/2031						35.0						35.0						36.6						0.01		%
Tec-Com Low Voltage Solutions Inc			(#)			2045 Live Oak Blvd, Yuba City, CA 95991						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/2/2031						35.0						35.0						29.6						0.01		%
Amazing G, LLC and Victoria Armstrong-Mensah			(#)			3030 N Saranac, Mesa, AZ 85207						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						5/28/2031						26.5						26.5						25.6						0.01		%
Aeffect, Inc			(#)			5600 N River Rd, Ste 800, Rosemont, IL 60018						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/28/2031						40.0						40.0						33.6						0.01		%
Compass Technical Services, Inc.			(#)			2600 Gravel Dr, Building 7, Fort Worth, TX 76118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/27/2031						25.0						25.0						21.0						0.01		%
Keystone Contracting, LLC dba Keystone Roofing and Siding, LLC			(#)			205 Route 9 N, freehold, NJ 07728						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/27/2046						187.0						187.0						190.6						0.05		%
Shericka Newsome dba Little Sunshine's Academy			(#)			474 N Chew Rd, Hammonton, NJ 08037						Social Assistance						Term Loan						Prime plus 2.75%						5/27/2031						5.0						5.0						4.2						—		%
Neuline Health Management LLC			(#)			1402 S Custer Rd, McKinney, TX 75070						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/27/2031						80.5						80.5						67.6						0.02		%
ELIOT'S ADULT NUT BUTTERS LLC			(#)			1140 SE 7th, Ste 190, Portland, OR 97214						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/26/2031						11.3						11.3						9.5						—		%
Eckles Generation Heating & Air Service, Inc			(#)			6000 Poplar Ave, Memphis, TN 38119						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/26/2031						13.5						13.5						11.9						—		%
Dr. Karissa Walton, PLLC dba The Mobile Health Doc			(#)			140 N Granite St., Prescott, AZ 86301						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/26/2031						48.5						48.5						42.9						0.01		%
MPI Automotive Corp			(#)			19925 Stevens Creek Blvd, Ste 100, Cupertino, CA 95014						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						5/26/2031						50.0						50.0						42.3						0.01		%
Rachel Reyes-Bergano, D.O. Inc dba Contempo Aesthetics			(#)			708 E Colorado Blvd, Pasadena, CA 91101						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/26/2031						67.0						67.0						56.2						0.02		%
BGS Consulting LLC dba Your Digital Canvas			(#)			5608 Malvey Ave, Fort Worth, TX 76107						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/25/2031						7.5						7.5						6.3						—		%
Hotel California Salon LLC dba Beverly Hills Lashes			(#)			872 Huntley Dr, West Hollywood, CA 90069						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2031						27.5						27.5						23.1						0.01		%
Bock Technologies Inc.			(#)			11496 Luna Rd Ste 1200, Dallas, TX 75234						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/25/2031						35.0						35.0						29.4						0.01		%
Tropics LLC			(#)			6453 Chupp Rd, Lithonia, GA 30058						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/24/2031						11.3						11.3						9.5						—		%
Ecru Designs LLC			(#)			275 North Wyoming Ave, South Orange, NJ 07079						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/24/2031						63.0						63.0						52.9						0.01		%
League One Logistics, LLC			(#)			150 Hiram Industrial Dr, Hiram, GA 30141						Truck Transportation						Term Loan						Prime plus 2.75%						5/21/2046						75.0						75.0						80.6						0.02		%

15

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

JJBM LLC dba Alumni Grill			(#)			3316 Pacific Ave, Wildwood, NJ 08260						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2046						20.5						20.5						23.0						0.01		%
LEX-MAR SERVICE INC			(#)			12278 NW 106th Court, Medley, FL 33178						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/21/2046						20.0						20.0						21.4						0.01		%
Hankemeier Holdings LLC dba Grow Salon			(#)			205 W 6th St., Ste 105 & 110, Georgetown, TX 78626						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/20/2031						19.0						19.0						15.9						—		%
Woodzzy LLC dba Dba Woodzzy Bar & Resturant			(#)			1133 Clarkson Ave, Brooklyn, NY 11212						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/19/2046						169.3						169.3						186.2						0.05		%
Foreclosure Excess Proceeds, LLC			(#)			2415 E Camelback Rd, Ste 700, Phoenix, AZ 85016						Real Estate						Term Loan						Prime plus 2.75%						5/19/2031						35.0						35.0						29.4						0.01		%
Compass CFO Holdings, LLC			(#)			4400 Rt 9 Ste 1000, Freehold, NJ 07728						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/19/2031						30.3						30.3						25.4						0.01		%
Vernon Alexander dba Southern Ohio Hunting Preserve			(#)			31625 Goosecreek Rd, McArthur, OH 45651						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						5/19/2031						23.5						23.5						24.6						0.01		%
Motor Messenger NYC Inc			(#)			81-36 Baxter Ave, Queens, NY 11373						Couriers and Messengers						Term Loan						Prime plus 2.75%						5/18/2031						176.0						176.0						153.9						0.04		%
Earth Analytical Sciences, Inc.			(#)			4825 Ward Dr, Beaumont, TX 77705						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/17/2031						56.2						56.2						52.4						0.01		%
THE LAW OFFICES OF LAWRENCE A. BECKENSTEIN P.C			(#)			320 E 65th St., Ste #619, New York, NY 10065						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/17/2031						15.0						15.0						12.6						—		%
Sure Business Group LLC dbaKasada Beauty Supply			(#)			5601 Rivers Ave, North Charleston, SC 29406						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/14/2031						4.3						4.3						3.6						—		%
Rev Motorsports, LLC dba Speed Concept			(#)			20745 SW Tualatin Valley Hwy, Ste 120, Aloha, OR 97003						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						5/13/2031						25.7						25.7						21.6						0.01		%
Abatement Pro n Demo, Inc			(#)			468 North Canal St., Lawrence, MA 01841						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/12/2031						35.0						35.0						31.3						0.01		%
Silverado Sales Inc dba Husker Sit N Sleep			(#)			2120 Central Ave, Kearney, NE 68847						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						5/11/2031						19.0						19.0						15.9						—		%
Clavismen LLC dba Katy Wines and Spirits			(#)			5901 B Hwy Blvd, Katy, TX 77494						Food and Beverage Stores						Term Loan						Prime plus 2.75%						5/7/2031						8.5						8.5						7.3						—		%
Foy Commerce LLC			(#)			1725 Park Lane S, Ste 2,, Jupiter, FL 33458						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/5/2031						6.3						6.3						6.1						—		%
Hank Thomas Performance			(#)			917 Dixie Club Rd, Winston-Salem, NC 27107						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/5/2031						35.0						35.0						34.5						0.01		%
Boyd's Cardinal Hollow Winery dba Boyd's Cardinal Hollow Winery			(#)			1830 West Point Pike, West Point, PA 19486						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						5/4/2046						90.0						90.0						99.1						0.03		%
3G Graphix LLC dba Elemento Graphics			(#)			7160 Zionsville Rd, Zionsville Rd, IN 46268						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2031						14.4						14.4						12.4						—		%
NebulOS, Inc			(#)			5428 Twilight Way, Parker, CO 80237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2031						59.8						59.8						51.9						0.01		%
Grover Jackson Engineering, LLC			(#)			1880 Campbellsville Rd, Pulaski, TN 38478						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/30/2046						54.0						54.0						56.8						0.02		%
Thomas Wayne Belcher Jr dba Area 51 Tattoo Body Piercing & Supply			(#)			230 Broadway St., Jackson, OH 45640						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/29/2046						12.0						12.0						12.9						—		%

16

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

5 Star Renovations, Inc. and Five Star Group, Inc.			(#)			2997 US-29, Moreland, GA 30259						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2031						21.8						21.8						21.1						0.01		%
822 GROUP LLC			(#)			136 Treehaven St., Gaitherburg, MD 20878						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/28/2031						49.8						49.8						41.8						0.01		%
G.A.P. Mechanical Inc.			(#)			2500 North Forsyth Rd, C29, Orlando, FL 32807						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/28/2031						22.4						22.4						19.2						0.01		%
Cajun Made Charters, L.L.C			(#)			27900 Hwy 1, Golden Meadow, LA 70357						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						4/28/2031						43.9						43.9						41.9						0.01		%
Janie Lacy & Associates, LLC dba Life Counseling Solutions			(#)			670 N Orlando Ave, #103, Maitland, FL 32751						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/26/2046						34.0						34.0						37.1						0.01		%
J-Tech Industries Inc			(#)			232 Alexandria Dr, Mooresville, NC 28115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/23/2031						6.5						6.5						5.4						—		%
Max Rosin & Associates, Inc			(#)			37-43 West 14th St., Ste 304, New York, NY 10011						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/23/2031						57.2						57.2						48.0						0.01		%
Acra Cast, Inc.			(#)			1837 First St., Bay City, MI 48708						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						4/22/2031						21.0						21.0						20.2						0.01		%
Wells Cutting Edge, LLC			(#)			4201 North Cochrane Lane, Erda, UT 84074						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/22/2031						34.9						34.9						29.9						0.01		%
Twenty Ten Agency, LLC			(#)			340 S Lemon Avnue, Walnut, CA 91789						Educational Services						Term Loan						Prime plus 2.75%						4/21/2031						4.0						4.0						3.3						—		%
AMERICAN CINEMA INSPIRES, INC and CEO Multimedia, Inc			(#)			15363 Victory Blvd, Van Nuys, CA 91406						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						4/20/2031						34.9						34.9						29.3						0.01		%
Oregon Glass Repair, LLC dba SuperGlass Windshield Repair; SuperGla			(#)			2972 SE 38th Court, Hillsboro, OR 97123						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2031						17.1						17.1						14.4						—		%
Tierra Corrosion Control, Incorporated			(#)			1608 Schofield Lane, Farmington, NM 87401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/16/2031						24.9						24.9						26.1						0.01		%
Gateway Veterinary Services P.C. dba Liberty Animal Clinic			(#)			9212 Liberty Ave, Ozone Park, NY 11417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/15/2031						44.9						44.9						41.9						0.01		%
RV Solar LLC			(#)			635 E Laverne Dr, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						6.2						6.2						6.1						—		%
Stephanie Ann Doty			(#)			82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						3.7						3.7						3.7						—		%
Lockett Trucking and Transport LLC			(#)			612 Colebridge Dr, Blacklick, OH 43004						Truck Transportation						Term Loan						Prime plus 6.5%						4/14/2031						6.2						6.2						6.1						—		%
College Economy Inc			(#)			679 Wedgewood Dr, Hanover Park, IL 60133						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/13/2031						34.9						34.9						29.3						0.01		%
Gerald Scott Lyda dba Edneyville Wood Products			(#)			3555 Chimney Rock Rd, Hendersonville, NC 28792						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						4/9/2046						32.6						32.6						36.5						0.01		%
Motor City Bakery Inc dba Mexi bake			(#)			8100 Radcliffe St., Detroit, MI 48210						Food Manufacturing						Term Loan						Prime plus 2.75%						4/7/2046						104.6						104.6						112.4						0.03		%
Trailer Marketing Services Inc			(#)			4560 State Route 233, Clinton, NY 13323						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2046						67.3						67.3						75.4						0.02		%
Barrett Enterprises, LLC dba Barrett and Sons Used Cars			(#)			920 N Columbia St, Milledgeville, GA 31061						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2046						44.5						44.5						42.6						0.01		%

17

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Knight Settlement Sand & Gravel, LLC			(#)			7291 Knight Settlement Rd, Bath, NY 14810						Mining (except Oil and Gas)						Term Loan						Prime plus 2.75%						3/31/2031						164.4						164.4						142.3						0.04		%
Batteries in a Flash.com, Inc.			(#)			720 W Cheyenne Ave, North Las Vegas, NV 89030						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/31/2046						102.8						102.8						106.8						0.03		%
TK Cleaning and Lawn Service LLC			(#)			4449 Beechaven Dr, Rock Hill, SC 29732						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/31/2046						25.0						25.0						28.0						0.01		%
Quality Sound Communications, Inc dba Technology Source			(#)			1551 North Tustin Ave, Ste 125, Santa Ana, CA 92705						Telecommunications						Term Loan						Prime plus 2.75%						3/31/2031						132.7						132.7						111.4						0.03		%
La Dolce Vita Water Sports LLC,LDV GOLF CART & BIKE RENTALS LLC			(#)			408 Kelly Plantation Dr, Destin, FL 32541						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/31/2031						356.4						356.4						368.5						0.10		%
TK Cleaning and Lawn Service LLC			(#)			4449 Beechaven Dr, Rock Hill, SC 29732						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/31/2031						118.9						118.9						106.6						0.03		%
Suncoast Premier Medical, LLC and Mario R Perez MD PA			(#)			1239 US-27, Clermont, FL 34714						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2046						101.5						101.5						103.8						0.03		%
Walking Urgent Care Inc			(#)			10308 West Sample Rd, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2031						247.6						247.6						225.1						0.06		%
Statewide Health Care, Inc			(#)			102 Oglethorpe Professional Court, Savannah, GA 31406						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2031						61.4						61.4						51.7						0.01		%
Tober Building Company, LLC			(#)			3351 Brecksville Rd, Richfield, OH 44286						Construction of Buildings						Term Loan						Prime plus 2.75%						3/31/2031						635.8						635.8						552.8						0.15		%
Thomson Holdings Enterprises LLC dba Volusia County Towing			(#)			345 8th St., Daytona Beach, FL 32117						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/31/2046						110.6						110.6						109.6						0.03		%
Barrett Enterprises, LLC			(#)			2920 N Columbia St, Milledgeville, GA 31061						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2031						20.8						20.8						17.5						—		%
Triple B's, Inc dba Crews Door Company			(#)			12189 Livingston Rd, Manassas, VA 20109						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/31/2046						92.9						92.9						95.5						0.03		%
Underground Toys USA, LLC dba Seven 20 and Wozniak Distribution,			(#)			7626 Miramar Rd, San Diego, CA 92126						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/30/2031						307.1						307.1						257.7						0.07		%
Bojax Auto Collision, Inc dba Bojax Auto Body Repair and Seman Real Es			(#)			4712 Fernlee Ave, Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2046						23.8						23.8						24.2						0.01		%
RH All Around Repair, LLC			(#)			2008 Coahuila Rd, Odessa, TX 79763						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2046						52.3						52.3						54.4						0.01		%
Empire State Adjuster's Corp.DBA Frankie M’s Auto Body East			(#)			419 West Main St., Smithtown, NY 11787						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2046						175.5						175.5						176.7						0.05		%
Bojax Auto Collision, Inc. dba Bojax Auto Body Repair			(#)			4712 Fernlee Ave, Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2031						37.8						37.8						34.8						0.01		%
The Sign Company of Wilmington, Inc.			(#)			428 Landmark Dr, Wilmington, NC 28412						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/30/2046						102.6						102.6						111.2						0.03		%
Drake Dance Academy LLC			(#)			5790 Marble Creek Stree, Dublin, OH 43016						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						7/30/2046						137.2						137.2						144.1						0.04		%

18

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

QXC Communications, Inc			(#)			3785 North Federal Hwy, Ste 205, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						3/29/2031						104.1						104.1						91.4						0.02		%
Markell Construction Inc			(#)			6248 N Woodstock St., Philadelphia, PA 19138						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/29/2031						23.6						23.6						19.8						0.01		%
ALG-Health LLC and Axis LED Group, LLC			(#)			520 West Mulberry St., Bryon, OH 43506						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/29/2031						906.9						906.9						828.5						0.22		%
Signet Media Inc			(#)			630 S.1st St., San Jose, CA 95113						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2031						79.3						79.3						76.7						0.02		%
Kidz Choice Service Inc and Kidz Choice Holdings Inc			(#)			14-34 110th St., Flushing, NY 11356						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2031						208.1						208.1						174.6						0.05		%
Jason Watts Pictures, LLC			(#)			110 Broadway #507, Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/29/2031						18.3						18.3						15.4						—		%
Zebra Enterprises, LLC dba Shanty			(#)			213 3rd St., Eureka, CA 95501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/26/2046						34.0						34.0						38.1						0.01		%
Rob Smith dba Laundry Land			(#)			8913 Sierra Ave, Fontana, CA 92335						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/26/2031						19.3						19.3						16.5						—		%
Diversified Electric, LLC			(#)			1571 Mapledale St, Ferndale, MI 48220						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/26/2031						24.8						24.8						20.8						0.01		%
Leo Marketing LLC			(#)			1127 E Rio Grande Ave, El Paso, TX 79902						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/26/2031						14.9						14.9						13.7						—		%
Johnson Diversified, Inc dba Plumbing Solutions			(#)			29802 Avenida De Las Banderas, Rancho Santa Margarita, CA 92688						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/26/2031						86.8						86.8						85.8						0.02		%
Ground Breakers Construction, Inc.			(#)			2292 a/k/a 2274 Hayride Rd, Lebec, CA 93243						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						3/26/2031						108.1						108.1						99.4						0.03		%
New Image Window & Doors Inc			(#)			705 Hennis Rd, Winter Garden, FL 34787						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/26/2031						26.2						26.2						27.3						0.01		%
AUBURN ANALYTICAL LABS, INC			(#)			210 Bay City Rd, Midland, MI 48642						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/26/2031						24.8						24.8						20.8						0.01		%
Allan Gilbert dba Allan Gilbert Builders			(#)			50 Jodi Dr, Belmont, NH 03220						Construction of Buildings						Term Loan						Prime plus 2.75%						3/25/2031						24.8						24.8						21.1						0.01		%
Party Town Chico LLC			(#)			1937 East 20th St. #B6, Chico, CA 95928						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/25/2031						14.7						14.7						12.3						—		%
Companion Plus Care, LLC			(#)			19849 Middlebelt Rd, Livonia, MI 48152						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/25/2046						132.0						132.0						131.1						0.04		%
Millennium Family Practice LLC			(#)			6310 Steven Forest Rd, Columbia, MD 21045						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2031						95.2						95.2						99.4						0.03		%
Oscar Rene Guzman and American United Construction LLC			(#)			12520 Taylor Rd, Houston, TX 77041						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/24/2031						178.5						178.5						152.1						0.04		%
Icebox Cafe, L.C and Icebox Pantry, LLC			(#)			219 NE 3rd St., Hallandale Beach, FL 33009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/24/2031						146.0						146.0						125.7						0.03		%
Malik Dough L.L.C. and Steven L. Malik II			(#)			3347 Riverside Dr, North Tazewell, VA 24630						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/24/2031						10.4						10.4						8.9						—		%
Capco Swimming Pools LLC and. Capco Industries, LLC dba Premier Pools			(#)			5115 Savannah Green, Voy Omy, TX 78073						Construction of Buildings						Term Loan						Prime plus 2.75%						3/24/2031						34.7						34.7						33.3						0.01		%

19

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Linh Luong and Loc Luong			(#)			1209 W Main St., Peroria, IL 61606						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/24/2031						86.5						86.5						85.3						0.02		%
Sundown Audio, LLC			(#)			514 W 21st St., Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/24/2031						99.2						99.2						83.4						0.02		%
Blasco Tire LLC			(#)			960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						6.2						6.2						6.1						—		%
S.B. Southern Welding, L.L.C			(#)			300 Howard Rd, Waxahachie, TX 75165						Machinery Manufacturing						Term Loan						Prime plus 2.75%						3/23/2031						279.3						279.3						243.5						0.07		%
Bottles on Broadway, LLC			(#)			1083 N Boradway, Massapequa, NY 11758						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/23/2031						34.7						34.7						29.1						0.01		%
Spartan Technology Solutions, Inc.			(#)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/22/2031						49.6						49.6						41.6						0.01		%
Clear Impact LLC and Clear Impact Inc			(#)			11300 Rockville Pike, #1001, Rockville, MD 20852						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/22/2031						154.1						154.1						131.1						0.04		%
Jemas, LLC Dba Medicine Shoppe St Charles			(#)			488 S 5th St., St Charles, MO 63301						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						3/19/2031						89.3						89.3						75.0						0.02		%
Richard Keith Robison Jr. Enterprises, Inc. dba R & R Restoration			(#)			1539 Apache Dr, Montgomery, TX 77316						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/19/2031						14.9						14.9						12.5						—		%
Natalie Dress Designers, LLC DBA Azaria Bridal			(#)			3710 US Hwy 9, Space D218, Freehold, NJ 07728						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						3/19/2031						321.7						321.7						273.0						0.07		%
David Edwin Harries			(#)			5506 Riverside Dr, Chino, CA 91710						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/19/2031						14.9						14.9						12.5						—		%
JEJ LLC dba Hawaii Jerky Shop; DE.HI Foods			(#)			111 Sand Island Access Rd, Honolulu, HI 96819						Food Manufacturing						Term Loan						Prime plus 2.75%						3/19/2046						150.0						150.0						157.5						0.04		%
Tripark LLC			(#)			12630 Haynes Rd, Houston, TX 77066						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/19/2046						150.0						150.0						152.5						0.04		%
LT Johnson DDS PLLC dba Brueggen Dental Implant Center			(#)			14626 Bellaire Blvd., Houston, TX 77083						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/18/2031						332.3						332.3						278.4						0.08		%
Northern Services Inc			(#)			2266 Central St., Ste6, Richmond, CA 94801						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2031						49.6						49.6						41.6						0.01		%
WSCL, Inc			(#)			176 Rosa Court, Colton, CA 92324						Construction of Buildings						Term Loan						Prime plus 2.75%						3/18/2031						49.6						49.6						41.6						0.01		%
AZ Dropship LLC dba A-Z Trading Co			(#)			735 Crofton St SE, Grand Rapids, MI 49507						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/18/2031						49.6						49.6						41.7						0.01		%
Zmetra Clear Span Structures, LLC			(#)			2 Old Worcester Rd, Dudley, MA 01571						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/18/2031						123.7						123.7						119.6						0.03		%
Crystal H Thompson dba Advertise IT			(#)			718 N Main St., Norwood, CT 28128						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/18/2031						31.8						31.8						28.2						0.01		%
Battle Forged Fitness, LLC dba CrossFit 1976			(#)			3251 East Stone Court, Eagle Mountain, UT 84005						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/17/2046						55.4						55.4						50.6						0.01		%
Ryan Doyle Enterprises, LLC dba Earthworkers Landscaping			(#)			802 Klinger Ln, Lebanon, PA 17042						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/17/2031						14.9						14.9						13.6						—		%
274 Construction Group, Inc			(#)			420 Raleigh St., Ste F, Wilmington, NC 28412						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						3/16/2031						183.7						183.7						165.5						0.04		%

20

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

EXAGEN SOLUTIONS INC			(#)			32 Waverly Cir, Waverly, NY 12189						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/16/2031						52.6						52.6						44.1						0.01		%
Crispeno Realty, Inc			(#)			9812 235th Pl SW, Edmonds, WA 98020						Real Estate						Term Loan						Prime plus 2.75%						3/16/2031						29.8						29.8						25.0						0.01		%
INB Enterprise LLC			(#)			7761 Diamondback Dr, College Park, MD 20742						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/15/2031						6.2						6.2						6.1						—		%
DTJ Enterprises, Inc dba West Falmouth Market			(#)			623 W Falmouth hwy, West Falmouth, MA 02540						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/15/2046						180.0						180.0						186.1						0.05		%
Benevolent Family Services LLC,			(#)			522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						3/15/2031						6.2						6.2						6.1						—		%
Pavesh, LLC			(#)			9576 Potranco Rd, San Antonio, TX 78251						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2046						167.5						167.5						174.7						0.05		%
Swick & Son Enterprises, Inc.			(#)			108 Mashell Ave North, Eatonville, WA 98328						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/12/2031						71.9						71.9						60.9						0.02		%
Hany and Associates LLC dba Integrity Tax Group			(#)			2020 S Oneida St., Denver, CO 80224						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/12/2031						55.7						55.7						46.6						0.01		%
Craftworks NW, LLC			(#)			12421 NE 117th Ave, Vancouver, WA 98662						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/12/2031						14.9						14.9						13.3						—		%
Kris-Leigh Catered Living at Severna Park LLC			(#)			831 Ritchie Hwy, Severna Park, MD 21146						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/12/2031						720.0						720.0						751.8						0.20		%
Torchlight Academy Schools, LLC			(#)			116 County Farm Rd, Windsor, NC 27983						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/12/2046						225.0						225.0						251.8						0.07		%
Clean Energyz LLC			(#)			881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2031						19.9						19.9						20.0						0.01		%
Motus Inc. dba Stage Your Home San Diego			(#)			7557 Convoy Ct, San Diego, CA 92111						Real Estate						Term Loan						Prime plus 2.75%						3/11/2031						52.2						52.2						43.7						0.01		%
Clean Energyz LLC			(#)			881 Alma Real Dr, Stes T-16, Pacific Palisades, CA 90272						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/11/2031						59.6						59.6						50.0						0.01		%
INTERNETZONE I, INC.			(#)			3131 Laurel Ave, Fullerton, CA 92835						Other Information Services						Term Loan						Prime plus 2.75%						3/10/2031						9.9						9.9						8.3						—		%
Monark, LLC			(#)			26050 Acero, Ste 411, Mission Viejo, CA 92691						Food Manufacturing						Term Loan						Prime plus 2.75%						3/10/2031						34.8						34.8						29.2						0.01		%
ACTIVE FACILITY MONITORING, LLC			(#)			702 Ernest Dr, Port Orange, FL 32127						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/9/2031						9.9						9.9						8.3						—		%
Nadal Company LLC			(#)			5923 Robindale Rd, Catonsville, MD 21228						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/5/2031						5.0						5.0						4.2						—		%
Charlie Chedda's LLC			(#)			1867 Academy Blvd, Colorado Springs, CO 80916						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/5/2031						29.7						29.7						28.7						0.01		%
True Electrical Services LLC dba True Breaker Services			(#)			3773 Dinosaur St., Castle Rock, CO 80109						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/5/2031						5.9						5.9						5.0						—		%
Secret Harbor Charter LLC			(#)			7881 Sandholdt Rd, Moss Landing, CA 95039						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/5/2031						26.7						26.7						24.7						0.01		%
3 A Ideas, LLC dba Bizzy Kids Learning Center			(#)			1401 Caplin Dr, Arlington, TX 76018						Social Assistance						Term Loan						Prime plus 2.75%						3/5/2046						119.7						119.7						128.6						0.03		%

21

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Giles Title and Escrow Services, LLC and Morgan Andrew Hoover			(#)			203 North 1st St., Pulaski, TN 38478						Real Estate						Term Loan						Prime plus 2.75%						3/4/2031						30.7						30.7						28.2						0.01		%
Reginald L McClain dba McClain's Auto Detailing and Paint Refinish			(#)			2753 N 29th St., Milwaukee, WI 53210						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/3/2046						7.2						7.2						8.1						—		%
Ambrose Cubed LLC			(#)			6780 Hudspeth Rd, Harrisburg, NC 28075						Wholesale Electronic Markets and Agents and Brokers						Term Loan						Prime plus 2.75%						3/3/2046						200.0						200.0						223.8						0.06		%
Metroguard Security & Risk Mgmt Inc.			(#)			338 Commerce Dr, Fairfield, CT 06825						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/2/2031						204.2						204.2						171.1						0.05		%
Revival Ice Cream, LLC			(#)			463 Alvarado St., Monterey, CA 93940						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/1/2031						19.6						19.6						16.7						—		%
Miss Academy, LLC dba Miss Houston Pageant			(#)			1111 Uptown Park Blvd #12, Houston, TX 77056						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/26/2031						9.8						9.8						8.2						—		%
Anne M Prior LLC			(#)			5933 NW Wins Sivers Dr, Portland, OR 97220						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/25/2031						17.5						17.5						14.7						—		%
Kirkland Associates, Ltd			(#)			4180 NE Riverside Dr, McMinnville, OR 97128						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/25/2031						49.2						49.2						41.8						0.01		%
Goodsell/Wilkins, Inc			(#)			28175 Bluebell Dr, Laguna Niguel, CA 92677						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/25/2031						98.4						98.4						82.5						0.02		%
Innovative Dental of Hannibal LLC			(#)			515 Clinic Rd., Hannibal, MO 63401						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/24/2031						49.2						49.2						41.2						0.01		%
Medissage Integrative Therapies, LLC			(#)			103 Twinridge Lane, Richmond, VA 23235						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2046						7.4						7.4						8.3						—		%
KOLOA KAI LLC and Stay Beach Cities, Inc			(#)			2-2514 Kaumualii Hwy, Kalaheo, HI 96741						Real Estate						Term Loan						Prime plus 2.75%						2/22/2031						7.4						7.4						6.2						—		%
TELAVERGE COMMUNICATIONS, LLC			(#)			8229 Foutain Ridge Dr, Plano, TX 75025						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/19/2031						34.5						34.5						28.9						0.01		%
Eagle Creek Landscape & Design			(#)			7574 Eagle Creek Rd, Cincinnati, OH 45247						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/19/2031						46.6						46.6						39.7						0.01		%
Ben Anderson 365			(#)			1567 E Valley Rd, Montecito, CA 93108						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/18/2031						49.2						49.2						41.2						0.01		%
Eddy Auto Service Inc			(#)			901 NY-109, West Babylon, NY 11704						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/18/2046						87.1						87.1						97.5						0.03		%
Commonwealth Warehouse, Inc.			(#)			400-500 Murray Rd, Cincinnati, OH 45217						Warehousing and Storage						Term Loan						Prime plus 2.75%						2/17/2031						56.6						56.6						47.4						0.01		%
Alima Mandiang, dba Mandiang Hair Braiding			(#)			242 E. Claremont Rd, Philadelphia, PA 19120						Personal and Laundry Services						Term Loan						Prime plus 6.5%						2/17/2031						2.5						2.5						2.4						—		%
SBRnet, Inc			(#)			10185 Spyglass Way, Boca Raton, FL 33498						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2031						20.6						20.6						17.3						—		%
ReenBoog Natural Hair Care, LLC			(#)			4051 Stone Mountain Hwy, Ste E106, Lilburn, GA 30047						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						2/17/2031						19.7						19.7						16.8						—		%
Surgeon & Associates, Inc			(#)			733 Bargain St., Fayetteville, NC 28303						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/17/2031						29.5						29.5						28.9						0.01		%
Ryan Spataro dba The Minty Goat			(#)			6801 N Crystal Ave, Kansas City, MO 64119						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/16/2031						4.9						4.9						4.6						—		%

22

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Design Moves LLC			(#)			3235 North Dixie Hwy, Oakland, FL 33334						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/16/2046						84.6						84.6						90.6						0.02		%
White Pine Logistics Inc			(#)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						2/16/2031						65.0						65.0						54.5						0.01		%
A-One Refrigeration and Heating, Inc			(#)			910 N 20th Ave, Pasco, WA 99301						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/11/2031						162.5						162.5						142.4						0.04		%
Blue Telescope Inc			(#)			70 Burnet St., Maplewood, NJ 07040						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/11/2031						14.8						14.8						12.4						—		%
Little Swimmers Inc.			(#)			2395 Monument Blvd, Concord, CA 94520						Educational Services						Term Loan						Prime plus 2.75%						2/11/2031						49.1						49.1						41.8						0.01		%
UniGuide Media,LLC			(#)			105 Pearl St., Sausalito, CA 94965						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						2/11/2031						6.2						6.2						6.0						—		%
A-One Refrigeration and Heating, Inc.			(#)			910 N 20th Ave, Pasco, WA 99301						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/11/2046						288.7						288.7						305.4						0.08		%
Hybrid Drive Batteries LLC			(#)			22607 E La Palma Ave, Ste 406, Yorba Linda, CA 92887						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/10/2031						14.8						14.8						12.4						—		%
Paramount General Contracting LLC			(#)			4705 Roosevelt St., Gary, IN 46408						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/10/2046						122.5						122.5						137.1						0.04		%

Michael Miller dba Affordable Paint and Auto Body			(#)			4738 Randleman Rd, Greensboro, NC 27406						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/9/2046						22.1						22.1						23.4						0.01		%
Little Angels Daycare and Learning Center LLC			(#)			4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						10/3/2046						57.1						57.1						57.5						0.02		%
Ernest Construction Inc.			(#)			358 W 44th St., New York, NY 10036						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/2/2031						22.1						22.1						18.5						0.01		%
Davis Laboratories, Inc.			(#)			611 Lunar Ave., Brea, CA 92821						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2031						61.4						61.4						56.5						0.02		%
CULTIVA Solutions, LLC			(#)			8000 Towers Crescent Dr,, Vienna, VA 22182						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/29/2031						3.9						3.9						3.3						—		%
TC3, LLC			(#)			1036 Country St. 2945, Tuttle, OK 73089						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/29/2031						5.2						5.2						5.0						—		%
Dexter Lillie dba Kreative Kutz Barber Shop			(#)			865 Cassat Ave, Jacksonville, FL 32205						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/29/2046						17.9						17.9						20.0						0.01		%
Payne's Environmental Services LLC			(#)			5617 Causeway Blvd., Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/28/2031						180.4						180.4						160.6						0.04		%
Jazma Deaungilae Wise			(#)			110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						3.9						3.9						3.8						—		%
Chrysalis MSP LLC			(#)			14550 Torrey Chase Blvd, Ste 110, Houston, TX 77014						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/26/2031						11.2						11.2						9.4						—		%
WILD THING ACCOUNTING & TAX LLC			(#)			805 NE 190th Ave, Portland, OR 97230						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						6.1						6.1						6.0						—		%
Travis D. Long dba Pasture Clearing Fencing			(#)			1205 N St., Belleville, KS 66935						Construction of Buildings						Term Loan						Prime plus 6.5%						1/22/2031						6.1						6.1						6.0						—		%
Nex Computer LLC and Kosmaz Technologies LLC			(#)			1201 Alta Vista Court, Walnut Creek, CA 94596						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/22/2031						34.1						34.1						28.6						0.01		%
Andrew's Spotless Cleaning, LLC			(#)			1604 Marcella Dr, Covington, KY 41011						Administrative and Support Services						Term Loan						Prime plus 6.5%						1/22/2031						6.1						6.1						6.0						—		%

23

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Greater Vision Healthcare Services, LLC			(#)			788 Montgomery Ave, Ocoee, FL 34761						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/22/2046						917.8						917.8						973.0						0.26		%
Wild Wellness LLC			(#)			151 Lake St., Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						2.7						2.7						2.6						—		%
Inland Empire Spine and Disc Laser, Inc.			(#)			802 Magnolia Ave, Ste 103, Corona, CA 92879						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/22/2031						48.8						48.8						42.7						0.01		%
Skypie Studio & Crafts LLC			(#)			933 Mary Ave, Opelousas, LA 70570						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						5.9						5.9						5.7						—		%
VIIXVII Sewing Studio, LLC			(#)			277 E Girard Ave, Philadelphia, PA 19125						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 6.5%						1/22/2031						4.5						4.5						4.4						—		%
LONDERPASS, INC.			(#)			108 N Fiore Pkwy, Vernon Hills, IL 60061						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/21/2031						6.1						6.1						6.0						—		%
R & L Timber, Inc			(#)			524 Callen Crabb Rd, Sagle, ID 83860						Forestry and Logging						Term Loan						Prime plus 2.75%						1/20/2031						231.7						231.7						205.3						0.06		%
Centre for Autism Treatment LLC			(#)			13090 Sundown Rd, Victorville, CA 92392						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/20/2031						6.1						6.1						6.0						—		%
Valley Towing & Sons, Inc			(#)			16 NY-6N, Mahopac, NY 10541						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/19/2031						11.4						11.4						9.6						—		%
Diamond Ridge Professionals LLC,			(#)			8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						6.1						6.1						6.0						—		%
Austen Felder Holdings LLC dba Austin R Styling			(#)			23642 Hwy 25, Franklinton, LA 70438						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/18/2031						12.3						12.3						11.9						—		%
Metropolitan Neuro Behavioral Institute PLLC			(#)			4055 W. Chandler Blvd Ste 5, Chandler, AZ 85226						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/15/2031						172.9						172.9						145.1						0.04		%
Retro Rangers LLC and Retro 1951, Inc			(#)			750 International Pkwy #105, Richardson, TX 75081						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						1/15/2031						193.3						193.3						162.0						0.04		%
Big Brand Management Ltd. Co and Food Civilization LLC			(#)			68700 Dinah Shore Dr, Cathedral, CA 92234						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						1/14/2046						244.0						244.0						248.9						0.07		%
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash			(#)			2 Center Rd, Old Saybrook, CT 06475						Repair and Maintenance						Term Loan						Prime plus 2.75%						1/12/2031						127.0						127.0						116.3						0.03		%
Silx LLC			(#)			4120 3rd Ave, Timnath, CO 80525						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/12/2031						4.4						4.4						3.7						—		%
SAS Integrated, LLC			(#)			4012 S Rainbow Blvd, Las Vegas, NV 89103						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/12/2031						21.9						21.9						18.4						—		%
Spring Tavern Inc,Daryn Ray Steinert and Beau Daniel Ritz			(#)			24401 Aldine Westfield Rd, Spring, TX 77373						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2031						55.6						55.6						46.9						0.01		%
White Pine Logistics, Inc.			(#)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						1/11/2031						386.9						386.9						329.0						0.09		%
Westby Grocery LLC			(#)			212 Main St., Westby, MT 59275						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/8/2046						43.5						43.5						43.0						0.01		%
Athletic Performance Training Center, LLC			(#)			12855 York-Delta Dr, North Royalton, OH 44133						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/8/2031						14.6						14.6						12.3						—		%
M2 Lumber LLC			(#)			110 Brick House Rd, Laurens, SC 29360						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						10.9						10.9						10.0						—		%

24

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

LV Nails & SPA, LLC			(#)			10050 S Eastern Ave, Henderson, NV 89052						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/31/2030						65.4						65.4						54.8						0.01		%
Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Rete			(#)			380 N Broadway, Jericho, NY 11753						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/31/2030						670.2						670.2						561.6						0.15		%
TNJ Products, Inc.			(#)			4912 N Lincoln Ave, Ste 101, Chicago, IL 60625						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/31/2030						208.4						208.4						180.7						0.05		%
Moran Tax & Accounting LLC			(#)			128 N Franklin St, Brazil, IN 47834						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/31/2045						17.4						17.4						18.5						0.01		%
Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC			(#)			1491 Hammond St., Bangor, ME 04401						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/31/2045						347.5						347.5						388.9						0.11		%
Seven C's Manufacturing, Inc			(#)			3895 Corsair St., Reno, NV 89502						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						533.1						533.1						491.1						0.13		%
LEILA ZAMIRI, DDS, INC.			(#)			3317 East 10th St., Long Beach, CA 90804						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/31/2030						72.7						72.7						73.9						0.02		%
Hawthorne Food Company dba Eastern Standard Provis			(#)			117 Beaver St., Waltham, MA 02452						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						848.0						848.0						711.8						0.19		%
The Spot Bar & Restaurant LLC			(#)			10540 State Route 195, Killeen, TX 76542						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2045						86.9						86.9						89.9						0.02		%
Leila Zamiri, DDS, Inc			(#)			3317 E 10th St., Long Beach, CA 90804						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/31/2045						155.1						155.1						173.6						0.05		%
Performance Online, Inc			(#)			1550 Melissa Ct, Corona, CA 92879						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/30/2030						254.8						254.8						214.2						0.06		%
NDRS Construction Inc.dba Disaster			(#)			18730 Cortez Blvd, Brooksville, FL 34601						Construction of Buildings						Term Loan						Prime plus 2.75%						12/30/2030						84.8						84.8						71.4						0.02		%
Bourque Sales and Service Inc.			(#)			9160 Linwood Ave, Shevport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						142.0						142.0						158.9						0.04		%
Educare Early Intervention, Corporation			(#)			4557 S Calumet Ave, Chicago, IL 60653						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2030						43.5						43.5						36.5						0.01		%
Bourque Sales and Service Inc			(#)			9160 Linwood Ave, Shreveport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						144.7						144.7						161.9						0.04		%
Petroleum Equipment & Services, Inc.			(#)			5631 Silverado Way, Anchorage, AK 99518						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/30/2030						408.3						408.3						348.1						0.09		%
Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc, Pref			(#)			501 N Wymore Rd, Winter Park, FL 32789						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/30/2030						387.7						387.7						404.8						0.11		%
George Family Cremation and Burial LLC			(#)			1260 W Mission Ave, Escondido, CA 92029						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/30/2031						100.4						100.4						89.7						0.02		%
Lightstat Inc.			(#)			22 W West Hill Rd, Barkhamsted, CT 06063						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/30/2030						363.4						363.4						359.3						0.10		%
Eppy's Tool & Equipment Warehouse, Inc			(#)			809 East 42nd St., Brooklyn, NY 11210						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2030						253.0						253.0						212.1						0.06		%
Shlama Two LLC dba Village Park Daycare			(#)			7440 Broadway, Merrillville, IN 46410						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2045						248.2						248.2						264.2						0.07		%
Trident E&P, LLC			(#)			320 Circle of Progress Dr, Pottstown, PA 19464						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2030						1,211.5						1,211.5						1,092.8						0.30		%
United Security Specialists, Inc.			(#)			275 Saratoga Ave. Ste 200, Santa Clara, CA 95050						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2030						112.9						112.9						94.7						0.03		%

25

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Center of New England Primary Care Inc			(#)			775 Center of New New England Blvd, Coventry, RI 02816						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2045						418.8						418.8						468.7						0.13		%
Perfect Game Incorporated			(#)			850 Twixt Town Rd NE, Cedar Rapids, IA 52402						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2030						1,211.5						1,211.5						1,123.4						0.30		%
Real Estate Personnel, Inc., Tara Matta and Sara Pierce			(#)			1758 Emerson St., Denver, CO 80218						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/30/2030						969.2						969.2						812.3						0.22		%
Center of New England Primary Care Inc, North Providence Urgent Care I			(#)			775 Centre of New England Blvd, Coventry, RI 02816						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2045						451.4						451.4						505.2						0.14		%
SDI Black 011, LLC			(#)			1091 YONKERS AVE, YONKERS, NY 10704						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/30/2030						969.2						969.2						827.3						0.22		%
Bojax Auto Collision Inc			(#)			4706 Fenlee Ave., Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2045						341.2						341.2						342.5						0.09		%
Khangri Sourcing Inc.			(#)			6021 129th. Ave SE, Bellevue, WA 98006						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/29/2030						181.8						181.8						151.3						0.04		%
Litchy Electric L.L.C.			(#)			4495 W Hacienda Ave, #2, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2030						96.9						96.9						82.4						0.02		%
E R Kilpatrick, LLC dba Jefferson Street True Value			(#)			212 Greenwood St., La Grande, OR 97850						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/28/2030						139.3						139.3						121.0						0.03		%
Sondra Gayle Insurance Agency Inc.			(#)			2107 Veterans Memorial Blvd, Metaire, LA 70002						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/24/2030						7.3						7.3						7.2						—		%
Terry A. Humphreys dba Tiki Torch Liquors			(#)			101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						11.6						—		%
NetLevel5 LLC dba Moutain Air Duct			(#)			4724 Poleplant Dr, Colorado Springs, CO 80918						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/23/2030						15.7						15.7						13.5						—		%
Title2Land,LLC			(#)			11851 Wentling Ave, Baton Rouge, LA 70816						Real Estate						Term Loan						Prime plus 2.75%						12/23/2045						111.7						111.7						124.4						0.03		%
SLCP Transport, LLC			(#)			111 Brentwood Dr, College Station, TX 77840						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						59.2						59.2						51.1						0.01		%
Summerfield Farm, Inc			(#)			24 Baker Rd, Pittstown, NJ 08867						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/23/2045						58.3						58.3						65.0						0.02		%
Pittman Holdings LLC DBA Maple Bourbon			(#)			1116 E Main St., Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						11.6						—		%
UBIF 86 CO dba UBREAKIFIX			(#)			1539 Town Center Dr, Lakeland, FL 33803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						55.5						55.5						46.1						0.01		%
Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC			(#)			1644 Main St. Ste 1, Columbia, SC 29201						Educational Services						Term Loan						Prime plus 2.75%						12/23/2030						563.5						563.5						494.7						0.13		%
Spectrum Dynamics, Inc dba Clean Water Works			(#)			27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						11.6						—		%
KCL Business Service Inc.			(#)			1042 San Fernando Rd., San Fernando, CA 91340						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						11.6						—		%
Chris' Angels Cleaning Service LLC			(#)			2090 Dunwoody Club Dr, Sandy Springs, GA 30350						Administrative and Support Services						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						11.6						—		%
US Dedicated LLC			(#)			13410 SE 26th Cir, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2030						212.0						212.0						176.0						0.05		%

26

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

ASIL Ventures, LLC			(#)			4354 N Bell Ave, Apt G2,, Chicago, IL 60618						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/22/2030						4.1						4.1						4.0						—		%
N.W.F.F., Inc. and Environmental Contracting Solutions, Inc.			(#)			687 E Central Ave, Sutherlin, OR 97479						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2030						751.1						751.1						656.3						0.18		%
N.W.F.F., Inc.			(#)			687 E. Central Ave, Sutherlin, OR 97479						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2045						43.4						43.4						47.1						0.01		%
Lynch Mining LLC			(#)			7262 West Hunt Hwy, Queen Creek, AZ 85142						Mining (except Oil and Gas)						Term Loan						Prime plus 2.75%						12/21/2045						361.8						361.8						376.4						0.10		%
Price Educational Services, LLC dba Mathnasium of South OKC			(#)			10740 S May Ave, Oklahoma City, OK 73170						Educational Services						Term Loan						Prime plus 2.75%						12/21/2030						8.1						8.1						7.1						—		%
REST Enterprises Inc dba Upstyled Properties			(#)			1440 W Taylor St Unit 595, Chicago, IL 60607						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						14.5						14.5						15.1						—		%
Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC			(#)			1145 13th Ave East, Palmetto, FL 34221						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/18/2030						199.2						199.2						165.4						0.04		%
Yinlink International Inc			(#)			2 Corporate Dr, Suiite A, East Windsor, NJ 08512						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						121.2						121.2						109.2						0.03		%
Katie Cox & Co. LLC			(#)			6605 Longshore ST, Ste 240, Dublin, OH 43017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						7.3						7.3						6.0						—		%
Code 3 Apps LLC.			(#)			843 Tempted Ways Dr, Longmont, CO 80504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/18/2030						7.3						7.3						6.0						—		%
Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery Ser			(#)			3100 Delaware Ave, Des Moines, IA 50313						Truck Transportation						Term Loan						Prime plus 2.75%						12/18/2045						223.4						223.4						237.4						0.06		%
People United of Louisiana LLC			(#)			1401 Hudson Lane, Monroe, LA 71201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						145.4						145.4						127.4						0.03		%
Tahzoo LLC			(#)			1015 7th St. NW, Washington, DC 20001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						751.1						751.1						625.3						0.17		%
Splashlight Photographic & Digital Studios LLC ,Splashlight Technologi			(#)			75 Varick St, 3rd Floor, New York, NY 10013						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						1,211.5						1,211.5						1,014.2						0.27		%
Last Touch LLC			(#)			927 E 10th St, Fairmont, MN 56031						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/18/2045						51.4						51.4						57.2						0.02		%
AccountPics, LLC			(#)			903 S WW White Rd, San Antonio, TX 78220						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2045						79.4						79.4						86.3						0.02		%
RJL Texas International Corporation			(#)			17401 Triton,, Schertz, TX 78154						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						266.5						266.5						237.8						0.06		%
Neeld Rentals Inc dba Mills True Value Hardware			(#)			205 Clinton Blvd, Clinton, MS 39056						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/18/2030						11.6						11.6						9.7						—		%
Pumpkin Patch Child Care and Early Education Center, LLC			(#)			310 Grove Beach Rd N, Westbrook, CT 06498						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2045						114.2						114.2						121.0						0.03		%
Giant Development Inc and Crabtree Development Corp			(#)			509 Pylon Dr, Ste 110, Raleigh, NC 27606						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/18/2030						1,211.5						1,211.5						1,055.8						0.29		%

27

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Horne Chiropractic Center, P.A			(#)			3820 Mountain Rd, Stes B & C, Pasadena, MD 21122						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						96.9						96.9						80.5						0.02		%
Flower City Customs Inc.			(#)			1805 Tebor Rd, Unit 4, Webster, NY 14580						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2030						10.2						10.2						8.5						—		%
Anthony Connelly Holdings LLC			(#)			7260 Dean Martin Dr, Ste 800, Las Vegas, NV 89118						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/17/2030						242.3						242.3						201.2						0.05		%
Yu Chun Chic Naeng Myun Restaurant Inc.			(#)			1159 Kapiolani Blvd, Honolulu, HI 96814						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/17/2030						14.5						14.5						12.1						—		%
Carolina Roofing Siding Painting LLC			(#)			204 Depot St., Camponbello, SC 29322						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2045						14.9						14.9						15.6						—		%
Vege Investments, LLC dba Sunoco Homestead			(#)			26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						11.6						—		%
Signature Graphic LLC			(#)			14425 N 79th St, Ste B, Scottsdale, AZ 85260						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						82.4						82.4						68.4						0.02		%
McFarlin, LLP			(#)			4 Park Plz Ste 1025, Irvine, CA 92614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						169.6						169.6						140.8						0.04		%
Highstar Travel Group, LLC			(#)			2869 Wilshire Dr, Ste 204, Orlando, FL 32835						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/16/2030						21.8						21.8						18.1						—		%
David M. Benson LLC			(#)			1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						11.6						—		%
Savannah Area Language & Culture Exchange, LLC			(#)			6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						11.6						—		%
Last Minute Effects Inc.			(#)			1016 Hamline Place, Burbank, CA 91504						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/15/2030						14.5						14.5						12.5						—		%
Corple Enterprisees Inc			(#)			17887 US Hwy 380 West, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/14/2030						60.6						60.6						50.7						0.01		%
Efficient, Fast & Good Cleaning Services Inc			(#)			2444 NW 177th Terrace, Miami Gardens, FL 33056						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/14/2030						7.3						7.3						6.3						—		%
Vector Utilities LLC			(#)			8501 San Gabriel Dr, Laredo, TX 78045						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2030						363.4						363.4						345.3						0.09		%
Accommodating Financial & Tax Services, LLC			(#)			1642 Ralston Circle, Toledo, OH 43623						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2045						42.0						42.0						45.9						0.01		%
Aeromax Industries Inc			(#)			1310 Ranchers Legacy Trail, Fort Worth, TX 76126						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/14/2030						169.6						169.6						140.8						0.04		%
Droplette Marketing Co			(#)			6481 Orangethorpe Ave, Buena Park, CA 90620						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2030						6.5						6.5						5.8						—		%
Donald W. Harris dba Bowman Creek Mini Storage			(#)			1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						12.2						12.2						11.6						—		%
TJ Pant LLC and Tailored Cartage LLC			(#)			25993 US 12, Sturgis, MI 49091						Truck Transportation						Term Loan						Prime plus 2.75%						12/11/2030						83.6						83.6						81.1						0.02		%
Jamali LLC dba Saahten			(#)			2741 Raceway Fairfield West, Pensacola, FL 32503						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						12.2						12.2						11.6						—		%
Shattered Prism LLC			(#)			3333 Broadway, New York, NY 10031						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/11/2030						7.3						7.3						7.6						—		%
Premium Marketing Co. Inc. dba Vera Moore Cosmetics			(#)			4 Shadow Lane, Woodbury, NY 11797						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/11/2030						21.8						21.8						18.5						0.01		%
Inner Beauty Salon and Suite LLC			(#)			825 Beecher St SW, Atlanta, GA 30310						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/10/2045						64.5						64.5						71.9						0.02		%

28

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

LTD Broadband, LLC			(#)			69 Teahouse St, Las Vegas, NV 89138						Telecommunications						Term Loan						Prime plus 2.75%						12/10/2030						1,211.5						1,211.5						1,093.6						0.30		%
Just In Time Refrigeration LLC			(#)			6400 EDNA TAYLOR PKWY, MONONA, WI 53716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/10/2045						231.3						231.3						235.6						0.06		%
M-Den, Inc			(#)			315 Main St., Ann Arbor, MI 48104						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						12/10/2030						1,114.6						1,114.6						1,065.8						0.29		%
HWH Unlimited, Inc.			(#)			43386 Business Park Dr, Temecula, CA 92590						Real Estate						Term Loan						Prime plus 2.75%						12/9/2030						72.7						72.7						75.5						0.02		%
LBR Partners LLC dba Techy			(#)			16430 Good Hearth Blouvard, Clermont, FL 34711						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/9/2030						43.6						43.6						36.3						0.01		%
Zebra House Coffee, LLC			(#)			1001 S El Camino Real, San Clemente, CA 92672						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/9/2030						43.6						43.6						36.2						0.01		%
Tortuga Backpacks LLC			(#)			340 South Lemon Ave, Walnut, CA 91789						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/8/2030						48.5						48.5						40.2						0.01		%
CashLine Solutions, LLC			(#)			467741 E 1050 Rd, Sallisaw, OK 74955						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/7/2030						11.6						11.6						9.7						—		%
Northeast Coverages Inc. and Southeast Coverages Inc.			(#)			910 Franklin Ave, Ste 210, Garden City, NY 11530						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/7/2030						164.8						164.8						171.2						0.05		%
Indecon Builders Inc			(#)			1382 Valencia Ave, Tustin, CA 92780						Construction of Buildings						Term Loan						Prime plus 2.75%						12/4/2030						48.5						48.5						40.2						0.01		%
Travel with Love, LLC dba Style & The Storyteller			(#)			8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/4/2030						4.9						4.9						4.7						—		%
Robert F. Johnson, Jr., dba R. Johnson Craftsmanship			(#)			346 Spring Garden Rd, Milford, NJ 08848						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						12/4/2030						10.0						10.0						9.6						—		%
Paradise RV Sales and Rentals LLC			(#)			7960 Dorchester Rd, North Charleston, SC 29418						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/4/2030						6.7						6.7						5.6						—		%
Combs Creative LLC			(#)			157 Antler Ridge Circle,, Nashville, TN 37214						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/4/2030						5.4						5.4						5.1						—		%
Perez Law Office, PLLC			(#)			80 N McClintock Dr, Chandler,, AZ 85226						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/4/2045						67.0						67.0						74.6						0.02		%
Pacific Contours Corp			(#)			5340 E Hunter Ave, Anaheim, CA 92807						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/4/2030						693.2						693.2						720.4						0.20		%
SME Business Services LLC			(#)			930 Chesaco Ave, Rosedale, MD 21237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						21.8						21.8						18.1						—		%
Tina D. Coker DBA Diane's Accounting Service			(#)			119 E Haywood St, England, AR 72046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/3/2030						12.2						12.2						11.6						—		%
Moxie Marketing, LLC			(#)			51 Lee Dr, Palm Coast, FL 32137						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						121.1						121.1						100.6						0.03		%
Staffhink Limited dba Barn Owl Drone Services			(#)			4283 Deerfield Hills Rd, Colorado Springs, CO 80916						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						12/3/2030						5.1						5.1						4.7						—		%
American Retail Properties, Inc.			(#)			125 Main St. 2nd Floor, Reading, MA 01867						Real Estate						Term Loan						Prime plus 2.75%						11/30/2030						21.7						21.7						18.0						—		%
Segreti Law Office, A Professional Corporation			(#)			350 10th Ave,Ste 1000, San Diego, CA 92101						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2030						18.1						18.1						15.1						—		%

29

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Jonathan J Klaczik LLC dba Veterans Fence Company			(#)			7417 Dover Lane, Parma, OH 44130						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/27/2030						21.7						21.7						19.2						0.01		%
Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea			(#)			14a Craig Rd, Acton, MA 01720						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/27/2030						38.5						38.5						32.3						0.01		%
The Alder SmokeHouse LLC			(#)			1055 Virginia Ave, North Bend, OR 97459						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2030						10.8						10.8						11.3						—		%
LIAISON STAINLESS INC			(#)			630 James Lee Dr NW, Suwanee, GA 30024						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/25/2030						72.2						72.2						60.0						0.02		%
Next Level Detailing, LLC			(#)			3235 Odeon Way, Ste 201-203, Acworth, GA 30102						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/24/2030						7.2						7.2						6.0						—		%
Dearly LOved Counseling, L.L.C			(#)			14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618						Social Assistance						Term Loan						Prime plus 6.5%						11/24/2030						12.1						12.1						11.6						—		%
Ellis Apex LLC dba Inage360 Marietta			(#)			2060 Franklin Way SE, Ste 150, Marietta, GA 30067						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/24/2030						89.0						89.0						74.4						0.02		%
Flex Beauty Labs, LLC			(#)			7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						12.1						12.1						11.6						—		%
Kendra Leigh Boyer, CPA			(#)			5068 Dupont Court E, Santa Rosa, CA 95409						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						11/20/2030						1.1						1.1						1.0						—		%
Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT			(#)			14543 SW 5th St., Pembroke Pines, FL 33027						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/20/2030						14.2						14.2						11.8						—		%
Prosperity Tool, Inc			(#)			2006 National Guard Dr, Plant City, FL 33563						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/19/2045						297.4						297.4						329.9						0.09		%
Green Farm Inc dba Farmers Outlet			(#)			1018 W SR 424 Ste 100, Longwood, FL 32750						Food and Beverage Stores						Term Loan						Prime plus 6.5%						11/19/2030						12.1						12.1						11.6						—		%
The Number Masters			(#)			3325 Highland St., Grove City, OH 43123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2030						16.8						16.8						13.9						—		%
Italian Heritage Tile and Stone Inc			(#)			4725 Morgan Territory Rd, Clayton, CA 94517						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/18/2030						75.8						75.8						63.0						0.02		%
T.S.I.-VA, LLC and Alpha Business Services Inc.			(#)			2525 Pointe Center Court, Ste 200, Dumfries, VA 22026						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/17/2030						105.4						105.4						87.6						0.02		%
Master Printing and Signs Corp & Artishirt Co.			(#)			386 Squire Rd, Revere, MA 02151						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/10/2045						199.2						199.2						214.7						0.06		%
Modutech Marine Inc			(#)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/9/2030						385.2						385.2						400.2						0.11		%
Paws For Health of Florida LLC			(#)			4588 Ashton Rd, Sarasota, FL 34233						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/5/2030						55.4						55.4						46.0						0.01		%
Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC			(#)			8712 60th Terrace South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/4/2030						50.6						50.6						43.9						0.01		%
GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys			(#)			1071 Serpentine Lane, Pleasanton, CA 94566						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/4/2030						356.5						356.5						370.4						0.10		%
Supersonic Cleaning Services Inc			(#)			36 Seitz Terrace, Arlington, NY 12603						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/29/2030						37.1						37.1						31.3						0.01		%

30

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Third Day Lubes, Inc.			(#)			450 GA- 53, Calhoun, GA 30701						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/28/2030						21.5						21.5						22.4						0.01		%
Marcus Horn dba Versatile Styles and Cuts			(#)			2018 24th Ave, Meridian, MS 39301						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/15/2045						10.4						10.4						11.0						—		%
RYAN & CONLON, LLP			(#)			2 Wall St, Apt 710, New York, NY 10005						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/14/2030						502.2						502.2						417.0						0.11		%
Shades of U, Inc. dba Diva by Cindy			(#)			15212 Hanover Pike, Upperco, MD 21155						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/9/2045						89.1						89.1						94.6						0.03		%
VIP Lawn Care Services LLC dba VIP Services			(#)			3875 Fay Blvd, Cocoa, FL 32927						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/8/2030						18.3						18.3						15.3						—		%
Snow Lodge, LLC			(#)			115 County Rd 725, Sweeny, TX 77480						Accommodation						Term Loan						Prime plus 2.75%						10/8/2045						49.5						49.5						54.2						0.01		%
KTF Consulting Corp			(#)			2471 N Geneva Terrace, Chicago, IL 60614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/6/2030						71.7						71.7						74.6						0.02		%
The Hall at the Yard LLC dba The Hall on the Yard			(#)			1412 Alden Rd, Orlando, FL 32803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/2/2031						526.3						526.3						443.0						0.12		%
Babys on Broadway LLC			(#)			47 East Broadway, Little Falls, MN 56345						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						9/25/2030						71.3						71.3						60.7						0.02		%
South Park Hardware, LLC			(#)			16074 South Park Ave, South Holland, IL 60473						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/25/2045						74.1						74.1						82.6						0.02		%
7PSolutions, LLC			(#)			136 North Van Buren St., Nashville, IN 47448						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2030						47.5						47.5						39.7						0.01		%
Hazleton Oil & Environmental, Inc			(#)			300 Tamaqua St., Hazleton, PA 18201						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2045						1,073.9						1,073.9						1,184.7						0.32		%
Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC			(#)			200 North Branford Rd, Branford, CT 06405						Construction of Buildings						Term Loan						Prime plus 2.75%						9/24/2030						356.4						356.4						343.1						0.09		%
BulkMore LLC			(#)			12741 Ocean Gateway, Ocean City, MD 21842						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/18/2030						143.5						143.5						123.9						0.03		%
Mister Dexters LTD dba Shuga's			(#)			702 S. Cascade Ave, Colorado Springs, CO 80903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2045						56.7						56.7						59.8						0.02		%
Mister Dexters LTD dba Shuga's			(#)			702 S Cascade Ave, Colorado Springs, CO 80903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2030						173.5						173.5						143.8						0.04		%
Heriz Gallery Inc dba Pineville Rug Gallery			(#)			312 Main St., Pineville, NC 28134						Textile Product Mills						Term Loan						Prime plus 2.75%						4/6/2045						97.1						97.1						103.9						0.03		%
Alliance Heating & Air Conditioning, Inc.			(#)			10 Brookfield Ave, Bridgeport, CT 06610						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/6/2030						691.0						691.0						575.0						0.16		%
Terry and Tammy Jacobsen, Inc dba Appliance Recycling			(#)			10105 Airport Way, Snohomish, WA 98296						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						4/3/2030						310.1						310.1						256.7						0.07		%
Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet			(#)			10105 Airport Way, Snohomish, WA 98296						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						4/3/2045						826.5						826.5						846.0						0.23		%
Profit Stewards, LLC			(#)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/2/2030						39.8						39.8						34.0						0.01		%
Caplan Home Care, LLC			(#)			6029 Berkshire Lane, Dallas, TX 75225						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/1/2045						855.4						855.4						889.8						0.24		%

31

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc & R			(#)			570 W Olive Ave,, Merced, CA 95348						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/31/2030						91.4						91.4						82.1						0.02		%
Montana Custom Log Homes, Inc.			(#)			2036 US Hwy 93 North, Victor, MT 59875						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2045						358.3						358.3						392.5						0.11		%
Blackwater Diving LLC			(#)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2030						342.6						342.6						302.3						0.08		%
Tomco Inc. dba Rental City dba Tomco Equiptment Sales			(#)			6470 State St., Saginaw, MI 48603						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/27/2030						20.6						20.6						17.0						—		%
Suburban Transmission of Northern Illinois, Inc.			(#)			1714 E Oakton St, Des Plaines, IL 60018						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/27/2045						146.8						146.8						161.5						0.04		%
Dunaway and Hart, Inc			(#)			575 Harkrider St., Conway, AR 72032						Real Estate						Term Loan						Prime plus 2.75%						3/26/2030						45.6						45.6						37.6						0.01		%
Kris-Leigh Catered Living at Severna Park,LLC			(#)			831 Richie Hwy, Severna Park, MD 21146						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/20/2030						483.7						483.7						500.5						0.14		%
Patoruzu Inc dba Sharkey's Cuts for Kids			(#)			18121 Tuckerton Rd, Ste 130, Cypress, TX 77433						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/20/2030						12.4						12.4						10.3						—		%
Firefly Developement LLC dba Firefly Earthworks			(#)			4810 Vicksburg St., Dallas, TX 75207						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/19/2045						294.0						294.0						296.5						0.08		%
Coffeestamp LLC			(#)			2511 S Jefferson Ave, St. Louis, MO 63104						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/17/2030						4.1						4.1						3.8						—		%
Forest Scientific Corporation			(#)			668 Elm St., Tionesta, PA 16353						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/17/2030						68.3						68.3						70.7						0.02		%
Mid Ohio Hospitality, LLC dba Bucks Bar and Grill			(#)			192 E Main St, Mansfield, OH 44904						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/17/2045						224.9						224.9						249.8						0.07		%
Kanga Lean, Inc. dba F45 Training Trinity			(#)			3139 Little Rd Space A-5, Trinity, FL 34655						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/16/2030						52.7						52.7						45.9						0.01		%
Integrated Equipment Inc; Intergrated Elastomers Inc			(#)			5701 Brittmoore Rd, Houston, TX 77041						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/13/2045						1,238.7						1,238.7						1,375.7						0.37		%
Stretch of NW Georgia, LLC dba Stretch Zone			(#)			1430 Towne Lake Pkwy, Ste 26100, Woodstock, GA 30189						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/13/2030						13.4						13.4						11.1						—		%
Astoria-Pacific Inc			(#)			15130 SE 82nd Dr, Clackamas, OR 97015						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/13/2030						113.9						113.9						117.8						0.03		%
Signet Media dba Signet Media inc.			(#)			630 S 1st St, San Jose, CA 95113						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/13/2030						313.2						313.2						324.1						0.09		%
Mark Allen Taylor dba Taylor Auction			(#)			20 & 68 Westfield Rd, Nicholls, GA 31554						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/13/2030						128.6						128.6						113.5						0.03		%
Rapid Trucking and			(#)			4225 W Capitol Ave, West Sacramento, CA 95691						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2045						746.0						746.0						828.6						0.22		%
Native Fields Landscaping LLC and My Two Girls LLC			(#)			73 Taylor Rd, Wharton, NJ 07885						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2045						521.2						521.2						535.0						0.14		%
GQ Investments LLC			(#)			5772 Miami Lakes Dr, Miami Lakes, FL 33014						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						Prime plus 2.75%						3/12/2030						136.7						136.7						112.9						0.03		%
C3 Capital, Inc			(#)			10010 North Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/11/2030						515.9						515.9						511.0						0.14		%

32

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Quarles Service Systems, Inc.			(#)			1740 September Ave, Memphis, TN 38116						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/10/2045						94.1						94.1						98.3						0.03		%
Blue Dot Trading Inc			(#)			3100 NW 72nd Ave, Miami, FL 33122						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/10/2030						51.3						51.3						42.4						0.01		%
The Ugly Mug's Coffee and Tea Inc.			(#)			1390 Broadway Ste C, Placerville, CA 95667						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2030						33.6						33.6						27.7						0.01		%
Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan			(#)			2342 NY- 37, Port Covington, NY 12937						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/6/2030						127.6						127.6						125.3						0.03		%
KR Enterprises, Inc. dba Carriage Inn			(#)			1065 Tower Hill Rd, North Kingstown, RI 02852						Accommodation						Term Loan						Prime plus 2.75%						3/6/2045						314.0						314.0						324.4						0.09		%
Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security			(#)			974 Commercial St, Palo Alto, CA 94303						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/6/2030						353.0						353.0						291.7						0.08		%
Advans IT Services, Inc.			(#)			65 Boston Post Rd W Ste 390, Marlborough, MA 01752						Other Information Services						Term Loan						Prime plus 2.75%						3/6/2030						113.9						113.9						94.1						0.03		%
Big Brand Management LTD. CO. dba Ivox Media			(#)			512 E 11th St, Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						3/6/2030						60.5						60.5						57.0						0.02		%
Minifox Inc. dba Pho Hoa and Jazen Tea			(#)			10624 South Eastern Ave Stes R & S, Hendersen, NV 89502						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/5/2030						68.5						68.5						57.7						0.02		%
Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn			(#)			195 Oenoke Ridge, New Canaan, CT 06840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/4/2030						24.3						24.3						25.2						0.01		%
Chet Lemon Enterprises, Inc. dba All American Sports			(#)			1544 Lane Park Cut off, Tavares, FL 32778						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/3/2031						271.1						271.1						282.1						0.08		%
14th State Learning, LLC dba Sylvan Learning, LLC			(#)			1 Market Pl #10, Essex Junction, VA 05452						Educational Services						Term Loan						Prime plus 2.75%						3/2/2030						47.0						47.0						39.3						0.01		%
Toju Bay Inc. dba Fiesta Americana Restaurand and Club			(#)			1622-1624 N. Mannheim Rd, Stone Park, IL 60165						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2045						446.8						446.8						483.7						0.13		%
Custom Garages			(#)			110 2nd Ave South, Pacheco, CA 94553						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2030						125.5						125.5						108.7						0.03		%
LCSM Logistics Inc			(#)			15735 Spectrum Dr, Addison, TX 75001						Couriers and Messengers						Term Loan						Prime plus 2.75%						2/28/2030						76.8						76.8						63.4						0.02		%
Breakers Electric, LLC dba Merrill Sports			(#)			13600 Mustang Dr, Mead, CO 80542						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/27/2030						9.5						9.5						7.8						—		%
Crux Solutions LLC dba Waddell's Riverside Funeral Directors			(#)			6938 Westover St., Houston, TX 77087						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/27/2045						79.3						79.3						84.1						0.02		%
GRSC, Inc.			(#)			1643 NW Dove Ct, Stuart, FL 34994						Construction of Buildings						Term Loan						Prime plus 2.75%						2/27/2030						20.3						20.3						18.1						—		%
Feras Alshadaida dba Allura Dairy			(#)			8809 N Grove Ave, Rancho Cucamonga, CA 91730						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						54.6						54.6						47.2						0.01		%
M & L ENTERPRIZES, LLC			(#)			2401 Wrightsville Ave, Wilmington, NC 28403						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						45.2						45.2						46.7						0.01		%
Abe Chahrour Investment, LLC			(#)			4001 S Wayne Rd, Wayne, MI 48154						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/25/2045						21.7						21.7						24.1						0.01		%

33

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bora Enterprises, LLC			(#)			44255-B Fremont Blvd,, Fremont, CA 94538						Truck Transportation						Term Loan						Prime plus 2.75%						2/21/2030						11.5						11.5						9.5						—		%
Skimino Enterprises LLC			(#)			197 Ewell Rd, Williamsburg, VA 23188						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/21/2030						67.7						67.7						56.0						0.02		%
Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC			(#)			7215 Waelti Dr, Melbourne, FL 32940						Social Assistance						Term Loan						Prime plus 2.75%						2/21/2045						374.1						374.1						374.5						0.10		%
Sherwood Sporthorses Inc.			(#)			20502 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/21/2046						398.0						398.0						412.3						0.11		%
Alex Roit Chiropractic, P. C			(#)			55 Northern Blvd, Ste 103, Great Neck, NY 11021						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/19/2030						18.0						18.0						14.9						—		%
Little Feet Academy of Jacksonville, LLC			(#)			10265 Normandy Blvd, Jacksonville, FL 32221						Social Assistance						Term Loan						Prime plus 2.75%						2/17/2045						46.1						46.1						47.1						0.01		%
Romo Medical Equiptment LLC			(#)			3453 North Panam Expressway, San Antonio, TX 78219						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/14/2030						451.6						451.6						373.1						0.10		%
All Modes Transportation & Logistics LLC			(#)			4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.5						11.5						10.8						—		%
Lesher Transportation and Shipping, LLC			(#)			116 North Austin St., Oak Grove, MO 64075						Truck Transportation						Term Loan						Prime plus 2.75%						2/13/2030						3.5						3.5						3.6						—		%
Red Rock Government Serviice, LLC			(#)			45240 Business Court, Sterling, VA 20166						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/13/2030						153.8						153.8						141.9						0.04		%
Shaw, Ltd dba Fitness 1440 North Coventry			(#)			54-58 Glocker Way, Pottstown, PA 19465						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/13/2030						55.1						55.1						48.2						0.01		%
Damiano Global Corp.			(#)			333 Birch Hills Dr, Rochester, NY 14622						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/10/2030						45.2						45.2						37.3						0.01		%
Fortson Janitorial Inc			(#)			462-482 Chattahoochee St., Cornelia, GA 30531						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/5/2045						105.0						105.0						116.6						0.03		%
2'N1 Home and lawn LLC dba N1 Home an Lawn LLC			(#)			1300 Ridenour Blvd, Kennesaw, GA 30152						Administrative and Support Services						Term Loan						Prime plus 6.5%						2/3/2030						11.5						11.5						10.8						—		%
A1 Radon Services, LLC			(#)			9980 Dell Rd, Eden Prairie, MN 55347						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						1/31/2030						80.5						80.5						66.5						0.02		%
Thisaflycloset, LC			(#)			12408 Kingsview St., Bowie, MD 20721						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						1/30/2030						11.5						11.5						10.8						—		%
Adorable Home Heath Care LLC			(#)			6110 W Capitol Dr, Milwaukee, WI 53216						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/30/2030						37.7						37.7						31.1						0.01		%

Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc			(#)			6967 Hancock Dr, Port St Lucie, FL 34952						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						1/30/2045						309.1						309.1						312.6						0.08		%
3 Fat Labs Inc. and Energy Conservation Solution Inc.			(#)			2001 S County Rd 400 W, Greencastle, IN 46135						Rental and Leasing Services						Term Loan						Prime plus 2.75%						1/30/2045						275.1						275.1						283.5						0.08		%
Daftarnow Inc dba Venture X Parsippany			(#)			8 Campus Dr. Ste 105, Parsippany, NJ 07054						Real Estate						Term Loan						Prime plus 2.75%						7/30/2030						174.0						174.0						144.2						0.04		%
Codame Enterprises LLC dba Firehouse Subs			(#)			1547 Main St., Dunedin, FL 34698						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/29/2030						95.1						95.1						78.6						0.02		%
Havana Knights LLC			(#)			65 Lindsey Lane, Havana, FL 32333						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/27/2030						35.4						35.4						31.9						0.01		%

34

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Amina Financial Solutions LLC dba Expat Tax Solutions			(#)			1433 Chestnut St., Macon, GA 31201						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/24/2030						18.8						18.8						15.6						—		%
Affinity Integrated Solutions Inc.			(#)			115 Pomona Dr, Greensboro, NC 27402						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2045						292.6						292.6						301.4						0.08		%
Affinity Integrated Solutions Inc			(#)			115 Pomona Dr, Greensboro, NC 27407						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2030						201.8						201.8						166.8						0.05		%
Align Sports Management, LLC			(#)			15822 Caminito Cantaras, Del Mar, CA 92014						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						1/22/2030						20.2						20.2						16.8						—		%
Emmalina LLC			(#)			3602 Rock Bay Dr, Louisville, KY 40245						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2030						8.5						8.5						7.7						—		%
Motorsport Imagery, Inc			(#)			16362 Cherokee Rd, Brooksville, FL 34601						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/17/2030						20.2						20.2						18.0						—		%
Lyon Cubs LLC dba Dayton Valley Learning Center			(#)			357 Dayton Valley Rd, Dayton, NV 89403						Social Assistance						Term Loan						Prime plus 2.75%						1/16/2045						163.7						163.7						169.1						0.05		%
VetMed LLC			(#)			908 4th Ave, Decatur, AL 35601						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						78.5						78.5						64.9						0.02		%
Jordi X Kellogg, M.D.,P.C			(#)			9200 SE 91st Ave STE 340, Happy Valley, OR 97086						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						56.1						56.1						46.3						0.01		%
Luster Custom Homes LLC			(#)			18801 North Thompson Peak Pkwy, Ste 240, Scottsdale, AZ 85255						Construction of Buildings						Term Loan						Prime plus 2.75%						1/10/2030						33.2						33.2						27.5						0.01		%
CV Flores LLC dba A All Animal Control			(#)			2140 E Southlake Blvd L-503, Southlake, TX 76092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/9/2030						4.7						4.7						4.0						—		%
Global Information Technology, Inc			(#)			1 Cragwood Rd, Ste 101, South Plainfield, NJ 07080						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/31/2029						505.4						505.4						417.6						0.11		%
Nick's Country Kitchen, LLC			(#)			3 Flanders Rd, Bethlehem, CT 06751						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						280.8						280.8						294.5						0.08		%
Bearwaters Brewing Company			(#)			101 Park St, Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						249.8						249.8						268.4						0.07		%
Pecos Entertainment LLC dba State Theater			(#)			421 South Oak St, Pecos, TX 79772						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/31/2029						123.6						123.6						127.9						0.03		%
Dilpreet Hundal dba Kwik Stop			(#)			1001 Sacramento Ave, West Sacramento, CA 95605						Gasoline Stations						Term Loan						Prime plus 2.75%						12/30/2044						235.6						235.6						256.6						0.07		%
Spinnaker Vero Inc.			(#)			983 12th St., Vero Beach, FL 32960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/30/2044						768.0						768.0						824.7						0.22		%
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S			(#)			524 Sackett St., Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2029						244.9						244.9						242.3						0.07		%
Kiddie Garden Child Development Center, LLC			(#)			2809 W. Atkinson Ave, Milwaukee, WI 53209						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2044						41.9						41.9						46.8						0.01		%
Vance Ewing LLC			(#)			22940 Harlan Ln, St. Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2029						100.5						100.5						105.5						0.03		%
Larry J. Frick dba L & S Trucking			(#)			157571 E Wausau Ave, Wausau, WI 54403						Truck Transportation						Term Loan						Prime plus 2.75%						12/30/2029						44.1						44.1						42.5						0.01		%

35

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress			(#)			8780 Pershall Rd, Hazelwood, MO 63042						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/30/2029						930.6						930.6						876.0						0.24		%
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC			(#)			7302 Kirby Ave, Lubbock, TX 79424						Gasoline Stations						Term Loan						Prime plus 2.75%						12/27/2029						122.5						122.5						120.8						0.03		%
Irony LLC dba Mulberry’s Garment Care			(#)			2579 Fairview Ave North, Roseville, MN 55113						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/27/2029						977.4						977.4						902.5						0.24		%
QXC Communications, Inc			(#)			4541 N Dixie Hwy, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						12/27/2029						466.8						466.8						428.9						0.12		%
Tatoo Tony's Under My Skin LLC			(#)			73 Memorial Pkwy, Atlantic Highlands, NJ 07716						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/27/2044						97.7						97.7						110.2						0.03		%
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation			(#)			8712 60th Terrace South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						165.9						165.9						157.4						0.04		%
American Landscaping Company and Ground Effects Landscaping, LLC			(#)			6151 A St., Anchorage, AK 99518						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						629.7						629.7						710.9						0.19		%
American Landscaping Company			(#)			6151 S St., Anchorage, AK 99518						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						274.9						274.9						278.3						0.08		%
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge			(#)			25150 W Warren Ave., Dearborn Heights, MI 48127						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						219.5						219.5						245.8						0.07		%
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge			(#)			25150 W Warren Ave., Dearborn Heights, MI 48127						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						144.5						144.5						139.0						0.04		%
Watearth Inc			(#)			3371 Glendale Blvd Ste 208, Los Angeles, CA 90039						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2029						41.6						41.6						38.2						0.01		%
A Family Member Homecare Group Inc, A Family Member Homecare Holdings,			(#)			11788 Sample Rd, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/27/2044						117.0						117.0						127.6						0.03		%
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation			(#)			8712 60TH TER South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						138.8						138.8						156.7						0.04		%
K&S Hardware LLC dba Gopher Ace			(#)			1865 Wayzata Blvd, Long Lake, MN 55356						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/27/2029						55.7						55.7						55.9						0.02		%
Icebox Cafe L.C. and Icebox Pantry, LLC			(#)			219 NE 3rd St., Hallendale Beach, FL 33009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/26/2030						418.5						418.5						397.2						0.11		%
Bhatti LLC 2, Bhatti LLC			(#)			1451 Coral Ridge Ave, Coralville, IA 52241						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/26/2029						100.5						100.5						94.0						0.03		%
Ink! Coffee Company			(#)			2851 Larimer St., Denver, CO 80205						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2029						483.1						483.1						443.8						0.12		%
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport			(#)			2564 Branch St., Middleton, WI 53562						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/24/2029						315.1						315.1						304.2						0.08		%
Synergistic-Designs, LLC			(#)			493 Wilson Mill Rd, New Wilmington, PA 16142						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/24/2029						6.7						6.7						6.1						—		%

36

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Aitheras Aviation Group, LLC and International Aviation Sales, Ltd.			(#)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						12/23/2029						439.8						439.8						416.8						0.11		%
Food Civilization Services LLC and 1701 W 15th St LLC			(#)			512 E 11th St., Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						12/23/2044						146.3						146.3						165.2						0.04		%
The Lamkin Group LLC and National Championship Enterprises LLC			(#)			901 Lily Creek Rd, Ste 102, Louisville, KY 40243						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/23/2029						596.3						596.3						548.3						0.15		%
512 E 11th Street LLC and Big Brand Management Ltd. Co.			(#)			512 E 11th St, Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						12/23/2044						325.5						325.5						365.5						0.10		%
Shaddai Aesthetics Inc			(#)			706 W. 34th St., Austin, TX 78705						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/20/2029						16.9						16.9						15.5						—		%
Freedom Enterprises, Inc			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2029						294.1						294.1						277.0						0.08		%
Chris Farley DVM PA. dba Farley Veterinary Clinic			(#)			6487 Taft St., Hollywood, FL 33024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2029						12.0						12.0						12.6						—		%
Romain Tower Inc.			(#)			215 S Persimmon St, Tomball, TX 77375						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/20/2044						888.1						888.1						949.0						0.26		%
Macon Arts Center LLC			(#)			4570 Pio Nono Ave, Macon, GA 31206						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/20/2044						617.8						617.8						692.2						0.19		%
La Tradicion Cubana Inc			(#)			9357 S.W. 40th St., Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.4						11.4						11.9						—		%
Freedom Enterprises, Inc - New RE company to be formed			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2044						203.3						203.3						227.0						0.06		%
ACC International LLC			(#)			200 N Furnace St, Birdsboro, PA 19508						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2044						314.0						314.0						338.4						0.09		%
RWBB LLC			(#)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/19/2029						15.2						15.2						14.6						—		%
New Casa Technologies, LLC			(#)			7928 S 70th Lane, Laveen, AZ 85339						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2029						7.2						7.2						6.7						—		%
GDIM Enterprises Inc dba AAMCO			(#)			1657 Whiskey Rd., Aiken, SC 29803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/19/2029						18.5						18.5						18.0						—		%
United Capital Group LLC			(#)			23022 La Cadena Dr, Laguna Hills, CA 92653						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/19/2029						287.4						287.4						273.1						0.07		%
Kuros, LLC			(#)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						11/19/2045						88.5						88.5						99.9						0.03		%
MBK IT Services Inc.			(#)			626 Trailwood Ct., Garland, TX 75043						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/19/2029						19.2						19.2						20.2						0.01		%
Kuros, LLC			(#)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						12/19/2044						388.2						388.2						438.2						0.12		%
Nebulos, LLC			(#)			5428 Twilight Way, Parker, CO 80134						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2029						55.7						55.7						54.7						0.01		%
Skyfall LLC dba EZ Self Storage			(#)			2705 US Hwy 45 North, Henderson, TN 38340						Real Estate						Term Loan						Prime plus 2.75%						12/18/2044						142.4						142.4						160.8						0.04		%
Premier Gaming Solutions Inc			(#)			17 South Grand Ave, Pasadena, CA 91105						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/18/2029						10.0						10.0						10.5						—		%

37

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

The Burlington Academy of Learning LLC			(#)			10 Covey Rd, Burlington, CT 06013						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2029						47.4						47.4						49.7						0.01		%
HADD Corp			(#)			364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						11.3						11.3						11.9						—		%
J and K Project Management Consultants dba A. C. T. Construction			(#)			350 Mc Donnell St, Lewisville, TX 75057						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2029						185.0						185.0						194.0						0.05		%
Farain Saremi dba USA Produce			(#)			461 G St., Los Banos, CA 93635						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/16/2044						462.5						462.5						512.1						0.14		%
Signco America LP & Sparkle corporation Inc.			(#)			7938 Wright Rd, Houston, TX 77041						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/16/2044						1,217.2						1,217.2						1,374.2						0.37		%
J and K Project Management Consultants LLC			(#)			350 Mc Donnell St, Lewisville, TX 75057						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2044						305.1						305.1						344.5						0.09		%
Dr Steven J Seidel			(#)			42 Campeau Place, Bergenfield, NJ 07621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2029						72.4						72.4						66.6						0.02		%
Jen Macias LLC dba Duende			(#)			2301 NW Thurman St., Portland, OR 97210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2029						7.2						7.2						6.6						—		%
Math Enrichment, LLC			(#)			1009 E Capitol Expressway, San Jose, CA 95121						Educational Services						Term Loan						Prime plus 2.75%						12/13/2029						185.6						185.6						170.5						0.05		%
WURA LLC dba Dickey's Barbecue Pit			(#)			4325 E. University Dr, Ste 40, Prosper, TX 75078						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/13/2029						85.2						85.2						79.9						0.02		%
Essex Indoor Golf Center LLC			(#)			23 Saybrook Rd, Essex, CT 06426						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/13/2029						70.3						70.3						67.8						0.02		%
The Floor Covering Warehouse, Inc			(#)			112 Orchard St., Stamford, CT 06902						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/13/2044						233.7						233.7						263.9						0.07		%
The Crane Guys, LLC			(#)			14480 Alondra Blvd, La Mirada, CA 90638						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/13/2029						1,174.9						1,174.9						1,133.6						0.31		%
Nulane Entertainment LLC			(#)			4100 W. Alameda Ave # 300, Burbank, CA 91505						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2029						6.8						6.8						6.2						—		%
Abylex, Inc and Worpex LLC			(#)			7473 Reese Rd #2, Sacramento, CA 95828						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/12/2044						93.8						93.8						95.2						0.03		%
Belle Properties Northwest, Inc.			(#)			223 Ave B, Snohomish, WA 98290						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/12/2044						128.2						128.2						143.0						0.04		%
Joyner5, Inc.dba British Swim School			(#)			1000 Settlers Landing Court, Wake Forest, NC 27587						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/12/2029						20.1						20.1						18.5						0.01		%
Stockton TRI Industries, LLC			(#)			2141 E Anderson St, Stockton, CA 95205						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/12/2044						1,078.6						1,078.6						1,197.7						0.32		%
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC			(#)			5801 Cleveland Ave, Riverdale, MD 20737						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/11/2044						293.0						293.0						330.8						0.09		%
Professional Plumbing Services of Nela, LLC			(#)			99 Plum St, West Monroe, LA 71292						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2029						16.0						16.0						16.2						—		%
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca			(#)			175 W Borgfeld Dr, San Antonio, TX 78260						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2044						109.5						109.5						121.2						0.03		%
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab			(#)			10904 Baltimore St NE, Blaine, MN 55449						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/11/2029						37.0						37.0						34.0						0.01		%

38

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ciel Du Mel LLC dba Lala's Creamery			(#)			134 Petaluma Blvd North, Petalumaca, CA 94952						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/10/2029						14.7						14.7						13.9						—		%
SLCP Transport, LLC dba Aamco			(#)			1407 Lomaland Dr, El Paso, TX 79935						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2029						55.7						55.7						54.7						0.01		%
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L			(#)			10 Tremont Rd, Tremont, PA 17981						Social Assistance						Term Loan						Prime plus 2.75%						12/10/2044						38.0						38.0						42.3						0.01		%
Elita 7, LLC and Behavioral Nutrition Inc.			(#)			16 Marble St., Worchester, MA 01603						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/9/2029						285.1						285.1						282.6						0.08		%
DB Talak LLC			(#)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/6/2044						151.5						151.5						171.0						0.05		%
Scott's Hardware, Inc., dba Medford Inc			(#)			200 Tuckerton Rd, Medford, NJ 08055						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						12/6/2029						11.3						11.3						11.9						—		%
Bay Area Metal Fabricarion LLC			(#)			510 -512 Stone Rd, Benicia, CA 94510						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/6/2029						121.8						121.8						117.0						0.03		%
Glen Lamb dba Lambs Tree And Plant Health Care			(#)			413 Pond Meadow Rd, Westbrook, CT 06498						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						16.7						16.7						16.1						—		%
The Stout Group LLC			(#)			10850 NW 138th St, Hialeah Gardens, FL 33018						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/6/2029						208.8						208.8						200.1						0.05		%
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC			(#)			560 56th St SW, Grand Rapids, MI 49548						Truck Transportation						Term Loan						Prime plus 2.75%						12/6/2029						981.1						981.1						911.6						0.25		%
Mazhar Family, Inc dba Edible Arrangements			(#)			601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/6/2029						60.1						60.1						55.6						0.02		%
Wolf Pack, LLC			(#)			939 South 25th East, Ste. 115, Ammon, ID 83406						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						3/6/2030						203.0						203.0						193.0						0.05		%
Natalie Enterprise Inc			(#)			2500 Grand Ave, Billings, MT 59102						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						18.0						18.0						18.9						0.01		%
Ohanyan LLC dba Nestle Toll House Caf'e By Chip			(#)			14006 Riverside Dr, Store No. 9270, Sherman Oaks, CA 91423						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/6/2029						37.9						37.9						36.3						0.01		%
Used Tire Express 1, Corp			(#)			437 N. Battlefield, Chesapeake, VA 23320						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/5/2029						76.8						76.8						72.6						0.02		%
Standard Capital Corp			(#)			2349 Wessington Dr, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.4						11.4						11.9						—		%
Clearwater Engineering Inc			(#)			301 N River St., Derby, KS 67037						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/5/2029						525.5						525.5						504.6						0.14		%
Hook Line and Schooner Vinings LLC			(#)			400 West Village Way #3009, Smyrna, GA 30008						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/4/2029						20.1						20.1						19.4						0.01		%
Soto Injury Law Firm, PA and My Attorney Inc			(#)			2050 Capital Circle NE Ste B, Tallahassee, FL 32308						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2029						56.5						56.5						52.0						0.01		%
Mega Sales Detergent Distributor, LLC			(#,^)			1 Ackerman Ave, Clifton, NJ 07011						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/29/2029						44.2						44.2						40.6						0.01		%
Loading Arms Plus Inc			(#)			5401 Mitchelldale St., Ste B4, Houston, TX 77092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2029						70.1						70.1						65.2						0.02		%
Behind the Scenes Chicago, LLC dba Paramount Events			(#)			1750 W Lake St., Chicago, IL 60612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						397.2						397.2						378.4						0.10		%

39

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Codorado, Inc. dba Dentalmart			(#,^)			10 Glorieta Rd, Sante Fe, NM 87508						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/27/2029						9.3						9.3						8.5						—		%
American Bio Source, LLC dba Dieselgreen Fuels			(#)			2522 N Hwy 287, Decatur, TX 76234						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						11/27/2029						53.7						53.7						56.3						0.02		%
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC			(#)			102 W 73rd St., New York, NY 10023						Food Manufacturing						Term Loan						Prime plus 2.75%						11/27/2029						255.9						255.9						237.6						0.06		%
Haversack Holdings LLC			(#)			7930 W Kenton Circle, Ste 260, Huntersville, NC 28078						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2029						110.5						110.5						101.6						0.03		%
Roots'n Shoots, LLC			(#)			86 Boston Rd, Chelmsford, MA 01824						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/27/2029						9.4						9.4						8.7						—		%
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports			(#)			2440 Wesr State Rd 84, Fort Lauderdale, FL 33312						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						142.6						142.6						132.2						0.04		%
Ford Custom Renovation LLC			(#,^)			405 Broadway St., Muncy, PA 17756						Construction of Buildings						Term Loan						Prime plus 2.75%						11/26/2029						7.3						7.3						6.7						—		%
Ultra Flow Dispense, LLC			(#)			820 Prospect Hill Rd, Windsor, CT 06095						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/26/2029						91.9						91.9						84.8						0.02		%
Fullmer's Landscaping, Inc.			(#)			9547 W Third St., Dayton, OH 45417						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/26/2029						169.8						169.8						160.6						0.04		%
B.S Carrier LLC and United Truck & Trailer Repair LLC			(#)			3716 Garman Rd, Salem, VA 24153						Truck Transportation						Term Loan						Prime plus 2.75%						11/25/2029						208.9						208.9						210.3						0.06		%
Hurricane Group, Inc.dba Crate Club Group			(#)			101 San Patricio Ave, Ste 860, Guaynabo, PR 00968						Other Information Services						Term Loan						Prime plus 2.75%						11/25/2029						46.6						46.6						42.8						0.01		%
S&C Cookies, Inc			(#,^)			1969 Jericho Turnpike, East Northport, NY 11731						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/22/2029						49.7						49.7						45.8						0.01		%
A&N Design Studios Inc dba Door3 Business Application			(#)			370 Lexington Ave Ste 1806, Manhattan, NY 10007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2029						80.9						80.9						78.3						0.02		%
Cum Laude Enterprises, LLC			(#)			15218 Penn Hills Lane, Houston, TX 77062						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/22/2029						17.0						17.0						16.7						—		%
Best Choice Meats, Inc,			(#,^)			12646 S Springfield Ave, Alsip, IL 60803						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2044						1,307.7						1,307.7						1,455.8						0.39		%
ZUMI LLC dba Allstate Insurance			(#,^)			1537 W 79th St, Chicago, IL 60620						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/22/2029						10.6						10.6						11.1						—		%
Peanut Butter & Co Inc			(#,^)			119 West 57th St., Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2029						165.8						165.8						152.3						0.04		%
Place Vendome Holding Co Inc.dba R&F Marketing			(#)			610 East Main St., Swainsboro, GA 30401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/22/2029						216.2						216.2						211.9						0.06		%
Place Vendome Holding Co. Inc.dba R&F Marketing			(#)			308 Glenwood Rd, Swainsboro, GA 30401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/22/2044						426.8						426.8						445.3						0.12		%
Cobb Roofing LLC			(#,^)			8101 NW 10th St, Oklahoma City, OK 73127						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/21/2029						50.7						50.7						46.6						0.01		%
Weeping Willow Kennel Inc			(#,^)			6041 Hammond School Rd, Salisbury, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/21/2029						4.0						4.0						4.2						—		%
Coral Springs Family Wellness LLC			(#)			2902 North University Dr, Coral Springs, FL 33065						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/21/2030						112.6						112.6						104.1						0.03		%
Semplice Cafe LLC			(#,^)			209 N Main St., Breckenridge, CO 80424						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						16.0						16.0						14.9						—		%

40

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

The Rollin' Trapp LLC			(#,^)			1731 Prevatt Rd, Dothan, AL 36301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						7.1						7.1						6.9						—		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2044						267.4						267.4						298.8						0.08		%
Cable Management LLC			(#,^)			290 Pratt St., Meriden, CT 06450						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/20/2029						121.6						121.6						116.3						0.03		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2029						66.3						66.3						66.9						0.02		%
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL			(#,^)			181 Shunpike Rd, Cromwell, CT 06416						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2029						121.7						121.7						111.8						0.03		%
Ryan & Selena LLC dba Head of the Class Learning Center			(#,^)			1836 Kathleen Rd, Lakeland, FL 33805						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2044						433.3						433.3						477.9						0.13		%
Lindsley Excavating LLC			(#,^)			92 Town Line Rd, Fulton, NY 13069						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/15/2029						172.3						172.3						171.1						0.05		%
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton			(#)			745 Alexander Rd, Ste 1-3, Princeton, NJ 08540						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/15/2030						39.5						39.5						36.3						0.01		%
MToxins Venom Lab LLC			(#,^)			717 Oregon St., Oshkosh, WI 54902						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/15/2044						99.1						99.1						107.6						0.03		%
Champions Of Diversity Media Inc dba Champions of Diversity: Politics			(#,^)			5100 Transamerica Dr, Columbus, OH 43228						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/15/2044						70.5						70.5						79.1						0.02		%
Winning Sales Plan Inc			(#,^)			17811 Fairhaven Gateway, Cypress, TX 77433						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/14/2029						44.2						44.2						46.4						0.01		%
Sean McNamara			(#)			5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						11.3						11.3						11.8						—		%
Ninth Avenue, LLC			(#)			Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/14/2030						59.5						59.5						55.8						0.02		%
Rockin Robin Music Lessons LLC			(#,^)			9029 Hwy 6, Ste 160, Missouri City, TX 77459						Educational Services						Term Loan						Prime plus 2.75%						11/14/2029						8.2						8.2						7.6						—		%
The Pinnacle Development Group Inc dba The Goddard School			(#)			105 Springside Dr, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						11.3						11.3						11.8						—		%
HH Wireless Connect LLC			(#,^)			48267 Deer Trail Dr, Canton, MI 48187						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/12/2029						7.3						7.3						6.7						—		%
NJ Floats, Inc			(#)			327 Route 202/206, Bedminster Township, NJ 07921						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/12/2046						269.3						269.3						303.1						0.08		%
SSD Designs LLC			(#,^)			486 Vance St, Forest City, NC 28043						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						1/12/2030						328.8						328.8						319.3						0.09		%
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI			(#,^)			908 S Jefferson St., Amarillo, TX 79101						Educational Services						Term Loan						Prime plus 2.75%						11/12/2029						350.4						350.4						339.4						0.09		%
Potomac Nail Spa Corporation			(#,^)			14901 Potomac Town Place,, Woodbridge, VA 22191						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/12/2029						49.2						49.2						45.4						0.01		%

41

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

James Richard Farkas Jr. dba Lil Black Bear Inn			(#,^)			8072 State Rd 46 East, Nashville, TN 47448						Accommodation						Term Loan						Prime plus 2.75%						11/12/2044						106.6						106.6						116.3						0.03		%
Adrienne's Gourmet Foods, Imagine Baking, Inc			(#,^)			1034 Hancock St., Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2029						468.2						468.2						473.4						0.13		%
Adrienne's Gourmet Foods, Imagine Baking Inc			(#,^)			1034 Hancock St., Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2044						395.0						395.0						446.0						0.12		%
Steven French dba French Woodworking			(#,^)			1101 Horizon Dr Ste 101, Fairfield, CA 94533						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/12/2044						60.8						60.8						68.6						0.02		%
Ameen Enterprises, LLC dba Bargain Town			(#,^)			1111 E Washington St, Stephenville, TX 76401						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2029						110.6						110.6						114.8						0.03		%
Integrated Vascular Services LLC			(#,^)			1452 Franklin Ave, Salem, OR 44460						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/8/2029						70.7						70.7						65.3						0.02		%
Airbar Inc			(#,^)			5 N Station Plaza, Great Neck, NY 11021						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/8/2029						19.6						19.6						18.0						—		%
East River Plumbing, LLC			(#,^)			997 E Loop, Priest River, ID 83856						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/8/2044						48.6						48.6						54.3						0.01		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2029						757.3						757.3						703.2						0.19		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2044						382.9						382.9						429.8						0.12		%
C&P Trading and Sales Inc			(#,^)			950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						219.8						219.8						202.1						0.05		%
11900 Marshfield Station Inc			(#,^)			11900 S Marshfield Ave, Calumet Park, IL 60827						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						1,229.9						1,229.9						1,378.9						0.37		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2044						225.9						225.9						255.1						0.07		%
Guru Kirpa, Inc			(#,^)			3006 New Castle Ave, New Castle, DE 19720						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						189.9						189.9						207.0						0.06		%
Jessie's Radiator and Automotive			(#,^)			1777 N Ventura Ave, Ventura, CA 93001						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2029						14.8						14.8						14.5						—		%
Maine Service Corp			(#,^)			59-24 55th St., Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/31/2029						109.8						109.8						115.1						0.03		%
Mariscos El Oceano, Inc.			(#,^)			5960 S Archer Ave, Chicago, IL 60638						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2044						122.7						122.7						138.4						0.04		%
Fave Realty, Inc.			(#,^)			217-84 Hempstead Ave, Jamaica, NY 11429						Real Estate						Term Loan						Prime plus 2.75%						10/31/2044						113.6						113.6						128.3						0.03		%
The Committed Pig LLC			(#,^)			28 West Park Place, Morristown, NJ 07090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2029						261.6						261.6						274.3						0.07		%
L& F Gullo Service Corp			(#,^)			520 Main St, Westbury, NY 11590						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						153.7						153.7						141.2						0.04		%
Dub Industries LLC			(#,^)			4112 Veiled Falls Dr, Pflugerville, TX 78660						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/31/2029						62.4						62.4						61.7						0.02		%
Kerzner Contracting Corp			(#,^)			1620 Ocean Ave, Bohemia, NY 11716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2029						98.8						98.8						90.8						0.02		%
D & H Construction Services, Inc.			(#,^)			711 Hospital St., Richmond, VA 23219						Construction of Buildings						Term Loan						Prime plus 2.75%						10/31/2029						123.0						123.0						116.6						0.03		%

42

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

MJ Group, Inc			(#,^)			26691 Loma Verde, Mission Viejo, CA 92691						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2029						18.7						18.7						17.2						—		%
Automotive Standard, LLC			(#,^)			4028 Coldwater Rd, Fort Wayne, IN 46805						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						135.3						135.3						151.1						0.04		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2029						59.3						59.3						62.2						0.02		%
Automotive Solutions, LLC			(#,^)			1910 W. Dupont Rd, Fort Wayne, IN 46818						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						292.6						292.6						325.2						0.09		%
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac			(#,^)			9912 Arizona Dr, Mohave Valley, AZ 86440						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						57.1						57.1						53.2						0.01		%
BGB Leasing Inc and BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2029						1,018.8						1,018.8						986.1						0.27		%
Paul Wintner dba P & R Props			(#,^)			23901 Calabasas Rd, Calabasas, CA 91302						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						49.8						49.8						45.7						0.01		%
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu			(#,^)			905 Savoy Rd, Youngsville, LA 70592						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/30/2029						77.1						77.1						71.6						0.02		%
BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2044						87.4						87.4						98.7						0.03		%
Plastic Depot, Inc			(#,^)			363 East Alondra Blvd, Gardena, CA 90248						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/30/2029						139.0						139.0						127.8						0.03		%
Corple Enterprises, Inc			(#,^)			17887 US-380, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/28/2029						146.7						146.7						149.4						0.04		%
Proximo Consulting Services Inc			(#,^)			2500 Plaza 5, Jersey City, NJ 07311						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/28/2029						65.9						65.9						60.5						0.02		%
Perisseia Physicians LLC			(#,^)			1644 Lebanon Rd, Lawrenceville, GA 30043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/28/2044						388.5						388.5						421.9						0.11		%
Marnon Vending LLC dba Naturals 2 Go San Antonio			(#,^)			6713 Biscay Hbr, San Antonio, TX 78249						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/28/2029						7.0						7.0						6.8						—		%
OWL Inc,			(#,^)			5300 S Orange Blossom Trail, Orlando, FL 32839						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						10/28/2029						187.1						187.1						171.8						0.05		%
iLoka Inc. dba NewCloud Networks			(#,^)			160 Inverness Dr W, Ste 150, Englewood, CO 80112						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						87.8						87.8						92.1						0.02		%
Landmark Ventures USA, Inc			(#,^)			475 Park Ave S, 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						10/25/2029						92.2						92.2						84.7						0.02		%
Four Ace Electrical Services Corporation			(#,^)			3723 Far Niente Way, Sacramento, CA 95834						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/25/2029						10.5						10.5						9.8						—		%
Diamond Solutions LLC			(#,^)			8321 E Gelding Dr, Scottsdale, AZ 85260						Machinery Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						11.2						11.2						10.3						—		%
Jbang LLC, WM Bang LLC, Bang Investments LLC			(#)			125 Westchester Ave, White Plains, NY 10601						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2029						61.7						61.7						63.6						0.02		%
Sultan's Palace L.L.C.			(#,^)			8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/24/2029						18.6						18.6						17.7						—		%
Fimac Inc dba American Educational Services			(#,^)			26300 La Alameda, Ste 200, Mission Viejo, CA 92691						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/23/2029						19.8						19.8						18.3						—		%

43

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

James Clark and Company, Inc.			(#)			8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						10/22/2029						11.2						11.2						11.7						—		%
Pyle Garage Doors OKC, INC dba Precision Door Service OKC			(#,^)			8860 S Sunnylane Rd, Oklahoma City, OK 73135						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/22/2029						12.9						12.9						11.8						—		%
Todd's Car Wash, LLC			(#,^)			5505 Johnston St., Lafayette, LA 70506						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/18/2044						333.9						333.9						376.9						0.10		%
UNIQUE PAVER INSTALLATIONS, INC.			(#,^)			4930 Mars Hill Rd, Bogart, GA 30622						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						20.2						20.2						19.2						0.01		%
Roughcut LLC			(#,^)			41540 National Rd, Belmont, OH 43718						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						442.5						442.5						463.9						0.13		%
Owens Family and Cosmetic Dentistry PLLC			(#,^)			403 E College St., Pulaski, TN 38478						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/17/2029						238.9						238.9						225.6						0.06		%
Pine Mountain Residential LLC			(#)			10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						11.2						11.2						11.7						—		%
Powerlift Dumbwaiters, Inc			(#)			2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						10.7						10.7						11.2						—		%
The Cow Harbor Beer Company LLC dba Sand City Brewing Co.			(#)			19 Scudder Ave, Northport, NY 11768						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/11/2031						297.0						297.0						283.1						0.08		%
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b			(#,^)			5604 Slide Rd, Lubbock, TX 79414						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/11/2029						145.7						145.7						135.4						0.04		%
Glenda D Brewer dba Bargain Store			(#)			107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						11.2						11.2						11.7						—		%
Q2 Ventures, LLC			(#,^)			2805 W Arimo Rd, Arimo, ID 83214						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/8/2029						155.9						155.9						160.0						0.04		%
Paketo LLC dba West Loop UPS Store			(#,^)			623 W Lake St., Chicago, IL 60661						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/4/2029						14.5						14.5						13.5						—		%
DG Business Solutions, Inc			(#,^)			11008 Rene St., Lenexa, KS 66215						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/30/2029						200.8						200.8						185.6						0.05		%
A Child's Dream Educational Center LLC			(#,^)			4127 NW 34th St., Gainsville, FL 32605						Social Assistance						Term Loan						Prime plus 2.75%						9/30/2029						175.8						175.8						161.9						0.04		%
Heart and Vascular Associates of Tampa, LLC			(#,^)			17 David Blvd, Tampa, FL 33606						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2044						751.3						751.3						808.0						0.22		%
A Child's Dream Educational Center LLC			(#,^)			4127 NW 34th St., Gainesville, FL 32605						Social Assistance						Term Loan						Prime plus 2.75%						9/30/2044						177.3						177.3						197.0						0.05		%
SPIRE Manufacturing Solutions LLC			(#,^)			1440 Newport Rd, Colorado Springs, CO 80916						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/30/2044						985.8						985.8						1,113.0						0.30		%
Meldi Maa, Inc dba The River Complex			(#,^)			74 S Main St., Woonsocket, RI 02895						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2044						415.6						415.6						465.9						0.13		%
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro			(#,^)			725 Atlantic Blvd, Atlantic Beach, FL 32233						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						7.7						7.7						7.1						—		%
Joseph P Fusco DDS PC			(#,^)			77 N Centre Ave, Rockville Centre, NY 11570						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2029						57.9						57.9						53.2						0.01		%
International Protection Group, LLC			(#,^)			481 8th Ave Ste 1130, New York, NY 10001						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/30/2029						71.9						71.9						72.7						0.02		%

44

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

AV Strategy, Inc			(#,^)			9468 American Eagle Way Ste 100, Orlando, FL 32837						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/30/2029						242.6						242.6						234.5						0.06		%
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC			(#,^)			2301 W. Buckeye Rd, Phoenix, AZ 85009						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/30/2044						606.1						606.1						660.0						0.18		%
50 Taps, LLC dba Colorado Taproom & Grill			(#,^)			19539 Hess Rd Ste Ste #101, Parker, CO 80134						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						67.8						67.8						62.9						0.02		%
Crown Waste Corp			(#,^)			1 Plainview Rd, Bethpage, NY 11714						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						9/30/2029						43.6						43.6						42.0						0.01		%
Hoagie Barmichaels Inc			(#,^)			1101 River Rd, New Windsor, NY 12553						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2044						109.9						109.9						117.3						0.03		%
Wagner & Sons Inc			(#,^)			22365 Alydar Dr, Lexington Park, MO 20653						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/27/2029						16.3						16.3						15.1						—		%
Zima Dining Inc. dba Country Kitchen			(#,^)			1497 N Mt. Vernon Ave, Colton, CA 92324						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2029						55.1						55.1						57.7						0.02		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						569.8						569.8						610.1						0.17		%
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma			(#,^)			3721 North 162nd St., Garber, OK 73701						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2029						956.2						956.2						923.6						0.25		%
Titan Laser Screed Concrete Services, LLC			(#,^)			8908 Wildlife Lane, Sanford, FL 32771						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						43.6						43.6						40.9						0.01		%
Zmetra Clearspan Structures LLC			(#,^)			2 Old Worcester Rd, Webster, MA 01571						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/27/2044						427.2						427.2						482.3						0.13		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave Unit 342, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						174.8						174.8						160.7						0.04		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2029						577.6						577.6						553.0						0.15		%
Cherry and Candlewood Inc dba Aamco			(#,^)			3029 South St., Long beach, CA 90805						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						421.1						421.1						475.5						0.13		%
Aztec Machine & Repair Inc, Cranrd & Material			(#,^)			1715 N 1st St, Bloomfield, NM 87413						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						691.0						691.0						749.0						0.20		%
Santa Fe Flooring LLC			(#,^)			3711 Paseo Del Norte NE, Albuquerque, NM 87113						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						9/26/2029						441.7						441.7						417.3						0.11		%
Adam's Construction & General Contracting LLC			(#,^)			7808 N Custer Rd, Freesoil, MI 49411						Construction of Buildings						Term Loan						Prime plus 2.75%						9/26/2029						63.4						63.4						59.9						0.02		%
Anderson's Outdoor Adventures, LLC			(#,^)			4060 SW County Rd 232, Bell, FL 32619						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/25/2029						19.7						19.7						20.3						0.01		%
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc			(#,^)			360 East State St., Salem, OH 44460						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/25/2044						51.9						51.9						54.9						0.01		%
Quality Machine of Iowa, Inc			(#,^)			1040 4th Ave, Audubon, IA 50025						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/25/2029						58.9						58.9						61.6						0.02		%
Luv 2 Play Nor Cal, LLC			(#,^)			82 Clarksville Rd, Folsom, CA 95682						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/25/2029						105.0						105.0						97.8						0.03		%
Flamingo Bowl, Inc			(#,^)			3301 N 23rd St., McAllen, TX 78501						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/24/2029						188.7						188.7						183.2						0.05		%
Unified Utility Services LLC			(#,^)			206 Frankie Lane, Ladson, SC 29456						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/20/2044						153.2						153.2						173.0						0.05		%

45

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Standard Real Estate Services LLC			(#)			500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217						Real Estate						Term Loan						Prime plus 6.5%						9/19/2029						11.1						11.1						11.6						—		%
Payne's Enviromental Service, LLC dba Bamaco			(#,^)			5617 Causeway Blvd, Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/18/2044						506.3						506.3						548.3						0.15		%
Host Marketing, LLC			(#)			206 Bell Lane, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						11.1						11.1						11.6						—		%
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2029						10.5						10.5						9.6						—		%
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que			(#)			1702 Fawn Gate St, San Antonio, TX 78248						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/17/2029						52.8						52.8						51.7						0.01		%
Win Health Institute, LLC			(#,^)			711 E Valley Rd, Basalt, CO 81621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/17/2029						6.5						6.5						6.2						—		%

Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/16/2029						17.7						17.7						17.2						—		%
Bay Bowl Inc dba Shasta Lanes			(#,^)			11093 Black Marble Way, Redding, CA 96003						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/13/2044						522.8						522.8						590.2						0.16		%
The Steel Method LLC dba Sneeze It			(#,^)			250 Passaic Ave Ste 200, Fairfield, NJ 07004						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2029						147.1						147.1						135.3						0.04		%
New Flow Plumbing and Rooter Inc.			(#,^)			6718 Katherin Ave, Van Nuys, CA 91405						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/12/2029						33.4						33.4						31.0						0.01		%
Oak Park Social LLC			(#)			14691 W 11 Mile Rd, Oak Park, MI 48237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/12/2045						131.4						131.4						143.3						0.04		%
ACSS CPA, LLC			(#,^)			1016 S Texas Blvd, Weslaco, TX 78599						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2044						38.8						38.8						42.6						0.01		%
Prime Precision Machining, LLC			(#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Real Estate						Term Loan						Prime plus 2.75%						9/11/2044						267.9						267.9						293.0						0.08		%
Covert Recordings LLC			(#,^)			31-65 138th St. Apartment 3K, Flushing, NY 11354						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/11/2029						10.3						10.3						10.7						—		%
Prime Precision Machining, LLC			(#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/11/2029						200.8						200.8						190.5						0.05		%
Miami Squeeze Inc dba Miami Squeeze, LLC			(#,^)			18315 W. Dixie Hwy, North Miami Beach, FL 33160						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/11/2029						101.0						101.0						97.0						0.03		%
Body on Cue Health and Fitness LLC			(#,^)			129 A Orpha Dr, Middlebury, IN 46840						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/6/2029						39.3						39.3						36.6						0.01		%
Eco Electric LLC			(#,^)			5380 Cameron St, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						57.3						57.3						52.6						0.01		%
Philly Games Inc.dba Queen & Rock Game Cafe			(#,^)			607-609 S 2nd St., Philadelphia, PA 19147						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/5/2029						54.5						54.5						50.2						0.01		%
SVT Masonry Limited Liability Company			(#,^)			1208 Houghton Lane, Bennington, VT 05201						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						63.5						63.5						64.4						0.02		%
No Push Backs, LLC			(#)			2223 Dungan Ave, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						10.8						10.8						11.2						—		%
Dog House Sportfishing Charters Inc			(#)			83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						11.1						11.1						11.6						—		%

46

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Double Scoop Ice Cream, LLC			(#,^)			2970 Stonecrest Pass, Lithonia, GA 30038						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/29/2044						94.0						94.0						103.1						0.03		%
3C Consumer Network & Designs LLC			(#,^)			7676 Hillmont St., Ste 109, Houston, TX 77040						Real Estate						Term Loan						Prime plus 2.75%						8/29/2029						13.0						13.0						12.3						—		%
Camror LTD dba Jersey Mike's			(#,^)			5946 Meijer Dr, Cincinnati, OH 45150						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/29/2030						78.2						78.2						82.1						0.02		%
Groton Bowling Center and Entertainment Inc			(#,^)			27 Kings Hwy, Groton, CT 06340						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/29/2044						930.1						930.1						1,024.6						0.28		%
Esquire Mini Mart LLC & Morgan Store Building LLC			(#,^)			12595 S Somerton Ave, Yuma, AZ 85365						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2029						44.4						44.4						44.2						0.01		%
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC			(#,^)			361 Troy Ave, Brooklyn, NY 11213						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2029						34.6						34.6						36.2						0.01		%
DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/28/2029						80.1						80.1						83.8						0.02		%
HRS2, LLC			(#,^)			5410 Pipers Creek Court, Sugar Land, TX 77479						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/28/2029						200.4						200.4						202.3						0.05		%
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC			(#,^)			190 Minerva St., Tonawanda, NY 14150						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2044						58.2						58.2						65.7						0.02		%
Linsey Schwertdfeger,, Inc.			(#,^)			740 Dennery Rd, San Diego, CA 92154						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/28/2029						61.4						61.4						57.1						0.02		%
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/28/2029						416.9						416.9						394.9						0.11		%
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa			(#,^)			107 S Nottawa St, Sturgis, MI 49091						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/27/2029						84.3						84.3						81.7						0.02		%
Maryland Urgent Care, Inc.			(#,^)			9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/27/2044						44.7						44.7						49.7						0.01		%
ADA Internacional Inc			(#,^)			10891 La Reina Rd, Ste 100, Delray Beach, FL 33446						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/26/2029						19.5						19.5						17.9						—		%
Crystal S. Prado dba Crystal Clear Accounting			(#)			34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.9						2.9						3.0						—		%
PJT Logistics, Inc.			(#,^)			2-4 Commerce Way, Auburn, NY 13021						Truck Transportation						Term Loan						Prime plus 2.75%						8/23/2029						43.3						43.3						45.3						0.01		%
Elite Motors LLC			(#,^)			1046-1050 Orange Ave, West Haven, CT 06516						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/23/2029						76.8						76.8						80.4						0.02		%
SRJ construction Corp			(#,^)			8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/23/2029						9.9						9.9						9.2						—		%
MS Integrated Psychotherapy & Counseling, LLC			(#,^)			1157 Main St., Clifton, NJ 07011						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/22/2029						64.3						64.3						62.4						0.02		%
The Roux Southern Kitchen, LLC			(#,^)			252 FM 3162, Sandia, TX 78383						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/22/2029						15.8						15.8						16.5						—		%
MB Nursery LLC dba The Garden Center			(#,^)			15562 HWY-South, Whitehouse, TX 75791						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/21/2029						81.1						81.1						84.9						0.02		%

47

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Metro R Services Inc. and Metal & Roof Supplies, Inc.			(#,^)			20 Universal Place, Carlstadt, NJ 07072						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/21/2029						167.7						167.7						167.2						0.05		%
Auto Unique LLC			(#,^)			305 W Main St., Mayo, FL 32066						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/20/2044						11.9						11.9						13.4						—		%
William Martinez dba Bad Ass Coffee of Hawaii			(#)			14101 Main St., Ste 4101, Hesperia, CA 92345						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/20/2029						20.0						20.0						18.7						0.01		%
Signature Rooms, Inc.			(#,^)			2066 Route 112, Medford, NY 11763						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/19/2029						146.1						146.1						152.9						0.04		%
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City			(#,^)			7748 Troost Ave, Kansas City, MO 64131						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/15/2029						97.4						97.4						95.9						0.03		%
American Healthy Vending, Inc			(#,^)			5951 NW 151 St., Hialeah, FL 33014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/15/2029						92.0						92.0						87.9						0.02		%
AJN Innovations LLC dba Burgerim			(#)			6704 Main St., Miami Lakes, FL 33014						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/15/2031						116.5						116.5						108.7						0.03		%
Accelerate Educational Solutions, LLC dba Tutor My Success			(#,^)			135 Clove Branch Rd, Hopewell Junction, NY 12533						Educational Services						Term Loan						Prime plus 2.75%						8/14/2029						15.0						15.0						13.8						—		%
Ranson Excavating, Inc			(#,^)			8343 Kaula Dr, Fair Oaks, CA 95628						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/13/2029						12.9						12.9						11.8						—		%
KM Electrical Services, Inc			(#,^)			4348 Waialae Ave Unit 315, HONOLULU, HI 96816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/12/2029						68.0						68.0						62.5						0.02		%
Love Playing LLC			(#)			2200 Eastridge Loop, San Jose, CA 95122						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/9/2030						157.4						157.4						149.9						0.04		%
Elixir Enterprises, LLC dba Guilford Renee's			(#,^)			637 Boston Post Rd, Guilford, CT 06437						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/8/2029						16.9						16.9						15.6						—		%
A & S Services LLC dba Kona Ice of Troy			(#)			3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						8/7/2029						11.1						11.1						11.6						—		%
Accord Law, APC			(#,^)			82555 Grass Flat Lane, Indio, CA 92203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/2/2029						6.5						6.5						6.0						—		%
Leader Engineering-Fabrication, Inc.			(#,^)			695 Independence DrIive, Napoleon, OH 43545						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/2/2029						108.4						108.4						113.5						0.03		%
Billy Auto Inc			(#,^)			632 N Broadway, Amityville, NY 11701						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/31/2044						314.4						314.4						337.7						0.09		%
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL			(#,^)			27603 Pkwy Rd, Easton, MD 21601						Air Transportation						Term Loan						Prime plus 2.75%						7/31/2029						473.1						473.1						450.1						0.12		%
Genecco Produce, Inc. & Leo Genecco & Sons, Inc.			(#,^)			1850 Rochester Rd, Canadaigua, NY 14424						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						7/31/2029						693.3						693.3						686.7						0.19		%
Joseph Centonze dba Off Kilter Kilts			(#,^)			27720 Ave Scott, Santa Clarita, CA 91355						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						7/31/2029						3.5						3.5						3.3						—		%
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari			(#,^)			28940 Golden Lantern, Laguna Niguel, CA 92677						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						9.8						9.8						9.4						—		%
Gray Rock Quarry, LLC and William E Dailey III			(#,^)			54 West Milton Rd, Milton, VT 05468						Mining (except Oil and Gas)						Term Loan						Prime plus 2.75%						7/31/2044						436.1						436.1						447.8						0.12		%
Humd, LLC dba La Rosa Chicken and Grill			(#)			3111 N. University Dr, Coral Springs, FL 33065						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/31/2030						124.6						124.6						117.7						0.03		%

48

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

St. Francis Home Health Inc			(#,^)			5246 SW 8th St 103B, Coral Gables, FL 33134						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/31/2029						64.5						64.5						59.1						0.02		%
La Mount Group LLC			(#,^)			3111 Princeton Rd, Hamilton, OH 45011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						219.8						219.8						201.6						0.05		%
Living Spring Home Health Inc.			(#,^)			18350 Kedzie Ave Ste 204, Homewood, IL 60430						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/31/2029						116.1						116.1						112.6						0.03		%
Canyon Lake Kids Academy, LLC			(#,^)			130 Charter Oak Dr, Canyon Lake, TX 78133						Social Assistance						Term Loan						Prime plus 2.75%						7/31/2044						95.0						95.0						105.2						0.03		%
Dant A Sandras, D.D.S. LLC			(#,^)			13373 Hwy 3235, Larose, LA 70373						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/30/2029						197.1						197.1						184.5						0.05		%
Jbelis Stop N' Go, LLC dba Planet Smoothie			(#,^)			2565 E 17th St, Ammons, ID 83406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2029						16.8						16.8						15.6						—		%
Grad Street LLC			(#)			2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						6.7						6.7						6.9						—		%
Aeromax Industries, Inc, HITM, Inc and TMCB LLC			(#,^)			9027 Canoga Ave, Canoga Park, CA 91301						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						7/30/2044						762.9						762.9						818.4						0.22		%
Micheal Birch and Tracy M. Pierce			(#,^)			E 2947 H-44, Traunik, MI 49891						Gasoline Stations						Term Loan						Prime plus 2.75%						7/29/2044						52.7						52.7						58.9						0.02		%
Moore Chiropractic Center, P.A.			(#,^)			936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/26/2029						7.9						7.9						8.2						—		%
Sou's LLC			(#,^)			739 NE MLK Blvd, Portland, OR 97221						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/26/2029						5.1						5.1						5.0						—		%
Dan Dahlin Inc.			(#,^)			16465 MN-65, Ham Lake, MN 55304						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/26/2044						396.7						396.7						447.9						0.12		%
Power Associates Inc.			(#,^)			2766 West Good CT, Boise, ID 83702						Real Estate						Term Loan						Prime plus 2.75%						7/26/2029						12.9						12.9						11.8						—		%
Franklin Care Pharmacy Incorporated			(#,^)			520 N Franklintown Rd, Baltimore, MD 21223						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/25/2029						46.6						46.6						48.8						0.01		%
A&W ALF, LLC dba A & W Assisted Living Facility			(#,^)			6600 Liberty Rd, Gwynn Oak, MD 21207						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						7/24/2044						96.9						96.9						109.4						0.03		%
700 Services Inc.dba 700 Credit Repair			(#,^)			1201 N Goliad St., Rockwall, TX 75087						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						7/19/2029						6.4						6.4						5.9						—		%
Hardrock Alpha Enterprises, LLC			(#,^)			5101 Stine Rd, Bakersfield, CA 93313						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/19/2029						13.6						13.6						12.7						—		%
Lawrence Adeyemo & Co LLC			(#)			209-34 112 Ave, Queens Village, NY 11429						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						7/19/2029						8.8						8.8						9.2						—		%
JDM2 Water Station LLC			(#,^)			125 Chestnut Hill Dr, York, PA 17408						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/18/2029						179.9						179.9						176.0						0.05		%
Ameritube, LLC			(#,^)			1000 North Hwy 77, Hillsboro, TX 76645						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						7/18/2029						107.4						107.4						112.4						0.03		%
Bonfire Hot Yoga LLC			(#,^)			3665 SW Hall Blvd, Beaverton, OR 97005						Educational Services						Term Loan						Prime plus 2.75%						7/18/2029						7.1						7.1						6.6						—		%
The Bean Coffee Co. LLC			(#)			112 South Main St., Spring Hill, KS 66083						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						7/17/2029						11.1						11.1						11.5						—		%
Baton Rouge Cargo Services Inc			(#,^)			6013 McRaven Rd, Jackson, MS 39209						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/17/2044						283.4						283.4						309.6						0.08		%
Adam Family Bowl Inc			(#,^)			1504 Chestnut St., Mishawaka, IN 46545						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/16/2044						129.0						129.0						142.9						0.04		%

49

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Garage Floor Coating of MN.com,LLC			(#,^)			6701 West 23rd St., St. Louis Park, MN 55426						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/16/2044						965.8						965.8						1,042.9						0.28		%
Bouquet Canyon Kennels			(#,^)			29973 Bouquet Canyon Rd, Santa Clarita, CA 91390						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/16/2044						292.3						292.3						312.6						0.08		%
Beacon Metal Fabricators, Inc.			(#,^)			5425-D Hamilton Ave, Cleveland, OH 44114						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						7/12/2029						60.2						60.2						59.3						0.02		%
Last Touch, LLC			(#,^)			1612 Jackson St., Spirit Lake, IA 51360						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/11/2044						98.3						98.3						106.5						0.03		%
D DeGregoria LLC dba The UPS Store 4235 Massapequa			(#,^)			4940 Merrick Rd, Massapequa Park, NY 11762						Couriers and Messengers						Term Loan						Prime plus 2.75%						7/10/2029						68.1						68.1						63.5						0.02		%
Menskha Inc			(#)			88 High St., Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						11.0						11.0						11.5						—		%
Nash-Delphia LLC			(#,^)			2135 Gallatin Pike N, Store 4, Madison, TN 37115						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						7/2/2029						12.8						12.8						11.8						—		%
Kim Howard Corp dba NPN Machine Tools			(#,^)			9130 Wayfarer Ln, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						197.2						197.2						206.1						0.06		%
Port Huron Ophthalmology, PLLC dba Black River Optical			(#,^)			1033 River St., Port Huron, MI 48060						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/28/2029						12.8						12.8						11.7						—		%
Anderson Companies LLC			(#,^)			3015 S White Horse Pike, Hammonton, NJ 08037						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2044						203.1						203.1						222.8						0.06		%
Advance Transit LLC			(#,^)			574-614 Tonnelle Ave, Jersey City, NJ 07307						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/28/2044						746.0						746.0						827.5						0.22		%
Big Picture Group LLC			(#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2029						137.2						137.2						125.6						0.03		%
5161 LLC			(#,^)			1478 E Mountain Dr, Santa Barbara, CA 93108						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/28/2029						540.5						540.5						559.5						0.15		%
Upul's Travel Service & Tours Inc			(#,^)			654 Shoppers Lane, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2029						251.7						251.7						230.4						0.06		%
Nevada Recycling and Salvage LTD, AMCB LLC			(#,^)			1085 Telegraph St, Reno, NV 89502						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/28/2044						1,203.6						1,203.6						1,292.9						0.35		%
Sundown Audio, LLC			(#,^)			514 West 21St St., Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2044						878.1						878.1						947.3						0.26		%
K & K Restaurant LLC			(#,^)			6607 S Central Ave, Phoenix, AZ 85042						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2044						123.3						123.3						139.2						0.04		%
Crestview Ridge Farms LLC			(#,^)			1172 Co Rd 956, Ashland, OH 44805						Crop Production						Term Loan						Prime plus 2.75%						6/28/2044						520.5						520.5						573.8						0.16		%
Richmond Street Partners, LLC			(#,^)			200 E Chestnut St, Chicago, IL 60611						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						6/28/2029						87.4						87.4						80.5						0.02		%
Baobab Asset Management LLC			(#,^)			2 Greenwich Office Park, Ste 260, Greenwich, CT 06831						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/28/2029						44.6						44.6						40.8						0.01		%
Southern Specialties Transportation LLC			(#,^)			116 Toledo Dr, Lafayette, LA 70506						Truck Transportation						Term Loan						Prime plus 2.75%						6/28/2029						59.1						59.1						61.8						0.02		%
Balboa Fashion LLC			(#,^)			1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021						Apparel Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						6.4						6.4						5.9						—		%
Jian Yang and Kanger House LLC			(#,^)			48 Horse Hill Rd, Cedar Knolls, NJ 07927						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/27/2029						102.5						102.5						94.1						0.03		%

50

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Upul's Travel Service & Tours Inc			(#,^)			654 Shopping Lane, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2044						343.5						343.5						360.0						0.10		%
Good News Cafe, LLC			(#,^)			694 Main St. South, Woodbury, CT 06798						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2044						242.3						242.3						261.2						0.07		%
NJ Floats Inc			(#,^)			1 Robertson Rd, Ste 13, Bedminster, NJ 07921						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/28/2044						172.3						172.3						194.6						0.05		%
Ailky Corporation & Wyspen			(#,^)			352 Bedford St., Lakeville, MA 02347						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/27/2029						41.6						41.6						38.1						0.01		%
Pawfection Pet Services LLC			(#,^)			177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/27/2029						8.9						8.9						8.1						—		%
Tim's Truck Capital & Auto Sales, Inc			(#,^)			904 Suncook Valley Hwy, Epsom, NH 03234						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/27/2029						181.3						181.3						189.5						0.05		%
S & T Hardware Inc			(#,^)			2300 Nooseneck Hill, Coventry, RI 02816						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/27/2044						194.7						194.7						219.8						0.06		%
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma			(#,^)			145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						1,084.9						1,084.9						1,086.2						0.29		%
Shooter's Gun Club, LLC			(#)			2429 Iowa St. Stes B, C and D, Lawrence, KS 66046						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/27/2030						172.5						172.5						161.8						0.04		%
Boucherie US Inc			(#,^)			251 Little Falls Dr, Wilmington, DE 19807						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2029						1,077.8						1,077.8						986.5						0.27		%
BB Services, LLC			(#,^)			580 39 Rd, Palisade, CO 81526						Truck Transportation						Term Loan						Prime plus 2.75%						6/27/2029						99.6						99.6						93.5						0.03		%
Crescent Event Productions, Inc			(#,^)			1327 Wood Branch Dr, Charlotte, NC 28273						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/27/2029						298.7						298.7						281.0						0.08		%
Selective Automotive & Accessories Group, Inc			(#,^)			2221 Pelham Pkwy, Pelham, AL 35124						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/26/2029						213.3						213.3						205.9						0.06		%
Tekoa Enterpises, Inc			(#,^)			1033 Cannon Bridge Rd, Cordova, SC 29039						Truck Transportation						Term Loan						Prime plus 2.75%						6/26/2029						50.5						50.5						48.2						0.01		%
RWBB Enterprises, LLC			(#,^)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2044						74.3						74.3						82.6						0.02		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond St., Bangor, ME 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						6/26/2044						227.5						227.5						256.9						0.07		%
All-City Towing LLC, Jeffrey James Piller			(#,^)			1213 W Mallory Ave, Milwaukee, WI 53221						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/26/2029						345.0						345.0						341.1						0.09		%
JFK Transportation Inc			(#,^)			4 Mechanic St., Natick, MA 01760						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/26/2029						89.6						89.6						84.7						0.02		%
Child Care Ventures LLC dba Childcare Adventures ELC			(#,^)			3542 Glendale Ave, Toledo, OH 43614						Social Assistance						Term Loan						Prime plus 2.75%						6/26/2044						142.5						142.5						151.2						0.04		%
Soft Touch Tissue & Paper LLC			(#)			1491 Hammond, Bangor, MA 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						12/26/2029						100.4						100.4						105.3						0.03		%
Lynx Inspection Technologies LLC			(#,^)			8101 Miller Rd 2, Houston, TX 77049						Support Activities for Mining						Term Loan						Prime plus 2.75%						6/26/2044						559.3						559.3						631.4						0.17		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/25/2029						37.2						37.2						36.2						0.01		%

51

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Paradise Towing & Recovery Inc			(#,^)			1115 S Homer Blvd, Sanford, NC 27330						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2029						90.4						90.4						90.1						0.02		%
Spartan Technology Solutions, Inc			(#,^)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2044						472.0						472.0						507.9						0.14		%
Worldwide Capital Management Inc.			(#,^)			6 Venture Ste 305, Irvine, CA 92618						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2029						123.7						123.7						113.3						0.03		%
Professional Tire Limited Liability Company			(#,^)			6655 Country Rd 32, Norwich, NY 13815						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						134.8						134.8						146.7						0.04		%
567 Logistics, LLC			(#,^)			1924 Ruffin Mill Rd, Colonial Heights, VA 23834						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/25/2029						42.7						42.7						40.4						0.01		%
Paradise Towing & Recovery Inc			(#,^)			1115 S. Horner Blvd, Sanford, NC 27330						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						70.9						70.9						80.1						0.02		%
Krsto, LLC dba Italian Butter Breadsticks			(#,^)			34683 Nova Dr, Clinton Twp, MI 48035						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2044						184.3						184.3						203.5						0.06		%
Sweets By Karla LLC			(#,^)			3273 South John Young Pkwy, Kissimmee, FL 34746						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2029						10.9						10.9						10.0						—		%
Scissor Kids Inc			(#,^)			63 Hebron Ave, Ste F, Glastonbury, CT 06033						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/24/2029						13.9						13.9						12.8						—		%
Peninsula Self Defense LLC			(#,^)			2766 Bay Rd, Redwood City, CA 94063						Educational Services						Term Loan						Prime plus 2.75%						6/21/2029						4.5						4.5						4.3						—		%
Port Diesel L.L.C.			(#)			3212 Alex Trask Dr, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						11.0						11.0						11.4						—		%
Small Batch Creations Inc. dba The Office Bar & Grill			(#,^)			295 E WASHINGTON AVE, SUNNYVALE, CA 94086						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2029						53.2						53.2						48.7						0.01		%
LuLuBelle's Mountain Banana Bread LLC			(#)			1063 Carousel Rd, Lake Arrowhead, CA 92352						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						250.0						250.0						273.0						0.07		%
William Rose Inc			(#,^)			1 Grace Cove Rd, New Shoreham, RI 02807						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2044						84.5						84.5						85.6						0.02		%
Campuscuts LLC			(#)			930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.6						6.6						6.8						—		%
Central Texas Hygiene, LLC.			(#,^)			10201 McKalla Place, Austin, TX 78758						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/20/2029						73.8						73.8						67.6						0.02		%
International Institute for Learning Inc.			(#,^)			110 E 59th St ,31st floor, New York, NY 10022						Educational Services						Term Loan						Prime plus 2.75%						6/19/2029						256.7						256.7						235.0						0.06		%
Zion Motors Inc			(#,^)			6949 Wall Triana Hwy, Madison, AL 35757						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/19/2044						58.7						58.7						63.6						0.02		%
Beck's Pub & Grill LLC			(#,^)			N6630 WI-49, Weyauwega, WI 54983						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2044						67.8						67.8						75.4						0.02		%
Bader Furniture Company Inc.			(#,^)			704 N Liberty St., Shamokin, PA 17872						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						6/19/2029						6.4						6.4						6.7						—		%
Bonadi Inc. dba Polished Salon			(#)			9858 W Sample Rd, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/17/2029						11.0						11.0						11.4						—		%
American Demolition, Inc			(#,^)			401 N Kuner Rd, Brighton, CO 80601						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/17/2029						174.0						174.0						181.9						0.05		%
JLM Consulting LP			(#,^)			3981 E Dunrobin Dr., Springfield, MO 65809						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/17/2029						16.9						16.9						15.5						—		%

52

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC			(#,^)			501 Jackson St, Camden, NJ 08104						Food Manufacturing						Term Loan						Prime plus 2.75%						6/14/2029						264.7						264.7						256.6						0.07		%
Kego 2 LLC dba Jon Smith Subs 80025			(#,^)			2001 W. Southlake Blvd Ste 143, Southlake, TX 76092						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/14/2029						92.1						92.1						86.6						0.02		%
A & S Services LLC dba Kona Ice of Troy			(#,^)			3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/14/2044						43.6						43.6						48.4						0.01		%
Law Office of Paula Padilla PLLC			(#)			2211 E Highland Ave Ste 130, Phoenix, AZ 85016						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/13/2029						4.4						4.4						4.5						—		%
GT Performance Plus Inc			(#,^)			4210 College St., Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/11/2044						96.3						96.3						107.0						0.03		%
Ivesters Transportation, Inc			(#,^)			4299 South 2675 West, Roy, UT 84067						Truck Transportation						Term Loan						Prime plus 2.75%						6/11/2029						213.7						213.7						200.9						0.05		%
GT Performance Plus Inc			(#,^)			4210 College St., Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/11/2029						66.8						66.8						61.9						0.02		%
Archer Cleaners Inc			(#)			1514 W. 33rd St., Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						11.0						11.0						11.4						—		%
Independent Transport, LLC dba Independent Water			(#,^)			3739 E Ridgeway Rd, Orange, CA 92867						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/10/2029						174.3						174.3						170.5						0.05		%
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing			(#,^)			15825-15827 Hawthorne Blve, Lawndale, CA 90260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/7/2044						234.0						234.0						257.7						0.07		%
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog			(#,^)			7130 Crater Lake Hwy, White City, OR 97503						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/7/2029						34.2						34.2						32.8						0.01		%
Johnny's Boy LLC			(#,^)			127 East King St., Martinsburg, WV 25401						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/7/2044						97.8						97.8						107.1						0.03		%
J&A Elliott Company			(#,^)			1118 Thornberry Dr, Clarksville, TN 37043						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/7/2029						9.0						9.0						9.4						—		%
Allison K. Chipak dba Still Photography			(#)			195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						10.9						10.9						11.3						—		%
Skin Beauty Bar Inc			(#,^)			749 8th St., Washington, DC 20003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/6/2029						4.5						4.5						4.1						—		%
Jamestown Quick Stop LLC			(#,^)			3097 24th Ave, Hudsonville, MI 49426						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/5/2044						67.4						67.4						73.0						0.02		%
Preferred Manufacturing Services Inc			(#,^)			4261 Business Dr, Cameron Park, CA 95682						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/5/2029						405.3						405.3						423.5						0.11		%
Oasis Senior Advisors Franchise Systems, LLC			(#,^)			24870 Burnt Pine Dr, Bonita Springs, FL 34134						Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)						Term Loan						Prime plus 2.75%						6/4/2029						259.2						259.2						269.0						0.07		%
Evoke Growth Advisory LLC			(#,^)			2600 Brookwood Way Dr, Unit 311, Rolling Meadows, IL 60008						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2029						6.4						6.4						5.9						—		%
V & M Transportation LLC			(#,^)			1307 27th St. Apt B, North Bergen, NJ 07047						Truck Transportation						Term Loan						Prime plus 2.75%						5/31/2029						11.1						11.1						10.2						—		%
Morey Publishing LLC			(#,^)			575 Underhill Blvd, Ste 216, Syosset, NY 11791						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2029						52.9						52.9						48.8						0.01		%
Martin Inventory Management, LLC			(#,^)			304 1/2 Main St., Edgefield, SC 29824						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/31/2029						42.4						42.4						44.2						0.01		%

53

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G			(#,^)			1450 Oakbrook Dr, Norcross, GA 30093						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2029						99.5						99.5						93.1						0.03		%
SSD Designs, LLC			(#,^)			486 Vance St., Forest City, NC 28043						Chemical Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						415.8						415.8						469.4						0.13		%
Aspen Welding LLC			(#,^)			28803 US-6, Rifle, CO 81650						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						395.2						395.2						434.8						0.12		%
Inside & Out Maintenance LLC			(#,^)			1698 SW Pancoast St., Port St Lucie, FL 34987						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/30/2029						84.8						84.8						78.0						0.02		%
AGR, Inc			(#,^)			2-255555 Kaumualii Hwy, Kalaheo, HI 96741						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2044						770.8						770.8						867.0						0.23		%
Canela Media Inc			(#,^)			2715 Palomino Circle, La Jolla, CA 92037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/29/2029						100.6						100.6						95.1						0.03		%
Brooklyn Breakfast Shop LLC			(#,^)			7707 S IH 35 Frontage Rd #730, Austin, TX 78744						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2029						4.2						4.2						4.1						—		%
PD Financial LLC			(#,^)			364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						5/28/2044						34.8						34.8						39.3						0.01		%
SV Enterprise LLC dba Haagen-Dazs			(#,^)			1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/24/2029						79.0						79.0						72.4						0.02		%
MCM Design LLC			(#)			5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.4						8.4						8.8						—		%
Top Notch Roofing, Inc			(#,^)			46 Cherry St., Milton, VT 05468						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/23/2029						104.2						104.2						97.8						0.03		%
2820 US HWY 98 N LLC dba Total Package Car Wash			(#)			2820 US Hwy 98 N, Lakeland, FL 33805						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/23/2029						112.9						112.9						117.7						0.03		%
McGuckin & Pyle Inc			(#,^)			120 Corporate Ln, New Bern, NC 28562						Machinery Manufacturing						Term Loan						Prime plus 2.75%						5/23/2044						297.8						297.8						327.8						0.09		%
Clowers Trucking By Faith LLC			(#)			705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						10.8						10.8						11.2						—		%
ES&A, INC., A LAW CORPORATION			(#,^)			1003 Bishop St., Honolulu, HI 96813						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/22/2029						95.3						95.3						87.9						0.02		%
Bloomquist Communications Inc. dba FastSigns 42501			(#,^)			131 East Trinity Place, Decatur, GA 30030						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/22/2029						12.8						12.8						11.9						—		%
Anchor Up Fitness and Nutrition, LLC			(#,^)			2464 US-29, Pensacola, FL 32505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/21/2029						17.2						17.2						16.7						—		%
Kappa Investments LLC dba Buddy's Home Furnishings			(#,^)			365 Lowe's Dr, Ste H, Danville, VA 24540						Rental and Leasing Services						Term Loan						Prime plus 2.75%						5/17/2029						368.5						368.5						338.4						0.09		%
Covalent Holding LLC			(#,^)			18 West Chestnut St.,Unit 2F, Chicago, IL 60610						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/17/2029						219.8						219.8						215.3						0.06		%
BD Branson Victorian LLC dba Branson Surrey Inn			(#,^)			430 a/k/a 450 South Hwy 165, Branson, MO 65616						Accommodation						Term Loan						Prime plus 2.75%						5/17/2029						216.9						216.9						226.6						0.06		%
Cut To The Chase 502 LLC			(#,^)			6903 Lakegreen Ct, Louisville, KY 40291						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/16/2029						2.9						2.9						2.8						—		%
AMP Trucking Inc			(#,^)			1030 Gettysburg Ave, Clovis, CA 93161						Truck Transportation						Term Loan						Prime plus 2.75%						5/16/2029						220.9						220.9						202.2						0.05		%

54

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel,			(#,^)			208 East Main St., Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						5/16/2029						15.9						15.9						16.6						—		%
Two Pie Lovers LLC dba Pizza Outpost			(#,^)			302 E. Millitary Hwy U1122, Brackettville, TX 78832						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						42.3						42.3						47.0						0.01		%
The Lobster Pot Inc			(#,^)			119 Hope St., Bristol, RI 02809						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						358.3						358.3						399.2						0.11		%
Aloha To Go LLC			(#,^)			5903 Seminole Blvd, Seminole, FL 33772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2029						13.1						13.1						12.0						—		%
Crystal D. Walls dba Crystal's Cleaning Service			(#)			26 Cooper Rd, Byhalia, MS 38611						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/9/2029						8.9						8.9						9.2						—		%
Blue Country Firearms LLC			(#,^)			221 N Main St, Kingsfisher, OK 73750						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/8/2044						20.3						20.3						21.6						0.01		%
NYM Solutions Inc.dba NYM Solutions, Inc			(#)			12150 SW 128th St. CT Ste 209, Miami, FL 33186						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						5/6/2029						10.9						10.9						11.3						—		%
Folklore Music Exchange LLC			(#,^)			617 Tennessee Ave, Charleston, WV 25302						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/6/2029						4.3						4.3						3.9						—		%
EPIFAB,LLC			(#,^)			1341 Brooks St. Unit D, Ontario, CA 91762						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2029						18.0						18.0						17.3						—		%
Global Enterprises LLC dba Verdi Pizza			(#,^)			3111 S Valley View Blvd, Las Vegas, NV 89102						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/3/2029						17.7						17.7						16.2						—		%
Life View Prenatal Imagery, LLC			(#,^)			312 79th Ave North, Myrtle Beach, SC 29572						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/3/2029						5.1						5.1						4.8						—		%
Mark Garvin dba Tipsy Canyon Winery			(#,^)			150 Upper Joe Creek Rd, Manson, WA 98831						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2044						102.5						102.5						115.8						0.03		%
Art Amore Studios, LLC			(#,^)			6507 Jester Blvd, Ste #107, Austin, TX 78750						Educational Services						Term Loan						Prime plus 2.75%						5/3/2029						4.7						4.7						4.3						—		%
Modern Trousseau, LLC			(#,^)			125 Bradley Rd, Woodbridge, CT 06525						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						5/1/2029						265.5						265.5						268.6						0.07		%
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry			(#,^)			1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						54.6						54.6						55.7						0.02		%
Midlothian Hardware, Inc dba Grills True Value			(#,^)			475 West 147th St, Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						4/29/2029						33.6						33.6						35.1						0.01		%
ASM Partners LLC			(#,^)			1619 Roberts Dr SE, Mableton, GA 30126						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/26/2029						205.4						205.4						200.9						0.05		%
Sona USA, Inc			(#,^)			15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016						Telecommunications						Term Loan						Prime plus 2.75%						4/26/2029						142.1						142.1						136.4						0.04		%
Pellegrin Marine Transportation, LLC			(#,^)			117 Country Village Dr, Raceland, LA 70394						Support Activities for Transportation						Term Loan						Prime plus 2.75%						4/26/2029						116.8						116.8						111.4						0.03		%
La Dolce Vita LLC.			(#,^)			196 N. Holiday Rd, Miramar Beach, FL 32550						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/25/2044						455.5						455.5						510.6						0.14		%
Jones Roger Sherman Inn, Inc.			(#,^)			195 Oenoke Ridge, New Canaan, CT 06840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/25/2029						130.2						130.2						136.0						0.04		%

55

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil			(#,^)			196 N. Holiday Rd, Miramar Beach, FL 32550						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/25/2029						421.6						421.6						403.1						0.11		%
ER & DC McPherson Holdings, LLC			(#,^)			6957 W Broward Blvd., Plantation, FL 33317						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/19/2029						41.0						41.0						38.0						0.01		%
All My Best Inc.			(#,^)			4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/19/2029						52.6						52.6						49.7						0.01		%
Bottles on Broadway, LLC			(#,^)			1083 North Broadway, North Massapequa, NY 11758						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/17/2029						108.2						108.2						100.6						0.03		%
Modern Demo & Services LLC			(#,^)			10161 W Park Run Dr, Las Vegas, NV 89145						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2029						105.1						105.1						97.3						0.03		%
Expert Building Services LLC			(#,^)			74 Roosevelt St., Pequannock Township, NJ 07440						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/17/2029						17.2						17.2						15.7						—		%
2Choice2Friends dba 2 N 1 Salad Bar and Grill			(#)			901 W Braker Lane, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						10.8						10.8						11.2						—		%
Rello, Inc. dba ID Salon			(#)			8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						5.2						5.2						5.4						—		%
Pranamji Inc dba Ohara's Beverage Spot			(#,^)			2300 Levit Rd, Lorain, OH 44052						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/16/2044						45.5						45.5						49.1						0.01		%
Bill Berger LLC			(#,^)			8728 Tireman Ave, Detroit, MI 48204						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						4/12/2029						7.6						7.6						6.9						—		%
Gilpin Enterprises, LLC dba Jon Smith Subs			(#,^)			17790 State Rd 54, Lutz, FL 33458						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/12/2029						67.2						67.2						62.9						0.02		%
Southern Gulf Construction, Inc.			(#,^)			367 Pine Island Rd, North Fort Myers, FL 33903						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/12/2029						93.5						93.5						93.6						0.03		%
J.T. ONeill Company, LLC			(#,^)			19972 Willowin Farm Lane, Purceville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						4/12/2029						8.2						8.2						7.5						—		%
Samco Food Corp dba C-Town Supermarket			(#,^)			1761 Nostrand Ave, Brooklyn, NY 11226						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/12/2029						84.2						84.2						77.1						0.02		%
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic			(#,^)			3563 South River Terrace, Edgewater, MD 21037						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/12/2029						37.0						37.0						34.8						0.01		%
Maxiflex LLC			(#,^)			512 Verret St., New Orleans, LA 70114						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/11/2029						52.5						52.5						54.9						0.01		%
VRGE Strategies LLC			(#,^)			1155 15th St NW, Washington, DC 20005						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/10/2029						82.6						82.6						75.6						0.02		%
Georgetown Milling Co, LLC			(#,^)			9001 Wentworth Springs Rd, Georgetown, CA 95634						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						4/9/2029						10.7						10.7						10.1						—		%
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park			(#,^)			1256 Indian Head Rd, Toms River, NJ 08755						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						1/8/2030						513.6						513.6						533.3						0.14		%
Marnon Enterprise LLC			(#,^)			6713 Biscay Hbr, San Antonio, TX 78249						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/5/2029						4.0						4.0						3.7						—		%
Bose and Avinder, Inc.and Carmel and Preet Inc			(#,^)			28201 Date Palm Dr, Cathedral City, CA 92234						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2029						51.7						51.7						54.0						0.01		%
Complete Care IT LLC			(#,^)			4801 South University Dr Ste 125, Davie, FL 33328						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2029						43.8						43.8						40.1						0.01		%

56

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Turtle Shirts, LLC			(#,^)			10241 Metro Pkwy# 108, Ft Myers, FL 33966						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/29/2029						45.3						45.3						42.2						0.01		%
Outtasight Careers, LLC dba Gecko Hospitality			(#,^)			109 W Fern St., Tampa, FL 33604						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/29/2029						43.4						43.4						39.7						0.01		%
Knoxville Room Service			(#,^)			10670 Parkside Dr, Knoxville, TN 37922						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/29/2029						5.6						5.6						5.3						—		%
J Brothers Enterprises, LLC			(#,^)			1101 NW 12TH Ave, Ava, MO 65608						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/29/2044						620.9						620.9						661.6						0.18		%
Ren Investment Group Inc dba True Positon Manufacturing			(#,^)			40 Sandra Dr, South Windsor, CT 06074						Machinery Manufacturing						Term Loan						Prime plus 2.75%						3/29/2029						668.3						668.3						621.5						0.17		%
La Favorita Radio Network			(#,^)			4043 Geer Rd, Hughson, CA 95326						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						3/29/2029						283.9						283.9						268.5						0.07		%
Reliable Power Group Inc. dba Batteries & bulbs Pensacola			(#,^)			6895 N. 9th Ave Ste B, Pensacola, FL 32504						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/29/2029						83.4						83.4						76.5						0.02		%
Bright Freight Solution, LLC			(#,^)			1112 N Main St, Manteca, CA 95336						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						892.3						892.3						856.6						0.23		%
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1			(#,^)			7219 Silver Mist Ave, North Chesterfield, VA 23237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						138.0						138.0						126.3						0.03		%
Key HR Associates, Inc dba Parents Choice for Kids			(#,^)			3150 West Park Dr, Burnsville, MN 55306						Social Assistance						Term Loan						Prime plus 2.75%						3/29/2044						443.8						443.8						476.7						0.13		%
EJ & James Transport LLC			(#,^)			3100 Drewsky Lane Unit 108, Fort Mills, SC 29715						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						7.9						7.9						7.7						—		%
Hamsons Inc.			(#,^)			4900 Hopyard Rd, Pleasanton, CA 94588						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/29/2029						156.4						156.4						143.2						0.04		%

NuBe Business Group LLC			(#,^)			2140 44th St SE, Ste 201, Grand Rapids, MI 49508						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2044						39.5						39.5						44.6						0.01		%
Raven's Place LLC			(#,^)			13031 S Western Ave, Blue Island, IL 60406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2044						672.4						672.4						728.5						0.20		%
Bayco Enterprises, Inc			(#,^)			128 Cowesett Ave, West Warwick, RI 02893						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2044						191.3						191.3						216.0						0.06		%
Royalty Freight Inc.			(#,^)			3728 W McKinley Ave, Fresno, CA 93772						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						357.6						357.6						346.9						0.09		%
Pizzaplex L3C			(#,^)			4458 West Vernor Hwy, Detroit, MI 48209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						37.4						37.4						34.9						0.01		%
Stillwater Ventures, LLC			(#,^)			8272 W. Sunset Blvd, Los Angeles, CA 90048						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/29/2029						321.5						321.5						317.6						0.09		%
Four Seasons Laser Center Inc.			(#,^)			4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/28/2029						12.7						12.7						12.7						—		%
Custom Vinyl Products LLC			(#,^)			260 Enterprise Dr, Newport News, VA 23603						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2044						974.7						974.7						1,065.2						0.29		%
J.C. Pallet Company, Inc.			(#,^)			18427 New Kent Hwy, Barhamsville, VA 23011						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2029						375.5						375.5						372.4						0.10		%
Cleland Pharmacy LLC			(#,^)			202 S First St., Wakeeney, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						3/28/2029						18.9						18.9						19.8						0.01		%

57

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GS Bath Inc			(#,^)			5335 E. Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						3/28/2029						260.9						260.9						251.4						0.07		%
Cocomo Joe's LLC			(#,^)			3949 New Rd, Youngstown, OH 44515						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2029						2.9						2.9						2.8						—		%
PA Sobol Partners LLC dba Sobal			(#,^)			206 Rohrerstown Rd, Lancaster, PA 17603						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2029						43.2						43.2						40.6						0.01		%
Skaggs RV Outlet ,LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/28/2029						208.1						208.1						217.1						0.06		%
DC AG, LLC dba Big B Sales			(#,^)			674 LA- 8, Sicily Island, LA 71368						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/27/2044						565.9						565.9						610.3						0.17		%
Ocean Trans LLC and Dehal Trucking LLC			(#,^)			1415 W Anderson St., Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						3/27/2029						62.8						62.8						65.5						0.02		%
Cinco Fit LLC dba Cinco Fit			(#,^)			23010 Highland Knolls Blvd, Ste G, Katy, TX 77494						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/27/2029						138.1						138.1						126.2						0.03		%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC			(#,^)			2543 Eliot St., Denver, CO 80211						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/27/2029						4.8						4.8						4.3						—		%
District 5 Boutique LLC			(#,^)			317 N Farview Ave, Paramus, NJ 07652						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/26/2029						104.3						104.3						95.3						0.03		%
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC			(#,^)			2880 Carol Rd, East York, PA 17402						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/26/2044						1,220.5						1,220.5						1,330.6						0.36		%
Virginia Industrial Plastics, Inc.			(#,^)			2454 N East Side Hwy,, Elkton, VA 22827						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/22/2044						290.0						290.0						327.4						0.09		%
Gary Krause dba Gary Krause Landscaping & Design			(#,^)			489 Hamilton Rd, Jacksonville, OR 97530						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/22/2029						5.0						5.0						4.8						—		%
Skyways, LTD			(#,^)			350 15th St. NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/22/2029						740.7						740.7						681.2						0.18		%
J & C May Properties, LLC			(#,^)			315 Sylamore Ave, Mountain View, AR 72560						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/22/2044						1,092.9						1,092.9						1,135.5						0.31		%
Virginia Industrial Plastics, Inc.			(#,^)			2454 North East Side Hwy, Elkton, VA 22827						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/22/2029						243.0						243.0						253.5						0.07		%
Dependable Lawn Care, Inc.			(#,^)			2320 138TH ST, Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/21/2029						467.2						467.2						445.5						0.12		%
Pitman Holding LLC			(#,^)			1116 E Main St, Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/21/2029						6.3						6.3						6.0						—		%
American Trails Transport, LLC			(#,^)			8704 Grand Ave, Billings, MT 59106						Truck Transportation						Term Loan						Prime plus 2.75%						3/21/2029						45.9						45.9						43.9						0.01		%
Dependable Lawn Care, Inc.			(#,^)			2320 138th St., Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/21/2044						186.3						186.3						209.6						0.06		%
Michigan Neurosurgical Institute P.C.			(#,^)			9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/20/2029						151.3						151.3						138.8						0.04		%
Mega Trucking LLC and Olyimpian Industries LLC			(#,^)			5979 NW 151st St, Miami Lakes, FL 33014						Truck Transportation						Term Loan						Prime plus 2.75%						3/20/2029						333.5						333.5						325.8						0.09		%

58

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L			(#,^)			9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/20/2044						341.8						341.8						366.7						0.10		%
Sound Manufacturing Inc			(#,^)			1 Williams Lane, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/20/2029						41.7						41.7						38.1						0.01		%
Marvellous Print & Ship LLC			(#,^)			605 W Main St, Oxford, KS 67119						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/19/2029						2.8						2.8						2.6						—		%
Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/19/2029						219.7						219.7						210.2						0.06		%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield			(#,^)			23077 Greenfield Rd, Southfield, MI 48075						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						77.8						77.8						72.5						0.02		%
B & W Towing LLC			(#,^)			701 Addison Rd, Painted Post, NY 14870						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/15/2029						48.0						48.0						50.0						0.01		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/15/2029						73.1						73.1						66.7						0.02		%
Screening Services Group, LLC			(#,^)			8670 Wilshire Blvd, Beverly Hills, CA 90211						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/14/2029						250.7						250.7						234.0						0.06		%
Mill Creek Early Childhood Program LLC			(#,^)			510 South Batavia Ave, Batavia, IL 60510						Social Assistance						Term Loan						Prime plus 2.75%						8/11/2029						53.8						53.8						49.4						0.01		%
Alpine Remediation, Inc, T & M Holdings, LLC			(#,^)			14252 W 44th Ave Unit F, Golden, CO 80403						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/8/2029						73.1						73.1						70.9						0.02		%
Precise Air Systems, Inc			(#,^)			5467 W San Fernando Rd, Los Angeles, CA 90039						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/8/2029						230.8						230.8						213.1						0.06		%
Kalloren Provel LLC			(#,^)			6919 Oak Ridge Commerce Way, Austell, GA 30168						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/8/2044						271.0						271.0						297.7						0.08		%
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha			(#,^)			76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/8/2044						194.1						194.1						216.1						0.06		%
SG Welch Inc dba Sparks Auto Service			(#,^)			19138 Molalla Ave, Oregon City, OR 97045						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/8/2029						52.3						52.3						48.6						0.01		%
Wildflour Bakery & Cafe LLC			(#,^)			5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/8/2029						73.2						73.2						66.9						0.02		%
Seeds of Knowledge Creative Learning Center LLC			(#,^)			15101 West McNichols Rd, Detroit, MI 48235						Social Assistance						Term Loan						Prime plus 2.75%						3/7/2044						21.7						21.7						24.1						0.01		%
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC			(#,^)			487 Elizabeth Lake Rd, Waterford, MI 48328						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/4/2029						131.8						131.8						120.4						0.03		%
Wooter Apparel, Inc			(#,^)			727 Page Ave., Staten Island, NY 10307						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/28/2029						41.4						41.4						38.4						0.01		%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC			(#,^)			20 Silver Fox Lane, Sussex, NJ 07461						Food Manufacturing						Term Loan						Prime plus 2.75%						2/28/2029						4.1						4.1						4.3						—		%
Monkey Bones LLC			(#,^)			3361 Dayton Xenia Rd, Beavercreek, OH 45432						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2044						18.4						18.4						20.8						0.01		%
Woodard Electric Services, Inc.			(#,^)			1600 Carter Cove Rd, Hayesville, NC 28904						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2029						17.9						17.9						16.5						—		%

59

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Shah Medical Center SC & Heeena Shyamani			(#,^)			484 Summit St, Elgin, IL 60120						Hospitals						Term Loan						Prime plus 2.75%						2/28/2044						244.0						244.0						253.9						0.07		%
Matrix Z LLC			(#)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						10.7						10.7						11.0						—		%
Merdad Dentistry PLLC dba Easy Dental Care			(#,^)			7522 Old Linton Hall Rd, Gainesville, VA 20155						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/26/2029						13.0						13.0						11.9						—		%
Harbor Management Company Inc dba Jamba Juice			(#,^)			5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/22/2029						124.6						124.6						114.9						0.03		%
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ			(#,^)			3633 B Hill Rd, Parsippany, NJ 07054						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/21/2029						34.2						34.2						32.0						0.01		%
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe			(#,^)			12140 Wickchester Ln STE 130, Houston, TX 77079						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2029						40.4						40.4						36.9						0.01		%
Rob Barletta's Hockey School, Inc			(#,^)			2130 Providence Hwy, Walpole, MA 02081						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						2/19/2029						90.4						90.4						94.3						0.03		%
Outler Transportation Services,LLC			(#,^)			3775 Carriage Downs CT SW, Snellville, GA 30039						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						2/19/2029						39.5						39.5						36.6						0.01		%
Bowl 360 Inc.			(#,^)			98-18 Rockaway Blvd, Far Rockaway, NY 11417						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2029						115.8						115.8						106.3						0.03		%
Bowl 360 Inc.			(#,^)			98-18 Rockaway Blvd, Ozone Park, NY 11417						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2029						135.0						135.0						131.1						0.04		%
Integris Roofing, Inc			(#,^)			1174 Yellostone Dr, Lake Arrowhead, CA 92532						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/15/2029						18.6						18.6						17.0						—		%
M & M Burgers Inc dba Checkers			(#,^)			530 Willis Ave, Bronx, NY 10455						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						96.4						96.4						89.7						0.02		%
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic			(#,^)			9212 Liberty Ave, Ozone Park, NY 11417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/14/2044						133.0						133.0						150.2						0.04		%
Tony Herring & Associates, Inc			(#,^)			211 West Camellia Dr, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						2/14/2029						12.4						12.4						13.0						—		%
Par-Man, Inc. dba Rockstar Tattoo			(#,^)			450 Fremont St #109 and 113, Las Vegas, NV 89101						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						2/14/2029						51.9						51.9						47.8						0.01		%
KHSE Parks, Inc.			(#,^)			600 West Charles St., Matthews, NC 28105						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/14/2029						66.4						66.4						60.7						0.02		%
Pamletics LLC dba F45			(#,^)			22015 IH 10 West, San Antonio, TX 78249						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/8/2029						3.1						3.1						3.0						—		%
EJGR Corp dba Brite Energy Solutions			(#,^)			87 Main St. Upper Level, Hastings-on-Hudson, NY 10706						Utilities						Term Loan						Prime plus 2.75%						2/8/2029						42.1						42.1						38.6						0.01		%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah			(#,^)			9408 Apison Pike, Ste 11, Ooltewah, TN 37363						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/8/2029						140.7						140.7						134.7						0.04		%
Precedence Enterprises LLC dba Spartan Junk Removal			(#,^)			8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/8/2029						12.7						12.7						12.2						—		%
Creative Counseling Nashville PLLC			(#,^)			4119 Gallatin Pike, Nashville, TN 37216						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/7/2029						1.5						1.5						1.4						—		%
RIHAHN INC dba RDBL, INC.			(#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 2.75%						2/5/2029						5.8						5.8						6.1						—		%

60

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Jesus and Son's Landscape Contractors, LLC			(#,^)			4371 Durham Court, Denver, CO 80239						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/1/2029						47.6						47.6						44.6						0.01		%
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc			(#,^)			4291 Shoal Line Blvd, Hernando Beach, FL 34607						Accommodation						Term Loan						Prime plus 2.75%						2/1/2029						12.5						12.5						13.0						—		%
Employer Resource Services LLC dba Data Pool			(#,^)			500 Research Rd, Richmond, VA 23236						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2029						29.7						29.7						27.1						0.01		%
MYC Motors Inc			(#,^)			3808 Vegas Dr, Las Vegas, NV 89108						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						1/30/2044						72.1						72.1						81.4						0.02		%
FNF LLC dba AK Wine Grotto			(#,^)			11109 Old Seward Hwy, Anchorage, AK 99515						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/22/2029						203.5						203.5						186.0						0.05		%
IGWT Coffee, LLC dba PJ's Coffee of New Orleans			(#,^)			414 Union St, Nashville, TN 37219						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/18/2029						68.0						68.0						62.2						0.02		%
MMC Investors, LLC dba Clean Juice			(#,^)			2879 W 95th St. Ste 195, Naperville, IL 60564						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/18/2029						73.5						73.5						68.3						0.02		%
Hilco Athletics & Graphics Inc			(#,^)			55 Green Hill St., West Warwick, RI 02816						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/16/2044						66.3						66.3						74.8						0.02		%
Fluid Connections LLC dba BurgerIM			(#,^)			174 El Cerrito Plaza, El Cerrito, CA 94530						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/11/2029						51.6						51.6						49.6						0.01		%
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster			(#,^)			309 Coronado Dr, Clearwater Beach, FL 33767						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/11/2029						74.7						74.7						69.1						0.02		%
HSR Tacos LLC dba California Tortilla			(#,^)			11694 Sudley Manor Dr, Manassas, VA 20109						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/11/2029						44.9						44.9						41.1						0.01		%
Rashed and Shabila LLC			(#,^)			14865 Hwy 92, Woodstock, GA 30188						Gasoline Stations						Term Loan						Prime plus 2.75%						1/4/2029						18.5						18.5						17.9						—		%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC			(#,^)			215 S Persimmon St,, Tomball, TX 77375						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/31/2028						210.4						210.4						192.2						0.05		%
The Chop House Inc.			(#,^)			191 Old Tower Hill Rd., South Kingstown, RI 02879						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2043						535.8						535.8						579.0						0.16		%
Superior Concepts Acquisition Corp			(#,^)			1710 Tiles Court, Grand Haven, MI 49417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/28/2043						497.4						497.4						560.5						0.15		%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut			(#,^)			10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/28/2043						18.0						18.0						20.3						0.01		%
Superior Concepts Acquisition Corp			(#,^)			1710 Tiles Ct, Grand Haven, MI 49417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/28/2028						104.8						104.8						105.8						0.03		%
Nix and Nix Funeral Home North Inc,			(#,^)			1621 W. Dauphin St., Philadelphia, PA 08065						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/28/2043						552.5						552.5						623.8						0.17		%
American Rewinding of NC Inc dba MTS			(#,^)			1825 N Rocky River Rd, Monroe, NC 28110						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/28/2028						370.9						370.9						375.1						0.10		%
Omega Funeral and Cremation Services,LLC			(#,^)			9503 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/28/2043						328.7						328.7						371.1						0.10		%
Medworxs Inc.			(#,^)			6857 Timbers Dr, Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2028						8.6						8.6						8.5						—		%
East Breeze LLC dba Historic Springdale Pub and Eatery			(#,^)			32302 East Historic Columbia River Hwy, Corbett, OR 97019						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/27/2043						123.5						123.5						139.5						0.04		%

61

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Green Valley Landscape Management Inc. dba Apopka Mower and Equipment			(#,^)			2975 W Orange Blossom Trail, Apopka, FL 32712						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2043						445.8						445.8						503.3						0.14		%
Fave Realty Inc.			(#,^)			74 Larkfield Rd, East Northport, NY 11731						Real Estate						Term Loan						Prime plus 2.75%						12/27/2043						118.6						118.6						133.9						0.04		%
Reservations Unlimited LLC			(#)			312 W Main St., Red River, NM 87558						Real Estate						Term Loan						Prime plus 2.75%						12/26/2043						136.6						136.6						154.3						0.04		%
BD Branson Victorian LLC dba Branson Victorian Inn			(#,^)			450 South Hwy 165, Branson, MO 65616						Accommodation						Term Loan						Prime plus 2.75%						12/24/2043						478.8						478.8						540.5						0.15		%
RM Hawkins LLC			(#,^)			5141 Topaz Dr, Colorado Springs, CO 80918						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/24/2028						244.7						244.7						248.2						0.07		%
Timios Enterprises Corp dba Palm Court			(#,^)			1912 N Arlington Heights Rd., Arlington Heights, IL 60004						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2043						688.3						688.3						777.1						0.21		%
LP Industries, Inc and Playground Packages, LLC			(#,^)			2040 Norwood, Lenoir, NC 28645						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						83.1						83.1						82.3						0.02		%
Sesolinc GRP, Inc.			(#,^)			806 Randy Lowery Rd, Statesboro, GA 30461						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						306.0						306.0						312.1						0.08		%
The Law Office of Jared E. Shapiro, P.A			(#,^)			7777 Glades Rd, Ste 100, Boca Raton, FL 33434						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						9.2						9.2						9.1						—		%
Royalty Freight Inc			(#,^)			3728 W McKinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						79.9						79.9						79.1						0.02		%
D.A.F.S Transport, LLC			(#,^)			207 S. Teresa St., Monahans, TX 79756						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						564.1						564.1						586.7						0.16		%
ETS Tree Service Inc and Eastern Tree Service, Inc			(#,^)			4813 Pinson Valley Pkwy, Birmingham, AL 35215						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/21/2028						187.7						187.7						190.7						0.05		%
Fifth Wheel Truck Stop 001, Inc.			(#,^)			3767 South Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						12/21/2028						86.1						86.1						85.2						0.02		%
Kyle M Walker DDS, PC			(#,^)			1402 W Park Ave, Orange, TX 77630						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						98.6						98.6						97.5						0.03		%
Diamond Estates LLC			(#,^)			110 Court St Ste 1, Cromwell, CT 06416						Construction of Buildings						Term Loan						Prime plus 2.75%						12/21/2028						61.2						61.2						60.6						0.02		%
Burgess and Dudley, Incorporated			(#,^)			24462 NW 9th Place, Newberry, FL 32669						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/21/2028						194.0						194.0						195.5						0.05		%
Baseline Health, LLC & Baseline Health Management, LLC			(#,^)			1101 Stewart Ave Ste 104, Garden City, NY 11530						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						97.1						97.1						96.9						0.03		%
Cammarata Associates LLC			(#,^)			5 Greentree Center, Marlton, NJ 08053						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						12/21/2028						61.2						61.2						60.5						0.02		%
C&D Trucking & Equipment Service, Inc.			(#,^)			4015 Jennings Rd, Cleveland, OH 44109						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2043						112.4						112.4						126.9						0.03		%
Precision Bytes LLC dba Tower Connect			(#,^)			607 West Magnolia Ave, Fort Worth, TX 76104						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						106.1						106.1						105.0						0.03		%
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur			(#,^)			4500 S Country Rd, Odessa, TX 79768						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/21/2044						166.2						166.2						187.7						0.05		%

62

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						252.7						252.7						257.5						0.07		%
Graff Excavating, Inc			(#,^)			803 E State St., Toledo, IA 52342						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/20/2028						159.6						159.6						158.9						0.04		%
Flashii App, Inc.			(#,^)			75 E Santa Clara St, San Jose, CA 95113						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						51.0						51.0						53.8						0.01		%
CK Green Partners, LLC dba Reis and Irvy"s Columbus			(#,^)			5010 Augusta Dr, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2029						158.5						158.5						162.3						0.04		%
Hotel Compete, LLC			(#,^)			223 W Jackson Blvd, Chicago, IL 60606						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						51.0						51.0						50.4						0.01		%
Healthy and Fresco LLC			(#,^)			1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2029						37.7						37.7						37.9						0.01		%
Local Liberty Inc dba The Wardsboro Country Store			(#,^)			23 Main St., Wardsboro, VT 05355						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/20/2043						149.1						149.1						168.3						0.05		%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC			(#,^)			2043 Coteau Rd, Houma, LA 70364						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						341.0						341.0						359.6						0.10		%
Roots N Shoots, LLC & Yardplus LLC			(#,^)			86 Boston Rd, Chelmsford, MA 01824						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2028						44.0						44.0						44.0						0.01		%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll			(#)			G-2340 West Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/19/2044						405.6						405.6						457.9						0.12		%
Accent Comfort Services, LLC			(#,^)			5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/19/2028						56.2						56.2						55.8						0.02		%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo			(#,^)			316 NW 24th St., Miami, FL 33180						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/19/2029						61.5						61.5						62.7						0.02		%
The Cromer Company			(#,^)			9800 NW 78th Ave, Hialeah Gardens, FL 33016						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/19/2028						440.2						440.2						436.2						0.12		%
Ventures TBD LLC dba The Bottle Tree			(#,^)			102 Davis St., Belmont, NC 28012						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2043						95.2						95.2						107.5						0.03		%
YBL Restaurant Group LLC dba Tropisueno			(#,^)			75 Yerba Buena Lane, San Francisco, CA 94103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/14/2029						313.2						313.2						311.6						0.08		%
Alpha Omega Trucking LLC			(#,^)			14432-14452 Stateline Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2028						57.2						57.2						60.3						0.02		%
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena			(#,^)			4477 E 11th Ave, Hialeah, FL 33013						Food Manufacturing						Term Loan						Prime plus 2.75%						12/14/2028						259.1						259.1						261.4						0.07		%
Healthy Human, LLC			(#,^)			1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2028						101.9						101.9						100.9						0.03		%
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC			(#,^)			160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/14/2028						224.9						224.9						226.6						0.06		%
Aero Consulting and Engineering Inc			(#,^)			7941 NW 3rd St., Plantation, FL 33324						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2028						12.2						12.2						12.1						—		%

63

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

L&M Services, LLC			(#,^)			560 Main St., Milford, UT 84751						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/14/2043						192.1						192.1						216.9						0.06		%
Alpha Landscape Contractors, Inc			(#,^)			2823 Fllintstone Rd, Millers, MD 21102						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/14/2029						272.2						272.2						275.6						0.07		%
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974			(#,^)			196-15 Northern Blvd, Flushing, NY 11318						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/14/2028						12.9						12.9						12.7						—		%
Peanut Butter & Co., Inc.			(#,^)			119 West 57th St., Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/14/2028						204.0						204.0						201.9						0.05		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/14/2043						189.4						189.4						213.8						0.06		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Construction of Buildings						Term Loan						Prime plus 2.75%						12/14/2028						34.1						34.1						34.7						0.01		%
OC Helicopters LLC			(#,^)			19711 Campus Dr Ste 260, Santa Ana, CA 92707						Air Transportation						Term Loan						Prime plus 2.75%						12/13/2028						73.4						73.4						77.4						0.02		%
The Miller Center for Esthetic Excellence,			(#,^)			22 Old Short Hills Rd,, Livingston, NJ 07039						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2043						378.2						378.2						422.0						0.11		%
Plan B Burger LLC			(#,^)			484 Farmington Ave, Hartford, CT 06105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/13/2029						860.9						860.9						870.0						0.24		%
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash			(#,^)			2 Center Rd,, Old Saybrook, CT 06475						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/13/2043						938.6						938.6						1,059.7						0.29		%
Burton Realty Co., Inc dba Anchor Realty, Northeast			(#,^)			2200 Michener St, Ste 12, Philadelphia, PA 19115						Real Estate						Term Loan						Prime plus 2.75%						12/13/2028						243.4						243.4						240.9						0.07		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Lane, Bakersfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/12/2043						115.3						115.3						130.1						0.04		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd, Ste 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/12/2029						8.4						8.4						8.3						—		%
Airstrike Firefighters LLC			(#,^)			18115 62nd Ave NE, Kenmore, WA 98028						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/12/2028						1,020.1						1,020.1						1,045.0						0.28		%
Ashwood Food Services Inc. dba Jake Rooney's			(#,^)			119 Brooks Rd, Harwich Port, MA 02646						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/12/2043						207.1						207.1						233.8						0.06		%
Behind The Scenes Chicago, LLC dba Paramount Events			(#,^)			1750 W Lake St, Chicago, IL 60612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						199.0						199.0						207.1						0.06		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Lane, Bakerfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/12/2029						49.1						49.1						48.6						0.01		%
Ashwood Food Services, Incorporated dba Jake Rooney's			(#,^)			119 Brooks Rd, Harwich Port, MA 02646						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						55.4						55.4						56.0						0.02		%
Duck's Nuts Inc dba Pet Place Market			(#,^)			212 Bendigo Blvd. N, North Bend, WA 98045						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						1/11/2029						35.4						35.4						36.1						0.01		%
Oregon Medical Training Private Career School Inc.			(#,^)			1126 Gateway Loop, Ste 108, Springfield, OR 97702						Educational Services						Term Loan						Prime plus 2.75%						1/11/2029						32.8						32.8						32.5						0.01		%
TFE Resources ,LTD			(#,^)			11 Easter Court Ste G, Owings Mills, MD 21117						Utilities						Term Loan						Prime plus 2.75%						1/11/2029						475.9						475.9						478.2						0.13		%
Googlyoogly, LLC dba Bi-Rite Supermarket			(#,^)			10867 W Jefferson Ave, River Rouge, MI 46218						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/11/2043						195.0						195.0						220.1						0.06		%

64

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hilltop Wine Shop, Inc dba Hiltop Wine Shop			(#,^)			7505 Highland Rd, White Lake, MI 48383						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/11/2043						123.3						123.3						139.2						0.04		%
EMES Supply, LLC			(#,^)			35622 Vine St., EastLake, OH 44095						General Merchandise Stores						Term Loan						Prime plus 2.75%						1/11/2029						103.9						103.9						104.0						0.03		%
B&B Bodega of Delray LLC			(#,^)			190 NE 2nd Ave, Delray Beach, FL 33444						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/11/2029						7.1						7.1						7.0						—		%
White Wilson & Associates LLC			(#,^)			16238 Louis Ave., South Holland, IL 60473						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/11/2043						40.8						40.8						46.1						0.01		%
Team Henry, LLC dba Kelly Automotive of Deltona			(#,^)			1290 Doyle Rd, Deltona, FL 32725						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2043						375.8						375.8						424.3						0.11		%
ZLM Services LLC			(#,^)			51343 Oro Rd, Shelby Township, MI 33444						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/10/2029						32.7						32.7						32.4						0.01		%
Food Service Industry Consultants Inc.			(#,^)			1465 Kelly Johnson Blvd, Colorado Springs, CO 80920						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/7/2029						58.5						58.5						58.1						0.02		%
CET Inc			(#,^)			4709 N El Capitan Ave. Ste 205, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						1/6/2029						966.4						966.4						974.4						0.26		%
Metro R Services Inc. and Metal & Roof Supplies Inc.			(#,^)			20 Universal Place, Carlstadt, NJ 07072						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/6/2029						169.7						169.7						179.3						0.05		%
Unique Home Solutions Inc. and Unique Home Solutions of Ohio			(#,^)			5550 Progress Rd, Indianapolis, IN 46241						Construction of Buildings						Term Loan						Prime plus 2.75%						1/5/2029						209.5						209.5						221.4						0.06		%
Consulting Solutions, Inc and Mark Luciani			(#,^)			3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/5/2029						47.0						47.0						46.6						0.01		%
Levine Daycare Inc dba Kids R Kids			(#,^)			415 Woodbury Rd, Orlando, FL 32828						Social Assistance						Term Loan						Prime plus 2.75%						1/5/2029						220.8						220.8						224.0						0.06		%
The Altitude Group LLC			(#,^)			949 A Clint Moore Rd, Boca Raton, FL 33487						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/4/2029						116.1						116.1						115.4						0.03		%
Access Staffing, LLC			(#,^)			360 Lexington Ave 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/4/2029						158.8						158.8						157.5						0.04		%
York Concrete Corp			(#,^)			1 Plumb CT., Huntington Station, NY 11746						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2043						192.1						192.1						216.9						0.06		%
Swantown Inn and Spa, LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						1/3/2029						11.1						11.1						11.7						—		%
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc.			(#,^)			4291 Shoal Line Blvd, Hernando Beach, FL 34607						Accommodation						Term Loan						Prime plus 2.75%						11/30/2043						216.4						216.4						244.4						0.07		%
Water Station Holdings LLC			(#,^)			1104 N Keystone Ave, Indianapolis, IN 46201						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/30/2028						536.9						536.9						551.8						0.15		%
Cabrera's Auto Services LLC			(#,^)			2206 N Central Ave, Chicago, IL 60639						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2043						77.8						77.8						87.8						0.02		%
Microplex Co, Third Market LLC			(#,^)			244 Spokane Ave, Whitefish, MT 59937						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/30/2028						133.8						133.8						132.7						0.04		%
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors			(#,^)			13762 W State Rd 84, Davie, FL 33325						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/30/2028						101.5						101.5						105.9						0.03		%
Tammy's Place LLC			(#,^)			235 North Mosby Ave, Littleton, NC 27850						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2044						421.3						421.3						475.7						0.13		%

65

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

JJB Production LLC			(#,^)			458 N 7th St., Newark, NJ 07107						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/29/2028						6.0						6.0						5.9						—		%
Albert M Quashie, DDS, PC			(#,^)			3331 Toledo Terrace Ste 308, Hyattsville, MD 20782						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2028						71.1						71.1						73.0						0.02		%
Albert M. Quashie, DDS, PC			(#,^)			3331 Toledo Terrace Ste 308, Hyattsville, MD 20782						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/29/2043						62.4						62.4						70.5						0.02		%
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te			(#,^)			3626 CR 203, Liverpool, TX 77577						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/28/2043						419.9						419.9						474.0						0.13		%
Extreme Granite Corp			(#,^)			251 NW 1st St., Deerfield Beach, FL 33441						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2043						179.9						179.9						203.1						0.06		%
Level Up Gaming, Inc			(#,^)			1132 Creighton Rd, Pensacola, FL 32504						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						11/28/2043						86.6						86.6						97.7						0.03		%
True Love Christian Academy LLC			(#,^)			466 E Raines Rd, Memphis, TN 38109						Social Assistance						Term Loan						Prime plus 2.75%						12/28/2043						40.3						40.3						45.5						0.01		%
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe			(#,^)			12930 Worldgate Dr, Herndon, VA 20170						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						1,046.5						1,046.5						1,103.7						0.30		%
Best Global Alternative North, LLC			(#,^)			69 Lewis Ave, Atlantic Beach, NY 11509						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/21/2028						33.6						33.6						33.2						0.01		%
M.A.W. Enterprises LLC dbaY-Not Pizza			(#,^)			45 E Main St., New Palestine, IN 46163						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/21/2028						18.3						18.3						18.6						0.01		%
Thames Aquatic Club, LLC			(#,^)			14 Iron St., Ledyard, CT 06339						Educational Services						Term Loan						Prime plus 2.75%						10/21/2029						37.9						37.9						40.3						0.01		%
Commonwealth Warehouse Inc			(#,^)			11013 Kenwood Rd., Cincinnati, OH 45242						Warehousing and Storage						Term Loan						Prime plus 2.75%						12/20/2028						343.3						343.3						350.4						0.09		%
On Call Electrical of Georgia LLC			(#,^)			2120 Plaster Bridge Rd NE, Atlanta, GA 30324						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/20/2043						630.6						630.6						712.0						0.19		%
K & A Automotive Inc			(#,^)			2070 Nooseneck Hill Rd, Coventry, RI 02816						Gasoline Stations						Term Loan						Prime plus 2.75%						11/19/2043						117.2						117.2						132.3						0.04		%
High Desert Transport, Inc.			(#,^)			2015 Woodspring Terrace, Henderson, NV 89012						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2028						60.7						60.7						61.0						0.02		%
Cocomo Joe's LLC			(#,^)			3949 New Rd, Youngstown, OH 44515						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2028						0.5						0.5						0.5						—		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2028						50.9						50.9						50.4						0.01		%
Saunders Management LLC dba Northern Light Espresso Bar and Cafe			(#,^)			536 Spruce St, Scranton, PA 18503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/16/2028						32.9						32.9						34.7						0.01		%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade			(#,^)			100 Village Rd, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/16/2029						35.1						35.1						36.7						0.01		%
Beau & HB Inc dba Beau's Billard, Bowling & Arcade			(#,^)			100 Village RD, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/16/2043						67.4						67.4						76.1						0.02		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/14/2028						43.4						43.4						45.7						0.01		%
Salon Femi LLC			(#,^)			1107 Broad St., Bloomfield, NJ 07003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/9/2028						6.1						6.1						6.3						—		%

66

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

US Dedicated LLC			(#,^)			13410 SE 26th Circle, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2028						374.3						374.3						373.0						0.10		%
McNeill Stokes			(#,^)			5372 Whitehall Pl SE, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2028						5.5						5.5						5.4						—		%
Vancole Investments, Inc. dba Smoothie King #913			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/7/2044						402.1						402.1						454.0						0.12		%
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC			(#,^)			460 Park Ave, Floor 16, New York, NY 10022						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/1/2028						263.6						263.6						260.9						0.07		%
Modutech Marine Inc			(#,^)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/1/2028						304.4						304.4						321.0						0.09		%
Steele Security, LLC dba Signal 88 Security of San Antonio			(#,^)			11230 West Ave, Ste 2210, San Antonio, TX 78213						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/31/2028						89.3						89.3						88.9						0.02		%
Abington Caregivers, LLC			(#,^)			7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2043						120.6						120.6						136.1						0.04		%
C.A.T.I. Armor, LLC			(#,^)			435 Packard Hwy, Charlotte, MI 48813						Apparel Manufacturing						Term Loan						Prime plus 2.75%						10/30/2043						202.3						202.3						228.4						0.06		%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"			(#,^)			1500 Village Run Rd, Wexford, PA 15090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2029						66.7						66.7						66.7						0.02		%
UK, LLC dba Pita Pit			(#,^)			20038 West Valley HWY, Kent, WA 98032						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2029						50.7						50.7						51.0						0.01		%
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer			(#,^)			3970 Everhard Rd, NW, Canton, OH 44709						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/26/2028						118.3						118.3						124.8						0.03		%
The Face Place, LLC dba Classic Aesthetics			(#,^)			4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/25/2028						8.1						8.1						8.0						—		%
Bellas Sports Pub, Inc dba Brewmasters Tavern			(#,^)			1152 Main St., Coventry, RI 02816						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/24/2043						66.6						66.6						75.1						0.02		%
Shovels and Whiskey LLC			(#,^)			446 SE Washington St, Hillsboro, OR 97123						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						10/16/2043						73.6						73.6						83.1						0.02		%
Hackstaff Restaurants LLC			(#,^)			248 W 1st. St. Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						137.6						137.6						137.9						0.04		%
Cater To You Agency, LLC, dba Cater To You			(#,^)			1319 Sherrick Rd SE, Canton, OH 44707						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/11/2043						21.7						21.7						24.5						0.01		%
Faydon, Inc			(#,^)			1905 W Baker St., Ste A, Plant City, FL 33567						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/10/2028						60.4						60.4						63.7						0.02		%
MB Click It Photography, LLC			(#,^)			100 Manchester Ranch Place, Aynor, SC 29511						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/10/2043						36.7						36.7						41.5						0.01		%
Wellfleet Consulting Inc.			(#,^)			2275 Research Blvd Ste # 500, Rockville, MD 20850						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/9/2028						12.0						12.0						11.9						—		%
Apps Inc and Market Share Inc.			(#,^)			80 Main St., Old Saybrook, CT 06475						Telecommunications						Term Loan						Prime plus 2.75%						10/5/2028						71.9						71.9						71.1						0.02		%
Moore Care LLC			(#,^)			8550 United Plaza Blvd., Baton Rouge, LA 79809						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/4/2028						41.8						41.8						41.3						0.01		%
JAM Media Solutions LLC			(#,^)			11 Netherwood Terrace, East Orange, NJ 07017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2028						768.2						768.2						769.7						0.21		%

67

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

SwabCo Inc.			(#,^)			2341 East Ellis St., Leveland, TX 79336						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/28/2043						908.2						908.2						1,025.3						0.28		%
A-1 Van Sevices, Inc.			(#,^)			154 Sandy Creek Rd, Verona, PA 15147						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/28/2028						84.5						84.5						87.6						0.02		%
Burd Brothers Inc.			(#,^)			4005 Borman Dr, Batavia, OH 45103						Truck Transportation						Term Loan						Prime plus 2.75%						9/28/2028						421.7						421.7						433.6						0.12		%
Throop Family Holdings, Inc			(#,^)			7130 Crater Lake, White City, OR 97603						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/28/2043						614.7						614.7						694.0						0.19		%
Rami Technology USA, LLC			(#,^)			10400 NW 33rd St., Miami, FL 33172						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2028						143.3						143.3						142.5						0.04		%
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge			(#,^)			4646 SE 11th Place, Cape Coral, FL 33904						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/28/2043						316.6						316.6						357.4						0.10		%
Blackwater Diving, LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2028						637.4						637.4						637.2						0.17		%
LG Law Center, Inc			(#,^)			15452 Amar Rd, La Puente, CA 91744						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2028						11.9						11.9						11.9						—		%
Blue Seven, LLC			(#,^)			11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/27/2029						48.4						48.4						48.8						0.01		%
Quality Electric & Data			(#,^)			85 Franklin Rd Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2028						79.2						79.2						81.3						0.02		%
Quality Electric & Data Inc.			(#,^)			85 Franklin RD Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2043						123.9						123.9						139.9						0.04		%
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat			(#,^)			35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2028						94.1						94.1						93.2						0.03		%
Action Barricade Company, LLC and Barricade Holding LLC			(#,^)			1802 N 27th Ave, Phoenix, AZ 85009						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/27/2028						241.3						241.3						248.4						0.07		%
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A			(#,^)			777 South Flagler Dr Ste 800W, West Palm Beach, FL 33401						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/27/2028						99.6						99.6						101.5						0.03		%
Dentistry By Design, P.C			(#,^)			315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/26/2028						11.9						11.9						11.9						—		%
Ace Auto Recovery, Inc.			(#,^)			1209 North Lane Ave, Jacksonville, FL 32254						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/26/2043						152.6						152.6						172.3						0.05		%
Above and Beyond Preschool LLC			(#,^)			672-678 Camellia Dr, Royal Palm Beach, FL 33411						Social Assistance						Term Loan						Prime plus 2.75%						9/26/2043						528.0						528.0						596.1						0.16		%
LTS School, Inc.			(#,^)			3731 NW 9th Ave, Deerfield Beach, FL 33064						Educational Services						Term Loan						Prime plus 2.75%						9/26/2043						96.9						96.9						109.4						0.03		%
Newsome Mobile Notary LLC			(#,^)			8153 12th Ave SW, Seattle, WA 98106						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/25/2028						4.2						4.2						4.1						—		%
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes			(#,^)			7219 Silver Mist Ave, North Chesterfield, VA 23237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/25/2028						99.5						99.5						99.9						0.03		%
Phillip Ramos Upholstery Inc.			(#,^)			3835 Elm St., Denver, CO 80207						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2028						12.3						12.3						12.2						—		%
D & D Optics Inc dba Sterling Optical			(#,^)			1487 East LaSalle Dr, Bismark, ND 58503						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						43.1						43.1						43.0						0.01		%

68

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Southern Services and Equipment, Inc.			(#,^)			321 Bayou Rd, Saint Bernard, LA 70085						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2043						200.3						200.3						225.9						0.06		%
DC Lofty, LLC,			(#,^)			301 I St. NW, Washington, DC 20001						Accommodation						Term Loan						Prime plus 2.75%						9/21/2028						17.9						17.9						17.8						—		%
MillClem Corporation & Monticello Corporation			(#,^)			16660 Oak St., Dillwyn, VA 22936						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						9/21/2043						316.0						316.0						356.8						0.10		%

Southern Services and Equipment, Inc			(#,^)			321 Bayou Rd, Saint Bernard, LA 70085						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2028						337.0						337.0						345.2						0.09		%
The Garden Club, LLC			(#,^)			125 South DuBuque St., Iowa City, IA 52240						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/21/2028						5.2						5.2						5.2						—		%
Watearth Inc			(#,^)			445 South Figuerora Ste 3128, Los Angeles, CA 90071						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/19/2028						17.9						17.9						17.7						—		%
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal			(#,^)			35000 Pacific Hwy, Federal Way, WA 98003						Truck Transportation						Term Loan						Prime plus 2.75%						9/19/2028						406.5						406.5						401.5						0.11		%
Lewis River Golf Course, Inc.			(#,^)			3209 Lewis River Rd, Woodland, WA 98674						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/19/2043						478.5						478.5						540.2						0.15		%
Super Station Inc			(#,^)			8855 N Country Rd 25A, Pique, OH 45356						Gasoline Stations						Term Loan						Prime plus 2.75%						9/19/2043						199.9						199.9						225.6						0.06		%
M&P RV LLC dba M&P RV			(#,^)			10 Century Lane, Dillsburg, PA 17019						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/19/2043						103.6						103.6						117.0						0.03		%
C3 Capital, Inc			(#,^)			10010 N. Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/19/2028						505.2						505.2						521.9						0.14		%
DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/18/2043						147.2						147.2						166.2						0.05		%
E & G Enterprises LLC dba Comfort Keepers			(#,^)			220 Middle St., Franklin, VA 23851						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/18/2028						4.8						4.8						4.7						—		%
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko			(#,^)			65 Glendale St., Easthampton, MA 01027						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2043						167.5						167.5						189.1						0.05		%
Pastel de Feira LLC dba Original Pastel De Feira			(#,^)			4244 Pine Ridge CT, Weston, FL 33331						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2028						4.8						4.8						4.9						—		%
Culmination Motorsports, Inc.			(#,^)			160 W 91st Ave, Unit B, Anchorage, AK 99515						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2043						533.9						533.9						602.8						0.16		%
L&M Equipment, Inc			(#,^)			Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/14/2043						1,192.8						1,192.8						1,346.6						0.36		%
Innovim LLC			(#,^)			6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/14/2028						88.1						88.1						87.0						0.02		%
J & C Garcia LLC			(#,^)			26 Broad St., Alexander City, AL 35010						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/14/2028						59.0						59.0						58.8						0.02		%
Baby's on Broadway LLC			(#,^)			47 East Broadway, Little Falls, MN 56345						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						9/14/2028						39.9						39.9						40.6						0.01		%
QBS, LLC dba Sterling Optical Exton			(#,^)			211 W Lincoln Hwy, Exton, PA 19341						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/14/2028						64.6						64.6						64.0						0.02		%
Rihahn Inc. dba RDBL, Inc			(#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 2.75%						9/14/2028						115.0						115.0						116.7						0.03		%

69

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Underground Productions LLC dba 31 Escape			(#,^)			1731 Decatur Hwy, Fultandale, AL 35068						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/13/2043						94.5						94.5						106.7						0.03		%
Innovative Network Solutions Inc			(#,^)			31567 West 10 Mile Rd, Farmington Hills, MI 48336						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/13/2028						99.7						99.7						99.7						0.03		%
Rancho Paving, Inc			(#,^)			339 Cypress Lane, El Cajon, CA 92020						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/10/2028						149.0						149.0						155.1						0.04		%
Pool Guard of LA			(#,^)			10866 Washington Blvd, Apartment #24, Culver City, CA 90232						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/7/2028						17.9						17.9						17.7						—		%
Pelican Executives Suites, LLC			(#,^)			2200 Colorado Ave Sutie 131, Santa Monica, CA 90404						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/7/2028						262.6						262.6						259.4						0.07		%
MurlinComputerCompany LLC dba Murlin Computer,			(#,^)			1014 Thompson Blvd Ste 38B, Sedalia, MO 65301						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/7/2028						12.4						12.4						12.4						—		%
Asheville Spine and Nerve Institute PC			(#,^)			190 Broadway St Ste 205, Asheville, NC 28801						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/7/2043						86.0						86.0						97.1						0.03		%
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL			(#,^)			3401 Market St. Ste 200, Philadelphia, PA 19104						Support Activities for Transportation						Term Loan						Prime plus 2.75%						9/6/2028						7.0						7.0						7.1						—		%
Living Centers Inc. dba Veranda House Senior Living			(#,^)			5129 E 5th St, Katy, TX 77493						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						8/31/2043						401.8						401.8						453.7						0.12		%
Stat Constructor L.P			(#,^)			9573 US Hwy 220, Stoneville, NC 27048						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/30/2028						88.1						88.1						92.7						0.03		%
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl			(#,^)			825 Courtland St., Orlando, FL 32804						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/30/2043						429.9						429.9						485.4						0.13		%
Greenfield Hill Wines & Spirits, LLC			(#,^)			65 Hillside Rd, Fairfield, CT 06824						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2028						72.5						72.5						71.9						0.02		%
Kotyark LLC dba Gibsonton Motel			(#,^)			11545 US Hwy 41S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						8/29/2043						78.8						78.8						89.0						0.02		%
ARVAmethod LLC			(#,^)			516 N Ogden Ave # 150, Chicago, IL 60642						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/29/2028						1.9						1.9						1.9						—		%
Extreme Engineering, Inc.			(#,^)			598 Oliver Dr, Troy, MI 48084						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/29/2028						98.4						98.4						97.6						0.03		%
Graphish Studio, Inc.			(#,^)			231 Main St., Stamford, CT 06901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2028						5.9						5.9						5.8						—		%
JFK Transportation Inc			(#,^)			4 Mechanic St, Natick, MA 01760						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						8/28/2028						119.4						119.4						119.0						0.03		%
Montana Life Group, LLC			(#,^)			8 N 9th Ave, Bozeman, MT 59715						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/24/2028						5.9						5.9						5.8						—		%
Atlas Geo-Constructors LLC			(#,^)			3466 Thomasville Rd Winston, Winston-Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/24/2028						62.9						62.9						65.5						0.02		%
Finn & Emma LLC			(#,^)			1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 07004						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						8/24/2028						98.6						98.6						97.4						0.03		%
Wearware Inc dba FlyWire Cameras			(#,^)			2204 Blackmoor Park Lane, Lexington, KY 40509						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						8/24/2028						17.7						17.7						17.6						—		%

70

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Zash LLC dba Papa Murphy's take 'N' Bake Pizza			(#,^)			2303 White Bear Ave, Maplewood, MN 55025						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2028						33.3						33.3						33.7						0.01		%
Buffalo Biodiesel Inc.			(#,^)			225 Sawyer Ave, Tonawanda, NY 14150						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/21/2028						1,051.8						1,051.8						1,092.9						0.30		%
Ginekis Enterprises, Inc dba Locanda Veneta			(#,^)			8638 W Third St., Los Angeles, CA 90048						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/20/2028						71.1						71.1						70.4						0.02		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2044						122.0						122.0						137.7						0.04		%
ATI Jet, Inc.			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						8/16/2028						160.8						160.8						165.4						0.04		%
Lewins Law, P.C.			(#,^)			7920 Belt Line Rd Ste 650, Dallas, TX 75254						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/16/2028						14.2						14.2						14.0						—		%
GS Bath Inc			(#,^)			5335 E Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						8/15/2028						436.4						436.4						455.8						0.12		%
Pamletics LLC dba F45			(#,^)			22015 IH 10 West, San Antonio, TX 78257						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/14/2028						34.9						34.9						33.0						0.01		%
L.A. Insurance Agency GA 10 LLC			(#,^)			6655 Tara Blvd. Ste 401, Jonesboro, GA 30236						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/10/2028						9.1						9.1						9.0						—		%
Crystal Shores Inc. dba Shorewood Laundromat			(#,^)			700 West Jefferson St., Shorewood, IL 60404						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/9/2028						17.7						17.7						17.8						—		%
Palanuk & Associates, Inc.dba Wolfpk			(#,^)			28110 SE Fern Dr, Boring, OR 97009						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/8/2028						80.7						80.7						80.0						0.02		%
Mercedes Cab Company, Inc			(#,^)			35 Alden St., Province Town, MA 02657						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						8/7/2028						102.7						102.7						102.9						0.03		%
CJNR, LLC			(#,^)			208 East Main St., Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/7/2043						116.3						116.3						131.3						0.04		%
Ron's Pool and Spa Services LLC			(#,^)			1419 NE 30th St., Pompano, FL 33064						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/3/2028						3.0						3.0						2.9						—		%
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC			(#,^)			1700 Nottingham Way Ste 12A, Hamilton, NJ 08619						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						8/3/2028						47.4						47.4						47.2						0.01		%
20th Century Lanes, Inc dba West Seattle Bowl			(#,^)			4505 39 Ave SW, Seattle, WA 98116						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/3/2028						92.6						92.6						95.8						0.03		%
Millwork Unlimited, Incorporated			(#,^)			8264 Pine Cay Rd, Wellington, FL 33414						Wholesale Electronic Markets and Agents and Brokers						Term Loan						Prime plus 2.75%						8/2/2028						5.9						5.9						5.8						—		%
Accel Compression Inc., Accel Workover Services, Inc			(#,^)			4500 S Country Rd, Odessa, TX 79765						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/1/2043						289.6						289.6						326.9						0.09		%
Samy Optical LLC dba Site for Sore Eyes			(#,^)			1350 Travis Blvd Ste 1507A, Fairfield, CA 94533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/1/2028						81.1						81.1						80.1						0.02		%
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T			(#,^)			4500 S. Country Rd 1310, Odessa, TX 79765						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/1/2028						388.8						388.8						400.4						0.11		%
CSL Services Inc			(#,^)			7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/27/2028						427.5						427.5						433.5						0.12		%
Nunez Enterprises Corporation dba La Casa			(#,^)			3330 Piedmont RD NE, Atlanta, GA 30305						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						7/26/2028						5.7						5.7						5.7						—		%

71

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Relevant Elephant ,LLC			(#,^)			ON320 Woodvale St, Winfield, IL 60190						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2028						4.4						4.4						4.4						—		%
TR Nails, LLC dba Simple Nails			(#,^)			158 Great Rd, Bedford, MA 01730						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/20/2028						48.7						48.7						48.1						0.01		%
ZA Trucking LLC			(#,^)			5945 York Way, East Lansing, MI 48823						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2028						4.1						4.1						4.3						—		%
674 Club LLC			(#,^)			674 N Orleans, Chicago, IL 60654						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2043						253.2						253.2						285.9						0.08		%
Mother's Cantina LLC dba Mother's Cantina			(#,^)			2810 Philadephia Ave Unit #10, Ocean City, MD 21842						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/13/2028						53.8						53.8						53.6						0.01		%
Smart-tel Communications LLC			(#,^)			9720 W. Colfax Ave Ste 100, Lakewood, CO 80215						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/13/2028						16.5						16.5						17.3						—		%
HQTRONICS LLC			(#,^)			10135 South Roberts Rd Ste 209, Palos Hills, IL 60465						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/13/2028						48.8						48.8						48.2						0.01		%
Smoove Move Productions, LLC dba Smoove Move Productions			(#,^)			3932 North 16th St., Omaha, NE 68110						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						7/12/2028						8.4						8.4						8.9						—		%
Vital Inspection Professionals, Inc. dba VIP			(#,^)			180 Airpark Industrial Rd, Alabaster, AL 35007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/3/2028						243.0						243.0						250.4						0.07		%
US Cargo Express, LLC			(#,^)			4735 22 Mile Rd, Utica, MI 48317						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/2/2043						80.4						80.4						90.8						0.02		%
Bio-Haz Solutions, Inc.			(#,^)			23 Tonoli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/29/2044						354.4						354.4						397.9						0.11		%
Bio-Haz Solutions, Inc			(#,^)			23 Tonolli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/29/2029						206.8						206.8						216.3						0.06		%
M J Losito Electrical Contractor's, Inc			(#,^)			98 Wooster St., Bethel, CT 06801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2028						17.7						17.7						17.9						—		%
Corptek Solutions LLC			(#,^)			2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2028						36.8						36.8						36.2						0.01		%
Critter Cabana, LLC dba Critter Cabana			(#,^)			516 East Main St., Newberg, OR 97132						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/28/2028						52.8						52.8						52.1						0.01		%
National Dredging Services of North Florida, Inc.			(#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/27/2043						27.3						27.3						30.9						0.01		%
National Dredging Services of North Florida, Inc.			(#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/27/2028						41.5						41.5						43.6						0.01		%
Julie Cooper-Bierman dba Forever Shopper			(#,^)			7435 Piute Creek Dr, Corona, CA 92881						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/27/2028						12.4						12.4						12.2						—		%
Nick's Country Kitchen, LLC			(#,^)			3 Flanders RD, Building #1, Bethlehem, CT 06751						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2028						17.5						17.5						17.3						—		%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In			(#,^)			299 Utica Ave, Brooklyn, NY 11203						Food Manufacturing						Term Loan						Prime plus 2.75%						6/27/2043						337.2						337.2						380.7						0.10		%
InUSA Ventures, Inc			(#,^)			508 Hyacinthus Court, San Ramon, CA 94582						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/27/2028						38.7						38.7						38.1						0.01		%
Bengals, Inc. dba Royal Liquor Mart			(#,^)			3714 E State St., Rockford, IL 61108						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/26/2043						100.9						100.9						113.9						0.03		%

72

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC,			(#,^)			460 Park Ave, Floor 16, New York, NY 10022						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/26/2028						715.9						715.9						715.4						0.19		%
Sun Pools, Inc			(#,^)			130 Holiday LN, Albany, KY 42602						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/25/2043						290.7						290.7						322.5						0.09		%
Sun Pools, Inc dba Sun Fiberglass Pools			(#,^)			130 Holiday Lane, Albany, KY 42602						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/25/2028						604.7						604.7						606.2						0.16		%
DPF Filters Inc.			(#,^)			2832 Golden State Blvd., Madera, CA 93637						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/25/2028						53.2						53.2						53.1						0.01		%
Martha Beauty Supply And Braiding, Inc.			(#,^)			538 E Boughton Rd, Bolingbrook, IL 60440						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/22/2043						132.7						132.7						149.8						0.04		%
Sushi Prime, LLC and Vasilia Investments			(#,^)			32 SE 2nd Ave, Delray Beach, FL 33444						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/22/2028						212.7						212.7						215.2						0.06		%
Mr. Lube, Inc			(#,^)			721 E Westpoint Dr., Wasilla, AK 99654						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/22/2043						654.6						654.6						738.3						0.20		%
Mr. Lube, Inc.			(#,^)			721 E. West Point Dr, Wasilla, AK 99654						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/22/2028						516.8						516.8						527.8						0.14		%
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li			(#,^)			11055 E Grove St, Mesa, AZ 85208						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/22/2043						74.7						74.7						84.4						0.02		%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC			(#,^)			300 Harold Dow Hwy, Eliot, ME 03903						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/21/2028						110.3						110.3						113.9						0.03		%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC			(#,^)			300 Harold Dow Hwy, Elliot, ME 03903						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/21/2043						231.3						231.3						261.1						0.07		%
Independent Life LLC			(#,^)			4955 S Durango Dr, Ste124, Las Vegas, NV 89113						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/21/2028						44.2						44.2						43.6						0.01		%
Mid America Motorworks, Inc and Yager Holdings L.P			(#,^)			2900 North 3rd St., Effingham, IL 62401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/19/2043						268.4						268.4						303.1						0.08		%
Jones Roger Sherman Inn, Inc.			(#,^)			195 Oenoke Ridge, New Canaan, CT 06840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2028						369.0						369.0						387.6						0.11		%
Colovic Hackettstown Dairy LLC			(#,^)			22 Route 57, Hackettstown, NJ 07840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2043						261.8						261.8						295.6						0.08		%
Allen Theatre and Back Stage Cafe LLC			(#,^)			36 East. Main St., Annville, PA 17003						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						6/18/2043						120.0						120.0						135.5						0.04		%
Schumacker Recreation, LLC			(#,^)			5325 S University Dr, Davie, FL 33328						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/18/2028						116.4						116.4						122.3						0.03		%
Softrol Systems Inc dba Softrol Systems			(#,^)			1100 Northpoint Pkwy SE, Acworth, GA 30102						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/15/2028						682.3						682.3						677.0						0.18		%
Oil Palace Inc.			(#,^)			10408 Hwy 64 East, Tyler, TX 75707						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/15/2043						138.4						138.4						156.3						0.04		%
Venzix Ventures Inc. dba Venzix			(#,^)			750 Legend Oak Dr, Fountain, CO 80817						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/15/2028						8.7						8.7						9.1						—		%
Dianne Williams and Louis Williams dba Sweetlips Store			(#,^)			3870 Sweet Lips Rd, Henderson, TN 38340						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/15/2043						43.9						43.9						49.6						0.01		%

73

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Tele Tax Express Inc			(#,^)			166 Getty Ave, Paterson, NJ 07503						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2028						17.4						17.4						18.1						—		%
Team Sandy Blanton Realty, Inc			(#,^)			1225 West Gregory St, Pensacola, FL 32502						Real Estate						Term Loan						Prime plus 2.75%						6/14/2043						92.5						92.5						104.1						0.03		%
E & J Sims Co. LLC			(#,^)			28 Broad St., Bloomfield, NJ 07003						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/14/2028						38.8						38.8						38.9						0.01		%
Mastiff Studios LLC			(#,^)			2919 West Colorado Ave, Colorado Springs, CO 80904						Educational Services						Term Loan						Prime plus 2.75%						6/13/2043						40.7						40.7						46.0						0.01		%
Beyond Grooming LLC and Michelle McWatters			(#,^)			1200 Old Martindale Rd, San Marcos, TX 78666						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/8/2043						40.8						40.8						46.1						0.01		%
Camp K-9 Pet Resort & Spa, Inc.			(#,^)			18501 Le Claire Ave, Tinley Park, IL 60478						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/8/2028						6.4						6.4						6.4						—		%
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men			(#,^)			426 15th St. NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/8/2043						365.3						365.3						412.4						0.11		%
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC			(#,^)			1855 Purdy Ave, Miami Beach, FL 33139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/8/2028						665.1						665.1						661.2						0.18		%
Anurag, LLC dba Oakwood Package Store			(#,^)			191-195 Oakwood Ave, West Hartford, CT 06107						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/6/2043						132.7						132.7						149.8						0.04		%
Hardway Inc and A F C Leasing, Inc			(#,^)			12533 S. 73rd East Place, Bixby, OK 74008						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/6/2028						246.8						246.8						243.3						0.07		%
Sowells Consulting Engineers, LLC			(#,^)			13430 Northwest Freeway #260, Houston, TX 77040						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/6/2028						17.6						17.6						17.4						—		%
SSD Designs LLC			(#,^)			10840 Bay Hill Club Dr, Charlotte, NC 28277						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/5/2028						61.4						61.4						60.8						0.02		%
Funtime ,LLC dba Indoor Playgrounds International			(#,^)			13200 West Foxfire Dr Ste 144, Surprise, AZ 85378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/5/2028						210.2						210.2						207.3						0.06		%
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali			(#,^)			3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/1/2028						48.6						48.6						50.8						0.01		%
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire			(#,^)			943 South Main St., Cheshire, CT 06410						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/1/2028						36.4						36.4						35.9						0.01		%
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo			(#,^)			14429 South Wallin Dr, Plainfield, IL 60544						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2043						261.8						261.8						295.6						0.08		%
Seraj Wireless, LLC			(#,^)			132 Madison Ave, Albany, NY 12202						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						5/31/2028						95.9						95.9						100.7						0.03		%
Crowley Ventures, LLC			(#,^)			665 Worthington Rd, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2028						57.4						57.4						57.0						0.02		%
Iloka, Inc dba New Cloud Networks			(#,^)			160 Inverness Dr. W Ste 150, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/25/2028						191.7						191.7						194.3						0.05		%
Adow Pools LLC			(#,^)			393 Glenbrook Rd, Stamford, CT 06906						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2028						133.9						133.9						133.5						0.04		%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC			(#,^)			3 Williams Ave, Mystic, CT 06355						Accommodation						Term Loan						Prime plus 2.75%						5/25/2043						1,245.1						1,245.1						1,405.7						0.38		%

74

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Dream Spa LLC and Dream Spa Greenwich LLC			(#,^)			1220 Post Rd East, Westport, CT 06880						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2028						83.5						83.5						82.7						0.02		%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery			(#,^)			59 West Main St, Broadalbin, NY 12025						Accommodation						Term Loan						Prime plus 2.75%						10/25/2043						194.0						194.0						219.0						0.06		%
Starship, LLC dba Tint World Smyrna			(#,^)			2274 S Atlanta Rd SE, Smyrna, GA 30080						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/25/2043						93.4						93.4						105.5						0.03		%
DMA Equipment LLC			(#,^)			700 Lee St., Elk Grove Village, IL 60007						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/24/2043						251.5						251.5						284.0						0.08		%
Chem-Flotronics, Inc.			(#,^)			195 Paterson Ave, Little Falls, NJ 07424						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						5/22/2028						76.7						76.7						76.4						0.02		%
Yakov Levy M.D., P.C.			(#,^)			70-31 108th St., Forest Hills, NY 11375						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/18/2028						25.9						25.9						25.7						0.01		%
Mark A Espinoza, DDS PLLC dba Central Dental Care			(#,^)			9315 N Central Ave, Phoenix, AZ 85020						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/18/2028						48.3						48.3						47.6						0.01		%
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th			(#,^)			4570 W Post Rd Ste #100, Las Vegas, NV 89118						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						5/17/2028						205.2						205.2						202.2						0.05		%
Joshua One Limited Liability Company dba Genesis Personal Fitness			(#,^)			28 North State St. Unit 100, Newtown, PA 18940						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/16/2043						305.2						305.2						344.6						0.09		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						5/16/2028						114.8						114.8						116.2						0.03		%
Fireplace Outlet Inc			(#,^)			8216 Main St., Williamsville, NY 14221						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						5/15/2028						13.9						13.9						14.6						—		%
James T. Hendel dba Autotexx Mobile Auto Repair			(#,^)			5857 Hwy101 North, Rockmart, GA 30153						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/15/2028						5.8						5.8						6.0						—		%
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes			(#,^)			5714 Edmondson Pike Ste 24, Nashville, TN 37211						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/14/2028						3.5						3.5						3.4						—		%
Circle and Square, Inc dba Stamford Kumon			(#,^)			50 Forest St. Ste 902, Stamford, CT 06901						Educational Services						Term Loan						Prime plus 2.75%						5/11/2028						35.2						35.2						34.7						0.01		%
Bote Virginia Beach, Inc. dba Bote Virginia Beach			(#,^)			1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/11/2028						8.6						8.6						8.5						—		%
Daniel Woodward, DC PLLC dba Doc's Body Shop			(#,^)			3084 N Goliad St., Ste 114, Rockwall, TX 75087						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/11/2028						26.3						26.3						26.0						0.01		%
Adhara, LLC			(#,^)			18123 E Appleway Ave, Spokane Valley, WA 99016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/11/2043						41.6						41.6						46.9						0.01		%
Baby Gentry's Childcare & Learning Academy			(#,^)			4203 Shenandoah Dr, Dayton, OH 45417						Social Assistance						Term Loan						Prime plus 2.75%						5/10/2028						8.6						8.6						8.5						—		%
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer			(#,^)			310 Arlington Ave Unit 329, Charlotte, NC 28203						Educational Services						Term Loan						Prime plus 2.75%						5/9/2043						689.0						689.0						777.9						0.21		%
Schmaltz Operations LLC dba Companion Camp			(#,^)			3408 Castle Rock Farm Rd, Pittsboro, NC 27312						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/7/2028						46.1						46.1						47.4						0.01		%

75

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Container Shipping, LLC			(#,^)			533 Nova Rd Ste 213B, Ormond Beach, FL 32174						Support Activities for Transportation						Term Loan						Prime plus 2.75%						5/4/2028						38.3						38.3						37.8						0.01		%
Wilbur Standford Jr Trucking and Excavating, LLC			(#,^)			7505 North Chases Lake Rd, Watson, NY 13343						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/3/2028						184.1						184.1						190.8						0.05		%
Olmsted LLC and 626 Van LLC dba Maison Yaki			(#,^)			659 Vanderbilt Ave, Brooklyn, NY 11238						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/1/2029						192.4						192.4						193.1						0.05		%
Corona Dance, LLC dba Huracan Dance Studio			(#,^)			480 West Main St., Stamford, CT 06902						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						4/30/2028						9.0						9.0						8.8						—		%
Brenden Kehren Development LLC			(#,^)			14689 Gemara Rd, Sparta, WI 54656						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						2.3						2.3						2.2						—		%
Metropolitan Solutions Inc.			(#,^)			1420 Chestnut St., Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2043						167.9						167.9						186.4						0.05		%
Saltamontes Tire Company, LLC			(#,^)			1955 Boston Ave, Brodgeport, CT 06604						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/30/2043						97.1						97.1						109.6						0.03		%
Sunlinc Inc			(#,^)			170 Canterbury Court, East Windsor, NJ 08520						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						7.4						7.4						7.3						—		%
Rory James Contracting LLC			(#,^)			33 Bennett Place, Amityville, NY 11701						Construction of Buildings						Term Loan						Prime plus 2.75%						4/27/2028						12.2						12.2						12.0						—		%
Kastoria Inc. dba Bantam Pizza			(#,^)			768 Bantam Rd, Bantam, CT 06750						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2028						11.4						11.4						11.3						—		%
Suraj Enterprises, Inc.			(#,^)			11720 W. Airport Rd, Meadows Place, TX 77477						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/27/2028						122.2						122.2						128.3						0.03		%
Little Angels Daycare and Learning Center LLC			(#,^)			4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						4/27/2043						152.2						152.2						171.8						0.05		%
LMH Optics LLC dba Sterling Optical			(#,^)			1272 Smallwood Dr West, Waldorf, MD 20603						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/26/2028						38.0						38.0						37.5						0.01		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 06443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						324.5						324.5						328.1						0.09		%
Pledge 4 Hope LLC			(#,^)			53 Bayberry Loop South, Purvis, MS 39475						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						4/26/2028						10.8						10.8						10.6						—		%
Matrix Z, LLC			(#,^)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						65.3						65.3						67.8						0.02		%
K&S Hardware LLC			(#,^)			1865 W Wayzata Blvd, Long Lake, MN 55356						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						4/26/2028						17.1						17.1						16.8						—		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 06443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2043						201.7						201.7						224.4						0.06		%
Joe & Sons Service, Inc			(#,^)			855 Atwood Ave, Cranston, RI 02920						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/24/2028						79.0						79.0						83.0						0.02		%
Spitnale's Garage LLC			(#,^)			3761 Mahoning Ave, Youngstown, OH 44515						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						57.1						57.1						64.5						0.02		%
Just for Boats LLC			(#,^)			459 Dupre Rd, McClellanville, SC 29458						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						16.6						16.6						18.8						0.01		%
Means Enterprises LLC			(#,^)			4150 Legacy Dr N Ste # 412, Frisco, TX 75034						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						4/18/2028						5.3						5.3						5.3						—		%

76

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

James L Shoemaker APCC			(#,^)			221 W Judge Perez Dr, Chalmette, LA 70043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/18/2028						12.2						12.2						12.0						—		%
Veterinary Preventive Care, LLC			(#,^)			945 Riverview Ct, Xenia, OH 45385						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/18/2028						35.6						35.6						35.7						0.01		%
Rosemarie Products Company LLC			(#,^)			5400 Crooked Tree Dr, Mason, OH 45040						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						4/18/2028						11.4						11.4						11.2						—		%
A New Dawn Psychotherapy Associates, LLC			(#,^)			308 E Broad St, Bethlehem, PA 18018						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/18/2043						82.9						82.9						93.6						0.03		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AZ 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2043						21.3						21.3						24.0						0.01		%
Southern Oaks Athletic Club, LLC			(#,^)			15253 Shenandoah Ave, BATON ROUGE, LA 70817						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/17/2043						348.2						348.2						393.1						0.11		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AR 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2028						30.1						30.1						30.7						0.01		%
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza			(#,^)			35 E Main St., Pekin, IN 47165						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/13/2043						39.7						39.7						44.9						0.01		%
Precision Components Group Inc			(#,^)			190 Doty Circle, West Springfield, MA 01089						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/11/2028						17.1						17.1						17.5						—		%
Sexy Nails Center LLC			(#,^)			57 Passaic St., Garfield, NJ 07026						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/10/2043						192.3						192.3						217.1						0.06		%
Mark Baker			(#,^)			1653 Evalie Dr, Fairfield, OH 45014						Truck Transportation						Term Loan						Prime plus 2.75%						4/9/2028						7.4						7.4						7.5						—		%
Innovation Transport LLC			(#,^)			1 International Blvd, Ste 400, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						4/6/2028						39.1						39.1						40.1						0.01		%
Newsome Mobile Notary LLC			(#,^)			8153 12th Ave SW, Seattle, WA 98106						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/5/2028						4.0						4.0						3.9						—		%
Shree Lakshminarayyn Grocery Stores LLC			(#,^)			3307 Charles St., Rockford, IL 61108						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2043						113.6						113.6						128.3						0.03		%
Bean City Bar and Grill LLC			(#,^)			N 2505 Bean City Rd, New London, WI 54961						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/4/2043						51.6						51.6						58.2						0.02		%
B&C Texas Leasing Inc.,M & W Hot Oill, Inc			(#,^)			8124 Sprague Rd, Odessa, TX 79764						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2043						256.1						256.1						289.2						0.08		%
Master Roofing and Siding Inc.			(#,^)			25 Robert Pitt Dr Ste 213, Monsey, NY 10952						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2028						199.5						199.5						196.6						0.05		%
Romancing the Stone			(#,^)			140 Centre of New England Blvd, Coventry, RI 02816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2043						329.8						329.8						372.4						0.10		%
GQ Investments,LLC			(#,^)			5772 Miami Lakes Dr East, Miami, FL 33014						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						Prime plus 2.75%						3/30/2028						158.5						158.5						157.9						0.04		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd, Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2028						93.9						93.9						98.4						0.03		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2043						210.9						210.9						238.1						0.06		%
Michael S Brown Physical Therapy, P.C			(#,^)			300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/30/2028						73.6						73.6						72.6						0.02		%
Fifth Wheel Truck Stop 001			(#,^)			3767 S Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						3/30/2043						1,092.2						1,092.2						1,226.4						0.33		%

77

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

America's Little Leaders Academy, Inc			(#,^)			2570 NW 152nd Terrace, Opa-Locka, FL 33054						Social Assistance						Term Loan						Prime plus 2.75%						3/30/2043						21.3						21.3						24.0						0.01		%
Technical Ordnance Solutions,LLC			(#,^)			9950 Business Circle, Ste 13, Naples, FL 34112						Fabricated Metal Product Manufacturing						Term Loan						7.75%						3/30/2028						1,039.2						1,039.2						942.6						0.26		%
Payne's Environmental Services LLC			(#,^)			5617 Causeway Blvd, Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/30/2028						170.6						170.6						174.6						0.05		%
B&C Texas Leasing Inc and M&W Hot Oil, Inc.			(#,^)			8124 Sprague Rd, Odessa, TX 73764						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2028						748.3						748.3						768.4						0.21		%
Kaz Wellness, LLC dba Grounded Wellness Center			(#,^)			104 Clover Court, Bartlett, IL 60103						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2028						12.0						12.0						12.1						—		%
Lou & Choo Enterprises Inc.			(#,^)			2101 West Hunting Park Ave, Philadelphia, PA 19140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2044						103.0						103.0						116.3						0.03		%
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co			(#,^)			1376 Broadway, El Cajon, CA 92021						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/28/2028						168.1						168.1						171.4						0.05		%
Montage Mountain Resorts, LP			(#,^)			1000 Montage Mountain Rd, Scranton, PA 18505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/28/2043						1,184.1						1,184.1						1,336.9						0.36		%
Clancy 15 LLC and Allied Molded Products LLC			(#,^)			1145 13th Ave East, Palmetto, FL 34221						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/28/2028						121.2						121.2						123.7						0.03		%
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C			(#,^)			111 E. Laurel St., Willows, CA 95988						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/28/2028						65.9						65.9						69.0						0.02		%
Clancy 15 LLC and Allied Molded Products LLC			(#,^)			1145 13th Ave East, Palmetto, FL 34221						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/28/2043						205.2						205.2						231.3						0.06		%
K.C. Communications, Inc.			(#,^)			2715 Saturn St., Brea, CA 92821						Telecommunications						Term Loan						Prime plus 2.75%						3/27/2028						47.0						47.0						49.3						0.01		%
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I			(#,^)			2801 W Osborn Rd, Phoenix, AZ 85017						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/26/2043						509.4						509.4						566.7						0.15		%
Aque Investment Group LLC			(#,^)			3838 N. Sam Houston Pkwy E, Houston, TX 77032						Real Estate						Term Loan						Prime plus 2.75%						3/23/2028						199.9						199.9						209.5						0.06		%
New York Label & Box Corp			(#,^)			50 Oval Dr, Islandia, NY 11749						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/23/2043						1,197.8						1,197.8						1,352.3						0.37		%
Sofasco, Inc			(#,^)			182 Garber Lane, Winchester, VA 22602						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/23/2043						94.5						94.5						106.1						0.03		%
All Regional Recyclers of Wood LLC dba ARROW			(#,^)			104 Wooster St., Bethal, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						98.8						98.8						101.2						0.03		%
Denton BioFuels LLC and Amercian BioSource, LLC			(#,^)			624 W. University Dr.#359, Denton, TX 76201						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						72.5						72.5						73.4						0.02		%
Cable Management, LLC			(#,^)			200 Pratt St., Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						60.5						60.5						62.6						0.02		%
Sunshine Tents and Event Rentals LLC			(#,^)			2322 SW 58th Terrace, West Park, FL 33023						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/23/2028						46.9						46.9						49.1						0.01		%
Shweiki Media Inc dba Study Breaks Magazine			(#,^)			4954 Space Center Dr, San Antonio, TX 78218						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/23/2028						55.8						55.8						58.5						0.02		%
Kajun Martial Arts LLC			(#,^)			36546 Mission St., Prairieville, LA 70769						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/23/2028						17.0						17.0						16.8						—		%

78

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2043						803.7						803.7						907.3						0.25		%
Rexco Foods LLC dba Papa John's			(#,^)			18640 Fm 1488 Ste C, Magnolia, TX 77354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2028						32.1						32.1						31.6						0.01		%
RTSP Union LLC			(#,^)			2438 Route 22 East, Union, NJ 07083						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/20/2028						958.7						958.7						974.6						0.26		%
Cest Chic Concepts, LLC dba Salon Cest Chic			(#,^)			15231 Hall Station Rd Unit 104, Bowie, MD 20721						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/19/2028						8.5						8.5						8.5						—		%
Petroleum Equipment & Services, Inc			(#,^)			5631 Silverado Way Unit G, Anchorage, AK 99518						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/16/2028						188.8						188.8						197.9						0.05		%
Camerabots Media, LLC			(#,^)			4501 Ford Ave Ste 207, Alexandria, VA 22302						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/16/2028						11.3						11.3						11.2						—		%
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe			(#,^)			2217 Richmond Rd, Williamsburg, VA 23188						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						490.7						490.7						554.0						0.15		%
CTD Operations Inc			(#,^)			219 Saint Nazaire Rd STE G, Broussard, LA 70518						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2028						50.6						50.6						50.4						0.01		%
Bear Bones, Inc.			(#,^)			43 Libson St., Lewiston, ME 04240						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						3/15/2043						21.3						21.3						24.0						0.01		%
Rojenco II,Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						73.0						73.0						82.4						0.02		%
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe			(#,^)			2217 Richmond Rd, Williamsburg, VA 23188						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						73.0						73.0						82.4						0.02		%
Rojenco II, Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						380.5						380.5						429.6						0.12		%
Summit Insights Group LLC			(#,^)			19 Briant Pkwy, Summit, NJ 07901						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						3/14/2028						15.1						15.1						14.9						—		%
SRG Waterfront LLC			(#,^)			88 District Square SW, Washington, DC 20005						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2028						218.8						218.8						216.8						0.06		%
2b Mom Inc dba Mom's the Word Maternity			(#,^)			3150 18th St., Ste 435, San Francisco, CA 94110						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						3/9/2028						25.0						25.0						24.6						0.01		%
Dante Ultimate Cleaning Service LLC			(#,^)			16969 River Park Dr, Covington, LA 70345						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/9/2028						7.7						7.7						7.8						—		%
Unpainted Arizona, LLC dba Westside Bowl			(#,^)			2617 Mahoning Ave, Youngstown, OH 44509						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/7/2043						99.5						99.5						112.3						0.03		%
Connie Engelbrecht			(#,^)			20640 Raven Dr, Eagle River, AK 99577						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2028						2.2						2.2						2.2						—		%
Merciful Heavenly Homes, LLC			(#,^)			401 Dillar's Mill Rd, Tyner, NC 27980						Nursing and Residential Care Facilities						Term Loan						8%						2/28/2043						62.8						62.8						58.9						0.02		%
The Law Offices of Samuel R Miller LLC			(#,^)			7405 Lake Worth Rd, Lake Worth, FL 33467						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/28/2043						112.3						112.3						126.8						0.03		%
Urban Fitness Group LLC dba Crunch Fitness Group LLC			(#,^)			2800 S IH-35, Ste 220, Round Rock, TX 78681						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/28/2028						167.5						167.5						175.6						0.05		%

79

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Carey Collision Repairs Inc.			(#,^)			295 D Bucheimer Rd, Fredrick, MD 21701						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/27/2028						55.9						55.9						55.7						0.02		%
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.			(#,^)			94-33 Corona Ave, Corona, NY 11373						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/26/2043						336.0						336.0						379.3						0.10		%
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections			(#,^)			4308 Holland Rd, Virginia Beach, VA 23452						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/23/2028						3.6						3.6						3.5						—		%
Jackpine Technologies Corporation			(#,^)			1 Mill & Main Pl., Ste 330, Maynard, MA 01754						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						2/22/2028						27.7						27.7						29.0						0.01		%
Crossfit iQ LLC			(#,^)			346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/21/2028						31.8						31.8						31.7						0.01		%
Wellfleet Consulting Inc.			(#,^)			2275 Research Blvd Ste 500, Rockville, MD 20850						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/21/2028						11.2						11.2						11.0						—		%
New View Media Group LLC			(#,^)			1 Old Wolfe Rd Ste 205, Budd Lake, NJ 07828						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						2/16/2028						52.9						52.9						55.5						0.02		%
Town & Country Transportation Co.			(#,^)			191-193 Arch St., New Britain, CT 06051						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						2/16/2028						49.3						49.3						51.7						0.01		%
Lulinjett LLC dba All American Printing & Design			(#,^)			4621 Bayshore Rd, Fort Myers, FL 33917						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						2/14/2043						100.4						100.4						113.3						0.03		%
Margab Inc dba Smoothie King			(#,^)			14200 SW 8th St Unit #102, Miami, FL 33184						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/13/2028						9.5						9.5						9.5						—		%
JumboMarkets, Inc.			(#,^)			15500 SW Trail Dr, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/13/2028						154.7						154.7						154.9						0.04		%
Tony Herring & Associates, Inc.			(#,^)			211 West Camellia Dr, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						2/9/2028						6.1						6.1						6.4						—		%
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi			(#,^)			30521 134th St SE, Sultan, WA 98294						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/9/2028						55.2						55.2						55.9						0.02		%
Quality Machine of Iowa, Inc			(#,^)			1040 4th Ave, Audubon, IA 50025						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						2/9/2028						1,044.9						1,044.9						1,069.2						0.29		%
Apps Inc., Market Share, and Singular Leaseholdings LLC			(#,^)			800 Village Walk #159, Guilford, CT 06437						Telecommunications						Term Loan						Prime plus 2.75%						2/8/2028						389.7						389.7						383.3						0.10		%
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo			(#,^)			128 North Woodland Blvd, Deland, FL 32720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/7/2028						63.9						63.9						64.0						0.02		%

Macrotech Integrated Management Solutions dba Extreme Lawn Care			(#,^)			2425 Durrance LN, Ormond Beach, FL 32174						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/5/2028						8.9						8.9						9.4						—		%
Midlothian Hardware Inc dba Grills True Value			(#,^)			4751 West 147th St., Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						2/2/2028						11.2						11.2						11.7						—		%
Chace Building Supply of CT Inc.,			(#,^)			90 Route 171, Woodstock, CT 06281						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						1/31/2043						282.7						282.7						319.2						0.09		%
Rocco'sLandscaping LLC			(#,^)			151 Kitts Lane, Newington, CT 06111						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2043						70.7						70.7						79.8						0.02		%

80

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

USA General Investment LLC dba Braniff Paint and Body Shop			(#,^)			2290 NW 21st Terrace, Miami, FL 33142						Repair and Maintenance						Term Loan						Prime plus 2.75%						1/31/2028						11.1						11.1						11.0						—		%
WydeBodi, LLC dba Wyde Bodi Auto Tags			(#,^)			706 North 37th St., Philadelphia, PA 19104						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/30/2043						44.8						44.8						50.5						0.01		%
New Phaze Packaging Inc			(#,^)			9533 Irondale Ave, Los Angeles, CA 91311						Paper Manufacturing						Term Loan						Prime plus 2.75%						1/26/2043						904.0						904.0						1,020.6						0.28		%
Concrete Services LLC and James Ward			(#,^)			24 County Rd 901, Jemison, AL 35085						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/25/2028						73.8						73.8						74.8						0.02		%
Parati USA Inc			(#,^)			1018 Wilt Ave, Ridgefield, NJ 07657						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						1/25/2028						12.5						12.5						12.3						—		%
Flair Interiors, Inc dba Giant Don's Flooring America			(#,^)			7725 Old Seward Hwy, Anchorage, AK 99502						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						1/24/2028						101.5						101.5						106.4						0.03		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd, Juliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/23/2028						5.6						5.6						5.6						—		%
Weeping Willow Kennels, Inc.			(#,^)			6041 Hammond School Rd, Salisbury,, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/19/2028						7.8						7.8						8.1						—		%
Lavish Specs Inc			(#,^)			262 Glen St., Glen Cove, NY 11542						Machinery Manufacturing						Term Loan						Prime plus 2.75%						1/19/2028						5.5						5.5						5.4						—		%
Lou & Choo Enterprises Inc dba Lou & Choo Lounge			(#,^)			2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/18/2043						108.6						108.6						122.6						0.03		%
MedWorxs Inc.			(#,^)			6857 Timbers Dr., Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2028						58.1						58.1						57.2						0.02		%
Specialized Dairy Processors LLC and Nathaly Zapata			(#,^)			2200 N Commerce Pkwy, Weston, FL 33326						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/16/2028						48.1						48.1						47.3						0.01		%
Work of Heart Inc dba Little Nest Portraits			(#)			1000 Merdian Blvd, Ste 112, Franklin, TN 37067						Professional, Scientific, and Technical Services						Term Loan						7.5%						1/10/2028						4.5						4.5						4.1						—		%
Human Resource Time Manager LLC			(#,^)			2737 Humphrey St., East Elmhurst, NY 11369						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/8/2028						11.4						11.4						12.0						—		%
Sandfree Systems LLC			(#,^)			116 Cricket Ave Ste B, Ardmore, PA 19003						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/5/2028						5.5						5.5						5.8						—		%
Crad Holding LLC dba Neighborhood Laundry of Bloomfield			(#,^)			60 Dodd St., Bloomfield, NJ 07003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/5/2028						45.6						45.6						45.0						0.01		%
Social Link LLC			(#,^)			41Peabody St., Nashville, TN 37210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2027						8.2						8.2						8.4						—		%
Farec, Inc			(#)			30250 W Nine Mile Rd, Farmington, MI 48336						Amusement, Gambling, and Recreation Industries						Term Loan						7.5%						12/29/2042						242.4						242.4						225.3						0.06		%
Morrocco Method, Inc			(#,^)			800 Farroll Rd, Grover Beach, CA 93433						Chemical Manufacturing						Term Loan						Prime plus 2.75%						12/27/2042						684.7						684.7						773.0						0.21		%
Muckamuck Trucks, Inc.			(#,^)			510 S Spring St., Ukiah, CA 95482						Truck Transportation						Term Loan						Prime plus 2.75%						12/22/2027						10.0						10.0						10.4						—		%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag			(#,^)			12351 Gateway Park Place, Draper, UT 84020						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2027						568.9						568.9						581.3						0.16		%
Anderson Farms Inc			(#)			271 West Hwy 30, Burley, ID 83318						Truck Transportation						Term Loan						7.5%						12/22/2027						4,214.0						4,214.0						3,960.1						1.07		%

81

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Landmark Ventures USA Inc			(#,^)			475 Park Ave South 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						12/22/2027						45.7						45.7						46.5						0.01		%
Salida Family Chiropractic-PPLC dba Salida Sport and Spine			(#,^)			203 G St., Salida, CO 81201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2027						8.8						8.8						8.9						—		%
Medical Plaza of Boro Park PC			(#,^)			1266 51St 1st Floor, Brooklyn, NY 11219						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2027						27.9						27.9						28.4						0.01		%
O'Rourke's Diner, LLC			(#,^)			728 Main St., Middleton, CT 06457						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/22/2027						2.7						2.7						2.9						—		%
CT Auto Spa LLC			(#,^)			39 Albany Turnpike, West Simsbury, CT 06092						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2027						157.4						157.4						165.7						0.04		%
Blue Lagoon Resort, LLC dba Hill View Cottages			(#,^)			3670 Lake Shore Dr, Lake George, NY 12845						Accommodation						Term Loan						Prime plus 2.75%						12/21/2042						177.7						177.7						200.6						0.05		%
DHD Enterprise LLC dba Edible Arrangements #1699			(#,^)			828 Washington Ave, Miami Beach, FL 33139						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/21/2027						17.0						17.0						17.5						—		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St.- Units CF1 and CF2, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2027						54.9						54.9						57.1						0.02		%
Best Quality Home Care LLC			(#,^)			317 S Berry St., Centralia, WA 98531						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/19/2027						4.6						4.6						4.7						—		%
Auto Excellance of Fort Myers Inc.			(#,^)			3105 Fowler St., Fort Myers, FL 33901						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/19/2042						100.0						100.0						112.9						0.03		%
Peanut Butter & Co., Inc			(#,^)			119 West 57th St., Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/15/2027						164.5						164.5						167.5						0.05		%
JMD Aviation Holdings, LLC			(#,^)			8050 North West 90th St., Medley, FL 33166						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/15/2027						399.8						399.8						420.9						0.11		%
Capital Containers LLC			(#,^)			7610 Auburn Blvd #4B, Citrus Heights, CA 95610						Truck Transportation						Term Loan						Prime plus 2.75%						12/15/2027						10.6						10.6						10.9						—		%
Legion Bowl, Inc & Legion Pub Inc			(#,^)			661 Park St., Cranston, RI 02910						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/15/2042						311.4						311.4						351.5						0.10		%
1-0 Granny's Helpful Hands, LLC			(#,^)			705 East Lake St., Minneapolis, MN 55407						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/15/2027						16.5						16.5						16.8						—		%
Ocean Trans LLC & Dehal Trucking LLC			(#,^)			1415 W. Anderson St., Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						12/15/2042						589.3						589.3						665.3						0.18		%
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC			(#,^)			148 West 24th St., New York, NY 10011						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						12/14/2027						43.3						43.3						44.3						0.01		%
LP Industries Inc. dba Childforms			(#,^)			2040 Norwood St. SW, Lenoir, NC 28645						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						12/14/2027						60.3						60.3						62.9						0.02		%
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis			(#,^)			149 Monroe Ave, Memphis, TN 38103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2027						738.7						738.7						753.7						0.20		%
Atlas Geo-Constructors, LLC			(#,^)			3466 Thomasville Rd, Winston Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2027						238.6						238.6						248.7						0.07		%
KR Calvert & Co, LLC			(#,^)			113 Seaboard Lane #C-270, Franklin, TN 37067						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/14/2027						393.7						393.7						401.2						0.11		%

82

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Royalty Freight Inc			(#,^)			3728 W Mckinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2027						490.6						490.6						499.5						0.14		%
Heung Kyun Im			(#,^)			6235 Conlan Bay Dr, Houston, TX 77041						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2027						11.3						11.3						11.5						—		%
AADJ Empire Inc and AADJ Galaxy Inc.			(#,^)			1599 Post Rd, Warwick, RI 02888						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2042						171.0						171.0						193.1						0.05		%
Hardway Inc & AFC Leasing Inc			(#,^)			12533 S. 73rd E. Place, Bixby, OK 74008						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/13/2027						610.1						610.1						621.1						0.17		%
Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Dr, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2042						82.5						82.5						93.1						0.03		%
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C			(#,^)			498 Wilderness View, Chatsworth, GA 30705						Real Estate						Term Loan						Prime plus 2.75%						12/12/2042						94.0						94.0						106.2						0.03		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/12/2027						336.9						336.9						351.0						0.10		%
Big Picture Group LLC			(#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/12/2027						299.7						299.7						308.2						0.08		%
A-1 Van Services Inc			(#,^)			154 Sandy Creek Rd, Verona, PA 15147						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/12/2027						528.3						528.3						551.6						0.15		%
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC			(#,^)			1120 Wren School Rd, Piedmont, SC 29673						Gasoline Stations						Term Loan						Prime plus 2.75%						12/12/2027						37.7						37.7						38.4						0.01		%
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation			(#,^)			3031 Patrick St, Kissimmee, FL 34741						Air Transportation						Term Loan						8.25%						12/12/2027						430.9						430.9						403.9						0.11		%
Clear Sound Communications, Inc			(#,^)			680 Old Medford Ave, Medford, NY 11763						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/8/2027						2.7						2.7						2.8						—		%
AV Strategy Inc			(#,^)			9468 American Eagle Way Ste 100, Orlando, FL 32837						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/8/2027						353.8						353.8						366.1						0.10		%
Kim Howard Corp dba NPN Machine Tools			(#,^)			9130 Wayfarer Lane, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/7/2042						562.5						562.5						635.0						0.17		%
ODS Inc			(#,^)			626 N Delsea Dr, Glassboro, NJ 08028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/6/2027						35.9						35.9						37.1						0.01		%
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta			(#,^)			5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/4/2027						11.0						11.0						11.2						—		%
Oil Palace, Inc.			(#,^)			10408 Hwy 64 East, Tyler, TX 75707						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/4/2042						945.4						945.4						1,067.3						0.29		%
PS Camping Inc.			(#,^)			43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						12/1/2027						17.9						17.9						17.4						—		%
Linda Jean Howard Riley dba The Rusty Bolt			(#,^)			22345 W. Rt 66, Seligman, AZ 86337						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/1/2042						19.7						19.7						22.3						0.01		%
Salud Bar & Grill LLC			(#,^)			1413 Bushwick Ave, Brooklyn, NY 11207						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						41.2						41.2						42.0						0.01		%
Utara LLC			(#,^)			214 Pine St, Sandpoint, ID 83864						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						17.1						17.1						17.6						—		%

83

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Square1 Partners, LLC			(#,^)			1088 Greenbriar Lane, Northbrook, IL 60062						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/1/2027						45.6						45.6						46.5						0.01		%
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard			(#,^)			1 Jackson St., Troy, NY 12180						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/30/2027						75.9						75.9						79.9						0.02		%
WTI Distribution Inc			(#,^)			5491 E Francis St, Ontario, CA 91761						Support Activities for Transportation						Term Loan						Prime plus 2.75%						11/30/2027						28.9						28.9						30.1						0.01		%
Skin Beauty Bar Inc. and Tameka J. Mathis			(#,^)			749 8th St. SE 2nd Floor, Washington, DC 20003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/30/2027						6.5						6.5						6.7						—		%
J. Venture Holdings, LLC			(#,^)			2285 St. Andrews Ave, Zachary, LA 70791						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/30/2027						9.0						9.0						9.5						—		%
Our Playhouse Preschool, LLC			(#,^)			3501 NC Hwy 54 W, Chapel hill, NC 27516						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						220.3						220.3						248.7						0.07		%
OPH Lexington, Inc			(#,^)			235 Walton Ave, Lexington, KY 40502						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						179.2						179.2						202.3						0.05		%
Beacon Brewing LLC and C' Sons, LLC			(#,^)			700 Lincoln St., Lagrange, GA 30204						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2042						119.6						119.6						135.0						0.04		%
JMD Corporation dba Dart's True Value			(#,^)			121 South Main St., Payette, ID 83661						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/22/2027						13.5						13.5						14.0						—		%
Webtez Inc dba Mod Vans			(#,^)			1673 Donlon St., Ste 202, Ventura, CA 93003						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/22/2027						50.7						50.7						51.6						0.01		%
Step Up Academy of the Arts, LLC			(#,^)			2258A Wigwam Pkwy, Henderson, NV 89074						Educational Services						Term Loan						Prime plus 2.75%						11/22/2027						11.4						11.4						11.6						—		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2027						16.3						16.3						17.0						—		%
Grumpy's Restaurant Company, LLC			(#,^)			834 Kingsley Ave, Orange Park, FL 32073						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2027						51.6						51.6						52.6						0.01		%
PB Market LLC dba Pure Barre			(#,^)			164-C Market St, Charleston, SC 29401						Educational Services						Term Loan						Prime plus 2.75%						11/21/2027						78.8						78.8						80.2						0.02		%
B Lam LLC			(#,^)			9419 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/20/2042						170.7						170.7						192.7						0.05		%
Maya Motel, LLC dba Town House Motel			(#,^)			1701 Washington Ave, Waco, TX 76701						Accommodation						Term Loan						Prime plus 2.75%						11/17/2042						53.7						53.7						60.6						0.02		%
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.			(#,^)			1990 Flippen Rd, Stockbridge, GA 30281						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/17/2027						38.4						38.4						39.2						0.01		%
SSI Refrigerated Express Inc. and Robert M Stallone			(#,^)			1001 E. Cooley Dr Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 2.75%						11/17/2027						45.2						45.2						46.3						0.01		%
H & H Hotshot Services, Inc.			(#,^)			5455 N. 51st Ave Ste 30, Glendale, AZ 85301						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/16/2027						50.7						50.7						52.2						0.01		%
Auto Rx LLC,J&P Auto Repair Inc			(#,^)			91 & 95 Woodbury Rd, Hicksville, NY 11801						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/15/2042						184.3						184.3						208.1						0.06		%
Marcaco LLC			(#,^)			124 Lincoln Ave, Colonie, NY 12205						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						11/15/2042						498.6						498.6						562.9						0.15		%
J R Wholesale Tires & Auto Center, LLC			(#,^)			822 Cameron Lane, Lugoff, SC 29078						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/15/2042						12.7						12.7						14.3						—		%

84

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Paramount Dance Studios Inc. and Homestead Dance Supply			(#,^)			112 N Krome Ave, Homestead, FL 33030						Educational Services						Term Loan						Prime plus 2.75%						10/14/2043						445.3						445.3						502.7						0.14		%
Wing King at the Gardens LLC			(#,^)			4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2027						7.0						7.0						7.2						—		%
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh			(#,^)			400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/8/2027						10.9						10.9						11.0						—		%
JNP Delivery Inc			(#,^)			4500 North Providence # 7, Appleton, WI 54913						Couriers and Messengers						Term Loan						6%						11/7/2027						6.8						6.8						6.6						—		%
His Loving Hands Christian Academy, Inc.			(#,^)			15020 Harrison St., Miami, FL 33176						Social Assistance						Term Loan						Prime plus 2.75%						11/6/2042						86.2						86.2						97.3						0.03		%
S & S Auto Body Shop Inc.			(#,^)			5001 W. Clay St., Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/3/2042						144.5						144.5						163.1						0.04		%
Sterling Campbell Insurance Agency, Inc			(#,^)			36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/3/2027						5.4						5.4						5.5						—		%
Top Quality Dent Service LLC			(#,^)			1541 Vapor Trail, Colorado Springs, CO 80905						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/2/2027						4.3						4.3						4.4						—		%
Edge Studios Inc Radiant Yoga LLC			(#,^)			448 Howe Ave, Sacramento, CA 95825						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/1/2027						49.3						49.3						50.5						0.01		%
Rachael Reel dba Rachel Reel Insurance Age			(#,^)			208 Bank St., Lenoir, TN 37771						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						10/31/2027						5.4						5.4						5.5						—		%
Die Hard Used Car Sales			(#,^)			1668 West Grand Ave, Phoenix, AZ 85007						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/30/2042						53.0						53.0						59.8						0.02		%
The Five Lakes LLC			(#,^)			13705 Holmes Rd, Kansas City, MO 64154						Educational Services						Term Loan						Prime plus 2.75%						10/30/2042						446.7						446.7						504.3						0.14		%
Ashore Ventures Inc dba PuroClean Professional Restoration			(#,^)			909 SE Everett Mall Way Ste A-140, Everett, WA 98208						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/27/2027						10.4						10.4						10.7						—		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/27/2027						7.2						7.2						7.3						—		%
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T			(#,^)			377 Boston Post Rd Unit B, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/27/2027						29.2						29.2						30.0						0.01		%
Suzie LLC dba Tony D's Restaurant			(#,^)			92 Huntington St., New London, CT 06320						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/25/2042						82.3						82.3						92.9						0.03		%
Grand Blanc Lanes, Inc.			(#,^)			5301 S. Saginaw Rd, Flint, MI 48507						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/25/2027						10.8						10.8						11.3						—		%
Schafer Fisheries Inc			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2027						27.0						27.0						28.4						0.01		%
Looky Enterprises, LLC			(#,^)			1175 Surlington Ave, Ste 101, Leland, NC 28451						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/18/2027						47.8						47.8						49.0						0.01		%
Island Refrigeration & AC Inc			(#,^)			3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/18/2042						124.3						124.3						140.3						0.04		%
Blueridge Armor LLC			(#,^)			1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						10/17/2027						5.9						5.9						6.1						—		%

85

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L			(#,^)			1227 Burnside Ave, East Hartford, CT 06108						Electronics and Appliance Stores						Term Loan						9%						10/17/2042						60.8						60.8						57.0						0.02		%
Cortez Landscaping, LLC			(#,^)			4 Powder Rd, Norwalk, CT 06854						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/13/2027						13.7						13.7						14.2						—		%
On Call Services LLC			(#,^)			15060 281St Ave NW, Zimmerman, MN 55398						Construction of Buildings						Term Loan						Prime plus 2.75%						10/13/2027						12.9						12.9						13.6						—		%
Pro Anderson, LLC			(#,^)			1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/11/2027						38.8						38.8						39.7						0.01		%
Eye Optique Inc.			(#,^)			10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/5/2027						10.7						10.7						10.9						—		%
Ains Holding Company LLC			(#,^)			122 W. 26th St., New York, NY 10001						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						10/2/2027						69.2						69.2						70.9						0.02		%
Becky Lou Corp dba Rent A Center			(#,^)			3578 Route 611, Ste 210, Bartonsville, PA 18321						Rental and Leasing Services						Term Loan						Prime plus 2.75%						10/2/2027						65.3						65.3						67.6						0.02		%
Dan Cline Transport Inc.			(#,^)			501 State Dr, Mount Vernon, MO 65712						Truck Transportation						Term Loan						Prime plus 2.75%						9/29/2030						791.7						791.7						830.7						0.23		%
Sashshel Corporation			(#,^)			676 Franklin Blvd, Somerset, NJ 08873						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/29/2042						199.3						199.3						225.0						0.06		%
Threads of Time LLC			(#,^)			207 S Buchanan St., Danville, IL 61832						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/29/2042						129.1						129.1						145.7						0.04		%
Miechella Suzette Decker			(#,^)			3515 Main St., Exmore, VA 23350						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/29/2042						92.6						92.6						104.6						0.03		%
Harco Metal Products Inc			(#,^)			7895 East Acoma Dr Ste 102, Scottsdale, AZ 85260						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						9/29/2042						461.1						461.1						520.6						0.14		%
Rhode Island Tennis Management LLC			(#,^)			636 Centerville Rd, Warwick, RI 02886						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/28/2042						524.0						524.0						591.6						0.16		%
Pets A Go Go LLC			(#,^)			589 North State Rd, Briarcliff Manor, NY 10510						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/28/2042						185.9						185.9						209.9						0.06		%
National Media Services, Inc			(#,^)			5091 Lexington Blvd, Fort Meyers, FL 33919						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2027						13.3						13.3						13.5						—		%
Nicholson Lumber Co Inc.			(#,^)			377 Main St., Nicholson, PA 18446						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/28/2030						171.9						171.9						184.9						0.05		%
Rhode Island Tennis Management LLC			(#,^)			636 Centerville Rd, Warwick, RI 02886						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/28/2042						364.9						364.9						412.0						0.11		%
Technologist Inc			(#,^)			3120 Farview Dr, Ste 610, Falls Church, VA 22042						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/27/2027						175.5						175.5						184.3						0.05		%
Complete Care IT LLC			(#,^)			4801 South University Dr, Ste 125, Davie, FL 33328						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2027						10.4						10.4						10.6						—		%
Inspirations Food Design, Inc			(#,^)			1338 Memorial Ave, West Springfield, MA 01089						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/26/2042						435.6						435.6						491.8						0.13		%
KB Waterjet Cutting LLC			(#,^)			4330 Parker Lane, Addis, LA 70710						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/22/2027						7.2						7.2						7.5						—		%
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn			(#,^)			4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/22/2027						15.9						15.9						16.2						—		%

86

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Sallee Pro-Custom Fabrication Shop LLC			(#,^)			8865 North County Rd 600 W, Scipio, IN 47273						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/21/2027						6.4						6.4						6.7						—		%
Insight Diagnostic Technologist Services			(#,^)			2030 Forest Ave, Ste 110, San Jose, CA 95128						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/20/2027						236.5						236.5						242.7						0.07		%
Sound Manufacturing, Inc. & Monster Power Equipment, Inc.			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/20/2027						141.1						141.1						147.1						0.04		%
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York			(#,^)			1401 Lakeland Ave, Bohemia, NY 11716						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/20/2027						729.8						729.8						762.2						0.21		%
CR Park Incorporated dba Define Body and Mind			(#,^)			49 W. Allandale Ave, Allendale, NJ 07401						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/20/2027						42.3						42.3						43.7						0.01		%
Montessori Community School			(#,^)			123 South Navarra Dr, Scotts Valley, CA 95066						Social Assistance						Term Loan						Prime plus 2.75%						9/20/2042						256.0						256.0						289.0						0.08		%
Imagine By Carleen, Inc.			(#,^)			1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/20/2027						5.3						5.3						5.6						—		%
Commonwealth Diagnostics International, Inc			(#,^)			39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/20/2027						982.5						982.5						1,032.2						0.28		%
CIS BIG DOG, LLC			(#,^)			8920 US HWY, 62 WEST, Cynthiana, KY 41031						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/19/2027						47.5						47.5						49.9						0.01		%
Stone's Construction and Remodeling, LLC			(#,^)			5210 Kaylin Dr, Akron, OH 44319						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/19/2027						3.7						3.7						3.7						—		%
Party By Design Inc.			(#,^)			61 Strafello Dr, Avon, MA 02322						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/18/2042						1,138.9						1,138.9						1,285.8						0.35		%
Li Family Spokane LLC			(#,^)			21 E. Lincoln Rd, Spokane, WA 99208						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/15/2042						361.0						361.0						407.5						0.11		%
Clinton Food Market LLC			(#,^)			196 East Main St., Clinton, CT 06413						Gasoline Stations						Term Loan						Prime plus 2.75%						9/15/2042						99.8						99.8						112.6						0.03		%
Tarleton & Family Landscaping, LLC			(#,^)			125 E Center St., Midland Park, NJ 07432						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/15/2027						59.0						59.0						60.5						0.02		%
Fox Valley Rentals & Investments, LLC			(#,^)			2906 E. Newberry St., Appleton, WI 54915						Food Services and Drinking Places						Term Loan						Prime plus 3.75%						9/13/2027						5.4						5.4						5.8						—		%
Nails By Mercede LLC			(#,^)			2994 and 2996 Edgewater Dr, Orlando, FL 32804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2027						10.1						10.1						10.5						—		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/13/2027						244.6						244.6						248.5						0.07		%
Town & Country Transportation Co. and Popco, LLC.			(#,^)			191 Arch St., New Britain, CT 06051						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/12/2042						158.3						158.3						178.7						0.05		%
Rajbai Maa Inc. dba Nara Lounge			(#,^)			244-252 Atwells Ave, Providence, RI 02903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/12/2042						367.1						367.1						414.4						0.11		%
Health & Performance Center, LLC			(#,^)			1862 Craigshire Rd, Saint Louis, MO 63146						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2027						14.5						14.5						14.7						—		%
Morgan Lynn Kerstetter dba Catherine School of Dance			(#,^)			315 Mill St. 3rd Floor, Danville, PA 17821						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/11/2027						5.3						5.3						5.6						—		%

87

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Foxtail, LLC and Tottly New Services Corp			(#,^)			1481 Highland Ave, Cheshire, CT 06410						Social Assistance						Term Loan						Prime plus 2.75%						9/8/2042						272.6						272.6						307.8						0.08		%
Crazy Beatz Productions LLC			(#,^)			20014 NE 138th St., Kearney, MO 64060						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 3.75%						9/7/2027						3.8						3.8						4.1						—		%
South Fulton Landscape & Nursery, Inc.			(#,^)			3415 Enon Rd, College Park, GA 30349						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/7/2042						93.7						93.7						105.7						0.03		%
Dreaming Big Learning Center Inc			(#,^)			3301 W Oak St, Kissimmee, FL 34741						Social Assistance						Term Loan						Prime plus 2.75%						9/5/2042						355.7						355.7						401.6						0.11		%
Big Coop's Trucking LLC			(#,^)			3066 Misty Creek Dr., Swartz, MI 48473						Truck Transportation						Term Loan						Prime plus 2.75%						9/1/2027						70.9						70.9						73.7						0.02		%
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/31/2027						293.3						293.3						300.2						0.08		%
Parlay Disributors LLC			(#,^)			20 Medford Ave, Ste 104, Patchogue, NY 11772						Educational Services						Term Loan						Prime plus 2.75%						8/25/2027						78.1						78.1						79.7						0.02		%
Lake County Tow LLC			(#,^)			15409 Country Rd 565A, Clermont, FL 34711						Support Activities for Transportation						Term Loan						Prime plus 2.75%						8/25/2042						81.8						81.8						92.3						0.03		%
Genuine Ventures LLC and Seaweed Ventures LLC			(#,^)			432 S Franklin St, Juneau, AK 99801						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/24/2030						469.9						469.9						497.4						0.13		%
InUSA Ventures Inc dba InUSA Services			(#,^)			3015 San Pablo Ave, Ste 511, Berkeley, CA 94702						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						8/24/2027						17.5						17.5						17.8						—		%
Delicias de Minas Restaurant, LLC			(#,^)			168-170 McWhorter St., Newark, NJ 07105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/22/2027						141.1						141.1						148.3						0.04		%
Damiano Global Corp			(#,^)			333 Birch Hills Dr, Rochester, NY 14622						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/21/2027						15.8						15.8						16.4						—		%
L&V Auto Sales, Inc.			(#,^)			1504 West Franklin Blvd., Gastonia, NC 28052						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/21/2027						12.6						12.6						13.3						—		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/18/2027						13.3						13.3						13.6						—		%
Tony Herring & Associates, Inc			(#,^)			211 West Camellia Dr, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/17/2027						5.3						5.3						5.3						—		%
Chester's World Enterprise LLC			(#,^)			140 W Alameda Dr, Ste 104, Tempe, AZ 85282						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/16/2027						15.8						15.8						16.3						—		%
D'Amato & Sons Construction, Inc.			(#,^)			117 Oak St., Amityville, NY 11701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/11/2027						5.8						5.8						6.0						—		%
L & J Corporate Services Inc			(#,^)			866 NW 110th Ave, Coral Springs, FL 33071						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/4/2027						4.3						4.3						4.3						—		%
HMG Strategy LLC,			(#,^)			191 Post Rd W., Westport, CT 06880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/2/2027						33.3						33.3						33.8						0.01		%
Royal Blue Investments, Inc. and Cleland Pharmacy LLC			(#,^)			202 S. 1st St., Wakeeny, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/31/2042						49.5						49.5						55.9						0.02		%
Sharon G McMillen, MA Psychologist, Inc.			(#,^)			216 West Main St, Kingwood, WV 26537						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/28/2027						12.9						12.9						13.1						—		%
Work of Heart Inc dba Little Nest Portraits			(#,^)			1000 Merdian Blvd, Ste 112, Franklin, TN 37067						Professional, Scientific, and Technical Services						Term Loan						7.5%						7/28/2027						38.2						38.2						35.9						0.01		%

88

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

HQTRONIC LLC			(#,^)			10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/27/2027						15.6						15.6						15.9						—		%
Oberon IT, Inc.			(#,^)			1404 W. Walnut Hill Lane, Irving, TX 75038						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/26/2027						151.8						151.8						156.7						0.04		%
Gilles Peress Studio LLC			(#,^)			76 Lafayette Ave, Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2027						42.9						42.9						43.6						0.01		%
Lil Tots' Learning Center LLC			(#,^)			3042 S 78th St, Tampa, FL 33619						Social Assistance						Term Loan						Prime plus 2.75%						7/21/2042						26.5						26.5						29.9						0.01		%
Ocean Trans LLC			(#,^)			1415 W Andersonr Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						7/21/2027						27.2						27.2						27.6						0.01		%
Obok LLC			(#,^)			2720 S. Havana St., Unit H, Aurora, CO 80014						Food Manufacturing						Term Loan						Prime plus 2.75%						7/21/2027						8.3						8.3						8.6						—		%
Matrix Z LLC			(#,^)			800 SW 21st Terrace, Fort Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 3.75%						7/19/2027						5.8						5.8						6.2						—		%
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL)			(#,^)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						7/18/2027						573.7						573.7						583.9						0.16		%
Wildflour Bakery & Cafe, LLC			(#,^)			5137 Clareton Dr, Ste 100,110 & 120, Agoura Hills, CA 91301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2027						15.7						15.7						16.4						—		%
Koep Companies dba Pipestone True value			(#,^)			207 East Main St., Pipestone, MN 56164						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/14/2042						304.6						304.6						343.9						0.09		%
McCord Holdings, Inc. dba Fast Signs 176101			(#,^)			7640 N. Wickham Rd, Melbourne, FL 32940						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/7/2027						13.0						13.0						13.3						—		%
Thrifty Market Inc dba Thrifty Foods			(#,^)			702 10th St., Wheatland, WY 82201						Food and Beverage Stores						Term Loan						Prime plus 2.75%						7/6/2027						74.5						74.5						76.7						0.02		%
The Country House Restaurant, LLC and Pelton Real Estate, LLC			(#,^)			677 US Route 7, Pittsford, VT 05763						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2042						47.8						47.8						53.9						0.01		%
J. T. O'Neill Company, L.L.C			(#,^)			19972 Willowin Farm Lane, Purcellville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						6/30/2027						10.3						10.3						10.5						—		%
Hamilton & Associates Real Estate and Investments Firm LLC			(#,^)			11776 West Sample Rd, Coral Springs, FL 33065						Real Estate						Term Loan						Prime plus 2.75%						6/30/2042						50.3						50.3						56.8						0.02		%
New Chicago Wholesale Bakery Inc.			(#,^)			795 Touhy Ave, Elk Grove Village, IL 60007						Food Manufacturing						Term Loan						Prime plus 2.75%						6/30/2027						11.3						11.3						11.8						—		%
J&M Civil Construction Services LLC			(#,^)			1221 County Rd 4371, Decatur, TX 76234						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2027						72.5						72.5						73.6						0.02		%
Best Bees Company			(#,^)			839 Albany St., Boston, MA 02119						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						6/29/2027						15.4						15.4						15.6						—		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2027						211.8						211.8						222.1						0.06		%
Ocean Trans LLC and Dehal Trucking LLC			(#,^)			760 W. Charter Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						6/29/2027						408.0						408.0						413.6						0.11		%
Intellixion LLC			(#,^)			7447 Egan Dr, Ste 110 A, Savage, MN 55378						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/29/2027						2.6						2.6						2.6						—		%

89

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Malhame & Company Publishers & Importers Inc.			(#,^)			180 Orville Rd, Bohemia, NY 11780						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/29/2027						67.8						67.8						68.8						0.02		%
Oakhill Farms, LLC			(#,^)			15 Carl St., Johnston, RI 02919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2030						78.5						78.5						84.5						0.02		%
Foxhop Fitness, LLC			(#,^)			4211 NW Federal Hwy, Jensen Beach, FL 34957						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/28/2027						62.6						62.6						63.6						0.02		%
Akal Express Inc. dba Truck Trailer Service Stop			(#,^)			2901 I 40 West, Vega, TX 79092						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/28/2042						24.8						24.8						28.1						0.01		%
Old Dominion Transportation Group, Inc.			(#,^)			2510 Hunters Place, Ste 202, Woodbridge, VA 22192						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/28/2027						765.1						765.1						780.5						0.21		%
Citibin, Inc.			(#,^)			254 36th St., Ste B519, Brooklyn, NY 11232						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						6/27/2027						85.8						85.8						87.0						0.02		%
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC			(#,^)			211 East 25th St., Norfolk, VA 23504						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						6/27/2030						192.9						192.9						207.2						0.06		%
Ains Holding Company, LLC			(#,^)			122 West 26th St., New York, NY 10001						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2027						841.7						841.7						858.5						0.23		%
Four Seasons Laser Center Inc.			(#,^)			4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/26/2042						208.4						208.4						235.3						0.06		%
Northern Industries, LLC			(#,^)			W 5585 Dehart Dr, Tomahawk, WI 54484						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/23/2042						53.8						53.8						60.7						0.02		%
Vella Construction Enterprises, Inc. dba Vella Construction			(#,^)			318 28th Ave, San Mateo, CA 94403						Construction of Buildings						Term Loan						Prime plus 2.75%						6/23/2027						15.4						15.4						15.6						—		%
Birches Group, LLC			(#,^)			228 East 45th St. 12th FL South, New York, NY 10017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/22/2027						34.3						34.3						34.8						0.01		%
Scarlet Spartan Inc.dba FastSigns of Brighton			(#,^)			533 W. Grand River Ave, Brighton, MI 48116						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/19/2027						13.4						13.4						13.9						—		%
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC			(#,^)			11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/16/2042						375.9						375.9						424.4						0.12		%
JAM Media Solutions, LLC			(#,^)			4744 Tackawanna St., Philadelphia, PA 19124						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/15/2027						24.5						24.5						24.8						0.01		%
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba			(#,^)			104 Wooster St., Bethel, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/15/2042						289.1						289.1						326.4						0.09		%
ESA 365 Corp and Lucathor Realty LLC			(#,^)			2420 Grand Ave, Baldwin, NY 11520						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/14/2042						21.0						21.0						23.7						0.01		%
Susan Hughes dba Aloha Junction B and B			(#,^)			19-4037 Olapalapa Rd, Volcano, HI 96785						Accommodation						Term Loan						Prime plus 2.75%						6/14/2042						57.4						57.4						64.8						0.02		%
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero			(#,^)			577 Main Ave, Paterson, NJ 07055						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2042						86.1						86.1						97.2						0.03		%
Hull's Kitchen, LLC and HK Too, LLC			(#,^)			19 Hull Shore Dr, Hull, MA 02045						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/14/2042						91.3						91.3						103.1						0.03		%
Refoleen Inc dba Spice and Tea Exchange			(#,^)			849 E Commerce St. Ste 121, San Antonio, TX 78205						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/8/2027						2.4						2.4						2.4						—		%

90

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

SCW, LLC dba Arthur Murray Dance Studio			(#,^)			2383 Old Dixwell Ave, Hamden, CT 06518						Educational Services						Term Loan						Prime plus 2.75%						6/2/2042						136.3						136.3						153.9						0.04		%
Skydive California, LLC			(#,^)			25001 S Kasson Rd, Tracy, CA 95301						Educational Services						Term Loan						Prime plus 2.75%						6/2/2027						37.7						37.7						39.5						0.01		%
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder			(#,^)			246 East Belt Blvd, Richmond, VA 23224						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/1/2042						42.5						42.5						48.0						0.01		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/31/2027						15.3						15.3						15.5						—		%
Ricnet III, Inc. dba Edible Arrangements			(#,^)			716 Foxcroft Ave, Martinsburg, WV 25401						Food and Beverage Stores						Term Loan						Prime plus 2.75%						5/31/2027						10.1						10.1						10.3						—		%
Funtime, LLC and Universal Entertainment Group LLC			(#,^)			13200 W. Foxfire Dr #144, Surprise, AZ 85387						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/31/2027						49.4						49.4						50.3						0.01		%
Haroon Baig,Inc.dba US1 Petrol			(#,^)			1280-1290 Dixwell Ave, Hamden, CT 06514						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2042						245.3						245.3						277.0						0.08		%
Chet Lemon Enterprises LLC dba All American Sports			(#,^)			1544 Lane Park Cutoff, Tavares, FL 32778						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/26/2042						738.6						738.6						833.9						0.23		%
Eagle Wood Works LLC			(#,^)			1448 Horsehead Rd, Lugoff, SC 29078						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						5/26/2027						8.1						8.1						8.3						—		%
Hurricane Group, Inc.			(#,^)			312 West Fourth St., Carson City, NV 89703						Other Information Services						Term Loan						Prime plus 2.75%						5/26/2027						55.1						55.1						55.8						0.02		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WI 98501						Accommodation						Term Loan						Prime plus 2.75%						5/26/2042						118.5						118.5						133.7						0.04		%
Beyond Waves A Unique Salon LLC and Lori Ann Carlson			(#,^)			2290 Foxon Rd Route 80, North Branford, CT 06471						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2027						4.4						4.4						4.4						—		%
Jung Design Inc.			(#,^)			10857 Pine Bluff Dr, Fisher, IN 46037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/25/2027						6.1						6.1						6.2						—		%
Locavore LLC dba Paloma Restaurant			(#,^)			401 S. Guadalupe St., Santa Fe, NM 87501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/25/2027						34.0						34.0						34.8						0.01		%
Abdul Naushad MD PC dba Advanced Pain Centers			(#,^)			2865 James Blvd, Poplar Bluff, MO 63901						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/25/2042						372.3						372.3						420.4						0.11		%
Innovim, LLC			(#,^)			6401 Golden Triangle Dr Ste 200, Greenbelt, MD 20770						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2027						198.8						198.8						201.5						0.05		%
PS Camping, Inc. dba Prospectors RV Resort			(#,^)			43659&43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						5/19/2042						909.1						909.1						853.0						0.23		%
Hayden Trucking LLC			(#,^)			11540 Eagle Vista Dr, Fort Worth, TX 76179						Truck Transportation						Term Loan						Prime plus 2.75%						5/19/2027						97.1						97.1						101.7						0.03		%
Tres K Deli,Grocery,Fruit and Meat Inc.			(#,^)			125 West Tremont Ave, Bronx, NY 10453						Food and Beverage Stores						Term Loan						Prime plus 2.75%						5/19/2027						5.6						5.6						5.8						—		%
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.			(#,^)			132 North Wellwood Ave, Lindenhurst, NY 11757						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/19/2042						541.3						541.3						611.1						0.17		%
Mr. B's Bicycles & Mopeds, Inc.			(#,^)			1870 S. 4th Ave, Yuma, AZ 85364						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/18/2042						136.8						136.8						154.4						0.04		%

91

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bay Car Wash LLC			(#,^)			952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2042						112.4						112.4						126.9						0.03		%
Waterford Plumbing Co, Inc.			(#,^)			2425 W. Cuyler Ave, Chicago, IL 60618						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/18/2027						33.9						33.9						34.6						0.01		%
Computech Computers Inc.			(#,^)			40-24 76th St., Office #2B, Elmhurst, NY 11373						Educational Services						Term Loan						Prime plus 2.75%						5/17/2027						34.0						34.0						34.5						0.01		%
5 Stars Learning Center Inc			(#,^)			14 Paine Ave, Irvington, NJ 07111						Social Assistance						Term Loan						Prime plus 2.75%						5/16/2042						57.4						57.4						64.8						0.02		%
Arco Electrical Contractors Inc. dba Arco Construction Group			(#,^)			22-24 South Seventh St., Elizabeth, NJ 07202						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/16/2027						249.2						249.2						257.2						0.07		%
Sanderson Distribution Inc.			(#,^)			100 Daniel Dr, Alamo, CA 94507						Truck Transportation						Term Loan						Prime plus 2.75%						5/12/2027						7.1						7.1						7.2						—		%
B G F Bobby Q's Inc			(#,^)			447 N. Main St., Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/11/2027						5.1						5.1						5.3						—		%
Estelle Finkel Educational Associates,LLC			(#,^)			125 West Mount Pleasant Ave, Livingston, NJ 07039						Educational Services						Term Loan						Prime plus 2.75%						5/11/2027						82.7						82.7						83.9						0.02		%
Labmates,LLC			(#,^)			141 Watertown Rd, Thomaston, CT 06787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						5/10/2027						67.8						67.8						70.8						0.02		%
NHS, LLC			(#,^)			212 N Douglas Ave, Ellsworth, KS 67439						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/9/2027						60.0						60.0						61.6						0.02		%
NHS, LLC			(#,^)			212 N Douglas Ave, Ellsworth, KS 67439						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/9/2042						20.3						20.3						23.0						0.01		%

Innovation Transport, LLC			(#,^)			1 International Blvd, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						5/9/2027						53.1						53.1						55.4						0.02		%
Benchmark Building, Inc.			(#,^)			1439 Stargazer Terrace, Sanford, FL 32771						Construction of Buildings						Term Loan						Prime plus 2.75%						5/5/2027						15.3						15.3						15.5						—		%
Cable Management LLC			(#,^)			290 Pratt St., Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/3/2027						38.9						38.9						40.4						0.01		%
Fine Arts Center of Easley, Inc. dba Midtown Music			(#,^)			117 S. Pendleton St., Easley, SC 29640						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/2/2042						111.3						111.3						125.6						0.03		%
Love and Glory Learning Center, Inc.			(#,^)			4911 N. 42nd St., Tampa, FL 33610						Social Assistance						Term Loan						Prime plus 2.75%						4/28/2042						72.3						72.3						81.7						0.02		%
Sneads Ferry Foods, Inc. dba DQ Grill & Chill			(#,^)			920 Hwy 210, Sneads Ferry, NC 28460						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2042						611.4						611.4						690.3						0.19		%
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee			(#,^)			393 Charles St., Providence, RI 02904						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2042						206.3						206.3						232.9						0.06		%
Resident Research, LLC			(#,^)			4400 Morris Park Dr Ste M, Charlotte, NC 28277						Other Information Services						Term Loan						Prime plus 2.75%						4/24/2027						59.1						59.1						59.9						0.02		%
Getting Even LLC dba The Zoo Health Club			(#,^)			377 South Willow St., Ste B 2-1, Manchester, NH 03103						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/21/2027						5.0						5.0						5.2						—		%
Ralph's Hair Salon, Inc.			(#,^)			175 NW 14th St., Homestead, FL 33030						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/21/2042						46.5						46.5						52.5						0.01		%

92

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Condron Brothers LLC DBA Luv 2 Play			(#,^)			4790 La Sierra Ave, Riverside, CA 92505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/19/2027						80.4						80.4						82.7						0.02		%
Butternuts Beer and Ale LLC			(#,^)			4021 Hwy 51, Garrattsville, NY 13342						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						4/12/2027						51.4						51.4						53.8						0.01		%
Landmark Ventures USA, Inc.			(#,^)			475 Park Ave South 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						3/31/2027						124.5						124.5						126.2						0.03		%
Applied Integrated Technologies, Inc.			(#,^)			7120 Samuel Morse Dr #150, Columbia, MD 21046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/31/2027						83.1						83.1						84.2						0.02		%
Bear Trail Lodge LLC			(#,^)			Mile 1 Bear Trail Rd, King Salmon, AK 99613						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/31/2042						514.5						514.5						580.8						0.16		%
The Altitude Group, LLC and Core Home Security, LLC			(#,^)			949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2027						29.4						29.4						29.9						0.01		%
Golden Hen Inc. dba Cafe			(#,^)			468 W. Cheltenham Ave, Philadelphia, PA 19126						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/31/2027						43.1						43.1						43.9						0.01		%
Citizens Lanes, LLC			(#,^)			5100 Goodson Connector Rd, Union City, GA 30291						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/31/2042						602.2						602.2						565.0						0.15		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						3/30/2042						233.9						233.9						264.1						0.07		%
KWG Industries LLC dba Peterson & Marsh Metal Industries			(#,^)			330 Roycefield Rd Unit B, Hillsborough, NJ 08844						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/30/2027						19.9						19.9						20.9						0.01		%
Sea Smoke Barbeque, Corp and Danwen LLC			(#,^)			20 Island Farm Rd, Oak Bluffs, MA 02557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2042						220.2						220.2						248.6						0.07		%
Douglas K. Soderblom . dba Loma Linda Optometry			(#,^)			25815 Barton Rdad, Unit C104, Loma Linda, CA 92354						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2027						66.4						66.4						68.1						0.02		%
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham			(#,^)			1221 Kentucky Mills Dr, Louisville, KY 40299						Accommodation						Term Loan						Prime plus 2.75%						3/29/2042						983.0						983.0						1,109.8						0.30		%
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics			(#,^)			5455 N 51st St., # 30, Glendale, AZ 85301						Couriers and Messengers						Term Loan						Prime plus 2.75%						3/29/2030						72.2						72.2						75.1						0.02		%
Discount Price, LLC dba Robert's Market			(#,^)			2 Hill Rd, Franklin, NH 03235						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2042						191.5						191.5						216.2						0.06		%
New England Country Day School, Inc. and Thomas D. Walker			(#,^)			27 Kenosia Ave, Danbury, CT 06810						Social Assistance						Term Loan						Prime plus 2.75%						3/28/2042						350.9						350.9						396.2						0.11		%
American Pharmaceutical Innovation Company, LLC			(#,^)			1425 Centre Circle, Downers Grove, IL 60515						Chemical Manufacturing						Term Loan						Prime plus 2.75%						3/28/2027						4.7						4.7						4.8						—		%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo			(#,^)			421 S. Oak St., Pecos, TX 79772						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/27/2042						388.0						388.0						438.0						0.12		%
Heil & Hornik LLC dba Elysium Tennis			(#,^)			7637 C. Commerce Place, Plain City, OH 43064						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/27/2042						863.4						863.4						974.8						0.26		%
JBK Truck Trailer and Bus Inc.			(#,^)			8669 South State Rd 67, Camby, IN 46113						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/23/2042						82.4						82.4						93.0						0.03		%

93

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Color Graphic Press, Inc.			(#,^)			42 Main St., Nyack, NY 10960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/23/2027						79.7						79.7						83.4						0.02		%
Denton Bio Fuels LLC and American Bio Source LLC			(#,^)			624 W. University Dr. Ste 359, TX, TX 76201						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2027						43.1						43.1						44.3						0.01		%
Executive Fitness & Nutrition Inc.			(#,^)			8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/23/2027						13.4						13.4						14.0						—		%
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC			(#,^)			6507 Westport Ave, Shreveport, LA 71129						Truck Transportation						Term Loan						Prime plus 2.75%						3/22/2042						592.9						592.9						669.4						0.18		%
Vehicle Safety Supply LLC			(#,^)			707 Femimore Rd, Mamaroneck, NY 10543						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/21/2027						14.9						14.9						15.1						—		%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of			(#,^)			5880 US Hwy6, Portage, IN 46368						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2027						219.3						219.3						229.4						0.06		%
The Purple Cow House of Pancake Inc			(#,^)			6 & 10 Skowhegan Rd, Fairfield, ME 04937						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2042						69.9						69.9						78.9						0.02		%
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M			(#,^)			6510 North Broadway, Saint Louis, MO 63147						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2027						418.6						418.6						423.6						0.11		%
Dwayne Bernard Tate			(#,^)			1238 Woodcliff Court SW, Lilburn, GA 30047						Truck Transportation						Term Loan						Prime plus 2.75%						3/10/2027						7.0						7.0						7.2						—		%
Elegant Occasions, LLC dba E Productions			(#,^)			3650 Coral Ridge Dr Units 103-104, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/10/2042						555.1						555.1						626.7						0.17		%
Anthony LLC dba Star of Woodward Market			(#,^)			5730 Woodward Ave, Detroit, MI 48202						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/9/2042						107.1						107.1						120.9						0.03		%
Podium Auto Sales Inc and RRS Property, LLC			(#,^)			246 S. Dixie Hwy, Pompano Beach, FL 33060						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/3/2042						84.3						84.3						95.1						0.03		%
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express			(#,^)			1001 E. Cooley Dr Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 2.75%						2/28/2027						156.4						156.4						158.3						0.04		%
Getting Even LLC dba The Zoo Health Club			(#,^)			377 South Willow St. Unit B2-1, Manchester, NH 03103						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/28/2027						63.4						63.4						64.9						0.02		%
Weeping Willow Kennels, Inc and Aileen N Black			(#,^)			6041 Hammond School Rd, Salisbury, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2042						130.2						130.2						147.0						0.04		%
Teracore Inc.			(#,^)			3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/27/2027						107.4						107.4						108.7						0.03		%
McNally Enterprises Inc.			(#,^)			1010 N. Grove St., Anaheim, CA 92806						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/27/2027						42.4						42.4						43.4						0.01		%
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant			(#,^)			2235 S. Power Rd Ste 118, Mesa, AZ 85209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/24/2027						49.5						49.5						51.7						0.01		%
B & J Bicycle Shop Inc.			(#,^)			1620 E. Sample Rd, Pompano Beach, FL 33064						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						2/24/2027						4.1						4.1						4.3						—		%
3W Enterprises LLC			(#,^)			2727 Industrial Pkwy, Elkhart, IN 46516						Textile Product Mills						Term Loan						Prime plus 2.75%						2/24/2042						60.1						60.1						67.8						0.02		%
Ameritube, LLC and Ravone Properties, LLC			(#,^)			1000 North State. Hwy 77, Hillsboro, TX 76645						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						2/14/2042						173.1						173.1						195.5						0.05		%

94

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Marvic Enterprises Inc dba Jordan's Liquor			(#,^)			199 Taunton Ave, East Providence, RI 02914						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/10/2042						203.0						203.0						229.2						0.06		%
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC			(#,^)			2808 Court St., Port Allen, LA 70767						Truck Transportation						Term Loan						Prime plus 2.75%						2/10/2042						229.7						229.7						259.4						0.07		%
Sushiya Inc.			(#,^)			72 S. Main St, Hanover, NH 03755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2027						12.3						12.3						12.6						—		%
Maximo Canot dba Wash and Dry Laundrymat			(#,^)			34 Morningside Ave, Yonkers, NY 10703						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/10/2042						128.0						128.0						144.5						0.04		%
Harrison Logging Company LLC			(#,^)			255 Ray Crain Rd, Indian Mound, TN 37079						Forestry and Logging						Term Loan						Prime plus 2.75%						2/9/2027						70.6						70.6						72.5						0.02		%
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.			(#,^)			174-176 Mountain Ave, Springfield, NJ 07081						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/7/2042						303.8						303.8						343.0						0.09		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St. Units CF1 and CF2, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2042						172.3						172.3						194.6						0.05		%
Brandco, LLC			(#,^)			2151 Consulate Dr Ste 21, Orlando, FL 32837						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/31/2027						28.4						28.4						28.7						0.01		%
Chidlren's House Learning, Inc and Tarps Investment Group			(#,^)			720 Wilbraham Rd, Springfield, MA 01109						Social Assistance						Term Loan						Prime plus 2.75%						1/31/2042						297.3						297.3						335.7						0.09		%
Fave Realty Inc.			(#,^)			1875 Grand Ave, Baldwin, NY 11510						Real Estate						Term Loan						Prime plus 2.75%						1/30/2042						50.4						50.4						56.9						0.02		%
SRC Publishing LLC			(#,^)			8690 Waterford Bend St., Las Vegas, NV 89123						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						1/27/2027						14.6						14.6						14.8						—		%
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski			(#,^)			2906 E. Newberry St., Appleton, WI 54915						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/20/2042						39.4						39.4						44.5						0.01		%
Jolibe LLC and Jolibe Atelier LLC			(#,^)			357 w 36th #401, New York, NY 10018						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2027						6.8						6.8						7.0						—		%
Eickmann Management Group LLC dba Jimmy Johns of Dundee			(#,^)			568 Techumseh St., Dundee, MI 48131						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/17/2027						64.8						64.8						67.8						0.02		%
Fullbro Trust dba Menemsha Blues			(#,^)			2 Basin Rd, Chilmark, MA 02535						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						1/13/2027						14.6						14.6						15.3						—		%
Echelon Enterprises, Inc			(#,^)			16701 E. Iliff Ave, Aurora, CO 80013						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						1/10/2027						31.8						31.8						33.3						0.01		%
Metropolitan Solutions Group Inc.			(#,^)			1420 Chestnut St., Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2041						253.7						253.7						286.5						0.08		%
Means Enterprises LLC dba FastFrame Frisco			(#,^)			4112-4150 Legacy Dr/5729 Leabanon Rd Unit 412, Frisco, TX 75034						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/16/2026						13.2						13.2						13.7						—		%
Elita 7, LLC			(#,^)			16 Marble St., Worcester, MA 01603						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/15/2041						669.9						669.9						756.4						0.20		%
Sempco, Inc.			(#,^)			51 -55 Lake St. Unit #2-6, Nashua, NH 03060						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						38.8						38.8						43.8						0.01		%

95

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

New Chicago Wholesale Bakery, Inc.			(#,^)			795 Touhy Ave, Elk Grove Village, IL 60007						Food Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						426.1						426.1						481.0						0.13		%
Techni-Pro Institute LLC			(#,^)			414 NW 35th St., Boca Raton, FL 33431						Educational Services						Term Loan						Prime plus 2.75%						12/15/2026						121.6						121.6						126.1						0.03		%
Trison Enterprises Inc.dba Lee's Automotive			(#,^)			13281 Aurora Ave N, Seattle, WA 98311						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/14/2041						376.0						376.0						424.5						0.12		%
HMG Strategy, LLC			(#,^)			191 Post Rd West, Westport, CT 06880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2026						30.3						30.3						31.3						0.01		%
AGG Management Team LLC dba Chevron			(#,^)			2615 S Dixie Hwy, West Palm Beach, FL 33401						Gasoline Stations						Term Loan						Prime plus 2.75%						12/14/2041						263.5						263.5						297.5						0.08		%
Wayfarer Bicycle LLC			(#,^)			118-120 Ocean Ave, New London, CT 06320						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						12/13/2041						85.6						85.6						96.6						0.03		%
Success Advertising Inc. dba Success Communivstion Gr			(#,^)			26 Eastmans Rd, Parsippany, NJ 07054						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2041						430.4						430.4						485.9						0.13		%
Roast Beef Levittown LLC dba Arby's			(#,^)			2080 Hempstead Turnpike, East Meadow, NY 11554						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/13/2026						136.1						136.1						142.7						0.04		%
Mack Team Enterprises Inc.dba The UPS Store #6815			(#,^)			38200 Ave of the States, Fort Gordon, GA 30905						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/9/2026						13.1						13.1						13.6						—		%
eCommerce Direct, LLC			(#,^)			3440 Gannett Ave, Des Moines, IA 50321						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2026						496.3						496.3						515.2						0.14		%
Recycling Revolution,LLC			(#,^)			4190 Collins Rd, Unadilla, GA 31091						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2041						83.6						83.6						94.4						0.03		%
New Life Hospital LLC			(#,^)			17400 Red Oak Dr, Houston, TX 77090						Hospitals						Term Loan						Prime plus 2.75%						12/8/2041						1,125.5						1,125.5						1,270.6						0.34		%
Hanson's Greeks LLC			(#,^)			8132 N. 87th Place, Ste A, Scottsdale, AZ 85258						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2026						7.2						7.2						7.5						—		%
Noso Development LLC			(#,^)			4 Walker Way, Albany, NY 12205						Construction of Buildings						Term Loan						Prime plus 2.75%						12/1/2026						53.5						53.5						55.2						0.01		%
Quick Ship, LLC			(#,^)			448 W. 19th St, Houston, TX 77008						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/30/2026						6.6						6.6						6.9						—		%
RD Management, LLC			(#,^)			2302 N. Kings Hwy, Myrtle Beach, SC 29572						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/30/2026						135.6						135.6						140.2						0.04		%
Imaginarium Foods LLC,			(#,^)			751 N. Cable Rd, Lima, OH 45805						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2042						345.6						345.6						390.2						0.11		%
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC			(#,^)			1 Pebble Wood Lane, Palm Coast, FL 32164						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						11/30/2041						63.4						63.4						71.6						0.02		%
Usman Jalil, LLC dba Food Mart			(#,^)			147 N Washington St., Plainville, CT 06062						Gasoline Stations						Term Loan						Prime plus 2.75%						11/29/2041						215.1						215.1						242.9						0.07		%
Access Staffing, LLC			(#,^)			360 Lexington Ave 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/29/2026						780.3						780.3						805.6						0.22		%
CRK Mens, LLC dba Spiff for Men			(#,^)			750 Third Ave, New York, NY 10017						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/23/2026						65.0						65.0						67.3						0.02		%
WPN Recycling Company LLC			(#,^)			5101 Andard Ave, Baltimore, MD 21226						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/23/2026						14.2						14.2						14.9						—		%

96

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901			(#,^)			1835 Auburn Way N Ste B, Auburn, WA 98002						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/23/2026						37.9						37.9						39.2						0.01		%
Bouquet Restaurant LLC			(#,^)			519 Main St., Covington, KY 41011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/22/2041						89.6						89.6						101.1						0.03		%
JBK Truck Trailer and Bus Inc.			(#,^)			8669 S. State Rd 67, Camby, IN 46113						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/22/2041						382.5						382.5						431.8						0.12		%
Broms Asset Management LLC			(#,^)			215 East 79th St. Apt 9E, New York, NY 10075						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						11/22/2026						78.7						78.7						81.3						0.02		%
6E Technologies LLC			(#,^)			11001 West 120th Ave, Ste 400, Broomfield, CO 80020						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2026						95.9						95.9						100.1						0.03		%
Skaggs RV Outlet LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/21/2026						63.2						63.2						66.3						0.02		%
Catherine Christine Morin dba Purr-Fect Pets			(#,^)			1915 North Austin Ave, Georgetown, TX 78626						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/17/2026						11.9						11.9						12.3						—		%
Stratmar Systems Inc dba Stratmar Retail Services			(#,^)			109 Willett Ave, Port Chester, NY 10573						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/16/2026						45.6						45.6						47.8						0.01		%
Hoosier Health Plus, LLC			(#,^)			520 East 8th St., Anderson, IN 46012						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/15/2026						56.7						56.7						59.4						0.02		%
MIK LLC dba Firehouse Subs			(#,^)			17250 Royalton Rd, Strongsville, OH 44136						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2026						141.3						141.3						146.1						0.04		%
Dyer Properties, LLC and Bayview Pharmacy, Inc.			(#,^)			3844 Post Rd, Warwick, RI 02886						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						11/9/2041						222.0						222.0						250.6						0.07		%
Fine Line Interiors, Inc.			(#,^)			2530 SW 30th Ave, Hallandale Beach, FL 33009						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/4/2041						58.0						58.0						65.5						0.02		%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero			(#,^)			13215 Miles Ave, Cleveland, OH 44105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/3/2041						106.0						106.0						119.6						0.03		%
Glocecol LLC			(#,^)			10302 NW South River Dr, Bay #18, Miami, FL 33178						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/1/2026						47.4						47.4						49.7						0.01		%
Veracruz Shabo, LLC Waterfalls Quick Lube LLC			(#,^)			1325 Broad St., Central Falls, RI 02863						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/1/2041						109.6						109.6						123.8						0.03		%
Bloomquist Communications Inc.			(#,^)			131 East Trinity Place, Decatur, GA 30030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2026						37.9						37.9						39.1						0.01		%
Moolchan Enterprises LLC dba Staying Green			(#,^)			2650 S.W. 154 Ave, Davie, FL 33331						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2026						6.9						6.9						7.2						—		%
Woodstock Enterprises Corp dba True Scent Candle Co			(#,^)			191 2nd Ave, Warwick, RI 02888						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						10/31/2041						81.6						81.6						92.1						0.02		%
Elite Structures Inc			(#,^)			401 Old Quitman Rd, Abel, GA 31620						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/27/2029						168.8						168.8						181.5						0.05		%
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC			(#,^)			200 North Branford Rd, Branford, CT 06405						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						10/24/2026						265.3						265.3						278.1						0.08		%
Worldwide Estate, Inc. dba Washington Heights Manor			(#,^)			10620 W. Greenwood Terrace, Milwaukee, WI 53224						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/21/2041						206.3						206.3						232.9						0.06		%

97

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Gold Wind Logistics LLC			(#,^)			2830 Beech Daly Rd, Inkster, MI 48141						Truck Transportation						Term Loan						Prime plus 2.75%						10/20/2041						162.0						162.0						182.9						0.05		%
Speaker City, Inc. dba Rollin Thunder			(#,^)			246 East Belt Blvd, Richmond, VA 23224						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						10/14/2041						114.9						114.9						129.7						0.04		%
Maine Service Corp			(#,^)			59-22 55th St., Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/13/2026						102.5						102.5						107.5						0.03		%
Justin Partlow			(#,^)			100 Independence Place, Ste 414, Tyler, TX 75703						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						10/13/2026						12.2						12.2						12.6						—		%
Reliable Recovery Services LLC			(#,^)			2401 West Mcdowell Rd, Phoenix, AZ 85009						Support Activities for Transportation						Term Loan						Prime plus 2.75%						10/7/2026						70.2						70.2						73.1						0.02		%
Ailky Corporation			(#,^)			352 Beford St., Lakeville, MA 02347						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						10/3/2026						147.9						147.9						153.3						0.04		%
Wyspen Corporation dba Charlestown Ace			(#,^)			5 Austin St., Charlestown, MA 02129						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						10/3/2026						22.5						22.5						23.2						0.01		%
JJA Transportation Management Inc.			(#,^)			15 Church St., Upland, PA 19015						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/30/2026						29.5						29.5						30.5						0.01		%
Seaway LLC and Reklaw LLC dba Allure Lounge			(#,^)			415 -417 Halsey Dr, Newark, NJ 07102						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2041						126.2						126.2						142.4						0.04		%
CNC Precision Machine, Inc.			(#,^)			18360 Industrial Circle, Burton, OH 44021						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2041						1,174.4						1,174.4						1,326.0						0.36		%
Beadon Inc			(#,^)			2601 Old Ocean City Rd, Salisbury, MD 21804						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/28/2026						13.8						13.8						14.5						—		%
Kyle M Walker DDS, PC			(#,^)			1402 West Park Ave, Orange, TX 77630						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2026						157.1						157.1						162.4						0.04		%
Luv 2 Play Nor Cal, LLC dba Luv 2 Play			(#,^)			82 Clarksville Rd, Folsom, CA 95630						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/27/2026						36.1						36.1						37.4						0.01		%
TPFC,LLC dbaThe Picture Frame Company			(#,^)			5957 Glenway Ave, Cincinnati, OH 45238						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/26/2041						53.8						53.8						60.7						0.02		%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch			(#,^)			24201 North Hwy 1, Fort Bragg, CA 95437						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						9/26/2026						5.5						5.5						5.8						—		%
PeopleBest Inc.			(#,^)			19442 Mesa Dr, Villa Park, CA 92861						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/26/2026						9.2						9.2						9.5						—		%
Wrecking Crew Media LLC			(#,^)			229 Commercial Ave, Pittsburgh, PA 15212						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/21/2026						30.8						30.8						31.8						0.01		%
Cuppiecakes LLC			(#,^)			313 S Main St., McGregor, TX 76557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/21/2041						20.6						20.6						23.3						0.01		%
Metropet Dog Center, Inc			(#,^)			2057 West Shore Rd, Warwick, RI 02889						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2041						100.2						100.2						113.2						0.03		%
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C			(#,^)			1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/30/2026						83.0						83.0						85.7						0.02		%
Raem Corporation dba Dryclean Express			(#,^)			557 West Whitney Rd, Fairport, NY 14450						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/29/2041						66.4						66.4						74.9						0.02		%
Warren Dale Warrington dba Custom Paint and Body			(#,^)			705 S Market Ave, Fort Pierce, FL 34982						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/26/2041						92.4						92.4						104.4						0.03		%

98

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Rosmel Pools Inc			(#,^)			9300 NW 25th St. Ste 103, Miami, FL 33172						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						13.6						13.6						14.0						—		%
Avery Management Inc. dba Whetstone Upholstery			(#,^)			1122 N Bloulevard, Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						6.2						6.2						6.4						—		%
TR Companies LLC dba Liberty Rental 4 U			(#,^)			410 N Church Rd, Liberty, MO 64068						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/25/2026						30.1						30.1						31.0						0.01		%
Albert Basse Associates Inc			(#,^)			175 Campanelli Pkwy, Stoughton, MA 02072						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						8/25/2026						37.5						37.5						39.2						0.01		%
Luv 2 Play Temecula, LLC			(#,^)			26469 Ynez Rd, Temecula, CA 92591						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/15/2026						38.4						38.4						39.6						0.01		%
2 Cool Beans LLC dba Menchies's Frozen Yogurt			(#,^)			11331 Thienes Ave, South El Monte, CA 91733						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/11/2026						47.0						47.0						48.4						0.01		%
Grayson O Company			(#,^)			6509 Newell Ave, Kannapolis, NC 28082						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/10/2041						570.7						570.7						644.3						0.17		%
Paul Belanger dba Paul Belanger Landscaping			(#,^)			2595 Military Ave, Los Angeles, CA 90064						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/9/2026						9.1						9.1						9.4						—		%
The Hungry Rhino LLC			(#,^)			47 South Main St., Windsor Locks, CT 06096						Real Estate						Term Loan						Prime plus 2.75%						7/29/2041						69.5						69.5						78.4						0.02		%
303 Tower Drive LLC			(#,^)			303 Tower Dr, Ste A, Middletown, NY 10941						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2041						364.7						364.7						411.8						0.11		%
Little Tree Huggers Child Care LLC			(#,^)			38620 9 Mile Rd, Farmington Hills, MI 48335						Social Assistance						Term Loan						Prime plus 2.75%						7/29/2041						127.6						127.6						144.0						0.04		%
USA General Investment LLC dba Braniff Paint and Body Shop			(#,^)			2290 NW 21st Terrace, Miami, FL 33142						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2026						13.5						13.5						13.9						—		%
Intrepid Trinity LLC			(#,^)			680 Douglas Ave, Providence, RI 02908						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/28/2041						56.9						56.9						64.3						0.02		%
676 Club LP dba The Green Door Tavern/The Drifter			(#,^)			676 and 678 North Orleans ST, Chicago, IL 60654						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/28/2041						622.6						622.6						702.9						0.19		%
Apple Tree NC Inc dba Williams Farm & Garden Center			(#,^)			1309 Old Cherry Point Rd, New Bern, NC 28560						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/28/2041						319.3						319.3						360.5						0.10		%
EPEC Juice LLC dba Jamba Juice			(#,^)			810 Ninth St., Ste 128, Durham, NC 27705						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						50.1						50.1						51.6						0.01		%
Pinco Pizza LLC dba Jet's Pizza			(#,^)			10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						44.1						44.1						46.1						0.01		%
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar			(#,^)			1 West Main St., Patchogue, NY 11772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						79.4						79.4						81.8						0.02		%
Robert G Larson State Farm Insurance			(#,^)			7922 Jamaica Ave, Woodhaven, NY 11421						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/22/2026						13.5						13.5						13.9						—		%
My Sainath Inc dba Motel 6			(#,^)			1008 E Crest Dr, Waco, TX 76705						Accommodation						Term Loan						Prime plus 2.75%						7/22/2041						282.9						282.9						319.4						0.09		%
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho			(#,^)			1502 Hwy 157, Mansfield, TX 76063						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						7/18/2026						9.4						9.4						9.7						—		%
Franklin Firm LLC dba Luv 2 Play			(#,^)			1310 East Stan Schleuter Loop, Killeen, TX 76542						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/15/2041						147.5						147.5						166.6						0.05		%

99

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

RM Hawkins LLC dba Pure Water Tech West			(#,^)			5140 Topaz Dr, Colorado Springs, CO 80918						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/7/2026						29.8						29.8						31.1						0.01		%
Desert Tacos LLC			(#,^)			245 East Bell Rd Ste A-2, Phoenix, AZ 85022						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2026						61.2						61.2						63.9						0.02		%
VMA Technologies LLC			(#,^)			120 South Serenata Dr Unit 332, Ponte Vedra Beach, FL 32082						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2026						13.2						13.2						13.6						—		%
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai			(#,^)			1314 Sixth St., Orland, CA 95963						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/30/2029						140.6						140.6						151.0						0.04		%
P L H Pharmaco Inc dba Farmacia San Jose			(#,^)			149 48th St., Union City, NJ 07087						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/30/2026						96.8						96.8						101.2						0.03		%
Martin Inventory Management LLC			(#,^)			304 1/2 Main St., Edgefield, SC 29824						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/30/2026						14.6						14.6						15.2						—		%
Nevey's LLC dba Stark Food III			(#,^)			6315 W. Fond Du Lac Ave, Milwaukee, WI 53218						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/30/2041						268.2						268.2						302.8						0.08		%
WGI, LLC dba Williams Grant Inn			(#,^)			154 High St., Bristol, RI 02809						Accommodation						Term Loan						Prime plus 2.75%						6/29/2041						113.3						113.3						128.0						0.03		%
KWG Industries, LLC dba Peterson & Marsh Metal Industries			(#,^)			330 Roycefield Rd, Unit B, Hillsborough, NJ 08844						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/29/2041						276.9						276.9						312.7						0.08		%
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc			(#,^)			626 Delsea Dr N, Glassboro, NJ 08028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2026						82.9						82.9						85.5						0.02		%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						6/24/2041						92.9						92.9						104.9						0.03		%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy			(#,^)			27 Main St., Monroe, CT 06468						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/23/2041						454.4						454.4						513.0						0.14		%
Visual Advantage LLC dba Signs Now Perryberg			(#,^)			23248 Dunbridge Rd, Perrysburg, OH 43443						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/23/2041						83.0						83.0						93.7						0.03		%
Long Island Comedy LLC dba Governors and New York Comedy, LLC			(#,^)			90 A Division Ave, Levittown, NY 11756						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/23/2041						173.5						173.5						195.9						0.05		%
Bagelicious, LLC			(#,^)			945 S Main St, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/17/2026						32.3						32.3						33.2						0.01		%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/16/2026						332.8						332.8						342.0						0.09		%
Jai-Alexia Consulting, Inc.			(#,^)			14660 Paddock Dr, Wellington, FL 33414						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/15/2026						7.0						7.0						7.2						—		%
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares			(#,^)			1137 West St., Southington, CT 06489						Social Assistance						Term Loan						Prime plus 2%						6/15/2041						464.2						464.2						513.1						0.14		%
Luv 2 Play AZ LLC			(#,^)			15495 Bell Rd, Surprise, AZ 85374						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/10/2026						41.2						41.2						43.0						0.01		%
Refoleen Inc dba Spice and Tea Exchange			(#,^)			849 East Commerce St., Ste 121, San Antonio, TX 78205						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/10/2026						51.0						51.0						52.4						0.01		%

100

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Larry H. Patterson and Rainbow Movers, Inc			(#,^)			2325 Hollers Ave, Bronx, NY 10475						Truck Transportation						Term Loan						Prime plus 2.75%						6/6/2026						13.3						13.3						13.7						—		%
Solvit Inc and Solvit North Inc			(#,^)			65 Farmington Valley Dr, Plainville, CT 06062						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/3/2026						145.6						145.6						150.7						0.04		%
AP5 LLC dba Krauser's Food Store			(#,^)			5 Pond Point Rd, Milford, CT 06460						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/2/2041						176.2						176.2						198.9						0.05		%
ATI Jet Inc			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						5/31/2026						339.9						339.9						351.4						0.10		%
Premier Athletic Center of Ohio, Inc			(#,^)			8957 Kingsridge Dr, Centerville, OH 45459						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/27/2026						51.0						51.0						53.3						0.01		%
Angelo Faia dba AVF Construction			(#,^)			55 Arbour Lane, Sewell, NJ 08080						Construction of Buildings						Term Loan						Prime plus 2.75%						5/27/2041						90.6						90.6						102.3						0.03		%
Jack Frost Firewood Inc. and David Dubinsky			(#,^)			3168 Holland Rd, Virginia Beach, VA 23453						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/26/2041						187.2						187.2						211.3						0.06		%
Southwest Division Inc			(#,^)			2103 NE 3rd Terrace, Cape Coral, FL 33909						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						5/26/2026						4.8						4.8						5.0						—		%
International Kitchen Supply LLC			(#,^)			3466 North Hwy 11, West Union, SC 29696						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/25/2026						119.9						119.9						124.1						0.03		%
Groth Lumber Co. Inc. dba True Value			(#,^)			6747 Pacific Ave, Wright, MN 55798						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/25/2026						13.1						13.1						13.7						—		%
Island Life Graphics Inc dba FASTSIGNS #576			(#,^)			1925 S 14th St. No. 7, Amelia Island, FL 32034						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/24/2026						13.1						13.1						13.5						—		%
Powerspec Inc			(#,^)			1 Linsley Place, Metuchen, NJ 08840						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2026						50.6						50.6						52.0						0.01		%
Horseshoe Barbecue, LLC			(#,^)			6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/23/2029						6.1						6.1						6.5						—		%
Elderfriend Inc dba Granny Nannies dba GN Live Scan			(#,^)			1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486						Social Assistance						Term Loan						Prime plus 2.75%						5/20/2026						7.4						7.4						7.6						—		%
Dedicated Incorporated			(#,^)			2916 North 39th St., Phoenix, AZ 85019						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/18/2041						42.2						42.2						47.6						0.01		%
J&A Laundromat Inc.			(#,^)			225 East Park Ave, Long Beach, NY 11561						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/18/2026						39.4						39.4						40.6						0.01		%
HBA LLC dba Palmetto Twist-Vista			(#,^)			1225-1229 Lincoln St., Columbia, SC 29201						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2026						11.3						11.3						11.6						—		%
FJN Catering Inc			(#,^)			106 Main St., Mineola, NY 11951						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/13/2041						240.8						240.8						271.9						0.07		%
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano			(#,^)			11 Kirby Rd, Cromwell, CT 06419						Social Assistance						Term Loan						Prime plus 2.75%						5/12/2041						120.2						120.2						135.7						0.04		%
Sabir Inc. dba Bear Diner			(#,^)			603 Pulaski Hwy, Bear, DE 19701						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/11/2041						112.5						112.5						127.0						0.03		%
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg			(#,^)			401 East City Ave Ste 122, Bala Cynwyd, PA 19004						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/29/2026						12.9						12.9						13.3						—		%
Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/29/2026						4.3						4.3						4.4						—		%

101

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hard Exercise Works Winter Park LLC			(#,^)			11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/29/2026						23.4						23.4						24.1						0.01		%
Warner Home Comfort, LLC dba Smith Piping			(#,^)			1571 Canton Rd., NW, Carrollton, OH 44615						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2041						74.7						74.7						84.3						0.02		%
Alpha Omega Trucking LLC			(#,^)			14432-52 State Line Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						4/29/2041						159.3						159.3						179.9						0.05		%
May-Craft Fiberglass Products Inc			(#,^)			96 Hillsboro Rd, Four Oaks, NC 27524						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						4/29/2041						224.1						224.1						253.0						0.07		%
Empowerschool LLC and Empower Autism Academy, LLC			(#,^)			1250 South A. W. Grimes Rd, Round Rock, TX 78665						Social Assistance						Term Loan						Prime plus 2.75%						4/29/2041						137.6						137.6						155.3						0.04		%
Costume World Inc			(#,^)			950 South Federal Hwy, Deerfield Beach, FL 33441						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						4/28/2041						1,153.3						1,153.3						1,302.1						0.35		%
Pecos Inn LLC dba Econo Lodge			(#,^)			2207 W Third St., Pecos, TX 79772						Accommodation						Term Loan						Prime plus 2.75%						4/28/2041						621.9						621.9						702.2						0.19		%
Accent Comfort Services, LLC			(#,^)			5035-C West W. T. Harris Blvd, Charlotte, NC 28269						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/26/2026						51.6						51.6						53.0						0.01		%
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC			(#,^)			27-29 Cooper St., Meriden, CT 06053						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/22/2041						226.4						226.4						255.6						0.07		%
AAA Mill Direct, Inc. dba Carpet Mill Outlets			(#,^)			1 North Armistead Ave, Hampton, VA 23669						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						4/21/2026						4.5						4.5						4.7						—		%
Sushiya Inc			(#,^)			72 South Main St., Hanover, NH 03755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2026						50.3						50.3						52.0						0.01		%
KNS Early Learning Academy LLC			(#,^)			57 Merritt St. SE, Marietta, GA 30060						Social Assistance						Term Loan						Prime plus 2.75%						4/6/2041						46.2						46.2						52.2						0.01		%
Waterfalls Quick Lube LLC and Veracruz Shabo LLC			(#,^)			1325 Broad St., Central Falls, RI 02863						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/6/2041						247.3						247.3						279.2						0.08		%
Christian Soderquist dba Soderquist Plumbing and Heating LLC			(#,^)			7 Oak Dr, Sandy Hook, CT 06482						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2041						51.3						51.3						57.9						0.02		%
Dana A. Farley dba Independent Cabinets			(#,^)			5805 NE Minder Rd, Poulsbo, WA 98370						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2041						58.1						58.1						65.6						0.02		%
Vehicle Safety Supply LLC			(#,^)			15 East 72nd St., Ste 14-H, New York, NY 10021						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2026						12.7						12.7						13.1						—		%
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric			(#,^)			101 East Redlands Blvd., Ste 106, Redlands, CA 92373						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2026						42.4						42.4						43.5						0.01		%
Men of Steel Enterprises LLC and Vogelbacher Properties LLC			(#,^)			2039 US Route 130, Burlington, NJ 08016						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2041						355.6						355.6						401.5						0.11		%
MTS Car Service LLC			(#,^)			9 Gibson Court Apt# 1, Norwalk, CT 06854						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						3/30/2026						5.9						5.9						6.1						—		%
Wyldewood Cellars, Inc.			(#,^)			951 East 119th St, Mulvane, KS 67120						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						3/30/2041						953.5						953.5						1,076.5						0.29		%
NOSO Development, LLC			(#,^)			4 Walker Way, Albany, NY 12205						Construction of Buildings						Term Loan						Prime plus 2.75%						3/30/2026						120.2						120.2						123.6						0.03		%

102

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Gordon Rogers and Heidi Rogers dba Stone House Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 02825						Accommodation						Term Loan						Prime plus 2.75%						3/30/2026						12.9						12.9						13.5						—		%
Tom Sawyer Country Restaurant LLC and AM 3208 LLC			(#,^)			3208 Forest Hills Blvd, Palm Springs, FL 33406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2041						233.0						233.0						263.1						0.07		%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West			(#,^)			550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						3/30/2026						53.1						53.1						54.8						0.01		%
Barrocas Gym LLC dba Snap Fitness			(#,^)			260 West Main St., Avon, CT 06001						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/29/2026						10.9						10.9						11.3						—		%
PHCDC1 LLC dba Quarter & Glory and Public House Collective, Corp.			(#,^)			2017 14th St. NW, Washington, DC 20009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2026						29.5						29.5						30.5						0.01		%
Marathon Engineering Corporation			(#,^)			5615 2nd St. W, Lehigh Acres, FL 33971						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/28/2041						40.7						40.7						45.9						0.01		%
Revolution Physical Therapy LLC dba Apex Network Physical Therapy			(#,^)			2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2026						12.9						12.9						13.2						—		%
International Construction Inc			(#,^)			53955 Gratiot Ave, Chesterfield, MI 48051						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						3/24/2041						42.9						42.9						48.4						0.01		%
ActKnowledge, Inc			(#,^)			365 5th Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/24/2026						70.8						70.8						73.7						0.02		%
Precious Care LLC and Precious Care Management LLC			(#,^)			186-06 Union Turnpike, Fresh Meadows, NY 11364						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/21/2026						302.2						302.2						310.3						0.08		%
Kekoa Enterprises Inc dba Signarama Sandy			(#,^)			8942 South 700 East, Sandy, UT 84070						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/18/2026						28.0						28.0						28.7						0.01		%
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc			(#,^)			330 West Harden St., Graham, NC 27253						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/18/2041						73.2						73.2						82.6						0.02		%
Brian T Rice dba BD Logging			(#,^)			800 3rd St Apt B, St Marys, WV 26170						Forestry and Logging						Term Loan						Prime plus 2.75%						3/17/2026						1.0						1.0						1.1						—		%
R & D Enterprises Inc dba My Pool Man			(#,^)			291 North Texas Ave., Orlando, FL 32805						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/15/2026						28.2						28.2						29.0						0.01		%
HEWZ, LLC dba Hard Exercise Works			(#,^)			5684 West Sample Rd, Coral Springs, FL 33071						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/14/2026						12.7						12.7						13.0						—		%
Mustafa Inc and Raouf Properties LLC			(#,^)			3538 Pin Oak Dr, San Antonio, TX 78229						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/14/2041						67.7						67.7						76.4						0.02		%
Dupre Capital LLC dba Fastsigns			(#,^)			215 Quartermaster Court, Jeffersonville, IN 47130						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/11/2026						33.0						33.0						33.8						0.01		%
Step Up Academy of the Arts LLC			(#,^)			2558 Wigwam Pkwy Ste A, Henderson, NV 89074						Educational Services						Term Loan						Prime plus 2.75%						3/9/2026						4.5						4.5						4.7						—		%
Faith Summit Supply Inc dba Summit Supply and Summit True Value			(#,^)			8584 US Business Hwy 277, Haskell, TX 79521						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/9/2026						12.7						12.7						13.2						—		%
Swerve Salon LLC			(#,^)			1419 N Wells St., Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2026						44.8						44.8						45.9						0.01		%
J & W Hardwood Flooring Inc			(#,^)			14967 Madison St, Brighton, CO 80602						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/7/2026						4.2						4.2						4.3						—		%

103

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Labmates LLC and POV Holdings LLC			(#,^)			141 Watertown Rd, Thomaston, CT 06787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/4/2041						98.7						98.7						111.5						0.03		%
Living Essentials HVAC Corp			(#,^)			42 West St., Apt 24, Randolph, MA 02368						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2026						8.3						8.3						8.6						—		%
Consulting Solutions, Inc. and Mark Luciani			(#,^)			3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/28/2026						5.4						5.4						5.6						—		%
Powerpits CS1, LLC dba Pita Pit			(#,^)			2008 S Texas Ave, College Station, TX 77840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2026						0.1						0.1						0.1						—		%
Drug Detection Laboratories, Inc. and Minh Tran			(#,^)			9700 Business Park Dr, Sacramento, CA 95827						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/28/2026						11.0						11.0						11.3						—		%
The River Beas, LLC dba Subway and Punam Singh			(#,^)			5516 Baltimore Ave, Hyattsville, MD 20781						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2041						122.0						122.0						137.8						0.04		%
Aaradhya LLC dba Market Square Laundry			(#,^)			7727 Crittenden St., Philadelphia, PA 19118						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2026						43.2						43.2						44.3						0.01		%
Blackstones Hairdressing LLC			(#,^)			2 Ave of the Americas, New York, NY 10013						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2026						29.2						29.2						30.0						0.01		%

R & K Contracting Inc			(#,^)			3605 NW 31st Ave, Fort Lauderdale, FL 33309						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/18/2026						9.0						9.0						9.4						—		%
Ei3 Corporation			(#,^)			136 Summit Ave, Montvale, NJ 07645						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/12/2026						181.9						181.9						189.4						0.05		%
Jersey Shore Marina & Boat Sales, Inc.			(#,^)			841 Route 70 East, Brick, NJ 08724						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/12/2041						566.3						566.3						639.3						0.17		%
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC			(#,^)			2250 Warrensville Center Rd, University Heights, OH 44118						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/12/2029						216.2						216.2						229.6						0.06		%
Base USA, Inc.			(#,^)			2215 NW 2nd Ave, Miami, FL 33127						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						2/2/2026						27.9						27.9						29.1						0.01		%
SuzyQue's LLC dba SuzyQue's			(#,^)			34 South Valley Rd, West Orange, NJ 07052						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2026						12.3						12.3						12.8						—		%
Wildflour Bakery & Cafe LLC			(#,^)			5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2026						34.4						34.4						35.8						0.01		%
Dolarian Realty LLC and OV's Restaurant Inc			(#,^)			34 Old Colony Ave, East Taunton, MA 02718						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/5/2041						61.2						61.2						69.0						0.02		%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt			(#,^)			1196 Inverness Lane, Stow, OH 44224						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2025						60.7						60.7						63.1						0.02		%
MCF Forte LLC			(#,^)			1245 W Baseline Rd Unit 105, Mesa, AZ 85202						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2025						10.1						10.1						10.5						—		%
Panditos LLC dba White Lotus Home			(#,^)			431 Raritan Ave, Highland Park, NJ 08904						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/28/2025						8.6						8.6						8.9						—		%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc			(#,^)			24201 North Hwy 1, Fort Bragg, CA 95437						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/23/2040						92.2						92.2						104.1						0.03		%
800 on the Trax LLC and Matrix Z LLC			(#,^)			800 SW 21st Terrace, Fort Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						12/23/2040						228.7						228.7						258.2						0.07		%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade			(#,^)			8957 Kingsridge Dr, Centerville, OH 45459						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/22/2028						605.1						605.1						647.6						0.18		%

104

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Joyce Outdoor Advertising Chicago LLC			(#,^)			2443 West 16th St., Chicago, IL 60608						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2040						270.6						270.6						305.5						0.08		%
Hattingh Incorporated dba Prosthetic Care Facility			(#,^)			4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2025						9.7						9.7						10.1						—		%
Trip Consultants U.S.A. Inc.			(#,^)			311 85th St., Brooklyn, NY 11209						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2025						89.7						89.7						92.8						0.03		%
Labmates LLC			(#,^)			141 Watertown Rd, Thomaston, CT 06787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/18/2040						145.8						145.8						164.6						0.04		%
Accent Tag and Label Inc			(#,^)			2201 Rittenhouse St, Des Moines, IA 50321						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/18/2040						595.0						595.0						671.8						0.18		%
Sourceco Limited Liability Company			(#,^)			17 Palmer Ave, West Long Branch, NJ 07764						Merchant Wholesalers, Nondurable Goods						Term Loan						6.5%						12/17/2025						24.5						24.5						23.9						0.01		%
Moments to Remember USA LLC dba Retain Loyalty			(#,^)			1250 Sanders Ave SW, Massillon, OH 44646						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2025						46.8						46.8						48.7						0.01		%
New York Home Health Care Equipment, LLC			(#,^)			30 Hopper St., Westbury, NY 11590						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/16/2025						553.6						553.6						576.4						0.16		%
Abitino's JFK LLC dba Abitino's			(#,^)			Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2022						37.5						37.5						37.8						0.01		%
JAG Unit 1, LLC			(#,^)			1 West Main St., Patchogue, NY 11772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2025						144.2						144.2						149.2						0.04		%
Swalm Street LLC and New York Home Health Care Equipment LLC			(#,^)			30 Hopper St., Westbury, NY 11590						Ambulatory Health Care Services						Term Loan						7.5%						12/16/2040						363.0						363.0						341.0						0.09		%
DC Enterprises Ltd. dba Lakeview True Value			(#,^)			318 North F St., Lakeview, OR 97630						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/14/2025						12.1						12.1						12.6						—		%
Basista Family Limited Partnership and UPE, Inc.			(#,^)			3401 Brecksville Rd, Richfield, OH 44286						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/14/2040						307.3						307.3						347.0						0.09		%
Cares, Inc dba Dumpling Grounds Day Care Center			(#,^)			4508 Blakiston St., Philadelphia, PA 19136						Social Assistance						Term Loan						Prime plus 2.75%						12/10/2025						4.0						4.0						4.2						—		%
Sushiya, Inc.			(#,^)			72-74 South Main St., Hanover, NH 03755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2025						58.9						58.9						61.1						0.02		%
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC			(#,^)			880 Lowcountry Blvd, Mount Pleasant, SC 29464						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/4/2040						451.1						451.1						509.3						0.14		%
Japp Business Inc dba Pick and Eat and Japp Drink Corp.			(#,^)			4179 Broadway, New York, NY 10033						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/30/2025						75.0						75.0						77.8						0.02		%
DWeb Studio, Inc.			(#,^)			10800 E. Bethany Dr, Ste 275, Aurora, CO 80014						Educational Services						Term Loan						Prime plus 2.75%						11/25/2025						6.1						6.1						6.3						—		%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy			(#,^)			3105 107th Ave, Doral, FL 33178						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						11/20/2025						47.7						47.7						49.5						0.01		%
S.B.B. Enterprises Inc dba Williamston Hardware			(#,^)			139 S Putnam St., Williamston, MI 48895						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/19/2040						97.2						97.2						109.7						0.03		%
Green Life Lawnscapes LLC dba Green Life Lawn Care			(#,^)			1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/6/2025						80.1						80.1						83.4						0.02		%

105

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Financial Network Recovery Inc			(#,^)			250 E Easy St. Ste 1, Simi Valley, CA 93065						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/26/2025						20.9						20.9						21.6						0.01		%
ADMO Inc dba Mid States Equipment			(#,^)			16180 Westwoods Business Park, Ellisville, MO 63021						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/8/2025						11.7						11.7						12.2						—		%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets			(#,^)			1838 Adee Ave, Baychester, NY 10469						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						9/30/2040						127.3						127.3						143.7						0.04		%
R.H. Hummer Jr., Inc.			(#,^)			2141 P Ave, Williamsburg, IA 52361						Truck Transportation						Term Loan						Prime plus 2.75%						9/30/2025						209.3						209.3						217.9						0.06		%
Binky's Vapes LLC			(#,^)			10539 Greenbelt Rd Ste 102, Lanham, MD 20706						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/30/2025						11.6						11.6						12.0						—		%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City			(#,^)			7748 Troost Ave, Kansas City, MO 64131						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2028						44.3						44.3						47.4						0.01		%
RIM Investments LLC and RIM Architects LLC			(#,^)			645 G St. Ste 400, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2040						355.7						355.7						401.6						0.11		%
Greensward of Marco Inc.			(#,^)			54 Marco Lake Dr, Marco Island, FL 34146						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/28/2040						78.3						78.3						88.4						0.02		%
Prestigious LifeCare for Seniors LLC			(#,^)			5701 North Pine Island Rd, Tamarac, FL 33321						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/25/2025						5.0						5.0						5.2						—		%
Daniel W. Stark dba Mountain Valley Lodge and RV Park			(#,^)			223 Hwy 80, Rodeo, NM 88056						Accommodation						Term Loan						Prime plus 2.75%						9/25/2040						12.1						12.1						13.6						—		%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn			(#,^)			10 West Orvis St., Massena, NY 13662						Accommodation						Term Loan						Prime plus 2.75%						9/24/2040						558.7						558.7						630.8						0.17		%
Finish Strong Inc dba FASTSIGNS St Peters			(#,^)			98 North Hillview Dr, St Peters, MO 63376						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/23/2025						25.7						25.7						26.5						0.01		%
IIoka Inc dba New Cloud Networks			(#,^)			160 Inverness Dr W Ste 150, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/21/2025						343.1						343.1						354.3						0.10		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2025						25.4						25.4						26.3						0.01		%
Vanderhoof LLC dba Soxfords			(#,^)			11 Sellecks Walk, Pound Ridge, NY 10576						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/18/2025						6.3						6.3						6.5						—		%
MiJoy Inc dba Imo's Pizza			(#,^)			215 South Kirkwood Rd, Kirkwood, MO 63122						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/18/2025						4.2						4.2						4.4						—		%
Naeem Khan LTD			(#,^)			260 West 36h St., New York, NY 10018						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/17/2025						64.4						64.4						66.5						0.02		%
FirstVitals Health and Wellness Inc			(#,^)			1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2025						87.6						87.6						90.4						0.02		%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc			(#,^)			170 Main St., North Kingstown, RI 02852						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						9/8/2040						125.0						125.0						141.1						0.04		%
Empower Autism Academy			(#,^)			1250 South A. W. Grimes Rd, Round Rock, TX 78665						Social Assistance						Term Loan						Prime plus 2.75%						9/4/2040						610.6						610.6						689.4						0.19		%
Elite Institute LLC dba Huntington Learning Center			(#,^)			13526 Village Park Dr Ste 214, Orlando, FL 32837						Educational Services						Term Loan						Prime plus 2.75%						8/28/2025						7.7						7.7						7.9						—		%
God Be Glorified Inc dba GBG Inc			(#,^)			40 West. 162nd St, South Holland, IL 60473						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/20/2025						26.7						26.7						27.6						0.01		%

106

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GDP Gourmet LLC dba Joe and John's Pizza Restaurant			(#,^)			136 New Jersey Ave, Absecon, NJ 08201						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/19/2040						129.1						129.1						145.8						0.04		%
Gold Jet Corp.			(#,^)			2472 Broadway, New York, NY 10025						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/14/2025						38.1						38.1						39.5						0.01		%
SKJ Inc dba Subway			(#,^)			401 S Woodlawn Ave, Bloomington, IN 47401						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/13/2025						46.5						46.5						48.1						0.01		%
LP Industries Inc dba Childforms			(#,^)			110 Charleston Dr, Mooresville, NC 28117						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						7/29/2025						71.0						71.0						73.7						0.02		%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West			(#,^)			550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						7/24/2025						32.9						32.9						34.1						0.01		%
Free Ion Advisors LLC			(#,^)			322 Evandale Rd, Scarsdale, NY 10583						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/21/2025						31.9						31.9						32.9						0.01		%
Murrayville Donuts, Inc dba Dunkin' Donuts			(#,^)			2304 N College Rd, Wilmington, NC 28405						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2040						324.8						324.8						366.7						0.10		%
Union 2 LLC dba The Standard			(#,^)			1520 Broadway, Fort Myers, FL 33901						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/10/2025						55.6						55.6						57.6						0.02		%
Jonathan E Nichols and Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Dr, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/30/2025						36.5						36.5						37.9						0.01		%
Thrifty Market, Inc. dba Thrifty Foods			(#,^)			702 10th St, Wheatland, WY 82201						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/30/2030						201.7						201.7						218.2						0.06		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						8/29/2030						210.7						210.7						228.3						0.06		%
TJU-DGT Inc dba The Lorenz Cafe			(#,^)			714-718 Lorenz Ave, Pittsburgh, PA 15220						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2029						14.2						14.2						15.2						—		%
Jihan Inc dba ARCO AM/PM and Diana Inc			(#,^)			13886 Campo Rd, Jamul, CA 91935						Gasoline Stations						Term Loan						Prime plus 2.75%						6/26/2040						336.4						336.4						379.8						0.10		%
SofRep, Inc dba Force 12 Media			(#,^)			930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451						Other Information Services						Term Loan						Prime plus 2.75%						6/26/2025						35.7						35.7						36.8						0.01		%
E & G Enterprises LLC dba Comfort Keepers			(#,^)			220 Middle St., Franklin, VA 23851						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/26/2025						10.9						10.9						11.3						—		%
CEM Autobody LLC dba Dawn's Autobody			(#,^)			7 Division St, Keyport, NJ 07735						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/26/2040						120.0						120.0						135.5						0.04		%
Wolf Enviro Interests, LLC and Enviromax Services Inc			(#,^)			18002 Mueschke Rd, Cypress, TX 77433						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/25/2040						218.2						218.2						246.4						0.07		%
Ohs Auto Body, Inc. dba Ohs Body Shop			(#,^)			3560 Hwy 93 South, Kalispell, MT 59901						Repair and Maintenance						Term Loan						8.72%						6/25/2040						1,086.9						1,086.9						1,020.8						0.28		%
Evinger PA One, Inc. dba Postal Annex, Falcon			(#,^)			7661 McLaughlin Rd, Falcon, CO 80831						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/24/2025						11.6						11.6						12.0						—		%
RJI Services, Inc.			(#,^)			353 E Angeleno Ste G, Burbank, CA 91502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/23/2025						10.9						10.9						11.3						—		%
Real Help LLC dba Real Help Decorative Concrete			(#,^)			2221 Broadway St., Buffalo, NY 14212						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/22/2025						25.9						25.9						26.8						0.01		%
KRN Logistics, LLC and Newsome Trucking, Inc			(#)			2262 Hwy 53 W, Jasper, GA 30143						Truck Transportation						Term Loan						Prime plus 2.75%						6/19/2025						195.5						195.5						202.6						0.05		%

107

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Inverted Healthcare Staffing of Florida LLC			(#,^)			111 N Pompano Beach Blvd., Pompano Beach, FL 33062						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/18/2025						22.7						22.7						23.4						0.01		%
AM PM Properties, LLC and AM PM Willington, LLC			(#,^)			1308 Stafford Rd, Storrs Mansfield, CT 06268						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/17/2040						77.1						77.1						87.0						0.02		%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC			(#,^)			1802 W Grant Rd Ste 114, Tucson, AZ 85745						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/12/2040						122.8						122.8						138.7						0.04		%
Eldredge Tavern LLC dba Gonyea's Tavern			(#,^)			150 Main St., Pascoag, RI 02859						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/8/2040						49.8						49.8						56.2						0.02		%
ViAr Visual Communications, Inc. dba Fastsigns 281701			(#,^)			4721 University Way NE, Seattle, WA 98105						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/5/2025						30.2						30.2						31.1						0.01		%
Video Vault & Tanning LLC and Mosaic Salon LLC			(#)			W7003 Parkview Dr, Ste A & B, Greenville, WI 54942						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/4/2040						59.9						59.9						67.6						0.02		%
Medworxs LLC			(#,^)			10901 W. Toller Dr, Littleton, CO 80127						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2025						60.9						60.9						62.8						0.02		%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse			(#,^)			5980 Lamar St., Arvada, CO 80003						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2025						3.9						3.9						4.0						—		%
Villela CPA PL			(#,^)			777 Brickell Ave, Ste 500, Miami, FL 33131						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/27/2025						4.3						4.3						4.4						—		%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse			(#,^)			2188 Brunswyck Rd, Wallkill, NY 12589						Accommodation						Term Loan						Prime plus 2.75%						5/20/2040						154.2						154.2						174.1						0.05		%
15 McArdle LLC and No Other Impressions Inc			(#,^)			15 McArdle St., Rochester, NY 14611						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						5/15/2040						162.7						162.7						183.7						0.05		%
Guard Dogs MFS LLC			(#,^)			9460 Mistwater Close, Roswell, GA 30076						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/8/2025						31.2						31.2						32.2						0.01		%
South Park Properties LLC and Midlothian Hardware LLC			(#,^)			4751 147th St., Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/6/2040						42.2						42.2						47.6						0.01		%
Matthew Taylor and Landon Farm LLC			(#,^)			6103 N Church St, Greensboro, NC 27455						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/4/2040						88.9						88.9						100.4						0.03		%
Cares Inc dba Dumpling Grounds Day Care Center			(#,^)			4508 Blakiston St., Philadelphia, PA 19136						Social Assistance						Term Loan						Prime plus 2.75%						5/1/2040						71.6						71.6						80.8						0.02		%
Diamond Solutions LLC			(#,^)			7655 E Gelding Dr, Ste B2, Scottsdale, AZ 85260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/21/2025						9.1						9.1						9.4						—		%
Giacchino Maritime Consultants Inc			(#,^)			5219 Tamiami Court, Cape Coral, FL 33904						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/17/2025						10.6						10.6						10.9						—		%
Sound Coaching Inc			(#,^)			4749 Main St. Ste 3, Bridgeport, CT 06606						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						4/14/2025						20.8						20.8						21.5						0.01		%
Faramarz Nikourazm dba Car Clinic Center			(#,^)			10707 Shady Trail, Dallas, TX 75220						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/3/2040						64.8						64.8						73.1						0.02		%
Copper Beech Financial Group LLC			(#,^)			1223 North Church St., Moorestown, NJ 08057						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/30/2025						57.5						57.5						59.6						0.02		%

108

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Shorr Enterprises Inc dba New Design Furniture Manufacturers			(#,^)			3033 NW 28 St., Lauderdale Lakes, FL 33311						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						3/27/2025						49.0						49.0						50.7						0.01		%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes			(#,^)			40 Buzzard Ridge Rd, Sequim, WA 98382						Accommodation						Term Loan						Prime plus 2.75%						3/27/2040						266.0						266.0						300.4						0.08		%
Shellhorn and Hill Inc dba Total Fleet Service			(#,^)			501 South Market St, Wilmington, DE 19801						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/27/2040						684.5						684.5						772.8						0.21		%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC			(#,^)			5600 N. River Rd #925, Rosemont, IL 60018						Real Estate						Term Loan						Prime plus 2.75%						3/27/2025						569.8						569.8						585.7						0.16		%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC			(#,^)			800 James Ave, Scranton, PA 18510						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/26/2040						47.5						47.5						53.6						0.01		%
Zero-In Media Inc			(#,^)			1123 Broadway Ste 704, New York, NY 10010						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						3/25/2025						10.4						10.4						10.6						—		%
Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/24/2025						5.5						5.5						5.7						—		%
Jaymie Hazard dba Indigo Hair Studio and Day Spa			(#,^)			2016 Warwick Ave, Warwick, RI 02889						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/20/2040						37.8						37.8						42.7						0.01		%
Shelton Incorporated dba Mrs. Winners			(#,^)			4509 N. Henry Blvd., Stockbridge, GA 30281						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2040						99.2						99.2						112.0						0.03		%
R & R Security and Investigations Inc dba Pardners Lake Buchanan			(#,^)			15615 State Route 29, Buchanan Dam, TX 78609						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/19/2040						75.2						75.2						84.8						0.02		%
MMS Realty, LLC and Molecular MS Diagnostics LLC			(#,^)			1224 Greenwich Ave, Warwick, RI 02886						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/18/2040						141.3						141.3						159.5						0.04		%
Royal Crest Motors LLC			(#,^)			769 Amesbury Rd, Haverhill, MA 01830						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/16/2040						80.2						80.2						90.5						0.02		%
Luigi's on Main LLC and Luigi's Main Street Pizza Inc			(#,^)			491 Montauk Hwy, Eastport, NY 11941						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/4/2025						5.2						5.2						5.4						—		%
Baystate Firearms and Training, LLC			(#)			215 Newbury St., Peabody, MA 01960						Educational Services						Term Loan						Prime plus 2.75%						2/27/2025						26.3						26.3						27.1						0.01		%
Pace Motor Lines, Inc.			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						2/26/2025						29.5						29.5						30.5						0.01		%
Kingseal LLC dba Desoto Health and Rehab Center			(#,^)			475 Nursing Home Dr, Arcadia, FL 34266						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						2/26/2040						1,121.1						1,121.1						1,265.7						0.34		%
Nelson Financial Services LLC			(#,^)			20015 N 83rd Place, Scottsdale, AZ 85255						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/24/2025						5.6						5.6						5.8						—		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						2/19/2040						54.6						54.6						61.6						0.02		%
Triangle Trash LLC dba Bin There Dump That			(#,^)			188 Northbend Dr, Youngsville, NC 27596						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/18/2025						33.5						33.5						34.6						0.01		%
Dean 1021 LLC dba Pure Pita			(#,^)			106 Central Ave, Westfield, NJ 07090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/29/2025						39.6						39.6						40.8						0.01		%
Limameno LLC dba Sal's Italian Ristorante			(#,^)			861 Yamato Rd, Bay #2, Boca Raton, FL 33431						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/23/2025						36.9						36.9						38.0						0.01		%

109

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Palmabak Inc dba Mami Nora's			(#,^)			4614 Capital Blvd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/22/2025						1.5						1.5						1.5						—		%
Jung Design Inc			(#,^)			10857 Pine Bluff Dr, Fishers, IN 46037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/20/2022						0.9						0.9						0.9						—		%
Grand Blanc Lanes, Inc. and H, H and H, LLC			(#,^)			5301 S Saginaw Rd, Flint, MI 48507						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/31/2039						116.2						116.2						131.2						0.04		%
First Prevention and Dialysis Center, LLC			(#)			17940 NW 27th Ave, Miami Gardens, FL 33056						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2024						117.4						117.4						121.5						0.03		%
Bowlerama Inc			(#,^)			3031 New Castle Ave, New Castle, DE 19720						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/24/2039						1,072.3						1,072.3						1,210.6						0.33		%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc			(#,^)			1700 W 4th St., Dequincy, LA 70633						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						12/23/2039						436.4						436.4						492.7						0.13		%
The Lodin Group LLC and Lodin Health Imaging Inc			(#,^)			114-115 Medical Center Ave, Sebring, FL 33870						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/23/2039						473.3						473.3						534.4						0.14		%
Beale Street Blues Company-West Palm Beach, LLC			(#,^)			550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/22/2024						81.4						81.4						84.0						0.02		%
MM and M Management Inc dba Pizza Artista			(#,^)			5409 Johnston St., Lafayette, LA 70503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/19/2025						21.6						21.6						22.4						0.01		%
B.S. Ventures LLC dba Dink's Market			(#,^)			48649 Hwy 58, Oakridge, OR 97463						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/19/2039						46.9						46.9						53.0						0.01		%
Will Zac Management LLC dba Papa John's			(#)			2410 West Jefferson St., Ste B, Joliet, IL 60435						Food Services and Drinking Places						Term Loan						6.25%						12/19/2024						50.1						50.1						49.2						0.01		%
The Jewelers Inc. dba The Jewelers of Las Vegas			(#,^)			2400 Western Ave, Las Vegas, NV 89102						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						12/19/2024						537.4						537.4						554.3						0.15		%
B & W Towing, LLC and Boychucks Fuel LLC			(#,^)			701 Addison Rd, Painted Post, NY 14870						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2039						139.0						139.0						156.9						0.04		%
Kemmer LLC and Apples Tree Top Liquors LLC			(#)			1300 S Jackson St., Salem, IN 47167						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/4/2039						120.9						120.9						136.5						0.04		%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman			(#,^)			988 Hemlock St., Cannon Beach, OR 97110						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2039						103.6						103.6						116.9						0.03		%
Legacy Estate Planning Inc dba American Casket Enterprises			(#,^)			2176 Route 119 North, Greensburg, PA 15601						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/21/2024						17.8						17.8						18.4						—		%
DC Real LLC and DC Enterprises LTD dba Lakeview True Value			(#,^)			318 North F St., Lakeview, OR 97630						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/20/2039						104.4						104.4						117.9						0.03		%
Heartland American Properties LLC and Skaggs RV Outlet LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/31/2039						415.7						415.7						469.3						0.13		%
DNT Storage and Properties LLC			(#,^)			38 Old National Pike, West Alexander, PA 15376						Real Estate						Term Loan						Prime plus 2.75%						10/10/2039						88.4						88.4						99.8						0.03		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/10/2024						76.3						76.3						78.7						0.02		%
Doctors Express Management of Central Texas LLC			(#,^)			3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/8/2024						2.7						2.7						2.8						—		%

110

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Smith Spinal Care Center P.C. and James C. Smith			(#,^)			1103 Russell Pkwy, Warner Robins, GA 31088						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/8/2039						25.0						25.0						28.2						0.01		%
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory			(#,^)			900 Alpine Rd, Bridgeville, PA 15017						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/3/2039						106.5						106.5						120.2						0.03		%
Sumad LLC dba BrightStar Care of Encinitas			(#,^)			680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/2/2024						22.0						22.0						22.7						0.01		%
Roccos LLC and Sullo Pantalone Inc dba Rocco's			(#,^)			79 Beach Rd Units B13 and B14, Vineyard Haven, MA 02568						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2039						222.2						222.2						250.9						0.07		%
Gordon E Rogers dba Stonehouse Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 02825						Accommodation						Term Loan						Prime plus 2.75%						9/26/2039						50.0						50.0						56.4						0.02		%
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out			(#,^)			308 Kennedy St. NW, Washington, DC 20011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/23/2024						10.1						10.1						10.4						—		%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc			(#,^)			3390 W. Andrew Johnson Hwy, Greeneville, TN 37743						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2039						126.1						126.1						142.4						0.04		%
Modern Leather Goods Repair Shop Inc			(#,^)			2 West 32nd St., Ste 401, New York, NY 10001						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2024						23.4						23.4						24.1						0.01		%
Animal Intrusion Prevention Systems Holding Company, LLC			(#,^)			3330 N Beach St., Fort Worth, TX 76111						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/15/2024						123.7						123.7						127.4						0.03		%
Tavern Properties LLC and Wildwood Tavern LLC			(#,^)			6480 West Touhy Ave, Niles, IL 60714						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/15/2039						371.7						371.7						419.6						0.11		%
Indy East Smiles Youth Dentistry LLC dba Prime Smile East			(#,^)			5430 E. Washington St., Indianapolis, IN 46219						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2024						255.3						255.3						262.7						0.07		%
B&P Diners LLC dba Engine House Restaurant			(#,^)			71 Lafayette St.,, Salem, MA 01970						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/10/2024						32.5						32.5						33.4						0.01		%
Atlas Auto Body Inc dba Atlas Auto Sales			(#,^)			20 Providence St., West Warwick, RI 02893						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/22/2039						44.6						44.6						50.3						0.01		%
Katie Senior Care LLC dba Home Instead Senior Care			(#,^)			222E Eufaula St Ste 220, Norman, OK 73069						Social Assistance						Term Loan						Prime plus 2.75%						8/15/2024						42.2						42.2						43.4						0.01		%
Alpha Preparatory Academy LLC			(#,^)			4462 Mink Livsey Rd, Snellville, GA 30039						Social Assistance						Term Loan						Prime plus 2.75%						8/15/2039						126.0						126.0						142.3						0.04		%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook			(#,^)			10463 Hamer Rd, Georgetown, OH 45121						Motor Vehicle and Parts Dealers						Term Loan						6%						8/8/2039						119.6						119.6						112.7						0.03		%
Almost Home Property LLC and Almost Home Daycare LLC			(#,^)			35 Copps Hill Rd, Ridgefield, CT 06877						Social Assistance						Term Loan						Prime plus 2.75%						8/7/2039						560.9						560.9						633.3						0.17		%
iFood, Inc. dba Steak N Shake			(#,^)			5900 Duraleigh Rd, Raleigh, NC 27612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2024						152.7						152.7						157.3						0.04		%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC			(#,^)			575 Columbus Ave, New Haven, CT 06519						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2039						17.6						17.6						19.9						0.01		%
Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						7/24/2039						129.1						129.1						145.8						0.04		%

111

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC			(#,^)			15 Stonebridge, Cranston, RI 02921						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2039						75.3						75.3						85.0						0.02		%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP			(#,^)			4920 Lincoln Ave Route 53, Lisle, IL 60532						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/30/2024						37.4						37.4						38.5						0.01		%
AMG Holding, LLC and Stetson Automotive, Inc			(#,^)			309 Route 9, Waretown, NJ 08758						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2039						176.9						176.9						199.7						0.05		%
Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						6/30/2039						752.6						752.6						849.7						0.23		%
iFood, Inc. dba Steak N Shake			(#,^)			2840 E Millbrook Rd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2039						542.1						542.1						612.1						0.17		%
Nikobella Properties LLC and JPO Inc dba Village Car Wash			(#)			1372 South US Route 12, Fox Lake, IL 60020						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2039						438.1						438.1						494.7						0.13		%
Big Sky Plaza LLC and Strickland, Incorporated			(#,^)			1313 West Park St. #1, Livingston, MT 59047						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/20/2039						200.7						200.7						226.6						0.06		%
Sico & Walsh Insurance Agency Inc and The AMS Trust			(#)			106 Concord Ave, Belmont, MA 02478						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/6/2039						79.6						79.6						89.8						0.02		%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel			(#,^)			15637 St Clair Ave, Cleveland, OH 44110						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/3/2024						6.2						6.2						6.4						—		%
Long Island Barber Institute Inc			(#,^)			266 Greenwich St., Hempstead, NY 11550						Educational Services						Term Loan						Prime plus 2.75%						6/2/2039						47.9						47.9						54.0						0.01		%
Pocono Coated Products, LLC			(#,^)			100 Sweetree St., Cherryville, NC 28021						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						5/30/2024						8.3						8.3						8.5						—		%
Jonesboro Health Food Center LLC			(#,^)			1321 Stone St., Jonesboro, AR 72401						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						5/27/2024						23.3						23.3						23.9						0.01		%
The River Beas LLC and Punam Singh			(#,^)			11704 Centurion Way, Potomac, MD 20854						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/8/2039						77.6						77.6						87.6						0.02		%
AS Boyals LLC dba Towne Liquors			(#,^)			117 South Broad St., Woodbury City, NJ 08096						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/29/2039						93.1						93.1						105.2						0.03		%
Gerami Realty, LC Sherrill Universal City Corral, LP			(#,^)			2301 Pat Booker Rd, Universal City, TX 78148						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/23/2027						48.0						48.0						50.7						0.01		%
Complete Body & Paint, Inc.			(#,^)			32220 Michigan Ave, Wayne, MI 48184						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/23/2039						17.8						17.8						20.1						0.01		%
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu			(#,^)			201-203-205 West Merrick Rd, Valley Stream, NY 11580						Real Estate						Term Loan						Prime plus 2.75%						4/22/2039						88.7						88.7						100.2						0.03		%
Wilshire Media Systems Inc			(#,^)			2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2024						65.3						65.3						67.0						0.02		%
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC			(#,^)			1899 State Route 35, South Amboy, NJ 08879						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/9/2039						96.2						96.2						108.6						0.03		%

112

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle			(#,^)			16701 E. Iliff Ave, Aurora, CO 80013						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						3/31/2039						384.3						384.3						433.9						0.12		%
Kemmer, LLC and Pitts Package Store, Inc.			(#,^)			201 S. Main St., Salem, IN 47167						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/31/2039						100.4						100.4						113.3						0.03		%
Little People's Village II LLC and Iliopoulos Realty LLC			(#,^)			6522 Haverford Ave, Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						3/31/2039						87.1						87.1						98.4						0.03		%
Little People's Village II LLC and Iliopoulos Realty LLC			(#,^)			6522 Haverford Ave, Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						3/31/2039						79.0						79.0						89.2						0.02		%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co			(#)			636 South Center St., New Washington, OH 44854						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						3/20/2039						67.6						67.6						76.3						0.02		%
Cormac Enterprises and Wyoming Valley Beverage Incorporated			(#,^)			63 S Wyoming Ave, Edwardsville, PA 18704						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/20/2039						94.5						94.5						106.7						0.03		%
Kinisi, Inc. dba The River North UPS Store			(#,^)			301 West Grand Ave, Chicago, IL 60654						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2024						0.9						0.9						0.9						—		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2039						182.6						182.6						206.2						0.06		%
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International			(#,^)			952 Boston Post Rd, Milford, CT 06460						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2039						176.7						176.7						199.4						0.05		%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern			(#,^)			3111 and 3135 Delsea Dr, Franklinville, NJ 08322						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/28/2039						355.5						355.5						401.4						0.11		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2024						118.8						118.8						121.8						0.03		%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki			(#,^)			96 Mill St., Berlin, CT 06037						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/12/2039						120.1						120.1						135.6						0.04		%
JWB Industries, Inc. dba Carteret Die Casting			(#,^)			74 Veronica Ave, Somerset, NJ 08875						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						2/11/2024						94.9						94.9						97.2						0.03		%
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC			(#,^)			986 Dixwell Ave, Hamden, CT 06510						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/7/2039						85.0						85.0						96.0						0.03		%
Sarah Sibadan dba Sibadan Agency			(#,^)			102-05 101st Ave, Ozone Park, NY 11416						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						1/27/2039						109.8						109.8						124.0						0.03		%
Icore Enterprises Inc dba Air Flow Filters Inc			(#,^)			151 W 24th St, Hialeah, FL 33010						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						1/15/2024						7.2						7.2						7.3						—		%
Nutmeg North Associates LLC Steeltech Building Products Inc			(#,^)			636 Nutmeg Rd North, South Windsor, CT 06074						Construction of Buildings						Term Loan						Prime plus 2.75%						12/31/2038						775.7						775.7						875.8						0.24		%
Amboy Woodbridge Realty LLC and United Premium Foods LLC			(#)			One Amboy Ave, Woodbridge, NJ 07095						Food Manufacturing						Term Loan						6.5%						6/14/2024						1,799.7						1,799.7						1,772.0						0.48		%
KK International Trading Corporation			(#,^)			219 Lafayette Dr, Syosset, NY 11791						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/23/2028						118.5						118.5						127.1						0.03		%

113

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Kurtis Sniezek dba Wolfe's Foreign Auto			(#,^)			712 5th St., New Brighton, PA 15066						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/20/2038						75.3						75.3						85.0						0.02		%
TAK Properties LLC and Kinderland Inc			(#,^)			1157 Commerce Ave, Longview, WA 98632						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2038						342.9						342.9						387.1						0.10		%
920 CHR Realty LLC V. Garofalo Carting Inc			(#,^)			920 Crooked Hill, Brentwood, NY 11717						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						12/10/2038						353.9						353.9						399.5						0.11		%
DKB Transport Corp			(#,^)			555 Water Works Rd, Old Bridge, NJ 08857						Truck Transportation						Term Loan						Prime plus 2.75%						12/5/2038						117.5						117.5						132.7						0.04		%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle			(#,^)			1455 S Richland Creek Rd, Sugar HIll, GA 30518						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2038						87.7						87.7						99.0						0.03		%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc			(#,^)			65 Farmington Valley Dr, Plainville, CT 06062						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/2/2023						118.9						118.9						121.6						0.03		%
BVIP Limousine Service LTD			(#,^)			887 W Liberty, Medina, OH 44256						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						11/27/2038						64.8						64.8						73.1						0.02		%
AcuCall LLC			(#,^)			824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/21/2023						4.9						4.9						5.1						—		%
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL			(#,^)			3039-3043 Hedley, Springfield, IL 62704						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/18/2023						14.0						14.0						14.3						—		%
Polpo Realty, LLC Polpo Restaurant, LLC			(#,^)			554 Old Post Rd #3, Greenwich, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/6/2038						53.9						53.9						60.9						0.02		%
Mid-Land Sheet Metal Inc			(#,^)			125 E Fesler St., Santa Maria, CA 93454						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2038						115.8						115.8						130.8						0.04		%
1 North Restaurant Corp dba 1 North Steakhouse			(#,^)			322 W. Montauk Hwy, Hampton Bays, NY 11946						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2038						177.6						177.6						200.5						0.05		%
Master CNC Inc & Master Properties LLC			(#,^)			11825 29 Mile Rd, Washington, MI 48095						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2038						503.3						503.3						568.2						0.15		%
Janice B. McShan and The Metropolitan Day School, LLC			(#,^)			2817 Lomb Ave, Birmingham, AL 35208						Social Assistance						Term Loan						Prime plus 2.75%						10/31/2023						13.0						13.0						13.3						—		%
Greenbrier Technical Services, Inc			(#,^)			407 E. Edgar Ave, Ronceverte, WV 24970						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/24/2023						37.3						37.3						38.1						0.01		%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd			(#,^)			77 Mill Rd, Freeport, NY 11520						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/24/2038						123.7						123.7						139.6						0.04		%
Lenoir Business Partners LLC LP Industries, Inc dba Childforms			(#,^)			2040 Norwood, Lenoir, NC 28645						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						9/30/2038						254.0						254.0						286.8						0.08		%
LP Industries, Inc dba Childforms			(#,^)			110 Charleston Dr, Ste 105-107, Morresville, NC 28117						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						9/30/2038						103.5						103.5						116.9						0.03		%
Cencon Properties LLC and Central Connecticut Warehousing Company			(#,^)			37 Commons Court, Waterbury, CT 06704						Warehousing and Storage						Term Loan						Prime plus 2.75%						9/30/2038						289.7						289.7						327.0						0.09		%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC			(#,^)			12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2038						281.3						281.3						317.5						0.09		%

114

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral			(#,^)			17 Pearl St., Mystic, CT 06355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/26/2038						84.2						84.2						95.0						0.03		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						9/25/2038						76.7						76.7						86.5						0.02		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/20/2038						225.3						225.3						254.4						0.07		%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta			(#,^)			11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022						Educational Services						Term Loan						Prime plus 2.75%						9/20/2023						13.5						13.5						13.8						—		%
Maynard Enterprises Inc dba Fastsigns of Texarkana			(#,^)			3735 Mall Dr, Texarkana, TX 75501						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/18/2023						4.7						4.7						4.8						—		%
Grafio Inc dba Omega Learning Center-Acworth			(#,^)			5330 Brookstone Dr, Ste 320, Acworth, GA 30101						Educational Services						Term Loan						Prime plus 2.75%						9/13/2023						48.3						48.3						49.3						0.01		%
The Berlerro Group, LLC dba Sky Zone			(#,^)			111 Rodeo Dr, Edgewood, NY 11717						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/12/2023						162.1						162.1						165.4						0.04		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/12/2028						33.1						33.1						35.4						0.01		%
Prospect Kids Academy Inc			(#,^)			532 St Johns Place, Brooklyn, NY 11238						Educational Services						Term Loan						Prime plus 2.75%						9/11/2038						104.6						104.6						118.1						0.03		%
Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio			(#,^)			3408 Castle Rock Farm Rd, Pittsboro, NC 27312						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/4/2038						187.6						187.6						211.8						0.06		%
IlOKA Inc dba Microtech Tel and NewCloud Networks			(#,^)			160 Inverness Dr W Ste 100, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/30/2023						182.1						182.1						185.8						0.05		%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis			(#,^)			15150 Evans St., Gulfport, MS 39503						Social Assistance						Term Loan						Prime plus 2.75%						8/30/2023						12.1						12.1						12.4						—		%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins			(#,^)			1815 De Paul St., Colorado Springs, CO 80909						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/26/2023						22.4						22.4						22.8						0.01		%
JSIL LLC dba Blackstones Hairdressing			(#,^)			19 East 7th St., New York, NY 10003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/16/2023						5.4						5.4						5.5						—		%
Caribbean Concepts, Inc. dba Quick Bleach			(#,^)			120 East 56th St., St.#730, New York, NY 10022						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/12/2023						6.2						6.2						6.4						—		%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC			(#,^)			38 Carmen Lane, Monroe, CT 06468						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/24/2023						3.2						3.2						3.3						—		%
Angkor Restaurant Inc			(#,^)			10 Traverse St., Providence, RI 02903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/19/2038						77.7						77.7						87.8						0.02		%
Tri County Heating and Cooling Inc.			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/19/2023						23.7						23.7						24.2						0.01		%
Harbor Ventilation Inc and Estes Investment, LLC			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/19/2038						2.0						2.0						2.2						—		%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC			(#,^)			1 Poppy Ave, Neptune, NJ 07753						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2023						14.5						14.5						14.8						—		%
Maxiflex LLC			(#,^)			512 Verret St., New Orleans, LA 70114						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/28/2023						11.6						11.6						11.8						—		%

115

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat			(#,^)			411 Sharp St., Millville, NJ 08332						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/28/2038						81.2						81.2						91.7						0.02		%
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.			(#,^)			2141 P Ave, Williamsburg, IA 52361						Truck Transportation						Term Loan						Prime plus 2.75%						6/19/2026						317.4						317.4						332.7						0.09		%
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services			(#,^)			200 North Branford Rd, Branford, CT 06405						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/18/2028						516.8						516.8						551.7						0.15		%
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc			(#,^)			24 Elm St., Montpelier, VT 05602						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/14/2023						89.4						89.4						91.0						0.02		%
Elite Structures Inc			(#,^)			401 Old Quitman Rd, Adel, GA 31620						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/12/2038						712.8						712.8						804.8						0.22		%
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile			(#,^)			85 Reaville Ave, Flemington, NJ 08822						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/5/2038						156.4						156.4						176.6						0.05		%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and			(#,^)			4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/28/2023						15.5						15.5						15.8						—		%
Ryan D. Thornton and Thornton & Associates LLC			(#,^)			800 Bethel St., Ste 200, Honolulu, HI 96813						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						5/24/2023						12.3						12.3						12.5						—		%
Peanut Butter & Co., Inc.			(#,^)			250 West 54th St., New York, NY 10019						Food Manufacturing						Term Loan						Prime plus 2.75%						4/30/2023						23.9						23.9						24.3						0.01		%
1258 Hartford TPKE, LLC and Phelps and Sons, Inc			(#,^)			1258 Hartford Turnpike, Vernon, CT 06066						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/29/2038						102.9						102.9						116.2						0.03		%

Xela Pack, Inc. and Aliseo and Catherine Gentile			(#,^)			8300 Boettner Rd, Saline, MI 48176						Paper Manufacturing						Term Loan						Prime plus 2.75%						3/27/2028						166.2						166.2						177.0						0.05		%
A & M Commerce, Inc. dba Cranberry Sunoco			(#,^)			398 Baltimore Blvd, Westminster, MD 21157						Gasoline Stations						Term Loan						Prime plus 2.75%						3/27/2038						268.5						268.5						303.1						0.08		%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center			(#,^)			3937 Sherman Ave, Saint Joseph, MO 64506						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2038						455.5						455.5						514.3						0.14		%
Michael A.and HeatherR. Welsch dba Art & FrameEtc.			(#,^)			2819 West T C Jester Blvd., Houston, TX 77018						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/22/2038						55.7						55.7						62.9						0.02		%
Truth Technologies Inc dba Truth Technologies Inc.			(#,^)			2341 Cheshire Lane, Naples, FL 34109						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2023						19.8						19.8						20.1						0.01		%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/15/2023						109.3						109.3						111.0						0.03		%
Osceola River Mill, LLC Ironman Machine, Inc			(#,^)			27 Hungerford St., Pittsfield, MA 01201						Machinery Manufacturing						Term Loan						Prime plus 2.75%						2/20/2038						71.0						71.0						80.2						0.02		%
Retain Loyalty LLC			(#,^)			1250 Sanders Ave SW, Massillon, OH 44647						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						2/15/2038						93.7						93.7						105.8						0.03		%
Sherill Universal City dba Golden Corral LP			(#,^)			2301 Pat Booker Rd, Universal City, TX 78148						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2038						372.8						372.8						420.9						0.11		%
Macho LLC Madelaine Chocolate Novelties Inc			(#,^)			96-03 Beach Channel Dr, Rockaway Beach, NY 11693						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2037						411.5						411.5						464.6						0.13		%

116

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Babie Bunnie Enterprises Inc dba Triangle Mothercare			(#,^)			8516 Swarthmore Dr, Raleigh, NC 27615						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/28/2027						23.3						23.3						24.8						0.01		%
Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restaurant			(#,^)			554 Old Post Rd #3, Greenwich, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/27/2037						434.8						434.8						490.9						0.13		%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC			(#,^)			38 Carmen Lane, Monroe, CT 06468						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						11/28/2037						186.8						186.8						210.9						0.06		%
D&L Rescources, Inc. dba The UPS Store			(#,^)			8958 W State Rd # 84, Davie, FL 33324						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/27/2022						1.8						1.8						1.9						—		%
Richmond Hill Mini Market, LLC			(#,^)			101 Richmond Hill Ave, Stamford, CT 06902						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/27/2037						151.0						151.0						170.5						0.05		%
DRV Enterprise, Inc. dba Cici's Pizza # 339			(#,^)			5771 East Fowler Ave, Temple Terrace, FL 33617						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/26/2022						11.4						11.4						11.6						—		%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart			(#,^)			1345 Wampanoag Trail, East Providence, RI 02915						Gasoline Stations						Term Loan						Prime plus 2.75%						11/21/2037						78.6						78.6						88.7						0.02		%
R & J Petroleum LLC Manar USA, Inc.			(#,^)			305 Quincy Shore Dr, Quincy, MA 02107						Gasoline Stations						Term Loan						Prime plus 2.75%						11/20/2037						146.9						146.9						165.9						0.04		%
St Judes Physical Therapy P.C.			(#,^)			7712 Fourth Ave, Brooklyn, NY 11209						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/19/2022						3.9						3.9						3.9						—		%
Hi-Def Imaging, Inc. dba SpeedPro Imaging			(#,^)			3580 Progress Dr, Unit Q, Bensalem, PA 19020						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/9/2022						4.2						4.2						4.2						—		%
Reidville Hydraulics Mfg Inc dba Summit			(#,^)			175 Industrial Lane, Torrington, CT 06790						Machinery Manufacturing						Term Loan						Prime plus 2.75%						11/2/2037						214.2						214.2						241.8						0.07		%
O'Rourkes Diner LLC dba O'Rourke's Diner			(#,^)			728 Main St., Middletown, CT 06457						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/19/2037						53.3						53.3						60.2						0.02		%
AJK Enterprise LLC dba AJK Enterprise LLC			(#)			1901 Naylor Rd, SE, Washington, DC 20020						Truck Transportation						Term Loan						Prime plus 2.75%						8/27/2022						2.3						2.3						2.3						—		%
Suncoast Aluminum Furniture, Inc			(#,^)			6291 Thomas Rd, Fort Myers, FL 33912						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						8/17/2037						291.8						291.8						329.5						0.09		%
Hofgard & Co., Inc. dba HofgardBenefits			(#,^)			400 S McCaslin Blvd Ste 201, Louisville, CO 80027						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/27/2022						15.6						15.6						15.8						—		%
Central Tire, Inc. dba Cooper Tire & Auto Services			(#,^)			1111 S Tillotson Ave, Muncie, IN 47304						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/29/2037						231.7						231.7						261.6						0.07		%
KIND-ER-ZZ Inc dba Kidville			(#,^)			30 Maple St., Summit, NJ 07901						Educational Services						Term Loan						Prime plus 2.75%						6/15/2022						6.7						6.7						6.8						—		%
Graphish Studio, Inc. and Scott Fishoff			(#,^)			231 Main St., Stanford, CT 06901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2022						2.7						2.7						2.7						—		%
ALF, LLC Mulit-Service Eagle Tires			(#,^)			1985 B St., Colorado Springs, CO 80906						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						5/31/2037						50.3						50.3						56.8						0.02		%
Tracey Vita-Morris dba Tracey Vita's School of Dance			(#,^)			4181 9th Ave West, Bradenton, FL 34025						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						5/10/2022						2.8						2.8						2.8						—		%
Tanner Optical, Inc. dba Murphy Eye Care			(#,^)			305 Shirley Ave, Douglas, GA 31533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/27/2022						0.6						0.6						0.6						—		%
Access Staffing, LLC			(#,^)			360 Lexington Ave, 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/30/2022						23.5						23.5						23.6						0.01		%

117

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Manuel P. Barrera and Accura Electrical Contractor, Inc.			(#,^)			6187 NW 167th St. Unit H3, Miami, FL 33015						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/23/2028						56.9						56.9						60.6						0.02		%
Shweiki Media, Inc. dba Study Breaks Magazine			(#,^)			4954 Space Center Dr, San Antonio, TX 78218						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/22/2027						644.4						644.4						680.2						0.18		%
ATI Jet, Inc.			(#)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						12/28/2026						276.3						276.3						291.0						0.08		%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company			(#,^)			2900 South 20th St., Philadelphia, PA 19145						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/22/2036						134.1						134.1						151.4						0.04		%
K's Salon, LLC d/b/a K's Salon			(#,^)			162 West 84th St., New York, NY 10024						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/20/2021						5.1						5.1						5.1						—		%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc			(#)			325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						10/26/2021						6.5						6.5						6.6						—		%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.			(#,^)			39581 Garfield Rd, Clinton Township, MI 48038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2036						20.8						20.8						23.5						0.01		%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.			(#,^)			39581 Garfield Rd, Clinton Township, MI 48038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2036						61.2						61.2						69.1						0.02		%
Michael S. Decker & Janet Decker dba The Hen House Cafe			(#)			401 Caribou St., Simla, CO 80835						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/30/2036						12.7						12.7						14.4						—		%
Valiev Ballet Academy, Inc			(#,^)			635 - 637 Londonderry Lane, Denton, TX 76205						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						8/12/2036						33.1						33.1						37.3						0.01		%
LaHoBa, LLC d/b/a Papa John's			(#,^)			3001 Pontchartrain Dr, Slidell, LA 70458						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/3/2036						60.0						60.0						67.8						0.02		%
Lavertue Properties LLP dba Lavertue Properties			(#,^)			24 Wakefield St., Rochester, NH 13867						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/29/2036						34.6						34.6						39.1						0.01		%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP			(#,^)			4920 Lincoln Ave Route 53, Lisle, IL 60532						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2036						271.5						271.5						306.5						0.08		%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.			(#,^)			44600 Michigan Ave, Canton, MI 48188						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2036						97.6						97.6						110.2						0.03		%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store			(#,^)			2267 Fernberg Trail, Ely, MN 55731						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/18/2036						110.2						110.2						124.4						0.03		%
Michael S. Korfe dba North Valley Auto Repair			(#,^)			7516 B 2nd St., NW, Albuquerque, NM 87107						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/24/2036						11.8						11.8						13.3						—		%
SuzyQue’s LLC dba Suzy Que’s			(#,^)			34 South Valley Rd, West Orange, NJ 07052						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/11/2036						46.6						46.6						52.6						0.01		%
Little People’s Village, LLC dba Little People’s Village			(#,^)			904 North 66th St., Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						1/31/2036						23.5						23.5						26.6						0.01		%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.			(#,^)			64-68 North Central Ave, Valley Stream, NY 11580						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/28/2036						86.0						86.0						97.1						0.03		%

118

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center			(#,^)			2879 Limekiln Pike, Glenside, PA 19038						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2035						25.6						25.6						28.9						0.01		%
Newsome Trucking Inc and Kevin Newsome			(#,^)			2262 HWY 53W, Jasper, GA 30143						Truck Transportation						Term Loan						Prime plus 2.75%						9/2/2035						184.0						184.0						207.8						0.06		%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery			(#,^)			2320 2nd St., Albuquerque, NM 87107						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/2/2035						37.3						37.3						42.1						0.01		%
I-90 RV & Auto Supercenter			(#,^)			4505 South I-90 Service Rd, Rapid City, SD 57703						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/29/2035						55.3						55.3						62.4						0.02		%
Tanner Optical Inc. dba Murphy Eye Care			(#,^)			305 Shirley Ave, Douglas, GA 31533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/22/2035						66.5						66.5						75.1						0.02		%
Lahoba,LLC dba Papa John's Pizza			(#,^)			620 W. Judge Perez Dr, Chalmette, LA 70163						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/30/2034						30.9						30.9						34.9						0.01		%
Animal Intrusion Prevention Systems Holding Company, LLC			(#,^)			3330 North Beach St., Haltom City, TX 76111						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/29/2024						14.5						14.5						14.9						—		%
KMC RE, LLC & B&B Kennels			(#,^)			6004 City Park Rd, Austin, TX 78730						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/19/2034						42.1						42.1						47.5						0.01		%
D & D's Divine Beauty School of Esther, LLC			(#,^)			5524 Germantown Ave, Philadelphia, PA 19144						Educational Services						Term Loan						6%						8/1/2031						39.8						39.8						38.4						0.01		%
Bliss Coffee and Wine Bar, LLC			(#)			1402-A Handlir Dr, Bel Air, MD 21015						Food Services and Drinking Places						Term Loan						6%						11/30/2022						58.1						58.1						57.6						0.02		%
Connect Litigation Technology, Inc.			(#,^)			1101 Ivy Hill Rd, #4, Philadelphia, PA 19150						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2%						10/18/2025						15.0						15.0						15.4						—		%
1911 East Main Street Holdings, Corp			(#,^)			1911 East Main St., Endicott, NY 13760						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2032						9.1						9.1						10.1						—		%
Water Works Laundromat, LLC			(#)			968-970 Bergen St., Newark, NJ 07104						Personal and Laundry Services						Term Loan						Prime plus 2.25%						9/7/2027						118.0						118.0						123.2						0.03		%
Dave Kris, and MDK Ram Corp.			(#,^)			15 Elm Park, Groveland, MA 01930						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/5/2026						16.9						16.9						17.7						—		%
Head To Toe Personalized Pampering, Inc.			(#,^)			2331 North State Rd 7, Lauderhill, FL 33313						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/27/2031						6.8						6.8						7.5						—		%
Christopher F. Bohon & Pamela D. Bohon			(#,^)			11600 County Rd 71, Lexington, AL 35648						Social Assistance						Term Loan						Prime plus 2.75%						10/28/2026						2.0						2.0						2.1						—		%
Mogas Limited			(#,^)			47 Chestnut St., Elmer, NJ 08318						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2030						49.6						49.6						53.9						0.01		%
Moonlight Multi Media Production, Inc.			(#,^)			2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309						Other Information Services						Term Loan						5.3%						2/1/2025						0.6						0.6						0.6						—		%
David M. Goens dba Superior Auto Paint & Body, Inc.			(#)			1912 Manhattan Ave, Harvey, LA 70058						Repair and Maintenance						Term Loan						6%						8/26/2024						8.2						8.2						8.1						—		%
McCallister Venture Group, LLC and Maw's Vittles, Inc.			(#,^)			511 South Broad St., Brooksville, FL 34601						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2029						8.4						8.4						9.1						—		%
Whirlwind Car Wash, Inc.			(#)			1370 Le Anne Marie Circle, Columbus, OH 43026						Repair and Maintenance						Term Loan						Prime plus 2%						4/9/2029						11.2						11.2						11.7						—		%
Shuttle Car Wash, Inc. dba Shuttle Car Wash			(#,^)			745 Cheney Hwy, Ttitusville, FL 32780						Repair and Maintenance						Term Loan						Prime plus 2.25%						11/10/2028						11.6						11.6						12.2						—		%

119

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Min Hui Lin			(#,^)			1916 Broad St., Lanett, AL 36863						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2028						12.0						12.0						12.8						—		%
Auto Sales, Inc.			(#,^)			1925 State St., Hamden, CT 06417						Motor Vehicle and Parts Dealers						Term Loan						6%						8/17/2023						2.9						2.9						2.8						—		%
Ralph Werner dba Werner Transmission Inc			(#,^)			259 East Central Ave, Bangor, PA 18013						Gasoline Stations						Term Loan						Prime plus 2.75%						12/29/2021						0.1						0.1						0.1						—		%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC			(#,^)			3118 Bayshore Ave, Brigantine, NJ 08203						Amusement, Gambling, and Recreation Industries						Term Loan						6%						9/14/2023						21.8						21.8						21.5						0.01		%
Track Side Collision & Tire, Inc.			(#,^)			98-16 160 Ave, Ozone Park, NY 11414						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/16/2025						2.7						2.7						2.8						—		%
Deesha Corporation, Inc. dba Best Inn & Suites			(#,^)			9225 Pkwy East, Birmingham, AL 35206						Accommodation						Term Loan						Prime plus 2.25%						2/14/2025						14.4						14.4						14.8						—		%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz			(#,^)			386 Winsted Rd, Torrington, CT 06790						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						3/13/2023						2.3						2.3						2.3						—		%
Gain Laxmi, Inc. dba Super 8 Motel			(#,^)			14341 U.S. Hwy 431 South, Gunterville, AL 35976						Accommodation						Term Loan						Prime plus 2.25%						5/31/2023						7.0						7.0						7.0						—		%
Naseeb Corporation			(#,^)			1696 North Broad St., Meriden, CT 06450						Accommodation						Term Loan						Prime plus 2.25%						3/31/2024						12.9						12.9						13.2						—		%
Stillwell Ave Prep School			(#,^)			1990 Stillwell Ave, Brooklyn, NY 11214						Social Assistance						Term Loan						Prime plus 2.75%						1/14/2023						1.9						1.9						2.0						—		%
Alyssa Corp dba Knights Inn			(#,^)			1105 Columbus Pkwy, Opelika, AL 36801						Accommodation						Term Loan						Prime plus 2.25%						9/30/2023						26.8						26.8						27.3						0.01		%
Bhailal Patel dba New Falls Motel			(#,^)			201 Lincoln Hwy, Fairless Hills, PA 19030						Accommodation						Term Loan						Prime plus 2.75%						3/27/2023						0.8						0.8						0.8						—		%
Pegasus Automotive, Inc.			(#,^)			3981 Hylan Blvd, Staten Island, NY 10308						Gasoline Stations						Term Loan						Prime plus 2.75%						12/23/2022						2.0						2.0						2.1						—		%
Total SBA Unguaranteed Accrual Investments																																				$	371,809.3					$	371,809.3					$	386,686.7					104.79		%

120

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

200 North 8th Street Associates LLC and Enchanted Acres Fa			(*,#)			200 North 8th St., Reading, PA 19601						Food Manufacturing						Term Loan						6.25%						5/4/2028						$	132.6					$	132.6					$	51.3					0.01		%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion			(*,#,^)			3 Expressway Plaza, Ste 221, Roslyn Heights, NY 11577						Fabricated Metal Product Manufacturing						Term Loan						6%						12/16/2021						44.8						44.8						43.4						0.01		%
Pioneer Windows Manufacturing Corp, Pioneer Windows			(*,#,^)			3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 11577						Fabricated Metal Product Manufacturing						Term Loan						6%						11/21/2022						80.7						80.7						43.4						0.01		%
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop			(*,#,^)			217 W Main St., Centralia, WA 98531						Motor Vehicle and Parts Dealers						Term Loan						7.75%						1/6/2029						94.6						94.6						50.5						0.01		%
ABC Sandblasting, LLC			(*,#,^)			14029 56th St. NW, Williston, ND 58801						Specialty Trade Contractors						Term Loan						Prime plus 0%						10/31/2029						219.3						219.3						56.7						0.02		%
Acton Hardware LLC and Mark Allgood & Jamie Allgood			(*,#,^)			31814 Crown Valley Rd, Acton, CA 93510						Building Material and Garden Equipment and Supplies Dealers						Term Loan						8%						3/24/2041						117.1						117.1						38.6						0.01		%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc			(*,#)			12485-12489 NW 44th St., Coral Springs, FL 33071						Repair and Maintenance						Term Loan						7.75%						3/31/2040						318.3						318.3						—						0.00		%
Albas Bar & Grill LLC			(*,#,^)			221 Self Main St., Homer City, PA 15748						Food Services and Drinking Places						Term Loan						6%						10/13/2042						43.9						43.9						7.7						0.00		%
Alive Design, LLC			(*,#)			1906 NE 23 rd Ave, Cape Coral, FL 33909						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/13/2027						10.6						10.6						9.3						0.00		%
All About Kids and Families Medical Center, Inc.			(*,#,^)			12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225						Ambulatory Health Care Services						Term Loan						8.25%						1/13/2029						315.7						315.7						163.2						0.04		%
All Printing Solutions, Inc. dba Pryntcomm			(*,#,^)			303 E. Sioux Ave., Pierre, SD 57501						Printing and Related Support Activities						Term Loan						7.75%						6/27/2041						491.8						491.8						81.8						0.02		%
Allied Welding Inc.			(*,#,^)			1820 N. Santa Fe Ave, Chillicothe, IL 61523						Fabricated Metal Product Manufacturing						Term Loan						5.25%						12/15/2041						698.8						698.8						698.8						0.19		%
Al-Mustafa Enterprise, Inc. and Al-Mustafa Enterprise Inc			(*,#)			6269 Caledon Rd, King George, VA 22485						Motor Vehicle and Parts Dealers						Term Loan						6.25%						9/18/2040						657.2						657.2						—						0.00		%
Amboy Group, LLC dba Tommy Moloney's			(*,#)			1 Amboy Ave, Woodbridge, NJ 07095						Food Manufacturing						Term Loan						6.5%						6/14/2024						1,458.1						1,458.1						1,458.1						0.40		%
Anglin Cultured Stone Products LLC			(*,#,^)			877 Salem Church Rd, Newark, DE 19702						Construction of Buildings						Term Loan						8.25%						12/27/2042						630.5						630.5						177.5						0.05		%
Anglin Cultured Stone Products LLC dba Anglin Construction			(*,#)			877 Salem Church Rd, Newark, DE 19702						Specialty Trade Contractors						Term Loan						8.25%						6/30/2025						189.6						189.6						149.6						0.04		%
Arclay ,LLC			(*,#,^)			49 Geyser Rd Ste 100, Saratoga Springs, NY 12866						Nonmetallic Mineral Product Manufacturing						Term Loan						8%						5/5/2030						137.1						137.1						37.6						0.01		%
Arrow Freight Inc			(*,#,^)			1000 Jorie Blvd Ste 250, Oak Brook, IL 60523						Truck Transportation						Term Loan						8.25%						3/30/2028						652.9						652.9						—						0.00		%
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud			(*,#)			2646 South Rd, Poughkeepsie, NY 12601						Gasoline Stations						Term Loan						7.75%						9/26/2024						15.7						15.7						15.5						0.00		%
AWA Fabrication & Construction, L.L.C.			(*,#)			811 Country Rd #99, Headland, AL 36345						Fabricated Metal Product Manufacturing						Term Loan						6%						4/30/2025						34.4						34.4						1.3						0.00		%

121

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

B&B Fitness and Barbell, Inc. dba Elevations Health Club			(*,#)			Route 611 North, Scotrun, PA 18355						Amusement, Gambling, and Recreation Industries						Term Loan						6%						6/22/2035						1,385.8						1,385.8						222.6						0.06		%
B for Brunette dba Blo			(*,#,^)			50 Glen Cove Rd, Greenvale, NY 11548						Personal and Laundry Services						Term Loan						6%						9/10/2023						20.5						20.5						20.1						0.01		%
B for Blonde, LLC dba Blo Blow Dry Bar			(*,#,^)			142 East 49th St., New York, NY 10017						Personal and Laundry Services						Term Loan						6%						2/12/2026						39.7						39.7						38.9						0.01		%
D for Dream LLC dba Blo Blow Dry Bar Inc			(*,#,^)			460 East 3rd Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						6%						5/13/2029						66.7						66.7						32.2						0.01		%
B4 Fitness LLC dba The Zoo Health Club			(*,#,^)			4 Beehive Dr, Epping, NH 03042						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						9/23/2026						57.0						57.0						51.3						0.01		%
Baker Sales, Inc. d/b/a Baker Sales, Inc.			(*,#)			60207 Camp Villere Rd, Slidell, LA 70460						Nonstore Retailers						Term Loan						6%						3/29/2036						177.4						177.4						46.4						0.01		%
Band Sawn Lumber,LLC and Nathan Ryan Adams			(*,#,^)			1873 State Hwy 29, Johnstown, NY 12095						Wood Product Manufacturing						Term Loan						7.75%						5/15/2042						90.0						90.0						24.6						0.01		%
BC Bishop Enterprises LLC dba 9Round Pooler			(*,#,^)			105-107 Grand Central Blvd, Pooler, GA 31322						Educational Services						Term Loan						Prime plus 2.75%						3/2/2028						6.3						6.3						6.2						0.00		%
Bear Creek Entertainment LLC dba The Woods at Bear Creek			(*,#,^)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						Prime plus 2.75%						8/12/2041						1,608.1						1,608.1						570.9						0.15		%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek			(*,#)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						7.25%						12/30/2024						85.4						85.4						82.1						0.02		%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The			(*,#)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						7%						9/29/2039						489.6						489.6						470.5						0.13		%
Bebos Inc dba Pizza Hut & Sunoco			(*,#)			2003 West 5th St., Clifton, TX 76634						Gasoline Stations						Term Loan						7.75%						3/28/2028						126.6						126.6						18.2						0.00		%
Berza TLG,LLC dba The Little Gym of Lake Charles			(*,#,^)			1301 E McNeese St., Ste 201, Lake Charles, LA 70607						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						10/31/2027						30.8						30.8						17.8						0.00		%
Bev's Sweets LLC			(*,#,^)			3778 Hwy 254, Cleveland, GA 30528						Administrative and Support Services						Term Loan						6%						9/30/2044						210.5						210.5						176.3						0.05		%
Bone Bar & Grill LLC			(*,#)			3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878						Food Services and Drinking Places						Term Loan						7%						6/30/2042						73.4						73.4						36.0						0.01		%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.			(*,#)			201 Highland Ave, East Syracuse, NY 13057						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/13/2039						201.2						201.2						197.2						0.05		%
BQRS, Inc. DBA Gresham Meineke Car Care Center			(*,#,^)			18081 SE Division St., Portland, OR 97236						Repair and Maintenance						Term Loan						8.25%						6/30/2027						52.1						52.1						47.6						0.01		%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps			(*,#)			690 South Creek Rd, West Chester, PA 19382						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/30/2031						145.7						145.7						144.2						0.04		%
Calhoun Satellite Communications, Inc.			(*,#)			1914 Tigertail Blvd, Dania Beach, FL 33004						Telecommunications						Term Loan						7%						12/2/2026						333.8						333.8						239.6						0.06		%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC			(*,#)			310 25th Ave N. St. Ste. 201, Nashville, TN 37203						Ambulatory Health Care Services						Term Loan						7.75%						5/15/2025						556.4						556.4						55.8						0.02		%

122

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber			(*,#)			320 Fair St., Kutztown, PA 19530						Transit and Ground Passenger Transportation						Term Loan						7.5%						9/30/2027						366.2						366.2						147.9						0.04		%
CD Game Exchange Inc.			(*,#,^)			3719 N Mississippi, Portland, OR 97227						Merchant Wholesalers, Durable Goods						Term Loan						8.25%						9/28/2026						4.0						4.0						3.9						0.00		%
Central Medical Clinic, PLLC- Clinica Central			(*,#)			393 North Dunlap St. Ste LL26, LL34, LL38, St Paul, MN 55104						Ambulatory Health Care Services						Term Loan						8.25%						6/7/2029						46.6						46.6						45.7						0.01		%
Chickamauga Properties, Inc., MSW Enterprises, LLP			(*,#)			214 Sutherland Way, Rocky Face, GA 30740						Amusement, Gambling, and Recreation Industries						Term Loan						6.25%						12/22/2035						59.0						59.0						57.9						0.02		%
Children First Home Health Care Inc			(*,#,^)			1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610						Ambulatory Health Care Services						Term Loan						7.5%						12/27/2028						282.4						282.4						43.7						0.01		%
Clark Realty LLC			(*,#,^)			4 Walker Way, Albany, NY 12205						Real Estate						Term Loan						8%						8/29/2041						73.3						73.3						38.0						0.01		%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai			(*,#)			6900 Whitmore Lake Rd, Whitmore Lake, MI 48189						Repair and Maintenance						Term Loan						6.75%						9/26/2039						553.3						553.3						446.4						0.12		%
Conference Services International ETC LLC			(*,#,^)			4802 West Van Buren St., Phoenix, AZ 85007						Administrative and Support Services						Term Loan						8%						8/14/2028						559.5						559.5						81.7						0.02		%
Custom Software, Inc. a Colorado Corporation dba M-33 Access			(*,#)			380 E. Borden Rd, Rose City, MI 48654						Professional, Scientific, and Technical Services						Term Loan						6.25%						6/17/2021						194.2						194.2						110.8						0.03		%
CZAR Industries, Inc.			(*,#,^)			1424 Heath Ave, Ewing, NJ 08638						Machinery Manufacturing						Term Loan						8.25%						12/19/2027						141.3						141.3						30.5						0.01		%
D&G Capital LLC dba Miami Grill 277			(*,#,^)			2521 North Federal Hwy, Unit C, Boca Raton, FL 33431						Food Services and Drinking Places						Term Loan						6.5%						12/16/2025						43.4						43.4						18.4						0.00		%
Darian L Hampton DDS PA and Darian L. Hampton			(*,#)			3610 N Josey Lane Ste 104, Carrollton, TX 75007						Ambulatory Health Care Services						Term Loan						8.25%						12/20/2028						292.6						292.6						9.1						0.00		%
David D. Sullivan dba DMS Construction			(*,#,^)			6400 Charwood Place, Bakersfield, CA 93306						Specialty Trade Contractors						Term Loan						6%						8/9/2028						10.8						10.8						8.6						0.00		%
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac			(*,#)			6555 NW 9th Ave, Fort Lauderdale, FL 33309						Ambulatory Health Care Services						Term Loan						Prime plus 0%						12/30/2029						43.0						43.0						42.2						0.01		%
Destination Hope, Inc. and The Academy for Addiction Professionals, In			(*,#)			6555 NW 9th Ave, Fort Lauderdale, FL 33309						Ambulatory Health Care Services						Term Loan						6%						12/30/2044						37.5						37.5						36.8						0.01		%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown			(*,#,^)			2685 US Hwy 41, Calhoun, GA 30701						Support Activities for Transportation						Term Loan						5.25%						12/28/2035						1,316.8						1,316.8						489.6						0.13		%
Doxa Deo Inc dba Luv 2 Play			(*,#,^)			1600 Village Market Blvd, Leesburg, VA 20175						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						2/28/2026						80.9						80.9						79.3						0.02		%
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC			(*,#,^)			1515 Shopton Rd, Charlotte, NC 28217						Ambulatory Health Care Services						Term Loan						7.5%						9/29/2042						230.0						230.0						—						0.00		%
Driven Warehouse/Distribution LLC			(*,#)			271 East North Ave, Glendale, IL 60139						Truck Transportation						Term Loan						8%						12/22/2027						726.2						726.2						386.8						0.10		%
DTM Parts Supply Inc.			(*,#)			31 Sageman St, Mount Vernon, NY 10550						Merchant Wholesalers, Durable Goods						Term Loan						7%						6/2/2025						38.3						38.3						38.3						0.01		%

123

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Dynamic Dental Corporation			(*,#,^)			3760 NW 126th Ave, Coral Springs, FL 33065						Merchant Wholesalers, Durable Goods						Term Loan						7.5%						5/31/2029						60.4						60.4						22.3						0.01		%
E & I Holdings, LP & PA Farm Products, LLC			(*,#)			1095 Mt Airy Rd, Stevens, PA 17578						Food Manufacturing						Term Loan						6%						4/30/2030						4,705.2						4,705.2						3,118.0						0.84		%
E.S.F.P. LLC dba Volusia Van and Storage			(*,#,^)			1203 N US 1, Ormond Beach, FL 32174						Truck Transportation						Term Loan						6%						11/11/2025						54.4						54.4						6.4						0.00		%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC			(*,#,^)			4401 N I-35 #113, Denton, TX 76207						Truck Transportation						Term Loan						Prime plus 0%						3/31/2024						305.8						305.8						238.6						0.06		%
Eagle Aggregate Transportation, LLC			(*,#,^)			4401 N I-35 Ste #113, Denton, TX 76207						Truck Transportation						Term Loan						Prime plus 0%						5/30/2028						72.9						72.9						71.5						0.02		%
Earth First Recycling, LLC and 191 Clark Road, LLC			(*,#,^)			400 Island Park Rd, Easton, PA 18040						Merchant Wholesalers, Durable Goods						Term Loan						8%						6/5/2027						338.0						338.0						309.3						0.08		%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels			(*,#,^)			11949 Borden Ave, San Fernando, CA 91340						Specialty Trade Contractors						Term Loan						8.25%						12/31/2022						43.9						43.9						42.7						0.01		%
Ericon, Inc.			(*,#,^)			740 Davenport Ave, Fremont, NE 68025						Gasoline Stations						Term Loan						8.25%						12/1/2041						705.6						705.6						565.9						0.15		%
ERT Group Inc and Curt's Tools Inspection Inc			(*,#,^)			5229 142nd Dr. NW, Williston, ND 58801						Support Activities for Mining						Term Loan						6%						3/18/2041						792.7						792.7						543.8						0.15		%
Europlast Ltd			(*,#)			100 Industrial Lane, Endeavor, WI 53930						Plastics and Rubber Products Manufacturing						Term Loan						6%						9/26/2022						263.4						263.4						38.1						0.01		%
Evergreen Pallet LLC and Evergreen Recycle LLC			(*,#,^)			302 W 53rd St N., Wichita, KS 67204						Wood Product Manufacturing						Term Loan						7.25%						3/16/2026						866.3						866.3						318.6						0.09		%
Magill Truck Line LLC and Jeff J. Ralls			(*,#,^)			211 West 53rd St. N., Park City, KS 67204						Truck Transportation						Term Loan						7.25%						2/23/2026						179.7						179.7						39.4						0.01		%
Evernook Valley Milk LLC			(*,#,^)			7448 Emmerson Rd, Everson, WA 98247						Animal Production and Aquaculture						Term Loan						7.5%						8/31/2042						637.5						637.5						447.6						0.12		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						8/30/2023						66.8						66.8						66.2						0.02		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						3/25/2026						95.2						95.2						26.2						0.01		%
Excel RP, Inc./Kevin and Joann Foley			(*,#)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						7/8/2028						32.4						32.4						31.4						0.01		%
Florida Apnea Diagnostics LLC			(*,#,^)			2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544						Ambulatory Health Care Services						Term Loan						8.25%						10/20/2027						143.4						143.4						51.4						0.01		%
Frontier Sand LLC			(*,#,^)			305 Country Hwy AA, New Auburn, WI 54757						Mining (except Oil and Gas)						Term Loan						8.25%						11/30/2027						463.6						463.6						327.4						0.09		%
Galaforo Construction and Companies LLC			(*,#,^)			1770 Stumpf Blvd, Terrytown, LA 70056						Construction of Buildings						Term Loan						7.5%						12/15/2042						12.1						12.1						11.1						0.00		%
GEM2K, LLC dba Precision Precast Group			(*,#,^)			4150 E Magnolia St., Phoenix, AZ 85034						Miscellaneous Manufacturing						Term Loan						8.25%						5/19/2027						140.4						140.4						64.0						0.02		%
Grand Manor Realty, Inc. & Kevin LaRoe			(*,#)			318 S. Halsted St., Chicago, IL 60661						Real Estate						Term Loan						6%						2/20/2023						19.0						19.0						18.6						0.01		%

124

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med			(*,#,^)			2300 NW 7th Ave, Miami, FL 33127						Printing and Related Support Activities						Term Loan						8.25%						9/28/2041						821.5						821.5						805.2						0.22		%
Greensboro Plastic Surgical Associates, PA			(*,#,^)			2716 Henry St., Greensboro, NC 27405						Ambulatory Health Care Services						Term Loan						Prime plus 0%						6/29/2042						545.1						545.1						441.3						0.12		%
H.M.C, Incorporated			(*,#,^)			7190 Oakland Mills Rd Ste 10, Columbia, MD 21046						Furniture and Related Product Manufacturing						Term Loan						8.25%						7/3/2028						183.8						183.8						178.4						0.05		%
Hackensack Steel Corporation and Luzerne Ironworks Inc			(*,#,^)			300 Sly St., Swoyersville, PA 18709						Specialty Trade Contractors						Term Loan						Prime plus 0%						11/10/2026						170.1						170.1						163.5						0.04		%
Hagerstown Muffler, Inc. and JMS Muffler, Inc			(*,#)			1390 Dual Hwy, Hagerstown, MD 21740						Repair and Maintenance						Term Loan						8%						9/24/2040						58.6						58.6						30.7						0.01		%
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d			(*,#,^)			34 35th St., Brooklyn, NY 11232						Food Manufacturing						Term Loan						6%						12/14/2027						77.2						77.2						4.8						0.00		%
HDD Solutions, LLC			(*,#)			6550 Progress Pkwy, Cedar Hill, MO 63016						Heavy and Civil Engineering Construction						Term Loan						8.25%						12/31/2028						552.8						552.8						336.8						0.09		%
HG Ventures, Inc. dba Diamond Head Trucking			(*,#,^)			100 Phoenix Dr, Finleyville, PA 15332						Truck Transportation						Term Loan						7.5%						6/29/2030						794.6						794.6						47.7						0.01		%
IHC Hardware Inc.			(*,#,^)			614 Broad St., Story City, IA 50248						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 0%						12/6/2042						95.7						95.7						51.5						0.01		%
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc			(*,#,^)			4899 Griggs Rd, Houston, TX 77021						Ambulatory Health Care Services						Term Loan						7.75%						12/27/2043						1,084.6						1,084.6						258.9						0.07		%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery			(*,#,^)			229 Medical Park Rd, Ste 310, Mooresville, NC 28117						Ambulatory Health Care Services						Term Loan						Prime plus 0%						3/29/2044						820.8						820.8						554.1						0.15		%
J&K Fitness, LLC dba Physiques Womens Fitness Center			(*,#)			2505 Verot School Rd, Lafayette, LA 70508						Amusement, Gambling, and Recreation Industries						Term Loan						8%						6/8/2036						14.6						14.6						10.0						0.00		%
J Olson Enterprises LLC and Olson Trucking Direct, Inc.			(*,#)			311 Ryan St, Holmen, WI 54636						Truck Transportation						Term Loan						6%						6/28/2025						621.7						621.7						97.3						0.03		%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value			(*,#,^)			640 Dubois St., Du Bois, PA 15801						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						11/10/2026						33.1						33.1						—						0.00		%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value			(*,#,^)			640 Dubois St., Dubois, PA 15801						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						11/10/2041						426.4						426.4						418.0						0.11		%
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill			(*,#,^)			24480 W 10 Mile RD, Southfield, MI 48033						Food Services and Drinking Places						Term Loan						6%						1/4/2029						34.8						34.8						25.8						0.01		%
JVLS LLC dba Vaccines 2 Go			(*,#,^)			4060 Johns Creek Pkwy, Ste H, Suwanee, GA 30024						Ambulatory Health Care Services						Term Loan						6%						12/7/2027						11.4						11.4						—						0.00		%
JVLS LLC dba Vaccines 2 Go			(*,#,^)			4060 Johns Creek Pkwy, Ste H,, Suwanee, GA 30024						Ambulatory Health Care Services						Term Loan						6%						5/17/2028						6.6						6.6						—						0.00		%
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto			(*,#)			200 West Adams St, Cochranton, PA 16314						Motor Vehicle and Parts Dealers						Term Loan						6.25%						10/29/2039						11.1						11.1						3.3						0.00		%

125

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Kids at Heart,LLC dba Monster Mini Golf			(*,#,^)			10 Newbury St., Danvers, MA 01923						Amusement, Gambling, and Recreation Industries						Term Loan						6.75%						9/22/2026						18.3						18.3						16.8						0.00		%
Kidtastic LLC dba The Little Gym of Audubon			(*,#,^)			2850 Audubon Dr, Audubon, PA 19403						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						7/27/2026						44.9						44.9						16.2						0.00		%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N			(*,#)			10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2029						17.6						17.6						17.3						0.00		%
Kostekos Inc dba New York Style Pizza			(*,#)			10 South King St., Gloucester, NJ 08030						Food Services and Drinking Places						Term Loan						8%						2/6/2040						61.9						61.9						28.1						0.01		%
LAN Doctors Inc			(*,#)			14 Pierson Court, Mahwah, NJ 07430						Professional, Scientific, and Technical Services						Term Loan						8.25%						8/28/2025						58.8						58.8						57.1						0.02		%
LAN Doctors Inc			(*,#,^)			14 Pierson Court, Mahwah, NJ 07430						Professional, Scientific, and Technical Services						Term Loan						8.25%						3/16/2026						43.4						43.4						42.1						0.01		%
Legacy Roof Contractors LLC			(*,#,^)			32091 Broken Branch Circle, Spanish Fort, AL 36527						Specialty Trade Contractors						Term Loan						6%						2/28/2044						294.0						294.0						196.1						0.05		%
Linqserv Inc.			(*,#,^)			1555 Lyell Ave, Rochester, NY 14606						Transit and Ground Passenger Transportation						Term Loan						7.5%						11/9/2027						264.0						264.0						22.0						0.01		%
Lowgap Grocery & Grill LLC			(*,#,^)			8773 West Pine St., Lowgap, NC 27024						General Merchandise Stores						Term Loan						7.25%						3/24/2041						48.0						48.0						13.2						0.00		%
Mariam Diner Inc dba Country Kitchen Restaurant			(*,#,^)			17393 Main St., Hesperia, CA 92345						Food Services and Drinking Places						Term Loan						8%						3/18/2026						42.8						42.8						16.3						0.00		%
Marlin Lighting LLC			(*,#,^)			7207 B Lockport Pl, Lorton, VA 22079						Specialty Trade Contractors						Term Loan						6%						12/19/2028						80.2						80.2						78.6						0.02		%
Matchless Transportation LLC dba First Class Limo			(*,#)			31525 Aurora Rd # 5, Solon, OH 44139						Transit and Ground Passenger Transportation						Term Loan						6.25%						5/31/2020						119.2						119.2						37.0						0.01		%
MB Xpress Inc			(*,#,^)			159 D'Arcy Pkwy, Lathrop, CA 95330						Truck Transportation						Term Loan						8.25%						9/19/2028						1,035.1						1,035.1						—						0.00		%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad			(*,#,^)			780 S Peace Haven Rd, Winston Salem, NC 27103						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						7%						11/25/2025						10.5						10.5						7.1						0.00		%
MIT LLC			(*,#,^)			11 North Peach ST., Medford, OR 97504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/31/2042						84.9						84.9						68.4						0.02		%
Mojo Brands Media, LLC			(*,#)			3260 University Blvd., Ste 100, Winter Park, FL 32792						Broadcasting (except Internet)						Term Loan						6%						8/28/2023						725.0						725.0						111.9						0.03		%
Morris Glass and Construction Inc			(*,#)			40058 Hwy 30, Astoria, OR 97103						Specialty Trade Contractors						Term Loan						15%						10/1/2023						341.0						341.0						165.2						0.04		%
MTV Bowl, Inc. dba Legend Lanes			(*,#)			4190 State Rd, Cuyahoga Falls, OH 44223						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						6/30/2036						86.4						86.4						7.4						0.00		%
Murf & Sons LLC			(*,#,^)			3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746						Food Services and Drinking Places						Term Loan						6%						11/16/2027						89.2						89.2						87.4						0.02		%
N Transport LLC			(*,#,^)			5348 W Brown Ave, Fresno, CA 93722						Truck Transportation						Term Loan						8%						11/20/2027						227.7						227.7						38.5						0.01		%
N Transport LLC			(*,#,^)			294 N. Fruit Ave, Fresno, CA 93706						Truck Transportation						Term Loan						8.25%						11/20/2042						175.3						175.3						142.3						0.04		%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC			(*,#,^)			2520 Pennsylvania Ave, Ogden, UT 84401						Truck Transportation						Term Loan						8.25%						6/20/2028						513.2						513.2						40.1						0.01		%

126

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Panther Ironworks and Rigging Solutions LLC			(*,#,^)			1028 Washburn Switch Rd, Shelby, NC 28150						Specialty Trade Contractors						Term Loan						6%						11/10/2026						112.7						112.7						88.3						0.02		%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa			(*,#)			412 and 500 Main St., La Marque, TX 77568						Heavy and Civil Engineering Construction						Term Loan						7%						9/28/2026						570.7						570.7						3.0						0.00		%
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv			(*,#,^)			412 and 500 Main St., La Marque, TX 77568						Heavy and Civil Engineering Construction						Term Loan						7%						9/28/2041						110.1						110.1						36.8						0.01		%
Peter K Lee MD, PC dba Atlanta Primary Care			(*,#,^)			211 Roberson Mill Rd, Milledgeville, GA 31061						Ambulatory Health Care Services						Term Loan						8.25%						9/13/2043						859.6						859.6						825.9						0.22		%
Peter K Lee MD, PC dba Atlanta Primary Care LLC			(*,#,^)			5 Ashford Way, Hawkinsville, GA 31061						Ambulatory Health Care Services						Term Loan						8.25%						9/13/2028						381.0						381.0						366.1						0.10		%
Picon Motors LLC dba The New Young's Motors			(*,#,^)			199-211 Central Ave, Orange, NJ 07080						Motor Vehicle and Parts Dealers						Term Loan						6%						6/12/2029						213.8						213.8						103.7						0.03		%
Play4Fun dba Luv 2 Play			(*,#,^)			13722 Jamboree Rd, Irvine, CA 92602						Amusement, Gambling, and Recreation Industries						Term Loan						7.5%						3/7/2028						148.1						148.1						89.1						0.02		%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T			(*,#,^)			2040 Dowdy Ferry, Dallas, TX 75218						Specialty Trade Contractors						Term Loan						8.25%						12/19/2038						429.1						429.1						424.9						0.12		%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and			(*,#,^)			13851 S State HWY 34, Scurry, TX 75158						Specialty Trade Contractors						Term Loan						8.25%						10/28/2025						435.4						435.4						277.9						0.08		%
The Alba Financial Group, Inc.			(*,#,^)			1420 Spring Hill Rd, McLain, VA 22102						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						6%						3/10/2021						0.1						0.1						0.1						0.00		%
Prestige Construction of Florida, LLC			(*,#,^)			1404 Yorktown St. Ste E, Deland, FL 34944						Construction of Buildings						Term Loan						Prime plus 0%						5/23/2042						315.2						315.2						273.3						0.07		%
Providence Management Environmental, LLC, Tindol Energy Group, LLC			(*,#,^)			6570 W Hwy 67, Cleburne, TX 76033						Waste Management and Remediation Services						Term Loan						6%						6/19/2029						255.9						255.9						253.4						0.07		%
Ramjay Inc.			(*,#,^)			85 S. Bragg St. Ste 303, Alexandria, VA 22312						Transit and Ground Passenger Transportation						Term Loan						8.25%						1/13/2027						375.6						375.6						55.7						0.02		%
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC			(*,#,^)			85 SW 5th Ave, Delray Beach, FL 33444						Ambulatory Health Care Services						Term Loan						7.75%						12/28/2028						109.3						109.3						9.1						0.00		%
RG Productions LLC			(*,#,^)			2414 W Battlefield Ste H, Springfield, MO 65807						Rental and Leasing Services						Term Loan						6%						3/28/2029						102.5						102.5						16.9						0.00		%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises			(*,#,^)			40515 Pumpkin Center Rd, Hammond, LA 70403						Merchant Wholesalers, Durable Goods						Term Loan						6%						9/30/2021						40.1						40.1						38.9						0.01		%
Roundhay Partners LLC and Roundhay Farming LLC			(*,#,^)			6160 Granite Spring Rd, Somerset, CA 95684						Crop Production						Term Loan						8.25%						8/8/2042						898.1						898.1						863.0						0.23		%
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.			(*,#,^)			5245 Bucks Bar Rd, Placerville, CA 95667						Beverage and Tobacco Product Manufacturing						Term Loan						8.25%						1/19/2030						229.5						229.5						220.5						0.06		%
Rich's Food Stores LLC dba Hwy 55 of Wallace			(*,#,^)			611 East Southerland St., Wallace, NC 28466						Food Services and Drinking Places						Term Loan						8.25%						9/14/2026						99.3						99.3						6.9						0.00		%

127

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Route 130 SCPI Holdings LLC Route 130 SCPI Operations LLC			(*,#)			423-429 Route 156, Trenton, NJ 08620						Food Services and Drinking Places						Term Loan						6.25%						9/30/2039						279.5						279.5						34.0						0.01		%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC			(*,#,^)			726-740 South Fleming St., Sebastian, FL 32958						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						11/23/2040						738.3						738.3						709.4						0.19		%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC			(*,#,^)			726-740 South Fleming St., Sebastian, FL 32958						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						12/24/2041						492.0						492.0						472.7						0.13		%
Sanabi Investment, LLC dba Oscar's Moving and Storage			(*,#,^)			11421 N W 107th St., #13, Miami, FL 33178						Truck Transportation						Term Loan						7.5%						6/20/2027						95.9						95.9						12.1						0.00		%
Sandlot Ventures LLC and Sandbox Ventures LLC			(*,#,^)			1857A Elmdale Ave, Glenview, IL 60025						Amusement, Gambling, and Recreation Industries						Term Loan						6%						9/25/2040						88.1						88.1						62.4						0.02		%
SDA Holdings LLC and Les Cheveux Salon Inc			(*,#,^)			306 McClanahan St., Roanoke, VA 24014						Personal and Laundry Services						Term Loan						7.5%						12/15/2040						108.5						108.5						51.1						0.01		%
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC			(*,#)			3822 State Route 3, Red Bud, IL 62278						Merchant Wholesalers, Nondurable Goods						Term Loan						7.5%						2/10/2030						523.1						523.1						16.2						0.00		%
Shaffer Automotive Repair, LLC			(*,#)			1485 North McQueen Rd #1, Gilbert, AZ 85233						Repair and Maintenance						Term Loan						7%						5/24/2030						91.0						91.0						43.2						0.01		%
Shining Star Kids, Inc. dba Brain Balance			(*,#,^)			17323 Ventura Blvd, Encino, CA 91316						Educational Services						Term Loan						Prime plus 0%						1/7/2029						77.2						77.2						75.7						0.02		%
Smith and Son Plumbing, LLC			(*,#,^)			15922 Eldorado Pkwy, Ste 500-1579, Frisco, TX 75035						Specialty Trade Contractors						Term Loan						6%						6/10/2029						76.0						76.0						34.2						0.01		%
Space Express, LLC			(*,#,^)			2775 Burris Rd, Davie, FL 33314						Truck Transportation						Term Loan						Prime plus 0%						3/12/2029						123.5						123.5						87.1						0.02		%
Sovereign Communications LLC			(*,#)			26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783						Broadcasting (except Internet)						Term Loan						6.75%						2/7/2024						627.4						627.4						118.3						0.03		%
Specialty Surgery Center, Inc.			(*,#,^)			5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342						Ambulatory Health Care Services						Term Loan						6%						6/28/2029						1,158.8						1,158.8						170.8						0.05		%
StillBasi Holdings, Inc. dba Buxton Auto Transport			(*,#,^)			9371 Jackson Rd, Sacramento, CA 95826						Truck Transportation						Term Loan						Prime plus 0%						3/29/2029						267.0						267.0						204.2						0.06		%
Suncrest Stone Products LLC			(*,#,^)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.25%						8/29/2041						493.3						493.3						82.2						0.02		%
Suncrest Stone Products LLC			(*,#,^)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.5%						8/29/2026						531.9						531.9						105.4						0.03		%
T and B Boots Inc dba Takken's Shoes			(*,#)			72 South Main St., Templeton, CA 93465						Clothing and Clothing Accessories Stores						Term Loan						7.25%						12/7/2026						380.7						380.7						326.3						0.09		%
Tarver-Henley Inc. and Tar-Hen LLC			(*,#,^)			2125 College Ave, Jackson, AL 36545						Building Material and Garden Equipment and Supplies Dealers						Term Loan						7.75%						6/21/2042						97.8						97.8						48.8						0.01		%
The Jig, LLC			(*,#,^)			3115 Camp Phillips Rd, Wausau, WI 54403						Food Services and Drinking Places						Term Loan						8.25%						10/24/2042						24.0						24.0						23.5						0.01		%
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites			(*,#,^)			29291 Amerihost Dr, Dowagiac, MI 49047						Accommodation						Term Loan						8.25%						12/5/2041						335.1						335.1						325.3						0.09		%
US Shipping Trans Inc, Esteem Trucking Inc			(*,#,^)			16102 Sweetwater Court, Lathrop, CA 95330						Truck Transportation						Term Loan						Prime plus 0%						9/26/2028						674.6						674.6						563.4						0.15		%

128

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Non-Accrual Investments (3) (22)

Victorian Restaurant and Tavern, LLC			(*,#,^)			226 Maple Ave, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						8.25%						2/22/2042						91.9						91.9						65.8						0.02		%
Webb Eye Associates, PA			(*,#,^)			1720 S W W White Rd, San Antonio, TX 78220						Ambulatory Health Care Services						Term Loan						7.25%						7/19/2027						71.2						71.2						60.4						0.02		%
White Hawk Inc.			(*,#,^)			2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205						Truck Transportation						Term Loan						8.25%						12/15/2026						917.5						917.5						16.0						0.00		%
Wilban LLC			(*,#,^)			454 US Hwy 22, Whitehouse Station, NJ 08889						Food Services and Drinking Places						Term Loan						7.5%						3/11/2026						21.7						21.7						21.3						0.01		%
Wilban LLC			(*,#)			454 US Hwy 22, Whitehouse Station, NJ 08889						Food Services and Drinking Places						Term Loan						7.25%						3/28/2039						238.6						238.6						100.5						0.03		%
LA Diner Inc dba Loukas L A Diner			(*,#)			3205 Route 22 East, Branchburg, NJ 08876						Food Services and Drinking Places						Term Loan						7.25%						9/28/2037						92.8						92.8						81.2						0.02		%
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van			(*,#,^)			3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010						Transit and Ground Passenger Transportation						Term Loan						7.75%						9/27/2028						562.0						562.0						408.7						0.11		%
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan			(*,#,^)			33-51 11th St., Astoria, NY 11106						Merchant Wholesalers, Nondurable Goods						Term Loan						8.25%						4/28/2027						75.8						75.8						74.3						0.02		%
Total Unguaranteed Non-Accrual SBA Investments																																				52,985.9						52,985.9						$	27,041.3					7.33		%
Total Unguaranteed SBA Investments																																				$	424,795.2					$	424,795.2					$	413,728.0					112.12		%

129

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

NJ Floats Inc						327 Route 202/206, Bedminster Township, NJ 07921						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/12/2046						$	807.9					$	807.9					$	910.5					0.25		%
Jones Roger Shermann Inn Inc.						195 Oenoke Ridge, New Canaan, CT 06840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/4/2030						72.9						72.9						82.1						0.02		%
The Hall at the Yard						1412 Alden Rd, Orlando, FL 32803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/2/2031						1,579.0						1,579.0						1,779.5						0.48		%
Little Angels Daycare						4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						10/3/2046						171.2						171.2						196.4						0.05		%
Clean Energyz LLC						881 Alma Real Dr Ste T-16, Pacific Palisades, CA 90272						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2031						178.9						178.9						201.7						0.05		%
ALG Health						520 West Mulberry St., Bryon, OH 43506						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/29/2031						2,720.6						2,720.6						3,066.0						0.83		%
Earth Analytical Sciences Inc						4825 Ward Dr, Beaumont, TX 77705						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/17/2031						505.6						505.6						569.8						0.15		%
Woodzzy LLC						1133 Clarkson Ave, Brooklyn, NY 11212						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/19/2046						1,523.7						1,523.7						1,717.1						0.47		%
899 Toscanini LLC						899 Main St., Cambridge, MA 02139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						58.5						58.5						65.9						0.02		%
Prestige Nationwide LLC						1131 Burke St., Winston-Salem, NC 27101						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/22/2046						382.5						382.5						438.9						0.12		%
Moon Group, Inc.						145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						3,254.8						3,254.8						3,466.4						0.94		%
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade						100 Village Rd, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/16/2029						105.3						105.3						112.7						0.03		%
Hackstaff Restaurants						248 W 1st. St. Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						412.7						412.7						441.6						0.12		%
Lulubelle's Mountain Banana Bread LLC						1063 Carousel Rd, Lake Arrowhead, CA 92352						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						750.0						750.0						858.8						0.23		%
Talent Leadership LLC						4280 Lavon Dr, Garland, TX 75040						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/25/2031						261.0						261.0						295.0						0.08		%
U.S. Press, LLC						1628-A James P. Rodgers Dr, Valdosta, GA 31601						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						6/25/2031						566.6						566.6						639.6						0.17		%
U.S. Press, LLC						1628-A James P. Rodgers Dr, Valdosta, GA 31601						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						6/25/2046						433.4						433.4						502.2						0.14		%
VILLELA CPA PLLC						3877 SE 5th Ave, Ocala, FL 34480						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2031						135.0						135.0						152.6						0.04		%
Neil Hoss, D.M.D., LLC						115 Hartford Turnpike, Tolland, CT 06084						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/30/2031						252.9						252.9						285.9						0.08		%
Gene Properties LLC						149 Atlantic Ave, Westerly, RI 02891						Accommodation						Term Loan						Prime plus 2.75%						6/30/2046						900.0						900.0						1,035.0						0.28		%
Tidal Commerce Inc.						2100 Clearwater Dr, Oak Brook, IL 60523						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/30/2031						2,947.5						2,947.5						3,323.3						0.90		%
Martin C. Liu & Associates, PLLC						135 Bowery St., New York, NY 10002						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2031						450.0						450.0						508.6						0.14		%
New York Equestrian Ltd.						633 EAGLE AVE, WEST HEMPSTEAD, NY 11552						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/30/2046						1,000.0						1,000.0						1,152.5						0.31		%

130

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Sheldon T. Banks, LLC						G2340 W Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/30/2046						520.2						520.2						603.4						0.16		%
Eagle's Eye Comfort Care Miramar, LLC						6308 SW 27th St, Miramar, FL 33023						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/30/2046						589.5						589.5						683.8						0.19		%
Superior Coach Interiors, Inc.						211 Babb Dr, Lebanon, TN 37087						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						3,453.3						3,453.3						3,880.6						1.05		%
CRAFTWORK CARPENTRY AND MILLWORK INC.						2777 S Financial Ct., Sandford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2031						1,044.0						1,044.0						1,178.4						0.32		%
RH All Around Repair						2008 Coahuila Rd, Odessa, TX 79763						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2046						470.3						470.3						545.5						0.15		%
Chet Lemon Enterprises Inc.						1544 Lane Park Cut off, Tavares, FL 32778						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/3/2031						813.2						813.2						905.7						0.25		%
Diamond Ridge Professionals						8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						18.4						18.4						20.4						0.01		%
Centre for Autism Treatment						13090 Sundown Rd, Victorville, CA 92392						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/20/2031						18.4						18.4						20.4						0.01		%
Londerpass Inc.						108 N Fiore Pkwy, Vernon Hills, IL 60061						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/21/2031						18.4						18.4						20.4						0.01		%
Skypie Studio and Crafts LLC						933 Mary Ave, Opelousas, LA 70570						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						17.6						17.6						19.6						0.01		%
Andrew’s Spotless Cleaning LLC						1604 Marcella Dr, Covington, KY 41011						Administrative and Support Services						Term Loan						Prime plus 6.5%						1/22/2031						18.4						18.4						20.4						0.01		%
VIIXVII Sewing Studio LLC						277 E Girard Ave, Philadelphia, PA 19125						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 6.5%						1/22/2031						13.6						13.6						15.1						—		%
Wild Thing Accounting & Tax LLC						805 NE 190th Ave, Portland, OR 97230						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						18.4						18.4						20.4						0.01		%
Pasture Clearing Fencing LLC						1205 N St., Belleville, KS 66935						Construction of Buildings						Term Loan						Prime plus 6.5%						1/22/2031						18.4						18.4						20.4						0.01		%
Wild Wellness LLC						151 Lake St., Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						8.1						8.1						9.0						—		%
Jazma Wise						110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						11.8						11.8						13.1						—		%
uniguide Media LLC						105 Pearl St., Sausalito, CA 94965						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						2/11/2031						18.6						18.6						20.6						0.01		%
Alima Mandiang						242 E. Claremont Rd, Philadelphia, PA 19120						Personal and Laundry Services						Term Loan						Prime plus 6.5%						2/17/2031						7.4						7.4						8.2						—		%
Benevolent Family Services LLC						522 S Independence Blvd, Ste 201, Virginia Beach, VA 23452						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						3/15/2031						18.7						18.7						20.8						0.01		%
INB Enterprise LLC						7761 Diamondback Dr, College Park, MD 20742						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/15/2031						18.7						18.7						20.8						0.01		%
Blasco Tire						960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						18.7						18.7						20.7						0.01		%
Stephanie Doty						82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						11.2						11.2						12.5						—		%

131

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Lockett Trucking and Transport LLC						612 Colebridge Dr, Blacklick, OH 43004						Truck Transportation						Term Loan						Prime plus 6.5%						4/14/2031						18.7						18.7						20.8						0.01		%
RV Solar LLC						635 E Laverne Dr, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						18.7						18.7						20.8						0.01		%
Foy Commerce LLC						1725 Park Lane S, Ste 2,, Jupiter, FL 33458						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/5/2031						18.8						18.8						20.8						0.01		%
American Pharmaceutical Innovation Company, LLC						1425 Centre Circle, Downers Grove, IL 60515						Chemical Manufacturing						Term Loan						Prime plus 2.75%						3/28/2027						42.2						42.2						42.2						0.01		%
Matrix Z LLC						800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						10.7						10.7						10.7						—		%
Rello Inc.						8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						5.2						5.2						5.2						—		%
2Choice2Friends LLC						901 W Braker Lane, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						10.8						10.8						10.8						—		%
NYM Solutions Inc.						12150 SW 128th St. CT Ste 209, Miami, FL 33186						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						5/6/2029						10.9						10.9						10.9						—		%
Crystal Cleaning Service						26 Cooper Rd, Byhalia, MS 38611						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/9/2029						8.9						8.9						8.9						—		%
Clowers Trucking by Faith LLC						705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						10.8						10.8						10.8						—		%
MCM Design LLC						5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.4						8.4						8.4						—		%
Still Photography						195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						10.9						10.9						10.9						—		%
Archer Cleaners Inc.						1514 W. 33rd St., Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						11.0						11.0						11.0						—		%
Law Office of Paula Padilla PLLC						2211 E Highland Ave Ste 130, Phoenix, AZ 85016						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/13/2029						4.4						4.4						4.4						—		%
Bonadi Inc.						9858 W Sample Rd, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/17/2029						11.0						11.0						11.0						—		%
Campuscuts LLC						930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.6						6.6						6.6						—		%
Port Diesel LLC						3212 Alex Trask Dr, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						11.0						11.0						11.0						—		%
Menshka Inc.						88 High St., Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						11.0						11.0						11.0						—		%
The Bean Coffee Company, LLC						112 South Main St., Spring Hill, KS 66083						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						7/17/2029						11.1						11.1						11.1						—		%
Lawrence Adeyemo & Co LLC						209-34 112 Ave, Queens Village, NY 11429						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						7/19/2029						8.8						8.8						8.8						—		%
Gradstreet LLC						2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						6.7						6.7						6.7						—		%
A&S Services LLC						3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						8/7/2029						11.1						11.1						11.1						—		%
Crystal Clear Accounting						34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.9						2.9						2.9						—		%
Doghouse Sport Fishing Charters Inc.						83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						11.1						11.1						11.1						—		%

132

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

No Push Back LLC						2223 Dungan Ave, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						10.8						10.8						10.8						—		%
Host Marketing LLC						206 Bell Lane, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						11.1						11.1						11.1						—		%
Standard Real Estate Services LLC						500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217						Real Estate						Term Loan						Prime plus 6.5%						9/19/2029						11.1						11.1						11.1						—		%
Bargain Store						107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						11.2						11.2						11.2						—		%

Powerlift Dumbwaiters Inc.						2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						10.7						10.7						10.7						—		%
Pine Mountain Residential LLC						10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						11.2						11.2						11.2						—		%
James Clark and Company Inc.						8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						10/22/2029						11.2						11.2						11.2						—		%
Sean McNamara						5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						11.3						11.3						11.3						—		%
The Pinnacle Group						105 Springside Dr, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						11.3						11.3						11.3						—		%
Standard Capital Corp.						2349 Wessington Dr, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.4						11.4						11.4						—		%
Scott’s Hardware Inc						200 Tuckerton Rd, Medford, NJ 08055						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						12/6/2029						11.3						11.3						11.3						—		%
HADD Corp						364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						11.3						11.3						11.3						—		%
La Tradicion Cubana Inc.						9357 S.W. 40th St., Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.4						11.4						11.4						—		%
This is a Fly Closet LLC						12408 Kingsview St., Bowie, MD 20721						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						1/30/2030						11.5						11.5						11.5						—		%
2 N 1 Home and Lawn LLC						1300 Ridenour Blvd, Kennesaw, GA 30152						Administrative and Support Services						Term Loan						Prime plus 6.5%						2/3/2030						11.5						11.5						11.5						—		%
All Modes Transportation and Logistics						4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.5						11.5						11.5						—		%
Green Farm Inc.						1018 W SR 424 Ste 100, Longwood, FL 32750						Food and Beverage Stores						Term Loan						Prime plus 6.5%						11/19/2030						12.1						12.1						12.1						—		%
Kendra Leigh Boyer CPA						5068 Dupont Court E, Santa Rosa, CA 95409						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						11/20/2030						1.1						1.1						1.1						—		%
Flex Beauty Labs LLC						7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						12.1						12.1						12.1						—		%
Dearly Loved Counseling LLC						14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618						Social Assistance						Term Loan						Prime plus 6.5%						11/24/2030						12.1						12.1						12.1						—		%
Diane's Accounting Service						119 E Haywood St, England, AR 72046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/3/2030						12.2						12.2						12.2						—		%
Combs Creative LLC						157 Antler Ridge Circle,, Nashville, TN 37214						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/4/2030						5.4						5.4						5.4						—		%

133

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Travel with Love, LLC						8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/4/2030						4.9						4.9						4.9						—		%
R. JOHNSON CRAFTSMANSHIP						346 Spring Garden Rd, Milford, NJ 08848						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						12/4/2030						10.0						10.0						10.0						—		%
Jamali LLC						2741 Raceway Fairfield West, Pensacola, FL 32503						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						12.2						12.2						12.2						—		%
Donald W. Harris						1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						12.2						12.2						12.2						—		%
David Benson LLC						1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						12.2						—		%
Savannah Area Language & Culture Exchange, LLC						6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						12.2						—		%
Vege Investments, LLC						26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						12.2						12.2						12.2						—		%
ASIL Ventures, LLC						4354 N Bell Ave, Apt G2,, Chicago, IL 60618						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/22/2030						4.1						4.1						4.1						—		%
SPECTRUM DYNAMICS, INC						27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						12.2						—		%
Pittman Holdings LLC DBA Maple Bourbon						1116 E Main St., Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						12.2						—		%
KCL Business Service Inc						1042 San Fernando Rd., San Fernando, CA 91340						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						12.2						—		%
Chris' Angels Cleanning Service LLC						2090 Dunwoody Club Dr, Sandy Springs, GA 30350						Administrative and Support Services						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						12.2						—		%
Tiki Torch Liquors						101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						12.2						12.2						12.2						—		%
Austen Felder Holdings						23642 Hwy 25, Franklinton, LA 70438						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/18/2031						12.3						12.3						12.3						—		%
Edel Family Management Corp						2207 Coney Island Ave, Brooklyn, NY 11223						PPP						Term Loan						1.0%						4/30/2022						39.2						39.2						39.2						0.01		%
Surf Cup Sports						2037 Park Dale Ln, Encinitas, CA 92024						PPP						Term Loan						1.0%						4/30/2022						19.0						19.0						19.0						0.01		%
San Basilio, LLC						12305 SW 38th St., Ocala, FL 34481						PPP						Term Loan						1.0%						5/4/2022						2.5						2.5						2.5						—		%
Asthma & Allergy Medical Care, P.C.						68 Nassau Rd, Huntington, NY 11743						PPP						Term Loan						1.0%						5/4/2022						16.1						16.1						16.1						—		%
Provino's South, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/5/2022						18.2						18.2						18.2						—		%
Kore Surgical Inc						26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275						PPP						Term Loan						1.0%						5/5/2022						8.0						8.0						8.0						—		%
MacLeod and Company						3161 Michelson Dr, Irvine, CA 92612						PPP						Term Loan						1.0%						5/5/2022						7.5						7.5						7.5						—		%
Swirnow Capital Management Corp						500 Harborview Dr, Third Floor, Baltimore, MD 21230						PPP						Term Loan						1.0%						5/5/2022						10.0						10.0						10.0						—		%

134

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

GMS Racing LLC						1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135						PPP						Term Loan						1.0%						5/6/2022						130.0						130.0						130.0						0.04		%
Ntrepid LLC						12801 Worldgate Dr, Ste 800, Herndon, VA 20170						PPP						Term Loan						1.0%						5/6/2022						720.2						720.2						720.2						0.20		%
Basic L Corporation dba Action Industries						1120 Olympic Dr, Corona, CA 92881						PPP						Term Loan						1.0%						5/7/2022						43.1						43.1						43.1						0.01		%
Fleming Island Dental Care						1590 Island Ln, Ste 12, Fleming Island, FL 32003						PPP						Term Loan						1.0%						5/8/2022						6.9						6.9						6.9						—		%
Dominion Glass & Mirror Inc.						14707-B Willard Rd, Chantilly, VA 20151						PPP						Term Loan						1.0%						5/8/2022						20.4						20.4						20.4						0.01		%
Allergy & Asthma Associates of Murray Hill, P.C.						35 E 35th St, Ste 202, New York, NY 10016						PPP						Term Loan						1.0%						5/8/2022						17.1						17.1						17.1						—		%
Rodney and Bernstein P.A.						1925 Brickell Ave, Ste D-207, Miami, FL 33129						PPP						Term Loan						1.0%						5/11/2022						17.1						17.1						17.1						—		%
Temple Emanu-El						2100 Highland Ave, Birmingham, AL 35205						PPP						Term Loan						1.0%						5/12/2022						28.0						28.0						28.0						0.01		%
American Automotive Aftermarket Inc.						50 Dunham Rd, Billerica, MA 01821						PPP						Term Loan						1.0%						5/12/2022						22.0						22.0						22.0						0.01		%
Dental Designs of Fort Myers, LLC						3220 Forum Blvd, #104, Fort Myers, FL 33905						PPP						Term Loan						1.0%						5/12/2022						34.8						34.8						34.8						0.01		%
RX Psychological Services, LLC						5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008						PPP						Term Loan						1.0%						5/12/2022						2.1						2.1						2.1						—		%
HL Group Inc.						16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017						PPP						Term Loan						1.0%						5/13/2022						16.0						16.0						16.0						—		%
Child Welfare League of America Inc.						727 15th St NW, Ste 1200, Washington, DC 20005						PPP						Term Loan						1.0%						5/13/2022						20.0						20.0						20.0						0.01		%
Quality Pool Management						161 Rombout Rd, Poughkeepsie, NY 12603						PPP						Term Loan						1.0%						5/13/2022						6.4						6.4						6.4						—		%
Deep Ellum Art Co.						3200 Commerce St, Dallas, TX 75226						PPP						Term Loan						1.0%						5/14/2022						8.0						8.0						8.0						—		%
Stress Analysis Services, Inc.						3920 Ira Rd, Akron, OH 44333						PPP						Term Loan						1.0%						5/14/2022						19.0						19.0						19.0						0.01		%
Retrotope, Inc.						4300 El Camino Real, Ste 201, Los Altos, CA 94022						PPP						Term Loan						1.0%						5/14/2022						28.3						28.3						28.3						0.01		%
D. R. Horne & Company						117 Mercer St., Princeton, NJ 08540						PPP						Term Loan						1.0%						5/14/2022						0.4						0.4						0.4						—		%
Dominic Orfitelli, LLC						7101 Elizabeth Dr, McLean, VA 22101						PPP						Term Loan						1.0%						5/15/2022						3.1						3.1						3.1						—		%
Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You						31773 Temecula Pkwy, Temecula, CA 92592						PPP						Term Loan						1.0%						5/15/2022						1.7						1.7						1.7						—		%
Alpine Metal Products, Inc.						2000 St John St, Easton, PA 18042						PPP						Term Loan						1.0%						5/15/2022						25.0						25.0						25.0						0.01		%
Ranco Construction LLC						2 Coleman Ct, Southampton, NJ 08088						PPP						Term Loan						1.0%						5/15/2022						52.9						52.9						52.9						0.01		%
Rumi K. Lakha D.O., Inc.						7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255						PPP						Term Loan						1.0%						5/15/2022						21.7						21.7						21.7						0.01		%

135

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Chatham Pathology and Associates						5353 Reynolds St, Savannah, GA 31405						PPP						Term Loan						1.0%						5/15/2022						16.8						16.8						16.8						—		%
Timothy G Greco, MD A Prof Corp						1260 Crestview Dr, Fullerton, CA 92833						PPP						Term Loan						1.0%						5/15/2022						3.4						3.4						3.4						—		%
Brookhollow Management Company						151 Kalmus Dr, F-1, Costa Mesa, CA 92626						PPP						Term Loan						1.0%						5/15/2022						30.6						30.6						30.6						0.01		%
Hotel Cheval, LLC						1021 Pine St, Paso Robles, CA 93446						PPP						Term Loan						1.0%						5/18/2022						17.5						17.5						17.5						—		%
Kohcoon LLC						4060 Woodridge Rd, Miami, FL 33133						PPP						Term Loan						1.0%						5/18/2022						2.9						2.9						2.9						—		%
McGee Media LLC						156 Katonah Ave., Ste #202, Katonah, NY 10536						PPP						Term Loan						1.0%						5/18/2022						106.0						106.0						106.0						0.03		%
South City Construction						1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/18/2022						24.0						24.0						24.0						0.01		%
Lisa Stransky Real Estate LLC						10000 Falls Rd, Ste 300, Potomac, MD 20854						PPP						Term Loan						1.0%						5/18/2022						4.7						4.7						4.7						—		%
John Woody Inc.						754 Harrison St, Jacksonville, FL 32220						PPP						Term Loan						1.0%						5/19/2022						27.6						27.6						27.6						0.01		%
Chophouse 13						11362 San Jose Blvd, Ste 1, Jacksonville, FL 32223						PPP						Term Loan						1.0%						5/19/2022						20.4						20.4						20.4						0.01		%
Shorstein & Shorstein PA						8265 Bayberry Rd, Jacksonville, FL 32256						PPP						Term Loan						1.0%						5/19/2022						42.3						42.3						42.3						0.01		%
Doctors Medical Center of Walton County, PA						21 W Main Ave, Defuniak Springs, FL 32435						PPP						Term Loan						1.0%						5/19/2022						21.9						21.9						21.9						0.01		%
Mecca Resources Inc						3033 Riviera Dr, Ste 101, Naples, FL 34103						PPP						Term Loan						1.0%						5/19/2022						1.5						1.5						1.5						—		%
CCG Advisors						817 W Peachtree St., Ste 205, Atlanta, GA 30308						PPP						Term Loan						1.0%						5/19/2022						21.5						21.5						21.5						0.01		%
Laura Billon						1286 El Mercado Way,, Unit C, Oceanside, CA 92057						PPP						Term Loan						1.0%						5/19/2022						0.1						0.1						0.1						—		%
Caveonix						7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043						PPP						Term Loan						1.0%						5/20/2022						31.0						31.0						31.0						0.01		%
Brandy Cox, Inc						11818 Cupworth Ct, Huntersville, NC 28078						PPP						Term Loan						1.0%						5/20/2022						0.8						0.8						0.8						—		%
Mark E Haddad MD Inc						PO Box 791507, Paia, HI 96779						PPP						Term Loan						1.0%						5/20/2022						1.5						1.5						1.5						—		%
Direct Resources Group						1520 4th Ave, Ste 500, Seattle, WA 98101						PPP						Term Loan						1.0%						5/21/2022						31.3						31.3						31.3						0.01		%
Patricia Margolin						551 Spring Valley Rd, Paramus, NJ 07652						PPP						Term Loan						1.0%						5/21/2022						0.9						0.9						0.9						—		%
Gwendolyn Luce						4065 Laguna Way, Palo Alto, CA 94306						PPP						Term Loan						1.0%						5/21/2022						0.8						0.8						0.8						—		%
Hamilton Technology Services						14115 West 59th Place, Arvada, CO 80004						PPP						Term Loan						1.0%						5/21/2022						15.3						15.3						15.3						—		%
North Carolina Baptist Foundation, Inc.						201 Convention Dr, Cary, NC 27511						PPP						Term Loan						1.0%						5/21/2022						27.6						27.6						27.6						0.01		%

136

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Carrie Risatti						307 Montana Ave, #201, Santa Monica, CA 90403						PPP						Term Loan						1.0%						5/21/2022						1.7						1.7						1.7						—		%
S & L Paper Corporation						3500 Hampton Rd, Oceanside, NY 11572						PPP						Term Loan						1.0%						5/22/2022						12.9						12.9						12.9						—		%
Fybr LLC						640 Cepi Dr, Ste C, Chesterfield, MO 63005						PPP						Term Loan						1.0%						5/22/2022						27.3						27.3						27.3						0.01		%
Steeplechase Amusement Inc						11540 Clover Ave, Los Angeles, CA 90066						PPP						Term Loan						1.0%						5/22/2022						4.2						4.2						4.2						—		%
JK Belz & Associates Inc						10580 N McCarran Blvd, #115-222, Reno, NV 89503						PPP						Term Loan						1.0%						5/22/2022						4.8						4.8						4.8						—		%
South Florida Imaging Consultants LLC						10754 Versailles Blvd, Wellington, FL 33449						PPP						Term Loan						1.0%						5/22/2022						4.4						4.4						4.4						—		%
BanzaiFly Inc						3861 Reklaw Dr, Studio City, CA 91604						PPP						Term Loan						1.0%						5/22/2022						2.0						2.0						2.0						—		%
Youth Tennis San Diego Foundation						4490 W Point Loma Blvd, San Diego, CA 92107						PPP						Term Loan						1.0%						5/22/2022						0.7						0.7						0.7						—		%
Cinema Vehicles						12580 Saticoy St, North Hollywood, CA 91605						PPP						Term Loan						1.0%						5/22/2022						59.0						59.0						59.0						0.02		%
Provino's Italian Restaurant, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/26/2022						25.8						25.8						25.8						0.01		%
Easy Content Media LLC						706 Van Nest Dr, Martinsville, NJ 08836						PPP						Term Loan						1.0%						5/26/2022						5.8						5.8						5.8						—		%
163rd Avenue Investors, LLC						1435 163rd Ave, San Leandro, CA 94578						PPP						Term Loan						1.0%						5/26/2022						2.9						2.9						2.9						—		%
TK Food Concepts LLC						107 North 3rd St, Ste 3D, Brooklyn, NY 11249						PPP						Term Loan						1.0%						5/26/2022						15.4						15.4						15.4						—		%
Jennie Kwon Designs						643 S Olive St, Los Angeles, CA 90014						PPP						Term Loan						1.0%						5/26/2022						5.4						5.4						5.4						—		%
Pacific CCI, Inc						880 W 1st St, #520, Los Angeles, CA 90012						PPP						Term Loan						1.0%						5/27/2022						36.4						36.4						36.4						0.01		%
Scalini's, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/27/2022						17.7						17.7						17.7						—		%
Sports Academy Integrated Sports Medicine, LLC						1011 Rancho Conejo Blvd, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/27/2022						31.4						31.4						31.4						0.01		%
Aqua Flies LLC						PO Box 2216, Sebastopol, CA 95473						PPP						Term Loan						1.0%						5/27/2022						1.0						1.0						1.0						—		%
AMAN PC						181 Westfield Ave, Clark, NJ 07066						PPP						Term Loan						1.0%						5/27/2022						9.9						9.9						9.9						—		%
Frenchy's						1460 3rd St S, Jacksonville Beach, FL 32250						PPP						Term Loan						1.0%						5/28/2022						8.6						8.6						8.6						—		%
Hoaka Property Company LLC						PO Box 670, Kailua Kona, HI 96745						PPP						Term Loan						1.0%						5/28/2022						40.0						40.0						40.0						0.01		%
Daniel I Richman, MD						429 E 75th St, 6th Floor, New York, NY 10021						PPP						Term Loan						1.0%						5/28/2022						16.8						16.8						16.8						—		%
Yoga Connection of Pembroke Pines, Inc						12592 Pines Blvd, #103, Pembroke Pines, FL 33027						PPP						Term Loan						1.0%						5/28/2022						2.3						2.3						2.3						—		%
Tinny Corporation						100 Bradley St, Middletown, CT 06457						PPP						Term Loan						1.0%						5/28/2022						50.2						50.2						50.2						0.01		%

137

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

PPJ						2 Carsha Dr, Natick, MA 01760						PPP						Term Loan						1.0%						5/28/2022						33.6						33.6						33.6						0.01		%
Emeco						805 W Elm Ave, Hanover, PA 17331						PPP						Term Loan						1.0%						5/28/2022						50.7						50.7						50.7						0.01		%
Jaron Presant, Inc.						752 Juanita Ave, Santa Barbara, CA 93109						PPP						Term Loan						1.0%						5/28/2022						2.0						2.0						2.0						—		%
Shalik, Morris & Company, LLC						80 Crossways Park Dr W, Woodbury, NY 11797						PPP						Term Loan						1.0%						5/29/2022						108.3						108.3						108.3						0.03		%
Elizabeth W. Shull						2600 Wamath Dr, Charlotte, NC 28210						PPP						Term Loan						1.0%						5/29/2022						1.7						1.7						1.7						—		%
MANHATTAN RETINA & EYE CONSULTANTS						67 E 78th St., Unit 1c, New York, NY 10075						PPP						Term Loan						1.0%						5/29/2022						2.8						2.8						2.8						—		%
Hawk Management LLC						2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052						PPP						Term Loan						1.0%						5/29/2022						18.9						18.9						18.9						0.01		%
Headhunter Inc						3380 SW 11th AVE, FT LAUDERDALE, FL 33315						PPP						Term Loan						1.0%						5/29/2022						78.2						78.2						78.2						0.02		%
Construction Solutions and Services LLC						7698 Hoffy Cir, Lake Worth, FL 33467						PPP						Term Loan						1.0%						5/29/2022						1.1						1.1						1.1						—		%
Raidah Hudson Dentistry						4374 S Laburnum Ave, Richmond, VA 23231						PPP						Term Loan						1.0%						5/29/2022						2.5						2.5						2.5						—		%
Xtreme Acro and Cheer Inc.						14702 Southlawn Ln, Rockville, MD 20850						PPP						Term Loan						1.0%						5/29/2022						5.0						5.0						5.0						—		%
Haley Glazer Geriatric Care Management, LLC						40 Bradway Ave, Ewing Township, NJ 08618						PPP						Term Loan						1.0%						6/1/2022						3.3						3.3						3.3						—		%
Snipers Lacrosse Inc						1024 W Heritage Club Cir, Delray Beach, FL 33483						PPP						Term Loan						1.0%						6/1/2022						2.6						2.6						2.6						—		%
Michael A Friedman, MD						2675 N Decatur Rd, Decatur, GA 30033						PPP						Term Loan						1.0%						6/1/2022						1.7						1.7						1.7						—		%
Triple Aught Foundation						24052 Watergap Rd, Hiko, NV 89017						PPP						Term Loan						1.0%						6/1/2022						6.7						6.7						6.7						—		%
Bonsecours Productions Inc.						420 Riverside Dr, New York, NY 10025						PPP						Term Loan						1.0%						6/1/2022						1.2						1.2						1.2						—		%
Lori B. Birndorf, D.O., A Medical Corporation						12139 Riverside Dr, Valley Village, CA 91607						PPP						Term Loan						1.0%						6/1/2022						3.0						3.0						3.0						—		%
VCSC						11627 Versailles Lakes Ln, Houston, TX 77082						PPP						Term Loan						1.0%						6/1/2022						2.4						2.4						2.4						—		%
Lubin & Meyer, PC						100 City Hall Plaza, Boston, MA 02108						PPP						Term Loan						1.0%						6/1/2022						63.0						63.0						63.0						0.02		%
Broomstick Productions Inc						10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Special Events Staffing						1015 N Lake Ave, Ste 205, Pasadena, CA 91104						PPP						Term Loan						1.0%						6/1/2022						54.6						54.6						54.6						0.01		%
BOWIE RACQUET AND FITNESS CLUB, INC						100 White Marsh Park Dr, Bowie, MD 20715						PPP						Term Loan						1.0%						6/1/2022						28.1						28.1						28.1						0.01		%
Get Wired Tec, Inc.						2192 Lysander Ave, Simi Valley, CA 93065						PPP						Term Loan						1.0%						6/1/2022						4.0						4.0						4.0						—		%

138

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Colgate McCallum Advisors Inc						5440 Harvest Hill Rd., #253, Dallas, TX 75230						PPP						Term Loan						1.0%						6/1/2022						14.6						14.6						14.6						—		%
Bailey and Owens Construction						2649 Valleydale Rd, Birmingham, AL 35244						PPP						Term Loan						1.0%						6/1/2022						17.5						17.5						17.5						—		%
Levin's Crosstown Supply Corp.						1347 Boston Rd, Bronx, NY 10456						PPP						Term Loan						1.0%						6/1/2022						6.5						6.5						6.5						—		%
The On The Line Company, Inc						101 Arch St, Ste 225, Boston, MA 02110						PPP						Term Loan						1.0%						6/1/2022						9.7						9.7						9.7						—		%
LG Networks Inc						8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251						PPP						Term Loan						1.0%						6/1/2022						15.1						15.1						15.1						—		%
Orange Park Travel						3657 St Johns Ave, Jacksonville, FL 32205						PPP						Term Loan						1.0%						6/2/2022						6.3						6.3						6.3						—		%
Trapwire Inc.						1818 Library St, Reston, VA 20190						PPP						Term Loan						1.0%						6/2/2022						24.4						24.4						24.4						0.01		%
Innervision Technology Relocation Company						3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806						PPP						Term Loan						1.0%						6/2/2022						7.4						7.4						7.4						—		%
TK Digital Corporation						107 North 3rd St, Ste 3D, Brooklyn, NY 11249						PPP						Term Loan						1.0%						6/2/2022						10.8						10.8						10.8						—		%
Provino's of North Gwinnett, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						6/2/2022						24.0						24.0						24.0						0.01		%
Zola Electric Labs, Inc.						555 De Haro St, San Francisco, CA 94107						PPP						Term Loan						1.0%						6/2/2022						50.0						50.0						50.0						0.01		%
St. Jude Emergency Medical Group Inc.						9930 Research Dr, Irvine, CA 92618						PPP						Term Loan						1.0%						6/2/2022						24.5						24.5						24.5						0.01		%
Spruce Street Tap						PO Box 1636, Asheville, NC 28802						PPP						Term Loan						1.0%						6/2/2022						68.5						68.5						68.5						0.02		%
Wavecrest Sales LLC						501 NE Wavecrest Way, Boca Raton, FL 33432						PPP						Term Loan						1.0%						6/2/2022						2.0						2.0						2.0						—		%
Flynn Gallagher Associates LLC						1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135						PPP						Term Loan						1.0%						6/2/2022						23.2						23.2						23.2						0.01		%
Law Offices of Rajiv S Khanna PC						5225 N. Wilson Blvd, Arlington, VA 22205						PPP						Term Loan						1.0%						6/3/2022						31.3						31.3						31.3						0.01		%
Solomon Construction Consulting LLC						38 Turtle Cove Ln, Huntington, NY 11743						PPP						Term Loan						1.0%						6/3/2022						0.7						0.7						0.7						—		%
Ultimate Sports Medicine						3727 Buchanan St., Ste 203, San Francisco, CA 94123						PPP						Term Loan						1.0%						6/3/2022						2.1						2.1						2.1						—		%
Princeton Van Service						92 north main St. bldg 4, WINDSOR, NJ 08561						PPP						Term Loan						1.0%						6/3/2022						1.7						1.7						1.7						—		%
David H.C. King, M.D., Inc.						320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032						PPP						Term Loan						1.0%						6/3/2022						3.8						3.8						3.8						—		%
Renuart Enterprises Inc. (REI)						16950 SW 90th Ave, Palmetto Bay, FL 33157						PPP						Term Loan						1.0%						6/3/2022						7.3						7.3						7.3						—		%
Subterranean Hair						263 W 7th St, San Pedro, CA 90731						PPP						Term Loan						1.0%						6/3/2022						0.9						0.9						0.9						—		%
Apache Behavioral Health Services, Inc.						249 W Ponderosa St, Whiteriver, AZ 85941						PPP						Term Loan						1.0%						6/3/2022						241.1						241.1						241.1						0.07		%

139

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Mazco Ventures LLC						3410 Montrose Blvd, Houston, TX 77006						PPP						Term Loan						1.0%						6/3/2022						0.3						0.3						0.3						—		%
Parenteau Guidance						132 E 35th St, Apt 3J, New York, NY 10016						PPP						Term Loan						1.0%						6/3/2022						0.9						0.9						0.9						—		%
Mohlar Hurley Partners						608 Santa Monica Blvd, Santa Monica, CA 90401						PPP						Term Loan						1.0%						6/4/2022						1.8						1.8						1.8						—		%
Children's Dispensary & Hospital Association						812 E Lasalle Ave, South Bend, IN 46617						PPP						Term Loan						1.0%						6/4/2022						2.2						2.2						2.2						—		%
Prime Sales & Marketing, Inc.						3211 University Blvd SE, Ste A, Albuquerque, NM 87106						PPP						Term Loan						1.0%						6/4/2022						24.7						24.7						24.7						0.01		%
Vreeke & Associates						845 E Easy St., Ste 101, Simi Valley, CA 93065						PPP						Term Loan						1.0%						6/4/2022						8.8						8.8						8.8						—		%
Lisa Segmiller						17211 Bellhaven Walk Ct, Charllote, NC 28277						PPP						Term Loan						1.0%						6/4/2022						1.2						1.2						1.2						—		%
MAYATEX, INC.						5015 S IH 35, Georgetown, TX 78626						PPP						Term Loan						1.0%						6/4/2022						4.7						4.7						4.7						—		%
Farrell Remodeling, Inc.						148 2nd St, Los Altos, CA 94022						PPP						Term Loan						1.0%						6/4/2022						15.4						15.4						15.4						—		%
Aircel LLC						3033 Riviera Dr, Ste 101, Naples, FL 34103						PPP						Term Loan						1.0%						6/4/2022						35.0						35.0						35.0						0.01		%
Unity Worldwide Ministries Eastern Region						800 Blanton Ave, Richmond, VA 23221						PPP						Term Loan						1.0%						6/4/2022						0.8						0.8						0.8						—		%
Amanda Lopez						23411 aliso viejo Pkwy, Aliso Viejo, CA 92656						PPP						Term Loan						1.0%						6/4/2022						0.5						0.5						0.5						—		%
Charm City Cakes						2936 Remington Ave, Baltimore, MD 21211						PPP						Term Loan						1.0%						6/4/2022						5.5						5.5						5.5						—		%
Moody Creek Farms LLC						31257 VIA MARIA ELENA, Bonsall, CA 92003						PPP						Term Loan						1.0%						6/5/2022						35.4						35.4						35.4						0.01		%
YMCA of West San Gabriel Valley						401 East Corto St., Alhambra, CA 91801						PPP						Term Loan						1.0%						6/5/2022						15.7						15.7						15.7						—		%
Nezhat Medical Center P.C.						5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342						PPP						Term Loan						1.0%						6/5/2022						8.3						8.3						8.3						—		%
MS-IR LLC						88 Morningside Ave, Ste 7A, New York, NY 10027						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
PDT LLC						2812 Rivers Edge Rd, Louisville, KY 40222						PPP						Term Loan						1.0%						6/5/2022						3.3						3.3						3.3						—		%
Hrach Khudatyan MD, Inc						134 N Glendale Ave, Glendale, CA 91206						PPP						Term Loan						1.0%						6/5/2022						3.3						3.3						3.3						—		%
Seattle Ventures LLC						2215 3rd Ave W, Seattle, WA 98119						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
CT Business Enterprises						14703 Lyon Hill Ln, Huntersville, NC 28078						PPP						Term Loan						1.0%						6/5/2022						0.5						0.5						0.5						—		%
Precision Landscape Management Inc						3130 Carter Jones Rd, Groveland, FL 34736						PPP						Term Loan						1.0%						6/5/2022						19.0						19.0						19.0						0.01		%
Stonecrop Gardens Inc						81 Stonecrop Ln, Cold Spring, NY 10516						PPP						Term Loan						1.0%						6/5/2022						16.7						16.7						16.7						—		%

140

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Andrew S. Gaffney Foundation						245 South St, Morristown, NJ 07960						PPP						Term Loan						1.0%						6/5/2022						1.4						1.4						1.4						—		%
SDG Engineering PC						121 Huntington Rd, Port Washington, NY 11050						PPP						Term Loan						1.0%						6/5/2022						8.5						8.5						8.5						—		%
Landmark Technologies LLC						4806 S St Andrews Ln, Spokane, WA 99223						PPP						Term Loan						1.0%						6/5/2022						2.8						2.8						2.8						—		%
LaFlower Construction, Inc.						23888 Madison St, Torrance, CA 90505						PPP						Term Loan						1.0%						6/5/2022						0.1						0.1						0.1						—		%
HYPRLABS INC.						400 Concar Dr, San Mateo, CA 94402						PPP						Term Loan						1.0%						6/5/2022						10.4						10.4						10.4						—		%
Sea-Est Incorporated						1741 W Beaver St, Jacksonville, FL 32209						PPP						Term Loan						1.0%						6/8/2022						25.6						25.6						25.6						0.01		%
Gwinnett Cemeteries, LLC						103 Crestview Church Rd, Warner Robins, GA 31088						PPP						Term Loan						1.0%						6/8/2022						16.5						16.5						16.5						—		%
Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music						722 El Camino Real, Redwood City, CA 94063						PPP						Term Loan						1.0%						6/8/2022						9.5						9.5						9.5						—		%
Camfed U.S.A. Foundation						466 Geary St, Ste 400, San Francisco, CA 94102						PPP						Term Loan						1.0%						6/8/2022						18.2						18.2						18.2						—		%
National Roofing						1237 Circle Ave, Forest Park, IL 60130						PPP						Term Loan						1.0%						6/8/2022						52.5						52.5						52.5						0.01		%
Dental Designs of Naples						5048 Tamiami Trail N, Naples, FL 34103						PPP						Term Loan						1.0%						6/9/2022						21.1						21.1						21.1						0.01		%
G&A Rehab, Inc						3333 Skypark Dr, Ste 220, Torrance, CA 90505						PPP						Term Loan						1.0%						6/9/2022						15.8						15.8						15.8						—		%
OCC installations						12102 Manley St, Garden Grove, CA 92845						PPP						Term Loan						1.0%						6/9/2022						0.7						0.7						0.7						—		%
Charm City Cakes West						8302 Melrose Ave, Los Angeles, CA 90069						PPP						Term Loan						1.0%						6/9/2022						6.6						6.6						6.6						—		%
Intrepid						7 Quail Ridge Rd S, Rolling Hills, CA 90274						PPP						Term Loan						1.0%						6/10/2022						6.9						6.9						6.9						—		%
Cassidy Holdings, LLC						7712 Hillside Dr, La Jolla, CA 92037						PPP						Term Loan						1.0%						6/10/2022						1.2						1.2						1.2						—		%
Mora Investment Management						9 W Star Island Dr, Miami Beach, FL 33139						PPP						Term Loan						1.0%						6/10/2022						1.2						1.2						1.2						—		%
Birdie Golf Ball Company						208 Margate Ct, Margate, FL 33063						PPP						Term Loan						1.0%						6/11/2022						0.9						0.9						0.9						—		%
Amanda Reynal Interiors						1417 Walnut St, Ste D, Des Moines, IA 50309						PPP						Term Loan						1.0%						6/11/2022						1.8						1.8						1.8						—		%
Clark A Miller Sales LTD						1205 Tuscany Ct, Alpharetta, GA 30004						PPP						Term Loan						1.0%						6/11/2022						0.6						0.6						0.6						—		%
Mary Jane Marchisotto dba MJM Advisory, LLC						245 E 87th St, Apt 9F, New York, NY 10128						PPP						Term Loan						1.0%						6/11/2022						0.6						0.6						0.6						—		%
Copperfield Investment & Development Company						1721 Crystal Ann Ave, Las Vegas, NV 89106						PPP						Term Loan						1.0%						6/12/2022						1.2						1.2						1.2						—		%
Lead Tek Plating						27555 SW Boones Ferry Rd, Wilsonville, OR 97070						PPP						Term Loan						1.0%						6/12/2022						20.0						20.0						20.0						0.01		%

141

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

Dan Counts & Associates, Inc.						1780 Prescott Ave, Monterey, CA 93940						PPP						Term Loan						1.0%						6/12/2022						1.1						1.1						1.1						—		%
Diamondback Golf Course, LLC						500 Harborview Dr, Third Floor, Baltimore, MD 21230						PPP						Term Loan						1.0%						6/12/2022						7.6						7.6						7.6						—		%
DEAFLINK INC						57 Ludlow Ln, Palisades, NY 10964						PPP						Term Loan						1.0%						6/15/2022						1.3						1.3						1.3						—		%
Propel A Charter Management Group Inc						5200 Irwindale Ave, Irwindale, CA 91706						PPP						Term Loan						1.0%						6/16/2022						29.8						29.8						29.8						0.01		%
Sunburst Decorative Rock, Inc						282 Live Oak Ave, Irwindale, CA 91706						PPP						Term Loan						1.0%						6/16/2022						18.3						18.3						18.3						—		%
Daydream Reels LLC						3615 N Kenilworth St, Arlington, VA 22207						PPP						Term Loan						1.0%						6/16/2022						1.3						1.3						1.3						—		%
PR Realty Management LLC						2207 Coney Island Ave, Brooklyn, NY 11223						PPP						Term Loan						1.0%						6/18/2022						19.2						19.2						19.2						0.01		%
NTR Partners Administration LLC						11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049						PPP						Term Loan						1.0%						6/22/2022						3.5						3.5						3.5						—		%
Surco Products, Inc.						14001 S Main St, Los Angeles, CA 90061						PPP						Term Loan						1.0%						6/23/2022						7.5						7.5						7.5						—		%
Joel Diaz Training Camp, LLC.						40795 Adriatico Ct, Indio, CA 92203						PPP						Term Loan						1.0%						6/23/2022						1.4						1.4						1.4						—		%
John Berry Turbidy						1501 Silver King Dr, Aspen, CO 81611						PPP						Term Loan						1.0%						6/29/2022						2.1						2.1						2.1						—		%
SPM MANAGEMENT GROUP INC						220 E 117th St, New York, NY 10035						PPP						Term Loan						1.0%						5/7/2022						20.7						20.7						20.7						0.01		%
PPS UTICA LLC						251 Utica Ave, Brooklyn, NY 11213						PPP						Term Loan						1.0%						5/7/2022						15.2						15.2						15.2						—		%
Brown Brothers Group LLC						220 E 117th St, New York, NY 10035						PPP						Term Loan						1.0%						5/7/2022						77.5						77.5						77.5						0.02		%
PPS Neptune LLC						360 Neptune Ave, Brooklyn, NY 11235						PPP						Term Loan						1.0%						5/6/2022						10.7						10.7						10.7						—		%
PPS UNION LLC						505 Union Ave, Brooklyn, NY 11211						PPP						Term Loan						1.0%						5/6/2022						30.0						30.0						30.0						0.01		%
Park 5200 LLC						5200 1st Ave, Brooklyn, NY 11232						PPP						Term Loan						1.0%						5/7/2022						26.7						26.7						26.7						0.01		%
Tow-NY Auto Body CORP						220 117th St, New York, NY 10035						PPP						Term Loan						1.0%						2/1/2026						26.6						26.6						26.6						0.01		%
Park North 1 LLC						220 117th St, New York, NY 10035						PPP						Term Loan						1.0%						2/8/2026						37.5						37.5						37.5						0.01		%
Park North 9 LLC						1461 1st Ave, New York, NY 10075						PPP						Term Loan						1.0%						2/11/2026						23.0						23.0						23.0						0.01		%
PP Management 1 Corp						1461 1st Ave, New York, NY 10075						PPP						Term Loan						1.0%						2/16/2026						26.6						26.6						26.6						0.01		%
PPS Union LLC						515 Union Ave, Brooklyn, NY 11211						PPP						Term Loan						1.0%						2/22/2026						30.0						30.0						30.0						0.01		%
West 15 Park LLC						2776 W 15th St, Brooklyn, NY 11224						PPP						Term Loan						1.0%						2/26/2026						21.7						21.7						21.7						0.01		%
NY Auto Concierge Inc						220 117th St, New York, NY 10035						PPP						Term Loan						1.0%						2/25/2026						85.9						85.9						85.9						0.02		%

142

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Accrual Investments (4a)

PPS DEKALB LLC						1601 DeKalb Ave, Brooklyn, NY 11237						PPP						Term Loan						1.0%						3/2/2026						25.2						25.2						25.2						0.01		%
12 Spencer Park LLC						12 Spencer St, Brooklyn, NY 11205						PPP						Term Loan						1.0%						3/12/2026						19.9						19.9						19.9						0.01		%
4 SQUARE MANAGEMENT, LLC						53 Broadway, Brooklyn, NY 11249						PPP						Term Loan						1.0%						3/15/2026						35.1						35.1						35.1						0.01		%
BARRYVILLE MANAGEMENT 1 CORP						299 South St, New York, NY 10002						PPP						Term Loan						1.0%						3/18/2026						20.0						20.0						20.0						0.01		%
PPS 37TH AVENUE LLC						8211 37th Ave, Jackson Heights, NY 11372						PPP						Term Loan						1.0%						3/23/2026						39.0						39.0						39.0						0.01		%
Arel Capital LP						540 Madison Ave, New York, NY 10022						PPP						Term Loan						1.0%						3/24/2026						350.0						350.0						350.0						0.09		%
Junction Elmhurst NY Corp						220 117th St, New York, NY 10035						PPP						Term Loan						1.0%						3/29/2026						22.3						22.3						22.3						0.01		%
DANIELLE|TATE						347 Bianco Ridge Ave, Las Vegas, NV 89183						PPP						Term Loan						1.0%						3/31/2026						20.8						20.8						20.8						0.01		%
David|Ortiz						4004 Waterview Cir, Palm Springs, FL 33461						PPP						Term Loan						1.0%						4/26/2026						18.7						18.7						18.7						0.01		%
Total SBA Guaranteed Accrual Investments																																				$	32,066.2					$	32,066.2					$	35,339.4					9.58		%

143

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Guaranteed Non-Accrual Investments (4b)

MIT LLC			(*)			11 North Peach ST., Medford, OR 97504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/31/2042						254.7						254.7						254.7						0.07		%
Neville Galvanizing, Inc			(*)			2983 Grand Ave, Pittsburgh, PA 15225						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 6.00%						12/15/2042						707.1						707.1						707.1						0.19		%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N			(*)			10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2029						99.8						99.8						99.8						0.03		%
Chavero's Auto Mart LLC			(*)			1364 E Palma Vista Dr, Palmview, TX 78572						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 9.75%						10/11/2029						12.5						12.5						12.5						—		%
Softcare247 LLC			(*)			4191 Naco Perrin Blvd, San Antonio, TX 78217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 9.75%						9/11/2029						11.8						11.8						11.8						—		%
Deer Valley Sport Shop LLC			(*)			507 Bamboo Rd, Boone, NC 28607						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 9.75%						11/7/2029						12.0						12.0						12.0						—		%
Pen’s Electric Company, Inc			(*)			504 Fairfax Ave, Nashville, TN 37212						Specialty Trade Contractors						Term Loan						Prime plus 9.75%						11/21/2029						11.9						11.9						11.9						—		%
Total SBA Guaranteed Non-Accrual Investments																																				$	1,109.8					$	1,109.8					$	1,109.8					0.32		%
Total SBA Guaranteed Investments																																				$	33,176.0					$	33,176.0					$	36,449.2					9.88		%
Total SBA Unguaranteed and Guaranteed Investments																																				$	457,971.2					$	457,971.2					$	450,177.2					122.00		%

144

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

Controlled Investments (5) (22)

Advanced Cyber Security Systems, LLC			(*,#) (6) (21)			3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716						Data processing, Hosting, and Related Services						50% Membership Interest						—%						—						—						—						—						—		%
																		Term Loan						3%						Dec 2014						381.0						381.0						—						—		%
Automated Merchant Services, Inc.			(*,#) (7) (21)			12230 Forest Hill Blvd., Wellington, FL 33414						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						—						—						—		%
CDS Business Services, Inc.			(*,#) (8)			1985 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Common Stock						—%						—						—						4,428.0						—						—		%
																		Line of Credit						10%						Dec 2021						18,460.0						18,460.0						11,800.0						3.20		%
Newtek Technology Solutions, Inc.			(*,#) (24)			1904 W. Parkside Lane Phoenix, AZ 85027						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						19,503.7						31,500.0						8.54		%
																		Line of Credit						10%						Nov 2028						10,361.0						10,821.0						10,821.0						2.93		%
																		Line of Credit						Prime plus 0.5%						April 2021						750.0						750.0						750.0						0.20		%
																		Line of Credit						Prime plus 0.5%						July 2022						100.0						225.0						225.0						0.06		%
Newtek Insurance Agency, LLC			(*,#) (13)			1981 Marcus Ave., Lake Success, NY 11042						Insurance Carriers and Related Activities						100% Membership Interest						—%						—						—						135.0						2,150.0						0.58		%
PMTWorks Payroll, LLC			(*,#) (9)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						1,878.1						—						—		%
																		Term Loan						10%						Oct 2021						435.0						435.0						—						—		%
																		Term Loan						10%						May 2022						750.0						750.0						—						—		%
																		Term Loan						12%						May 2022						500.0						500.0						—						—		%
																		Term Loan						10%						July 2022						1,000.0						1,000.0						—						—		%
Small Business Lending, LLC			(*,#) (12)			1981 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						598.0						4,000.0						1.08		%
																		Term Loan						10%						June 2021						400.0						400.0						400.0						0.11		%
ADR Partners, LLC dba banc-serv Partners, LLC			(*,#) (19)			8777 Purdue Rd, Indianapolis, IN 46268						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						7,085.2						—						—		%
Newtek Merchant Solutions, LLC			(#) (11)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						16,438.0						111,500.0						30.22		%
Mobil Money, LLC			(#) (17)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						2,980.0						2,500.0						0.68		%

145

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

Controlled Investments (5) (22)

Newtek Business Lending, LLC			(*,#) (10)			14 East Washington St., Orlando, FL 32801						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						36,362.0						41,362.0						11.21		%
Newtek Conventional Lending, LLC			(#) (18) (23)			1981 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						50% Membership Interest						—%						—						—						19,047.0						20,304.0						5.50		%
Titanium Asset Management, LLC			(*,#) (14)			1981 Marcus Ave., Lake Success, NY 11042						Administrative and Support Services						Term Loan						10%						March 2023						900.0						900.0						659.0						0.18		%
																		100% Membership Interest						—%						—						—						—						—						—		%
Excel WebSolutions, LLC			(*,#) (15)			888 East Brighton Ave. Syracuse, NY 13205						Data processing, Hosting, and Related Services						Term Loan						10%						Sept 2021						159.2						159.2						—						—		%
																		100% Membership Interest						—						—						—						—						—						—		%
POS on Cloud, LLC			(#) (20)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						Term Loan						10%						Sept 2023						850.0						1,050.0						1,050.0						0.28		%
																		50.14% Membership Interest						—						—						—						—						—						—		%
Total Controlled Investments																																				$	35,046.2					$	144,286.0					$	239,021.0					64.77		%

146

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2021

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

Non-Control Investments (22)

EMCAP Loan Holdings, LLC			(+,#) (16)			1140 Reservoir Ave., Cranston, RI 02920						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						4.67% Membership Interest						—%						—						$	—					$	1,000.0					$	1,000.0					0.27		%
ARC Metal Stamping, LLC			(#)			4111 Munson Hwy, Hudson, MI 49247						Machinery Manufacturing						Term Loan						5 Yr Tr plus 7.43%						1/1/2045						5,415.1						5,415.1						5,939.1						1.61		%
Total Non-Control Investments																																				$	5,415.1					$	6,415.1					$	6,939.1					1.88		%
Total Investments																																				$	498,432.5					$	608,672.3					$	696,137.3					188.65		%

^ Investment has been pledged as collateral under the Securitization Trusts.

* Non-income producing security.

# Fair value determined using significant unobservable inputs.

+ Restricted security. 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.

(1) Newtek values each unguaranteed portion of SBA 7(a) accrual 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 PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.

(2) The interest rates in effect on our loans as of June 30, 2021 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.10050%, with the exception of PPP loans. The SBA reimburses the Company for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. The 1% interest rate shown for PPP loans is the rate that would be in effect if the PPP loans were not forgiven by the SBA. See NOTE 2—SIGNIFICANT ACCOUNTING POLICIES.

(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the 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.

(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual 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—FAIR VALUE MEASUREMENTS.

(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.

(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—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the six months ended June 30, 2021 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 was past its original maturity date, was in default and the entity ceased operating. As such, the fair value of the investment is zero. On July 16, 2021, a certificate of dissolution was filed.

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

147

See accompanying notes to consolidated financial statements.

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(8) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing and management services to small and medium size businesses; 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) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard and competitively priced payroll management, payment and tax reporting services to SMBs; 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) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.).

(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).

(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;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.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.

(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 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) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)

(16) 4.67% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.). The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.

(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).

(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.

(19) 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.).

(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.

(21) 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.

(22) 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.

148

See accompanying notes to consolidated financial statements.

---

(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2021, 7.4% of total assets are non-qualifying assets.

(24) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) were wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. The Schedule of Investments shows IPM and SIDCO under NTS.

As of June 30, 2021, the federal tax cost of investments was $608.7 million resulting in estimated gross unrealized gains and losses of $154.1 million and $58.5 million, respectively.

149

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

M2 Lumber LLC			(#)			110 Brick House Rd, Laurens, SC 29360						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						$	11.3					$	11.3					$	10.3					—		%
Inter-Insurance Agency Services, Ltd. and Universal Casualty Risk Ret			(#)			380 N Broadway, Jericho, NY 11753						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/31/2030						691.5						691.5						583.2						0.17		%
LV Nails & SPA, LLC			(#)			10050 S Eastern Ave, Henderson, NV 89052						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/31/2030						67.5						67.5						56.9						0.02		%
TNJ Products, Inc.			(#)			4912 N Lincoln Ave, Ste 101, Chicago, IL 60625						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/31/2030						215.0						215.0						187.3						0.06		%
LEILA ZAMIRI, DDS, INC.			(#)			5828 Cherry Ave., Long Beach, CA 90805						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/31/2030						75.0						75.0						76.2						0.02		%
Moran Tax & Accounting LLC			(#)			128 N Franklin St, Brazil, IN 47834						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/31/2045						18.0						18.0						19.3						0.01		%
Tissue Plus LLC F/K/A Soft Touch Tissue &Paper, LLC			(#)			491 Hammond St, Bangor, ME 4401						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/31/2045						350.0						350.0						393.9						0.12		%
Seven C's Manufacturing, Inc			(#)			3895 Corsair St, Reno, NV 89502						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						550.0						550.0						508.1						0.15		%
The Spot Bar & Restaurant LLC			(#)			10540 State Rte 195, Killeen, TX 76542						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2045						87.5						87.5						91.1						0.03		%
Hawthorne Food Company dba Eastern Standard Provis			(#)			117 Beaver St, Waltham, MA 2452						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						875.0						875.0						739.1						0.22		%
Leila Zamiri, DDS, Inc			(#)			5828 Cherry Ave, Long Beach, CA 90805						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/31/2045						156.3						156.3						175.9						0.05		%
Performance Online, Inc			(#)			1550 Melissa Ct, Corona, CA 92879						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/30/2030						262.5						262.5						222.1						0.07		%
George Family Cremation and Burial LLC			(#)			1260 W Mission Ave, Escondido, CA 92029						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/30/2031						102.3						102.3						91.6						0.03		%
Lightstat Inc.			(#)			22 W West Hill Rd, Barkhamsted, CT 6063						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/30/2030						375.0						375.0						370.8						0.11		%
Eppy's Tool & Equipment Warehouse, Inc			(#)			809 East 42nd St, Brooklyn, NY 11210						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2030						261.0						261.0						220.2						0.06		%
Trident E&P, LLC			(#)			320 Circle of Progress, Pottstown, PA 19464						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2030						1,250.0						1,250.0						1,131.4						0.33		%
NDRS Construction Inc.dba Disaster			(#)			18730 Cortez Blvd, Brooksville, FL 34601						Construction of Buildings						Term Loan						Prime plus 2.75%						12/30/2030						87.5						87.5						74.1						0.02		%
Shlama Two LLC dba Village Park Daycare			(#)			7440 Broadway, Merrillville, IN 46410						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2045						250.0						250.0						267.5						0.08		%
Educare Early Intervention, Corporation			(#)			4557 S Calumet Ave, Chicago, IL 60653						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2030						58.8						58.8						49.5						0.01		%
Bourque Sales and Service Inc.			(#)			9160 Linwood Ave, Shevport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						143.0						143.0						160.9						0.05		%
Vacation Link of Florida, Inc., Island Vacation and Cruises, Inc			(#)			501 N Wymore Rd, Winter Park, FL 32789						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/30/2030						400.0						400.0						419.5						0.12		%
Petroleum Equipment & Services, Inc.			(#)			5631 Silverado Way, Anchorage, AK 99518						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/30/2030						421.3						421.3						361.2						0.11		%
United Security Specialists, Inc.			(#)			275 Saratoga Ave. Ste 200, Santa Clara, CA 95050						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2030						116.5						116.5						98.3						0.03		%

150

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bourque Sales and Service Inc			(#)			9160 Linwood Ave, Shreveport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						145.8						145.8						164.0						0.05		%
Center of New England Primary Care Inc			(#)			775 Center of New New England Blvd, Coventry, RI 2816						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2045						421.8						421.8						474.8						0.14		%
Perfect Game Incorporated			(#)			850 Twixt Town Rd NE, Cedar Rapids, IA 52402						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2030						1,250.0						1,250.0						1,161.9						0.34		%
Real Estate Personnel, Inc., Tara Matta and Sara Pierce			(#)			1758 Emerson St, Denver, CO 80218						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/30/2030						1,000.0						1,000.0						843.5						0.25		%
Center of New England Primary Care Inc, North Providence Urgent Care			(#)			775 Centre of New England Blvd, Coventry, RI 2816						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2045						454.7						454.7						511.7						0.15		%
SDI Black 011, LLC			(#)			1091 YONKERS AVE, YONKERS, NY 10704						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/30/2030						1,000.0						1,000.0						858.4						0.25		%
Bojax Auto Collision Inc			(#)			4706 Fernlee Ave., Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2045						343.8						343.8						348.9						0.10		%
Khangri Sourcing Inc.			(#)			6021 129th. Ave SE, Bellevue, WA 98006						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/29/2030						187.5						187.5						157.9						0.05		%
Litchy Electric L.L.C.			(#)			4495 W Hacienda Ave, #2, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2030						100.0						100.0						86.0						0.03		%
The Mattress Center "LLC"			(#)			960 Los Vallecitos Blvd, San Marcos, CA 92069						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/29/2030						22.5						22.5						18.9						0.01		%
E R Kilpatrick, LLC dba Jefferson Street True Value			(#)			212 Greenwood St, La Grande, OR 97850						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/28/2030						143.8						143.8						126.0						0.04		%
Sondra Gayle Insurance Agency Inc.			(#)			2107 Veterans Memorial Blvd, Metaire, LA 70002						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/24/2030						7.5						7.5						7.4						—		%
Pittman Holdings LLC DBA Maple Bourbon			(#)			1116 E Main St, Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.3						—		%
Title2Land,LLC			(#)			11851 Wentling Ave, Baton Rouge, LA 70816						Real Estate						Term Loan						Prime plus 2.75%						12/23/2045						112.5						112.5						126.5						0.04		%
Spectrum Dynamics, Inc dba Clean Water Works			(#)			27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.3						—		%
Summerfield Farm, Inc			(#)			24 Baker Rd, Pittstown, NJ 8867						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/23/2045						58.8						58.8						66.1						0.02		%
SLCP Transport, LLC			(#)			111 Brentwood Drive, College Station, TX 77840						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						61.1						61.1						53.3						0.02		%
Terry A. Humphreys dba Tiki Torch Liquors			(#)			101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.3						—		%
NetLevel5 LLC dba Moutain Air Duct			(#)			4724 Poleplant Drive, Colorado Springs, CO 80918						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/23/2030						16.2						16.2						14.1						—		%
KCL Business Service Inc.			(#)			1042 San Fernando Rd., San Fernando, CA 91340						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.3						—		%
Southeastern Esthetics Institute, LLC and Pura Medical Spa, Corp, LLC			(#)			1644 Main St Ste 1, Columbia, SC 29201						Educational Services						Term Loan						Prime plus 2.75%						12/23/2030						581.3						581.3						515.6						0.15		%
UBIF 86 CO dba UBREAKIFIX			(#)			1539 Town Center Drive, Lakeland, FL 33803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						57.3						57.3						48.2						0.01		%

151

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Chris' Angels Cleaning Service LLC			(#)			2090 Dunwoody Club Drive, Sandy Springs, GA 30350						Administrative and Support Services						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.3						—		%
ASIL Ventures, LLC			(#)			444 N Michigan Ave, Ste 1200, Chicago, IL 60611						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/22/2030						4.3						4.3						4.2						—		%
US Dedicated LLC			(#)			13410 SE 26th Cir, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2030						218.8						218.8						184.1						0.05		%
Price Educational Services, LLC dba Manthnasium of South OKC			(#)			10740 S May Ave, Oklahoma City, OK 73170						Educational Services						Term Loan						Prime plus 2.75%						12/21/2030						8.4						8.4						7.4						—		%
Lynch Mining LLC			(#)			7262 West Hunt Hwy, Queen Creek, AZ 85142						Mining (except Oil and Gas)						Term Loan						Prime plus 2.75%						12/21/2045						364.5						364.5						383.0						0.11		%
N.W.F.F., Inc.			(#)			687 E. Central Ave, Sutherlin, OR 97479						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2045						43.8						43.8						47.9						0.01		%
N.W.F.F., Inc. and Environmental Contracting Solutions, Inc.			(#)			687 E Central Ave, Sutherlin, OR 97479						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2030						775.0						775.0						684.4						0.20		%
Tahzoo LLC			(#)			1015 7th St NW, Washington, DC 20001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						775.0						775.0						653.9						0.19		%
REST Enterprises Inc dba Upstyled Properties			(#)			1440 W Taylor St Unit 595, Chicago, IL 60607						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						15.0						15.0						15.7						—		%
Allied Molded Products, LLC, Clancy 15 LLC, and Crusader 5088, LLC			(#)			1145 13th Ave East, Palmetto, FL 34221						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/18/2030						204.3						204.3						171.9						0.05		%
Code 3 Apps LLC.			(#)			843 Tempted Ways Dr, Longmont, CO 80504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/18/2030						7.5						7.5						6.3						—		%
Katie Cox & Co. LLC			(#)			6605 Longshore ST, Ste 240, Dublin, OH 43017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						7.5						7.5						6.3						—		%
RJL Texas International Corporation			(#)			17401 Triton,, Schertz, TX 78154						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						275.0						275.0						247.7						0.07		%
Neeld Rentals Inc dba Mills True Value Hardware			(#)			205 Clinton Blvd, Clinton, MS 39056						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/18/2030						12.0						12.0						10.1						—		%
AccountPics, LLC			(#)			903 S WW White Rd, San Antonio, TX 78220						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2045						80.0						80.0						87.6						0.03		%
Yu Chun Chic Naeng Myun Restaurant Inc.			(#)			1159 Kapiolani Blvd, Honolulu, HI 96814						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/18/2030						15.0						15.0						12.6						—		%
Giant Development Inc and Crabtree Development Corp			(#)			509 Pylon Dr, Ste 110, Raleigh, NC 27606						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/18/2030						1,250.0						1,250.0						1,101.2						0.32		%
Pumpkin Patch Child Care and Early Education Center, LLC			(#)			310 Grove Beach Rd N, Westbrook, CT 6498						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2045						115.0						115.0						123.0						0.04		%
Yinlink International Inc			(#)			2 Corporate Drive, Suiite A, East Windsor, NJ 8512						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						125.0						125.0						113.7						0.03		%
R. LInda D. Herrera and Edgar E Herrera dba Integral Delivery			(#)			3100 Delaware Ave, Des Moines, IA 50313						Truck Transportation						Term Loan						Prime plus 2.75%						12/18/2045						225.0						225.0						241.4						0.07		%
Horne Chiropractic Center, P.A			(#)			3820 Mountain Rd, Stes B & C, Pasadena, MD 21122						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						100.0						100.0						84.2						0.02		%

152

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Last Touch LLC			(#)			927 E 10th St, Fairmont, MN 56031						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/18/2045						51.8						51.8						58.2						0.02		%
Splashlight Photographic & Digital Studios LLC ,Splashlight Technologies			(#)			75 Varick St, 3rd Floor, New York, NY 10013						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						1,250.0						1,250.0						1,060.4						0.31		%
People United of Louisiana LLC			(#)			1401 Hudson Lane, Monroe, LA 71201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						150.0						150.0						132.8						0.04		%
Flower City Customs Inc.			(#)			1805 Tebor Rd, Unit 4, Webster, NY 14580						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2030						10.5						10.5						8.8						—		%
Anthony Connelly Holdings LLC			(#)			7260 Dean Martin Drive, Ste 800, Las Vegas, NV 89118						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/17/2030						250.0						250.0						210.4						0.06		%
Carolina Roofing Siding Painting LLC			(#)			204 Depot St, Camponbello, SC 29322						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2045						15.0						15.0						15.8						—		%
Savannah Area Language & Culture Exchange, LLC			(#)			6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.3						—		%
David M. Benson LLC			(#)			1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.3						—		%
Signature Graphic LLC			(#)			14425 N 79th St, Ste B, Scottsdale, AZ 85260						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						85.0						85.0						71.6						0.02		%
McFarlin, LLP			(#)			4 Park Plz Ste 1025, Irvine, CA 92614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						175.0						175.0						147.3						0.04		%
Highstar Travel Group, LLC			(#)			2869 Wilshire Drive, Ste 204, Orlando, FL 32835						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/16/2030						22.5						22.5						18.9						0.01		%
Vege Investments, LLC dba Sunoco Homestead			(#)			26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.3						—		%
Last Minute Effects Inc.			(#)			1016 Hamline Place, Burbank, CA 91504						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/15/2030						15.0						15.0						13.0						—		%
Droplette Marketing Co			(#)			6481 Orangethorpe Ave. Ste. 12, Buena Park, CA 90620						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2030						6.8						6.8						6.1						—		%
Vector Utilities LLC			(#)			8501 San Gabriel Drive, Laredo, TX 78045						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2030						375.0						375.0						358.5						0.11		%
Efficient, Fast & Good Cleaning Services Inc			(#)			2444 NW 177th Terrace, Miami Gardens, FL 33056						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/14/2030						7.5						7.5						6.6						—		%
Corple Enterprisees Inc			(#)			17887 US Hwy 380 West, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/14/2030						62.5						62.5						53.0						0.02		%
Accommodating Financial & Tax Services, LLC			(#)			1642 Ralston Circle, Toledo, OH 43623						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2045						42.3						42.3						46.5						0.01		%
Aeromax Industries Inc			(#)			1310 Ranchers Legacy Trail, Fort Worth, TX 76126						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/14/2030						175.0						175.0						147.3						0.04		%
Jamali LLC dba Saahten			(#)			2741 Raceway Fairfield West, Pensacola, FL 32505						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						12.5						12.5						12.3						—		%
TJ Pant LLC and Tailored Cartage LLC			(#)			25993 US 12, Sturgis, MI 49091						Truck Transportation						Term Loan						Prime plus 2.75%						12/11/2030						86.3						86.3						84.1						0.02		%
Premium Marketing Co. Inc. dba Vera Moore Cosmetics			(#)			4 Shadow Lane, Woodbury, NY 11797						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/11/2030						22.5						22.5						19.4						0.01		%

153

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Shattered Prism LLC			(#)			3333 Broadway, New York, NY 10031						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/11/2030						7.5						7.5						7.9						—		%
Donald W. Harris dba Bowman Creek Mini Storage			(#)			1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						12.5						12.5						12.3						—		%
LTD Broadband, LLC			(#)			69 Teahouse St, Las Vegas, NV 89138						Telecommunications						Term Loan						Prime plus 2.75%						12/10/2030						1,250.0						1,250.0						1,138.4						0.34		%
Just In Time Refrigeration LLC			(#)			6400 EDNA TAYLOR PKWY, MONONA, WI 53716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/10/2045						233.0						233.0						239.9						0.07		%
Inner Beauty Salon and Suite LLC			(#)			825 Beecher St SW, Atlanta, GA 30310						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/10/2045						65.0						65.0						73.1						0.02		%
M-Den, Inc			(#)			315 S. Main St, Ann Arbor, MI 48104						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						12/10/2030						1,150.0						1,150.0						1,106.1						0.33		%
LBR Partners LLC dba Techy			(#)			16430 Good Hearth Blouvard, Clermont, FL 34711						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/9/2030						45.0						45.0						38.0						0.01		%
HWH Unlimited, Inc.			(#)			43386 Business Park Drive, Temecula, CA 92590						Real Estate						Term Loan						Prime plus 2.75%						12/9/2030						75.0						75.0						78.5						0.02		%
Zebra House Coffee, LLC			(#)			1001 S El Camino Real, San Clemente, CA 92672						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/9/2030						45.0						45.0						37.9						0.01		%
Tortuga Backpacks LLC			(#)			340 South Lemon Ave, 7616, Walnut, CA 91789						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/8/2030						50.0						50.0						42.1						0.01		%
CashLine Solutions, LLC			(#)			467741 E 1050 Rd, Sallisaw, OK 74955						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/7/2030						12.0						12.0						10.1						—		%
Northeast Coverages Inc. and Southeast Coverages Inc.			(#)			910 Franklin Ave, Ste 210, Garden City, NY 11530						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/7/2030						170.0						170.0						178.0						0.05		%
Travel with Love, LLC dba Style & The Storyteller			(#)			8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/4/2030						5.0						5.0						4.9						—		%
Robert F. Johnson, Jr., dba R. Johnson Craftsmanship			(#)			346 Spring Garden Rd, Milford, NJ 8848						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						12/4/2030						10.0						10.0						9.8						—		%
Paradise RV Sales and Rentals LLC			(#)			7960 Dorchester Rd, North Charleston, SC 29418						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/4/2030						6.9						6.9						5.8						—		%
Combs Creative LLC			(#)			157 Antler Ridge Circle,, Nashville, TN 37214						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/4/2030						5.5						5.5						5.4						—		%
Perez Law Office, PLLC			(#)			80 N McClintock Dr, Chandler,, AZ 85226						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/4/2045						67.5						67.5						75.9						0.02		%
Indecon Builders Inc			(#)			1382 Valencia Ave, Ste N, Tustin, CA 92780						Construction of Buildings						Term Loan						Prime plus 2.75%						12/4/2030						50.0						50.0						42.1						0.01		%
Pacific Contours Corp			(#)			5340 E Hunter Ave, Anaheim, CA 92807						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/4/2030						975.0						975.0						988.5						0.29		%
SME Business Services LLC			(#)			930 Chesaco Ave, Rosedale, MD 21237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						22.5						22.5						18.9						0.01		%
Tina D. Coker DBA Diane's Accounting Service			(#)			119 E Haywood St, England, AR 72046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/3/2030						12.5						12.5						12.3						—		%
Moxie Marketing, LLC			(#)			51 Lee Dr, Palm Coast, FL 32137						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						125.0						125.0						105.2						0.03		%

154

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Staffhink Limited dba Owl Drone Services			(#)			4283 Deerfield Hills Rd, Colorado Springs, CO 80916						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						12/3/2030						5.3						5.3						4.9						—		%
American Retail Properties, Inc.			(#)			125 Main St 2nd Floor, Reading, MA 1867						Real Estate						Term Loan						Prime plus 2.75%						11/30/2030						22.5						22.5						19.0						0.01		%
Jonathan J Klaczik LLC dba Veterans Fence Company			(#)			7417 Dover Lane, Parma, OH 44130						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/27/2030						22.5						22.5						20.2						0.01		%
Segreti Law Office, A Professional Corporation			(#)			350 10th Ave,Ste 1000, San Diego, CA 92101						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2030						18.8						18.8						15.9						—		%
Hartley S Johnson & Son, Inc. dba Mark T. Wendell Tea			(#)			14a Craig Rd, Acton, MA 1720						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/27/2030						40.0						40.0						34.0						0.01		%
LIAISON STAINLESS INC			(#)			630 James Lee Dr NW, Suwanee, GA 30024						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/25/2030						75.0						75.0						63.1						0.02		%
The Alder SmokeHouse LLC			(#)			1055 Virginia Ave, North Bend, OR 97459						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2030						11.3						11.3						11.8						—		%
Flex Beauty Labs, LLC			(#)			7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						12.5						12.5						12.3						—		%
Ellis Apex LLC dba Inage360 Marietta			(#)			2060 Franklin Way SE, Ste 150, Marietta, GA 30067						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/24/2030						92.3						92.3						78.1						0.02		%
Next Level Detailing, LLC			(#)			3235 Odeon Way, Ste 201-203, Acworth, GA 30102						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/24/2030						7.5						7.5						6.3						—		%
Dearly LOved Counseling, L.L.C			(#)			14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618						Social Assistance						Term Loan						Prime plus 6.5%						11/24/2030						12.5						12.5						12.3						—		%
Kendra Leigh Boyer, CPA			(#)			5068 Dupont Court E, Santa Rosa, CA 95409						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						11/20/2030						12.5						12.5						12.3						—		%
Craniologie, LLC			(#)			225 Wall St, Ste 102A, Vail, CO 81657						General Merchandise Stores						Term Loan						Prime plus 6.5%						11/20/2030						12.5						12.5						12.3						—		%
Thompson Enterprises of Florida LLC dba TCBY FROZEN YOGURT			(#)			14543 SW 5th St, Pembroke Pines, FL 33027						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/20/2030						14.7						14.7						12.4						—		%
Prosperity Tool, Inc			(#)			2006 National Guard Drive, Plant City, FL 33563						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/19/2045						300.0						300.0						335.4						0.10		%
Green Farm Inc dba Farmers Outlet			(#)			1018 W SR 424 Ste 100, Longwood, FL 32750						Food and Beverage Stores						Term Loan						Prime plus 6.5%						11/19/2030						12.5						12.5						12.3						—		%
The Number Masters			(#)			3325 Highland St, Grove City, OH 43123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2030						17.4						17.4						14.6						—		%
Italian Heritage Tile and Stone Inc			(#)			4725 Morgan Territory Rd, Clayton, CA 94517						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/18/2030						78.8						78.8						66.3						0.02		%
T.S.I.-VA, LLC and Alpha Business Services Inc.			(#)			2525 Pointe Center Court, Ste 200, Dumfries, VA 22026						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/17/2030						109.5						109.5						92.2						0.03		%
Master Printing and Signs Corp & Artishirt Co.			(#)			386 Squire Rd, Revere, MA 2151						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/10/2045						200.9						200.9						218.5						0.06		%
Modutech Marine Inc			(#)			2218 Marine View Drive, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/9/2030						400.0						400.0						418.9						0.12		%
Paws For Health of Florida LLC			(#)			4588 Ashton Rd, Sarasota, FL 34233						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/5/2030						57.5						57.5						48.5						0.01		%

155

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Protek Pest Control Inc, Protek Nurseries LLC & Protek Irrigation LLC			(#)			8712 60th Terrace South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/4/2030						52.5						52.5						46.1						0.01		%
GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises;Good Guys			(#)			1071 Serpentine Lane, Pleasanton, CA 94566						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/4/2030						500.0						500.0						523.6						0.15		%
Supersonic Cleaning Services Inc			(#)			36 Seitz Terrace, Arlington, NY 12603						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/29/2030						38.5						38.5						33.0						0.01		%
Third Day Lubes, Inc.			(#)			450 GA- 53, Calhoun, GA 30701						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/28/2030						22.4						22.4						23.4						0.01		%
Marcus Horn dba Versatile Styles and Cuts			(#)			2018 24th Ave, Meridian, MS 39301						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/15/2045						10.5						10.5						11.2						—		%
RYAN & CONLON, LLP			(#)			2 Wall St, Apt 710, New York, NY 10005						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/14/2030						521.8						521.8						439.2						0.13		%
Shades of U, Inc. dba Diva by Cindy			(#)			15212 Hanover Pike, Upperco, MD 21155						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/9/2045						89.9						89.9						96.4						0.03		%
Snow Lodge, LLC			(#)			115 County Rd 725, Sweeny, TX 77480						Accommodation						Term Loan						Prime plus 2.75%						10/8/2045						49.9						49.9						55.1						0.02		%
VIP Lawn Care Services LLC dba VIP Services			(#)			3875 Fay Blvd, Cocoa, FL 32927						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/8/2030						18.9						18.9						16.1						—		%
KTF Consulting Corp			(#)			2471 N Geneva Terrace, Chicago, IL 60614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/6/2030						74.5						74.5						78.1						0.02		%
The Hall at the Yard LLC dba The Hall on the Yard			(#)			1412 Alden Rd, Orlando, FL 32803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/2/2031						253.9						253.9						218.2						0.06		%
Hazleton Oil & Environmental, Inc			(#)			300 Tamaqua St, Hazleton, PA 18201						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2045						1,081.9						1,081.9						1,203.3						0.35		%
South Park Hardware, LLC			(#)			16074 South Park Ave, South Holland, IL 60473						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/25/2045						73.8						73.8						83.0						0.02		%
7PSolutions, LLC			(#)			136 North Van Buren St, Nashville, IN 47448						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2030						49.4						49.4						41.8						0.01		%
Babys on Broadway LLC			(#)			47 East Broadway, Little Falls, MN 56345						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						9/25/2030						74.1						74.1						63.8						0.02		%
Blakeslee Arpaia Chapman, Inc and Chapman Construction Services, LLC			(#)			200 North Branford Rd, Branford, CT 6405						Construction of Buildings						Term Loan						Prime plus 2.75%						9/24/2030						370.4						370.4						358.2						0.11		%
Resolve Tech Solutions Inc			(#)			15851 Dallas Pkwy, Ste 1103, Addison, TX 75001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/24/2030						741.0						741.0						674.5						0.20		%
BulkMore LLC			(#)			12741 Ocean Gateway, Ocean City, MD 21842						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/18/2030						149.1						149.1						130.2						0.04		%
Mister Dexters LTD dba Shuga's			(#)			702 S. Cascade Ave, Colorado Springs, CO 80903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2045						57.3						57.3						60.9						0.02		%
Mister Dexters LTD dba Shuga's			(#)			702 S Cascade Ave, Colorado Springs, CO 80903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2030						180.4						180.4						151.6						0.04		%
Heriz Gallery Inc dba Pineville Rug Gallery			(#)			312 Main St, Pineville, NC 28134						Textile Product Mills						Term Loan						Prime plus 2.75%						4/6/2045						98.6						98.6						105.8						0.03		%
Alliance Heating & Air Conditioning, Inc.			(#)			10 Brookfield Ave, Bridgeport, CT 6610						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/6/2030						726.1						726.1						607.0						0.18		%

156

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Terry and Tammy Jacobsen, Inc dba Appliance Recycling			(#)			10105 Airport Way, Snohomish, WA 98296						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						4/3/2030						325.1						325.1						270.4						0.08		%
Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet			(#)			10105 Airport Way, Snohomish, WA 98296						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						4/3/2045						839.8						839.8						863.0						0.25		%
Profit Stewards, LLC			(#)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/2/2030						41.7						41.7						35.7						0.01		%
AOC Key Solutions, Inc			(#)			14420 Albemarle Point Place, Ste 200, Chantilly, VA 20151						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/2/2030						722.5						722.5						670.3						0.20		%
Caplan Home Care, LLC			(#)			6029 Berkshire Lane, Dallas, TX 75225						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/1/2045						868.5						868.5						906.8						0.27		%
JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc			(#)			570 W Olive Ave,, Merced, CA 95348						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/31/2030						95.0						95.0						85.5						0.03		%
Montana Custom Log Homes, Inc.			(#)			2036 US Hwy 93 North, Victor, MT 59875						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2045						361.8						361.8						397.7						0.12		%
Blackwater Diving LLC			(#)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2030						352.0						352.0						311.0						0.09		%
Suburban Transmission of Northern Illinois, Inc.			(#)			1714 E Oakton St, Des Plaines, IL 60018						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/27/2045						148.2						148.2						163.7						0.05		%
Tomco Inc. dba Rental City dba Tomco Equiptment Sales			(#)			6470 State St, Saginaw, MI 48603						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/27/2030						21.4						21.4						17.7						0.01		%
Dunaway and Hart, Inc			(#)			575 Harkrider St, Conway, AR 72032						Real Estate						Term Loan						Prime plus 2.75%						3/26/2030						47.5						47.5						39.4						0.01		%
Supermarket Source, Inc			(#)			2741 West 76th St, Hialeah, FL 33016						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/24/2030						201.9						201.9						209.7						0.06		%
Kris-Leigh Catered Living at Severna Park,LLC			(#)			831 Richie Hwy, Severna Park, MD 21146						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/20/2030						504.3						504.3						523.9						0.15		%
Patoruzu Inc dba Sharkey's Cuts for Kids			(#)			18121 Tuckerton Rd, Ste 130, Cypress, TX 77433						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/20/2030						12.9						12.9						10.8						—		%
Firefly Developement LLC dba Firefly Earthworks			(#)			4810 Vicksburg St, Dallas, TX 75207						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/19/2045						294.9						294.9						299.1						0.09		%
Coffeestamp LLC			(#)			2511 S Jefferson Ave, St. Louis, MO 63104						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/17/2030						4.3						4.3						3.9						—		%
Mid Ohio Hospitality, LLC dba Bucks Bar and Grill			(#)			192 E Main St, Mansfield, OH 44904						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/17/2045						226.5						226.5						252.9						0.07		%
Forest Scientific Corporation			(#)			668 Elm St, Tionesta, PA 16353						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/17/2030						71.2						71.2						74.0						0.02		%
Kanga Lean, Inc. dba F45 Training Trinity			(#)			3139 Little Rd Space A-5, Trinity, FL 34655						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/16/2030						55.0						55.0						48.0						0.01		%
Integrated Equipment Inc; Intergrated Elastomers Inc			(#)			5701 Brittmoore Rd, Houston, TX 77041						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/13/2045						1,238.7						1,238.7						1,383.1						0.41		%
Stretch of NW Georgia, LLC dba Stretch Zone			(#)			1430 Towne Lake Parkway, Ste 26100, Woodstock, GA 30189						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/13/2030						14.0						14.0						11.6						—		%
Signet Media dba Signet Media inc.			(#)			630 S 1st St, San Jose, CA 95113						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/13/2030						327.5						327.5						340.2						0.10		%

157

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Astoria-Pacific Inc			(#)			15130 SE 82nd Dr, Clackamas, OR 97015						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/13/2030						118.7						118.7						123.4						0.04		%
Mark Allen Taylor dba Taylor Auction			(#)			20 & 68 Westfield Rd, Nicholls, GA 31554						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/13/2030						132.0						132.0						116.9						0.03		%
Rapid Trucking and			(#)			4225 W Capitol Ave, West Sacramento, CA 95691						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2045						753.2						753.2						841.1						0.25		%
Native Fields Landscaping LLC and My Two Girls LLC			(#)			73 Taylor Rd, Wharton, NJ 7885						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2045						531.3						531.3						547.7						0.16		%
GQ Investments LLC			(#)			5772 Miami Lakes Drive, Miami Lakes, FL 33014						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						Prime plus 2.75%						3/12/2030						142.5						142.5						118.3						0.03		%
C3 Capital, Inc			(#)			10010 North Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/11/2030						537.9						537.9						531.4						0.16		%
Quarles Service Systems, Inc.			(#)			1740 September Ave, Memphis, TN 38116						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/10/2045						95.0						95.0						99.7						0.03		%
Blue Dot Trading Inc			(#)			3100 NW 72nd Ave, Miami, FL 33122						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/10/2030						53.4						53.4						44.4						0.01		%
The Ugly Mug's Coffee and Tea Inc.			(#)			1390 Broadway Ste C, Placerville, CA 95667						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2030						36.2						36.2						30.1						0.01		%
Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan			(#)			2342 NY- 37, Port Covington, NY 12937						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/6/2030						133.0						133.0						130.4						0.04		%
KR Enterprises, Inc. dba Carriage Inn			(#)			1065 Tower Hill Rd, North Kingstown, RI 2852						Accommodation						Term Loan						Prime plus 2.75%						3/6/2045						316.1						316.1						328.2						0.10		%
Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security			(#)			974 Commercial St, Palo Alto, CA 94303						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/6/2030						364.3						364.3						302.4						0.09		%
Advans IT Services, Inc.			(#)			65 Boston Post Rd W Ste 390, Marlborough, MA 1752						Other Information Services						Term Loan						Prime plus 2.75%						3/6/2030						118.1						118.1						98.1						0.03		%
Big Brand Management LTD. CO. dba Ivox Media			(#)			512 E 11th St, Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						3/6/2030						63.0						63.0						59.4						0.02		%
Minifox Inc. dba Pho Hoa and Jazen Tea			(#)			10624 South Eastern Ave Stes R & S, Hendersen, NV 89502						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/5/2030						71.2						71.2						60.2						0.02		%
Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn			(#)			195 Oenoke Ridge, New Canaan, CT 6840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/4/2030						28.8						28.8						29.9						0.01		%
Chet Lemon Enterprises, Inc. dba All American Sports			(#)			1544 Lane Park Cut off, Tavares, FL 32778						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/3/2031						207.3						207.3						216.7						0.06		%
14th State Learning, LLC dba Sylvan Learning, LLC			(#)			1 Market Pl #10, Essex Junction, VA 5452						Educational Services						Term Loan						Prime plus 2.75%						3/2/2030						48.3						48.3						40.6						0.01		%
LCSM Logistics Inc			(#)			15735 Spectrum Drive, Addison, TX 75001						Couriers and Messengers						Term Loan						Prime plus 2.75%						2/28/2030						80.2						80.2						66.6						0.02		%
Toju Bay Inc. dba Fiesta Americana Restaurand and Club			(#)			1622-1624 N. Mannheim Rd, Stone Park, IL 60165						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2045						450.0						450.0						489.2						0.14		%
Custom Garages			(#)			110 2nd Ave South, Pacheco, CA 94553						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2030						131.0						131.0						113.8						0.03		%

158

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Breakers Electric, LLC dba Merrill Sports			(#)			13600 Mustang Drive, Mead, CO 80542						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/27/2030						9.9						9.9						8.2						—		%
Crux Solutions LLC dba Waddell's Riverside Funeral Directors			(#)			6938 Westover St, Houston, TX 77087						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/27/2045						79.9						79.9						85.0						0.03		%
GRSC, Inc.			(#)			1643 NW Dove Ct, Stuart, FL 34994						Construction of Buildings						Term Loan						Prime plus 2.75%						2/27/2030						21.2						21.2						19.0						0.01		%
Feras Alshadaida dba Allura Dairy			(#)			8809 N Grove Ave, Rancho Cucamonga, CA 91730						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						57.1						57.1						49.4						0.01		%
M & L ENTERPRIZES, LLC			(#)			2401 Wrightsville Ave, Wilmington, NC 28403						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						47.1						47.1						49.0						0.01		%
Abe Chahrour Investment, LLC			(#)			4001 S Wayne Rd, Wayne, MI 48154						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/25/2045						21.9						21.9						24.4						0.01		%
Bora Enterprises, LLC			(#)			44255-B Fremont Blvd,, Fremont, CA 94538						Truck Transportation						Term Loan						Prime plus 2.75%						2/21/2030						12.0						12.0						10.0						—		%
Skimino Enterprises LLC			(#)			197 Ewell Rd, Williamsburg, VA 23188						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/21/2030						70.7						70.7						58.8						0.02		%
Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC			(#)			7215 Waelti Drive, Melbourne, FL 32940						Social Assistance						Term Loan						Prime plus 2.75%						2/21/2045						374.1						374.1						376.7						0.11		%
Sherwood Sporthorses Inc.			(#)			20502 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/21/2046						205.3						205.3						229.6						0.07		%
Alex Roit Chiropractic, P. C			(#)			55 Northern Blvd, Ste 103, Great Neck, NY 11021						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/19/2030						18.8						18.8						15.6						—		%
Little Feet Academy of Jacksonville, LLC			(#)			10265 Normandy Blvd, Jacksonville, FL 32221						Social Assistance						Term Loan						Prime plus 2.75%						2/17/2045						46.6						46.6						47.8						0.01		%
Romo Medical Equiptment LLC			(#)			3453 North Panam Expressway, San Antonio, TX 78219						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/14/2030						471.5						471.5						391.4						0.12		%
All Modes Transportation & Logistics LLC			(#)			4313 Collingtree Drive, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.9						11.9						11.4						—		%
Lesher Transportation and Shipping, LLC			(#)			116 North Austin St, Oak Grove, MO 64075						Truck Transportation						Term Loan						Prime plus 2.75%						2/13/2030						13.5						13.5						12.8						—		%
Red Rock Government Serviice, LLC			(#)			45240 Business Court, Sterling, VA 20166						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/13/2030						161.7						161.7						149.2						0.04		%
Shaw, Ltd dba Fitness 1440 North Coventry			(#)			54-58 Glocker Way, Pottstown, PA 19465						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/13/2030						57.3						57.3						50.3						0.01		%
Damiano Global Corp.			(#)			333 Birch Hills Dr, Rochester, NY 14622						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/10/2030						47.1						47.1						39.1						0.01		%
Fortson Janitorial Inc			(#)			462-482 Chattahoochee St, Cornelia, GA 30531						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/5/2045						106.0						106.0						118.4						0.03		%
2'N1 Home and lawn LLC dba N1 Home an Lawn LLC			(#)			1300 Ridenour Blvd, Kennesaw, GA 30152						Administrative and Support Services						Term Loan						Prime plus 6.5%						2/3/2030						11.9						11.9						11.4						—		%
A1 Radon Services, LLC			(#)			9980 Dell Rd, Eden Prairie, MN 55347						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						1/31/2030						84.1						84.1						69.8						0.02		%
Thisaflycloset, LC			(#)			12408 Kingsview St, Bowie, MD 20721						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						1/30/2030						11.8						11.8						11.3						—		%

159

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Adorable Home Heath Care LLC			(#)			6110 W Capitol Drive, Milwaukee, WI 53216						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/30/2030						39.4						39.4						32.7						0.01		%
3 Fat Labs Inc. and Energy Conservation Solution Inc.			(#)			2001 S County Rd 400 W, Greencastle, IN 46135						Rental and Leasing Services						Term Loan						Prime plus 2.75%						1/30/2045						277.0						277.0						286.9						0.08		%
AA WST LLC			(#)			321 White Dogwood Lane, Ocoee, FL 34761						Nonstore Retailers						Term Loan						Prime plus 2.75%						1/30/2030						20.8						20.8						19.1						0.01		%
Daftarnow Inc dba Venture X Parsippany			(#)			8 Campus Drive. Ste 105, Parsippany, NJ 7054						Real Estate						Term Loan						Prime plus 2.75%						7/30/2030						181.8						181.8						151.5						0.04		%
Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc			(#)			6967 Hancock Drive, Port St Lucie, FL 34952						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						1/30/2045						312.2						312.2						317.2						0.09		%
Codame Enterprises LLC dba Firehouse Subs			(#)			1547 Main St, Dunedin, FL 34698						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/29/2030						99.1						99.1						82.3						0.02		%
Havana Knights LLC			(#)			65 Lindsey Lane, Havana, FL 32333						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/27/2030						37.0						37.0						33.3						0.01		%
Amina Financial Solutions LLC dba Expat Tax Solutions			(#)			1433 Chestnut St, Macon, GA 31201						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/24/2030						19.7						19.7						16.3						—		%
Affinity Integrated Solutions Inc.			(#)			115 Pomona Drive, Greensboro, NC 27402						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2045						295.5						295.5						305.8						0.09		%
Affinity Integrated Solutions Inc			(#)			115 Pomona Drive, Greensboro, NC 27407						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2030						210.8						210.8						175.0						0.05		%
Align Sports Management, LLC			(#)			15822 Caminito Cantaras, Del Mar, CA 92014						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						1/22/2030						21.1						21.1						17.6						0.01		%
Emmalina LLC			(#)			3602 Rock Bay Drive, Louisville, KY 40245						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2030						6.2						6.2						5.8						—		%
Motorsport Imagery, Inc			(#)			16362 Cherokee Rd, Brooksville, FL 34601						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/17/2030						21.1						21.1						18.8						0.01		%
Lyon Cubs LLC dba Dayton Valley Learning Center			(#)			357 Dayton Valley Rd, Dayton, NV 89403						Social Assistance						Term Loan						Prime plus 2.75%						1/16/2045						165.3						165.3						171.6						0.05		%
VetMed LLC			(#)			908 4th Ave, Decatur, AL 35601						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						82.0						82.0						68.1						0.02		%
Jordi X Kellogg, M.D.,P.C			(#)			9200 SE 91st Ave STE 340, Happy Valley, OR 97086						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						58.6						58.6						48.6						0.01		%
Luster Custom Homes LLC			(#)			18801 North Thompson Peak Parkway, Ste 240, Scottsdale, AZ 85255						Construction of Buildings						Term Loan						Prime plus 2.75%						1/10/2030						43.3						43.3						36.0						0.01		%
CV Flores LLC dba A All Animal Control			(#)			2140 E Southlake Blvd L-503, Southlake, TX 76092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/9/2030						5.2						5.2						4.5						—		%
Global Information Technology, Inc			(#)			1 Cragwood Rd, Ste 101, South Plainfield, NJ 7080						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/31/2029						528.3						528.3						438.6						0.13		%
Nick's Country Kitchen, LLC			(#)			3 Flanders Rd, Bethlehem, CT 6751						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						282.8						282.8						298.0						0.09		%
Bearwaters Brewing Company			(#)			101 Park St, Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						253.3						253.3						273.0						0.08		%
Pecos Entertainment LLC dba State Theater			(#)			421 South Oak St, Pecos, TX 79772						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/31/2029						123.6						123.6						128.4						0.04		%

160

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Kwik Stop dba Dilpreet Hundai			(#)			1001 Sacramento Ave, West Sacramento, CA 95605						Gasoline Stations						Term Loan						Prime plus 2.75%						12/30/2044						238.0						238.0						245.0						0.07		%
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design			(#)			524 Sackett St, Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2029						256.0						256.0						239.7						0.07		%
VIP Construction Group Inc.			(#)			3332 W Mulberry Drive, Mequon, WI 53092						Construction of Buildings						Term Loan						Prime plus 2.75%						12/30/2029						58.2						58.2						60.4						0.02		%
Kiddie Garden Child Development Center, LLC			(#)			2809 W. Atkinson Ave, Milwaukee, WI 53209						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2044						42.3						42.3						45.6						0.01		%
Spinnaker Vero Inc.			(#)			983 12th St, Vero Beach, FL 32960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/30/2044						775.8						775.8						779.8						0.23		%
Larry J. Frick dba L & S Trucking			(#)			157571 E Wausau Ave, Wausau, WI 54403						Truck Transportation						Term Loan						Prime plus 2.75%						12/30/2029						46.1						46.1						41.4						0.01		%
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress			(#)			8780 Pershall Rd, Hazelwood, MO 63042						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/30/2029						930.6						930.6						804.1						0.24		%
Vance Ewing LLC			(#)			22940 Harlan Ln, St. Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2029						104.7						104.7						108.8						0.03		%

Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC			(#)			7302 Kirby Ave, Lubbock, TX 79424						Gasoline Stations						Term Loan						Prime plus 2.75%						12/27/2029						128.0						128.0						119.5						0.04		%
Irony LLC dba Mulberry’s Garment Care			(#)			2579 Fairview Ave North, Roseville, MN 55113						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/27/2029						977.4						977.4						817.3						0.24		%
QXC Communications, Inc			(#)			4541 N Dixie Hwy, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						12/27/2029						488.8						488.8						405.0						0.12		%
Tatoo Tony's Under My Skin LLC			(#)			73 Memorial Parkway, Atlantic Highlands, NJ 7716						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/27/2044						98.4						98.4						109.8						0.03		%
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation			(#)			8712 60th Terrace South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						173.4						173.4						151.7						0.04		%
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge			(#)			25150 W Warren Ave., Dearborn Heights, MI 48127						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						150.8						150.8						135.0						0.04		%
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge			(#)			25150 W Warren Ave., Dearborn Heights, MI 48127						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						245.9						245.9						261.0						0.08		%
American Landscaping Company			(#)			6151 S St, Anchorage, AK 99518						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						300.4						300.4						290.5						0.09		%
American Landscaping Company and Ground Effects Landscaping, LLC			(#)			6151 A St, Anchorage, AK 99518						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						636.1						636.1						695.3						0.20		%
Watearth Inc			(#)			3371 Glendale Blvd Ste 208, Los Angeles, CA 90039						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2029						43.5						43.5						36.1						0.01		%
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation			(#)			8712 60TH TER South, Lake Worth, FL 33467						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2044						140.2						140.2						153.4						0.05		%

161

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

A Family Member Homecare Group Inc, A Family Member Homecare Holdings			(#)			11788 Sample Rd, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/27/2044						117.0						117.0						120.9						0.04		%
K&S Hardware LLC dba Gopher Ace			(#)			1865 Wayzata Blvd, Long Lake, MN 55356						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/27/2029						58.2						58.2						55.9						0.02		%
Icebox Cafe L.C. and Icebox Pantry, LLC			(#)			219 NE 3rd St, Hallendale Beach, FL 33009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/26/2030						418.5						418.5						366.2						0.11		%
Bhatti LLC 2, Bhatti LLC			(#)			1451 Coral Ridge Ave, Coralville, IA 52241						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/26/2029						105.1						105.1						89.7						0.03		%
Ink! Coffee Company			(#)			2851 Larimer St, Denver, CO 80205						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2029						483.1						483.1						400.3						0.12		%
Synergistic-Designs, LLC			(#)			493 Wilson Mill Rd, New Wilmington, PA 16142						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/24/2029						7.0						7.0						5.8						—		%
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport			(#)			2564 Branch St, Middleton, WI 53562						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/24/2029						328.4						328.4						295.8						0.09		%
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd.			(#)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						12/23/2029						491.1						491.1						427.4						0.13		%
Food Civilization Services LLC and 1701 W 15th St LLC			(#)			512 E 11th St, Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						12/23/2044						147.8						147.8						163.7						0.05		%
512 E 11th Street LLC and Big Brand Management Ltd. Co.			(#)			512 E 11th St, Houston, TX 77008						Real Estate						Term Loan						Prime plus 2.75%						12/23/2044						328.8						328.8						356.5						0.11		%
The Lamkin Group LLC and National Championship Enterprises LLC			(#)			901 Lily Creek Rd, Ste 102, Louisville, KY 40243						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/23/2029						622.3						622.3						516.5						0.15		%
Shaddai Aesthetics Inc			(#)			706 W. 34th St, Austin, TX 78705						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/20/2029						17.6						17.6						14.6						—		%
Romain Tower Inc.			(#)			215 S Persimmon St, Tomball, TX 77375						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/20/2044						888.1						888.1						887.2						0.26		%
Chris Farley DVM PA. dba Farley Veterinary Clinic			(#)			6487 Taft St, Hollywood, FL 33024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2029						12.6						12.6						13.0						—		%
Freedom Enterprises, Inc			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2029						302.7						302.7						261.9						0.08		%
La Tradicion Cubana Inc			(#)			9357 S.W. 40th St, Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.8						11.8						11.2						—		%
Freedom Enterprises, Inc			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2044						204.7						204.7						220.0						0.06		%
Macon Arts Center LLC			(#)			4570 Pio Nono Ave, Macon, GA 31206						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/20/2044						617.8						617.8						668.6						0.20		%
ACC International LLC			(#)			200 N Furnace St, Birdsboro, PA 19508						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2044						317.2						317.2						321.2						0.09		%
MBK IT Services Inc.			(#)			626 Trailwood Ct., Garland, TX 75043						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/19/2029						20.1						20.1						20.9						0.01		%
Kuros, LLC			(#)			21221 Baron Lake Drive, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						11/19/2045						82.3						82.3						92.1						0.03		%

162

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Kuros, LLC			(#)			21221 Baron Lake Drive, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						12/19/2044						391.0						391.0						436.1						0.13		%
United Capital Group LLC			(#)			23022 La Cadena Dr, Laguna Hills, CA 92653						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/19/2029						299.7						299.7						263.0						0.08		%
GDIM Enterprises Inc dba AAMCO			(#)			1657 Whiskey Rd., Aiken, SC 29803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/19/2029						18.5						18.5						16.9						—		%
Nebulos, LLC			(#)			5428 Twilight Way, Parker, CO 80134						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2029						58.2						58.2						54.0						0.02		%
RWBB LLC			(#)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/19/2029						15.6						15.6						14.0						—		%
New Casa Technologies, LLC			(#)			7928 S 70th Lane, Laveen, AZ 85339						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2029						7.6						7.6						6.4						—		%
Premier Gaming Solutions Inc			(#)			17 South Grand Ave, Pasadena, CA 91105						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/18/2029						10.5						10.5						10.9						—		%
Skyfall LLC dba EZ Self Storage			(#)			2705 US Hwy 45 North, Henderson, TN 38340						Real Estate						Term Loan						Prime plus 2.75%						12/18/2044						143.9						143.9						160.5						0.05		%
The Burlington Academy of Learning LLC			(#)			10 Covey Rd, Burlington, CT 6013						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2029						47.5						47.5						49.3						0.01		%
Sago Technologies Inc. dba Jak Ecig			(#)			785 Woodfern Drive, Hampshire, IL 60140						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/17/2029						218.8						218.8						226.9						0.07		%
HADD Corp			(#)			364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						11.8						11.8						11.2						—		%
Signco America LP & Sparkle corporation Inc.			(#)			7938 Wright Rd, Houston, TX 77041						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/16/2044						1,229.6						1,229.6						1,371.6						0.40		%
J and K Project Management Consultants LLC			(#)			350 Mc Donnell St, Lewisville, TX 75057						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2044						308.2						308.2						342.1						0.10		%
J and K Project Management Consultants dba A. C. T. Construction			(#)			350 Mc Donnell St, Lewisville, TX 75057						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2029						193.4						193.4						199.8						0.06		%
Farain Saremi dba USA Produce			(#)			461 G St, Los Banos, CA 93635						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/16/2044						467.2						467.2						495.0						0.15		%
Dr Steven J Seidel			(#)			42 Campeau Place, Bergenfield, NJ 7621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2029						75.6						75.6						62.8						0.02		%
The Crane Guys, LLC			(#)			14480 Alondra Blvd, La Mirada, CA 90638						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/13/2029						1,174.9						1,174.9						1,060.9						0.31		%
Math Enrichment, LLC			(#)			1009 E Capitol Expressway, San Jose, CA 95121						Educational Services						Term Loan						Prime plus 2.75%						12/13/2029						187.5						187.5						155.4						0.05		%
Jen Macias LLC dba Duende			(#)			2301 NW Thurman St, Portland, OR 97210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2029						7.5						7.5						6.2						—		%
Nulane Entertainment LLC			(#)			4100 W. Alameda Ave # 300, Burbank, CA 91505						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2029						7.0						7.0						5.8						—		%
Essex Indoor Golf Center LLC			(#)			23 Saybrook Rd, Essex, CT 6426						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/13/2029						73.3						73.3						65.9						0.02		%
The Floor Covering Warehouse, Inc			(#)			112 Orchard St, Stamford, CT 6902						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/13/2044						236.1						236.1						263.3						0.08		%
WURA LLC dba Dickey's Barbecue Pit			(#)			4325 E. University Drive, Ste 40, Prosper, TX 75078						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/13/2029						85.7						85.7						73.6						0.02		%

163

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Belle Properties Northwest, Inc.			(#)			223 Ave B, Snohomish, WA 98290						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/12/2044						129.1						129.1						138.6						0.04		%
Abylex, Inc and Worpex LLC			(#)			7473 Reese Rd #2, Sacramento, CA 95828						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/12/2044						93.8						93.8						85.7						0.03		%
Joyner5, Inc.dba British Swim School			(#)			1000 Settlers Landing Court, Wake Forest, NC 27587						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/12/2029						20.9						20.9						17.4						0.01		%
Stockton TRI Industries, LLC			(#)			2141 E Anderson St, Stockton, CA 95205						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/12/2044						1,089.6						1,089.6						1,159.9						0.34		%
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD			(#)			175 W Borgfeld Drive, San Antonio, TX 78260						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2044						110.7						110.7						117.0						0.03		%
Professional Plumbing Services of Nela, LLC			(#)			99 Plum St, West Monroe, LA 71292						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2029						16.8						16.8						16.2						—		%
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab			(#)			10904 Baltimore St NE, Blaine, MN 55449						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/11/2029						38.6						38.6						32.1						0.01		%
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC			(#)			5801 Cleveland Ave, Riverdale, MD 20737						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/11/2044						295.1						295.1						329.2						0.10		%
Ciel Du Mel LLC dba Lala's Creamery			(#)			134 Petaluma Blvd North, Petalumaca, CA 94952						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/10/2029						15.4						15.4						13.4						—		%
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care			(#)			10 Tremont Rd, Tremont, PA 17981						Social Assistance						Term Loan						Prime plus 2.75%						12/10/2044						38.4						38.4						41.0						0.01		%
SLCP Transport, LLC dba Aamco			(#)			1407 Lomaland Drive, El Paso, TX 79935						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2029						58.2						58.2						54.0						0.02		%
Elita 7, LLC and Behavioral Nutrition Inc.			(#)			16 Marble St, Worchester, MA 1603						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/9/2029						285.1						285.1						269.5						0.08		%
DB Talak LLC			(#)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/6/2044						151.5						151.5						169.0						0.05		%
Scott's Hardware, Inc., dba Medford Inc			(#)			200 Tuckerton Rd, Medford, NJ 8055						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						12/6/2029						11.8						11.8						11.2						—		%
Bay Area Metal Fabricarion LLC			(#)			510 -512 Stone Rd, Benicia, CA 94510						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/6/2029						127.3						127.3						113.7						0.03		%
The Stout Group LLC			(#)			10850 NW 138th St, Hialeah Gardens, FL 33018						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/6/2029						223.4						223.4						198.4						0.06		%
Glen Lamb dba Lambs Tree And Plant Health Care			(#)			413 Pond Meadow Rd, Westbrook, CT 6498						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						17.5						17.5						15.7						—		%
Ohanyan LLC dba Nestle Toll House Caf'e By Chip			(#)			14006 Riverside Drive, Store No. 9270, Sherman Oaks, CA 91423						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/6/2029						39.5						39.5						35.2						0.01		%
Mazhar Family, Inc dba Edible Arrangements			(#)			601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/6/2029						62.8						62.8						52.7						0.02		%
Wolf Pack, LLC			(#)			939 South 25th East, Ste. 115, Ammon, ID 83406						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						3/6/2030						211.8						211.8						185.8						0.05		%

164

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC			(#)			560 56th St SW, Grand Rapids, MI 49548						Truck Transportation						Term Loan						Prime plus 2.75%						12/6/2029						1,025.4						1,025.4						866.4						0.26		%
Natalie Enterprise Inc			(#)			2500 Grand Ave, Billings, MT 59102						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						18.9						18.9						19.6						0.01		%
Used Tire Express 1, Corp			(#)			437 N. Battlefield, Chesapeake, VA 23320						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/5/2029						80.3						80.3						69.9						0.02		%
Standard Capital Corp			(#)			2349 Wessington Drive, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.8						11.8						11.3						—		%
Clearwater Engineering Inc			(#)			301 N River St, Derby, KS 67037						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/5/2029						549.3						549.3						490.3						0.14		%
Hook Line and Schooner Vinings LLC			(#)			400 West Village Way #3009, Smyrna, GA 30008						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/4/2029						20.9						20.9						18.9						0.01		%
Soto Injury Law Firm, PA and My Attorney Inc			(#)			2050 Capital Circle NE Ste B, Tallahassee, FL 32308						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2029						58.2						58.2						48.3						0.01		%
Mega Sales Detergent Distributor, LLC			(#,^)			1 Ackerman Ave, Clifton, NJ 7011						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/29/2029						46.2						46.2						38.3						0.01		%
Loading Arms Plus Inc			(#)			5401 Mitchelldale St, Ste B4, Houston, TX 77092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2029						73.3						73.3						62.0						0.02		%
Behind the Scenes Chicago, LLC dba Paramount Events			(#)			1750 W Lake St, Chicago, IL 60612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						431.5						431.5						379.2						0.11		%
American Bio Source, LLC dba Dieselgreen Fuels			(#)			2522 N Hwy 287, Decatur, TX 76234						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						11/27/2029						53.7						53.7						55.7						0.02		%
Codorado, Inc. dba Dentalmart			(#,^)			10 Glorieta Rd, Sante Fe, NM 87508						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/27/2029						9.7						9.7						8.1						—		%
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC			(#)			102 W 73rd St, New York, NY 10023						Food Manufacturing						Term Loan						Prime plus 2.75%						11/27/2029						255.9						255.9						216.0						0.06		%
Haversack Holdings LLC			(#)			7930 W Kenton Circle, Ste 260, Huntersville, NC 28078						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/27/2029						115.6						115.6						95.8						0.03		%
Roots'n Shoots, LLC			(#)			86 Boston Rd, Chelmsford, MA 1824						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/27/2029						9.9						9.9						8.2						—		%
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports			(#)			2440 Wesr State Rd 84, Fort Lauderdale, FL 33312						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						142.6						142.6						120.2						0.04		%
Ultra Flow Dispense, LLC			(#)			820 Prospect Hill Rd, Windsor, CT 6095						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/26/2029						96.8						96.8						81.0						0.02		%
Ford Custom Renovation LLC			(#,^)			405 Broadway St, Muncy, PA 17756						Construction of Buildings						Term Loan						Prime plus 2.75%						11/26/2029						7.6						7.6						6.4						—		%
Fullmer's Landscaping, Inc.			(#)			9547 W Third St, Dayton, OH 45417						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/26/2029						177.7						177.7						154.8						0.05		%
B.S Carrier LLC and United Truck & Trailer Repair LLC			(#)			3716 Garman Rd, Salem, VA 24153						Truck Transportation						Term Loan						Prime plus 2.75%						11/25/2029						218.5						218.5						210.6						0.06		%
Hurricane Group, Inc.dba Crate Club Group			(#)			101 San Patricio Ave, Ste 860, Guaynabo, PR 968						Other Information Services						Term Loan						Prime plus 2.75%						11/25/2029						46.6						46.6						38.6						0.01		%
S&C Cookies, Inc			(#,^)			1969 Jericho Turnpike, East Northport, NY 11731						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/22/2029						52.2						52.2						43.4						0.01		%
A&N Design Studios Inc dba Door3 Business Application			(#)			22 Cortlandt St, New York, NY 10007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2029						113.3						113.3						100.2						0.03		%

165

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Best Choice Meats, Inc,			(#,^)			12646 S Springfield Ave, Alsip, IL 60803						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2044						1,321.1						1,321.1						1,412.3						0.42		%
ZUMI LLC dba Allstate Insurance			(#,^)			1537 W 79th St, Chicago, IL 60620						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/22/2029						11.1						11.1						11.4						—		%
Cum Laude Enterprises, LLC			(#)			15218 Penn Hills Lane, Houston, TX 77062						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/22/2029						17.8						17.8						16.5						—		%
Peanut Butter & Co Inc			(#,^)			119 West 57th St, Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2029						173.4						173.4						143.7						0.04		%
Place Vendome Holding Co. Inc.dba R&F Marketing			(#)			308 Glenwood Rd, Swainsboro, GA 30401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/22/2044						427.7						427.7						409.7						0.12		%
Place Vendome Holding Co Inc.dba R&F Marketing			(#)			610 East Main St, Swainsboro, GA 30401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/22/2029						218.8						218.8						202.7						0.06		%
Weeping Willow Kennel Inc			(#,^)			6041 Hammond School Rd, Salisbury, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/21/2029						4.2						4.2						4.3						—		%
Coral Springs Family Wellness LLC			(#)			2902 North University Drive, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/21/2030						118.3						118.3						99.1						0.03		%
Semplice Cafe LLC			(#,^)			209 N Main St, Breckenridge, CO 80424						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						16.6						16.6						14.2						—		%
Cobb Roofing LLC			(#,^)			8101 NW 10th St, Oklahoma City, OK 73127						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/21/2029						50.7						50.7						42.0						0.01		%
Pen's Electric Company			(#)			504 Fairfax Ave, Nashville, TN 37212						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						11/21/2029						11.9						11.9						11.3						—		%
The Rollin' Trapp LLC			(#,^)			1731 Prevatt Rd, Dothan, AL 36301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						7.4						7.4						6.7						—		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2044						270.2						270.2						290.5						0.09		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2029						69.4						69.4						67.1						0.02		%
Cable Management LLC			(#,^)			290 Pratt St, Meriden, CT 6450						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/20/2029						127.2						127.2						112.7						0.03		%
AD Learning Group, LLC dba The Learning Experience & AD Learning NH			(#,^)			181 Shunpike Rd, Cromwell, CT 6416						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2029						128.2						128.2						106.3						0.03		%
Ryan & Selena LLC dba Head of the Class Learning Center			(#,^)			1836 Kathleen Rd, Lakeland, FL 33805						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2044						439.8						439.8						462.5						0.14		%
Lindsley Excavating LLC			(#,^)			92 Town Line Rd, Fulton, NY 13069						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/15/2029						178.3						178.3						168.2						0.05		%
MToxins Venom Lab LLC			(#,^)			717 Oregon St, Oshkosh, WI 54902						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/15/2044						99.9						99.9						102.4						0.03		%
Champions Of Diversity Media Inc dba Champions of Diversity: Politics			(#,^)			5100 Transamerica Drive, Columbus, OH 43228						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/15/2044						71.3						71.3						77.2						0.02		%
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton			(#)			745 Alexander Rd, Ste 1-3, Princeton, NJ 8540						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/15/2030						87.6						87.6						72.7						0.02		%

166

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Winning Sales Plan Inc			(#,^)			17811 Fairhaven Gateway, Cypress, TX 77433						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/14/2029						46.2						46.2						48.0						0.01		%
Ninth Avenue, LLC			(#)			Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/14/2030						59.5						59.5						51.1						0.02		%
Sean McNamara			(#)			5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						11.7						11.7						11.1						—		%
Rockin Robin Music Lessons LLC			(#,^)			9029 Hwy 6, Ste 160, Missouri City, TX 77459						Educational Services						Term Loan						Prime plus 2.75%						11/14/2029						8.6						8.6						7.2						—		%
The Pinnacle Development Group Inc dba The Goddard School			(#)			105 Springside Drive, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						11.7						11.7						11.1						—		%
HH Wireless Connect LLC			(#,^)			48267 Deer Trail Drive, Canton, MI 48187						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/12/2029						7.6						7.6						6.3						—		%
NJ Floats, Inc			(#)			327 Route 202/206, Bedminster Township, NJ 7921						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						2/12/2046						145.7						145.7						163.3						0.05		%
SSD Designs LLC			(#,^)			486 Vance St, Forest City, NC 28043						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						1/12/2030						328.8						328.8						299.7						0.09		%
Adrienne's Gourmet Foods, Imagine Baking, Inc			(#,^)			1034 Hancock St, Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2029						489.6						489.6						475.4						0.14		%
James Richard Farkas Jr. dba Lil Black Bear Inn			(#,^)			8072 State Rd 46 East, Nashville, TN 47448						Accommodation						Term Loan						Prime plus 2.75%						11/12/2044						107.3						107.3						111.1						0.03		%
Ameen Enterprises, LLC dba Bargain Town			(#,^)			1111 E Washington St, Stephenville, TX 76401						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2029						115.6						115.6						117.1						0.03		%
Steven French dba French Woodworking			(#,^)			1101 Horizon Drive Ste 101, Fairfield, CA 94533						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/12/2044						61.4						61.4						68.5						0.02		%
Adrienne's Gourmet Foods, Imagine Baking Inc			(#,^)			1034 Hancock St, Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2044						399.1						399.1						445.2						0.13		%
Potomac Nail Spa Corporation			(#,^)			14901 Potomac Town Place,, Woodbridge, VA 22191						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/12/2029						49.2						49.2						41.1						0.01		%
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI			(#,^)			908 S Jefferson St, Amarillo, TX 79101						Educational Services						Term Loan						Prime plus 2.75%						11/12/2029						365.3						365.3						330.9						0.10		%
Airbar Inc			(#,^)			5 N Station Plaza, Great Neck, NY 11021						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/8/2029						20.4						20.4						16.9						—		%
Integrated Vascular Services LLC			(#,^)			1452 Franklin Ave, Salem, OR 44460						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/8/2029						74.0						74.0						61.8						0.02		%
East River Plumbing, LLC			(#,^)			997 E Loop, Priest River, ID 83856						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/8/2044						49.1						49.1						52.7						0.02		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2044						386.8						386.8						419.2						0.12		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2029						792.0						792.0						668.5						0.20		%
WE MAKE DIFFERENCES, LLC			(#,^)			1380 Main St, Waltham, MA 2451						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/7/2029						5.9						5.9						5.8						—		%
Lake Pontchartrain Properties, LLC			(#,^)			6001-6201 France Rd, New Orleans, LA 70126						Accommodation						Term Loan						Prime plus 2.75%						11/7/2044						1,133.7						1,133.7						1,264.6						0.37		%

167

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC			(#,^)			3650 NW 82 Ave, Doral, FL 33166						Air Transportation						Term Loan						Prime plus 2.75%						11/6/2029						961.7						961.7						797.0						0.23		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Drive, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2044						228.3						228.3						251.2						0.07		%
C&P Trading and Sales Inc			(#,^)			950 Peninsula Corporate Circle Ste 3016, Boca Raton, FL 33487						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						230.0						230.0						190.8						0.06		%
11900 Marshfield Station Inc			(#,^)			11900 S Marshfield Ave, Calumet Park, IL 60827						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						1,229.9						1,229.9						1,332.6						0.39		%
Guru Kirpa, Inc			(#,^)			3006 New Castle Ave, New Castle, DE 19720						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						191.8						191.8						198.0						0.06		%
Jessie's Radiator and Automotive			(#,^)			1777 N Ventura Ave, Ventura, CA 93001						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2029						14.9						14.9						13.8						—		%
Fave Realty, Inc.			(#,^)			217-84 Hempstead Ave, Jamaica, NY 11429						Real Estate						Term Loan						Prime plus 2.75%						10/31/2044						114.8						114.8						128.1						0.04		%
Kerzner Contracting Corp			(#,^)			1620 Ocean Ave, Bohemia, NY 11716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2029						103.4						103.4						85.8						0.03		%
ABC Sandblasting, LLC			(#,^)			14029 56th St NW, Williston, ND 58801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2029						226.8						226.8						194.1						0.06		%
Dub Industries LLC			(#,^)			4112 Veiled Falls Drive, Pflugerville, TX 78660						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/31/2029						65.2						65.2						61.1						0.02		%
The Committed Pig LLC			(#,^)			28 West Park Place, Morristown, NJ 7090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2029						261.7						261.7						271.5						0.08		%
L& F Gullo Service Corp			(#,^)			520 Main St, Westbury, NY 11590						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						160.8						160.8						133.3						0.04		%
D & H Construction Services, Inc.			(#,^)			711 Hospital St, Richmond, VA 23219						Construction of Buildings						Term Loan						Prime plus 2.75%						10/31/2029						128.7						128.7						112.4						0.03		%
Automotive Solutions, LLC			(#,^)			1910 W. Dupont Rd, Fort Wayne, IN 46818						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						292.7						292.7						312.5						0.09		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2029						62.0						62.0						64.4						0.02		%
Automotive Standard, LLC			(#,^)			4028 Coldwater Rd, Fort Wayne, IN 46805						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						135.3						135.3						145.7						0.04		%
MJ Group, Inc			(#,^)			26691 Loma Verde, Mission Viejo, CA 92691						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2029						19.6						19.6						16.4						—		%
Maine Service Corp			(#,^)			59-24 55th St, Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/31/2029						114.9						114.9						119.2						0.04		%
Mariscos El Oceano, Inc.			(#,^)			5960 S Archer Ave, Chicago, IL 60638						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2044						123.3						123.3						134.8						0.04		%
BGB Leasing Inc and BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2029						1,066.1						1,066.1						964.2						0.28		%
Paul Wintner dba P & R Props			(#,^)			23901 Calabasas Rd, Calabasas, CA 91302						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						51.7						51.7						42.9						0.01		%
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant			(#,^)			905 Savoy Rd, Youngsville, LA 70592						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/30/2029						80.4						80.4						68.0						0.02		%

168

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gourmet Snack			(#,^)			9912 Arizona Dr, Mohave Valley, AZ 86440						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						59.7						59.7						50.7						0.01		%
BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2044						88.3						88.3						98.5						0.03		%
Plastic Depot, Inc			(#,^)			363 East Alondra Blvd, Gardena, CA 90248						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/30/2029						145.4						145.4						120.7						0.04		%
OWL Inc,			(#,^)			5300 S Orange Blossom Trail, Orlando, FL 32839						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						10/28/2029						198.2						198.2						164.3						0.05		%
Corple Enterprises, Inc			(#,^)			17887 US-380, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/28/2029						147.2						147.2						145.4						0.04		%
Perisseia Physicians LLC			(#,^)			1644 Lebanon Rd, Lawrenceville, GA 30043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/28/2044						392.5						392.5						402.5						0.12		%
Proximo Consulting Services Inc			(#,^)			2500 Plaza 5, Jersey City, NJ 7311						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/28/2029						68.9						68.9						57.1						0.02		%
Marnon Vending LLC dba Naturals 2 Go San Antonio			(#,^)			6713 Biscay Hbr, San Antonio, TX 78249						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/28/2029						7.3						7.3						6.7						—		%
Landmark Ventures USA, Inc			(#,^)			475 Park Ave S, 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						10/25/2029						96.5						96.5						80.0						0.02		%
iLoka Inc. dba NewCloud Networks			(#,^)			160 Inverness Drive W, Ste 150, Englewood, CO 80112						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						91.9						91.9						95.3						0.03		%
Four Ace Electrical Services Corporation			(#,^)			3723 Far Niente Way, Sacramento, CA 95834						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/25/2029						11.0						11.0						9.3						—		%
Diamond Solutions LLC			(#,^)			8321 E Gelding Drive, Scottsdale, AZ 85260						Machinery Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						11.7						11.7						9.7						—		%
Jbang LLC, WM Bang LLC, Bang Investments LLC			(#)			125 Westchester Ave, White Plains, NY 10601						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2029						69.6						69.6						68.8						0.02		%
IV Purpose Inc			(#)			1489 Fulton St, Brooklyn, NY 11216						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/25/2029						35.4						35.4						31.0						0.01		%
Sultan's Palace L.L.C.			(#,^)			8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/24/2029						19.6						19.6						17.2						0.01		%
Fimac Inc dba American Educational Services			(#,^)			26300 La Alameda, Ste 200, Mission Viejo, CA 92691						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/23/2029						20.7						20.7						17.4						0.01		%
James Clark and Company, Inc.			(#)			8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						10/22/2029						11.6						11.6						11.1						—		%
Pyle Garage Doors OKC, INC dba Precision Door Service OKC			(#,^)			8860 S Sunnylane Rd, Oklahoma City, OK 73135						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/22/2029						13.5						13.5						11.2						—		%
Todd's Car Wash, LLC			(#,^)			5505 Johnston St, Lafayette, LA 70506						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/18/2044						337.3						337.3						376.2						0.11		%
Roughcut LLC			(#,^)			41540 National Rd, Belmont, OH 43718						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						442.5						442.5						459.0						0.14		%
UNIQUE PAVER INSTALLATIONS, INC.			(#,^)			4930 Mars Hill Rd, Bogart, GA 30622						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						20.8						20.8						18.4						0.01		%

169

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Owens Family and Cosmetic Dentistry PLLC			(#,^)			403 E College St, Pulaski, TN 38478						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/17/2029						249.1						249.1						216.3						0.06		%
Pine Mountain Residential LLC			(#)			10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						11.6						11.6						11.1						—		%
Powerlift Dumbwaiters, Inc			(#)			2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						11.3						11.3						10.8						—		%
The Cow Harbor Beer Company LLC dba Sand City Brewing Co.			(#)			19 Scudder Ave, Northport, NY 11768						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/11/2031						292.7						292.7						257.3						0.08		%
Glenda D Brewer dba Bargain Store			(#)			107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						11.6						11.6						11.1						—		%
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail			(#,^)			5604 Slide Rd, Lubbock, TX 79414						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/11/2029						145.7						145.7						123.3						0.04		%
Q2 Ventures, LLC			(#,^)			2805 W Arimo Rd, Arimo, ID 83214						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/8/2029						163.1						163.1						162.2						0.05		%
Paketo LLC dba West Loop UPS Store			(#,^)			623 W Lake St, Chicago, IL 60661						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/4/2029						15.2						15.2						12.9						—		%
Heart and Vascular Associates of Tampa, LLC			(#,^)			17 David Blvd, Tampa, FL 33606						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2044						759.1						759.1						765.9						0.23		%
A Child's Dream Educational Center LLC			(#,^)			4127 NW 34th St, Gainsville, FL 32605						Social Assistance						Term Loan						Prime plus 2.75%						9/30/2029						175.8						175.8						146.4						0.04		%
DG Business Solutions, Inc			(#,^)			11008 Rene St, Lenexa, KS 66215						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/30/2029						209.9						209.9						175.9						0.05		%
A Child's Dream Educational Center LLC			(#,^)			4127 NW 34th St, Gainesville, FL 32605						Social Assistance						Term Loan						Prime plus 2.75%						9/30/2044						177.3						177.3						189.3						0.06		%
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro			(#,^)			725 Atlantic Blvd, Atlantic Beach, FL 32233						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						8.6						8.6						7.2						—		%
SPIRE Manufacturing Solutions LLC			(#,^)			1440 Newport Rd, Colorado Springs, CO 80916						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/30/2044						996.0						996.0						1,111.0						0.33		%
Meldi Maa, Inc dba The River Complex			(#,^)			74 S Main St, Woonsocket, RI 2895						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2044						416.6						416.6						451.1						0.13		%
Joseph P Fusco DDS PC			(#,^)			77 N Centre Ave, Rockville Centre, NY 11570						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2029						60.6						60.6						50.3						0.01		%
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC			(#,^)			2301 W. Buckeye Rd, Phoenix, AZ 85009						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/30/2044						612.4						612.4						630.9						0.19		%
International Protection Group, LLC			(#,^)			481 8th Ave Ste 1130, New York, NY 10001						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/30/2029						75.3						75.3						73.1						0.02		%
AV Strategy, Inc			(#,^)			9468 American Eagle Way Ste 100, Orlando, FL 32837						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/30/2029						242.6						242.6						219.8						0.06		%
50 Taps, LLC dba Colorado Taproom & Grill			(#,^)			19539 Hess Rd Ste Ste #101, Parker, CO 80134						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						70.7						70.7						59.6						0.02		%
Crown Waste Corp			(#,^)			1 Plainview Rd, Bethpage, NY 11714						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						9/30/2029						45.7						45.7						41.0						0.01		%
Zima Dining Inc. dba Country Kitchen			(#,^)			1497 N Mt. Vernon Ave, Colton, CA 92324						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2029						57.5						57.5						59.6						0.02		%

170

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hoagie Barmichaels Inc			(#,^)			1101 River Rd, New Windsor, NY 12553						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2044						110.7						110.7						110.3						0.03		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						575.7						575.7						576.6						0.17		%
Wagner & Sons Inc			(#,^)			22365 Alydar Drive, Lexington Park, MO 20653						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/27/2029						17.1						17.1						14.3						—		%
Aztec Machine & Repair Inc, Cranrd & Material			(#,^)			1715 N 1st St, Bloomfield, NM 87413						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						698.1						698.1						713.8						0.21		%
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma			(#,^)			3721 North 162nd St, Garber, OK 73701						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2029						956.2						956.2						866.3						0.26		%
Titan Laser Screed Concrete Services, LLC			(#,^)			8908 Wildlife Lane, Sanford, FL 32771						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						45.6						45.6						39.3						0.01		%
Zmetra Clearspan Structures LLC			(#,^)			2 Old Worcester Rd, Webster, MA 1571						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/27/2044						428.7						428.7						478.2						0.14		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2029						604.8						604.8						537.9						0.16		%
Cherry and Candlewood Inc dba Aamco			(#,^)			3029 South St, Long beach, CA 90805						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						424.0						424.0						473.0						0.14		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave Unit 342, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						182.8						182.8						152.0						0.04		%
Santa Fe Flooring LLC			(#,^)			3711 Paseo Del Norte NE, Albuquerque, NM 87113						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						9/26/2029						462.5						462.5						402.3						0.12		%
Adam's Construction & General Contracting LLC			(#,^)			7808 N Custer Rd, Freesoil, MI 49411						Construction of Buildings						Term Loan						Prime plus 2.75%						9/26/2029						63.8						63.8						55.7						0.02		%
Anderson's Outdoor Adventures, LLC			(#,^)			4060 SW County Rd 232, Bell, FL 32619						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/25/2029						20.5						20.5						20.6						0.01		%
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc			(#,^)			360 East State St, Salem, OH 44460						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/25/2044						52.4						52.4						51.4						0.02		%
Quality Machine of Iowa, Inc			(#,^)			1040 4th Ave, Audubon, IA 50025						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/25/2029						61.7						61.7						63.9						0.02		%
Luv 2 Play Nor Cal, LLC			(#,^)			82 Clarksville Rd, Folsom, CA 95682						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/25/2029						105.0						105.0						89.3						0.03		%
Flamingo Bowl, Inc			(#,^)			3301 N 23rd St, McAllen, TX 78501						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/24/2029						188.7						188.7						172.5						0.05		%
Unified Utility Services LLC			(#,^)			206 Frankie Lane, Ladson, SC 29456						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/20/2044						154.8						154.8						172.5						0.05		%
Standard Real Estate Services LLC			(#)			500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217						Real Estate						Term Loan						Prime plus 6.5%						9/19/2029						11.6						11.6						11.0						—		%
Payne's Enviromental Service, LLC dba Bamaco			(#,^)			5617 Causeway Blvd, Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/18/2044						511.5						511.5						522.7						0.15		%
Host Marketing, LLC			(#)			206 Bell Lane, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						11.6						11.6						11.0						—		%
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Development			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2029						11.0						11.0						9.1						—		%

171

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Win Health Institute, LLC			(#,^)			711 E Valley Rd, Basalt, CO 81621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/17/2029						6.8						6.8						6.0						—		%
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events			(#)			1702 Fawn Gate St, San Antonio, TX 78248						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/17/2029						52.8						52.8						49.0						0.01		%
Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/16/2029						18.5						18.5						16.9						—		%
Bay Bowl Inc dba Shasta Lanes			(#,^)			11093 Black Marble Way, Redding, CA 96003						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/13/2044						526.7						526.7						586.9						0.17		%
The Steel Method LLC dba Sneeze It			(#,^)			250 Passaic Ave Ste 200, Fairfield, NJ 7004						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2029						154.0						154.0						128.1						0.04		%
Oak Park Social LLC			(#)			14691 W 11 Mile Rd, Oak Park, MI 48237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/12/2045						133.5						133.5						137.4						0.04		%
New Flow Plumbing and Rooter Inc.			(#,^)			6718 Katherin Ave, Van Nuys, CA 91405						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/12/2029						43.6						43.6						36.6						0.01		%
ACSS CPA, LLC			(#,^)			1016 S Texas Blvd, Weslaco, TX 78599						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2044						39.2						39.2						41.1						0.01		%
Prime Precision Machining, LLC			(#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Real Estate						Term Loan						Prime plus 2.75%						9/11/2044						267.9						267.9						278.8						0.08		%
Prime Precision Machining, LLC			(#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/11/2029						200.8						200.8						176.4						0.05		%
Family Insight, P.C.			(#,^)			3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2029						226.6						226.6						226.5						0.07		%
Miami Squeeze Inc dba Miami Squeeze, LLC			(#,^)			18315 W. Dixie Hwy, North Miami Beach, FL 33160						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/11/2029						105.4						105.4						94.2						0.03		%
Covert Recordings LLC			(#,^)			31-65 138th St Apartment 3K, Flushing, NY 11354						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/11/2029						10.8						10.8						10.9						—		%
Body on Cue Health and Fitness LLC			(#,^)			129 A Orpha Drive, Middlebury, IN 46840						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/6/2029						41.1						41.1						34.8						0.01		%
Eco Electric LLC			(#,^)			5380 Cameron St, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						60.7						60.7						50.3						0.01		%
Philly Games Inc.dba Queen & Rock Game Cafe			(#,^)			607-609 S 2nd St, Philadelphia, PA 19147						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/5/2029						57.0						57.0						47.5						0.01		%
SVT Masonry Limited Liability Company			(#,^)			1208 Houghton Lane, Bennington, VT 5201						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						63.5						63.5						62.5						0.02		%
Thawk LLC			(#,^)			1110 Willow Glen Drive, Yuba City, CA 95991						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/30/2029						7.5						7.5						6.2						—		%
No Push Backs, LLC			(#)			2223 Dungan Ave, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						11.2						11.2						10.6						—		%
Dog House Sportfishing Charters Inc			(#)			83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						11.5						11.5						10.9						—		%
3C Consumer Network & Designs LLC			(#,^)			7676 Hillmont St, Ste 109, Houston, TX 77040						Real Estate						Term Loan						Prime plus 2.75%						8/29/2029						13.6						13.6						11.9						—		%
Double Scoop Ice Cream, LLC			(#,^)			2970 Stonecrest Pass, Lithonia, GA 30038						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/29/2044						94.7						94.7						98.9						0.03		%

Camror LTD dba Jersey Mike's			(#,^)			5946 Meijer Drive, Cincinnati, OH 45150						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/29/2030						81.5						81.5						84.6						0.02		%

172

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

The BMF Media Group LLC			(#,^)			50 West 23rd St, 7th floor, New York, NY 10010						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/29/2029						340.6						340.6						281.8						0.08		%
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC			(#,^)			361 Troy Ave, Brooklyn, NY 11213						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2029						36.3						36.3						37.6						0.01		%
Esquire Mini Mart LLC & Morgan Store Building LLC			(#,^)			12595 S Somerton Ave, Yuma, AZ 85365						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2029						46.5						46.5						44.2						0.01		%
Groton Bowling Center and Entertainment Inc			(#,^)			27 Kings Hwy, Groton, CT 6340						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/29/2044						930.1						930.1						979.4						0.29		%
HRS2, LLC			(#,^)			5410 Pipers Creek Court, Sugar Land, TX 77479						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/28/2029						209.9						209.9						203.5						0.06		%
DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/28/2029						80.1						80.1						82.9						0.02		%
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC			(#,^)			190 Minerva St, Tonawanda, NY 14150						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2044						58.8						58.8						65.5						0.02		%
Linsey Schwertdfeger,, Inc.			(#,^)			740 Dennery Rd, San Diego, CA 92154						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/28/2029						64.3						64.3						54.5						0.02		%
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transport			(#,^)			377 Boston Post Rd, Milford, CT 6460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/28/2029						416.9						416.9						365.3						0.11		%
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa			(#,^)			107 S Nottawa St, Sturgis, MI 49091						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/27/2029						88.4						88.4						80.1						0.02		%
Maryland Urgent Care, Inc.			(#,^)			9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/27/2044						45.1						45.1						48.3						0.01		%
ADA Internacional Inc			(#,^)			10891 La Reina Rd, Ste 100, Delray Beach, FL 33446						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/26/2029						20.4						20.4						16.9						—		%
Crystal S. Prado dba Crystal Clear Accounting			(#)			34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.9						2.9						2.8						—		%
The Pet Stop, LLC			(#,^)			106 South Washington St, Pleasantville, IA 50225						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/23/2029						6.8						6.8						5.8						—		%
Elite Motors LLC			(#,^)			1046-1050 Orange Ave, West Haven, CT 6516						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/23/2029						79.4						79.4						82.2						0.02		%
PJT Logistics, Inc.			(#,^)			2-4 Commerce Way, Auburn, NY 13021						Truck Transportation						Term Loan						Prime plus 2.75%						8/23/2029						45.3						45.3						47.0						0.01		%
JLT Foods, LLC			(#,^)			3294 Long Meadow Court, West Bloomfield Township, MI 48324						Food Manufacturing						Term Loan						Prime plus 2.75%						8/23/2029						19.5						19.5						16.2						—		%
SRJ construction Corp			(#,^)			8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/23/2029						10.4						10.4						8.9						—		%
MS Integrated Psychotherapy & Counseling, LLC			(#,^)			1157 Main St, Clifton, NJ 7011						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/22/2029						67.3						67.3						61.3						0.02		%
The Roux Southern Kitchen, LLC			(#,^)			252 FM 3162, Sandia, TX 78383						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/22/2029						16.5						16.5						17.0						—		%
MB Nursery LLC dba The Garden Center			(#,^)			15562 HWY-South, Whitehouse, TX 75791						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/21/2029						84.0						84.0						87.0						0.03		%

173

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Metro R Services Inc. and Metal & Roof Supplies, Inc.			(#,^)			20 Universal Place, Carlstadt, NJ 7072						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/21/2029						175.7						175.7						166.9						0.05		%
Auto Unique LLC			(#,^)			305 W Main St, Mayo, FL 32066						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/20/2044						12.0						12.0						13.4						—		%
William Martinez dba Bad Ass Coffee of Hawaii			(#)			14101 Main St, Ste 4101, Hesperia, CA 92345						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/20/2029						20.8						20.8						17.7						0.01		%
Signature Rooms, Inc.			(#,^)			2066 Route 112, Medford, NY 11763						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/19/2029						153.0						153.0						158.5						0.05		%
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City			(#,^)			7748 Troost Ave, Kansas City, MO 64131						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/15/2029						102.0						102.0						95.0						0.03		%
AJN Innovations LLC dba Burgerim			(#)			6704 Main St, Miami Lakes, FL 33014						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/15/2031						109.8						109.8						93.0						0.03		%
American Healthy Vending, Inc			(#,^)			5951 NW 151 St, Hialeah, FL 33014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/15/2029						96.4						96.4						85.5						0.03		%
Accelerate Educational Solutions, LLC dba Tutor My Success			(#,^)			135 Clove Branch Rd, Hopewell Junction, NY 12533						Educational Services						Term Loan						Prime plus 2.75%						8/14/2029						15.6						15.6						13.0						—		%
Ranson Excavating, Inc			(#,^)			8343 Kaula Drive, Fair Oaks, CA 95628						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/13/2029						13.6						13.6						11.2						—		%
KM Electrical Services, Inc			(#,^)			4348 Waialae Ave Unit 315, HONOLULU, HI 96816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/12/2029						70.3						70.3						58.4						0.02		%
Love Playing LLC			(#)			2200 Eastridge Loop, San Jose, CA 95122						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/9/2030						165.4						165.4						145.5						0.04		%
Elixir Enterprises, LLC dba Guilford Renee's			(#,^)			637 Boston Post Rd, Guilford, CT 6437						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/8/2029						17.7						17.7						14.7						—		%
A & S Services LLC dba Kona Ice of Troy			(#)			3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						8/7/2029						11.5						11.5						10.9						—		%
Accord Law, APC			(#,^)			82555 Grass Flat Lane, Indio, CA 92203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/2/2029						6.8						6.8						5.6						—		%
Leader Engineering-Fabrication, Inc.			(#,^)			695 Independence DrIive, Napoleon, OH 43545						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/2/2029						113.5						113.5						117.6						0.03		%
Billy Auto Inc			(#,^)			632 N Broadway, Amityville, NY 11701						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/31/2044						317.7						317.7						320.1						0.09		%
East Coast Flight Services, Inc and Aviation Consulting Enterprise			(#,^)			27603 Parkway Rd, Easton, MD 21601						Air Transportation						Term Loan						Prime plus 2.75%						7/31/2029						518.1						518.1						454.8						0.13		%
Genecco Produce, Inc. & Leo Genecco & Sons, Inc.			(#,^)			1850 Rochester Rd, Canadaigua, NY 14424						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						7/31/2029						707.5						707.5						667.4						0.20		%
Joseph Centonze dba Off Kilter Kilts			(#,^)			27720 Ave Scott, Santa Clarita, CA 91355						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						7/31/2029						4.7						4.7						3.9						—		%
St. Francis Home Health Inc			(#,^)			5246 SW 8th St 103B, Coral Gables, FL 33134						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/31/2029						67.6						67.6						55.9						0.02		%
Humd, LLC dba La Rosa Chicken and Grill			(#)			3111 N. University Drive, Coral Springs, FL 33065						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/31/2030						128.3						128.3						111.3						0.03		%
Gray Rock Quarry, LLC and William E Dailey III			(#,^)			54 West Milton Rd, Milton, VT 5468						Mining (except Oil and Gas)						Term Loan						Prime plus 2.75%						7/31/2044						440.6						440.6						410.9						0.12		%

174

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

La Mount Group LLC			(#,^)			3111 Princeton Rd, Hamilton, OH 45011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						229.8						229.8						190.1						0.06		%
Living Spring Home Health Inc.			(#,^)			18350 Kedzie Ave Ste 204, Homewood, IL 60430						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/31/2029						121.7						121.7						110.5						0.03		%
Canyon Lake Kids Academy, LLC			(#,^)			130 Charter Oak Drive, Canyon Lake, TX 78133						Social Assistance						Term Loan						Prime plus 2.75%						7/31/2044						96.0						96.0						101.8						0.03		%
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad			(#,^)			28940 Golden Lantern, Laguna Niguel, CA 92677						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						10.3						10.3						9.2						—		%
Dant A Sandras, D.D.S. LLC			(#,^)			13373 Hwy 3235, Larose, LA 70373						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/30/2029						197.1						197.1						169.1						0.05		%
Jbelis Stop N' Go, LLC dba Planet Smoothie			(#,^)			2565 E 17th St, Ammons, ID 83406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2029						17.7						17.7						14.9						—		%
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL			(#,^)			288 North Industrial Park Drive, Liberty, MS 39645						Apparel Manufacturing						Term Loan						Prime plus 2.75%						7/30/2044						55.0						55.0						60.1						0.02		%
Grad Street LLC			(#)			2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						7.3						7.3						6.9						—		%
Aeromax Industries, Inc, HITM, Inc and TMCB LLC			(#,^)			9027 Canoga Ave, Canoga Park, CA 91301						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						7/30/2044						770.8						770.8						775.2						0.23		%
Micheal Birch and Tracy M. Pierce			(#,^)			E 2947 H-44, Traunik, MI 49891						Gasoline Stations						Term Loan						Prime plus 2.75%						7/29/2044						53.1						53.1						57.3						0.02		%
Moore Chiropractic Center, P.A.			(#,^)			936 Roosevelt Trail Unit 1 & 2, Windham, ME 4062						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/26/2029						8.2						8.2						8.3						—		%
Sou's LLC			(#,^)			739 NE MLK Blvd, Portland, OR 97221						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/26/2029						5.4						5.4						4.9						—		%
Power Associates Inc.			(#,^)			2766 West Good CT, Boise, ID 83702						Real Estate						Term Loan						Prime plus 2.75%						7/26/2029						13.5						13.5						11.2						—		%
Dan Dahlin Inc.			(#,^)			16465 MN-65, Ham Lake, MN 55304						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/26/2044						399.7						399.7						445.4						0.13		%
Franklin Care Pharmacy Incorporated			(#,^)			520 N Franklintown Rd, Baltimore, MD 21223						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/25/2029						48.9						48.9						50.6						0.01		%
A&W ALF, LLC dba A & W Assisted Living Facility			(#,^)			6600 Liberty Rd, Gwynn Oak, MD 21207						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						7/24/2044						98.1						98.1						107.3						0.03		%
Hardrock Alpha Enterprises, LLC			(#,^)			5101 Stine Rd, Bakersfield, CA 93313						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/19/2029						14.2						14.2						12.1						—		%
700 Services Inc.dba 700 Credit Repair			(#,^)			1201 N Goliad St, Rockwall, TX 75087						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						7/19/2029						6.8						6.8						5.6						—		%
Lawrence Adeyemo & Co LLC			(#)			209-34 112 Ave, Queens Village, NY 11429						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						7/19/2029						9.2						9.2						8.7						—		%
Ameritube, LLC			(#,^)			1000 North Hwy 77, Hillsboro, TX 76645						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						7/18/2029						108.9						108.9						112.8						0.03		%
JDM2 Water Station LLC			(#,^)			125 Chestnut Hill Drive, York, PA 17408						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/18/2029						188.5						188.5						173.7						0.05		%
Bonfire Hot Yoga LLC			(#,^)			3665 SW Hall Blvd, Beaverton, OR 97005						Educational Services						Term Loan						Prime plus 2.75%						7/18/2029						7.4						7.4						6.3						—		%
Baton Rouge Cargo Services Inc			(#,^)			6013 McRaven Rd, Jackson, MS 39209						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/17/2044						286.4						286.4						296.9						0.09		%

175

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

The Bean Coffee Co. LLC			(#)			112 South Main St, Spring Hill, KS 66083						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						7/17/2029						11.5						11.5						10.8						—		%
Garage Floor Coating of MN.com,LLC			(#,^)			6701 West 23rd St, St. Louis Park, MN 55426						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/16/2044						976.1						976.1						992.6						0.29		%
Bouquet Canyon Kennels			(#,^)			29973 Bouquet Canyon Rd, Santa Clarita, CA 91390						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/16/2044						294.5						294.5						294.8						0.09		%
Adam Family Bowl Inc			(#,^)			1504 Chestnut St, Mishawaka, IN 46545						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/16/2044						130.0						130.0						137.9						0.04		%
Beacon Metal Fabricators, Inc.			(#,^)			5425-D Hamilton Ave, Cleveland, OH 44114						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						7/12/2029						63.1						63.1						58.8						0.02		%
Last Touch, LLC			(#,^)			1612 Jackson St, Spirit Lake, IA 51360						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/11/2044						99.4						99.4						101.6						0.03		%
D DeGregoria LLC dba The UPS Store 4235 Massapequa			(#,^)			4940 Merrick Rd, Massapequa Park, NY 11762						Couriers and Messengers						Term Loan						Prime plus 2.75%						7/10/2029						71.4						71.4						60.8						0.02		%
Menskha Inc			(#)			88 High St, Mountclair, NJ 7042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						11.5						11.5						10.8						—		%
Nash-Delphia LLC			(#,^)			2135 Gallatin Pike N, Store 4, Madison, TN 37115						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						7/2/2029						13.4						13.4						12.2						—		%
Advance Transit LLC			(#,^)			574-614 Tonnelle Ave, Jersey City, NJ 7307						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/28/2044						746.0						746.0						827.9						0.24		%
Anderson Companies LLC			(#,^)			3015 S White Horse Pike, Hammonton, NJ 8037						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2044						203.1						203.1						222.7						0.07		%
Port Huron Ophthalmology, PLLC dba Black River Optical			(#,^)			1033 River St, Port Huron, MI 48060						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/28/2029						13.4						13.4						12.2						—		%
Kim Howard Corp dba NPN Machine Tools			(#,^)			9130 Wayfarer Ln, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						197.2						197.2						206.7						0.06		%
Jian Yang and Kanger House LLC			(#,^)			48 Horse Hill Rd, Cedar Knolls, NJ 7927						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/27/2029						107.5						107.5						97.9						0.03		%
Nevada Recycling and Salvage LTD, AMCB LLC			(#,^)			1085 Telegraph St, Reno, NV 89502						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/28/2044						1,222.1						1,222.1						1,308.9						0.39		%
Sundown Audio, LLC			(#,^)			514 West 21St St, Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2044						887.4						887.4						955.0						0.28		%
Balboa Fashion LLC			(#,^)			1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021						Apparel Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						6.7						6.7						6.1						—		%
Baobab Asset Management LLC			(#,^)			2 Greenwich Office Park, Ste 260, Greenwich, CT 6831						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/28/2029						45.8						45.8						41.5						0.01		%
Southern Specialties Transportation LLC			(#,^)			116 Toledo Drive, Lafayette, LA 70506						Truck Transportation						Term Loan						Prime plus 2.75%						6/28/2029						131.0						131.0						134.3						0.04		%
Richmond Street Partners, LLC			(#,^)			200 E Chestnut St, Chicago, IL 60611						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						6/28/2029						87.4						87.4						79.9						0.02		%
Crestview Ridge Farms LLC			(#,^)			1172 Co Rd 956, Ashland, OH 44805						Crop Production						Term Loan						Prime plus 2.75%						6/28/2044						526.0						526.0						579.3						0.17		%
K & K Restaurant LLC			(#,^)			6607 S Central Ave, Phoenix, AZ 85042						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2044						131.8						131.8						148.2						0.04		%
Big Picture Group LLC			(#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2029						137.2						137.2						124.6						0.04		%

176

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

5161 LLC			(#,^)			1478 E Mountain Drive, Santa Barbara, CA 93108						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/28/2029						566.7						566.7						584.4						0.17		%
Upul's Travel Service & Tours Inc			(#,^)			654 Shoppers Lane, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2029						251.7						251.7						228.6						0.07		%
Upul's Travel Service & Tours Inc			(#,^)			654 Shopping Lane, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2044						343.5						343.5						358.5						0.11		%
Good News Cafe, LLC			(#,^)			694 Main St South, Woodbury, CT 6798						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2044						244.1						244.1						262.6						0.08		%
NJ Floats Inc			(#,^)			66 Twin Oaks Rd, Bridgewater, NJ 8807						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/28/2044						172.6						172.6						197.2						0.06		%
Ailky Corporation & Wyspen			(#,^)			352 Bedford St, Lakeville, MA 2347						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/27/2029						43.6						43.6						39.6						0.01		%
Pawfection Pet Services LLC			(#,^)			177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/27/2029						9.4						9.4						8.6						—		%
Boucherie US Inc			(#,^)			251 Little Falls Drive, Wilmington, DE 19807						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2029						1,077.8						1,077.8						978.7						0.29		%
Tim's Truck Capital & Auto Sales, Inc			(#,^)			904 Suncook Valley Hwy, Epsom, NH 3234						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/27/2029						190.2						190.2						199.3						0.06		%
S & T Hardware Inc			(#,^)			2300 Nooseneck Hill, Coventry, RI 2816						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/27/2044						196.7						196.7						224.8						0.07		%
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site			(#,^)			145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						1,128.4						1,128.4						1,125.1						0.33		%
Shooter's Gun Club, LLC			(#)			2429 Iowa St Stes B, C and D, Lawrence, KS 66046						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/27/2030						174.0						174.0						162.2						0.05		%
BB Services, LLC			(#,^)			580 39 Rd, Palisade, CO 81526						Truck Transportation						Term Loan						Prime plus 2.75%						6/27/2029						103.7						103.7						96.7						0.03		%
Crescent Event Productions, Inc			(#,^)			1327 Wood Branch Drive, Charlotte, NC 28273						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/27/2029						313.3						313.3						292.6						0.09		%
Selective Automotive & Accessories Group, Inc			(#,^)			2221 Pelham Parkway, Pelham, AL 35124						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/26/2029						223.7						223.7						214.7						0.06		%
Tekoa Enterpises, Inc			(#,^)			1033 Cannon Bridge Rd, Cordova, SC 29039						Truck Transportation						Term Loan						Prime plus 2.75%						6/26/2029						51.7						51.7						49.0						0.01		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond St, Bangor, ME 4401						Paper Manufacturing						Term Loan						Prime plus 2.75%						6/26/2044						229.9						229.9						262.6						0.08		%
RWBB Enterprises, LLC			(#,^)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2044						74.3						74.3						82.7						0.02		%
Lynx Inspection Technologies LLC			(#,^)			8101 Miller Rd 2, Houston, TX 77049						Support Activities for Mining						Term Loan						Prime plus 2.75%						6/26/2044						564.1						564.1						644.5						0.19		%
JFK Transportation Inc			(#,^)			4 Mechanic St, Natick, MA 1760						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/26/2029						93.0						93.0						87.3						0.03		%
Child Care Ventures LLC dba Childcare Adventures ELC			(#,^)			3542 Glendale Ave, Toledo, OH 43614						Social Assistance						Term Loan						Prime plus 2.75%						6/26/2044						144.0						144.0						152.3						0.04		%
All-City Towing LLC, Jeffrey James Piller			(#,^)			1213 W Mallory Ave, Milwaukee, WI 53221						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/26/2029						362.3						362.3						356.3						0.10		%

177

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Soft Touch Tissue & Paper LLC			(#)			1491 Hammond, Bangor, MA 4401						Paper Manufacturing						Term Loan						Prime plus 2.75%						12/26/2029						104.9						104.9						110.3						0.03		%
Paradise Towing & Recovery Inc			(#,^)			1115 S Homer Blvd, Sanford, NC 27330						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2029						95.1						95.1						94.2						0.03		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/25/2029						39.0						39.0						37.6						0.01		%
Spartan Technology Solutions, Inc			(#,^)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2044						477.0						477.0						511.3						0.15		%
Worldwide Capital Management Inc.			(#,^)			6 Venture Ste 305, Irvine, CA 92618						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2029						129.8						129.8						117.9						0.03		%
Professional Tire Limited Liability Company			(#,^)			6655 Country Rd 32, Norwich, NY 13815						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						136.2						136.2						147.8						0.04		%
567 Logistics, LLC			(#,^)			1924 Ruffin Mill Rd, Colonial Heights, VA 23834						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/25/2029						44.7						44.7						42.1						0.01		%
Paradise Towing & Recovery Inc			(#,^)			1115 S. Horner Blvd, Sanford, NC 27330						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						71.7						71.7						81.8						0.02		%
Krsto, LLC dba Italian Butter Breadsticks			(#,^)			34683 Nova Dr, Clinton Twp, MI 48035						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2044						186.3						186.3						205.5						0.06		%
Sweets By Karla LLC			(#,^)			3273 South John Young Parkway, Kissimmee, FL 34746						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2029						11.5						11.5						10.4						—		%
Scissor Kids Inc			(#,^)			63 Hebron Ave, Ste F, Glastonbury, CT 6033						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/24/2029						14.5						14.5						13.3						—		%
Peninsula Self Defense LLC			(#,^)			2766 Bay Rd, Redwood City, CA 94063						Educational Services						Term Loan						Prime plus 2.75%						6/21/2029						4.7						4.7						4.4						—		%
Small Batch Creations Inc. dba The Office Bar & Grill			(#,^)			295 E WASHINGTON AVE, SUNNYVALE, CA 94086						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2029						54.3						54.3						49.4						0.01		%
Port Diesel L.L.C.			(#)			3212 Alex Trask Drive, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						11.4						11.4						11.8						—		%
LuLuBelle's Mountain Banana Bread LLC			(#)			1063 Carousel Rd, Lake Arrowhead, CA 92352						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						250.0						250.0						272.6						0.08		%
William Rose Inc			(#,^)			1 Grace Cove Rd, New Shoreham, RI 2807						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2044						85.4						85.4						85.9						0.03		%
Campuscuts LLC			(#)			930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.8						6.8						7.1						—		%
Central Texas Hygiene, LLC.			(#,^)			10201 McKalla Place, Austin, TX 78758						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/20/2029						77.5						77.5						70.4						0.02		%
International Institute for Learning Inc.			(#,^)			110 E 59th St ,31st floor, New York, NY 10022						Educational Services						Term Loan						Prime plus 2.75%						6/19/2029						268.5						268.5						243.8						0.07		%
Beck's Pub & Grill LLC			(#,^)			N6630 WI-49, Weyauwega, WI 54983						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2044						68.4						68.4						76.0						0.02		%
Zion Motors Inc			(#,^)			6949 Wall Triana Hwy, Madison, AL 35757						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/19/2044						59.3						59.3						64.2						0.02		%
Bader Furniture Company Inc.			(#,^)			704 N Liberty St, Shamokin, PA 17872						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						6/19/2029						6.7						6.7						7.0						—		%
Bonadi Inc. dba Polished Salon			(#)			9858 W Sample Rd, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/17/2029						11.4						11.4						11.8						—		%

178

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

American Demolition, Inc			(#,^)			401 N Kuner Rd, Brighton, CO 80601						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/17/2029						174.0						174.0						182.4						0.05		%
JLM Consulting LP			(#,^)			3981 E Dunrobin Dr., Springfield, MO 65809						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/17/2029						17.7						17.7						16.1						—		%
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC			(#,^)			501 Jackson St, Camden, NJ 8104						Food Manufacturing						Term Loan						Prime plus 2.75%						6/14/2029						277.7						277.7						267.5						0.08		%
Kego 2 LLC dba Jon Smith Subs 80025			(#,^)			2001 W. Southlake Blvd Ste 143, Southlake, TX 76092						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/14/2029						98.4						98.4						91.8						0.03		%
A & S Services LLC dba Kona Ice of Troy			(#,^)			3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/14/2044						43.9						43.9						48.7						0.01		%
Law Office of Paula Padilla PLLC			(#)			2211 E Highland Ave Ste 130, Phoenix, AZ 85016						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/13/2029						4.6						4.6						4.7						—		%
Picon Motors LLC dba The New Young's Motors			(#,^)			199-211 Central Ave, Orange, NJ 7080						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/12/2029						213.8						213.8						217.3						0.06		%
GT Performance Plus Inc			(#,^)			4210 College St, Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/11/2044						96.8						96.8						107.5						0.03		%
Ivesters Transportation, Inc			(#,^)			4299 South 2675 West, Roy, UT 84067						Truck Transportation						Term Loan						Prime plus 2.75%						6/11/2029						223.5						223.5						208.7						0.06		%
GT Performance Plus Inc			(#,^)			4210 College St, Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/11/2029						68.2						68.2						62.7						0.02		%
Independent Transport, LLC dba Independent Water			(#,^)			3739 E Ridgeway Rd, Orange, CA 92867						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/10/2029						182.8						182.8						177.9						0.05		%
Archer Cleaners Inc			(#)			1514 W. 33rd St, Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						11.4						11.4						11.8						—		%
J&A Elliott Company			(#,^)			1118 Thornberry Dr, Clarksville, TN 37043						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/7/2029						9.4						9.4						9.8						—		%
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing			(#,^)			15825-15827 Hawthorne Blve, Lawndale, CA 90260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/7/2044						236.4						236.4						260.0						0.08		%
Throop Family Holding Inc dba Klamath Basin Metals and Supply			(#,^)			7130 Crater Lake Hwy, White City, OR 97503						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/7/2029						35.8						35.8						34.1						0.01		%
Johnny's Boy LLC			(#,^)			127 East King St, Martinsburg, WV 25401						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/7/2044						99.4						99.4						108.6						0.03		%
Allison K. Chipak dba Still Photography			(#)			195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						11.4						11.4						11.8						—		%
Skin Beauty Bar Inc			(#,^)			749 8th St, Washington, DC 20003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/6/2029						4.7						4.7						4.3						—		%
Jamestown Quick Stop LLC			(#,^)			3097 24th Ave, Hudsonville, MI 49426						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/5/2044						68.2						68.2						73.7						0.02		%
Preferred Manufacturing Services Inc			(#,^)			4261 Business Drive, Cameron Park, CA 95682						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/5/2029						425.1						425.1						445.4						0.13		%
Oasis Senior Advisors Franchise Systems, LLC			(#,^)			24870 Burnt Pine Drive, Bonita Springs, FL 34134						Lessors of Nonfinancial Intangible Assets (except Copyrighted Works)						Term Loan						Prime plus 2.75%						6/4/2029						272.5						272.5						281.6						0.08		%
Evoke Growth Advisory LLC			(#,^)			2600 Brookwood Way Drive, Unit 311, Rolling Meadows, IL 60008						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2029						6.7						6.7						6.1						—		%

179

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling			(#,^)			1450 Oakbrook Dr, Norcross, GA 30093						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2029						104.5						104.5						97.0						0.03		%
V & M Transportation LLC			(#,^)			1307 27th St Apt B, North Bergen, NJ 7047						Truck Transportation						Term Loan						Prime plus 2.75%						5/31/2029						11.7						11.7						10.6						—		%
Martin Inventory Management, LLC			(#,^)			304 1/2 Main St, Edgefield, SC 29824						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/31/2029						44.4						44.4						46.2						0.01		%
Morey Publishing LLC			(#,^)			575 Underhill Blvd, Ste 216, Syosset, NY 11791						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2029						55.6						55.6						50.8						0.01		%
SSD Designs, LLC			(#,^)			486 Vance St, Forest City, NC 28043						Chemical Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						415.8						415.8						470.4						0.14		%
Aspen Welding LLC			(#,^)			28803 US-6, Rifle, CO 81650						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						399.4						399.4						439.0						0.13		%
Inside & Out Maintenance LLC			(#,^)			1698 SW Pancoast St, Port St Lucie, FL 34987						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/30/2029						89.0						89.0						81.3						0.02		%
AGR, Inc			(#,^)			2-255555 Kaumualii Hwy, Kalaheo, HI 96741						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2044						770.8						770.8						868.4						0.26		%
Brooklyn Breakfast Shop LLC			(#,^)			7707 S IH 35 Frontage Rd #730, Austin, TX 78744						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2029						4.4						4.4						4.2						—		%
Canela Media Inc			(#,^)			2715 Palomino Circle, La Jolla, CA 92037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/29/2029						105.6						105.6						99.2						0.03		%
PD Financial LLC			(#,^)			364 Parsippany Rd, Unit 7-B, Parsippany, NJ 7054						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						5/28/2044						35.7						35.7						40.4						0.01		%
SV Enterprise LLC dba Haagen-Dazs			(#,^)			1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/24/2029						82.5						82.5						75.1						0.02		%
MCM Design LLC			(#)			5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.8						8.8						9.1						—		%
Top Notch Roofing, Inc			(#,^)			46 Cherry St, Milton, VT 5468						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/23/2029						109.3						109.3						101.9						0.03		%
2820 US HWY 98 N LLC dba Total Package Car Wash			(#)			2820 US Hwy 98 N, Lakeland, FL 33805						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/23/2029						118.6						118.6						123.2						0.04		%
McGuckin & Pyle Inc			(#,^)			120 Corporate Ln, New Bern, NC 28562						Machinery Manufacturing						Term Loan						Prime plus 2.75%						5/23/2044						301.1						301.1						331.1						0.10		%
Clowers Trucking By Faith LLC			(#)			705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						11.2						11.2						11.6						—		%
Gratitude Training, LLC			(#,^)			1901 N Federal Hwy, Ste 212, Pompano Beach, FL 33062						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/22/2029						68.2						68.2						62.0						0.02		%
ES&A, INC., A LAW CORPORATION			(#,^)			1003 Bishop St, Honolulu, HI 96813						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/22/2029						100.0						100.0						91.5						0.03		%
Bloomquist Communications Inc. dba FastSigns			(#,^)			131 East Trinity Place, Decatur, GA 30030						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/22/2029						13.3						13.3						12.3						—		%
Anchor Up Fitness and Nutrition, LLC			(#,^)			2464 US-29, Pensacola, FL 32505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/21/2029						18.0						18.0						17.4						0.01		%
Kappa Investments LLC dba Buddy's Home Furnishings			(#,^)			365 Lowe's Drive, Ste H, Danville, VA 24540						Rental and Leasing Services						Term Loan						Prime plus 2.75%						5/17/2029						385.6						385.6						351.4						0.10		%

180

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Covalent Holding LLC			(#,^)			18 West Chestnut St,Unit 2F, Chicago, IL 60610						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/17/2029						219.8						219.8						214.8						0.06		%
BD Branson Victorian LLC dba Branson Surrey Inn			(#,^)			430 a/k/a 450 South Hwy 165, Branson, MO 65616						Accommodation						Term Loan						Prime plus 2.75%						5/17/2029						227.0						227.0						237.8						0.07		%
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel			(#,^)			208 East Main St, Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						5/16/2029						16.7						16.7						17.5						0.01		%
Cut To The Chase 502 LLC			(#,^)			6903 Lakegreen Ct, Louisville, KY 40291						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/16/2029						3.0						3.0						2.9						—		%
AMP Trucking Inc			(#,^)			1030 Gettysburg Ave, Clovis, CA 93161						Truck Transportation						Term Loan						Prime plus 2.75%						5/16/2029						231.9						231.9						210.6						0.06		%
Two Pie Lovers LLC dba Pizza Outpost			(#,^)			302 E. Millitary Hwy U1122, Brackettville, TX 78832						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						42.7						42.7						47.5						0.01		%
The Lobster Pot Inc			(#,^)			119 Hope St, Bristol, RI 2809						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						360.6						360.6						401.9						0.12		%
Aloha To Go LLC			(#,^)			5903 Seminole Blvd, Seminole, FL 33772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2029						13.8						13.8						12.6						—		%
Crystal D. Walls dba Crystal's Cleaning Service			(#)			26 Cooper Rd, Byhalia, MS 38611						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/9/2029						9.1						9.1						9.4						—		%
Blue Country Firearms LLC			(#,^)			221 N Main St, Kingsfisher, OK 73750						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/8/2044						20.5						20.5						21.7						0.01		%
NYM Solutions Inc.dba NYM Solutions, Inc			(#)			12150 SW 128th St CT Ste 209, Miami, FL 33186						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						5/6/2029						11.3						11.3						11.7						—		%
Folklore Music Exchange LLC			(#,^)			617 Tennessee Ave, Charleston, WV 25302						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/6/2029						4.6						4.6						4.1						—		%
EPIFAB,LLC			(#,^)			1341 Brooks St Unit D, Ontario, CA 91762						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2029						18.9						18.9						18.0						0.01		%
Global Enterprises LLC dba Verdi Pizza			(#,^)			3111 S Valley View Blvd, Las Vegas, NV 89102						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/3/2029						18.5						18.5						16.8						—		%
Life View Prenatal Imagery, LLC			(#,^)			312 79th Ave North, Myrtle Beach, SC 29572						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/3/2029						5.4						5.4						5.1						—		%
Mark Garvin dba Tipsy Canyon Winery			(#,^)			150 Upper Joe Creek Rd, Manson, WA 98831						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2044						103.6						103.6						118.2						0.03		%
Art Amore Studios, LLC			(#,^)			6507 Jester Blvd, Ste #107, Austin, TX 78750						Educational Services						Term Loan						Prime plus 2.75%						5/3/2029						4.9						4.9						4.5						—		%
Modern Trousseau, LLC			(#,^)			125 Bradley Rd, Woodbridge, CT 6525						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						5/1/2029						277.8						277.8						279.9						0.08		%
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry			(#,^)			1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2029						57.0						57.0						58.0						0.02		%
Midlothian Hardware, Inc dba Grills True Value			(#,^)			475 West 147th St, Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						4/29/2029						35.3						35.3						37.0						0.01		%
Sona USA, Inc			(#,^)			15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016						Telecommunications						Term Loan						Prime plus 2.75%						4/26/2029						145.7						145.7						139.1						0.04		%
Pellegrin Marine Transportation, LLC			(#,^)			117 Country Village Drive, Raceland, LA 70394						Support Activities for Transportation						Term Loan						Prime plus 2.75%						4/26/2029						116.8						116.8						111.0						0.03		%

181

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

ASM Partners LLC			(#,^)			1619 Roberts Drive SE, Mableton, GA 30126						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/26/2029						215.6						215.6						209.7						0.06		%
Jones Roger Sherman Inn, Inc.			(#,^)			195 Oenoke Ridge, New Canaan, CT 6840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/25/2029						132.1						132.1						138.5						0.04		%
La Dolce Vita LLC.			(#,^)			196 N. Holiday Rd, Miramar Beach, FL 32550						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/25/2044						459.1						459.1						514.8						0.15		%
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart			(#,^)			196 N. Holiday Rd, Miramar Beach, FL 32550						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/25/2029						441.5						441.5						419.4						0.12		%
Quality Living Medical Alert, LLC			(#,^)			1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308						Social Assistance						Term Loan						Prime plus 2.75%						4/24/2029						48.6						48.6						47.1						0.01		%
ER & DC McPherson Holdings, LLC			(#,^)			6957 W Broward Blvd., Plantation, FL 33317						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/19/2029						42.9						42.9						39.4						0.01		%
All My Best Inc.			(#,^)			4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/19/2029						55.3						55.3						51.8						0.02		%
2Choice2Friends dba 2 N 1 Salad Bar and Grill			(#)			901 W Braker Lane, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						11.3						11.3						11.7						—		%
Modern Demo & Services LLC			(#,^)			10161 W Park Run Drive, Las Vegas, NV 89145						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2029						110.4						110.4						101.4						0.03		%
Expert Building Services LLC			(#,^)			74 Roosevelt St, Pequannock Township, NJ 7440						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/17/2029						18.0						18.0						16.4						—		%
Bottles on Broadway, LLC			(#,^)			1083 North Broadway, North Massapequa, NY 11758						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/17/2029						113.7						113.7						104.8						0.03		%
Rello, Inc. dba ID Salon			(#)			8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						5.4						5.4						5.6						—		%
Cormac Enterprises, Inc			(#,^)			1205 38th Ave North, Myrtle Beach, SC 29577						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/16/2029						19.9						19.9						18.3						0.01		%
Pranamji Inc dba Ohara's Beverage Spot			(#,^)			2300 Levit Rd, Lorain, OH 44052						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/16/2044						46.0						46.0						49.6						0.01		%
Bill Berger LLC			(#,^)			8728 Tireman Ave, Detroit, MI 48204						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						4/12/2029						7.9						7.9						7.2						—		%
Samco Food Corp dba C-Town Supermarket			(#,^)			1761 Nostrand Ave, Brooklyn, NY 11226						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/12/2029						88.3						88.3						80.2						0.02		%
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic			(#,^)			3563 South River Terrace, Edgewater, MD 21037						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/12/2029						38.8						38.8						36.3						0.01		%
Gilpin Enterprises, LLC dba Jon Smith Subs			(#,^)			17790 State Rd 54, Lutz, FL 33458						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/12/2029						70.2						70.2						65.3						0.02		%
Southern Gulf Construction, Inc.			(#,^)			367 Pine Island Rd, North Fort Myers, FL 33903						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/12/2029						98.2						98.2						97.8						0.03		%
J.T. ONeill Company, LLC			(#,^)			19972 Willowin Farm Lane, Purceville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						4/12/2029						8.6						8.6						7.8						—		%
Maxiflex LLC			(#,^)			512 Verret St, New Orleans, LA 70114						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/11/2029						55.2						55.2						57.8						0.02		%
VRGE Strategies LLC			(#,^)			1155 15th St NW, Washington, DC 20005						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/10/2029						87.5						87.5						79.5						0.02		%

182

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Georgetown Milling Co, LLC			(#,^)			9001 Wentworth Springs Rd, Georgetown, CA 95634						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						4/9/2029						11.3						11.3						10.6						—		%
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park			(#,^)			1256 Indian Head Rd, Toms River, NJ 8755						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						1/8/2030						535.0						535.0						553.9						0.16		%
Bose and Avinder, Inc.and Carmel and Preet Inc			(#,^)			28201 Date Palm Drive, Cathedral City, CA 92234						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2029						52.0						52.0						54.4						0.02		%
Marnon Enterprise LLC			(#,^)			6713 Biscay Hbr, San Antonio, TX 78249						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/5/2029						4.2						4.2						3.8						—		%
Ren Investment Group Inc dba True Positon Manufacturing			(#,^)			40 Sandra Drive, South Windsor, CT 6074						Machinery Manufacturing						Term Loan						Prime plus 2.75%						3/29/2029						702.9						702.9						647.6						0.19		%
J Brothers Enterprises, LLC			(#,^)			1101 NW 12TH Ave, Ava, MO 65608						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/29/2044						627.6						627.6						666.5						0.20		%
La Favorita Radio Network			(#,^)			4043 Geer Rd, Hughson, CA 95326						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						3/29/2029						329.3						329.3						307.8						0.09		%
Royalty Freight Inc.			(#,^)			3728 W McKinley Ave, Fresno, CA 93772						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						375.1						375.1						361.1						0.11		%
Key HR Associates, Inc dba Parents Choice for Kids			(#,^)			3150 West Park Drive, Burnsville, MN 55306						Social Assistance						Term Loan						Prime plus 2.75%						3/29/2044						443.8						443.8						475.8						0.14		%
Hamsons Inc.			(#,^)			4900 Hopyard Rd, Pleasanton, CA 94588						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/29/2029						164.4						164.4						149.0						0.04		%
EJ & James Transport LLC			(#,^)			3100 Drewsky Lane Unit 108, Fort Mills, SC 29715						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						8.3						8.3						8.0						—		%
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1			(#,^)			7219 Silver Mist Ave, North Chesterfield, VA 23237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						145.0						145.0						131.5						0.04		%
Reliable Power Group Inc. dba Batteries & bulbs Pensacola			(#,^)			6895 N. 9th Ave Ste B, Pensacola, FL 32504						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/29/2029						87.7						87.7						79.7						0.02		%
Bright Freight Solution, LLC			(#,^)			1112 N Main St, Manteca, CA 95336						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						1,039.9						1,039.9						985.5						0.29		%
Pizzaplex L3C			(#,^)			4458 West Vernor Hwy, Detroit, MI 48209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						39.2						39.2						36.2						0.01		%
Raven's Place LLC			(#,^)			13031 S Western Ave, Blue Island, IL 60406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2044						672.4						672.4						727.6						0.21		%
Bayco Enterprises, Inc			(#,^)			128 Cowesett Ave, West Warwick, RI 2893						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2044						193.4						193.4						220.7						0.07		%
Stillwater Ventures, LLC			(#,^)			8272 W. Sunset Blvd, Los Angeles, CA 90048						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/29/2029						339.8						339.8						333.1						0.10		%
NuBe Business Group LLC			(#,^)			2140 44th St SE, Ste 201, Grand Rapids, MI 49508						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2044						39.9						39.9						45.5						0.01		%
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery			(#,^)			229 Medical Park Rd, Ste 310, Mooresville, NC 28117						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2044						820.8						820.8						873.3						0.26		%
Felipe Antonio Del Valle M.D. P.A.			(#,^)			7190 SW 87th Ave Ste 203, Miami, FL 33173						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2029						13.2						13.2						11.9						—		%
StillBasi Holdings, Inc. dba Buxton Auto Transport			(#,^)			9371 Jackson Rd, Sacramento, CA 95826						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						267.2						267.2						252.2						0.07		%

183

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Knoxville Room Service			(#,^)			10670 Parkside Drive, Knoxville, TN 37922						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/29/2029						5.9						5.9						5.5						—		%
Outtasight Careers, LLC dba Gecko Hospitality			(#,^)			109 W Fern St, Tampa, FL 33604						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/29/2029						45.6						45.6						41.3						0.01		%
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes			(#,^)			10420 Hunter View Rd, Vienna, VA 22181						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2029						52.6						52.6						47.7						0.01		%
Complete Care IT LLC			(#,^)			4801 South University Drive Ste 125, Davie, FL 33328						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/29/2029						46.0						46.0						41.8						0.01		%
Turtle Shirts, LLC			(#,^)			10241 Metro Pkwy# 108, Ft Myers, FL 33966						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/29/2029						47.6						47.6						43.9						0.01		%

Skaggs RV Outlet ,LLC			(#,^)			301 Commerce Drive, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/28/2029						218.9						218.9						229.0						0.07		%
Cleland Pharmacy LLC			(#,^)			202 S First St, Wakeeney, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						3/28/2029						19.7						19.7						20.6						0.01		%
J.C. Pallet Company, Inc.			(#,^)			18427 New Kent Hwy, Barhamsville, VA 23011						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2029						394.6						394.6						389.2						0.11		%
Planet X Tobacco & Gift, LLC			(#,^)			900 West Northern Lights Blvd, Anchorage, AK 99503						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/28/2044						175.8						175.8						200.6						0.06		%
GS Bath Inc			(#,^)			5335 E. Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						3/28/2029						274.2						274.2						262.5						0.08		%
Four Seasons Laser Center Inc.			(#,^)			4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/28/2029						12.9						12.9						12.9						—		%
Custom Vinyl Products LLC			(#,^)			260 Enterprise Drive, Newport News, VA 23603						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2044						985.2						985.2						1,075.1						0.32		%
Cocomo Joe's LLC			(#,^)			3949 New Rd, Youngstown, OH 44515						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2029						3.0						3.0						2.9						—		%
PA Sobol Partners LLC dba Sobal			(#,^)			206 Rohrerstown Rd, Lancaster, PA 17603						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/28/2029						45.1						45.1						42.1						0.01		%
Cinco Fit LLC dba Cinco Fit			(#,^)			23010 Highland Knolls Blvd, Ste G, Katy, TX 77494						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/27/2029						144.7						144.7						131.1						0.04		%
Ocean Trans LLC and Dehal Trucking LLC			(#,^)			1415 W Anderson St, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						3/27/2029						65.9						65.9						68.9						0.02		%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC			(#,^)			2543 Eliot St, Denver, CO 80211						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/27/2029						5.0						5.0						4.5						—		%
DC AG, LLC dba Big B Sales			(#,^)			674 LA- 8, Sicily Island, LA 71368						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/27/2044						572.0						572.0						615.5						0.18		%
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC			(#,^)			2880 Carol Rd, East York, PA 17402						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/26/2044						1,220.5						1,220.5						1,327.9						0.39		%
District 5 Boutique LLC			(#,^)			317 N Farview Ave, Paramus, NJ 7652						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/26/2029						109.6						109.6						99.3						0.03		%
Gary Krause dba Gary Krause Landscaping & Design			(#,^)			489 Hamilton Rd, Jacksonville, OR 97530						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/22/2029						5.3						5.3						5.1						—		%

184

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Virginia Industrial Plastics, Inc.			(#,^)			2454 N East Side Hwy,, Elkton, VA 22827						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/22/2044						290.0						290.0						330.5						0.10		%
Skyways, LTD			(#,^)			350 15th St NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/22/2029						740.7						740.7						676.2						0.20		%
J & C May Properties, LLC			(#,^)			315 Sylamore Ave, Mountain View, AR 72560						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/22/2044						1,103.2						1,103.2						1,140.7						0.34		%
Virginia Industrial Plastics, Inc.			(#,^)			2454 North East Side Hwy, Elkton, VA 22827						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/22/2029						243.0						243.0						254.2						0.07		%
Dependable Lawn Care, Inc.			(#,^)			2320 138TH ST, Blue Island, IL 60406						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/21/2029						467.2						467.2						443.6						0.13		%
Dependable Lawn Care, Inc.			(#,^)			2320 138th St, Blue Island, IL 60406						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/21/2044						186.3						186.3						210.0						0.06		%
Pitman Holding LLC			(#,^)			1116 E Main St, Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/21/2029						6.6						6.6						6.2						—		%
American Trails Transport, LLC			(#,^)			8704 Grand Ave, Billings, MT 59106						Truck Transportation						Term Loan						Prime plus 2.75%						3/21/2029						48.1						48.1						45.8						0.01		%
Michigan Neurosurgical Institute P.C.			(#,^)			9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/20/2029						158.9						158.9						144.6						0.04		%
Mega Trucking LLC and Olyimpian Industries LLC			(#,^)			5979 NW 151st St, Miami Lakes, FL 33014						Truck Transportation						Term Loan						Prime plus 2.75%						3/20/2029						351.0						351.0						340.9						0.10		%
Sound Manufacturing Inc			(#,^)			1 Williams Lane, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/20/2029						43.8						43.8						39.7						0.01		%
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great			(#,^)			9400 South Saginaw St, Unit 1, Grand Blanc, MI 48439						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/20/2044						345.4						345.4						369.6						0.11		%
Marvellous Print & Ship LLC			(#,^)			605 W Main St, Oxford, KS 67119						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/19/2029						3.0						3.0						2.7						—		%
Frontline Selling LLC			(#,^)			6505 Shiloh Rd,Units 300,310 and 320, Alpharetta, GA 30005						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/19/2029						274.0						274.0						286.6						0.08		%
Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/19/2029						230.2						230.2						218.9						0.06		%
B & W Towing LLC			(#,^)			701 Addison Rd, Painted Post, NY 14870						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/15/2029						50.4						50.4						52.7						0.02		%
Panetcarne Inc.dba Jersey Mike's Subs Greenfield			(#,^)			23077 Greenfield Rd, Southfield, MI 48075						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						81.7						81.7						75.5						0.02		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/15/2029						76.7						76.7						69.5						0.02		%
Stepping Stones Children's Academy LLC			(#,^)			1655 E Warm Springs Rd, Las Vegas, NV 89119						Social Assistance						Term Loan						Prime plus 2.75%						3/15/2044						364.9						364.9						400.2						0.12		%
Screening Services Group, LLC			(#,^)			8670 Wilshire Blvd, Beverly Hills, CA 90211						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/14/2029						250.7						250.7						232.5						0.07		%
Space Express, LLC			(#,^)			2775 Burris Rd, Davie, FL 33314						Truck Transportation						Term Loan						Prime plus 2.75%						3/12/2029						126.6						126.6						117.3						0.03		%
Mill Creek Early Childhood Program LLC			(#,^)			510 South Batavia Ave, Batavia, IL 60510						Social Assistance						Term Loan						Prime plus 2.75%						8/11/2029						55.8						55.8						50.7						0.01		%

185

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Alpine Remediation, Inc, T & M Holdings, LLC			(#,^)			14252 W 44th Ave Unit F, Golden, CO 80403						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/8/2029						76.8						76.8						74.0						0.02		%
Kalloren Provel LLC			(#,^)			6919 Oak Ridge Commerce Way, Austell, GA 30168						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/8/2044						274.0						274.0						300.7						0.09		%
Precise Air Systems, Inc			(#,^)			5467 W San Fernando Rd, Los Angeles, CA 90039						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/8/2029						231.0						231.0						211.8						0.06		%
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha			(#,^)			76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/8/2044						196.2						196.2						218.4						0.06		%
Wildflour Bakery & Cafe LLC			(#,^)			5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301						Food Manufacturing						Term Loan						Prime plus 2.75%						3/8/2029						76.8						76.8						69.6						0.02		%
SG Welch Inc dba Sparks Auto Service			(#,^)			19138 Molalla Ave, Oregon City, OR 97045						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/8/2029						54.9						54.9						50.6						0.01		%
Seeds of Knowledge Creative Learning Center LLC			(#,^)			15101 West McNichols Rd, Detroit, MI 48235						Social Assistance						Term Loan						Prime plus 2.75%						3/7/2044						21.9						21.9						24.3						0.01		%
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC			(#,^)			487 Elizabeth Lake Rd, Waterford, MI 48328						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/4/2029						138.1						138.1						125.2						0.04		%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC			(#,^)			20 Silver Fox Lane, Sussex, NJ 7461						Food Manufacturing						Term Loan						Prime plus 2.75%						2/28/2029						44.0						44.0						43.6						0.01		%
Wooter Apparel, Inc			(#,^)			727 Page Ave., Staten Island, NY 10307						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/28/2029						43.5						43.5						40.1						0.01		%
Monkey Bones LLC			(#,^)			3361 Dayton Xenia Rd, Beavercreek, OH 45432						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2044						19.0						19.0						21.6						0.01		%
Woodard Electric Services, Inc.			(#,^)			1600 Carter Cove Rd, Hayesville, NC 28904						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2029						18.8						18.8						17.3						0.01		%
Shah Medical Center SC & Heeena Shyamani			(#,^)			484 Summit St, Elgin, IL 60120						Hospitals						Term Loan						Prime plus 2.75%						2/28/2044						246.6						246.6						255.5						0.08		%
Matrix Z LLC			(#)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						11.1						11.1						11.5						—		%
Merdad Dentistry PLLC dba Easy Dental Care			(#,^)			7522 Old Linton Hall Rd, Gainesville, VA 20155						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/26/2029						13.7						13.7						12.4						—		%
Harbor Management Company Inc dba Jamba Juice			(#,^)			5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/22/2029						130.6						130.6						119.6						0.04		%
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ			(#,^)			3633 B Hill Rd, Parsippany, NJ 7054						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/21/2029						35.9						35.9						33.4						0.01		%
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe			(#,^)			12140 Wickchester Ln STE 130, Houston, TX 77079						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2029						42.3						42.3						38.4						0.01		%
Bowl 360 Inc.			(#,^)			98-18 Rockaway Blvd, Ozone Park, NY 11417						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2029						141.6						141.6						136.6						0.04		%
Rob Barletta's Hockey School, Inc			(#,^)			2130 Providence Hwy, Walpole, MA 2081						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						2/19/2029						94.8						94.8						99.2						0.03		%

186

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bowl 360 Inc.			(#,^)			98-18 Rockaway Blvd, Far Rockaway, NY 11417						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2029						121.4						121.4						110.5						0.03		%
Outler Transportation Services,LLC			(#,^)			3775 Carriage Downs CT SW, Snellville, GA 30039						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						2/19/2029						39.8						39.8						36.6						0.01		%
M & M Burgers Inc dba Checkers			(#,^)			530 Willis Ave, Bronx, NY 10455						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						100.8						100.8						93.1						0.03		%
Integris Roofing, Inc			(#,^)			1174 Yellostone Drive, Lake Arrowhead, CA 92532						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/15/2029						19.6						19.6						17.8						0.01		%
Tony Herring & Associates, Inc			(#,^)			211 West Camellia Drive, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						2/14/2029						13.1						13.1						13.7						—		%
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic			(#,^)			9212 Liberty Ave, Ozone Park, NY 11417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/14/2044						134.4						134.4						153.2						0.05		%
Par-Man, Inc. dba Rockstar Tattoo			(#,^)			450 Fremont St #109 and 113, Las Vegas, NV 89101						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						2/14/2029						54.5						54.5						49.8						0.01		%
KHSE Parks, Inc.			(#,^)			600 West Charles St, Matthews, NC 28105						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/14/2029						69.9						69.9						63.4						0.02		%
Precedence Enterprises LLC dba Spartan Junk Removal			(#,^)			8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/8/2029						13.8						13.8						13.2						—		%
Pamletics LLC dba F45			(#,^)			22015 IH 10 West, San Antonio, TX 78249						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/8/2029						3.3						3.3						3.2						—		%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah			(#,^)			9408 Apison Pike, Ste 11, Ooltewah, TN 37363						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/8/2029						147.3						147.3						140.1						0.04		%
EJGR Corp dba Brite Energy Solutions			(#,^)			87 Main St Upper Level, Hastings-on-Hudson, NY 10706						Utilities						Term Loan						Prime plus 2.75%						2/8/2029						54.4						54.4						49.5						0.01		%
Creative Counseling Nashville PLLC			(#,^)			4119 Gallatin Pike, Nashville, TN 37216						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/7/2029						1.9						1.9						1.8						—		%
RIHAHN INC dba RDBL, INC.			(#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 2.75%						2/5/2029						6.0						6.0						6.3						—		%
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc			(#,^)			4291 Shoal Line Blvd, Hernando Beach, FL 34607						Accommodation						Term Loan						Prime plus 2.75%						2/1/2029						13.1						13.1						13.7						—		%
Jesus and Son's Landscape Contractors, LLC			(#,^)			4371 Durham Court, Denver, CO 80239						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/1/2029						50.1						50.1						46.5						0.01		%
Employer Resource Services LLC dba Data Pool			(#,^)			500 Research Rd, Richmond, VA 23236						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2029						31.3						31.3						28.4						0.01		%
MYC Motors Inc			(#,^)			3808 Vegas Drive, Las Vegas, NV 89108						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						1/30/2044						72.9						72.9						83.0						0.02		%
FNF LLC dba WineStyles			(#,^)			11109 Old Seward Hwy, Anchorage, AK 99515						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/22/2029						214.1						214.1						194.2						0.06		%
IGWT Coffee, LLC dba PJ's Coffee of New Orleans			(#,^)			414 Union St, Nashville, TN 37219						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/18/2029						71.4						71.4						64.7						0.02		%
MMC Investors, LLC dba Clean Juice			(#,^)			2879 W 95th St Ste 195, Naperville, IL 60564						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/18/2029						76.9						76.9						71.0						0.02		%
Hilco Athletics & Graphics Inc			(#,^)			55 Green Hill St, West Warwick, RI 2816						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/16/2044						66.9						66.9						76.2						0.02		%

187

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Fluid Connections LLC dba BurgerIM			(#,^)			174 El Cerrito Plaza, El Cerrito, CA 94530						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/11/2029						54.1						54.1						51.7						0.02		%
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster			(#,^)			309 Coronado Drive, Clearwater Beach, FL 33767						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/11/2029						78.1						78.1						71.7						0.02		%
HSR Tacos LLC dba California Tortilla			(#,^)			11694 Sudley Manor Drive, Manassas, VA 20109						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/11/2029						47.2						47.2						42.8						0.01		%
Rashed and Shabila LLC			(#,^)			14865 Hwy 92, Woodstock, GA 30188						Gasoline Stations						Term Loan						Prime plus 2.75%						1/4/2029						19.5						19.5						18.7						0.01		%
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC			(#,^)			215 S Persimmon St,, Tomball, TX 77375						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/31/2028						210.6						210.6						190.9						0.06		%
The Chop House Inc.			(#,^)			191 Old Tower Hill Rd., South Kingstown, RI 2879						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2043						541.6						541.6						584.0						0.17		%
Capitol Fitness Inc. dba Anytime Fitness Shelby			(#,^)			49045 Van Dyke Ave, Shelby Charter Township, MI 48317						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/28/2028						10.1						10.1						9.8						—		%
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut			(#,^)			10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/28/2043						18.2						18.2						20.7						0.01		%
Superior Concepts Acquisition Corp			(#,^)			1710 Tiles Court, Grand Haven, MI 49417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/28/2043						497.4						497.4						525.1						0.15		%
Nix and Nix Funeral Home North Inc,			(#,^)			1621 W. Dauphin St, Philadelphia, PA 8065						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/28/2043						556.7						556.7						622.4						0.18		%
Superior Concepts Acquisition Corp			(#,^)			1710 Tiles Ct, Grand Haven, MI 49417						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/28/2028						105.5						105.5						99.6						0.03		%
American Rewinding of NC Inc dba MTS			(#,^)			1825 N Rocky River Rd, Monroe, NC 28110						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/28/2028						376.5						376.5						356.4						0.11		%
Omega Funeral and Cremation Services,LLC			(#,^)			9503 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/28/2043						331.9						331.9						359.4						0.11		%
Medworxs Inc.			(#,^)			6857 Timbers Drive, Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2028						9.0						9.0						8.2						—		%
East Breeze LLC dba Historic Springdale Pub and Eatery			(#,^)			32302 East Historic Columbia River Hwy, Corbett, OR 97019						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/27/2043						124.5						124.5						137.8						0.04		%
Fave Realty Inc.			(#,^)			74 Larkfield Rd, East Northport, NY 11731						Real Estate						Term Loan						Prime plus 2.75%						12/27/2043						119.9						119.9						136.7						0.04		%
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment			(#,^)			2975 W Orange Blossom Trail, Apopka, FL 32712						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2043						450.7						450.7						483.5						0.14		%
Reservations Unlimited LLC			(#)			312 W Main St, Red River, NM 87558						Real Estate						Term Loan						Prime plus 2.75%						12/26/2043						138.1						138.1						152.9						0.05		%
BD Branson Victorian LLC dba Branson Victorian Inn			(#,^)			450 South Hwy 165, Branson, MO 65616						Accommodation						Term Loan						Prime plus 2.75%						12/24/2043						483.3						483.3						536.9						0.16		%
RM Hawkins LLC			(#,^)			5141 Topaz Drive, Colorado Springs, CO 80918						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/24/2028						257.6						257.6						246.2						0.07		%

188

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Timios Enterprises Corp dba Palm Court			(#,^)			1912 N Arlington Heights Rd., Arlington Heights, IL 60004						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2043						688.3						688.3						752.4						0.22		%
LP Industries, Inc and Playground Packages, LLC			(#,^)			2040 Norwood, Lenoir, NC 28645						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						83.1						83.1						75.4						0.02		%
D.A.F.S Transport, LLC			(#,^)			207 S. Teresa St, Monahans, TX 79756						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						564.1						564.1						571.3						0.17		%
Sesolinc GRP, Inc.			(#,^)			806 Randy Lowery Rd, Statesboro, GA 30461						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						322.2						322.2						311.3						0.09		%
The Law Office of Jared E. Shapiro, P.A			(#,^)			7777 Glades Rd, Ste 100, Boca Raton, FL 33434						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						9.7						9.7						8.7						—		%
Royalty Freight Inc			(#,^)			3728 W McKinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						83.8						83.8						75.9						0.02		%
Fifth Wheel Truck Stop 001, Inc.			(#,^)			3767 South Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						12/21/2028						88.5						88.5						80.1						0.02		%
Burgess and Dudley, Incorporated			(#,^)			24462 NW 9th Place, Newberry, FL 32669						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/21/2028						204.3						204.3						192.4						0.06		%
Diamond Estates LLC			(#,^)			110 Court St Ste 1, Cromwell, CT 6416						Construction of Buildings						Term Loan						Prime plus 2.75%						12/21/2028						64.4						64.4						58.3						0.02		%
Kyle M Walker DDS, PC			(#,^)			1402 W Park Ave, Orange, TX 77630						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						98.6						98.6						89.2						0.03		%
Baseline Health, LLC & Baseline Health Management, LLC			(#,^)			1101 Stewart Ave Ste 104, Garden City, NY 11530						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						102.2						102.2						94.2						0.03		%
Precision Bytes LLC dba Tower Connect			(#,^)			607 West Magnolia Ave, Fort Worth, TX 76104						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						112.0						112.0						101.3						0.03		%
Cammarata Associates LLC			(#,^)			5 Greentree Center, Marlton, NJ 8053						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						12/21/2028						64.4						64.4						58.3						0.02		%
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool			(#,^)			4500 S Country Rd, Odessa, TX 79768						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/21/2044						166.2						166.2						189.7						0.06		%
C&D Trucking & Equipment Service, Inc.			(#,^)			4015 Jennings Rd, Cleveland, OH 44109						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2043						113.6						113.6						129.4						0.04		%
ETS Tree Service Inc and Eastern Tree Service, Inc			(#,^)			4813 Pinson Valley Parkway, Birmingham, AL 35215						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/21/2028						197.6						197.6						189.4						0.06		%
Local Liberty Inc dba The Wardsboro Country Store			(#,^)			23 Main St, Wardsboro, VT 5355						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/20/2043						150.7						150.7						166.9						0.05		%
Graff Excavating, Inc			(#,^)			803 E State St, Toledo, IA 52342						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/20/2028						168.0						168.0						154.1						0.05		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Drive, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						259.0						259.0						250.3						0.07		%
Flashii App, Inc.			(#,^)			75 E Santa Clara St, San Jose, CA 95113						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						53.7						53.7						56.1						0.02		%
CK Green Partners, LLC dba Reis and Irvy"s Columbus			(#,^)			5010 Augusta Drive, Westerville, OH 43082						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/20/2029						167.5						167.5						162.8						0.05		%
Hotel Compete, LLC			(#,^)			223 W Jackson Blvd, Chicago, IL 60606						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						53.7						53.7						48.6						0.01		%

189

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Healthy and Fresco LLC			(#,^)			1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2029						39.6						39.6						37.0						0.01		%
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC			(#,^)			2043 Coteau Rd, Houma, LA 70364						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						401.9						401.9						417.5						0.12		%
Roots N Shoots, LLC & Yardplus LLC			(#,^)			86 Boston Rd, Chelmsford, MA 1824						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2028						46.4						46.4						42.8						0.01		%
Accent Comfort Services, LLC			(#,^)			5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/19/2028						59.1						59.1						53.9						0.02		%
The Cromer Company			(#,^)			9800 NW 78th Ave, Hialeah Gardens, FL 33016						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/19/2028						440.2						440.2						399.5						0.12		%
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo			(#,^)			316 NW 24th St, Miami, FL 33180						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/19/2029						64.5						64.5						61.9						0.02		%
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll			(#)			G-2340 West Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/19/2044						410.7						410.7						455.0						0.13		%
Ventures TBD LLC dba The Bottle Tree			(#,^)			102 Davis St, Belmont, NC 28012						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2043						95.9						95.9						103.0						0.03		%
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena			(#,^)			4477 E 11th Ave, Hialeah, FL 33013						Food Manufacturing						Term Loan						Prime plus 2.75%						12/14/2028						272.8						272.8						257.5						0.08		%
Alpha Omega Trucking LLC			(#,^)			14432-14452 Stateline Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2028						60.2						60.2						62.9						0.02		%
YBL Restaurant Group LLC dba Tropisueno			(#,^)			75 Yerba Buena Lane, San Francisco, CA 94103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/14/2029						336.5						336.5						307.3						0.09		%
Healthy Human, LLC			(#,^)			1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2028						107.3						107.3						97.1						0.03		%
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC			(#,^)			160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/14/2028						236.5						236.5						222.5						0.07		%
Aero Consulting and Engineering Inc			(#,^)			7941 NW 3rd St, Plantation, FL 33324						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2028						13.2						13.2						12.0						—		%
Peanut Butter & Co., Inc.			(#,^)			119 West 57th St, Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/14/2028						214.8						214.8						194.4						0.06		%
Alpha Landscape Contractors, Inc			(#,^)			2823 Fllintstone Rd, Millers, MD 21102						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/14/2029						286.8						286.8						272.2						0.08		%
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974			(#,^)			196-15 Northern Blvd, Flushing, NY 11318						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/14/2028						13.5						13.5						12.3						—		%
L&M Services, LLC			(#,^)			560 Main St, Milford, UT 84751						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/14/2043						194.2						194.2						211.9						0.06		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/14/2043						191.5						191.5						207.4						0.06		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Construction of Buildings						Term Loan						Prime plus 2.75%						12/14/2028						35.9						35.9						34.5						0.01		%

190

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Stony Creek Wellness Group, LLC			(#,^)			264 Church St, Guilford, CT 6437						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/14/2043						95.9						95.9						106.3						0.03		%
The Miller Center for Esthetic Excellence,			(#,^)			22 Old Short Hills Rd,, Livingston, NJ 7039						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2043						378.2						378.2						391.2						0.12		%
OC Helicopters LLC			(#,^)			19711 Campus Drive Ste 260, Santa Ana, CA 92707						Air Transportation						Term Loan						Prime plus 2.75%						12/13/2028						77.1						77.1						80.5						0.02		%
Plan B Burger LLC			(#,^)			484 Farmington Ave, Hartford, CT 6105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/13/2029						903.4						903.4						854.1						0.25		%
Burton Realty Co., Inc dba Anchor Realty, Northeast			(#,^)			2200 Michener St, Ste 12, Philadelphia, PA 19115						Real Estate						Term Loan						Prime plus 2.75%						12/13/2028						260.4						260.4						235.6						0.07		%
D for Dream LLC dba Blo Blow Dry Bar Inc			(#,^)			460 East 3rd Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/13/2029						66.7						66.7						60.6						0.02		%
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash			(#,^)			2 Center Rd,, Old Saybrook, CT 6475						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/13/2043						948.9						948.9						1,014.3						0.30		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd, Ste 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/12/2029						8.8						8.8						8.0						—		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Lane, Bakersfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/12/2043						116.5						116.5						125.2						0.04		%
Behind The Scenes Chicago, LLC dba Paramount Events			(#,^)			1750 W Lake St, Chicago, IL 60612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						221.4						221.4						221.7						0.07		%
Ashwood Food Services Inc. dba Jake Rooney's			(#,^)			119 Brooks Rd, Harwich Port, MA 2646						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/12/2043						208.8						208.8						233.4						0.07		%
Airstrike Firefighters LLC			(#,^)			18115 62nd Ave NE, Kenmore, WA 98028						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/12/2028						1,074.1						1,074.1						1,047.9						0.31		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Lane, Bakerfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/12/2029						51.6						51.6						46.8						0.01		%
Ashwood Food Services, Incorporated dba Jake Rooney's			(#,^)			119 Brooks Rd, Harwich Port, MA 2646						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						58.1						58.1						55.0						0.02		%
EMES Supply, LLC			(#,^)			35622 Vine St, EastLake, OH 44095						General Merchandise Stores						Term Loan						Prime plus 2.75%						1/11/2029						107.4						107.4						99.4						0.03		%
White Wilson & Associates LLC			(#,^)			16238 Louis Ave., South Holland, IL 60473						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/11/2043						41.3						41.3						44.3						0.01		%
B&B Bodega of Delray LLC			(#,^)			190 NE 2nd Ave, Delray Beach, FL 33444						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/11/2029						13.0						13.0						11.8						—		%
Googlyoogly, LLC dba Bi-Rite Supermarket			(#,^)			10867 W Jefferson Ave, River Rouge, MI 46218						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/11/2043						197.1						197.1						211.9						0.06		%
Hilltop Wine Shop, Inc dba Hiltop Wine Shop			(#,^)			7505 Highland Rd, White Lake, MI 48383						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/11/2043						124.3						124.3						135.5						0.04		%
Duck's Nuts Inc dba Pet Place Market			(#,^)			212 Bendigo Blvd. N, North Bend, WA 98045						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						1/11/2029						37.3						37.3						35.9						0.01		%
TFE Resources ,LTD			(#,^)			11 Easter Court Ste G, Owings Mills, MD 21117						Utilities						Term Loan						Prime plus 2.75%						1/11/2029						514.1						514.1						479.5						0.14		%
Oregon Medical Training Private Career School Inc.			(#,^)			1126 Gateway Loop, Ste 108, Springfield, OR 97702						Educational Services						Term Loan						Prime plus 2.75%						1/11/2029						34.4						34.4						31.2						0.01		%
ZLM Services LLC			(#,^)			51343 Oro Rd, Shelby Township, MI 33444						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/10/2029						34.4						34.4						31.2						0.01		%

191

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Team Henry, LLC dba Kelly Automotive of Deltona			(#,^)			1290 Doyle Rd, Deltona, FL 32725						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2043						379.9						379.9						407.1						0.12		%
Food Service Industry Consultants Inc.			(#,^)			1465 Kelly Johnson Blvd, Colorado Springs, CO 80920						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/7/2029						62.0						62.0						56.4						0.02		%
CET Inc			(#,^)			4709 N El Capitan Ave. Ste 205, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						1/6/2029						1,057.3						1,057.3						993.2						0.29		%
Metro R Services Inc. and Metal & Roof Supplies Inc.			(#,^)			20 Universal Place, Carlstadt, NJ 7072						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/6/2029						178.5						178.5						186.7						0.06		%
Unique Home Solutions Inc. and Unique Home Solutions of Ohio			(#,^)			5550 Progress Rd, Indianapolis, IN 46241						Construction of Buildings						Term Loan						Prime plus 2.75%						1/5/2029						218.6						218.6						228.6						0.07		%
Consulting Solutions, Inc and Mark Luciani			(#,^)			3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/5/2029						50.4						50.4						45.7						0.01		%
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker			(#,^)			342 South La Brea Ave, Los Angeles, CA 90036						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/5/2029						77.1						77.1						70.6						0.02		%
Levine Daycare Inc dba Kids R Kids			(#,^)			415 Woodbury Rd, Orlando, FL 32828						Social Assistance						Term Loan						Prime plus 2.75%						1/5/2029						232.3						232.3						221.4						0.07		%
The Altitude Group LLC			(#,^)			949 A Clint Moore Rd, Boca Raton, FL 33487						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/4/2029						122.5						122.5						111.6						0.03		%
Access Staffing, LLC			(#,^)			360 Lexington Ave 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/4/2029						167.1						167.1						151.5						0.04		%
York Concrete Corp			(#,^)			1 Plumb CT., Huntington Station, NY 11746						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2043						194.2						194.2						219.5						0.06		%
Swantown Inn and Spa, LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						1/3/2029						11.6						11.6						12.1						—		%
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc.			(#,^)			4291 Shoal Line Blvd, Hernando Beach, FL 34607						Accommodation						Term Loan						Prime plus 2.75%						11/30/2043						218.2						218.2						248.4						0.07		%
Water Station Holdings LLC			(#,^)			1104 N Keystone Ave, Indianapolis, IN 46201						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/30/2028						592.1						592.1						578.2						0.17		%
Cabrera's Auto Services LLC			(#,^)			2206 N Central Ave, Chicago, IL 60639						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2043						78.7						78.7						86.5						0.03		%
Microplex Co, Third Market LLC			(#,^)			244 Spokane Ave, Whitefish, MT 59937						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/30/2028						140.9						140.9						127.7						0.04		%
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors			(#,^)			13762 W State Rd 84, Davie, FL 33325						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/30/2028						106.8						106.8						108.1						0.03		%
Tammy's Place LLC			(#,^)			235 North Mosby Ave, Littleton, NC 27850						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2044						426.6						426.6						483.9						0.14		%
JJB Production LLC			(#,^)			458 N 7th St, Newark, NJ 7107						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/29/2028						6.3						6.3						5.7						—		%
Albert M Quashie, DDS, PC			(#,^)			3331 Toledo Terrace Ste 308, Hyattsville, MD 20782						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2028						74.8						74.8						73.1						0.02		%
Albert M. Quashie, DDS, PC			(#,^)			3331 Toledo Terrace Ste 308, Hyattsville, MD 20782						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/29/2043						63.1						63.1						68.3						0.02		%
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up			(#,^)			3626 CR 203, Liverpool, TX 77577						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/28/2043						419.9						419.9						477.9						0.14		%

192

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Extreme Granite Corp			(#,^)			251 NW 1st St, Deerfield Beach, FL 33441						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2043						181.9						181.9						204.5						0.06		%
True Love Christian Academy LLC			(#,^)			466 E Raines Rd, Memphis, TN 38109						Social Assistance						Term Loan						Prime plus 2.75%						12/28/2043						40.7						40.7						45.9						0.01		%
Level Up Gaming, Inc			(#,^)			1132 Creighton Rd, Pensacola, FL 32504						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						11/28/2043						87.3						87.3						92.6						0.03		%
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC			(#,^)			12930 Worldgate Drive, Herndon, VA 20170						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						1,109.5						1,109.5						1,158.1						0.34		%
Best Global Alternative North, LLC			(#,^)			69 Lewis Ave, Atlantic Beach, NY 11509						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/21/2028						75.0						75.0						67.8						0.02		%
M.A.W. Enterprises LLC dbaY-Not Pizza			(#,^)			45 E Main St, New Palestine, IN 46163						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/21/2028						19.2						19.2						18.4						0.01		%
Thames Aquatic Club, LLC			(#,^)			14 Iron St, Ledyard, CT 6339						Educational Services						Term Loan						Prime plus 2.75%						10/21/2029						39.6						39.6						41.7						0.01		%
On Call Electrical of Georgia LLC			(#,^)			2120 Plaster Bridge Rd NE, Atlanta, GA 30324						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/20/2043						644.4						644.4						695.7						0.21		%
Commonwealth Warehouse Inc			(#,^)			11013 Kenwood Rd., Cincinnati, OH 45242						Warehousing and Storage						Term Loan						Prime plus 2.75%						12/20/2028						361.7						361.7						350.1						0.10		%
K & A Automotive Inc			(#,^)			2070 Nooseneck Hill Rd, Coventry, RI 2816						Gasoline Stations						Term Loan						Prime plus 2.75%						11/19/2043						118.5						118.5						132.5						0.04		%
High Desert Transport, Inc.			(#,^)			2015 Woodspring Terrace, Henderson, NV 89012						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2028						66.5						66.5						62.2						0.02		%
Saunders Management LLC dba Northern Light Espresso Bar and Cafe			(#,^)			536 Spruce St, Scranton, PA 18503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/16/2028						34.6						34.6						36.1						0.01		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2028						53.4						53.4						48.5						0.01		%
Cocomo Joe's LLC			(#,^)			3949 New Rd, Youngstown, OH 44515						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2028						0.6						0.6						0.5						—		%
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade			(#,^)			100 Village Rd, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/16/2029						37.6						37.6						38.1						0.01		%
Beau & HB Inc dba Beau's Billard, Bowling & Arcade			(#,^)			100 Village RD, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/16/2043						68.4						68.4						74.5						0.02		%
Allegro Assisted Living Services of Texas LLC			(#,^)			3400 Remington Dr, Plano, TX 75023						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						11/15/2043						58.9						58.9						67.0						0.02		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/14/2028						43.7						43.7						45.6						0.01		%
US Dedicated LLC			(#,^)			13410 SE 26th Circle, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2028						374.3						374.3						344.2						0.10		%
Salon Femi LLC			(#,^)			1107 BRd St, Bloomfield, NJ 7003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/9/2028						6.4						6.4						6.3						—		%
McNeill Stokes			(#,^)			5372 Whitehall Pl SE, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2028						5.8						5.8						5.2						—		%
Vancole Investments, Inc. dba Smoothie King #913			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/7/2044						406.1						406.1						436.5						0.13		%

193

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC			(#,^)			460 Park Ave, Floor 16, New York, NY 10022						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/1/2028						277.6						277.6						251.1						0.07		%
Modutech Marine Inc			(#,^)			2218 Marine View Drive, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/1/2028						320.5						320.5						334.6						0.10		%
Steele Security, LLC dba Signal 88 Security of San Antonio			(#,^)			11230 West Ave, Ste 2210, San Antonio, TX 78213						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/31/2028						94.2						94.2						86.2						0.03		%
Abington Caregivers, LLC			(#,^)			7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2043						121.9						121.9						134.3						0.04		%
C.A.T.I. Armor, LLC			(#,^)			435 Packard Hwy, Charlotte, MI 48813						Apparel Manufacturing						Term Loan						Prime plus 2.75%						10/30/2043						203.9						203.9						220.7						0.07		%
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar"			(#,^)			1500 Village Run Rd, Wexford, PA 15090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2029						70.0						70.0						64.6						0.02		%
UK, LLC dba Pita Pit			(#,^)			20038 West Valley HWY, Kent, WA 98032						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2029						53.2						53.2						49.4						0.01		%
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer			(#,^)			3970 Everhard Rd, NW, Canton, OH 44709						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/26/2028						124.8						124.8						130.3						0.04		%
The Face Place, LLC dba Classic Aesthetics			(#,^)			4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/25/2028						8.5						8.5						7.7						—		%
Bellas Sports Pub, Inc dba Brewmasters Tavern			(#,^)			1152 Main St, Coventry, RI 2816						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/24/2043						67.2						67.2						76.1						0.02		%
Shovels and Whiskey LLC			(#,^)			446 SE Washington St, Hillsboro, OR 97123						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						10/16/2043						74.2						74.2						82.8						0.02		%
Hackstaff Restaurants LLC			(#,^)			248 W 1st. St Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						141.9						141.9						131.1						0.04		%
TA Coleman, LLC dba Tom's Truck Shop			(#,^)			2101 Route 610, Woodbine, NJ 8270						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/12/2028						5.0						5.0						4.8						—		%
Cater To You Agency, LLC, dba Cater To You			(#,^)			1319 Sherrick Rd SE, Canton, OH 44707						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/11/2043						21.8						21.8						23.7						0.01		%
Faydon, Inc			(#,^)			1905 W Baker St, Ste A, Plant City, FL 33567						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/10/2028						63.7						63.7						66.5						0.02		%
MB Click It Photography, LLC			(#,^)			100 Manchester Ranch Place, Aynor, SC 29511						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/10/2043						37.1						37.1						41.2						0.01		%
Wellfleet Consulting Inc.			(#,^)			2275 Research Blvd Ste # 500, Rockville, MD 20850						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/9/2028						12.7						12.7						11.5						—		%
Apps Inc and Market Share Inc.			(#,^)			80 Main St, Old Saybrook, CT 6475						Telecommunications						Term Loan						Prime plus 2.75%						10/5/2028						75.8						75.8						68.6						0.02		%
Moore Care LLC			(#,^)			8550 United Plaza Blvd., Baton Rouge, LA 79809						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/4/2028						44.0						44.0						39.8						0.01		%
JAM Media Solutions LLC			(#,^)			11 Netherwood Terrace, East Orange, NJ 7017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2028						768.2						768.2						714.2						0.21		%
Throop Family Holdings, Inc			(#,^)			7130 Crater Lake, White City, OR 97603						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/28/2043						621.5						621.5						672.2						0.20		%
A-1 Van Sevices, Inc.			(#,^)			154 Sandy Creek Rd, Verona, PA 15147						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/28/2028						90.7						90.7						90.4						0.03		%

194

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

SwabCo Inc.			(#,^)			2341 East Ellis St, Leveland, TX 79336						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/28/2043						908.2						908.2						991.4						0.29		%
Rami Technology USA, LLC			(#,^)			10400 NW 33rd St, Miami, FL 33172						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2028						151.2						151.2						137.9						0.04		%
Burd Brothers Inc.			(#,^)			4005 Borman Drive, Batavia, OH 45103						Truck Transportation						Term Loan						Prime plus 2.75%						9/28/2028						450.5						450.5						441.7						0.13		%
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge			(#,^)			4646 SE 11th Place, Cape Coral, FL 33904						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/28/2043						320.1						320.1						353.8						0.10		%
Blackwater Diving, LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2028						670.7						670.7						622.2						0.18		%
Quality Electric & Data			(#,^)			85 Franklin Rd Unit 9B, Dover, NJ 7801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2028						83.8						83.8						82.4						0.02		%
Blue Seven, LLC			(#,^)			11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/27/2029						50.9						50.9						48.0						0.01		%
Quality Electric & Data Inc.			(#,^)			85 Franklin RD Unit 9B, Dover, NJ 7801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2043						125.3						125.3						134.0						0.04		%
Action Barricade Company, LLC and Barricade Holding LLC			(#,^)			1802 N 27th Ave, Phoenix, AZ 85009						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/27/2028						259.0						259.0						255.6						0.08		%
LG Law Center, Inc			(#,^)			15452 Amar Rd, La Puente, CA 91744						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2028						12.6						12.6						11.7						—		%
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A			(#,^)			777 South Flagler Drive Ste 800W, West Palm Beach, FL 33401						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/27/2028						104.8						104.8						101.3						0.03		%
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Assoc			(#,^)			35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2028						99.3						99.3						90.2						0.03		%
US Shipping Trans Inc, Esteem Trucking Inc			(#,^)			16102 Sweetwater Court, Lathrop, CA 95330						Truck Transportation						Term Loan						Prime plus 2.75%						9/26/2028						706.6						706.6						709.3						0.21		%
Dentistry By Design, P.C			(#,^)			315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/26/2028						12.6						12.6						11.7						—		%
Ace Auto Recovery, Inc.			(#,^)			1209 North Lane Ave, Jacksonville, FL 32254						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/26/2043						154.1						154.1						170.2						0.05		%
LTS School, Inc.			(#,^)			3731 NW 9th Ave, Deerfield Beach, FL 33064						Educational Services						Term Loan						Prime plus 2.75%						9/26/2043						97.7						97.7						111.2						0.03		%
Above and Beyond Preschool LLC			(#,^)			672-678 Camellia Drive, Royal Palm Beach, FL 33411						Social Assistance						Term Loan						Prime plus 2.75%						9/26/2043						533.8						533.8						593.3						0.17		%
Newsome Mobile Notary LLC			(#,^)			8153 12th Ave SW, Seattle, WA 98106						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/25/2028						4.4						4.4						4.0						—		%
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes			(#,^)			7219 Silver Mist Ave, North Chesterfield, VA 23237						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/25/2028						105.1						105.1						98.3						0.03		%

Phillip Ramos Upholstery Inc.			(#,^)			3835 Elm St, Denver, CO 80207						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2028						13.0						13.0						11.7						—		%
D & D Optics Inc dba Sterling Optical			(#,^)			1487 East LaSalle Drive, Bismark, ND 58503						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2028						45.4						45.4						41.7						0.01		%

195

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

DC Lofty, LLC,			(#,^)			301 I St NW, Washington, DC 20001						Accommodation						Term Loan						Prime plus 2.75%						9/21/2028						18.9						18.9						17.2						0.01		%
Southern Services and Equipment, Inc			(#,^)			321 Bayou Rd, Saint Bernard, LA 70085						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2028						357.3						357.3						349.3						0.10		%
Southern Services and Equipment, Inc.			(#,^)			321 Bayou Rd, Saint Bernard, LA 70085						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2043						202.3						202.3						214.8						0.06		%
MillClem Corporation & Monticello Corporation			(#,^)			16660 Oak St, Dillwyn, VA 22936						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						9/21/2043						319.6						319.6						363.3						0.11		%
The Garden Club, LLC			(#,^)			125 South DuBuque St, Iowa City, IA 52240						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/21/2028						5.7						5.7						5.1						—		%
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC			(#,^)			5051 Peachtree Corners Circle Ste #200, Norcross, GA 30092						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/20/2028						15.5						15.5						14.8						—		%
Watearth Inc			(#,^)			445 South Figuerora Ste 3128, Los Angeles, CA 90071						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/19/2028						18.9						18.9						17.1						0.01		%
Lewis River Golf Course, Inc.			(#,^)			3209 Lewis River Rd, Woodland, WA 98674						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/19/2043						482.4						482.4						548.5						0.16		%
Super Station Inc			(#,^)			8855 N Country Rd 25A, Pique, OH 45356						Gasoline Stations						Term Loan						Prime plus 2.75%						9/19/2043						202.1						202.1						229.8						0.07		%
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal			(#,^)			35000 Pacific Hwy, Federal Way, WA 98003						Truck Transportation						Term Loan						Prime plus 2.75%						9/19/2028						406.5						406.5						367.2						0.11		%
C3 Capital, Inc			(#,^)			10010 N. Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/19/2028						535.8						535.8						533.0						0.16		%
M&P RV LLC dba M&P RV			(#,^)			10 Century Lane, Dillsburg, PA 17019						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/19/2043						105.4						105.4						119.8						0.04		%
DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/18/2043						147.2						147.2						160.4						0.05		%
E & G Enterprises LLC dba Comfort Keepers			(#,^)			220 Middle St, Franklin, VA 23851						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/18/2028						5.0						5.0						4.6						—		%
Pastel de Feira LLC dba Original Pastel De Feira			(#,^)			4244 Pine Ridge CT, Weston, FL 33331						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2028						5.1						5.1						4.9						—		%
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko			(#,^)			65 Glendale St, Easthampton, MA 1027						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2043						168.9						168.9						184.9						0.05		%
Culmination Motorsports, Inc.			(#,^)			160 W 91st Ave, Unit B, Anchorage, AK 99515						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2043						539.9						539.9						611.7						0.18		%
L&M Equipment, Inc			(#,^)			Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/14/2043						1,206.1						1,206.1						1,330.7						0.39		%
J & C Garcia LLC			(#,^)			26 BRd St, Alexander City, AL 35010						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/14/2028						62.0						62.0						57.3						0.02		%
Baby's on Broadway LLC			(#,^)			47 East Broadway, Little Falls, MN 56345						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						9/14/2028						41.9						41.9						40.4						0.01		%
Rihahn Inc. dba RDBL, Inc			(#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 2.75%						9/14/2028						117.4						117.4						112.7						0.03		%
QBS, LLC dba Sterling Optical Exton			(#,^)			211 W Lincoln Hwy, Exton, PA 19341						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/14/2028						68.1						68.1						62.1						0.02		%

196

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Innovim LLC			(#,^)			6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/14/2028						95.4						95.4						86.2						0.03		%
Innovative Network Solutions Inc			(#,^)			31567 West 10 Mile Rd, Farmington Hills, MI 48336						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/13/2028						105.1						105.1						97.6						0.03		%
Underground Productions LLC dba 31 Escape			(#,^)			1731 Decatur Hwy, Fultandale, AL 35068						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/13/2043						95.4						95.4						108.4						0.03		%
Rancho Paving, Inc			(#,^)			339 Cypress Lane, El Cajon, CA 92020						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/10/2028						157.2						157.2						159.0						0.05		%
Pool Guard of LA			(#,^)			10866 Washington Blvd, Apartment #24, Culver City, CA 90232						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/7/2028						18.8						18.8						17.1						0.01		%
MurlinComputerCompany LLC dba Murlin Computer,			(#,^)			1014 Thompson Blvd Ste 38B, Sedalia, MO 65301						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/7/2028						13.1						13.1						12.1						—		%
Pelican Executives Suites, LLC			(#,^)			2200 Colorado Ave Sutie 131, Santa Monica, CA 90404						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/7/2028						268.9						268.9						242.8						0.07		%
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC			(#,^)			140141 Lakeland Ave, Bohemia, NY 11716						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/7/2028						270.2						270.2						263.6						0.08		%
Dr. G's Urgent Care LLC			(#,^)			1425 S Congress Ave, Delray Beach, FL 33445						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/7/2028						18.8						18.8						17.0						0.01		%
Asheville Spine and Nerve Institute PC			(#,^)			190 Broadway St Ste 205, Asheville, NC 28801						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/7/2043						87.2						87.2						98.7						0.03		%
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation			(#,^)			3401 Market St Ste 200, Philadelphia, PA 19104						Support Activities for Transportation						Term Loan						Prime plus 2.75%						9/6/2028						7.6						7.6						7.3						—		%
Living Centers Inc. dba Veranda House Senior Living			(#,^)			5129 E 5th St, Katy, TX 77493						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						8/31/2043						406.4						406.4						462.0						0.14		%
LACCRB LLC dba PostNet			(#,^)			3250 Retail Dr Ste 120, Carson City, NV 89706						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/30/2028						12.7						12.7						11.7						—		%
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports World			(#,^)			825 Courtland St., Orlando, FL 32804						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/30/2043						433.5						433.5						492.9						0.15		%
Stat Constructor L.P			(#,^)			9573 US Hwy 220, Stoneville, NC 27048						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/30/2028						88.1						88.1						91.8						0.03		%
ARVAmethod LLC			(#,^)			516 N Ogden Ave # 150, Chicago, IL 60642						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/29/2028						2.0						2.0						1.8						—		%
Greenfield Hill Wines & Spirits, LLC			(#,^)			65 Hillside Rd, Fairfield, CT 6824						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2028						76.5						76.5						69.8						0.02		%
Extreme Engineering, Inc.			(#,^)			598 Oliver Dr, Troy, MI 48084						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/29/2028						103.9						103.9						94.7						0.03		%
Kotyark LLC dba Gibsonton Motel			(#,^)			11545 US Hwy 41S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						8/29/2043						79.5						79.5						90.4						0.03		%
Graphish Studio, Inc.			(#,^)			231 Main St, Stamford, CT 6901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2028						6.2						6.2						5.6						—		%
JFK Transportation Inc			(#,^)			4 Mechanic St, Natick, MA 1760						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						8/28/2028						129.3						129.3						119.0						0.04		%

197

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Atlas Geo-Constructors LLC			(#,^)			3466 Thomasville Rd Winston, Winston-Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/24/2028						62.9						62.9						64.0						0.02		%
Montana Life Group, LLC			(#,^)			8 N 9th Ave, Bozeman, MT 59715						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/24/2028						6.2						6.2						5.6						—		%
Finn & Emma LLC			(#,^)			1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 7004						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						8/24/2028						101.7						101.7						91.9						0.03		%
Wearware Inc dba FlyWire Cameras			(#,^)			2204 Blackmoor Park Lane, Lexington, KY 40509						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						8/24/2028						18.7						18.7						17.2						0.01		%
Zash LLC dba Papa Murphy's take 'N' Bake Pizza			(#,^)			2303 White Bear Ave, Maplewood, MN 55025						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2028						35.1						35.1						33.4						0.01		%
Buffalo Biodiesel Inc.			(#,^)			225 Sawyer Ave, Tonawanda, NY 14150						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/21/2028						1,053.1						1,053.1						1,066.9						0.31		%
Ginekis Enterprises, Inc dba Locanda Veneta			(#,^)			8638 W Third St, Los Angeles, CA 90048						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/20/2028						72.0						72.0						65.4						0.02		%
Geo Tek Alaska, Inc			(#,^)			2756 Commercial Drive, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2044						123.4						123.4						135.7						0.04		%
ATI Jet, Inc.			(#,^)			7007 Boeing Drive, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						8/16/2028						169.6						169.6						167.2						0.05		%
Lewins Law, P.C.			(#,^)			7920 Belt Line Rd Ste 650, Dallas, TX 75254						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/16/2028						15.0						15.0						13.5						—		%
GS Bath Inc			(#,^)			5335 E Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						8/15/2028						478.2						478.2						485.1						0.14		%
Pamletics LLC dba F45			(#,^)			22015 IH 10 West, San Antonio, TX 78257						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/14/2028						36.7						36.7						34.8						0.01		%
L.A. Insurance Agency GA 10 LLC			(#,^)			6655 Tara Blvd. Ste 401, Jonesboro, GA 30236						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/10/2028						9.4						9.4						8.4						—		%
Crystal Shores Inc. dba Shorewood Laundromat			(#,^)			700 West Jefferson St, Shorewood, IL 60404						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/9/2028						18.6						18.6						17.5						0.01		%
Palanuk & Associates, Inc.dba Wolfpk			(#,^)			28110 SE Fern Drive, Boring, OR 97009						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/8/2028						85.2						85.2						77.6						0.02		%
CJNR, LLC			(#,^)			208 East Main St, Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/7/2043						117.3						117.3						133.4						0.04		%
Mercedes Cab Company, Inc			(#,^)			35 Alden St, Province Town, MA 2657						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						8/7/2028						108.1						108.1						100.8						0.03		%
Ron's Pool and Spa Services LLC			(#,^)			1419 NE 30th St., Pompano, FL 33064						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/3/2028						3.1						3.1						2.8						—		%
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC			(#,^)			1700 Nottingham Way Ste 12A, Hamilton, NJ 8619						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						8/3/2028						50.1						50.1						45.9						0.01		%
20th Century Lanes, Inc dba West Seattle Bowl			(#,^)			4505 39 Ave SW, Seattle, WA 98116						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/3/2028						96.0						96.0						96.1						0.03		%
Millwork Unlimited, Incorporated			(#,^)			8264 Pine Cay Rd, Wellington, FL 33414						Wholesale Electronic Markets and Agents and Brokers						Term Loan						Prime plus 2.75%						8/2/2028						6.2						6.2						5.6						—		%
Accel Compression Inc., Accel Workover Services, Inc			(#,^)			4500 S Country Rd, Odessa, TX 79765						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/1/2043						289.6						289.6						312.5						0.09		%

198

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool			(#,^)			4500 S. Country Rd 1310, Odessa, TX 79765						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/1/2028						388.8						388.8						386.4						0.11		%
Samy Optical LLC dba Site for Sore Eyes			(#,^)			1350 Travis Blvd Ste 1507A, Fairfield, CA 94533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/1/2028						88.6						88.6						80.1						0.02		%
CSL Services Inc			(#,^)			7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 8109						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/27/2028						451.8						451.8						432.3						0.13		%
Nunez Enterprises Corporation dba La Casa			(#,^)			3330 Piedmont RD NE, Atlanta, GA 30305						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						7/26/2028						6.3						6.3						5.7						—		%
Relevant Elephant ,LLC			(#,^)			ON320 Woodvale St, Winfield, IL 60190						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2028						4.9						4.9						4.4						—		%
TR Nails, LLC dba Simple Nails			(#,^)			158 Great Rd, Bedford, MA 1730						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/20/2028						52.0						52.0						46.9						0.01		%
ZA Trucking LLC			(#,^)			5945 York Way, East Lansing, MI 48823						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2028						8.5						8.5						8.2						—		%
674 Club LLC			(#,^)			674 N Orleans, Chicago, IL 60654						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2043						253.2						253.2						287.9						0.08		%
Mother's Cantina LLC dba Mother's Cantina			(#,^)			2810 Philadephia Ave Unit #10, Ocean City, MD 21842						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/13/2028						56.7						56.7						52.1						0.02		%
Smart-tel Communications LLC			(#,^)			9720 W. Colfax Ave Ste 100, Lakewood, CO 80215						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/13/2028						17.4						17.4						18.2						0.01		%
HQTRONICS LLC			(#,^)			10135 South Roberts Rd Ste 209, Palos Hills, IL 60465						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/13/2028						51.6						51.6						46.6						0.01		%
Smoove Move Productions, LLC dba Smoove Move Productions			(#,^)			3932 North 16th St, Omaha, NE 68110						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						7/12/2028						8.9						8.9						9.2						—		%
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC			(#,^)			6350 Shadeland Ave, Indianpolis, IN 46220						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/3/2028						51.6						51.6						48.2						0.01		%
Vital Inspection Professionals, Inc. dba VIP			(#,^)			180 Airpark Industrial Rd, Alabaster, AL 35007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/3/2028						256.8						256.8						254.2						0.07		%
US Cargo Express, LLC			(#,^)			4735 22 Mile Rd, Utica, MI 48317						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/2/2043						81.5						81.5						94.9						0.03		%
Bio-Haz Solutions, Inc			(#,^)			23 Tonolli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/29/2029						217.3						217.3						226.2						0.07		%
Bio-Haz Solutions, Inc.			(#,^)			23 Tonoli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/29/2044						358.2						358.2						399.3						0.12		%
M J Losito Electrical Contractor's, Inc			(#,^)			98 Wooster St, Bethel, CT 6801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2028						18.8						18.8						18.8						0.01		%
Corptek Solutions LLC			(#,^)			2363 N. Hwy # 287 Ste # 111, Mansfield, TX 76063						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2028						38.9						38.9						37.9						0.01		%
Critter Cabana, LLC dba Critter Cabana			(#,^)			516 East Main St, Newberg, OR 97132						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/28/2028						56.9						56.9						55.5						0.02		%
National Dredging Services of North Florida, Inc.			(#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/27/2043						27.6						27.6						32.1						0.01		%
National Dredging Services of North Florida, Inc.			(#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/27/2028						43.5						43.5						45.8						0.01		%

199

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Julie Cooper-Bierman dba Forever Shopper			(#,^)			7435 Piute Creek Dr, Corona, CA 92881						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/27/2028						13.1						13.1						12.8						—		%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery			(#,^)			299 Utica Ave, Brooklyn, NY 11203						Food Manufacturing						Term Loan						Prime plus 2.75%						6/27/2043						341.7						341.7						392.8						0.12		%
InUSA Ventures, Inc			(#,^)			508 Hyacinthus Court, San Ramon, CA 94582						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/27/2028						40.9						40.9						39.9						0.01		%
Nick's Country Kitchen, LLC			(#,^)			3 Flanders RD, Building #1, Bethlehem, CT 6751						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2028						18.4						18.4						18.1						0.01		%
Bengals, Inc. dba Royal Liquor Mart			(#,^)			3714 E State St, Rockford, IL 61108						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/26/2043						102.1						102.1						115.8						0.03		%
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC,			(#,^)			460 Park Ave, Floor 16, New York, NY 10022						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/26/2028						757.1						757.1						750.0						0.22		%
Sun Pools, Inc			(#,^)			130 Holiday LN, Albany, KY 42602						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/25/2043						294.0						294.0						323.5						0.10		%
Sun Pools, Inc dba Sun Fiberglass Pools			(#,^)			130 Holiday Lane, Albany, KY 42602						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/25/2028						639.6						639.6						635.8						0.19		%
DPF Filters Inc.			(#,^)			2832 Golden State Blvd., Madera, CA 93637						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/25/2028						56.3						56.3						55.6						0.02		%
Martha Beauty Supply And Braiding, Inc.			(#,^)			538 E Boughton Rd, Bolingbrook, IL 60440						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/22/2043						134.1						134.1						155.9						0.05		%
Sushi Prime, LLC and Vasilia Investments			(#,^)			32 SE 2nd Ave, Delray Beach, FL 33444						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/22/2028						224.9						224.9						226.0						0.07		%
Mr. Lube, Inc			(#,^)			721 E Westpoint Drive., Wasilla, AK 99654						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/22/2043						654.6						654.6						734.9						0.22		%
Mr. Lube, Inc.			(#,^)			721 E. West Point Drive, Wasilla, AK 99654						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/22/2028						516.8						516.8						526.1						0.16		%
The Desert House Assisted Living ,LLC dba The Desert House Assisted			(#,^)			11055 E Grove St, Mesa, AZ 85208						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/22/2043						75.6						75.6						86.8						0.03		%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC			(#,^)			300 Harold Dow Hwy, Eliot, ME 3903						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/21/2028						116.6						116.6						120.0						0.04		%
Independent Life LLC			(#,^)			4955 S Durango Drive, Ste124, Las Vegas, NV 89113						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/21/2028						100.7						100.7						98.2						0.03		%
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC			(#,^)			300 Harold Dow Hwy, Elliot, ME 3903						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/21/2043						233.9						233.9						264.7						0.08		%
Mid America Motorworks, Inc and Yager Holdings L.P			(#,^)			2900 North 3rd St, Effingham, IL 62401						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/19/2043						273.3						273.3						317.7						0.09		%
Colovic Hackettstown Dairy LLC			(#,^)			22 Route 57, Hackettstown, NJ 7840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2043						264.0						264.0						306.6						0.09		%
Jones Roger Sherman Inn, Inc.			(#,^)			195 Oenoke Ridge, New Canaan, CT 6840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2028						369.0						369.0						388.5						0.11		%

200

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Allen Theatre and Back Stage Cafe LLC			(#,^)			36 East. Main St, Annville, PA 17003						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						6/18/2043						121.1						121.1						139.6						0.04		%
Schumacker Recreation, LLC			(#,^)			5325 S University Drive, Davie, FL 33328						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/18/2028						122.9						122.9						129.5						0.04		%
Softrol Systems Inc dba Softrol Systems			(#,^)			1100 Northpoint Pkwy SE, Acworth, GA 30102						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/15/2028						721.6						721.6						709.0						0.21		%
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks			(#,^)			4035 Blue Ridge Rd, North Hudson, NY 12855						Accommodation						Term Loan						Prime plus 2.75%						6/15/2043						207.8						207.8						241.5						0.07		%
Oil Palace Inc.			(#,^)			10408 Hwy 64 East, Tyler, TX 75707						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/15/2043						139.5						139.5						162.4						0.05		%
Venzix Ventures Inc. dba Venzix			(#,^)			750 Legend Oak Drive, Fountain, CO 80817						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/15/2028						10.8						10.8						11.1						—		%
Dianne Williams and Louis Williams dba Sweetlips Store			(#,^)			3870 Sweet Lips Rd, Henderson, TN 38340						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/15/2043						44.4						44.4						50.9						0.01		%
Tele Tax Express Inc			(#,^)			166 Getty Ave, Paterson, NJ 7503						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2028						18.4						18.4						19.0						0.01		%
Team Sandy Blanton Realty, Inc			(#,^)			1225 West Gregory St, Pensacola, FL 32502						Real Estate						Term Loan						Prime plus 2.75%						6/14/2043						93.1						93.1						104.2						0.03		%
E & J Sims Co. LLC			(#,^)			28 BRd St, Bloomfield, NJ 7003						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/14/2028						40.9						40.9						40.6						0.01		%
Mastiff Studios LLC			(#,^)			2919 West Colorado Ave, Colorado Springs, CO 80904						Educational Services						Term Loan						Prime plus 2.75%						6/13/2043						41.1						41.1						47.6						0.01		%
Ciasom LLC dba Mosaic			(#,^)			1040-1042 Richard Ave, Santa Clara, CA 95050						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/11/2028						147.3						147.3						144.1						0.04		%
Beyond Grooming LLC and Michelle McWatters			(#,^)			1200 Old Martindale Rd, San Marcos, TX 78666						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/8/2043						41.3						41.3						47.8						0.01		%
Camp K-9 Pet Resort & Spa, Inc.			(#,^)			18501 Le Claire Ave, Tinley Park, IL 60478						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/8/2028						6.8						6.8						6.6						—		%
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men			(#,^)			426 15th St NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/8/2043						365.3						365.3						411.3						0.12		%
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC			(#,^)			1855 Purdy Ave, Miami Beach, FL 33139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/8/2028						665.1						665.1						655.4						0.19		%
Applied Behavioral Consulting, Inc			(#,^)			422 Blooming Grove Tpke, New Windsor, NY 12553						Social Assistance						Term Loan						Prime plus 2.75%						6/7/2043						48.0						48.0						55.5						0.02		%
H S Corporation dba Lake Anna Lodge			(#,^)			5152 Courthouse Rd, Spotsylvania, VA 22551						Accommodation						Term Loan						Prime plus 2.75%						6/7/2043						126.1						126.1						146.6						0.04		%
Anurag, LLC dba Oakwood Package Store			(#,^)			191-195 Oakwood Ave, West Hartford, CT 6107						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/6/2043						132.7						132.7						149.4						0.04		%
Hardway Inc and A F C Leasing, Inc			(#,^)			12533 S. 73rd East Place, Bixby, OK 74008						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/6/2028						246.8						246.8						240.6						0.07		%
Sowells Consulting Engineers, LLC			(#,^)			13430 Northwest Freeway #260, Houston, TX 77040						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/6/2028						18.4						18.4						18.0						0.01		%

201

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Funtime ,LLC dba Indoor Playgrounds International			(#,^)			13200 West Foxfire Drive Ste 144, Surprise, AZ 85378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/5/2028						211.2						211.2						206.0						0.06		%
SSD Designs LLC			(#,^)			10840 Bay Hill Club Drive, Charlotte, NC 28277						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/5/2028						61.4						61.4						60.2						0.02		%
Mastrocinque Restaurant Management Company LLC dba Santionii's			(#,^)			3535 Hwy 17 Unit 14 &15, Fleming Island, FL 32003						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/1/2028						51.3						51.3						53.5						0.02		%
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire			(#,^)			943 South Main St, Cheshire, CT 6410						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/1/2028						39.4						39.4						38.4						0.01		%
Awan Business Management Group LLC, Awan Sign Company LLC			(#,^)			14429 South Wallin Drive, Plainfield, IL 60544						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2043						264.8						264.8						303.2						0.09		%
Seraj Wireless, LLC			(#,^)			132 Madison Ave, Albany, NY 12202						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						5/31/2028						101.5						101.5						106.8						0.03		%
Eagle Aggregate Transportation, LLC			(#,^)			4401 N I-35 Ste #113, Denton, TX 76207						Truck Transportation						Term Loan						Prime plus 2.75%						5/30/2028						72.9						72.9						72.9						0.02		%
Crowley Ventures, LLC			(#,^)			665 Worthington Rd, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2028						60.6						60.6						59.6						0.02		%
Iloka, Inc dba New Cloud Networks			(#,^)			160 Inverness Drive. W Ste 150, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/25/2028						202.9						202.9						204.3						0.06		%
Adow Pools LLC			(#,^)			393 Glenbrook Rd, Stamford, CT 6906						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2028						141.9						141.9						140.2						0.04		%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze			(#,^)			3 Williams Ave, Mystic, CT 6355						Accommodation						Term Loan						Prime plus 2.75%						5/25/2043						1,245.1						1,245.1						1,447.4						0.43		%
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery			(#,^)			59 West Main St, Broadalbin, NY 12025						Accommodation						Term Loan						Prime plus 2.75%						10/25/2043						195.5						195.5						228.0						0.07		%
Dream Spa LLC and Dream Spa Greenwich LLC			(#,^)			1220 Post Rd East, Westport, CT 6880						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2028						83.5						83.5						81.9						0.02		%
Starship, LLC dba Tint World Smyrna			(#,^)			2274 S Atlanta Rd SE, Smyrna, GA 30080						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/25/2043						94.5						94.5						109.1						0.03		%
DMA Equipment LLC			(#,^)			700 Lee St, Elk Grove Village, IL 60007						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/24/2043						251.5						251.5						284.2						0.08		%
Chem-Flotronics, Inc.			(#,^)			195 Paterson Ave, Little Falls, NJ 7424						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						5/22/2028						81.2						81.2						80.1						0.02		%
Yakov Levy M.D., P.C.			(#,^)			70-31 108th St, Forest Hills, NY 11375						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/18/2028						27.4						27.4						26.9						0.01		%
Mark A Espinoza, DDS PLLC dba Central Dental Care			(#,^)			9315 N Central Ave, Phoenix, AZ 85020						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/18/2028						51.0						51.0						49.8						0.01		%
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage			(#,^)			4570 W Post Rd Ste #100, Las Vegas, NV 89118						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						5/17/2028						205.2						205.2						200.0						0.06		%
JVLS LLC dba Vaccines 2 Go			(#,^)			4060 Johns Creek Parkway, Ste H,, Suwanee, GA 30024						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/17/2028						6.9						6.9						6.7						—		%

202

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Joshua One Limited Liability Company dba Genesis Personal Fitness			(#,^)			28 North State St Unit 100, Newtown, PA 18940						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/16/2043						308.0						308.0						346.7						0.10		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						5/16/2028						121.5						121.5						122.1						0.04		%
James T. Hendel dba Autotexx Mobile Auto Repair			(#,^)			5857 Hwy101 North, Rockmart, GA 30153						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/15/2028						6.1						6.1						6.4						—		%
Fireplace Outlet Inc			(#,^)			8216 Main St, Williamsville, NY 14221						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						5/15/2028						14.8						14.8						15.5						—		%
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes			(#,^)			5714 Edmondson Pike Ste 24, Nashville, TN 37211						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/14/2028						3.7						3.7						3.6						—		%
Circle and Square, Inc dba Stamford Kumon			(#,^)			50 Forest St Ste 902, Stamford, CT 6901						Educational Services						Term Loan						Prime plus 2.75%						5/11/2028						35.4						35.4						34.6						0.01		%
Bote Virginia Beach, Inc. dba Bote Virginia Beach			(#,^)			1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/11/2028						9.1						9.1						8.9						—		%
Daniel Woodward, DC PLLC dba Doc's Body Shop			(#,^)			3084 N Goliad St, Ste 114, Rockwall, TX 75087						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/11/2028						28.4						28.4						27.6						0.01		%
Adhara, LLC			(#,^)			18123 E Appleway Ave, Spokane Valley, WA 99016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/11/2043						41.9						41.9						47.8						0.01		%
Baby Gentry's Childcare & Learning Academy			(#,^)			4203 Shenandoah Drive, Dayton, OH 45417						Social Assistance						Term Loan						Prime plus 2.75%						5/10/2028						9.1						9.1						8.9						—		%
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer			(#,^)			310 Arlington Ave Unit 329, Charlotte, NC 28203						Educational Services						Term Loan						Prime plus 2.75%						5/9/2043						696.7						696.7						809.9						0.24		%
Schmaltz Operations LLC dba Companion Camp			(#,^)			3408 Castle Rock Farm Rd, Pittsboro, NC 27312						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/7/2028						48.7						48.7						49.8						0.01		%
Container Shipping, LLC			(#,^)			533 Nova Rd Ste 213B, Ormond Beach, FL 32174						Support Activities for Transportation						Term Loan						Prime plus 2.75%						5/4/2028						40.6						40.6						39.6						0.01		%
Wilbur Standford Jr Trucking and Excavating, LLC			(#,^)			7505 North Chases Lake Rd, Watson, NY 13343						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/3/2028						194.8						194.8						201.2						0.06		%
Olmsted LLC and 626 Van LLC dba Maison Yaki			(#,^)			659 Vanderbilt Ave, Brooklyn, NY 11238						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/1/2029						202.0						202.0						200.9						0.06		%
Metropolitan Solutions Inc.			(#,^)			1420 Chestnut St, Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2043						169.8						169.8						187.0						0.06		%
Brenden Kehren Development LLC			(#,^)			14689 Gemara Rd, Sparta, WI 54656						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						2.4						2.4						2.4						—		%
Sunlinc Inc			(#,^)			170 Canterbury Court, East Windsor, NJ 8520						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						7.8						7.8						7.7						—		%
Corona Dance, LLC dba Huracan Dance Studio			(#,^)			480 West Main St, Stamford, CT 6902						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						4/30/2028						9.6						9.6						9.4						—		%
Saltamontes Tire Company, LLC			(#,^)			1955 Boston Ave, Brodgeport, CT 6604						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/30/2043						98.2						98.2						112.2						0.03		%
Rory James Contracting LLC			(#,^)			33 Bennett Place, Amityville, NY 11701						Construction of Buildings						Term Loan						Prime plus 2.75%						4/27/2028						12.9						12.9						12.6						—		%

203

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Kastoria Inc. dba Bantam Pizza			(#,^)			768 Bantam Rd, Bantam, CT 6750						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2028						12.1						12.1						11.8						—		%
Suraj Enterprises, Inc.			(#,^)			11720 W. Airport Rd, Meadows Place, TX 77477						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/27/2028						251.1						251.1						255.0						0.08		%
Little Angels Daycare and Learning Center LLC			(#,^)			4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						4/27/2043						153.9						153.9						179.0						0.05		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 6443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						343.5						343.5						344.8						0.10		%
Pledge 4 Hope LLC			(#,^)			53 Bayberry Loop South, Purvis, MS 39475						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						4/26/2028						12.1						12.1						11.8						—		%
LMH Optics LLC dba Sterling Optical			(#,^)			1272 Smallwood Dr West, Waldorf, MD 20603						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/26/2028						40.2						40.2						39.3						0.01		%
K&S Hardware LLC			(#,^)			1865 W Wayzata Blvd, Long Lake, MN 55356						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						4/26/2028						18.1						18.1						17.7						0.01		%
Matrix Z, LLC			(#,^)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						65.3						65.3						67.8						0.02		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 6443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2043						204.0						204.0						225.2						0.07		%
Joe & Sons Service, Inc			(#,^)			855 Atwood Ave, Cranston, RI 2920						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/24/2028						84.2						84.2						88.7						0.03		%
Just for Boats LLC			(#,^)			459 Dupre Rd, McClellanville, SC 29458						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						16.8						16.8						19.5						0.01		%
Spitnale's Garage LLC			(#,^)			3761 Mahoning Ave, Youngstown, OH 44515						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						57.8						57.8						65.7						0.02		%
Rosemarie Products Company LLC			(#,^)			5400 Crooked Tree Drive, Mason, OH 45040						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						4/18/2028						12.1						12.1						11.8						—		%
Means Enterprises LLC			(#,^)			4150 Legacy Drive N Ste # 412, Frisco, TX 75034						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						4/18/2028						5.7						5.7						5.5						—		%
James L Shoemaker APCC			(#,^)			221 W Judge Perez Drive, Chalmette, LA 70043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/18/2028						12.9						12.9						12.6						—		%
Veterinary Preventive Care, LLC			(#,^)			945 Riverview Ct, Xenia, OH 45385						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/18/2028						37.7						37.7						37.5						0.01		%
A New Dawn Psychotherapy Associates, LLC			(#,^)			308 E BRd St, Bethlehem, PA 18018						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/18/2043						83.8						83.8						94.2						0.03		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AZ 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2043						21.6						21.6						24.1						0.01		%
Southern Oaks Athletic Club, LLC			(#,^)			15253 Shenandoah Ave, BATON ROUGE, LA 70817						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/17/2043						351.2						351.2						405.2						0.12		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AR 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2028						31.8						31.8						32.4						0.01		%
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza			(#,^)			35 E Main St, Pekin, IN 47165						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/13/2043						40.2						40.2						45.9						0.01		%
Precision Components Group Inc			(#,^)			190 Doty Circle, West Springfield, MA 1089						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/11/2028						18.1						18.1						18.5						0.01		%
Sexy Nails Center LLC			(#,^)			57 Passaic St, Garfield, NJ 7026						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/10/2043						194.0						194.0						224.3						0.07		%

204

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Mark Baker			(#,^)			1653 Evalie Dr, Fairfield, OH 45014						Truck Transportation						Term Loan						Prime plus 2.75%						4/9/2028						7.9						7.9						7.8						—		%
Innovation Transport LLC			(#,^)			1 International Blvd, Ste 400, Mahwah, NJ 7495						Truck Transportation						Term Loan						Prime plus 2.75%						4/6/2028						41.2						41.2						42.2						0.01		%
Newsome Mobile Notary LLC			(#,^)			8153 12th Ave SW, Seattle, WA 98106						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/5/2028						4.2						4.2						4.1						—		%
Shree Lakshminarayyn Grocery Stores LLC			(#,^)			3307 Charles St, Rockford, IL 61108						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2043						114.9						114.9						131.6						0.04		%
Bean City Bar and Grill LLC			(#,^)			N 2505 Bean City Rd, New London, WI 54961						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/4/2043						71.6						71.6						83.2						0.02		%
B&C Texas Leasing Inc.,M & W Hot Oill, Inc			(#,^)			8124 Sprague Rd, Odessa, TX 79764						Truck Transportation						Term Loan						Prime plus 2.75%						3/30/2043						259.7						259.7						291.8						0.09		%
Master Roofing and Siding Inc.			(#,^)			25 Robert Pitt Dr Ste 213, Monsey, NY 10952						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2028						211.5						211.5						205.8						0.06		%
Fifth Wheel Truck Stop 001			(#,^)			3767 S Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						3/30/2043						1,094.4						1,094.4						1,221.9						0.36		%
Michael S Brown Physical Therapy, P.C			(#,^)			300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/30/2028						78.0						78.0						75.9						0.02		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd, Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2028						99.6						99.6						103.8						0.03		%
Romancing the Stone			(#,^)			140 Centre of New England Blvd, Coventry, RI 2816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2043						333.7						333.7						378.6						0.11		%
America's Little Leaders Academy, Inc			(#,^)			2570 NW 152nd Terrace, Opa-Locka, FL 33054						Social Assistance						Term Loan						Prime plus 2.75%						3/30/2043						21.5						21.5						24.7						0.01		%
Payne's Environmental Services LLC			(#,^)			5617 Causeway Blvd, Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/30/2028						180.9						180.9						183.8						0.05		%
Technical Ordnance Solutions,LLC			(#,^)			9950 Business Circle, Ste 13, Naples, FL 34112						Fabricated Metal Product Manufacturing						Term Loan						7.75%						3/30/2028						1,060.0						1,060.0						946.7						0.28		%
GQ Investments,LLC			(#,^)			5772 Miami Lakes Drive East, Miami, FL 33014						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						Prime plus 2.75%						3/30/2028						168.0						168.0						165.5						0.05		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2043						213.3						213.3						243.8						0.07		%
B&C Texas Leasing Inc and M&W Hot Oil, Inc.			(#,^)			8124 Sprague Rd, Odessa, TX 73764						Truck Transportation						Term Loan						Prime plus 2.75%						3/30/2028						780.9						780.9						796.9						0.23		%
Kaz Wellness, LLC dba Grounded Wellness Center			(#,^)			104 Clover Court, Bartlett, IL 60103						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2028						12.7						12.7						12.7						—		%
Lou & Choo Enterprises Inc.			(#,^)			2101 West Hunting Park Ave, Philadelphia, PA 19140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2044						104.0						104.0						117.3						0.03		%
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co			(#,^)			1376 Broadway, El Cajon, CA 92021						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/28/2028						178.2						178.2						180.7						0.05		%
Clancy 15 LLC and Allied Molded Products LLC			(#,^)			1145 13th Ave East, Palmetto, FL 34221						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/28/2043						207.0						207.0						232.1						0.07		%
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley			(#,^)			111 E. Laurel St, Willows, CA 95988						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/28/2028						69.8						69.8						73.4						0.02		%

205

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Montage Mountain Resorts, LP			(#,^)			1000 Montage Mountain Rd, Scranton, PA 18505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/28/2043						1,195.6						1,195.6						1,389.8						0.41		%
Clancy 15 LLC and Allied Molded Products LLC			(#,^)			1145 13th Ave East, Palmetto, FL 34221						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						3/28/2028						126.3						126.3						128.3						0.04		%
K.C. Communications, Inc.			(#,^)			2715 Saturn St, Brea, CA 92821						Telecommunications						Term Loan						Prime plus 2.75%						3/27/2028						49.9						49.9						52.4						0.02		%
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley			(#,^)			2801 W Osborn Rd, Phoenix, AZ 85017						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/26/2043						515.3						515.3						568.0						0.17		%
Cable Management, LLC			(#,^)			200 Pratt St, Meriden, CT 6450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						64.1						64.1						66.1						0.02		%
Aque Investment Group LLC			(#,^)			3838 N. Sam Houston Parkway E, Houston, TX 77032						Real Estate						Term Loan						Prime plus 2.75%						3/23/2028						211.9						211.9						222.7						0.07		%
Shweiki Media Inc dba Study Breaks Magazine			(#,^)			4954 Space Center Drive, San Antonio, TX 78218						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/23/2028						59.9						59.9						62.9						0.02		%
Denton BioFuels LLC and Amercian BioSource, LLC			(#,^)			624 W. University Drive.#359, Denton, TX 76201						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						72.5						72.5						73.1						0.02		%
All Regional Recyclers of Wood LLC dba ARROW			(#,^)			104 Wooster St, Bethal, CT 6801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						104.7						104.7						106.7						0.03		%
Sunshine Tents and Event Rentals LLC			(#,^)			2322 SW 58th Terrace, West Park, FL 33023						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/23/2028						49.5						49.5						52.0						0.02		%
Kajun Martial Arts LLC			(#,^)			36546 Mission St, Prairieville, LA 70769						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/23/2028						18.0						18.0						17.7						0.01		%
Sofasco, Inc			(#,^)			182 Garber Lane, Winchester, VA 22602						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/23/2043						95.6						95.6						106.8						0.03		%
New York Label & Box Corp			(#,^)			50 Oval Drive, Islandia, NY 11749						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/23/2043						1,197.8						1,197.8						1,362.0						0.40		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Drive, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2043						813.0						813.0						925.8						0.27		%
Rexco Foods LLC dba Papa John's			(#,^)			18640 Fm 1488 Ste C, Magnolia, TX 77354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2028						33.9						33.9						33.0						0.01		%
RTSP Union LLC			(#,^)			2438 Route 22 East, Union, NJ 7083						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/20/2028						1,009.2						1,009.2						1,019.4						0.30		%
Cest Chic Concepts, LLC dba Salon Cest Chic			(#,^)			15231 Hall Station Rd Unit 104, Bowie, MD 20721						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/19/2028						9.0						9.0						8.9						—		%
Camerabots Media, LLC			(#,^)			4501 Ford Ave Ste 207, Alexandria, VA 22302						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/16/2028						12.0						12.0						11.8						—		%
Petroleum Equipment & Services, Inc			(#,^)			5631 Silverado Way Unit G, Anchorage, AK 99518						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/16/2028						199.8						199.8						210.0						0.06		%
Rojenco II,Inc.			(#,^)			4357 Shore Drive, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						73.8						73.8						84.7						0.02		%
Bear Bones, Inc.			(#,^)			43 Libson St, Lewiston, ME 4240						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						3/15/2043						21.5						21.5						24.8						0.01		%
CTD Operations Inc			(#,^)			219 Saint Nazaire Rd STE G, Broussard, LA 70518						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2028						53.3						53.3						52.6						0.02		%

206

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe			(#,^)			2217 Richmond Rd, Williamsburg, VA 23188						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						496.4						496.4						568.5						0.17		%
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe			(#,^)			2217 Richmond Rd, Williamsburg, VA 23188						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						73.8						73.8						84.7						0.02		%
Rojenco II, Inc.			(#,^)			4357 Shore Drive, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						384.9						384.9						440.8						0.13		%
Summit Insights Group LLC			(#,^)			19 Briant Parkway, Summit, NJ 7901						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						3/14/2028						36.2						36.2						35.2						0.01		%
Dante Ultimate Cleaning Service LLC			(#,^)			16969 River Park Dr, Covington, LA 70345						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/9/2028						8.1						8.1						8.2						—		%
SRG Waterfront LLC			(#,^)			88 District Square SW, Washington, DC 20005						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2028						232.0						232.0						227.6						0.07		%
2b Mom Inc dba Mom's the Word Maternity			(#,^)			3150 18th St, Ste 435, San Francisco, CA 94110						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						3/9/2028						26.2						26.2						25.5						0.01		%
Treft Systems Inc			(#,^)			1050 Kings Hwy North Ste #107, Cherry HIll, NJ 8034						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/8/2028						12.0						12.0						11.7						—		%
Unpainted Arizona, LLC dba Westside Bowl			(#,^)			2617 Mahoning Ave, Youngstown, OH 44509						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/7/2043						100.3						100.3						113.9						0.03		%
Espinoza & Salinas Group Ltd dba Credit 360 Consulting			(#,^)			17806 IH 10Ste 300, SAN ANTONIO, TX 78257						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/2/2028						3.9						3.9						3.9						—		%
Stepping Stones Childrens Academy			(#,^)			720 Rancho Del Norte Drive, Las Vegas, NV 89031						Social Assistance						Term Loan						Prime plus 2.75%						3/2/2043						243.4						243.4						279.9						0.08		%
BC Bishop Enterprises LLC dba 9Round Pooler			(#,^)			105-107 Grand Central Blvd, Pooler, GA 31322						Educational Services						Term Loan						Prime plus 2.75%						3/2/2028						6.7						6.7						6.6						—		%

Connie Engelbrecht			(#,^)			20640 Raven Drive, Eagle River, AK 99577						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2028						2.4						2.4						2.3						—		%
The Law Offices of Samuel R Miller LLC			(#,^)			7405 Lake Worth Rd, Lake Worth, FL 33467						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/28/2043						113.6						113.6						131.9						0.04		%
Merciful Heavenly Homes, LLC			(#,^)			401 Dillar's Mill Rd, Tyner, NC 27980						Nursing and Residential Care Facilities						Term Loan						8%						2/28/2043						62.9						62.9						58.9						0.02		%
Urban Fitness Group LLC dba Crunch Fitness Group LLC			(#,^)			2800 S IH-35, Ste 220, Round Rock, TX 78681						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/28/2028						177.2						177.2						186.2						0.05		%
Carey Collision Repairs Inc.			(#,^)			295 D Bucheimer Rd, Fredrick, MD 21701						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/27/2028						59.3						59.3						58.6						0.02		%
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc.			(#,^)			94-33 Corona Ave, Corona, NY 11373						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/26/2043						340.0						340.0						394.7						0.12		%
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections			(#,^)			4308 Holland Rd, Virginia Beach, VA 23452						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/23/2028						3.8						3.8						3.7						—		%
Jackpine Technologies Corporation			(#,^)			1 Mill & Main Pl., Ste 330, Maynard, MA 1754						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						2/22/2028						29.3						29.3						30.8						0.01		%

207

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Crossfit iQ LLC			(#,^)			346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/21/2028						33.6						33.6						33.2						0.01		%
Wellfleet Consulting Inc.			(#,^)			2275 Research Blvd Ste 500, Rockville, MD 20850						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/21/2028						11.9						11.9						11.5						—		%
New View Media Group LLC			(#,^)			1 Old Wolfe Rd Ste 205, Budd Lake, NJ 7828						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						2/16/2028						65.3						65.3						68.6						0.02		%
Town & Country Transportation Co.			(#,^)			191-193 Arch St, New Britain, CT 6051						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						2/16/2028						52.3						52.3						54.9						0.02		%
Lulinjett LLC dba All American Printing & Design			(#,^)			4621 Bayshore Rd, Fort Myers, FL 33917						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						2/14/2043						101.5						101.5						117.9						0.03		%
Margab Inc dba Smoothie King			(#,^)			14200 SW 8th St Unit #102, Miami, FL 33184						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/13/2028						10.1						10.1						10.0						—		%
JumboMarkets, Inc.			(#,^)			15500 SW Trail Drive, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/13/2028						164.2						164.2						163.0						0.05		%
Tony Herring & Associates, Inc.			(#,^)			211 West Camellia Drive, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						2/9/2028						6.5						6.5						6.9						—		%
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Construct			(#,^)			30521 134th St SE, Sultan, WA 98294						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/9/2028						58.9						58.9						59.2						0.02		%
Quality Machine of Iowa, Inc			(#,^)			1040 4th Ave, Audubon, IA 50025						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						2/9/2028						1,107.1						1,107.1						1,127.0						0.33		%
Apps Inc., Market Share, and Singular Leaseholdings LLC			(#,^)			800 Village Walk #159, Guilford, CT 6437						Telecommunications						Term Loan						Prime plus 2.75%						2/8/2028						413.6						413.6						402.4						0.12		%
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo			(#,^)			128 North Woodland Blvd, Deland, FL 32720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/7/2028						64.1						64.1						63.7						0.02		%
Macrotech Integrated Management Solutions dba Extreme Lawn Care			(#,^)			2425 Durrance LN, Ormond Beach, FL 32174						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/5/2028						9.5						9.5						10.0						—		%
Midlothian Hardware Inc dba Grills True Value			(#,^)			4751 West 147th St, Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						2/2/2028						11.9						11.9						12.5						—		%
Chace Building Supply of CT Inc.,			(#,^)			90 Route 171, Woodstock, CT 6281						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						1/31/2043						286.1						286.1						332.1						0.10		%
USA General Investment LLC dba Braniff Paint and Body Shop			(#,^)			2290 NW 21st Terrace, Miami, FL 33142						Repair and Maintenance						Term Loan						Prime plus 2.75%						1/31/2028						11.8						11.8						11.6						—		%
Rocco'sLandscaping LLC			(#,^)			151 Kitts Lane, Newington, CT 6111						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2043						71.5						71.5						83.0						0.02		%
WydeBodi, LLC dba Wyde Bodi Auto Tags			(#,^)			706 North 37th St, Philadelphia, PA 19104						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/30/2043						45.3						45.3						51.8						0.02		%
New Phaze Packaging Inc			(#,^)			9533 Irondale Ave, Los Angeles, CA 91311						Paper Manufacturing						Term Loan						Prime plus 2.75%						1/26/2043						914.6						914.6						1,061.0						0.31		%
Concrete Services LLC and James Ward			(#,^)			24 County Rd 901, Jemison, AL 35085						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/25/2028						78.4						78.4						78.9						0.02		%
Parati USA Inc			(#,^)			1018 Wilt Ave, Ridgefield, NJ 7657						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						1/25/2028						13.3						13.3						12.9						—		%

208

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Flair Interiors, Inc dba Giant Don's Flooring America			(#,^)			7725 Old Seward Hwy, Anchorage, AK 99502						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						1/24/2028						107.8						107.8						113.3						0.03		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd, Juliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/23/2028						5.9						5.9						5.8						—		%
Friend Contractors, LLC			(#,^)			1950 Mill Bay Rd, Kodiak, AK 99615						Construction of Buildings						Term Loan						Prime plus 2.75%						1/19/2043						221.7						221.7						251.7						0.07		%
Weeping Willow Kennels, Inc.			(#,^)			6041 Hammond School Rd, Salisbury,, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/19/2028						8.2						8.2						8.6						—		%
Lavish Specs Inc			(#,^)			262 Glen St, Glen Cove, NY 11542						Machinery Manufacturing						Term Loan						Prime plus 2.75%						1/19/2028						5.9						5.9						5.7						—		%
MedWorxs Inc.			(#,^)			6857 Timbers Dr., Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2028						61.7						61.7						60.1						0.02		%
Lou & Choo Enterprises Inc dba Lou & Choo Lounge			(#,^)			2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/18/2043						109.8						109.8						124.2						0.04		%
Specialized Dairy Processors LLC and Nathaly Zapata			(#,^)			2200 N Commerce Parkway, Weston, FL 33326						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/16/2028						51.0						51.0						49.6						0.01		%
Work of Heart Inc dba Little Nest Portraits			(#)			1000 Merdian Blvd, Ste 112, Franklin, TN 37067						Professional, Scientific, and Technical Services						Term Loan						7.5%						1/10/2028						5.0						5.0						4.4						—		%
Human Resource Time Manager LLC			(#,^)			2737 Humphrey St, East Elmhurst, NY 11369						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/8/2028						12.1						12.1						12.7						—		%
Sandfree Systems LLC			(#,^)			116 Cricket Ave Ste B, Ardmore, PA 19003						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/5/2028						5.9						5.9						6.2						—		%
Crad Holding LLC dba Neighborhood Laundry of Bloomfield			(#,^)			60 Dodd St, Bloomfield, NJ 7003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/5/2028						49.0						49.0						47.9						0.01		%
Social Link LLC			(#,^)			41Peabody St, Nashville, TN 37210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2027						8.7						8.7						8.5						—		%
Farec, Inc			(#)			30250 W Nine Mile Rd, Farmington, MI 48336						Amusement, Gambling, and Recreation Industries						Term Loan						7.5%						12/29/2042						242.4						242.4						223.0						0.07		%
Morrocco Method, Inc			(#,^)			800 Farroll Rd, Grover Beach, CA 93433						Chemical Manufacturing						Term Loan						Prime plus 2.75%						12/27/2042						692.8						692.8						796.1						0.23		%
Salida Family Chiropractic-PPLC dba Salida Sport and Spine			(#,^)			203 G St, Salida, CO 81201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2027						9.3						9.3						9.1						—		%
O'Rourke's Diner, LLC			(#,^)			728 Main St, Middleton, CT 6457						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/22/2027						3.0						3.0						3.1						—		%
Medical Plaza of Boro Park PC			(#,^)			1266 51St 1st Floor, Brooklyn, NY 11219						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2027						29.7						29.7						28.8						0.01		%
Anderson Farms Inc			(#)			271 West Hwy 30, Burley, ID 83318						Truck Transportation						Term Loan						7.5%						12/22/2027						4,214.0						4,214.0						3,770.6						1.11		%
Landmark Ventures USA Inc			(#,^)			475 Park Ave South 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						12/22/2027						48.6						48.6						47.2						0.01		%
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood			(#,^)			12351 Gateway Park Place, Draper, UT 84020						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2027						604.8						604.8						591.8						0.17		%

209

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Muckamuck Trucks, Inc.			(#,^)			510 S Spring St, Ukiah, CA 95482						Truck Transportation						Term Loan						Prime plus 2.75%						12/22/2027						10.7						10.7						10.9						—		%
CT Auto Spa LLC			(#,^)			39 Albany Turnpike, West Simsbury, CT 6092						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2027						167.2						167.2						175.4						0.05		%
DHD Enterprise LLC dba Edible Arrangements #1699			(#,^)			828 Washington Ave, Miami Beach, FL 33139						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/21/2027						17.8						17.8						17.7						0.01		%
Blue Lagoon Resort, LLC dba Hill View Cottages			(#,^)			3670 Lake Shore Drive, Lake George, NY 12845						Accommodation						Term Loan						Prime plus 2.75%						12/21/2042						179.3						179.3						207.8						0.06		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St- Units CF1 and CF2, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2027						58.3						58.3						59.5						0.02		%
Best Quality Home Care LLC			(#,^)			317 S Berry St, Centralia, WA 98531						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/19/2027						5.2						5.2						5.0						—		%
Auto Excellance of Fort Myers Inc.			(#,^)			3105 Fowler St, Fort Myers, FL 33901						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/19/2042						101.1						101.1						117.2						0.03		%
Ocean Trans LLC & Dehal Trucking LLC			(#,^)			1415 W. Anderson St, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						12/15/2042						595.7						595.7						661.8						0.20		%
JMD Aviation Holdings, LLC			(#,^)			8050 North West 90th St, Medley, FL 33166						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/15/2027						399.8						399.8						419.3						0.12		%
Capital Containers LLC			(#,^)			7610 Auburn Blvd #4B, Citrus Heights, CA 95610						Truck Transportation						Term Loan						Prime plus 2.75%						12/15/2027						11.8						11.8						11.7						—		%
Peanut Butter & Co., Inc			(#,^)			119 West 57th St, Ste 300, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/15/2027						174.8						174.8						169.8						0.05		%
1-0 Granny's Helpful Hands, LLC			(#,^)			705 East Lake St, Minneapolis, MN 55407						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/15/2027						17.5						17.5						17.1						0.01		%
Legion Bowl, Inc & Legion Pub Inc			(#,^)			661 Park St, Cranston, RI 2910						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/15/2042						318.4						318.4						369.1						0.11		%
LP Industries Inc. dba Childforms			(#,^)			2040 Norwood St. SW, Lenoir, NC 28645						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						12/14/2027						60.3						60.3						62.0						0.02		%
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc.			(#,^)			34 35th St, Brooklyn, NY 11232						Food Manufacturing						Term Loan						Prime plus 2.75%						12/14/2027						77.2						77.2						80.2						0.02		%
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis			(#,^)			149 Monroe Ave, Memphis, TN 38103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2027						782.9						782.9						763.8						0.23		%
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC			(#,^)			148 West 24th St, New York, NY 10011						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						12/14/2027						46.3						46.3						45.4						0.01		%
Royalty Freight Inc			(#,^)			3728 W Mckinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2027						518.2						518.2						503.2						0.15		%
Atlas Geo-Constructors, LLC			(#,^)			3466 Thomasville Rd, Winston Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2027						238.6						238.6						244.7						0.07		%
KR Calvert & Co, LLC			(#,^)			113 Seaboard Lane #C-270, Franklin, TN 37067						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/14/2027						406.8						406.8						395.9						0.12		%
AADJ Empire Inc and AADJ Galaxy Inc.			(#,^)			1599 Post Rd, Warwick, RI 2888						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/14/2042						172.5						172.5						193.5						0.06		%
Heung Kyun Im			(#,^)			6235 Conlan Bay Drive, Houston, TX 77041						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2027						12.0						12.0						11.7						—		%

210

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hardway Inc & AFC Leasing Inc			(#,^)			12533 S. 73rd E. Place, Bixby, OK 74008						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/13/2027						720.9						720.9						700.0						0.21		%
Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Drive, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2042						83.3						83.3						94.3						0.03		%
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay			(#,^)			498 Wilderness View, Chatsworth, GA 30705						Real Estate						Term Loan						Prime plus 2.75%						12/12/2042						95.1						95.1						110.3						0.03		%
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC			(#,^)			1120 Wren School Rd, Piedmont, SC 29673						Gasoline Stations						Term Loan						Prime plus 2.75%						12/12/2027						38.7						38.7						37.6						0.01		%
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation			(#,^)			3031 Patrick St, Kissimmee, FL 34741						Air Transportation						Term Loan						8.25%						12/12/2027						430.9						430.9						383.4						0.11		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/12/2027						358.5						358.5						366.1						0.11		%
A-1 Van Services Inc			(#,^)			154 Sandy Creek Rd, Verona, PA 15147						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/12/2027						575.1						575.1						589.3						0.17		%
Big Picture Group LLC			(#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/12/2027						299.7						299.7						298.0						0.09		%
Clear Sound Communications, Inc			(#,^)			680 Old Medford Ave, Medford, NY 11763						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/8/2027						2.9						2.9						2.8						—		%
AV Strategy Inc			(#,^)			9468 American Eagle Way Ste 100, Orlando, FL 32837						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/8/2027						353.8						353.8						356.7						0.11		%
JVLS LLC dba Vaccines 2 Go			(#,^)			4060 Johns Creek Parkway, Ste H, Suwanee, GA 30024						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/7/2027						12.0						12.0						11.6						—		%
Kim Howard Corp dba NPN Machine Tools			(#,^)			9130 Wayfarer Lane, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/7/2042						562.5						562.5						651.5						0.19		%
IHC Hardware Inc.			(#,^)			614 BRd St, Story City, IA 50248						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/6/2042						95.7						95.7						106.6						0.03		%
ODS Inc			(#,^)			626 N Delsea Drive, Glassboro, NJ 8028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/6/2027						38.1						38.1						38.3						0.01		%
Healthcare Interventions, Inc dba Brightstar Healthcare			(#,^)			5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/4/2027						11.7						11.7						11.3						—		%
Oil Palace, Inc.			(#,^)			10408 Hwy 64 East, Tyler, TX 75707						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/4/2042						945.4						945.4						1,095.9						0.32		%
Linda Jean Howard Riley dba The Rusty Bolt			(#,^)			22345 W. Rt 66, Seligman, AZ 86337						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/1/2042						20.0						20.0						23.2						0.01		%
Salud Bar & Grill LLC			(#,^)			1413 Bushwick Ave, Brooklyn, NY 11207						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						43.7						43.7						42.6						0.01		%
Utara LLC			(#,^)			214 Pine St, Sandpoint, ID 83864						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						18.1						18.1						18.1						0.01		%
Square1 Partners, LLC			(#,^)			1088 Greenbriar Lane, Northbrook, IL 60062						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/1/2027						48.4						48.4						47.0						0.01		%

211

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

WTI Distribution Inc			(#,^)			5491 E Francis St, Ontario, CA 91761						Support Activities for Transportation						Term Loan						Prime plus 2.75%						11/30/2027						30.8						30.8						31.3						0.01		%
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard			(#,^)			1 Jackson St, Troy, NY 12180						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/30/2027						80.8						80.8						84.8						0.02		%
Skin Beauty Bar Inc. and Tameka J. Mathis			(#,^)			749 8th St SE 2nd Floor, Washington, DC 20003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/30/2027						6.9						6.9						6.8						—		%
J. Venture Holdings, LLC			(#,^)			2285 St. Andrews Ave, Zachary, LA 70791						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/30/2027						9.6						9.6						10.1						—		%
Our Playhouse Preschool, LLC			(#,^)			3501 NC Hwy 54 W, Chapel hill, NC 27516						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						223.1						223.1						258.6						0.08		%
OPH Lexington, Inc			(#,^)			235 Walton Ave, Lexington, KY 40502						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						181.5						181.5						210.4						0.06		%
Beacon Brewing LLC and C' Sons, LLC			(#,^)			700 Lincoln St, Lagrange, GA 30204						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2042						120.6						120.6						139.8						0.04		%
JMD Corporation dba Dart's True Value			(#,^)			121 South Main St, Payette, ID 83661						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/22/2027						14.4						14.4						14.6						—		%
Webtez Inc dba Mod Vans			(#,^)			1673 Donlon St, Ste 202, Ventura, CA 93003						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/22/2027						53.9						53.9						52.5						0.02		%
Step Up Academy of the Arts, LLC			(#,^)			2258A Wigwam Parkway, Henderson, NV 89074						Educational Services						Term Loan						Prime plus 2.75%						11/22/2027						12.1						12.1						11.8						—		%
Grumpy's Restaurant Company, LLC			(#,^)			834 Kingsley Ave, Orange Park, FL 32073						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2027						54.7						54.7						53.2						0.02		%
PB Market LLC dba Pure Barre			(#,^)			164-C Market St, Charleston, SC 29401						Educational Services						Term Loan						Prime plus 2.75%						11/21/2027						83.5						83.5						81.2						0.02		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2027						17.3						17.3						17.6						0.01		%
B Lam LLC			(#,^)			9419 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/20/2042						172.3						172.3						197.8						0.06		%
Maya Motel, LLC dba Town House Motel			(#,^)			1701 Washington Ave, Waco, TX 76701						Accommodation						Term Loan						Prime plus 2.75%						11/17/2042						54.3						54.3						62.9						0.02		%
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr.			(#,^)			1990 Flippen Rd, Stockbridge, GA 30281						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/17/2027						40.8						40.8						39.9						0.01		%
SSI Refrigerated Express Inc. and Robert M Stallone			(#,^)			1001 E. Cooley Drive Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 2.75%						11/17/2027						48.4						48.4						47.7						0.01		%
H & H Hotshot Services, Inc.			(#,^)			5455 N. 51st Ave Ste 30, Glendale, AZ 85301						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/16/2027						53.9						53.9						53.7						0.02		%
J R Wholesale Tires & Auto Center, LLC			(#,^)			822 Cameron Lane, Lugoff, SC 29078						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/15/2042						12.8						12.8						14.9						—		%
Auto Rx LLC,J&P Auto Repair Inc			(#,^)			91 & 95 Woodbury Rd, Hicksville, NY 11801						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/15/2042						186.5						186.5						216.0						0.06		%
Marcaco LLC			(#,^)			124 Lincoln Ave, Colonie, NY 12205						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						11/15/2042						498.6						498.6						578.0						0.17		%
Paramount Dance Studios Inc. and Homestead Dance Supply			(#,^)			112 N Krome Ave, Homestead, FL 33030						Educational Services						Term Loan						Prime plus 2.75%						10/14/2043						448.5						448.5						512.8						0.15		%

212

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Wing King at the Gardens LLC			(#,^)			4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2027						7.5						7.5						7.3						—		%
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh			(#,^)			400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/8/2027						11.5						11.5						11.2						—		%
His Loving Hands Christian Academy, Inc.			(#,^)			15020 Harrison St, Miami, FL 33176						Social Assistance						Term Loan						Prime plus 2.75%						11/6/2042						87.2						87.2						100.1						0.03		%
S & S Auto Body Shop Inc.			(#,^)			5001 W. Clay St, Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/3/2042						146.6						146.6						170.0						0.05		%
Sterling Campbell Insurance Agency, Inc			(#,^)			36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						11/3/2027						5.8						5.8						5.6						—		%
Top Quality Dent Service LLC			(#,^)			1541 Vapor Trail, Colorado Springs, CO 80905						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/2/2027						4.6						4.6						4.5						—		%
Edge Studios Inc Radiant Yoga LLC			(#,^)			448 Howe Ave, Sacramento, CA 95825						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/1/2027						52.4						52.4						51.5						0.02		%
Rachael Reel dba Rachel Reel Insurance Age			(#,^)			208 Bank St, Lenoir, TN 37771						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						10/31/2027						5.7						5.7						5.6						—		%
Berza TLG,LLC dba The Little Gym of Lake Charles			(#,^)			1301 E McNeese St, Ste 201, Lake Charles, LA 70607						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/31/2027						32.4						32.4						31.8						0.01		%
Die Hard Used Car Sales			(#,^)			1668 West Grand Ave, Phoenix, AZ 85007						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/30/2042						53.6						53.6						62.1						0.02		%
The Five Lakes LLC			(#,^)			13705 Holmes Rd, Kansas City, MO 64154						Educational Services						Term Loan						Prime plus 2.75%						10/30/2042						450.7						450.7						522.5						0.15		%
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle			(#,^)			377 Boston Post Rd Unit B, Milford, CT 6460						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/27/2027						29.2						29.2						28.8						0.01		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/27/2027						7.6						7.6						7.5						—		%
Ashore Ventures Inc dba PuroClean Professional Restoration			(#,^)			909 SE Everett Mall Way Ste A-140, Everett, WA 98208						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/27/2027						11.1						11.1						11.0						—		%
Suzie LLC dba Tony D's Restaurant			(#,^)			92 Huntington St, New London, CT 6320						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/25/2042						83.0						83.0						95.8						0.03		%
Grand Blanc Lanes, Inc.			(#,^)			5301 S. Saginaw Rd, Flint, MI 48507						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/25/2027						11.4						11.4						12.0						—		%
Schafer Fisheries Inc			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2027						27.4						27.4						28.7						0.01		%
Island Refrigeration & AC Inc			(#,^)			3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/18/2042						125.7						125.7						143.3						0.04		%
Looky Enterprises, LLC			(#,^)			1175 Surlington Ave, Ste 101, Leland, NC 28451						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/18/2027						50.7						50.7						50.0						0.01		%
Blueridge Armor LLC			(#,^)			1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						10/17/2027						6.3						6.3						6.4						—		%
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry			(#,^)			1227 Burnside Ave, East Hartford, CT 6108						Electronics and Appliance Stores						Term Loan						7.5%						10/17/2042						61.3						61.3						57.4						0.02		%

213

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Cortez Landscaping, LLC			(#,^)			4 Powder Rd, Norwalk, CT 6854						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/13/2027						14.6						14.6						14.7						—		%
On Call Services LLC			(#,^)			15060 281St Ave NW, Zimmerman, MN 55398						Construction of Buildings						Term Loan						Prime plus 2.75%						10/13/2027						13.7						13.7						14.4						—		%
Pro Anderson, LLC			(#,^)			1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/11/2027						41.2						41.2						40.4						0.01		%
Sandbox Ventures LLC			(#,^)			1857 A Elmdale Ave, Glenview, IL 60026						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/11/2027						15.4						15.4						15.8						—		%
Eye Optique Inc.			(#,^)			10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/5/2027						11.4						11.4						11.1						—		%
Ains Holding Company LLC			(#,^)			121 Fulton St, New York, NY 10038						Management of Companies and Enterprises						Term Loan						Prime plus 2.75%						10/2/2027						69.2						69.2						68.2						0.02		%
Becky Lou Corp dba Rent A Center			(#,^)			3578 Route 611, Ste 210, Bartonsville, PA 18321						Rental and Leasing Services						Term Loan						Prime plus 2.75%						10/2/2027						69.3						69.3						69.8						0.02		%
Dan Cline Transport Inc.			(#,^)			501 State Drive, Mount Vernon, MO 65712						Truck Transportation						Term Loan						Prime plus 2.75%						9/29/2030						823.9						823.9						829.2						0.24		%
Harco Metal Products Inc			(#,^)			7895 East Acoma Drive Ste 102, Scottsdale, AZ 85260						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						9/29/2042						466.7						466.7						518.0						0.15		%
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC			(#,^)			4500 W 47th St, Chicago, IL 60632						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/29/2042						1,174.4						1,174.4						1,339.6						0.39		%
Sashshel Corporation			(#,^)			676 Franklin Blvd, Somerset, NJ 8873						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/29/2042						201.4						201.4						233.5						0.07		%
Miechella Suzette Decker			(#,^)			3515 Main St, Exmore, VA 23350						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/29/2042						93.9						93.9						108.8						0.03		%
Threads of Time LLC			(#,^)			207 S Buchanan St, Danville, IL 61832						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/29/2042						130.3						130.3						147.3						0.04		%
Rhode Island Tennis Management LLC			(#,^)			636 Centerville Rd, Warwick, RI 2886						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/28/2042						524.0						524.0						591.7						0.17		%
National Media Services, Inc			(#,^)			5091 Lexington Blvd, Fort Meyers, FL 33919						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2027						14.2						14.2						13.7						—		%
Pets A Go Go LLC			(#,^)			589 North State Rd, Briarcliff Manor, NY 10510						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/28/2042						188.1						188.1						215.5						0.06		%
Rhode Island Tennis Management LLC			(#,^)			636 Centerville Rd, Warwick, RI 2886						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/28/2042						364.9						364.9						412.0						0.12		%
Nicholson Lumber Co Inc.			(#,^)			377 Main St, Nicholson, PA 18446						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/28/2030						178.9						178.9						189.8						0.06		%
Complete Care IT LLC			(#,^)			4801 South University Drive, Ste 125, Davie, FL 33328						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2027						11.1						11.1						10.8						—		%
Technologist Inc			(#,^)			3120 Farview Drive, Ste 610, Falls Church, VA 22042						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/27/2027						187.1						187.1						195.8						0.06		%
Inspirations Food Design, Inc			(#,^)			1338 Memorial Ave, West Springfield, MA 1089						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/26/2042						443.3						443.3						503.8						0.15		%

214

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn			(#,^)			4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/22/2027						16.9						16.9						16.5						—		%
KB Waterjet Cutting LLC			(#,^)			4330 Parker Lane, Addis, LA 70710						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/22/2027						7.7						7.7						7.7						—		%
Sallee Pro-Custom Fabrication Shop LLC			(#,^)			8865 North County Rd 600 W, Scipio, IN 47273						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/21/2027						6.8						6.8						7.1						—		%
Insight Diagnostic Technologist Services			(#,^)			2030 Forest Ave, Ste 110, San Jose, CA 95128						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/20/2027						245.5						245.5						243.3						0.07		%
Commonwealth Diagnostics International, Inc			(#,^)			39 Norman St a/k/a 1 Holyoke Square, Salem, MA 1970						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/20/2027						982.5						982.5						1,028.4						0.30		%
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York			(#,^)			1401 Lakeland Ave, Bohemia, NY 11716						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/20/2027						776.8						776.8						799.3						0.24		%
Imagine By Carleen, Inc.			(#,^)			1404 Del Prado Blvd. South, Units 100 & 105, Cape Coral, FL 33904						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/20/2027						5.7						5.7						5.9						—		%
CR Park Incorporated dba Define Body and Mind			(#,^)			49 W. Allandale Ave, Allendale, NJ 7401						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/20/2027						50.3						50.3						50.3						0.01		%
Denek Contracting Inc and Denek Leasing LLC			(#,^)			451 E. Wilson Ave, Pontiac, MI 48341						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/20/2042						198.7						198.7						230.0						0.07		%
Montessori Community School			(#,^)			123 South Navarra Drive, Scotts Valley, CA 95066						Social Assistance						Term Loan						Prime plus 2.75%						9/20/2042						259.1						259.1						293.9						0.09		%
Sound Manufacturing, Inc. & Monster Power Equipment, Inc.			(#,^)			51 Donnelley Rd, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/20/2027						150.4						150.4						154.1						0.05		%
CIS BIG DOG, LLC			(#,^)			8920 US HWY, 62 WEST, Cynthiana, KY 41031						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/19/2027						49.5						49.5						51.8						0.02		%
Stone's Construction and Remodeling, LLC			(#,^)			5210 Kaylin Drive, Akron, OH 44319						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/19/2027						4.0						4.0						3.8						—		%
Party By Design Inc.			(#,^)			61 Strafello Drive, Avon, MA 2322						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/18/2042						1,142.2						1,142.2						1,284.8						0.38		%
Li Family Spokane LLC			(#,^)			21 E. Lincoln Rd, Spokane, WA 99208						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/15/2042						364.3						364.3						418.0						0.12		%
Clinton Food Market LLC			(#,^)			196 East Main St, Clinton, CT 6413						Gasoline Stations						Term Loan						Prime plus 2.75%						9/15/2042						242.3						242.3						274.4						0.08		%
Tarleton & Family Landscaping, LLC			(#,^)			125 E Center St, Midland Park, NJ 7432						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/15/2027						62.9						62.9						62.2						0.02		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/13/2027						251.6						251.6						243.9						0.07		%
Fox Valley Rentals & Investments, LLC			(#,^)			2906 E. Newberry St, Appleton, WI 54915						Food Services and Drinking Places						Term Loan						Prime plus 3.75%						9/13/2027						5.7						5.7						6.1						—		%
Nails By Mercede LLC			(#,^)			2994 and 2996 Edgewater Drive, Orlando, FL 32804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2027						10.8						10.8						10.9						—		%
Town & Country Transportation Co. and Popco, LLC.			(#,^)			191 Arch St, New Britain, CT 6051						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/12/2042						159.8						159.8						185.0						0.05		%

215

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Rajbai Maa Inc. dba Nara Lounge			(#,^)			244-252 Atwells Ave, Providence, RI 2903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/12/2042						369.1						369.1						411.5						0.12		%
Morgan Lynn Kerstetter dba Catherine School of Dance			(#,^)			315 Mill St 3rd Floor, Danville, PA 17821						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/11/2027						5.7						5.7						5.9						—		%
Health & Performance Center, LLC			(#,^)			1862 Craigshire Rd, Saint Louis, MO 63146						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2027						15.4						15.4						14.9						—		%
Foxtail, LLC and Tottly New Services Corp			(#,^)			1481 Highland Ave, Cheshire, CT 6410						Social Assistance						Term Loan						Prime plus 2.75%						9/8/2042						275.9						275.9						312.7						0.09		%
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon			(#,^)			5 Greenleaf Drive, Unit 201, Portsmouth, NH 3801						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						9/8/2027						5.7						5.7						5.9						—		%
Crazy Beatz Productions LLC			(#,^)			20014 NE 138th St, Kearney, MO 64060						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 3.75%						9/7/2027						4.1						4.1						4.1						—		%
South Fulton Landscape & Nursery, Inc.			(#,^)			3415 Enon Rd, College Park, GA 30349						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/7/2042						94.8						94.8						109.7						0.03		%
Dreaming Big Learning Center Inc			(#,^)			3301 W Oak St, Kissimmee, FL 34741						Social Assistance						Term Loan						Prime plus 2.75%						9/5/2042						359.9						359.9						407.2						0.12		%
Big Coop's Trucking LLC			(#,^)			3066 Misty Creek Drive., Swartz, MI 48473						Truck Transportation						Term Loan						Prime plus 2.75%						9/1/2027						75.5						75.5						77.0						0.02		%
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran			(#,^)			377 Boston Post Rd, Milford, CT 6460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/31/2027						293.3						293.3						289.1						0.09		%
Parlay Disributors LLC			(#,^)			20 Medford Ave, Ste 104, Patchogue, NY 11772						Educational Services						Term Loan						Prime plus 2.75%						8/25/2027						83.2						83.2						81.4						0.02		%
Lake County Tow LLC			(#,^)			15409 Country Rd 565A, Clermont, FL 34711						Support Activities for Transportation						Term Loan						Prime plus 2.75%						8/25/2042						82.8						82.8						93.5						0.03		%
InUSA Ventures Inc dba InUSA Services			(#,^)			3015 San Pablo Ave, Ste 511, Berkeley, CA 94702						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						8/24/2027						18.7						18.7						18.1						0.01		%
Genuine Ventures LLC and Seaweed Ventures LLC			(#,^)			432 S Franklin St, Juneau, AK 99801						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/24/2030						469.9						469.9						484.4						0.14		%
Delicias de Minas Restaurant, LLC			(#,^)			168-170 McWhorter St, Newark, NJ 7105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/22/2027						151.9						151.9						158.9						0.05		%
Damiano Global Corp			(#,^)			333 Birch Hills Drive, Rochester, NY 14622						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/21/2027						16.8						16.8						17.2						0.01		%
L&V Auto Sales, Inc.			(#,^)			1504 West Franklin Blvd., Gastonia, NC 28052						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/21/2027						13.5						13.5						14.1						—		%
Tier1 Solutions LLC			(#,^)			1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/18/2027						14.0						14.0						13.9						—		%
Tony Herring & Associates, Inc			(#,^)			211 West Camellia Drive, Slidell, LA 70458						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/17/2027						5.6						5.6						5.4						—		%
Chester's World Enterprise LLC			(#,^)			140 W Alameda Drive, Ste 104, Tempe, AZ 85282						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/16/2027						16.9						16.9						16.8						—		%
D'Amato & Sons Construction, Inc.			(#,^)			117 Oak St, Amityville, NY 11701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/11/2027						6.2						6.2						6.2						—		%

216

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

L & J Corporate Services Inc			(#,^)			866 NW 110th Ave, Coral Springs, FL 33071						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/4/2027						4.7						4.7						4.6						—		%
HMG Strategy LLC,			(#,^)			191 Post Rd W., Westport, CT 6880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/2/2027						35.5						35.5						34.4						0.01		%
Royal Blue Investments, Inc. and Cleland Pharmacy LLC			(#,^)			202 S. 1st St, Wakeeny, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/31/2042						50.0						50.0						57.6						0.02		%
Sharon G McMillen, MA Psychologist, Inc.			(#,^)			216 West Main St, Kingwood, WV 26537						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						7/28/2027						13.8						13.8						13.4						—		%
Work of Heart Inc dba Little Nest Portraits			(#,^)			1000 Merdian Blvd, Ste 112, Franklin, TN 37067						Professional, Scientific, and Technical Services						Term Loan						7.5%						7/28/2027						43.5						43.5						38.8						0.01		%
HQTRONIC LLC			(#,^)			10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/27/2027						16.7						16.7						16.2						—		%
Oberon IT, Inc.			(#,^)			1404 W. Walnut Hill Lane, Irving, TX 75038						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/26/2027						162.1						162.1						162.8						0.05		%
Gilles Peress Studio LLC			(#,^)			76 Lafayette Ave, Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2027						46.0						46.0						44.5						0.01		%
Obok LLC			(#,^)			2720 S. Havana St., Unit H, Aurora, CO 80014						Food Manufacturing						Term Loan						Prime plus 2.75%						7/21/2027						8.9						8.9						9.0						—		%
Lil Tots' Learning Center LLC			(#,^)			3042 S 78th St, Tampa, FL 33619						Social Assistance						Term Loan						Prime plus 2.75%						7/21/2042						28.3						28.3						32.8						0.01		%
Ocean Trans LLC			(#,^)			1415 W Andersonr Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						7/21/2027						29.1						29.1						28.2						0.01		%
Matrix Z LLC			(#,^)			800 SW 21st Terrace, Fort Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 3.75%						7/19/2027						5.8						5.8						6.2						—		%
Aitheras Aviation Group, LLC , Aitheras Aviation Group, LLC			(#,^)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						7/18/2027						611.0						611.0						594.5						0.18		%
Wildflour Bakery & Cafe, LLC			(#,^)			5137 Clareton Drive, Ste 100,110 & 120, Agoura Hills, CA 91301						Food Manufacturing						Term Loan						Prime plus 2.75%						7/17/2027						16.7						16.7						17.4						0.01		%
Koep Companies dba Pipestone True value			(#,^)			207 East Main St, Pipestone, MN 56164						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/14/2042						308.3						308.3						345.2						0.10		%
McCord Holdings, Inc. dba Fast Signs 176101			(#,^)			7640 N. Wickham Rd, Melbourne, FL 32940						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/7/2027						13.9						13.9						13.7						—		%
Thrifty Market Inc dba Thrifty Foods			(#,^)			702 10th St, Wheatland, WY 82201						Food and Beverage Stores						Term Loan						Prime plus 2.75%						7/6/2027						79.6						79.6						79.2						0.02		%
Hamilton & Associates Real Estate and Investments Firm LLC			(#,^)			11776 West Sample Rd, Coral Springs, FL 33065						Real Estate						Term Loan						Prime plus 2.75%						6/30/2042						51.0						51.0						59.4						0.02		%
The Country House Restaurant, LLC and Pelton Real Estate, LLC			(#,^)			677 US Route 7, Pittsford, VT 5763						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2042						48.1						48.1						56.3						0.02		%
J&M Civil Construction Services LLC			(#,^)			1221 County Rd 4371, Decatur, TX 76234						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2027						72.5						72.5						73.4						0.02		%
J. T. O'Neill Company, L.L.C			(#,^)			19972 Willowin Farm Lane, Purcellville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						6/30/2027						11.0						11.0						11.2						—		%
New Chicago Wholesale Bakery Inc.			(#,^)			795 Touhy Ave, Elk Grove Village, IL 60007						Food Manufacturing						Term Loan						Prime plus 2.75%						6/30/2027						11.3						11.3						11.8						—		%

217

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Oakhill Farms, LLC			(#,^)			15 Carl St, Johnston, RI 2919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2030						81.8						81.8						88.2						0.03		%
Best Bees Company			(#,^)			839 Albany St, Boston, MA 2119						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						6/29/2027						16.5						16.5						16.7						—		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2027						226.2						226.2						238.0						0.07		%
Intellixion LLC			(#,^)			7447 Egan Dr, Ste 110 A, Savage, MN 55378						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/29/2027						2.7						2.7						2.8						—		%
Malhame & Company Publishers & Importers Inc.			(#,^)			180 Orville Rd, Bohemia, NY 11780						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/29/2027						68.4						68.4						69.4						0.02		%
Greensboro Plastic Surgical Associates, PA			(#,^)			2716 Henry St, Greensboro, NC 27405						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/29/2042						545.4						545.4						632.9						0.19		%
Ocean Trans LLC and Dehal Trucking LLC			(#,^)			760 W. Charter Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						6/29/2027						452.3						452.3						458.3						0.14		%
Foxhop Fitness, LLC			(#,^)			4211 NW Federal Hwy, Jensen Beach, FL 34957						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/28/2027						66.8						66.8						67.9						0.02		%
Old Dominion Transportation Group, Inc.			(#,^)			1308 Devils Reach Rd, Woodbridge, VA 22192						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						6/28/2027						765.1						765.1						780.7						0.23		%
Akal Express Inc. dba Truck Trailer Service Stop			(#,^)			2901 I 40 West, Vega, TX 79092						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/28/2042						26.4						26.4						31.1						0.01		%
Citibin, Inc.			(#,^)			254 36th St, Ste B519, Brooklyn, NY 11232						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						6/27/2027						91.7						91.7						92.9						0.03		%
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC			(#,^)			211 East 25th St, Norfolk, VA 23504						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						6/27/2030						201.0						201.0						216.5						0.06		%
Four Seasons Laser Center Inc.			(#,^)			4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/26/2042						211.4						211.4						245.1						0.07		%
Ains Holding Company, LLC			(#,^)			122 West 26th St, New York, NY 10011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2027						841.7						841.7						858.7						0.25		%
Northern Industries, LLC			(#,^)			W 5585 Dehart Drive, Tomahawk, WI 54484						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/23/2042						54.4						54.4						63.8						0.02		%
Vella Construction Enterprises, Inc. dba Vella Construction			(#,^)			318 28th Ave, San Mateo, CA 94403						Construction of Buildings						Term Loan						Prime plus 2.75%						6/23/2027						16.5						16.5						16.7						—		%
Birches Group, LLC			(#,^)			228 East 45th St. 12th FL South, New York, NY 10017						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/22/2027						36.7						36.7						37.2						0.01		%
Scarlet Spartan Inc.dba FastSigns of Brighton			(#,^)			533 W. Grand River Ave, Brighton, MI 48116						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/19/2027						16.0						16.0						16.5						—		%
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC			(#,^)			11535 Carmel Commons Blvd. Ste 200, Charlotte, NC 28226						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/16/2042						377.5						377.5						434.3						0.13		%
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC			(#,^)			104 Wooster St, Bethel, CT 6801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/15/2042						292.7						292.7						338.8						0.10		%
JAM Media Solutions, LLC			(#,^)			4744 Tackawanna St, Philadelphia, PA 19124						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/15/2027						24.5						24.5						24.8						0.01		%

218

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

ESA 365 Corp and Lucathor Realty LLC			(#,^)			2420 Grand Ave, Baldwin, NY 11520						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/14/2042						21.2						21.2						24.7						0.01		%
Hull's Kitchen, LLC and HK Too, LLC			(#,^)			19 Hull Shore Dr, Hull, MA 2045						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/14/2042						91.3						91.3						107.1						0.03		%
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero			(#,^)			577 Main Ave, Paterson, NJ 7055						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2042						87.2						87.2						101.9						0.03		%
Susan Hughes dba Aloha Junction B and B			(#,^)			19-4037 Olapalapa Rd, Volcano, HI 96785						Accommodation						Term Loan						Prime plus 2.75%						6/14/2042						58.9						58.9						69.1						0.02		%
Refoleen Inc dba Spice and Tea Exchange			(#,^)			849 E Commerce St Ste 121, San Antonio, TX 78205						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/8/2027						2.6						2.6						2.6						—		%
Skydive California, LLC			(#,^)			25001 S Kasson Rd, Tracy, CA 95301						Educational Services						Term Loan						Prime plus 2.75%						6/2/2027						40.3						40.3						42.4						0.01		%
SCW, LLC dba Arthur Murray Dance Studio			(#,^)			2383 Old Dixwell Ave, Hamden, CT 6518						Educational Services						Term Loan						Prime plus 2.75%						6/2/2042						137.6						137.6						159.7						0.05		%
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder			(#,^)			246 East Belt Blvd, Richmond, VA 23224						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/1/2042						43.0						43.0						50.1						0.01		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/31/2027						16.3						16.3						16.6						—		%

Ricnet III, Inc. dba Edible Arrangements			(#,^)			716 Foxcroft Ave, Martinsburg, WV 25401						Food and Beverage Stores						Term Loan						Prime plus 2.75%						5/31/2027						10.9						10.9						11.1						—		%
Funtime, LLC and Universal Entertainment Group LLC			(#,^)			13200 W. Foxfire Dr #144, Surprise, AZ 85387						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/31/2027						50.0						50.0						50.9						0.01		%
Haroon Baig,Inc.dba US1 Petrol			(#,^)			1280-1290 Dixwell Ave, Hamden, CT 6514						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2042						248.4						248.4						291.4						0.09		%
Chet Lemon Enterprises LLC dba All American Sports			(#,^)			1544 Lane Park Cutoff, Tavares, FL 32778						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/26/2042						746.7						746.7						876.1						0.26		%
Eagle Wood Works LLC			(#,^)			1448 Horsehead Rd, Lugoff, SC 29078						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						5/26/2027						8.7						8.7						9.0						—		%
Hurricane Group, Inc.			(#,^)			312 West Fourth St, Carson City, NV 89703						Other Information Services						Term Loan						Prime plus 2.75%						5/26/2027						55.1						55.1						55.8						0.02		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WI 98501						Accommodation						Term Loan						Prime plus 2.75%						5/26/2042						119.6						119.6						140.2						0.04		%
Beyond Waves A Unique Salon LLC and Lori Ann Carlson			(#,^)			2290 Foxon Rd Route 80, North Branford, CT 6471						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2027						9.1						9.1						9.2						—		%
Jung Design Inc.			(#,^)			10857 Pine Bluff Drive, Fisher, IN 46037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/25/2027						6.5						6.5						6.6						—		%
Abdul Naushad MD PC dba Advanced Pain Centers			(#,^)			2865 James Blvd, Poplar Bluff, MO 63901						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/25/2042						372.3						372.3						434.9						0.13		%
Locavore LLC dba Paloma Restaurant			(#,^)			401 S. Guadalupe St, Santa Fe, NM 87501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/25/2027						36.3						36.3						37.2						0.01		%
Innovim, LLC			(#,^)			6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2027						219.9						219.9						222.8						0.07		%

219

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Prestige Construction of Florida, LLC			(#,^)			1404 Yorktown St Ste E, Deland, FL 34944						Construction of Buildings						Term Loan						Prime plus 2.75%						5/23/2042						317.0						317.0						365.7						0.11		%
Hayden Trucking LLC			(#,^)			11540 Eagle Vista Drive, Fort Worth, TX 76179						Truck Transportation						Term Loan						Prime plus 2.75%						5/19/2027						99.9						99.9						105.2						0.03		%
Tres K Deli,Grocery,Fruit and Meat Inc.			(#,^)			125 West Tremont Ave, Bronx, NY 10453						Food and Beverage Stores						Term Loan						Prime plus 2.75%						5/19/2027						6.0						6.0						6.2						—		%
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc.			(#,^)			132 North Wellwood Ave, Lindenhurst, NY 11757						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/19/2042						548.0						548.0						637.5						0.19		%
Waterford Plumbing Co, Inc.			(#,^)			2425 W. Cuyler Ave, Chicago, IL 60618						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/18/2027						36.3						36.3						37.0						0.01		%
Mr. B's Bicycles & Mopeds, Inc.			(#,^)			1870 S. 4th Ave, Yuma, AZ 85364						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/18/2042						138.1						138.1						160.4						0.05		%
Bay Car Wash LLC			(#,^)			952 South Commercial St and West Magnolia, Aransas Pass, TX 78336						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2042						113.9						113.9						132.5						0.04		%
Computech Computers Inc.			(#,^)			40-24 76th St, Office #2B, Elmhurst, NY 11373						Educational Services						Term Loan						Prime plus 2.75%						5/17/2027						36.3						36.3						36.8						0.01		%
5 Stars Learning Center Inc			(#,^)			14 Paine Ave, Irvington, NJ 7111						Social Assistance						Term Loan						Prime plus 2.75%						5/16/2042						58.1						58.1						67.5						0.02		%
Arco Electrical Contractors Inc. dba Arco Construction Group			(#,^)			22-24 South Seventh St, Elizabeth, NJ 7202						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/16/2027						262.0						262.0						270.7						0.08		%
Sanderson Distribution Inc.			(#,^)			100 Daniel Drive, Alamo, CA 94507						Truck Transportation						Term Loan						Prime plus 2.75%						5/12/2027						7.6						7.6						7.7						—		%
B G F Bobby Q's Inc			(#,^)			447 N. Main St, Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/11/2027						5.4						5.4						5.7						—		%
Estelle Finkel Educational Associates,LLC			(#,^)			125 West Mount Pleasant Ave, Livingston, NJ 7039						Educational Services						Term Loan						Prime plus 2.75%						5/11/2027						88.6						88.6						89.8						0.03		%
Labmates,LLC			(#,^)			141 Watertown Rd, Thomaston, CT 6787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						5/10/2027						72.6						72.6						75.9						0.02		%
NHS, LLC			(#,^)			212 N Douglas Ave, Ellsworth, KS 67439						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/9/2027						64.3						64.3						66.0						0.02		%
NHS, LLC			(#,^)			212 N Douglas Ave, Ellsworth, KS 67439						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/9/2042						20.6						20.6						23.6						0.01		%
Innovation Transport, LLC			(#,^)			1 International Blvd, Mahwah, NJ 7495						Truck Transportation						Term Loan						Prime plus 2.75%						5/9/2027						56.8						56.8						59.4						0.02		%
Benchmark Building, Inc.			(#,^)			1439 Stargazer Terrace, Sanford, FL 32771						Construction of Buildings						Term Loan						Prime plus 2.75%						5/5/2027						16.3						16.3						16.6						—		%
Cable Management LLC			(#,^)			290 Pratt St, Meriden, CT 6450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/3/2027						41.6						41.6						43.3						0.01		%
Fine Arts Center of Easley, Inc. dba Midtown Music			(#,^)			117 S. Pendleton St, Easley, SC 29640						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/2/2042						112.5						112.5						132.0						0.04		%
Love and Glory Learning Center, Inc.			(#,^)			4911 N. 42nd St., Tampa, FL 33610						Social Assistance						Term Loan						Prime plus 2.75%						4/28/2042						73.3						73.3						84.9						0.03		%

220

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Sneads Ferry Foods, Inc. dba DQ Grill & Chill			(#,^)			920 Hwy 210, Sneads Ferry, NC 28460						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2042						611.4						611.4						707.7						0.21		%
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee			(#,^)			393 Charles St, Providence, RI 2904						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2042						208.3						208.3						244.4						0.07		%
Resident Research, LLC			(#,^)			4400 Morris Park Drive Ste M, Charlotte, NC 28277						Other Information Services						Term Loan						Prime plus 2.75%						4/24/2027						63.5						63.5						64.3						0.02		%
Getting Even LLC dba The Zoo Health Club			(#,^)			377 South Willow St, Ste B 2-1, Manchester, NH 3103						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/21/2027						5.4						5.4						5.5						—		%
Ralph's Hair Salon, Inc.			(#,^)			175 NW 14th St, Homestead, FL 33030						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/21/2042						47.0						47.0						54.7						0.02		%
Condron Brothers LLC DBA Luv 2 Play			(#,^)			4790 La Sierra Ave, Riverside, CA 92505						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/19/2027						85.9						85.9						88.4						0.03		%
Butternuts Beer and Ale LLC			(#,^)			4021 Hwy 51, Garrattsville, NY 13342						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						4/12/2027						53.1						53.1						55.8						0.02		%
The Altitude Group, LLC and Core Home Security, LLC			(#,^)			949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2027						31.7						31.7						32.1						0.01		%
Bear Trail Lodge LLC			(#,^)			Mile 1 Bear Trail Rd, King Salmon, AK 99613						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/31/2042						519.4						519.4						608.9						0.18		%
Citizens Lanes, LLC			(#,^)			5100 Goodson Connector Rd, Union City, GA 30291						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/31/2042						607.2						607.2						568.7						0.17		%
Applied Integrated Technologies, Inc.			(#,^)			7120 Samuel Morse Drive #150, Columbia, MD 21046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/31/2027						89.1						89.1						90.1						0.03		%
Landmark Ventures USA, Inc.			(#,^)			475 Park Ave South 25th Floor, New York, NY 10016						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						3/31/2027						133.6						133.6						135.1						0.04		%
Golden Hen Inc. dba Cafe			(#,^)			468 W. Cheltenham Ave, Philadelphia, PA 19126						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/31/2027						46.1						46.1						46.8						0.01		%
KWG Industries LLC dba Peterson & Marsh Metal Industries			(#,^)			330 Roycefield Rd Unit B, Hillsborough, NJ 8844						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/30/2027						21.4						21.4						22.4						0.01		%
Sea Smoke Barbeque, Corp and Danwen LLC			(#,^)			20 Island Farm Rd, Oak Bluffs, MA 2557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2042						222.3						222.3						258.6						0.08		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						3/30/2042						233.9						233.9						274.5						0.08		%
Discount Price, LLC dba Robert's Market			(#,^)			2 Hill Rd, Franklin, NH 3235						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2042						193.9						193.9						226.1						0.07		%
Douglas K. Soderblom . dba Loma Linda Optometry			(#,^)			25815 Barton Rdad, Unit C104, Loma Linda, CA 92354						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/29/2027						71.2						71.2						73.1						0.02		%
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham			(#,^)			1221 Kentucky Mills Drive, Louisville, KY 40299						Accommodation						Term Loan						Prime plus 2.75%						3/29/2042						993.0						993.0						1,165.0						0.34		%
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics			(#,^)			5455 N 51st St, # 30, Glendale, AZ 85301						Couriers and Messengers						Term Loan						Prime plus 2.75%						3/29/2030						78.5						78.5						81.4						0.02		%

221

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

New England Country Day School, Inc. and Thomas D. Walker			(#,^)			27 Kenosia Ave, Danbury, CT 6810						Social Assistance						Term Loan						Prime plus 2.75%						3/28/2042						356.3						356.3						414.0						0.12		%
American Pharmaceutical Innovation Company, LLC			(#,^)			1425 Centre Circle, Downers Grove, IL 60515						Chemical Manufacturing						Term Loan						Prime plus 2.75%						3/28/2027						5.0						5.0						5.1						—		%
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo			(#,^)			421 S. Oak St, Pecos, TX 79772						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/27/2042						388.0						388.0						454.5						0.13		%
Heil & Hornik LLC dba Elysium Tennis			(#,^)			7637 C. Commerce Place, Plain City, OH 43064						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/27/2042						873.1						873.1						1,012.3						0.30		%
Color Graphic Press, Inc.			(#,^)			42 Main St, Nyack, NY 10960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/23/2027						85.5						85.5						89.8						0.03		%
JBK Truck Trailer and Bus Inc.			(#,^)			8669 South State Rd 67, Camby, IN 46113						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/23/2042						83.6						83.6						96.9						0.03		%
Denton Bio Fuels LLC and American Bio Source LLC			(#,^)			624 W. University Dr. Ste 359, TX, TX 76201						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2027						43.3						43.3						44.6						0.01		%
Executive Fitness & Nutrition Inc.			(#,^)			8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/23/2027						14.3						14.3						15.1						—		%
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC			(#,^)			6507 Westport Ave, Shreveport, LA 71129						Truck Transportation						Term Loan						Prime plus 2.75%						3/22/2042						605.5						605.5						706.6						0.21		%
Vehicle Safety Supply LLC			(#,^)			707 Femimore Rd, Mamaroneck, NY 10543						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/21/2027						16.0						16.0						16.2						—		%
The Purple Cow House of Pancake Inc			(#,^)			6 & 10 Skowhegan Rd, Fairfield, ME 4937						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2042						150.9						150.9						176.8						0.05		%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of			(#,^)			5880 US Hwy6, Portage, IN 46368						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2027						220.6						220.6						231.7						0.07		%
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M			(#,^)			6510 North Broadway, Saint Louis, MO 63147						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2027						468.9						468.9						474.1						0.14		%
Dwayne Bernard Tate			(#,^)			1238 Woodcliff Court SW, Lilburn, GA 30047						Truck Transportation						Term Loan						Prime plus 2.75%						3/10/2027						7.5						7.5						7.7						—		%
Elegant Occasions, LLC dba E Productions			(#,^)			3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/10/2042						555.1						555.1						644.3						0.19		%
Anthony LLC dba Star of Woodward Market			(#,^)			5730 Woodward Ave, Detroit, MI 48202						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/9/2042						108.4						108.4						127.0						0.04		%
Allegro Assisted Living Of Texas			(#,^)			3400 Remington Drive, Plano, TX 75023						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/6/2027						68.4						68.4						71.8						0.02		%
Podium Auto Sales Inc and RRS Property, LLC			(#,^)			246 S. Dixie Hwy, Pompano Beach, FL 33060						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/3/2042						85.3						85.3						98.9						0.03		%
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express			(#,^)			1001 E. Cooley Drive Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 2.75%						2/28/2027						166.3						166.3						168.2						0.05		%
Weeping Willow Kennels, Inc and Aileen N Black			(#,^)			6041 Hammond School Rd, Salisbury, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2042						131.4						131.4						153.1						0.05		%
Getting Even LLC dba The Zoo Health Club			(#,^)			377 South Willow St Unit B2-1, Manchester, NH 3103						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/28/2027						67.9						67.9						69.5						0.02		%

222

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Total Document Solutions Inc and,TDS Services, LLC			(#,^)			2515 North Shiloh Drive, Fayetteville, AR 72704						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/27/2030						249.2						249.2						262.5						0.08		%
McNally Enterprises Inc.			(#,^)			1010 N. Grove St, Anaheim, CA 92806						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/27/2027						45.4						45.4						46.4						0.01		%
Teracore Inc.			(#,^)			3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/27/2027						115.4						115.4						116.7						0.03		%
B & J Bicycle Shop Inc.			(#,^)			1620 E. Sample Rd, Pompano Beach, FL 33064						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						2/24/2027						4.4						4.4						4.6						—		%
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant			(#,^)			2235 S. Power Rd Ste 118, Mesa, AZ 85209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/24/2027						53.0						53.0						55.5						0.02		%
3W Enterprises LLC			(#,^)			2727 Industrial Parkway, Elkhart, IN 46516						Textile Product Mills						Term Loan						Prime plus 2.75%						2/24/2042						60.9						60.9						71.1						0.02		%
Ameritube, LLC and Ravone Properties, LLC			(#,^)			1000 North State. Hwy 77, Hillsboro, TX 76645						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						2/14/2042						173.1						173.1						202.8						0.06		%
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC			(#,^)			2808 Court St, Port Allen, LA 70767						Truck Transportation						Term Loan						Prime plus 2.75%						2/10/2042						232.6						232.6						271.5						0.08		%
Sushiya Inc.			(#,^)			72 S. Main St, Hanover, NH 3755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2027						13.2						13.2						13.5						—		%
Maximo Canot dba Wash and Dry Laundrymat			(#,^)			34 Morningside Ave, Yonkers, NY 10703						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/10/2042						129.2						129.2						150.9						0.04		%
Marvic Enterprises Inc dba Jordan's Liquor			(#,^)			199 Taunton Ave, East Providence, RI 2914						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/10/2042						205.6						205.6						239.5						0.07		%
Harrison Logging Company LLC			(#,^)			255 Ray Crain Rd, Indian Mound, TN 37079						Forestry and Logging						Term Loan						Prime plus 2.75%						2/9/2027						74.9						74.9						77.0						0.02		%
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C.			(#,^)			174-176 Mountain Ave, Springfield, NJ 7081						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/7/2042						307.8						307.8						355.7						0.10		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St. Units CF1 and CF2, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2042						173.8						173.8						200.9						0.06		%
Chidlren's House Learning, Inc and Tarps Investment Group			(#,^)			720 Wilbraham Rd, Springfield, MA 1109						Social Assistance						Term Loan						Prime plus 2.75%						1/31/2042						301.1						301.1						349.5						0.10		%
Brandco, LLC			(#,^)			2151 Consulate Drive Ste 21, Orlando, FL 32837						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/31/2027						30.5						30.5						30.8						0.01		%
Fave Realty Inc.			(#,^)			1875 Grand Ave, Baldwin, NY 11510						Real Estate						Term Loan						Prime plus 2.75%						1/30/2042						51.1						51.1						59.4						0.02		%
SRC Publishing LLC			(#,^)			8690 Waterford Bend St, Las Vegas, NV 89123						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						1/27/2027						15.7						15.7						15.9						—		%
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski			(#,^)			2906 E. Newberry St., Appleton, WI 54915						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/20/2042						39.8						39.8						46.1						0.01		%
Jolibe LLC and Jolibe Atelier LLC			(#,^)			357 w 36th #401, New York, NY 10018						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2027						7.3						7.3						7.5						—		%

223

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Eickmann Management Group LLC dba Jimmy Johns of Dundee			(#,^)			568 Techumseh St, Dundee, MI 48131						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/17/2027						69.5						69.5						73.0						0.02		%
Fullbro Trust dba Menemsha Blues			(#,^)			2 Basin Rd, Chilmark, MA 2535						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						1/13/2027						15.7						15.7						16.5						—		%
Echelon Enterprises, Inc			(#,^)			16701 E. Iliff Ave, Aurora, CO 80013						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						1/10/2027						34.1						34.1						35.8						0.01		%
Metropolitan Solutions Group Inc.			(#,^)			1420 Chestnut St, Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2041						257.0						257.0						295.1						0.09		%
Means Enterprises LLC dba FastFrame Frisco			(#,^)			4112-4150 Legacy Drive/5729 Leabanon Rd Unit 412, Frisco, TX 75034						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/16/2026						14.4						14.4						14.6						—		%
Soon Im. Chin dba Stan C-Store			(#,^)			4014 E Stan Schlueter Loop, Killeen, TX 76542						Gasoline Stations						Term Loan						Prime plus 2.75%						12/15/2041						198.6						198.6						231.8						0.07		%
Sempco, Inc.			(#,^)			51 -55 Lake St Unit #2-6, Nashua, NH 3060						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						39.2						39.2						45.9						0.01		%
New Chicago Wholesale Bakery, Inc.			(#,^)			795 Touhy Ave, Elk Grove Village, IL 60007						Food Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						426.1						426.1						492.2						0.15		%
Techni-Pro Institute LLC			(#,^)			414 NW 35th St, Boca Raton, FL 33431						Educational Services						Term Loan						Prime plus 2.75%						12/15/2026						130.8						130.8						133.1						0.04		%
Elita 7, LLC			(#,^)			16 Marble St, Worcester, MA 1603						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/15/2041						669.9						669.9						779.3						0.23		%
HMG Strategy, LLC			(#,^)			191 Post Rd West, Westport, CT 6880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2026						32.6						32.6						32.9						0.01		%
Trison Enterprises Inc.dba Lee's Automotive			(#,^)			13281 Aurora Ave N, Seattle, WA 98311						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/14/2041						380.8						380.8						442.2						0.13		%
AGG Management Team LLC dba Chevron			(#,^)			2615 S Dixie Hwy, West Palm Beach, FL 33401						Gasoline Stations						Term Loan						Prime plus 2.75%						12/14/2041						267.8						267.8						313.2						0.09		%
Roast Beef Levittown LLC dba Arby's			(#,^)			2080 Hempstead Turnpike, East Meadow, NY 11554						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/13/2026						146.3						146.3						153.3						0.05		%
Success Advertising Inc. dba Success Communivstion Gr			(#,^)			26 Eastmans Rd, Parsippany, NJ 7054						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/13/2041						435.9						435.9						509.1						0.15		%
Wayfarer Bicycle LLC			(#,^)			118-120 Ocean Ave, New London, CT 6320						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						12/13/2041						86.4						86.4						99.5						0.03		%
Mack Team Enterprises Inc.dba The UPS Store #6815			(#,^)			38200 Ave of the States, Fort Gordon, GA 30905						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/9/2026						14.1						14.1						14.4						—		%
Recycling Revolution,LLC			(#,^)			4190 Collins Rd, Unadilla, GA 31091						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2041						85.3						85.3						98.7						0.03		%
eCommerce Direct, LLC			(#,^)			3440 Gannett Ave, Des Moines, IA 50321						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2026						534.4						534.4						546.0						0.16		%
New Life Hospital LLC			(#,^)			17400 Red Oak Drive, Houston, TX 77090						Hospitals						Term Loan						Prime plus 2.75%						12/8/2041						1,139.8						1,139.8						1,333.1						0.39		%
Imagine By Carleen Inc.			(#,^)			1404 Del Prado Blvd. Units 100 & 105, Cape Coral, FL 33990						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/8/2041						49.1						49.1						56.9						0.02		%

224

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hanson's Greeks LLC			(#,^)			8132 N. 87th Place, Ste A, Scottsdale, AZ 85258						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2026						7.7						7.7						8.1						—		%
Noso Development LLC			(#,^)			4 Walker Way, Albany, NY 12205						Construction of Buildings						Term Loan						Prime plus 2.75%						12/1/2026						53.5						53.5						54.0						0.02		%
Quick Ship, LLC			(#,^)			448 W. 19th St, Houston, TX 77008						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/30/2026						7.2						7.2						7.2						—		%
Imaginarium Foods LLC,			(#,^)			751 N. Cable Rd, Lima, OH 45805						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2042						349.1						349.1						406.5						0.12		%
RD Management, LLC			(#,^)			2302 N. Kings Hwy, Myrtle Beach, SC 29572						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/30/2026						145.7						145.7						147.6						0.04		%
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC			(#,^)			1 Pebble Wood Lane, Palm Coast, FL 32164						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						11/30/2041						63.4						63.4						74.2						0.02		%
Usman Jalil, LLC dba Food Mart			(#,^)			147 N Washington St, Plainville, CT 6062						Gasoline Stations						Term Loan						Prime plus 2.75%						11/29/2041						217.9						217.9						250.7						0.07		%
Access Staffing, LLC			(#,^)			360 Lexington Ave 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/29/2026						841.0						841.0						848.6						0.25		%
CRK Mens, LLC dba Spiff for Men			(#,^)			750 Third Ave, New York, NY 10017						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/23/2026						71.1						71.1						72.2						0.02		%
WPN Recycling Company LLC			(#,^)			5101 Andard Ave, Baltimore, MD 21226						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/23/2026						15.3						15.3						16.1						—		%
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn			(#,^)			1835 Auburn Way N Ste B, Auburn, WA 98002						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/23/2026						40.9						40.9						41.4						0.01		%
Bouquet Restaurant LLC			(#,^)			519 Main St, Covington, KY 41011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/22/2041						90.6						90.6						105.9						0.03		%
JBK Truck Trailer and Bus Inc.			(#,^)			8669 S. State Rd 67, Camby, IN 46113						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/22/2041						388.2						388.2						449.9						0.13		%
6E Technologies LLC			(#,^)			11001 West 120th Ave, Ste 400, Broomfield, CO 80020						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2026						105.4						105.4						109.1						0.03		%
Broms Asset Management LLC			(#,^)			215 East 79th St Apt 9E, New York, NY 10075						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						11/22/2026						84.8						84.8						85.6						0.03		%
Skaggs RV Outlet LLC			(#,^)			301 Commerce Drive, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/21/2026						68.2						68.2						71.4						0.02		%
Catherine Christine Morin dba Purr-Fect Pets			(#,^)			1915 North Austin Ave, Georgetown, TX 78626						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/17/2026						12.8						12.8						12.9						—		%
Stratmar Systems Inc dba Stratmar Retail Services			(#,^)			109 Willett Ave, Port Chester, NY 10573						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/16/2026						46.8						46.8						49.0						0.01		%
Hoosier Health Plus, LLC			(#,^)			520 East 8th St, Anderson, IN 46012						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/15/2026						63.1						63.1						66.1						0.02		%
Hackensack Steel Corporation and Luzerne Ironworks Inc			(#,^)			300 Sly St, Swoyersville, PA 18709						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/10/2026						176.0						176.0						184.4						0.05		%
Dyer Properties, LLC and Bayview Pharmacy, Inc.			(#,^)			3844 Post Rd, Warwick, RI 2886						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						11/9/2041						224.3						224.3						259.1						0.08		%
MIK LLC dba Firehouse Subs			(#,^)			17250 Royalton Rd, Strongsville, OH 44136						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2026						151.9						151.9						153.8						0.05		%

225

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Fine Line Interiors, Inc.			(#,^)			2530 SW 30th Ave, Hallandale Beach, FL 33009						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/4/2041						60.3						60.3						70.5						0.02		%
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero			(#,^)			13215 Miles Ave, Cleveland, OH 44105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/3/2041						111.5						111.5						130.0						0.04		%
Veracruz Shabo, LLC Waterfalls Quick Lube LLC			(#,^)			1325 BRd St, Central Falls, RI 2863						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/1/2041						110.8						110.8						128.9						0.04		%
Glocecol LLC			(#,^)			10302 NW South River Drive, Bay #18, Miami, FL 33178						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/1/2026						51.1						51.1						53.5						0.02		%
Bloomquist Communications Inc.			(#,^)			131 East Trinity Place, Decatur, GA 30030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2026						40.4						40.4						40.8						0.01		%
Moolchan Enterprises LLC dba Staying Green			(#,^)			2650 S.W. 154 Ave, Davie, FL 33331						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2026						7.4						7.4						7.7						—		%
Woodstock Enterprises Corp dba True Scent Candle Co			(#,^)			191 2nd Ave, Warwick, RI 2888						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						10/31/2041						82.6						82.6						95.2						0.03		%
Elite Structures Inc			(#,^)			401 Old Quitman Rd, Abel, GA 31620						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/27/2029						176.7						176.7						188.8						0.06		%
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC			(#,^)			200 North Branford Rd, Branford, CT 6405						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						10/24/2026						286.4						286.4						300.1						0.09		%
Worldwide Estate, Inc. dba Washington Heights Manor			(#,^)			10620 W. Greenwood Terrace, Milwaukee, WI 53224						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/21/2041						208.9						208.9						244.4						0.07		%
Gold Wind Logistics LLC			(#,^)			2830 Beech Daly Rd, Inkster, MI 48141						Truck Transportation						Term Loan						Prime plus 2.75%						10/20/2041						162.9						162.9						190.5						0.06		%
Speaker City, Inc. dba Rollin Thunder			(#,^)			246 East Belt Blvd, Richmond, VA 23224						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						10/14/2041						116.4						116.4						135.4						0.04		%
Maine Service Corp			(#,^)			59-22 55th St, Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/13/2026						110.7						110.7						115.7						0.03		%
Justin Partlow			(#,^)			100 Independence Place, Ste 414, Tyler, TX 75703						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						10/13/2026						13.1						13.1						13.3						—		%
Reliable Recovery Services LLC			(#,^)			2401 West Mcdowell Rd, Phoenix, AZ 85009						Support Activities for Transportation						Term Loan						Prime plus 2.75%						10/7/2026						75.8						75.8						78.0						0.02		%
Wyspen Corporation dba Charlestown Ace			(#,^)			5 Austin St, Charlestown, MA 2129						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						10/3/2026						24.3						24.3						24.5						0.01		%
Ailky Corporation			(#,^)			352 Beford St, Lakeville, MA 2347						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						10/3/2026						159.6						159.6						162.4						0.05		%
JJA Transportation Management Inc.			(#,^)			15 Church St, Upland, PA 19015						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/30/2026						33.6						33.6						33.9						0.01		%
Seaway LLC and Reklaw LLC dba Allure Lounge			(#,^)			415 -417 Halsey Drive, Newark, NJ 7102						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2041						127.4						127.4						149.0						0.04		%
Beadon Inc			(#,^)			2601 Old Ocean City Rd, Salisbury, MD 21804						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/28/2026						14.9						14.9						15.6						—		%
CNC Precision Machine, Inc.			(#,^)			18360 Industrial Circle, Burton, OH 44021						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2041						1,188.7						1,188.7						1,376.8						0.41		%

226

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Reynolds Fence & Guardrail Inc.			(#,^)			9320 Machado Drive, Indian Trail, NC 28079						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/27/2026						418.4						418.4						435.8						0.13		%
Kyle M Walker DDS, PC			(#,^)			1402 West Park Ave, Orange, TX 77630						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2026						157.1						157.1						159.5						0.05		%
Luv 2 Play Nor Cal, LLC dba Luv 2 Play			(#,^)			82 Clarksville Rd, Folsom, CA 95630						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/27/2026						36.2						36.2						36.9						0.01		%
TPFC,LLC dbaThe Picture Frame Company			(#,^)			5957 Glenway Ave, Cincinnati, OH 45238						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/26/2041						54.5						54.5						63.2						0.02		%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch			(#,^)			24201 North Hwy 1, Fort Bragg, CA 95437						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						9/26/2026						6.0						6.0						6.3						—		%
PeopleBest Inc.			(#,^)			19442 Mesa Drive, Villa Park, CA 92861						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/26/2026						10.0						10.0						10.0						—		%
Cuppiecakes LLC			(#,^)			313 S Main St, McGregor, TX 76557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/21/2041						20.9						20.9						24.1						0.01		%
Wrecking Crew Media LLC			(#,^)			229 Commercial Ave, Pittsburgh, PA 15212						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/21/2026						33.2						33.2						33.5						0.01		%
Consulting Solutions Inc. and Mark Luciani			(#,^)			3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/20/2026						16.2						16.2						16.8						—		%
Benoit's Towing and Recovery LLC			(#,^)			301 Tabor Rd, Swanton, VT 5488						Support Activities for Transportation						Term Loan						Prime plus 2.75%						9/20/2026						5.6						5.6						5.7						—		%
Marquis Cattle Company			(#,^)			805 US Hwy 87, Belt, MT 59412						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						9/13/2026						33.5						33.5						35.1						0.01		%
Metropet Dog Center, Inc			(#,^)			2057 West Shore Rd, Warwick, RI 2889						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2041						101.3						101.3						117.6						0.03		%
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C			(#,^)			1362-1366 W. Carrier Parkway, Grand Prairie, TX 75050						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/30/2026						89.8						89.8						91.1						0.03		%
Raem Corporation dba Dryclean Express			(#,^)			557 West Whitney Rd, Fairport, NY 14450						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/29/2041						67.1						67.1						78.3						0.02		%
Warren Dale Warrington dba Custom Paint and Body			(#,^)			705 S Market Ave, Fort Pierce, FL 34982						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/26/2041						93.7						93.7						108.9						0.03		%
Albert Basse Associates Inc			(#,^)			175 Campanelli Parkway, Stoughton, MA 2072						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						8/25/2026						40.6						40.6						42.4						0.01		%
Rosmel Pools Inc			(#,^)			9300 NW 25th St Ste 103, Miami, FL 33172						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						14.8						14.8						15.0						—		%
Avery Management Inc. dba Whetstone Upholstery			(#,^)			1122 N Bloulevard, Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						6.7						6.7						6.7						—		%
TR Companies LLC dba Liberty Rental 4 U			(#,^)			410 N Church Rd, Liberty, MO 64068						Rental and Leasing Services						Term Loan						Prime plus 2.75%						8/25/2026						32.6						32.6						32.8						0.01		%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC			(#,^)			726-740 South Fleming St, Sebastian, FL 32958						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/24/2041						492.0						492.0						574.4						0.17		%
Luv 2 Play Temecula, LLC			(#,^)			26469 Ynez Rd, Temecula, CA 92591						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/15/2026						40.9						40.9						41.1						0.01		%
Grayson O Company			(#,^)			6509 Newell Ave, Kannapolis, NC 28082						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/10/2041						578.2						578.2						675.1						0.20		%

227

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Paul Belanger dba Paul Belanger Landscaping			(#,^)			2595 Military Ave, Los Angeles, CA 90064						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/9/2026						9.8						9.8						9.9						—		%
The Hungry Rhino LLC			(#,^)			47 South Main St, Windsor Locks, CT 6096						Real Estate						Term Loan						Prime plus 2.75%						7/29/2041						70.4						70.4						81.5						0.02		%
Little Tree Huggers Child Care LLC			(#,^)			38620 9 Mile Rd, Farmington Hills, MI 48335						Social Assistance						Term Loan						Prime plus 2.75%						7/29/2041						129.3						129.3						150.9						0.04		%
303 Tower Drive LLC			(#,^)			303 Tower Drive, Ste A, Middletown, NY 10941						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2041						369.5						369.5						430.3						0.13		%
USA General Investment LLC dba Braniff Paint and Body Shop			(#,^)			2290 NW 21st Terrace, Miami, FL 33142						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2026						14.6						14.6						14.8						—		%
676 Club LP dba The Green Door Tavern/The Drifter			(#,^)			676 and 678 North Orleans ST, Chicago, IL 60654						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/28/2041						622.6						622.6						726.2						0.21		%
Apple Tree NC Inc dba Williams Farm & Garden Center			(#,^)			1309 Old Cherry Point Rd, New Bern, NC 28560						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/28/2041						319.9						319.9						369.1						0.11		%
Intrepid Trinity LLC			(#,^)			680 Douglas Ave, Providence, RI 2908						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/28/2041						57.7						57.7						67.0						0.02		%
EPEC Juice LLC dba Jamba Juice			(#,^)			810 Ninth St, Ste 128, Durham, NC 27705						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						54.2						54.2						54.5						0.02		%
Pinco Pizza LLC dba Jet's Pizza			(#,^)			10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						47.7						47.7						49.9						0.01		%
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar			(#,^)			1 West Main St, Patchogue, NY 11772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/27/2026						82.1						82.1						82.7						0.02		%
Robert G Larson State Farm Insurance			(#,^)			7922 Jamaica Ave, Woodhaven, NY 11421						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/22/2026						14.6						14.6						14.7						—		%
My Sainath Inc dba Motel 6			(#,^)			1008 E Crest Drive, Waco, TX 76705						Accommodation						Term Loan						Prime plus 2.75%						7/22/2041						282.9						282.9						329.6						0.10		%
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho			(#,^)			1502 Hwy 157, Mansfield, TX 76063						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						7/18/2026						10.2						10.2						10.3						—		%
Franklin Firm LLC dba Luv 2 Play			(#,^)			1310 East Stan Schleuter Loop, Killeen, TX 76542						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/15/2041						149.5						149.5						173.6						0.05		%
RM Hawkins LLC dba Pure Water Tech West			(#,^)			5140 Topaz Drive, Colorado Springs, CO 80918						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/7/2026						32.3						32.3						33.7						0.01		%
Nevey's LLC dba Stark Food III			(#,^)			6315 W. Fond Du Lac Ave, Milwaukee, WI 53218						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/30/2041						271.8						271.8						320.9						0.09		%
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai			(#,^)			1314 Sixth St, Orland, CA 95963						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/30/2029						147.5						147.5						159.1						0.05		%
VMA Technologies LLC			(#,^)			120 South Serenata Drive Unit 332, Ponte Vedra Beach, FL 32082						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2026						14.3						14.3						14.8						—		%
P L H Pharmaco Inc dba Farmacia San Jose			(#,^)			149 48th St, Union City, NJ 7087						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/30/2026						106.7						106.7						111.9						0.03		%
Martin Inventory Management LLC			(#,^)			304 1/2 Main St, Edgefield, SC 29824						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/30/2026						15.8						15.8						16.6						—		%

228

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Desert Tacos LLC			(#,^)			245 East Bell Rd Ste A-2, Phoenix, AZ 85022						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2026						64.9						64.9						67.9						0.02		%
WGI, LLC dba Williams Grant Inn			(#,^)			154 High St, Bristol, RI 2809						Accommodation						Term Loan						Prime plus 2.75%						6/29/2041						113.3						113.3						133.6						0.04		%
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc			(#,^)			626 Delsea Drive N, Glassboro, NJ 8028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2026						89.8						89.8						93.0						0.03		%
KWG Industries, LLC dba Peterson & Marsh Metal Industries			(#,^)			330 Roycefield Rd, Unit B, Hillsborough, NJ 8844						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/29/2041						280.6						280.6						331.0						0.10		%
JumboMarkets Inc dba Rines Jumbomarkets			(#,^)			15500 SW Trail Drive, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/24/2026						32.0						32.0						33.0						0.01		%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						6/24/2041						93.3						93.3						110.0						0.03		%
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy			(#,^)			27 Main St, Monroe, CT 6468						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/23/2041						459.2						459.2						538.4						0.16		%
Visual Advantage LLC dba Signs Now Perryberg			(#,^)			23248 Dunbridge Rd, Perrysburg, OH 43443						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/23/2041						84.1						84.1						98.8						0.03		%
Long Island Comedy LLC dba Governors and New York Comedy, LLC			(#,^)			90 A Division Ave, Levittown, NY 11756						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/23/2041						173.5						173.5						204.0						0.06		%
Bagelicious, LLC			(#,^)			945 S Main St, Cheshire, CT 6410						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/17/2026						34.9						34.9						36.1						0.01		%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr			(#,^)			377 Boston Post Rd, Milford, CT 6460						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/16/2026						352.9						352.9						364.1						0.11		%
NKJ Lusby Donuts LLC			(#,^)			174 Village Center Drive, Lusby, MD 20657						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/16/2026						14.4						14.4						14.9						—		%
Jai-Alexia Consulting, Inc.			(#,^)			14660 Paddock Drive, Wellington, FL 33414						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/15/2026						7.6						7.6						7.8						—		%
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares			(#,^)			1137 West St, Southington, CT 6489						Social Assistance						Term Loan						Prime plus 2%						6/15/2041						470.9						470.9						521.8						0.15		%
Luv 2 Play AZ LLC			(#,^)			15495 Bell Rd, Surprise, AZ 85374						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/10/2026						41.9						41.9						43.9						0.01		%
Refoleen Inc dba Spice and Tea Exchange			(#,^)			849 East Commerce St, Ste 121, San Antonio, TX 78205						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/10/2026						55.4						55.4						57.1						0.02		%
Larry H. Patterson and Rainbow Movers, Inc			(#,^)			2325 Hollers Ave, Bronx, NY 10475						Truck Transportation						Term Loan						Prime plus 2.75%						6/6/2026						14.4						14.4						14.9						—		%
Solvit Inc and Solvit North Inc			(#,^)			65 Farmington Valley Drive, Plainville, CT 6062						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/3/2026						158.5						158.5						164.6						0.05		%
AP5 LLC dba Krauser's Food Store			(#,^)			5 Pond Point Rd, Milford, CT 6460						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/2/2041						178.5						178.5						210.6						0.06		%
ATI Jet Inc			(#,^)			7007 Boeing Drive, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						5/31/2026						370.7						370.7						384.6						0.11		%
Angelo Faia dba AVF Construction			(#,^)			55 Arbour Lane, Sewell, NJ 8080						Construction of Buildings						Term Loan						Prime plus 2.75%						5/27/2041						91.5						91.5						107.6						0.03		%

229

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Premier Athletic Center of Ohio, Inc			(#,^)			8957 Kingsridge Drive, Centerville, OH 45459						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/27/2026						55.3						55.3						58.0						0.02		%
Jack Frost Firewood Inc. and David Dubinsky			(#,^)			3168 Holland Rd, Virginia Beach, VA 23453						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/26/2041						189.7						189.7						222.8						0.07		%
Southwest Division Inc			(#,^)			2103 NE 3rd Terrace, Cape Coral, FL 33909						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						5/26/2026						5.2						5.2						5.4						—		%
International Kitchen Supply LLC			(#,^)			3466 North Hwy 11, West Union, SC 29696						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/25/2026						119.9						119.9						124.6						0.04		%
Groth Lumber Co. Inc. dba True Value			(#,^)			6747 Pacific Ave, Wright, MN 55798						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/25/2026						14.2						14.2						14.9						—		%
Island Life Graphics Inc dba FASTSIGNS #576			(#,^)			1925 S 14th St No. 7, Amelia Island, FL 32034						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/24/2026						14.2						14.2						14.7						—		%
Powerspec Inc			(#,^)			1 Linsley Place, Metuchen, NJ 8840						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2026						55.0						55.0						56.8						0.02		%
Horseshoe Barbecue, LLC			(#,^)			6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/23/2029						6.8						6.8						7.3						—		%
Pro Auto Repair LLC			(#,^)			204 F St SW, Quincy, WA 98848						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/20/2026						4.6						4.6						4.9						—		%
National Air Cargo Holdings Inc			(#,^)			5955 TG Lee Blvd., Ste 500, Orlando, FL 32822						Air Transportation						Term Loan						Prime plus 2.75%						5/20/2026						71.5						71.5						75.0						0.02		%
Elderfriend Inc dba Granny Nannies dba GN Live Scan			(#,^)			1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486						Social Assistance						Term Loan						Prime plus 2.75%						5/20/2026						8.1						8.1						8.3						—		%
Dedicated Incorporated			(#,^)			2916 North 39th St, Phoenix, AZ 85019						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/18/2041						42.8						42.8						50.3						0.01		%
J&A Laundromat Inc.			(#,^)			225 East Park Ave, Long Beach, NY 11561						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/18/2026						42.7						42.7						44.2						0.01		%
HBA LLC dba Palmetto Twist-Vista			(#,^)			1225-1229 Lincoln St, Columbia, SC 29201						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2026						12.3						12.3						12.7						—		%
FJN Catering Inc			(#,^)			106 Main St, Mineola, NY 11951						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/13/2041						243.1						243.1						286.7						0.08		%
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano			(#,^)			11 Kirby Rd, Cromwell, CT 6419						Social Assistance						Term Loan						Prime plus 2.75%						5/12/2041						121.9						121.9						143.2						0.04		%
Sabir Inc. dba Bear Diner			(#,^)			603 Pulaski Hwy, Bear, DE 19701						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/11/2041						113.8						113.8						134.1						0.04		%
Keller, Fishback & Jackson LLP			(#,^)			28720 Canwood St, Agoura Hills, CA 91301						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/29/2026						80.8						80.8						84.8						0.02		%
Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/29/2026						4.7						4.7						4.8						—		%
Hard Exercise Works Winter Park LLC			(#,^)			11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/29/2026						25.4						25.4						26.2						0.01		%
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg			(#,^)			401 East City Ave Ste 122, Bala Cynwyd, PA 19004						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/29/2026						14.0						14.0						14.5						—		%

230

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Warner Home Comfort, LLC dba Smith Piping			(#,^)			1571 Canton Rd., NW, Carrollton, OH 44615						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2041						75.7						75.7						89.0						0.03		%
Alpha Omega Trucking LLC			(#,^)			14432-52 State Line Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						4/29/2041						161.2						161.2						190.2						0.06		%
May-Craft Fiberglass Products Inc			(#,^)			96 Hillsboro Rd, Four Oaks, NC 27524						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						4/29/2041						227.2						227.2						267.9						0.08		%
Empowerschool LLC and Empower Autism Academy, LLC			(#,^)			1250 South A. W. Grimes Rd, Round Rock, TX 78665						Social Assistance						Term Loan						Prime plus 2.75%						4/29/2041						139.4						139.4						164.4						0.05		%
Pecos Inn LLC dba Econo Lodge			(#,^)			2207 W Third St, Pecos, TX 79772						Accommodation						Term Loan						Prime plus 2.75%						4/28/2041						621.9						621.9						732.8						0.22		%
Costume World Inc			(#,^)			950 South Federal Hwy, Deerfield Beach, FL 33441						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						4/28/2041						1,153.3						1,153.3						1,360.3						0.40		%
Accent Comfort Services, LLC			(#,^)			5035-C West W. T. Harris Blvd, Charlotte, NC 28269						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/26/2026						56.2						56.2						58.0						0.02		%

Automotive Core Recycling, LLC and 828 Old Colony Road, LLC			(#,^)			27-29 Cooper St, Meriden, CT 6053						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/22/2041						229.5						229.5						268.6						0.08		%
AAA Mill Direct, Inc. dba Carpet Mill Outlets			(#,^)			1 North Armistead Ave, Hampton, VA 23669						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						4/21/2026						4.9						4.9						5.2						—		%
Sushiya Inc			(#,^)			72 South Main St, Hanover, NH 3755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2026						54.7						54.7						56.7						0.02		%
Waterfalls Quick Lube LLC and Veracruz Shabo LLC			(#,^)			1325 BRd St, Central Falls, RI 2863						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/6/2041						249.9						249.9						294.3						0.09		%
KNS Early Learning Academy LLC			(#,^)			57 Merritt St SE, Marietta, GA 30060						Social Assistance						Term Loan						Prime plus 2.75%						4/6/2041						46.9						46.9						55.0						0.02		%
Christian Soderquist dba Soderquist Plumbing and Heating LLC			(#,^)			7 Oak Drive, Sandy Hook, CT 6482						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2041						52.0						52.0						61.3						0.02		%
Vehicle Safety Supply LLC			(#,^)			15 East 72nd St, Ste 14-H, New York, NY 10021						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2026						13.9						13.9						14.3						—		%
Dana A. Farley dba Independent Cabinets			(#,^)			5805 NE Minder Rd, Poulsbo, WA 98370						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2041						59.5						59.5						70.2						0.02		%
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G			(#,^)			101 East Redlands Blvd., Ste 106, Redlands, CA 92373						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2026						46.2						46.2						47.6						0.01		%
Men of Steel Enterprises LLC and Vogelbacher Properties LLC			(#,^)			2039 US Route 130, Burlington, NJ 8016						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/31/2041						360.4						360.4						421.4						0.12		%
MTS Car Service LLC			(#,^)			9 Gibson Court Apt# 1, Norwalk, CT 6854						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						3/30/2026						6.5						6.5						6.7						—		%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P			(#,^)			550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						3/30/2026						57.8						57.8						59.7						0.02		%
Tom Sawyer Country Restaurant LLC and AM 3208 LLC			(#,^)			3208 Forest Hills Blvd, Palm Springs, FL 33406						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/30/2041						236.1						236.1						278.4						0.08		%
Wyldewood Cellars, Inc.			(#,^)			951 East 119th St, Mulvane, KS 67120						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						3/30/2041						960.1						960.1						1,124.2						0.33		%

231

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

NOSO Development, LLC			(#,^)			4 Walker Way, Albany, NY 12205						Construction of Buildings						Term Loan						Prime plus 2.75%						3/30/2026						120.2						120.2						123.8						0.04		%
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 2825						Accommodation						Term Loan						Prime plus 2.75%						3/30/2026						14.0						14.0						14.7						—		%
Barrocas Gym LLC dba Snap Fitness			(#,^)			260 West Main St, Avon, CT 6001						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/29/2026						11.6						11.6						12.1						—		%
Marathon Engineering Corporation			(#,^)			5615 2nd St W, Lehigh Acres, FL 33971						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/28/2041						41.2						41.2						48.5						0.01		%
PHCDC1 LLC dba Quarter & Glory and Public House Collective, Corp.			(#,^)			2017 14th St NW, Washington, DC 20009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2026						31.6						31.6						32.8						0.01		%
Revolution Physical Therapy LLC dba Apex Network Physical Therapy			(#,^)			2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2026						14.0						14.0						14.5						—		%
International Construction Inc			(#,^)			53955 Gratiot Ave, Chesterfield, MI 48051						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						3/24/2041						43.5						43.5						51.0						0.02		%
ActKnowledge, Inc			(#,^)			365 5th Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/24/2026						77.0						77.0						80.6						0.02		%
Precious Care LLC and Precious Care Management LLC			(#,^)			186-06 Union Turnpike, Fresh Meadows, NY 11364						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/21/2026						342.2						342.2						352.6						0.10		%
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc			(#,^)			330 West Harden St, Graham, NC 27253						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/18/2041						74.0						74.0						87.1						0.03		%
Kekoa Enterprises Inc dba Signarama Sandy			(#,^)			8942 South 700 East, Sandy, UT 84070						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/18/2026						30.5						30.5						31.4						0.01		%
Brian T Rice dba BD Logging			(#,^)			800 3rd St Apt B, St Marys, WV 26170						Forestry and Logging						Term Loan						Prime plus 2.75%						3/17/2026						1.1						1.1						1.2						—		%
R & D Enterprises Inc dba My Pool Man			(#,^)			291 North Texas Ave., Orlando, FL 32805						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/15/2026						30.8						30.8						31.7						0.01		%
HEWZ, LLC dba Hard Exercise Works			(#,^)			5684 West Sample Rd, Coral Springs, FL 33071						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/14/2026						13.8						13.8						14.2						—		%
Mustafa Inc and Raouf Properties LLC			(#,^)			3538 Pin Oak Dr, San Antonio, TX 78229						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/14/2041						68.5						68.5						80.6						0.02		%
Dupre Capital LLC dba Fastsigns			(#,^)			215 Quartermaster Court, Jeffersonville, IN 47130						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/11/2026						36.0						36.0						37.0						0.01		%
ABCs & 123s Infant and Child Care Center LP			(#,^)			13419 Hwy 290E., Bldg 5, Manor, TX 78653						Social Assistance						Term Loan						Prime plus 2.75%						3/11/2026						6.9						6.9						7.1						—		%
Step Up Academy of the Arts LLC			(#,^)			2558 Wigwam Pkwy Ste A, Henderson, NV 89074						Educational Services						Term Loan						Prime plus 2.75%						3/9/2026						4.9						4.9						5.1						—		%
Faith Summit Supply Inc dba Summit Supply and Summit True Value			(#,^)			8584 US Business Hwy 277, Haskell, TX 79521						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/9/2026						13.9						13.9						14.4						—		%
Swerve Salon LLC			(#,^)			1419 N Wells St, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2026						48.7						48.7						50.1						0.01		%
J & W Hardwood Flooring Inc			(#,^)			14967 Madison St, Brighton, CO 80602						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/7/2026						4.6						4.6						4.8						—		%
Labmates LLC and POV Holdings LLC			(#,^)			141 Watertown Rd, Thomaston, CT 6787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/4/2041						100.1						100.1						117.8						0.03		%

232

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hueston and Company CPA LLC			(#,^)			8792 East State Rd 70, Ste B, Bradenton, FL 34202						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/4/2026						5.0						5.0						5.2						—		%
Almost Home Daycare LLC			(#,^)			35 Copps Hill Rd, Ridgefield, CT 6877						Social Assistance						Term Loan						Prime plus 2.75%						3/3/2026						34.5						34.5						36.1						0.01		%
The River Beas, LLC dba Subway and Punam Singh			(#,^)			5516 Baltimore Ave, Hyattsville, MD 20781						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2041						124.2						124.2						146.2						0.04		%
Consulting Solutions, Inc. and Mark Luciani			(#,^)			3000 N Federal Hwy, STE 1, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/28/2026						7.5						7.5						7.8						—		%
Living Essentials HVAC Corp			(#,^)			42 West St, Apt 24, Randolph, MA 2368						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2026						9.1						9.1						9.4						—		%
Powerpits CS1, LLC dba Pita Pit			(#,^)			2008 S Texas Ave, College Station, TX 77840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2026						1.4						1.4						1.5						—		%
Drug Detection Laboratories, Inc. and Minh Tran			(#,^)			9700 Business Park Drive, Sacramento, CA 95827						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/28/2026						12.0						12.0						12.4						—		%
Aaradhya LLC dba Market Square Laundry			(#,^)			7727 Crittenden St, Philadelphia, PA 19118						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2026						47.1						47.1						48.5						0.01		%
Blackstones Hairdressing LLC			(#,^)			2 Ave of the Americas, New York, NY 10013						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2026						31.8						31.8						32.8						0.01		%
R & K Contracting Inc			(#,^)			3605 NW 31st Ave, Fort Lauderdale, FL 33309						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/18/2026						9.6						9.6						10.1						—		%
Jersey Shore Marina & Boat Sales, Inc.			(#,^)			841 Route 70 East, Brick, NJ 8724						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/12/2041						572.4						572.4						674.0						0.20		%
Ei3 Corporation			(#,^)			136 Summit Ave, Montvale, NJ 7645						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/12/2026						198.7						198.7						207.9						0.06		%
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC			(#,^)			2250 Warrensville Center Rd, University Heights, OH 44118						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/12/2029						227.3						227.3						242.4						0.07		%
B for Blonde, LLC dba Blo Blow Dry Bar			(#,^)			142 East 49th St, New York, NY 10017						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/12/2026						39.7						39.7						40.9						0.01		%
Base USA, Inc.			(#,^)			2215 NW 2nd Ave, Miami, FL 33127						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						2/2/2026						30.4						30.4						31.8						0.01		%
Zouk Ltd dba Palma			(#,^)			28 Cornelia St, New York, NY 10014						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/29/2026						13.5						13.5						14.1						—		%
SuzyQue's LLC dba SuzyQue's			(#,^)			34 South Valley Rd, West Orange, NJ 7052						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2026						13.4						13.4						14.0						—		%
Wildflour Bakery & Cafe LLC			(#,^)			5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301						Social Assistance						Term Loan						Prime plus 2.75%						1/28/2026						37.5						37.5						39.3						0.01		%
Tammy Lavertue			(#,^)			24 Wakefield St, Rochester, NH 3867						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						1/28/2026						6.7						6.7						7.0						—		%
Gendron Funeral and Cremation Services, Inc.			(#,^)			135 North Lime Ave, Sarasota, FL 34237						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/11/2041						102.8						102.8						121.0						0.04		%
Dolarian Realty LLC and OV's Restaurant Inc			(#,^)			34 Old Colony Ave, East Taunton, MA 2718						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/5/2041						61.8						61.8						72.8						0.02		%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt			(#,^)			1196 Inverness Lane, Stow, OH 44224						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2025						66.6						66.6						68.7						0.02		%

233

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

MCF Forte LLC			(#,^)			1245 W Baseline Rd Unit 105, Mesa, AZ 85202						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2025						11.1						11.1						11.4						—		%
Panditos LLC dba White Lotus Home			(#,^)			431 Raritan Ave, Highland Park, NJ 8904						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/28/2025						9.4						9.4						9.7						—		%
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc			(#,^)			24201 North Hwy 1, Fort Bragg, CA 95437						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/23/2040						93.3						93.3						109.4						0.03		%
800 on the Trax LLC and Matrix Z LLC			(#,^)			800 SW 21st Terrace, Fort Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						12/23/2040						228.7						228.7						268.0						0.08		%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga			(#,^)			8957 Kingsridge Drive, Centerville, OH 45459						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/22/2028						635.3						635.3						681.1						0.20		%
Joyce Outdoor Advertising Chicago LLC			(#,^)			2443 West 16th St, Chicago, IL 60608						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2040						274.3						274.3						321.4						0.09		%
Hattingh Incorporated dba Prosthetic Care Facility			(#,^)			4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/21/2025						10.6						10.6						11.0						—		%
Trip Consultants U.S.A. Inc.			(#,^)			311 85th St, Brooklyn, NY 11209						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2025						98.4						98.4						101.0						0.03		%
Accent Tag and Label Inc			(#,^)			2201 Rittenhouse St, Des Moines, IA 50321						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/18/2040						603.3						603.3						707.4						0.21		%
Labmates LLC			(#,^)			141 Watertown Rd, Thomaston, CT 6787						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/18/2040						147.9						147.9						173.8						0.05		%
Sourceco Limited Liability Company			(#,^)			17 Palmer Ave, West Long Branch, NJ 7764						Merchant Wholesalers, Nondurable Goods						Term Loan						6.5%						12/17/2025						24.5						24.5						23.7						0.01		%
Moments to Remember USA LLC dba Retain Loyalty			(#,^)			1250 Sanders Ave SW, Massillon, OH 44646						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2025						51.3						51.3						53.3						0.02		%
New York Home Health Care Equipment, LLC			(#,^)			30 Hopper St, Westbury, NY 11590						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/16/2025						610.4						610.4						637.0						0.19		%
Swalm Street LLC and New York Home Health Care Equipment LLC			(#,^)			30 Hopper St, Westbury, NY 11590						Ambulatory Health Care Services						Term Loan						7.5%						12/16/2040						363.0						363.0						340.4						0.10		%
Abitino's JFK LLC dba Abitino's			(#,^)			Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2022						46.3						46.3						46.5						0.01		%
JAG Unit 1, LLC			(#,^)			1 West Main St, Patchogue, NY 11772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2025						150.1						150.1						154.1						0.05		%
DC Enterprises Ltd. dba Lakeview True Value			(#,^)			318 North F St, Lakeview, OR 97630						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/14/2025						13.3						13.3						13.9						—		%
Basista Family Limited Partnership and UPE, Inc.			(#,^)			3401 Brecksville Rd, Richfield, OH 44286						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/14/2040						311.6						311.6						365.3						0.11		%
Cares, Inc dba Dumpling Grounds Day Care Center			(#,^)			4508 Blakiston St, Philadelphia, PA 19136						Social Assistance						Term Loan						Prime plus 2.75%						12/10/2025						4.4						4.4						4.6						—		%
Custom Exteriors, Inc.			(#,^)			2142 Rheem Drive, Ste E, Pleasanton, CA 94588						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/9/2025						59.2						59.2						61.1						0.02		%
Sushiya, Inc.			(#,^)			72-74 South Main St, Hanover, NH 3755						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2025						64.3						64.3						66.5						0.02		%

234

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC			(#,^)			880 Lowcountry Blvd, Mount Pleasant, SC 29464						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/4/2040						457.4						457.4						536.9						0.16		%
Japp Business Inc dba Pick and Eat and Japp Drink Corp.			(#,^)			4179 Broadway, New York, NY 10033						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/30/2025						75.7						75.7						78.3						0.02		%
DWeb Studio, Inc.			(#,^)			10800 E. Bethany Drive, Ste 275, Aurora, CO 80014						Educational Services						Term Loan						Prime plus 2.75%						11/25/2025						6.6						6.6						6.7						—		%
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC			(#,^)			726-740 South Fleming St, Sebastian, FL 32958						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						11/23/2040						738.3						738.3						692.8						0.20		%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy			(#,^)			3105 107th Ave, Doral, FL 33178						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						11/20/2025						52.5						52.5						54.1						0.02		%
S.B.B. Enterprises Inc dba Williamston Hardware			(#,^)			139 S Putnam St, Williamston, MI 48895						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/19/2040						98.5						98.5						114.9						0.03		%
Key Pix Productions Inc. dba Air Bud Entertainment			(#,^)			22525 Pacific Coast Hwy, Malibu, CA 90265						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						11/18/2040						499.7						499.7						587.4						0.17		%
Green Life Lawnscapes LLC dba Green Life Lawn Care			(#,^)			1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/6/2025						80.1						80.1						83.6						0.02		%
JumboMarkets Inc dba Rines Jumbomarkets			(#,^)			15500 SW Trail Drive, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/4/2025						178.6						178.6						186.4						0.05		%
Financial Network Recovery Inc			(#,^)			250 E Easy St Ste 1, Simi Valley, CA 93065						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/26/2025						23.0						23.0						23.6						0.01		%
ADMO Inc dba Mid States Equipment			(#,^)			16180 Westwoods Business Park, Ellisville, MO 63021						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/8/2025						12.9						12.9						13.3						—		%
SCJEN Management Inc dba Bowl of Heaven			(#,^)			43958 Pacific Common Blvd, Fremont, CA 94538						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2025						40.8						40.8						41.9						0.01		%
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit			(#,^)			7748 Troost Ave, Kansas City, MO 64131						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2028						46.7						46.7						50.1						0.01		%
Binky's Vapes LLC			(#,^)			10539 Greenbelt Rd Ste 102, Lanham, MD 20706						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/30/2025						12.7						12.7						13.1						—		%
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets			(#,^)			1838 Adee Ave, Baychester, NY 10469						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						9/30/2040						129.1						129.1						151.8						0.04		%
R.H. Hummer Jr., Inc.			(#,^)			2141 P Ave, Williamsburg, IA 52361						Truck Transportation						Term Loan						Prime plus 2.75%						9/30/2025						230.8						230.8						240.9						0.07		%
RIM Investments LLC and RIM Architects LLC			(#,^)			645 G St Ste 400, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/28/2040						360.7						360.7						422.4						0.12		%
Greensward of Marco Inc.			(#,^)			54 Marco Lake Drive, Marco Island, FL 34146						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/28/2040						79.6						79.6						93.3						0.03		%
Sandlot Ventures LLC and Sandbox Ventures LLC			(#,^)			1857A Elmdale Ave, Glenview, IL 60025						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/25/2040						413.0						413.0						482.0						0.14		%
Prestigious LifeCare for Seniors LLC			(#,^)			5701 North Pine Island Rd, Tamarac, FL 33321						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/25/2025						5.6						5.6						5.8						—		%

235

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Daniel W. Stark dba Mountain Valley Lodge and RV Park			(#,^)			223 Hwy 80, Rodeo, NM 88056						Accommodation						Term Loan						Prime plus 2.75%						9/25/2040						12.2						12.2						14.3						—		%
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn			(#,^)			10 West Orvis St, Massena, NY 13662						Accommodation						Term Loan						Prime plus 2.75%						9/24/2040						565.1						565.1						661.5						0.19		%
Finish Strong Inc dba FASTSIGNS St Peters			(#,^)			98 North Hillview Drive, St Peters, MO 63376						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/23/2025						28.3						28.3						29.0						0.01		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2025						28.1						28.1						29.0						0.01		%
IIoka Inc dba New Cloud Networks			(#,^)			160 Inverness Drive W Ste 150, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/21/2025						378.5						378.5						387.8						0.11		%
Vanderhoof LLC dba Soxfords			(#,^)			11 Sellecks Walk, Pound Ridge, NY 10576						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/18/2025						8.6						8.6						8.8						—		%
MiJoy Inc dba Imo's Pizza			(#,^)			215 South Kirkwood Rd, Kirkwood, MO 63122						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/18/2025						4.7						4.7						4.8						—		%
Naeem Khan LTD			(#,^)			260 West 36h St, New York, NY 10018						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/17/2025						70.8						70.8						72.6						0.02		%
FirstVitals Health and Wellness Inc			(#,^)			1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2025						87.6						87.6						89.7						0.03		%
Almost Home Daycare LLC			(#,^)			35 Copps Hill Rd, Ridgefield, CT 6877						Social Assistance						Term Loan						Prime plus 2.75%						9/11/2025						6.4						6.4						6.7						—		%
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc			(#,^)			170 Main St, North Kingstown, RI 2852						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						9/8/2040						126.7						126.7						148.7						0.04		%
Empower Autism Academy			(#,^)			1250 South A. W. Grimes Rd, Round Rock, TX 78665						Social Assistance						Term Loan						Prime plus 2.75%						9/4/2040						619.3						619.3						726.8						0.21		%
Elite Institute LLC dba Huntington Learning Center			(#,^)			13526 Village Park Drive Ste 214, Orlando, FL 32837						Educational Services						Term Loan						Prime plus 2.75%						8/28/2025						8.5						8.5						8.7						—		%
3000 CSI Property LLC and Consulting Solutions Inc			(#,^)			3000 N Federal Hwy, Ste 1, Fort Lauderdale, FL 33306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/20/2040						127.8						127.8						149.9						0.04		%
God Be Glorified Inc dba GBG Inc			(#,^)			40 West. 162nd St, South Holland, IL 60473						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/20/2025						29.6						29.6						30.3						0.01		%
GDP Gourmet LLC dba Joe and John's Pizza Restaurant			(#,^)			136 New Jersey Ave, Absecon, NJ 8201						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/19/2040						130.9						130.9						153.1						0.05		%
Gold Jet Corp.			(#,^)			2472 Broadway, New York, NY 10025						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/14/2025						39.9						39.9						41.3						0.01		%
SKJ Inc dba Subway			(#,^)			401 S Woodlawn Ave, Bloomington, IN 47401						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/13/2025						48.4						48.4						49.7						0.01		%
LP Industries Inc dba Childforms			(#,^)			110 Charleston Drive, Mooresville, NC 28117						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						7/29/2025						72.3						72.3						75.2						0.02		%
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa			(#,^)			550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						7/24/2025						36.4						36.4						37.5						0.01		%
Free Ion Advisors LLC			(#,^)			322 Evandale Rd, Scarsdale, NY 10583						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/21/2025						35.3						35.3						36.2						0.01		%
Murrayville Donuts, Inc dba Dunkin' Donuts			(#,^)			2304 N College Rd, Wilmington, NC 28405						Food and Beverage Stores						Term Loan						Prime plus 2.75%						7/15/2040						330.7						330.7						385.9						0.11		%

236

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Union 2 LLC dba The Standard			(#,^)			1520 Broadway, Fort Myers, FL 33901						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/10/2025						61.1						61.1						63.4						0.02		%
Jonathan E Nichols and Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Drive, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/30/2025						40.6						40.6						42.2						0.01		%
Thrifty Market, Inc. dba Thrifty Foods			(#,^)			702 10th St, Wheatland, WY 82201						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/30/2030						210.1						210.1						228.6						0.07		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						8/29/2030						219.4						219.4						238.9						0.07		%
SofRep, Inc dba Force 12 Media			(#,^)			930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451						Other Information Services						Term Loan						Prime plus 2.75%						6/26/2025						35.7						35.7						37.0						0.01		%
TJU-DGT Inc dba The Lorenz Cafe			(#,^)			714-718 Lorenz Ave, Pittsburgh, PA 15220						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/26/2029						14.8						14.8						16.0						—		%
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling			(#,^)			13886 Campo Rd, Jamul, CA 91935						Gasoline Stations						Term Loan						Prime plus 2.75%						6/26/2040						341.3						341.3						401.7						0.12		%
CEM Autobody LLC dba Dawn's Autobody			(#,^)			7 Division St, Keyport, NJ 7735						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/26/2040						121.7						121.7						143.2						0.04		%
E & G Enterprises LLC dba Comfort Keepers			(#,^)			220 Middle St, Franklin, VA 23851						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/26/2025						12.1						12.1						12.6						—		%
Ohs Auto Body, Inc. dba Ohs Body Shop			(#,^)			3560 Hwy 93 South, Kalispell, MT 59901						Repair and Maintenance						Term Loan						7.22%						6/25/2040						1,097.8						1,097.8						1,029.7						0.30		%
Wolf Enviro Interests, LLC and Enviromax Services Inc			(#,^)			18002 Mueschke Rd, Cypress, TX 77433						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/25/2040						221.6						221.6						260.3						0.08		%
Evinger PA One, Inc. dba Postal Annex, Falcon			(#,^)			7661 McLaughlin Rd, Falcon, CO 80831						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/24/2025						12.2						12.2						12.6						—		%
RJI Services, Inc.			(#,^)			353 E Angeleno Ste G, Burbank, CA 91502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/23/2025						12.0						12.0						12.4						—		%
Real Help LLC dba Real Help Decorative Concrete			(#,^)			2221 Broadway St, Buffalo, NY 14212						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/22/2025						28.7						28.7						29.9						0.01		%
PM Cassidy Enterprises, Inc. dba Junk King			(#,^)			960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 89502						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/19/2025						6.8						6.8						7.1						—		%
KRN Logistics, LLC and Newsome Trucking, Inc			(#)			2262 Hwy 53 W, Jasper, GA 30143						Truck Transportation						Term Loan						Prime plus 2.75%						6/19/2025						279.4						279.4						290.6						0.09		%
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra			(#,^)			111 N Pompano Beach Blvd., Pompano Beach, FL 33062						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/18/2025						25.2						25.2						26.1						0.01		%
AM PM Properties, LLC and AM PM Willington, LLC			(#,^)			1308 Stafford Rd, Storrs Mansfield, CT 6268						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/17/2040						78.0						78.0						91.8						0.03		%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC			(#,^)			1802 W Grant Rd Ste 114, Tucson, AZ 85745						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/12/2040						124.6						124.6						146.2						0.04		%
Eldredge Tavern LLC dba Gonyea's Tavern			(#,^)			150 Main St, Pascoag, RI 2859						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/8/2040						50.8						50.8						59.8						0.02		%
ViAr Visual Communications, Inc. dba Fastsigns 281701			(#,^)			4721 University Way NE, Seattle, WA 98105						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/5/2025						33.5						33.5						34.8						0.01		%
Video Vault & Tanning LLC and Mosaic Salon LLC			(#)			W7003 Parkview Dr, Ste A & B, Greenville, WI 54942						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/4/2040						60.5						60.5						71.3						0.02		%

237

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Medworxs LLC			(#,^)			10901 W. Toller Drive, Littleton, CO 80127						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2025						67.6						67.6						70.1						0.02		%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse			(#,^)			5980 Lamar St, Arvada, CO 80003						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2025						4.4						4.4						4.5						—		%
Villela CPA PL			(#,^)			777 Brickell Ave, Ste 500, Miami, FL 33131						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/27/2025						4.8						4.8						5.0						—		%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse			(#,^)			2188 Brunswyck Rd, Wallkill, NY 12589						Accommodation						Term Loan						Prime plus 2.75%						5/20/2040						156.1						156.1						183.8						0.05		%
15 McArdle LLC and No Other Impressions Inc			(#,^)			15 McArdle St, Rochester, NY 14611						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						5/15/2040						165.1						165.1						194.3						0.06		%
Guard Dogs MFS LLC			(#,^)			9460 Mistwater Close, Roswell, GA 30076						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/8/2025						33.1						33.1						34.3						0.01		%
South Park Properties LLC and Midlothian Hardware LLC			(#,^)			4751 147th St, Midlothian, IL 60445						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						5/6/2040						42.8						42.8						50.4						0.01		%
Matthew Taylor and Landon Farm LLC			(#,^)			6103 N Church St, Greensboro, NC 27455						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/4/2040						90.1						90.1						105.7						0.03		%
Cares Inc dba Dumpling Grounds Day Care Center			(#,^)			4508 Blakiston St, Philadelphia, PA 19136						Social Assistance						Term Loan						Prime plus 2.75%						5/1/2040						72.6						72.6						85.5						0.03		%
Diamond Solutions LLC			(#,^)			7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/21/2025						10.1						10.1						10.5						—		%
Giacchino Maritime Consultants Inc			(#,^)			5219 Tamiami Court, Cape Coral, FL 33904						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/17/2025						11.8						11.8						12.2						—		%
Sound Coaching Inc			(#,^)			4749 Main St Ste 3, Bridgeport, CT 6606						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						4/14/2025						23.3						23.3						24.1						0.01		%
Faramarz Nikourazm dba Car Clinic Center			(#,^)			10707 Shady Trail, Dallas, TX 75220						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/3/2040						65.7						65.7						77.3						0.02		%
Copper Beech Financial Group LLC			(#,^)			1223 North Church St, Moorestown, NJ 8057						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/30/2025						64.3						64.3						66.8						0.02		%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac			(#,^)			40 Buzzard Ridge Rd, Sequim, WA 98382						Accommodation						Term Loan						Prime plus 2.75%						3/27/2040						269.2						269.2						316.6						0.09		%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC			(#,^)			5600 N. River Rd #925, Rosemont, IL 60018						Real Estate						Term Loan						Prime plus 2.75%						3/27/2025						637.4						637.4						658.8						0.19		%
Shellhorn and Hill Inc dba Total Fleet Service			(#,^)			501 South Market St, Wilmington, DE 19801						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/27/2040						924.3						924.3						1,084.1						0.32		%
Shorr Enterprises Inc dba New Design Furniture Manufacturers			(#,^)			3033 NW 28 St, Lauderdale Lakes, FL 33311						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						3/27/2025						54.9						54.9						57.0						0.02		%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC			(#,^)			800 James Ave, Scranton, PA 18510						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/26/2040						48.2						48.2						56.7						0.02		%
Zero-In Media Inc			(#,^)			1123 Broadway Ste 704, New York, NY 10010						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						3/25/2025						11.6						11.6						12.0						—		%

238

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/24/2025						6.2						6.2						6.4						—		%
Shelton Incorporated dba Mrs. Winners			(#,^)			4509 N. Henry Blvd., Stockbridge, GA 30281						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2040						100.4						100.4						118.0						0.03		%
Jaymie Hazard dba Indigo Hair Studio and Day Spa			(#,^)			2016 Warwick Ave, Warwick, RI 2889						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/20/2040						38.4						38.4						45.1						0.01		%
R & R Security and Investigations Inc dba Pardners Lake Buchanan			(#,^)			15615 State Route 29, Buchanan Dam, TX 78609						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/19/2040						76.1						76.1						89.5						0.03		%
MMS Realty, LLC and Molecular MS Diagnostics LLC			(#,^)			1224 Greenwich Ave, Warwick, RI 2886						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/18/2040						143.4						143.4						168.4						0.05		%
Royal Crest Motors LLC			(#,^)			769 Amesbury Rd, Haverhill, MA 1830						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/16/2040						81.4						81.4						95.6						0.03		%
Luigi's on Main LLC and Luigi's Main Street Pizza Inc			(#,^)			491 Montauk Hwy, Eastport, NY 11941						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/4/2025						5.8						5.8						6.0						—		%
Baystate Firearms and Training, LLC			(#)			215 Newbury St, Peabody, MA 1960						Educational Services						Term Loan						Prime plus 2.75%						2/27/2025						30.3						30.3						31.4						0.01		%
Pace Motor Lines, Inc.			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 6615						Truck Transportation						Term Loan						Prime plus 2.75%						2/26/2025						33.1						33.1						34.4						0.01		%
Kingseal LLC dba Desoto Health and Rehab Center			(#,^)			475 Nursing Home Drive, Arcadia, FL 34266						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						2/26/2040						1,137.8						1,137.8						1,338.1						0.39		%
Nelson Financial Services LLC			(#,^)			20015 N 83rd Place, Scottsdale, AZ 85255						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/24/2025						6.3						6.3						6.5						—		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						2/19/2040						55.1						55.1						64.7						0.02		%
Triangle Trash LLC dba Bin There Dump That			(#,^)			188 Northbend Drive, Youngsville, NC 27596						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						2/18/2025						37.6						37.6						39.0						0.01		%
Dean 1021 LLC dba Pure Pita			(#,^)			106 Central Ave, Westfield, NJ 7090						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/29/2025						44.4						44.4						46.0						0.01		%
Limameno LLC dba Sal's Italian Ristorante			(#,^)			861 Yamato Rd, Bay #2, Boca Raton, FL 33431						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/23/2025						41.4						41.4						42.8						0.01		%
Palmabak Inc dba Mami Nora's			(#,^)			4614 Capital Blvd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/22/2025						2.1						2.1						2.2						—		%
Jung Design Inc			(#,^)			10857 Pine Bluff Drive, Fishers, IN 46037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/20/2022						1.6						1.6						1.6						—		%
Grand Blanc Lanes, Inc. and H, H and H, LLC			(#,^)			5301 S Saginaw Rd, Flint, MI 48507						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/31/2039						117.8						117.8						138.5						0.04		%
First Prevention and Dialysis Center, LLC			(#)			17940 NW 27th Ave, Miami Gardens, FL 33056						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2024						133.9						133.9						138.7						0.04		%
Bowlerama Inc			(#,^)			3031 New Castle Ave, New Castle, DE 19720						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/24/2039						1,072.3						1,072.3						1,258.8						0.37		%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast			(#,^)			114-115 Medical Center Ave, Sebring, FL 33870						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/23/2039						473.3						473.3						554.2						0.16		%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc			(#,^)			1700 W 4th St, Dequincy, LA 70633						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						12/23/2039						443.1						443.1						520.1						0.15		%

239

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha			(#,^)			550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/22/2024						91.6						91.6						94.7						0.03		%
MM and M Management Inc dba Pizza Artista			(#,^)			5409 Johnston St, Lafayette, LA 70503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/19/2025						24.1						24.1						24.9						0.01		%
B.S. Ventures LLC dba Dink's Market			(#,^)			48649 Hwy 58, Oakridge, OR 97463						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/19/2039						47.6						47.6						55.9						0.02		%
The Jewelers Inc. dba The Jewelers of Las Vegas			(#,^)			2400 Western Ave, Las Vegas, NV 89102						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						12/19/2024						605.3						605.3						624.5						0.18		%
Will Zac Management LLC dba Papa John's			(#)			2410 West Jefferson St, Ste B, Joliet, IL 60435						Food Services and Drinking Places						Term Loan						6.25%						12/19/2024						63.3						63.3						62.1						0.02		%
B & W Towing, LLC and Boychucks Fuel LLC			(#,^)			701 Addison Rd, Painted Post, NY 14870						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2039						140.8						140.8						165.0						0.05		%
Kemmer LLC and Apples Tree Top Liquors LLC			(#)			1300 S Jackson St, Salem, IN 47167						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/4/2039						122.2						122.2						143.2						0.04		%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman			(#,^)			988 Hemlock St, Cannon Beach, OR 97110						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/25/2039						105.0						105.0						123.2						0.04		%
Legacy Estate Planning Inc dba American Casket Enterprises			(#,^)			2176 Route 119 North, Greensburg, PA 15601						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/21/2024						20.1						20.1						20.8						0.01		%
DC Real LLC and DC Enterprises LTD dba Lakeview True Value			(#,^)			318 North F St, Lakeview, OR 97630						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/20/2039						106.0						106.0						124.4						0.04		%
Heartland American Properties LLC and Skaggs RV Outlet LLC			(#,^)			301 Commerce Drive, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/31/2039						422.3						422.3						495.4						0.15		%
DNT Storage and Properties LLC			(#,^)			38 Old National Pike, West Alexander, PA 15376						Real Estate						Term Loan						Prime plus 2.75%						10/10/2039						89.7						89.7						105.3						0.03		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/10/2024						86.9						86.9						89.9						0.03		%
Doctors Express Management of Central Texas LLC			(#,^)			3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/8/2024						3.0						3.0						3.2						—		%
Smith Spinal Care Center P.C. and James C. Smith			(#,^)			1103 Russell Parkway, Warner Robins, GA 31088						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/8/2039						25.4						25.4						29.8						0.01		%
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory			(#,^)			900 Alpine Rd, Bridgeville, PA 15017						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/3/2039						108.5						108.5						127.4						0.04		%
Sumad LLC dba BrightStar Care of Encinitas			(#,^)			680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/2/2024						25.0						25.0						25.9						0.01		%
Roccos LLC and Sullo Pantalone Inc dba Rocco's			(#,^)			79 Beach Rd Units B13 and B14, Vineyard Haven, MA 2568						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2039						225.0						225.0						263.7						0.08		%
Gordon E Rogers dba Stonehouse Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 2825						Accommodation						Term Loan						Prime plus 2.75%						9/26/2039						50.6						50.6						59.3						0.02		%
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out			(#,^)			308 Kennedy St NW, Washington, DC 20011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/23/2024						12.0						12.0						12.4						—		%

240

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ryan Crick and Pamela J. Crick and Crick Enterprises Inc			(#,^)			3390 W. Andrew Johnson Hwy, Greeneville, TN 37743						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2039						128.1						128.1						150.1						0.04		%
Modern Leather Goods Repair Shop Inc			(#,^)			2 West 32nd St, Ste 401, New York, NY 10001						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2024						26.1						26.1						26.9						0.01		%
Animal Intrusion Prevention Systems Holding Company, LLC			(#,^)			3330 N Beach St, Fort Worth, TX 76111						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/15/2024						140.9						140.9						145.4						0.04		%
Tavern Properties LLC and Wildwood Tavern LLC			(#,^)			6480 West Touhy Ave, Niles, IL 60714						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/15/2039						376.9						376.9						441.4						0.13		%
Indy East Smiles Youth Dentistry LLC dba Prime Smile East			(#,^)			5430 E. Washington St, Indianapolis, IN 46219						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2024						290.8						290.8						299.3						0.09		%
B&P Diners LLC dba Engine House Restaurant			(#,^)			71 Lafayette St,, Salem, MA 1970						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/10/2024						36.9						36.9						38.0						0.01		%
Lamjam LLC Goldsmith Lambros Inc			(#)			7137 Little River Turnpike, Annandale, VA 22003						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						8/27/2024						57.7						57.7						59.6						0.02		%
Atlas Auto Body Inc dba Atlas Auto Sales			(#,^)			20 Providence St, West Warwick, RI 2893						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/22/2039						45.2						45.2						53.0						0.02		%
Alpha Preparatory Academy LLC			(#,^)			4462 Mink Livsey Rd, Snellville, GA 30039						Social Assistance						Term Loan						Prime plus 2.75%						8/15/2039						128.0						128.0						150.0						0.04		%
Katie Senior Care LLC dba Home Instead Senior Care			(#,^)			222E Eufaula St Ste 220, Norman, OK 73069						Social Assistance						Term Loan						Prime plus 2.75%						8/15/2024						48.2						48.2						49.6						0.01		%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook			(#,^)			10463 Hamer Rd, Georgetown, OH 45121						Motor Vehicle and Parts Dealers						Term Loan						6%						8/8/2039						121.6						121.6						114.5						0.03		%
Almost Home Property LLC and Almost Home Daycare LLC			(#,^)			35 Copps Hill Rd, Ridgefield, CT 6877						Social Assistance						Term Loan						Prime plus 2.75%						8/7/2039						659.5						659.5						772.7						0.23		%
iFood, Inc. dba Steak N Shake			(#,^)			5900 Duraleigh Rd, Raleigh, NC 27612						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2024						174.7						174.7						180.4						0.05		%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST			(#,^)			575 Columbus Ave, New Haven, CT 6519						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2039						17.8						17.8						20.9						0.01		%
Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 6615						Truck Transportation						Term Loan						Prime plus 2.75%						7/24/2039						131.1						131.1						153.7						0.05		%
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC			(#,^)			15 Stonebridge, Cranston, RI 2921						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2039						85.7						85.7						100.4						0.03		%
AMG Holding, LLC and Stetson Automotive, Inc			(#,^)			309 Route 9, Waretown, NJ 8758						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2039						179.8						179.8						211.2						0.06		%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP			(#,^)			4920 Lincoln Ave Route 53, Lisle, IL 60532						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/30/2024						43.0						43.0						44.4						0.01		%
iFood, Inc. dba Steak N Shake			(#,^)			2840 E Millbrook Rd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2039						550.6						550.6						646.4						0.19		%

241

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 6615						Truck Transportation						Term Loan						Prime plus 2.75%						6/30/2039						764.5						764.5						898.4						0.26		%
Zinger Hardware and General Merchant Inc			(#)			4001 North Lamar Blvd Ste 300, Austin, TX 78756						Building Material and Garden Equipment and Supplies Dealers						Term Loan						7.25%						6/26/2024						35.7						35.7						35.1						0.01		%
Nikobella Properties LLC and JPO Inc dba Village Car Wash			(#)			1372 South US Route 12, Fox Lake, IL 60020						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2039						444.1						444.1						520.7						0.15		%
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val			(#,^)			1313 West Park St #1, Livingston, MT 59047						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/20/2039						203.9						203.9						239.1						0.07		%
Sico & Walsh Insurance Agency Inc and The AMS Trust			(#)			106 Concord Ave, Belmont, MA 2478						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/6/2039						80.9						80.9						94.9						0.03		%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel			(#,^)			15637 St Clair Ave, Cleveland, OH 44110						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/3/2024						7.2						7.2						7.4						—		%
Long Island Barber Institute Inc			(#,^)			266 Greenwich St, Hempstead, NY 11550						Educational Services						Term Loan						Prime plus 2.75%						6/2/2039						48.5						48.5						56.8						0.02		%
Pocono Coated Products, LLC			(#,^)			100 Sweetree St, Cherryville, NC 28021						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						5/30/2024						9.6						9.6						9.9						—		%
Jonesboro Health Food Center LLC			(#,^)			1321 Stone St, Jonesboro, AR 72401						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						5/27/2024						26.9						26.9						27.7						0.01		%
The River Beas LLC and Punam Singh			(#,^)			11704 Centurion Way, Potomac, MD 20854						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/8/2039						78.7						78.7						92.2						0.03		%
AS Boyals LLC dba Towne Liquors			(#,^)			117 South BRd St, Woodbury City, NJ 8096						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/29/2039						94.6						94.6						111.0						0.03		%
Gerami Realty, LC Sherrill Universal City Corral, LP dba Golden			(#,^)			2301 Pat Booker Rd, Universal City, TX 78148						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/23/2027						48.7						48.7						51.7						0.02		%
Complete Body & Paint, Inc.			(#,^)			32220 Michigan Ave, Wayne, MI 48184						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/23/2039						18.1						18.1						21.2						0.01		%
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu			(#,^)			201-203-205 West Merrick Rd, Valley Stream, NY 11580						Real Estate						Term Loan						Prime plus 2.75%						4/22/2039						90.1						90.1						105.7						0.03		%
Wilshire Media Systems Inc			(#,^)			2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2024						75.8						75.8						78.2						0.02		%
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC			(#,^)			1899 State Route 35, South Amboy, NJ 8879						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/9/2039						97.4						97.4						114.3						0.03		%
Little People's Village II LLC and Iliopoulos Realty LLC			(#,^)			6522 Haverford Ave, Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						3/31/2039						80.3						80.3						94.1						0.03		%
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle			(#,^)			16701 E. Iliff Ave, Aurora, CO 80013						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						3/31/2039						389.4						389.4						456.7						0.13		%
Kemmer, LLC and Pitts Package Store, Inc.			(#,^)			201 S. Main St, Salem, IN 47167						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/31/2039						101.5						101.5						118.9						0.04		%

242

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Little People's Village II LLC and Iliopoulos Realty LLC			(#,^)			6522 Haverford Ave, Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						3/31/2039						88.5						88.5						103.8						0.03		%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC			(#,^)			4401 N I-35 #113, Denton, TX 76207						Truck Transportation						Term Loan						Prime plus 2.75%						3/31/2024						305.8						305.8						314.9						0.09		%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co			(#)			636 South Center St, New Washington, OH 44854						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						3/20/2039						68.1						68.1						79.8						0.02		%
Cormac Enterprises and Wyoming Valley Beverage Incorporated			(#,^)			63 S Wyoming Ave, Edwardsville, PA 18704						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/20/2039						96.0						96.0						112.4						0.03		%
Kinisi, Inc. dba The River North UPS Store			(#,^)			301 West Grand Ave, Chicago, IL 60654						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2024						3.2						3.2						3.3						—		%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern			(#,^)			3111 and 3135 Delsea Drive, Franklinville, NJ 8322						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/28/2039						361.3						361.3						422.9						0.12		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2024						139.3						139.3						143.5						0.04		%

Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2039						185.3						185.3						216.9						0.06		%
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International			(#,^)			952 Boston Post Rd, Milford, CT 6460						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2039						179.0						179.0						209.5						0.06		%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki			(#,^)			96 Mill St, Berlin, CT 6037						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/12/2039						122.0						122.0						142.9						0.04		%
JWB Industries, Inc. dba Carteret Die Casting			(#,^)			74 Veronica Ave, Somerset, NJ 8875						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						2/11/2024						111.2						111.2						114.5						0.03		%
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC			(#,^)			986 Dixwell Ave, Hamden, CT 6510						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/7/2039						86.1						86.1						100.8						0.03		%
Sarah Sibadan dba Sibadan Agency			(#,^)			102-05 101st Ave, Ozone Park, NY 11416						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						1/27/2039						111.6						111.6						130.7						0.04		%
Icore Enterprises Inc dba Air Flow Filters Inc			(#,^)			151 W 24th St, Hialeah, FL 33010						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						1/15/2024						8.4						8.4						8.7						—		%
Nutmeg North Associates LLC Steeltech Building Products Inc			(#,^)			636 Nutmeg Rd North, South Windsor, CT 6074						Construction of Buildings						Term Loan						Prime plus 2.75%						12/31/2038						788.2						788.2						922.3						0.27		%
Amboy Woodbridge Realty LLC and United Premium Foods LLC			(#)			One Amboy Ave, Woodbridge, NJ 7095						Food Manufacturing						Term Loan						6%						6/14/2024						1,813.7						1,813.7						1,782.3						0.53		%
KK International Trading Corporation			(#,^)			219 Lafayette Drive, Syosset, NY 11791						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/23/2028						124.8						124.8						134.4						0.04		%
Kurtis Sniezek dba Wolfe's Foreign Auto			(#,^)			712 5th St, New Brighton, PA 15066						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/20/2038						76.5						76.5						89.4						0.03		%
TAK Properties LLC and Kinderland Inc			(#,^)			1157 Commerce Ave, Longview, WA 98632						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2038						348.5						348.5						407.1						0.12		%

243

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

920 CHR Realty LLC V. Garofalo Carting Inc			(#,^)			920 Crooked Hill, Brentwood, NY 11717						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						12/10/2038						359.7						359.7						420.3						0.12		%
DKB Transport Corp			(#,^)			555 Water Works Rd, Old Bridge, NJ 8857						Truck Transportation						Term Loan						Prime plus 2.75%						12/5/2038						119.5						119.5						139.6						0.04		%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle			(#,^)			1455 S Richland Creek Rd, Sugar HIll, GA 30518						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2038						89.5						89.5						104.5						0.03		%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc			(#,^)			65 Farmington Valley Drive, Plainville, CT 6062						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/2/2023						142.1						142.1						145.9						0.04		%
BVIP Limousine Service LTD			(#,^)			887 W Liberty, Medina, OH 44256						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						11/27/2038						65.8						65.8						76.8						0.02		%
AcuCall LLC			(#,^)			824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/21/2023						5.8						5.8						6.0						—		%
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL			(#,^)			3039-3043 Hedley, Springfield, IL 62704						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/18/2023						16.7						16.7						17.1						0.01		%
Polpo Realty, LLC Polpo Restaurant, LLC			(#,^)			554 Old Post Rd #3, Greenwich, CT 6830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/6/2038						54.8						54.8						64.0						0.02		%
Mid-Land Sheet Metal Inc			(#,^)			125 E Fesler St, Santa Maria, CA 93454						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2038						117.8						117.8						137.6						0.04		%
1 North Restaurant Corp dba 1 North Steakhouse			(#,^)			322 W. Montauk Hwy, Hampton Bays, NY 11946						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/31/2038						180.2						180.2						210.6						0.06		%
Master CNC Inc & Master Properties LLC			(#,^)			11825 29 Mile Rd, Washington, MI 48095						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2038						511.0						511.0						596.7						0.18		%
Janice B. McShan and The Metropolitan Day School, LLC			(#,^)			2817 Lomb Ave, Birmingham, AL 35208						Social Assistance						Term Loan						Prime plus 2.75%						10/31/2023						15.6						15.6						16.0						—		%
Greenbrier Technical Services, Inc			(#,^)			407 E. Edgar Ave, Ronceverte, WV 24970						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/24/2023						44.7						44.7						45.9						0.01		%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd			(#,^)			77 Mill Rd, Freeport, NY 11520						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/24/2038						126.9						126.9						148.3						0.04		%
Discount Wheel and Tire of Broken Bow Inc			(#,^)			1202 S Park Drive, Broken Bow, OK 74728						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/30/2038						191.0						191.0						223.1						0.07		%
Lenoir Business Partners LLC LP Industries, Inc dba Childforms			(#,^)			2040 Norwood, Lenoir, NC 28645						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						9/30/2038						254.0						254.0						296.8						0.09		%
LP Industries, Inc dba Childforms			(#,^)			110 Charleston Drive, Ste 105-107, Morresville, NC 28117						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						9/30/2038						103.5						103.5						121.0						0.04		%
Cencon Properties LLC and Central Connecticut Warehousing Company, In			(#,^)			37 Commons Court, Waterbury, CT 6704						Warehousing and Storage						Term Loan						Prime plus 2.75%						9/30/2038						294.6						294.6						344.2						0.10		%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC			(#,^)			12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/27/2038						286.0						286.0						334.2						0.10		%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho			(#,^)			17 Pearl St, Mystic, CT 6355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/26/2038						85.4						85.4						99.6						0.03		%

244

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Eastside Soccer Dome, Inc .			(#,^)			11919 S Ave O, Chicago, IL 60617						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/26/2038						395.9						395.9						461.8						0.14		%
Southeast Chicago Soccer, Inc.			(#,^)			10232 S Ave N, Chicago, IL 60617						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/26/2038						43.7						43.7						51.0						0.02		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						9/25/2038						77.5						77.5						90.4						0.03		%
Diamond Memorials Incorporated			(#,^)			800 BRd St, Clifton, NJ 7013						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/25/2023						0.9						0.9						1.0						—		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/20/2038						228.9						228.9						266.9						0.08		%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta			(#,^)			11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022						Educational Services						Term Loan						Prime plus 2.75%						9/20/2023						16.3						16.3						16.7						—		%
Maynard Enterprises Inc dba Fastsigns of Texarkana			(#,^)			3735 Mall Drive, Texarkana, TX 75501						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/18/2023						5.7						5.7						5.8						—		%
Grafio Inc dba Omega Learning Center-Acworth			(#,^)			5330 Brookstone Drive, Ste 320, Acworth, GA 30101						Educational Services						Term Loan						Prime plus 2.75%						9/13/2023						58.1						58.1						59.5						0.02		%
The Berlerro Group, LLC dba Sky Zone			(#,^)			111 Rodeo Drive, Edgewood, NY 11717						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/12/2023						162.7						162.7						166.7						0.05		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/12/2028						34.9						34.9						37.5						0.01		%
Prospect Kids Academy Inc			(#,^)			532 St Johns Place, Brooklyn, NY 11238						Educational Services						Term Loan						Prime plus 2.75%						9/11/2038						106.1						106.1						123.7						0.04		%
B for Brunette dba Blo			(#,^)			50 Glen Cove Rd, Greenvale, NY 11548						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/10/2023						20.5						20.5						21.0						0.01		%
Schmaltz Holdings, LLC and Schmaltz Operations, LLC dba Companio			(#,^)			3408 Castle Rock Farm Rd, Pittsboro, NC 27312						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/4/2038						190.2						190.2						221.7						0.07		%
ACI Northwest Inc.			(#,^)			6600 N Government Way, Coeur D Alene, ID 83815						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						8/30/2023						183.9						183.9						188.5						0.06		%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis			(#,^)			15150 Evans St, Gulfport, MS 39503						Social Assistance						Term Loan						Prime plus 2.75%						8/30/2023						14.7						14.7						15.1						—		%
IlOKA Inc dba Microtech Tel and NewCloud Networks			(#,^)			160 Inverness Dr W Ste 100, Englewood, CO 80112						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/30/2023						221.3						221.3						226.7						0.07		%
Ramard Inc and Advanced Health Sciences Inc			(#,^)			4561 Ironworks Pike, Ste 161, Lexington, KY 40511						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/28/2023						63.9						63.9						65.4						0.02		%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins			(#,^)			1815 De Paul St, Colorado Springs, CO 80909						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/26/2023						27.2						27.2						27.9						0.01		%
JSIL LLC dba Blackstones Hairdressing			(#,^)			19 East 7th St, New York, NY 10003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/16/2023						6.6						6.6						6.7						—		%
Caribbean Concepts, Inc. dba Quick Bleach			(#,^)			120 East 56th St, St.#730, New York, NY 10022						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/12/2023						7.6						7.6						7.8						—		%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC			(#,^)			38 Carmen Lane, Monroe, CT 6468						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/24/2023						3.9						3.9						4.0						—		%
Harbor Ventilation Inc and Estes Investment, LLC			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/19/2038						2.0						2.0						2.3						—		%

245

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Angkor Restaurant Inc			(#,^)			10 Traverse St, Providence, RI 2903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/19/2038						79.0						79.0						92.1						0.03		%
Tri County Heating and Cooling Inc.			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/19/2023						29.0						29.0						29.7						0.01		%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC			(#,^)			1 Poppy Ave, Neptune, NJ 7753						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2023						17.8						17.8						18.2						0.01		%
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat			(#,^)			411 Sharp St, Millville, NJ 8332						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/28/2038						82.4						82.4						96.2						0.03		%
Maxiflex LLC			(#,^)			512 Verret St, New Orleans, LA 70114						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/28/2023						14.3						14.3						14.7						—		%
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc.			(#,^)			2141 P Ave, Williamsburg, IA 52361						Truck Transportation						Term Loan						Prime plus 2.75%						6/19/2026						352.6						352.6						371.3						0.11		%
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services			(#,^)			200 North Branford Rd, Branford, CT 6405						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/18/2028						546.5						546.5						586.2						0.17		%
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc			(#,^)			24 Elm St, Montpelier, VT 5602						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/14/2023						110.4						110.4						112.9						0.03		%
Elite Structures Inc			(#,^)			401 Old Quitman Rd, Adel, GA 31620						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/12/2038						735.7						735.7						857.2						0.25		%
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile			(#,^)			85 Reaville Ave, Flemington, NJ 8822						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/5/2038						159.4						159.4						185.7						0.05		%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and			(#,^)			4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/28/2023						19.3						19.3						19.8						0.01		%
Ryan D. Thornton and Thornton & Associates LLC			(#,^)			800 Bethel St, Ste 200, Honolulu, HI 96813						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						5/24/2023						15.6						15.6						15.9						—		%
Peanut Butter & Co., Inc.			(#,^)			250 West 54th St, New York, NY 10019						Food Manufacturing						Term Loan						Prime plus 2.75%						4/30/2023						30.0						30.0						30.7						0.01		%
1258 Hartford TPKE, LLC and Phelps and Sons, Inc			(#,^)			1258 Hartford Turnpike, Vernon, CT 6066						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/29/2038						104.7						104.7						122.0						0.04		%
Xela Pack, Inc. and Aliseo and Catherine Gentile			(#,^)			8300 Boettner Rd, Saline, MI 48176						Paper Manufacturing						Term Loan						Prime plus 2.75%						3/27/2028						174.5						174.5						186.7						0.06		%
A & M Commerce, Inc. dba Cranberry Sunoco			(#,^)			398 Baltimore Blvd, Westminster, MD 21157						Gasoline Stations						Term Loan						Prime plus 2.75%						3/27/2038						273.4						273.4						318.0						0.09		%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center			(#,^)			3937 Sherman Ave, Saint Joseph, MO 64506						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2038						455.5						455.5						529.7						0.16		%
Michael A.and HeatherR. Welsch dba Art & FrameEtc.			(#,^)			2819 West T C Jester Blvd., Houston, TX 77018						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/22/2038						56.7						56.7						66.0						0.02		%
Truth Technologies Inc dba Truth Technologies Inc.			(#,^)			2341 Cheshire Lane, Naples, FL 34109						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2023						25.2						25.2						25.7						0.01		%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.			(#,^)			51 Donnelley Rd, Old Saybrook, CT 6475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/15/2023						140.6						140.6						143.5						0.04		%

246

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bakhtar Group LLC dba Malmaison			(#,^)			3401 K St NW, Washington, DC 20007						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2023						27.0						27.0						27.5						0.01		%
Osceola River Mill, LLC Ironman Machine, Inc.			(#,^)			27 Hungerford St, Pittsfield, MA 1201						Machinery Manufacturing						Term Loan						Prime plus 2.75%						2/20/2038						72.3						72.3						84.0						0.02		%
Retain Loyalty LLC			(#,^)			1250 Sanders Ave SW, Massillon, OH 44647						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						2/15/2038						93.7						93.7						109.0						0.03		%
Sherill Universal City dba Golden Corral LP			(#,^)			2301 Pat Booker Rd, Universal City, TX 78148						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2038						372.8						372.8						433.6						0.13		%
Macho LLC Madelaine Chocolate Novelties Inc dba The Madelai			(#,^)			96-03 Beach Channel Drive, Rockaway Beach, NY 11693						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2037						418.9						418.9						487.3						0.14		%
Babie Bunnie Enterprises Inc dba Triangle Mothercare			(#,^)			8516 Swarthmore Drive, Raleigh, NC 27615						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/28/2027						24.8						24.8						26.4						0.01		%
Polpo Realty LLC & Polpo Restaurant LLC dba Polpo Restauran			(#,^)			554 Old Post Rd #3, Greenwich, CT 6830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/27/2037						442.4						442.4						513.6						0.15		%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC			(#,^)			38 Carmen Lane, Monroe, CT 6468						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						11/28/2037						190.2						190.2						220.8						0.07		%
D&L Rescources, Inc. dba The UPS Store			(#,^)			8958 W State Rd # 84, Davie, FL 33324						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/27/2022						2.5						2.5						2.5						—		%
Richmond Hill Mini Market, LLC			(#,^)			101 Richmond Hill Ave, Stamford, CT 6902						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/27/2037						153.8						153.8						178.5						0.05		%
DRV Enterprise, Inc. dba Cici's Pizza # 339			(#,^)			5771 East Fowler Ave, Temple Terrace, FL 33617						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/26/2022						15.2						15.2						15.5						—		%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart			(#,^)			1345 Wampanoag Trail, East Providence, RI 2915						Gasoline Stations						Term Loan						Prime plus 2.75%						11/21/2037						80.0						80.0						92.9						0.03		%
R & J Petroleum LLC Manar USA, Inc.			(#,^)			305 Quincy Shore Drive, Quincy, MA 2107						Gasoline Stations						Term Loan						Prime plus 2.75%						11/20/2037						149.6						149.6						173.7						0.05		%
St Judes Physical Therapy P.C.			(#,^)			7712 Fourth Ave, Brooklyn, NY 11209						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/19/2022						5.2						5.2						5.3						—		%
Hi-Def Imaging, Inc. dba SpeedPro Imaging			(#,^)			3580 Progress Drive, Unit Q, Bensalem, PA 19020						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						11/9/2022						5.6						5.6						5.7						—		%
Reidville Hydraulics Mfg Inc dba Summit			(#,^)			175 Industrial Lane, Torrington, CT 6790						Machinery Manufacturing						Term Loan						Prime plus 2.75%						11/2/2037						219.0						219.0						254.1						0.07		%
University Park Retreat, LLC dba Massage Heights			(#,^)			5275 University Parkway # 110, Bradenton, FL 34201						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/27/2022						20.0						20.0						20.3						0.01		%
O'Rourkes Diner LLC dba O'Rourke's Diner			(#,^)			728 Main St, Middletown, CT 6457						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/19/2037						54.6						54.6						63.3						0.02		%
AJK Enterprise LLC dba AJK Enterprise LLC			(#)			1901 Naylor Rd, SE, Washington, DC 20020						Truck Transportation						Term Loan						Prime plus 2.75%						8/27/2022						3.5						3.5						3.6						—		%
Suncoast Aluminum Furniture, Inc			(#,^)			6291 Thomas Rd, Fort Myers, FL 33912						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						8/17/2037						297.3						297.3						344.5						0.10		%
Hofgard & Co., Inc. dba HofgardBenefits			(#,^)			400 S McCaslin Blvd Ste 201, Louisville, CO 80027						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/27/2022						22.6						22.6						23.0						0.01		%
Central Tire, Inc. dba Cooper Tire & Auto Services			(#,^)			1111 S Tillotson Ave, Muncie, IN 47304						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/29/2037						236.1						236.1						273.7						0.08		%

247

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

KIND-ER-ZZ Inc dba Kidville			(#,^)			30 Maple St, Summit, NJ 7901						Educational Services						Term Loan						Prime plus 2.75%						6/15/2022						9.9						9.9						10.1						—		%
Graphish Studio, Inc. and Scott Fishoff			(#,^)			231 Main St, Stanford, CT 6901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2022						3.9						3.9						4.0						—		%
ALF, LLC Mulit-Service Eagle Tires			(#,^)			1985 B St, Colorado Springs, CO 80906						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						5/31/2037						51.3						51.3						59.3						0.02		%
Tracey Vita-Morris dba Tracey Vita's School of Dance			(#,^)			4181 9th Ave West, Bradenton, FL 34025						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						5/10/2022						4.3						4.3						4.3						—		%
Tanner Optical, Inc. dba Murphy Eye Care			(#,^)			305 Shirley Ave, Douglas, GA 31533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/27/2022						1.4						1.4						1.5						—		%
Access Staffing, LLC			(#,^)			360 Lexington Ave, 8th Floor, New York, NY 10017						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/30/2022						38.5						38.5						39.0						0.01		%
Manuel P. Barrera and Accura Electrical Contractor, Inc.			(#,^)			6187 NW 167th St Unit H3, Miami, FL 33015						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/23/2028						60.2						60.2						64.4						0.02		%
Shweiki Media, Inc. dba Study Breaks Magazine			(#,^)			4954 Space Center Drive, San Antonio, TX 78218						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/22/2027						660.6						660.6						700.6						0.21		%
ATI Jet, Inc.			(#)			7007 Boeing Drive, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						12/28/2026						292.3						292.3						309.3						0.09		%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company			(#,^)			2900 South 20th St, Philadelphia, PA 19145						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/22/2036						136.4						136.4						157.3						0.05		%
K's Salon, LLC d/b/a K's Salon			(#,^)			162 West 84th St, New York, NY 10024						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/20/2021						10.1						10.1						10.2						—		%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc			(#)			325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						10/26/2021						11.8						11.8						11.9						—		%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma			(#,^)			28-28 1/2 Cornelia St, New York, NY 10014						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/25/2021						2.4						2.4						2.4						—		%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.			(#,^)			39581 Garfield Rd, Clinton Township, MI 48038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2036						21.9						21.9						25.2						0.01		%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises			(#,^)			40515 Pumpkin Center Rd, Hammond, LA 70403						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/30/2021						40.1						40.1						40.4						0.01		%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.			(#,^)			39581 Garfield Rd, Clinton Township, MI 48038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2036						64.3						64.3						74.1						0.02		%
Michael S. Decker & Janet Decker dba The Hen House Cafe			(#)			401 Caribou St, Simla, CO 80835						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/30/2036						13.0						13.0						14.9						—		%
Valiev Ballet Academy, Inc			(#,^)			635 - 637 Londonderry Lane, Denton, TX 76205						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						8/12/2036						33.7						33.7						38.7						0.01		%
LaHoBa, LLC d/b/a Papa John's			(#,^)			3001 Pontchartrain Drive, Slidell, LA 70458						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/3/2036						61.1						61.1						70.3						0.02		%

248

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Lavertue Properties LLP dba Lavertue Properties			(#,^)			24 Wakefield St, Rochester, NH 13867						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						Prime plus 2.75%						6/29/2036						35.4						35.4						40.7						0.01		%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP			(#,^)			4920 Lincoln Ave Route 53, Lisle, IL 60532						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2036						277.3						277.3						319.1						0.09		%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.			(#,^)			1790 Broadway Ste 716, New York, NY 10019						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/3/2021						3.1						3.1						3.1						—		%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.			(#,^)			44600 Michigan Ave, Canton, MI 48188						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2036						99.7						99.7						114.5						0.03		%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store			(#,^)			2267 Fernberg Trail, Ely, MN 55731						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/18/2036						112.5						112.5						129.2						0.04		%
Michael S. Korfe dba North Valley Auto Repair			(#,^)			7516 B 2nd St, NW, Albuquerque, NM 87107						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/24/2036						12.1						12.1						13.8						—		%
Actknowledge, Inc dba Actknowledge			(#,^)			365 Fifth Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/21/2021						2.1						2.1						2.1						—		%
SuzyQue’s LLC dba Suzy Que’s			(#,^)			34 South Valley Rd, West Orange, NJ 7052						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/11/2036						47.5						47.5						54.5						0.02		%
Little People’s Village, LLC dba Little People’s Village			(#,^)			904 North 66th St, Philadelphia, PA 19151						Social Assistance						Term Loan						Prime plus 2.75%						1/31/2036						24.1						24.1						27.6						0.01		%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.			(#,^)			64-68 North Central Ave, Valley Stream, NY 11580						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/28/2036						87.9						87.9						100.8						0.03		%
Lodin Medical Imaging, LLC dba Watson Imaging Center			(#,^)			3915 Watson Rd, St. Louis, MO 63109						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/1/2020						1.2						1.2						—						—		%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center			(#,^)			2879 Limekiln Pike, Glenside, PA 19038						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2035						26.2						26.2						30.0						0.01		%
Elan Realty, LLC and Albert Basse Asociates, Inc.			(#,^)			175 Campanelli Park Way, Stroughton, MA 2072						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						9/30/2035						173.4						173.4						198.4						0.06		%
Newsome Trucking Inc and Kevin Newsome			(#,^)			2262 HWY 53W, Jasper, GA 30143						Truck Transportation						Term Loan						Prime plus 2.75%						9/2/2035						187.6						187.6						214.1						0.06		%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery			(#,^)			2320 2nd St, Albuquerque, NM 87107						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/2/2035						38.1						38.1						43.5						0.01		%
I-90 RV & Auto Supercenter			(#,^)			4505 South I-90 Service Rd, Rapid City, SD 57703						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/29/2035						56.5						56.5						64.5						0.02		%
Tanner Optical Inc. dba Murphy Eye Care			(#,^)			305 Shirley Ave, Douglas, GA 31533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/22/2035						68.9						68.9						78.5						0.02		%
Lahoba,LLC dba Papa John's Pizza			(#,^)			620 W. Judge Perez Drive, Chalmette, LA 70163						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/30/2034						31.6						31.6						35.9						0.01		%
Animal Intrusion Prevention Systems Holding Company, LLC			(#,^)			3330 North Beach St, Haltom City, TX 76111						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/29/2024						16.9						16.9						17.4						0.01		%
KMC RE, LLC & B&B Kennels			(#,^)			6004 City Park Rd, Austin, TX 78730						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/19/2034						43.0						43.0						48.8						0.01		%

249

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

ROVER REPAIRS			(#,^)			301 MACDADE BLVD, COLLINGDALE, PA 19023						Repair and Maintenance						Term Loan						Prime plus 2.5%						11/28/2029						42.0						42.0						45.2						0.01		%
The Alba Financial Group, Inc.			(#,^)			1420 Spring Hill Rd, McLain, VA 22102						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						Term Loan						6%						3/10/2021						1.2						1.2						1.2						—		%
D & D's Divine Beauty School of Esther, LLC			(#,^)			5524 Germantown Ave, Philadelphia, PA 19144						Educational Services						Term Loan						6%						8/1/2031						41.2						41.2						39.6						0.01		%
Bliss Coffee and Wine Bar, LLC			(#)			1402-A Handlir Drive, Bel Air, MD 21015						Food Services and Drinking Places						Term Loan						6%						11/30/2022						61.8						61.8						61.0						0.02		%
Connect Litigation Technology, Inc.			(#,^)			1101 Ivy Hill Rd, #4, Philadelphia, PA 19150						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2%						10/18/2025						17.0						17.0						17.5						0.01		%
1911 East Main Street Holdings, Corp			(#,^)			1911 East Main St, Endicott, NY 13760						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/18/2032						9.5						9.5						10.5						—		%
Water Works Laundromat, LLC			(#)			968-970 Bergen St, Newark, NJ 7104						Personal and Laundry Services						Term Loan						Prime plus 2.25%						9/7/2027						126.0						126.0						132.1						0.04		%
Dave Kris, and MDK Ram Corp.			(#,^)			15 Elm Park, Groveland, MA 1930						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/5/2026						19.2						19.2						20.1						0.01		%
Head To Toe Personalized Pampering, Inc.			(#,^)			2331 North State Rd 7, Lauderhill, FL 33313						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/27/2031						7.2						7.2						8.0						—		%
Christopher F. Bohon & Pamela D. Bohon			(#,^)			11600 County Rd 71, Lexington, AL 35648						Social Assistance						Term Loan						Prime plus 2.75%						10/28/2026						2.2						2.2						2.3						—		%
Mogas Limited			(#,^)			47 Chestnut St, Elmer, NJ 8318						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2030						53.0						53.0						57.9						0.02		%
Moonlight Multi Media Production, Inc.			(#,^)			2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309						Other Information Services						Term Loan						5.3%						2/1/2025						1.0						1.0						1.0						—		%
David M. Goens dba Superior Auto Paint & Body, Inc.			(#)			1912 Manhattan Ave, Harvey, LA 70058						Repair and Maintenance						Term Loan						6%						8/26/2024						9.4						9.4						9.2						—		%
McCallister Venture Group, LLC and Maw's Vittles, Inc.			(#,^)			511 South BRd St, Brooksville, FL 34601						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/30/2029						9.0						9.0						9.8						—		%
Whirlwind Car Wash, Inc.			(#)			1370 Le Anne Marie Circle, Columbus, OH 43026						Repair and Maintenance						Term Loan						Prime plus 2%						4/9/2029						11.8						11.8						12.4						—		%
Shuttle Car Wash, Inc. dba Shuttle Car Wash			(#,^)			745 Cheney Hwy, Ttitusville, FL 32780						Repair and Maintenance						Term Loan						Prime plus 2.25%						11/10/2028						12.6						12.6						13.4						—		%
Min Hui Lin			(#,^)			1916 BRd St, Lanett, AL 36863						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2028						12.7						12.7						13.6						—		%
Auto Sales, Inc.			(#,^)			1925 State St, Hamden, CT 6417						Motor Vehicle and Parts Dealers						Term Loan						6%						8/17/2023						3.5						3.5						3.4						—		%
Ralph Werner dba Werner Transmission Inc			(#,^)			259 East Central Ave, Bangor, PA 18013						Gasoline Stations						Term Loan						Prime plus 2.75%						12/29/2021						0.5						0.5						0.5						—		%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC			(#,^)			3118 Bayshore Ave, Brigantine, NJ 8203						Amusement, Gambling, and Recreation Industries						Term Loan						6%						9/14/2023						23.1						23.1						22.8						0.01		%
OrthoQuest, P.C.			(#,^)			2336 Wisteria Drive, Ste 430, Snellville, GA 30078						Ambulatory Health Care Services						Term Loan						Prime plus 2%						3/12/2022						0.8						0.8						0.8						—		%
Track Side Collision & Tire, Inc.			(#,^)			98-16 160 Ave, Ozone Park, NY 11414						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/16/2025						3.0						3.0						3.1						—		%

250

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Deesha Corporation, Inc. dba Best Inn & Suites			(#,^)			9225 Parkway East, Birmingham, AL 35206						Accommodation						Term Loan						Prime plus 2.25%						2/14/2025						15.7						15.7						16.2						—		%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz			(#,^)			386 Winsted Rd, Torrington, CT 6790						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						3/13/2023						2.9						2.9						3.0						—		%
Gain Laxmi, Inc. dba Super 8 Motel			(#,^)			14341 U.S. Hwy 431 South, Gunterville, AL 35976						Accommodation						Term Loan						Prime plus 2.25%						5/31/2023						8.6						8.6						8.8						—		%
Naseeb Corporation			(#,^)			1696 North BRd St, Meriden, CT 6450						Accommodation						Term Loan						Prime plus 2.25%						3/31/2024						15.0						15.0						15.4						—		%
Stillwell Ave Prep School			(#,^)			1990 Stillwell Ave, Brooklyn, NY 11214						Social Assistance						Term Loan						Prime plus 2.75%						1/14/2023						2.5						2.5						2.6						—		%
Alyssa Corp dba Knights Inn			(#,^)			1105 Columbus Parkway, Opelika, AL 36801						Accommodation						Term Loan						Prime plus 2.25%						9/30/2023						29.1						29.1						29.7						0.01		%
Bhailal Patel dba New Falls Motel			(#,^)			201 Lincoln Hwy, Fairless Hills, PA 19030						Accommodation						Term Loan						Prime plus 2.75%						3/27/2023						1.0						1.0						1.0						—		%
Pegasus Automotive, Inc.			(#,^)			3981 Hylan Blvd, Staten Island, NY 10308						Gasoline Stations						Term Loan						Prime plus 2.75%						12/23/2022						3.0						3.0						3.1						—		%
P. Agrino, Inc. dba Andover Diner			(#,^)			193 Main St, Andover, NJ 7860						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/18/2021						0.1						0.1						0.1						—		%
Total SBA Unguaranteed Accrual Investments																																				$	364,957.1					$	364,957.1					$	378,329.4					111.49		%

251

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

200 North 8th Street Associates LLC and Enchanted Acres Fa			(*,#)			200 North 8th St, Reading, PA 19601						Food Manufacturing						Term Loan						6.25%						5/4/2028						$	445.6					$	445.6					$	311.8					0.09		%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs			(*,#,^)			3 Expressway Plaza, Ste 221, Roslyn Heights, NY 11577						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 0%						12/16/2021						44.8						44.8						43.3						0.01		%
Pioneer Windows Manufacturing Corp, Pioneer Windows			(*,#,^)			3 Expressway Plaza, Suuite 221, Roslyn Heights, NY 11577						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 0%						11/21/2022						80.7						80.7						78.1						0.02		%
2 Cool Beans LLC dba Menchies's Frozen Yogurt			(*,#,^)			11331 Thienes Ave, South El Monte, CA 91733						Food Services and Drinking Places						Term Loan						Prime plus 0%						8/11/2026						54.1						54.1						53.0						0.02		%
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop			(*,#,^)			217 W Main St, Centralia, WA 98531						Motor Vehicle and Parts Dealers						Term Loan						7.75%						1/6/2029						94.6						94.6						59.6						0.02		%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc			(*,#)			6 Price Ave, Norwalk, CT 6840						Administrative and Support Services						Term Loan						8%						9/24/2039						237.3						237.3						192.6						0.06		%
Acton Hardware LLC and Mark Allgood & Jamie Allgood			(*,#,^)			31814 Crown Valley Rd, Acton, CA 93510						Building Material and Garden Equipment and Supplies Dealers						Term Loan						8%						3/24/2041						117.1						117.1						37.9						0.01		%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc			(*,#)			12485-12489 NW 44th St, Coral Springs, FL 33071						Repair and Maintenance						Term Loan						7.75%						3/31/2040						318.3						318.3						131.4						0.04		%
Albas Bar & Grill LLC			(*,#,^)			221 Self Main St, Homer City, PA 15748						Food Services and Drinking Places						Term Loan						Prime plus 0%						10/13/2042						43.9						43.9						17.1						0.01		%
Alive Design, LLC			(*,#)			234 Middle St, Middletown, CT 6457						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/13/2027						11.4						11.4						9.7						0.00		%
All About Kids and Families Medical Center, Inc.			(*,#,^)			12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225						Ambulatory Health Care Services						Term Loan						8.25%						1/13/2029						364.9						364.9						262.9						0.08		%
All Printing Solutions, Inc. dba Pryntcomm			(*,#,^)			303 E. Sioux Ave., Pierre, SD 57501						Printing and Related Support Activities						Term Loan						7.75%						6/27/2041						491.8						491.8						81.7						0.02		%
Allied Welding Inc.			(*,#,^)			1820 N. Santa Fe Ave, Chillicothe, IL 61523						Fabricated Metal Product Manufacturing						Term Loan						8.25%						12/15/2041						713.5						713.5						713.5						0.21		%
Amboy Group, LLC dba Tommy Moloney's			(*,#)			1 Amboy Ave, Woodbridge, NJ 7095						Food Manufacturing						Term Loan						6%						6/14/2024						1,458.1						1,458.1						1,458.1						0.43		%
Anglin Cultured Stone Products LLC			(*,#,^)			877 Salem Church Rd, Newark, DE 19702						Construction of Buildings						Term Loan						8.25%						12/27/2042						630.5						630.5						324.4						0.10		%
Anglin Cultured Stone Products LLC dba Anglin Construction			(*,#)			877 Salem Church Rd, Newark, DE 19702						Specialty Trade Contractors						Term Loan						8.25%						6/30/2025						193.3						193.3						185.2						0.05		%
Arclay ,LLC			(*,#,^)			49 Geyser Rd Ste 100, Saratoga Springs, NY 12866						Nonmetallic Mineral Product Manufacturing						Term Loan						8%						5/5/2030						137.1						137.1						30.1						0.01		%
Arrow Freight Inc			(*,#,^)			1000 Jorie Blvd Ste 250, Oak Brook, IL 60523						Truck Transportation						Term Loan						8.25%						3/30/2028						653.0						653.0						—						0.00		%
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud			(*,#)			2646 South Rd, Poughkeepsie, NY 12601						Gasoline Stations						Term Loan						7.75%						9/26/2024						15.7						15.7						15.2						0.00		%
AWA Fabrication & Construction, L.L.C.			(*,#)			811 Country Rd #99, Headland, AL 36345						Fabricated Metal Product Manufacturing						Term Loan						6%						4/30/2025						34.4						34.4						2.5						0.00		%

252

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

B&B Fitness and Barbell, Inc. dba Elevations Health Club			(*,#)			Route 611 North, Scotrun, PA 18355						Amusement, Gambling, and Recreation Industries						Term Loan						6%						6/22/2035						1,385.8						1,385.8						334.3						0.10		%
B4 Fitness LLC dba The Zoo Health Club			(*,#,^)			4 Beehive Dr, Epping, NH 3042						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						9/23/2026						59.8						59.8						31.6						0.01		%
Baker Sales, Inc. d/b/a Baker Sales, Inc.			(*,#)			60207 Camp Villere Rd, Slidell, LA 70460						Nonstore Retailers						Term Loan						6%						3/29/2036						177.4						177.4						62.1						0.02		%
Band Sawn Lumber,LLC and Nathan Ryan Adams			(*,#,^)			1873 State Hwy 29, Johnstown, NY 12095						Wood Product Manufacturing						Term Loan						7.75%						5/15/2042						110.8						110.8						33.5						0.01		%
Fieldstone Quick Stop LLC Barber Investments LLC Thadius M B			(*,#)			190 Route 3, South China, ME 4358						Gasoline Stations						Term Loan						6%						9/30/2038						400.4						400.4						33.2						0.01		%
Bear Creek Entertainment LLC dba The Woods at Bear Creek			(*,#,^)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						Prime plus 2.75%						8/12/2041						1,608.1						1,608.1						742.4						0.22		%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek			(*,#)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						7.25%						12/30/2024						85.4						85.4						82.7						0.02		%
Bebos Inc dba Pizza Hut & Sunoco			(*,#)			2003 West 5th St, Clifton, TX 76634						Gasoline Stations						Term Loan						7.75%						3/28/2028						214.1						214.1						29.8						0.01		%
Benevolent International Inc			(*,#,^)			2781 Saturn St Ste F, Brea, CA 82821						Administrative and Support Services						Term Loan						6%						4/26/2029						71.6						71.6						68.6						0.02		%
Bev's Sweets LLC			(*,#,^)			3778 Hwy 254, Cleveland, GA 30528						Administrative and Support Services						Term Loan						Prime plus 0%						9/30/2044						210.5						210.5						201.6						0.06		%
Bone Bar & Grill LLC			(*,#)			3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878						Food Services and Drinking Places						Term Loan						7%						6/30/2042						73.4						73.4						62.6						0.02		%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.			(*,#)			201 Highland Ave, East Syracuse, NY 13057						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/13/2039						201.2						201.2						148.4						0.04		%
BQRS, Inc. DBA Gresham Meineke Car Care Center			(*,#,^)			18081 SE Division St, Portland, OR 97236						Repair and Maintenance						Term Loan						8.25%						6/30/2027						53.9						53.9						47.8						0.01		%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps			(*,#)			690 South Creek Rd, West Chester, PA 19382						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						3/30/2031						145.7						145.7						144.1						0.04		%
Calhoun Satellite Communications, Inc.			(*,#)			1914 Tigertail Blvd, Dania Beach, FL 33004						Telecommunications						Term Loan						7%						12/2/2026						37.2						37.2						24.0						0.01		%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC			(*,#)			310 25th Ave N. St Ste. 201, Nashville, TN 37203						Ambulatory Health Care Services						Term Loan						7.75%						5/15/2025						556.4						556.4						55.7						0.02		%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation			(*,#)			320 Fair St, Kutztown, PA 19530						Transit and Ground Passenger Transportation						Term Loan						7.5%						9/30/2027						366.2						366.2						354.6						0.10		%
CD Game Exchange Inc.			(*,#,^)			3719 N Mississippi, Portland, OR 97227						Merchant Wholesalers, Durable Goods						Term Loan						8.25%						9/28/2026						10.4						10.4						10.2						0.00		%
Central Medical Clinic, PLLC- Clinica Central			(*,#)			393 North Dunlap St Ste LL26, LL34, LL38, St Paul, MN 55104						Ambulatory Health Care Services						Term Loan						8.25%						6/7/2029						171.9						171.9						166.4						0.05		%
Chickamauga Properties, Inc., MSW Enterprises, LLP			(*,#)			214 Sutherland Way, Rocky Face, GA 30740						Amusement, Gambling, and Recreation Industries						Term Loan						6.25%						12/22/2035						59.0						59.0						56.5						0.02		%

253

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Children First Home Health Care Inc			(*,#,^)			1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610						Ambulatory Health Care Services						Term Loan						7.5%						12/27/2028						282.4						282.4						51.7						0.02		%
CK Heating and Cooling LLC			(*,#,^)			10017 Pebble Beach Drive, St. Louis, MO 63114						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/12/2029						18.5						18.5						1.3						0.00		%
Clark Realty LLC			(*,#,^)			4 Walker Way, Albany, NY 12205						Real Estate						Term Loan						8%						8/29/2041						73.3						73.3						37.1						0.01		%
Clearwater Transportation LTD dba Thrifty Car Rental,			(*,#,^)			8790 Crownhill Blvd, San Antonio, TX 78209						Rental and Leasing Services						Term Loan						8.25%						11/29/2027						153.7						153.7						17.5						0.01		%
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC			(*,#,^)			717 Titus Ave, Rochester, NY 14617						Food Services and Drinking Places						Term Loan						8.25%						11/20/2040						158.0						158.0						60.2						0.02		%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck			(*,#)			6900 Whitmore Lake Rd, Whitmore Lake, MI 48189						Repair and Maintenance						Term Loan						6.75%						9/26/2039						553.3						553.3						450.0						0.13		%
Conference Services International ETC LLC			(*,#,^)			4802 West Van Buren St, Phoenix, AZ 85007						Administrative and Support Services						Term Loan						8%						8/14/2028						597.0						597.0						408.2						0.12		%
Custom Software, Inc. a Colorado Corporation dba M-33 Access			(*,#)			380 E. Borden Rd, Rose City, MI 48654						Professional, Scientific, and Technical Services						Term Loan						6.25%						6/17/2021						210.6						210.6						112.7						0.03		%
CZAR Industries, Inc.			(*,#,^)			1424 Heath Ave, Ewing, NJ 8638						Machinery Manufacturing						Term Loan						8.25%						12/19/2027						141.3						141.3						45.1						0.01		%
D&G Capital LLC dba Miami Grill 277			(*,#,^)			2521 North Federal Hwy, Unit C, Boca Raton, FL 33431						Food Services and Drinking Places						Term Loan						6.5%						12/16/2025						44.1						44.1						20.8						0.01		%
Darian L Hampton DDS PA and Darian L. Hampton			(*,#)			3610 N Josey Lane Ste 104, Carrollton, TX 75007						Ambulatory Health Care Services						Term Loan						8.25%						12/20/2028						292.6						292.6						3.2						0.00		%
David D. Sullivan dba DMS Construction			(*,#,^)			6400 Charwood Place, Bakersfield, CA 93306						Specialty Trade Contractors						Term Loan						Prime plus 0%						8/9/2028						11.5						11.5						4.3						0.00		%
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc			(*,#)			6555 NW 9th Ave, Fort Lauderdale, FL 33309						Ambulatory Health Care Services						Term Loan						Prime plus 0%						12/30/2029						345.6						345.6						338.2						0.10		%
Destination Hope, Inc. and The Academy for Addiction Professionals			(*,#)			6555 NW 9th Ave, Fort Lauderdale, FL 33309						Ambulatory Health Care Services						Term Loan						6%						12/30/2044						371.2						371.2						363.3						0.11		%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown			(*,#,^)			2685 US Hwy 41, Calhoun, GA 30701						Support Activities for Transportation						Term Loan						5.25%						12/28/2035						1,316.8						1,316.8						522.2						0.15		%
Douglas Printy Motorsports, Inc. dba Blackburn Trike			(*,#)			1410 Medina Rd, Medina, OH 44256						Motor Vehicle and Parts Dealers						Term Loan						8.25%						3/9/2040						74.2						74.2						3.2						0.00		%
Doxa Deo Inc dba Luv 2 Play			(*,#,^)			1600 Village Market Blvd, Leesburg, VA 20175						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						2/28/2026						81.3						81.3						79.5						0.02		%
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC			(*,#,^)			1515 Shopton Rd, Charlotte, NC 28217						Ambulatory Health Care Services						Term Loan						7.5%						9/29/2042						243.0						243.0						211.2						0.06		%
Driven Warehouse/Distribution LLC			(*,#)			271 East North Ave, Glendale, IL 60139						Truck Transportation						Term Loan						8%						12/22/2027						726.2						726.2						371.6						0.11		%
DTM Parts Supply Inc.			(*,#)			31 Sageman St, Mount Vernon, NY 10550						Merchant Wholesalers, Durable Goods						Term Loan						7%						6/2/2025						42.6						42.6						42.6						0.01		%

254

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty			(*,#)			1717 Hwy 200, Noxon, MT 59853						Wood Product Manufacturing						Term Loan						8%						2/2/2040						163.2						163.2						47.5						0.01		%
Dynamic Dental Corporation			(*,#,^)			3760 NW 126th Ave, Coral Springs, FL 33065						Merchant Wholesalers, Durable Goods						Term Loan						7.5%						5/31/2029						60.4						60.4						22.2						0.01		%
E & I Holdings, LP & PA Farm Products, LLC			(*,#)			1095 Mt Airy Rd, Stevens, PA 17578						Food Manufacturing						Term Loan						6%						4/30/2030						4,705.2						4,705.2						3,746.2						1.10		%
E.S.F.P. LLC dba Volusia Van and Storage			(*,#,^)			1203 N US 1, Ormond Beach, FL 32174						Truck Transportation						Term Loan						Prime plus 0%						11/11/2025						54.4						54.4						46.6						0.01		%
Earth First Recycling LLC			(*,#,^)			400 Island Park Rd, Easton, PA 18040						Merchant Wholesalers, Durable Goods						Term Loan						8%						12/6/2027						72.8						72.8						72.0						0.02		%
Earth First Recycling, LLC and 191 Clark Road, LLC			(*,#,^)			400 Island Park Rd, Easton, PA 18040						Merchant Wholesalers, Durable Goods						Term Loan						8%						6/5/2027						338.0						338.0						334.4						0.10		%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels			(*,#,^)			11949 Borden Ave, San Fernando, CA 91340						Specialty Trade Contractors						Term Loan						8.25%						12/31/2022						43.9						43.9						43.0						0.01		%
Ericon, Inc.			(*,#,^)			740 Davenport Ave, Fremont, NE 68025						Gasoline Stations						Term Loan						8.25%						12/1/2041						705.6						705.6						652.0						0.19		%
ERT Group Inc and Curt's Tools Inspection Inc			(*,#,^)			5229 142nd Dr. NW, Williston, ND 58801						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/18/2041						932.4						932.4						902.7						0.27		%
Europlast Ltd			(*,#)			100 Industrial Lane, Endeavor, WI 53930						Plastics and Rubber Products Manufacturing						Term Loan						6%						9/26/2022						312.9						312.9						44.0						0.01		%
Evergreen Pallet LLC and Evergreen Recycle LLC			(*,#,^)			302 W 53rd St N., Wichita, KS 67204						Wood Product Manufacturing						Term Loan						7.25%						3/16/2026						898.3						898.3						409.0						0.12		%
Evernook Valley Milk LLC			(*,#,^)			7448 Emmerson Rd, Everson, WA 98247						Animal Production and Aquaculture						Term Loan						7.5%						8/31/2042						637.5						637.5						446.8						0.13		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						8/30/2023						66.8						66.8						64.7						0.02		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						3/25/2026						95.2						95.2						25.7						0.01		%
Excel RP, Inc./Kevin and Joann Foley			(*,#)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						7/8/2028						32.4						32.4						31.4						0.01		%
Florida Apnea Diagnostics LLC			(*,#,^)			2664 Cypress Ridge Blvd Ste. 101 & 102 A, Wesley Chapel, FL 33544						Ambulatory Health Care Services						Term Loan						8.25%						10/20/2027						143.4						143.4						62.7						0.02		%
Frontier Sand LLC			(*,#,^)			305 Country Hwy AA, New Auburn, WI 54757						Mining (except Oil and Gas)						Term Loan						8.25%						11/30/2027						463.6						463.6						319.8						0.09		%
Galaforo Construction and Companies LLC			(*,#,^)			1770 Stumpf Blvd, Terrytown, LA 70056						Construction of Buildings						Term Loan						7.5%						12/15/2042						12.1						12.1						11.1						0.00		%
GEM2K, LLC dba Precision Precast Group			(*,#,^)			4150 E Magnolia St, Phoenix, AZ 85034						Miscellaneous Manufacturing						Term Loan						8.25%						5/19/2027						140.4						140.4						23.8						0.01		%
Grand Manor Realty, Inc. & Kevin LaRoe			(*,#)			318 S. Halsted St, Chicago, IL 60661						Real Estate						Term Loan						6%						2/20/2023						19.0						19.0						18.2						0.01		%
Graphics,Type and Color Enterprises Inc dba Clubflyers.com			(*,#,^)			2300 NW 7th Ave, Miami, FL 33127						Printing and Related Support Activities						Term Loan						8.25%						9/28/2041						821.5						821.5						795.3						0.23		%
H.M.C, Incorporated			(*,#,^)			7190 Oakland Mills Rd Ste 10, Columbia, MD 21046						Furniture and Related Product Manufacturing						Term Loan						8.25%						7/3/2028						183.8						183.8						177.9						0.05		%

255

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hagerstown Muffler, Inc. and JMS Muffler, Inc			(*,#)			1390 Dual Hwy, Hagerstown, MD 21740						Repair and Maintenance						Term Loan						8%						9/24/2040						58.6						58.6						37.0						0.01		%
Harrelson Materials Management,Inc			(*,#)			1101 Russell Rd, Shreveport, LA 71107						Waste Management and Remediation Services						Term Loan						6%						6/24/2021						465.2						465.2						4.7						0.00		%
HDD Solutions, LLC			(*,#)			6550 Progress Parkway, Cedar Hill, MO 63016						Heavy and Civil Engineering Construction						Term Loan						8.25%						12/31/2028						552.8						552.8						336.6						0.10		%
HG Ventures, Inc. dba Diamond Head Trucking			(*,#,^)			100 Phoenix Drive, Finleyville, PA 15332						Truck Transportation						Term Loan						7.5%						6/29/2030						807.7						807.7						47.1						0.01		%
Home Again Restaurant LLC			(*,#)			9524 Camp Lake Rd, Salem, WI 53168						Food Services and Drinking Places						Term Loan						6.25%						6/30/2040						0.4						0.4						0.4						0.00		%
Insight Vision Care, PC, CRMOD Lubbock, P.C., Vielm Vision Eyecare Inc			(*,#,^)			4899 Griggs Rd, Houston, TX 77021						Ambulatory Health Care Services						Term Loan						7.75%						12/27/2043						1,084.6						1,084.6						222.9						0.07		%
J&K Fitness, LLC dba Physiques Womens Fitness Center			(*,#)			2505 Verot School Rd, Lafayette, LA 70508						Amusement, Gambling, and Recreation Industries						Term Loan						8%						6/8/2036						14.6						14.6						9.2						0.00		%
J Olson Enterprises LLC and Olson Trucking Direct, Inc.			(*,#)			311 Ryan St, Holmen, WI 54636						Truck Transportation						Term Loan						6%						6/28/2025						628.4						628.4						40.6						0.01		%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value			(*,#,^)			640 Dubois St, Du Bois, PA 15801						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						11/10/2026						161.6						161.6						121.9						0.04		%
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value			(*,#,^)			640 Dubois St, Dubois, PA 15801						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						11/10/2041						438.5						438.5						419.0						0.12		%
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill			(*,#,^)			24480 W 10 Mile RD, Southfield, MI 48033						Food Services and Drinking Places						Term Loan						6%						1/4/2029						34.8						34.8						22.5						0.01		%
JN Thompson Ent,Inc.			(*,#,^)			400 5th Ave S Ste 100, Naples, FL 34102						Construction of Buildings						Term Loan						7.75%						12/7/2028						329.7						329.7						39.8						0.01		%
JNP Delivery Inc			(*,#,^)			4500 North Providence # 7, Appleton, WI 54913						Couriers and Messengers						Term Loan						Prime plus 0%						11/7/2027						47.5						47.5						46.4						0.01		%
JP Dhillon's Foods LLC			(*,#,^)			840 El Paseo de Saratoga, San Jose, CA 95130						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/1/2029						86.5						86.5						1.3						0.00		%
K Soles Corp dba Max Collections			(*,#,^)			3208 Oakcliff Industrial St, Doraville, GA 30340						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 0%						3/16/2026						14.4						14.4						1.5						0.00		%
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto			(*,#)			200 West Adams St, Cochranton, PA 16314						Motor Vehicle and Parts Dealers						Term Loan						6.25%						10/29/2039						11.1						11.1						2.5						0.00		%
Kids at Heart,LLC dba Monster Mini Golf			(*,#,^)			10 Newbury St, Danvers, MA 1923						Amusement, Gambling, and Recreation Industries						Term Loan						6.75%						9/22/2026						18.8						18.8						14.7						0.00		%
Kidtastic LLC dba The Little Gym of Audubon			(*,#,^)			2850 Audubon Drive, Audubon, PA 19403						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						7/27/2026						44.9						44.9						16.4						0.00		%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle			(*,#)			10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2029						17.8						17.8						17.1						0.01		%
Kostekos Inc dba New York Style Pizza			(*,#)			10 South King St, Gloucester, NJ 8030						Food Services and Drinking Places						Term Loan						8%						2/6/2040						61.9						61.9						28.1						0.01		%
LA Diner Inc dba Loukas L A Diner			(*,#)			3205 Route 22 East, Branchburg, NJ 8876						Food Services and Drinking Places						Term Loan						7.25%						9/28/2037						92.8						92.8						67.0						0.02		%

256

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

LAN Doctors Inc			(*,#)			14 Pierson Court, Mahwah, NJ 7430						Professional, Scientific, and Technical Services						Term Loan						8.25%						8/28/2025						59.8						59.8						58.5						0.02		%
LAN Doctors Inc			(*,#,^)			14 Pierson Court, Mahwah, NJ 7430						Professional, Scientific, and Technical Services						Term Loan						8.25%						3/16/2026						43.4						43.4						36.3						0.01		%
Legacy Roof Contractors LLC			(*,#,^)			32091 Broken Branch Circle, Spanish Fort, AL 36527						Specialty Trade Contractors						Term Loan						6%						2/28/2044						294.0						294.0						170.8						0.05		%
Lilo Holdings LLC			(*,#,^)			1000 Roosevelt Ave., Cartaret, NJ 7008						Food Services and Drinking Places						Term Loan						6%						12/5/2026						11.6						11.6						3.7						0.00		%
Linqserv Inc.			(*,#,^)			1555 Lyell Ave, Rochester, NY 14606						Transit and Ground Passenger Transportation						Term Loan						7.5%						11/9/2027						264.0						264.0						22.2						0.01		%
Lowgap Grocery & Grill LLC			(*,#,^)			8773 West Pine St, Lowgap, NC 27024						General Merchandise Stores						Term Loan						7.25%						3/24/2041						48.0						48.0						20.3						0.01		%
M & H Pine Straw Inc and Harris L. Maloy			(*,#)			526 Perry House Rd, Fitzgerald, GA 31750						Merchant Wholesalers, Nondurable Goods						Term Loan						7.5%						3/21/2023						197.4						197.4						59.4						0.02		%
M & H Pine Straw, Inc and Harris L. Maloy			(*,#)			526 Perry House Rd, Fitzgerald, GA 31750						Support Activities for Agriculture and Forestry						Term Loan						6%						4/30/2020						44.6						44.6						43.6						0.01		%
M & H Pine Straw, Inc.and Harris Maloy			(*,#)			526 Perry House Rd, Fitzgerald, GA 31750						Merchant Wholesalers, Nondurable Goods						Term Loan						7.5%						7/10/2020						27.4						27.4						26.8						0.01		%
M & H Pinestraw, Inc. and Harris L. Maloy			(*,#)			526 Perry House Rd, Fitzgerald, GA 31750						Merchant Wholesalers, Nondurable Goods						Term Loan						7.5%						12/15/2021						133.8						133.8						49.5						0.01		%
Magill Truck Line LLC and Jeff J. Ralls			(*,#,^)			211 West 53rd St N., Park City, KS 67204						Truck Transportation						Term Loan						7.25%						3/11/2029						183.5						183.5						82.7						0.02		%
Mariam Diner Inc dba Country Kitchen Restaurant			(*,#,^)			17393 Main St, Hesperia, CA 92345						Food Services and Drinking Places						Term Loan						8%						3/18/2026						42.8						42.8						16.5						0.00		%
Marlin Lighting LLC			(*,#,^)			7207 B Lockport Pl, Lorton, VA 22079						Specialty Trade Contractors						Term Loan						6%						12/19/2028						90.9						90.9						89.0						0.03		%
Matchless Transportation LLC dba First Class Limo			(*,#)			31525 Aurora Rd # 5, Solon, OH 44139						Transit and Ground Passenger Transportation						Term Loan						6.25%						5/31/2020						119.2						119.2						12.4						0.00		%
MB Xpress Inc			(*,#,^)			159 D'Arcy Parkway, Lathrop, CA 95330						Truck Transportation						Term Loan						8.25%						9/19/2028						1,110.1						1,110.1						—						0.00		%
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad			(*,#,^)			780 S Peace Haven Rd, Winston Salem, NC 27103						Electrical Equipment, Appliance, and Component Manufacturing						Term Loan						7%						11/25/2025						10.5						10.5						10.2						0.00		%
MIT LLC			(*,#,^)			11 North Peach ST., Medford, OR 97504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/31/2042						84.9						84.9						63.2						0.02		%
Mojo Brands Media, LLC			(*,#)			3260 University Blvd., Ste 100, Winter Park, FL 32792						Broadcasting (except Internet)						Term Loan						6%						8/28/2023						725.0						725.0						114.0						0.03		%
Morris Glass and Construction Inc			(*,#)			40058 Hwy 30, Astoria, OR 97103						Specialty Trade Contractors						Term Loan						15%						10/1/2023						365.9						365.9						188.5						0.06		%
MTV Bowl, Inc. dba Legend Lanes			(*,#)			4190 State Rd, Cuyahoga Falls, OH 44223						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						6/30/2036						189.6						189.6						126.7						0.04		%
Murf & Sons LLC			(*,#,^)			3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/16/2027						129.3						129.3						126.6						0.04		%
N Transport LLC			(*,#,^)			5348 W Brown Ave, Fresno, CA 93722						Truck Transportation						Term Loan						8%						11/20/2027						385.5						385.5						79.8						0.02		%
N Transport LLC			(*,#,^)			294 N. Fruit Ave, Fresno, CA 93706						Truck Transportation						Term Loan						8.25%						11/20/2042						175.3						175.3						143.3						0.04		%

257

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Nando LLC dba Tall Timbers Banquet and Conference Center			(*,#,^)			13831 National Rd SW, Reynoldsburg, OH 43068						Food Services and Drinking Places						Term Loan						6%						4/20/2028						12.7						12.7						12.4						0.00		%
Neville Galvanizing, Inc			(*,#)			2983 Grand Ave, Pittsburgh, PA 15225						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/15/2042						235.7						235.7						—						0.00		%
North Country Transport, LLC			(*,#,^)			10 LaCrosse St, Ste 14, Hudson Falls, NY 12839						Transit and Ground Passenger Transportation						Term Loan						6%						2/6/2023						4.9						4.9						4.8						0.00		%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC			(*,#,^)			2520 Pennsylvania Ave, Ogden, UT 84401						Truck Transportation						Term Loan						8.25%						6/20/2028						513.2						513.2						53.3						0.02		%
P & M Entertainment, LLC dba Luv 2 Play			(*,#,^)			35 Lafayette Rd Ste #8, North Hampton, NH 3862						Amusement, Gambling, and Recreation Industries						Term Loan						6%						5/10/2028						96.1						96.1						76.1						0.02		%
Panther Ironworks and Rigging Solutions LLC			(*,#,^)			1028 Washburn Switch Rd, Shelby, NC 28150						Specialty Trade Contractors						Term Loan						6%						11/10/2026						112.7						112.7						75.4						0.02		%
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa			(*,#)			412 and 500 Main St, La Marque, TX 77568						Heavy and Civil Engineering Construction						Term Loan						7%						9/28/2026						570.7						570.7						3.1						0.00		%
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv			(*,#,^)			412 and 500 Main St, La Marque, TX 77568						Heavy and Civil Engineering Construction						Term Loan						7%						9/28/2041						110.1						110.1						48.7						0.01		%
Peter K Lee MD, PC dba Atlanta Primary Care			(*,#,^)			211 Roberson Mill Rd, Milledgeville, GA 31061						Ambulatory Health Care Services						Term Loan						8.25%						9/13/2043						859.6						859.6						823.3						0.24		%
Peter K Lee MD, PC dba Atlanta Primary Care LLC			(*,#,^)			5 Ashford Way, Hawkinsville, GA 31061						Ambulatory Health Care Services						Term Loan						8.25%						9/13/2028						381.0						381.0						364.9						0.11		%
Play4Fun dba Luv 2 Play			(*,#,^)			13722 Jamboree Rd, Irvine, CA 92602						Amusement, Gambling, and Recreation Industries						Term Loan						7.5%						3/7/2028						148.1						148.1						88.9						0.03		%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T			(*,#,^)			2040 Dowdy Ferry, Dallas, TX 75218						Specialty Trade Contractors						Term Loan						8.25%						12/19/2038						494.7						494.7						473.8						0.14		%
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and			(*,#,^)			13851 S State HWY 34, Scurry, TX 75158						Specialty Trade Contractors						Term Loan						8.25%						10/28/2025						479.9						479.9						314.0						0.09		%
Providence Management Environmental, LLC, Tindol Energy Group, LLC			(*,#,^)			6570 W Hwy 67, Cleburne, TX 76033						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/19/2029						255.9						255.9						245.1						0.07		%
PS Camping Inc.			(*,#,^)			43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						12/1/2027						18.2						18.2						17.4						0.01		%
PS Camping, Inc. dba Prospectors RV Resort			(*,#,^)			43659&43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						5/19/2042						227.3						227.3						217.7						0.06		%
Purely Seed LLC			(*,#,^)			11515 Lake Lane, Ste 102, Chisago, MN 55013						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 0%						2/26/2028						101.7						101.7						—						0.00		%
Ramjay Inc.			(*,#,^)			85 S. Bragg St Ste 303, Alexandria, VA 22312						Transit and Ground Passenger Transportation						Term Loan						8.25%						1/13/2027						375.6						375.6						81.6						0.02		%
Randall Miller Company, Inc and Boyz Transportation Services, LLC			(*,#,^)			256 Blackley Rd, Bristole, TN 37620						Truck Transportation						Term Loan						7.75%						7/31/2029						772.8						772.8						18.8						0.01		%
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC			(*,#,^)			85 SW 5th Ave, Delray Beach, FL 33444						Ambulatory Health Care Services						Term Loan						7.75%						12/28/2028						112.6						112.6						9.4						0.00		%

258

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Return to Excellence Inc			(*,#,^)			176 Country Club Drive, Waynesville, NC 28786						Amusement, Gambling, and Recreation Industries						Term Loan						8.25%						1/27/2027						15.6						15.6						15.3						0.00		%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa			(*,#)			176 Country Club Drive, Waynesville, NC 28786						Amusement, Gambling, and Recreation Industries						Term Loan						8%						10/10/2039						1,154.0						1,154.0						1,129.4						0.33		%
RG Productions LLC			(*,#,^)			2414 W Battlefield Ste H, Springfield, MO 65807						Rental and Leasing Services						Term Loan						Prime plus 0%						3/28/2029						139.5						139.5						127.4						0.04		%
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc.			(*,#,^)			5245 Bucks Bar Rd, Placerville, CA 95667						Beverage and Tobacco Product Manufacturing						Term Loan						8.25%						1/19/2030						230.9						230.9						221.2						0.07		%
Roundhay Partners LLC and Roundhay Farming LLC			(*,#,^)			6160 Granite Spring Rd, Somerset, CA 95684						Crop Production						Term Loan						8.25%						8/8/2042						902.1						902.1						781.4						0.23		%
Rich's Food Stores LLC dba Hwy 55 of Wallace			(*,#,^)			611 East Southerland St, Wallace, NC 28466						Food Services and Drinking Places						Term Loan						8.25%						9/14/2026						99.3						99.3						9.8						0.00		%
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d			(*,#)			423-429 Route 156, Trenton, NJ 8620						Food Services and Drinking Places						Term Loan						6.25%						9/30/2039						279.5						279.5						33.5						0.01		%
Sanabi Investment, LLC dba Oscar's Moving and Storage			(*,#,^)			11421 N W 107th St, #13, Miami, FL 33178						Truck Transportation						Term Loan						7.5%						6/20/2027						95.9						95.9						14.0						0.00		%
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point			(*,#,^)			2 Sand Hill Cove Rd, Narragansett, RI 2882						Food Services and Drinking Places						Term Loan						8.25%						12/27/2041						413.0						413.0						197.9						0.06		%
SDA Holdings LLC and Les Cheveux Salon Inc			(*,#,^)			306 McClanahan St, Roanoke, VA 24014						Personal and Laundry Services						Term Loan						7.5%						12/15/2040						108.5						108.5						50.5						0.01		%
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC			(*,#)			3822 State Route 3, Red Bud, IL 62278						Merchant Wholesalers, Nondurable Goods						Term Loan						7.5%						2/10/2030						524.2						524.2						28.4						0.01		%
Shaffer Automotive Repair, LLC			(*,#)			1485 North McQueen Rd #1, Gilbert, AZ 85233						Repair and Maintenance						Term Loan						7%						5/24/2030						132.8						132.8						38.7						0.01		%
Shane M. Howell and Buck Hardware and Garden Center, LLC			(*,#)			1007 Lancaster Pike, Quarryville, PA 17566						Building Material and Garden Equipment and Supplies Dealers						Term Loan						7.5%						12/27/2038						113.4						113.4						11.5						0.00		%
Shining Star Kids, Inc. dba Brain Balance			(*,#,^)			17323 Ventura Blvd, Encino, CA 91316						Educational Services						Term Loan						Prime plus 0%						1/7/2029						77.2						77.2						75.6						0.02		%
Smith and Son Plumbing, LLC			(*,#,^)			15922 Eldorado Parkway, Ste 500-1579, Frisco, TX 75035						Specialty Trade Contractors						Term Loan						6%						6/10/2029						76.0						76.0						34.1						0.01		%
Southside BBQ Corp			(*,#,^)			16032 South Hwy 16, Cherokee, TX 76832						Food Services and Drinking Places						Term Loan						Prime plus 0%						1/25/2028						15.7						15.7						15.4						0.00		%
Sovereign Communications LLC			(*,#)			26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783						Broadcasting (except Internet)						Term Loan						6.75%						2/7/2024						627.4						627.4						118.1						0.03		%
Specialty Surgery Center, Inc.			(*,#,^)			5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342						Ambulatory Health Care Services						Term Loan						Prime plus 0%						6/28/2029						1,158.8						1,158.8						186.1						0.05		%
Street Magic Enterprise LLC dba New Lisbon Travel Mart			(*,#,^)			1700 East Bridge St, New Lisbon, WI 53950						Gasoline Stations						Term Loan						7.5%						11/7/2042						419.0						419.0						139.8						0.04		%
Studio Find It Georgia Inc			(*,#,^)			3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						5/13/2026						14.8						14.8						5.3						0.00		%

259

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Suncrest Stone Products LLC			(*,#,^)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.25%						8/29/2041						608.6						608.6						116.1						0.03		%
Suncrest Stone Products LLC			(*,#,^)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.5%						8/29/2026						535.4						535.4						129.7						0.04		%
T and B Boots Inc dba Takken's Shoes			(*,#)			72 South Main St, Templeton, CA 93465						Clothing and Clothing Accessories Stores						Term Loan						7.25%						12/7/2026						95.2						95.2						79.8						0.02		%
Tarver-Henley Inc. and Tar-Hen LLC			(*,#,^)			2125 College Ave, Jackson, AL 36545						Building Material and Garden Equipment and Supplies Dealers						Term Loan						7.75%						6/21/2042						97.8						97.8						49.7						0.01		%
The Jig, LLC			(*,#,^)			3115 Camp Phillips Rd, Wausau, WI 54403						Food Services and Drinking Places						Term Loan						8.25%						10/24/2042						25.0						25.0						24.4						0.01		%
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites			(*,#,^)			29291 Amerihost Drive, Dowagiac, MI 49047						Accommodation						Term Loan						8.25%						12/5/2041						335.1						335.1						328.0						0.10		%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The			(*,#)			3510 Bear Creek Rd, Franklinville, NY 14737						Accommodation						Term Loan						7%						9/29/2039						489.6						489.6						474.0						0.14		%
TX Superior Communications, LLC			(*,#,^)			6223 Krempen Ave, San Antonio, TX 78233						Specialty Trade Contractors						Term Loan						8%						3/19/2028						85.5						85.5						15.1						0.00		%
United States Plastic Equipment LLC			(*,#,^)			4447 OH-303, Mantua, OH 44255						Merchant Wholesalers, Durable Goods						Term Loan						8.25%						12/13/2028						110.5						110.5						26.4						0.01		%
Victorian Restaurant and Tavern, LLC			(*,#,^)			226 Maple Ave, Cheshire, CT 6410						Food Services and Drinking Places						Term Loan						8.25%						2/22/2042						104.4						104.4						27.9						0.01		%
Webb Eye Associates, PA			(*,#,^)			1720 S W W White Rd, San Antonio, TX 78220						Ambulatory Health Care Services						Term Loan						7.25%						7/19/2027						71.2						71.2						33.8						0.01		%
White Hawk Inc.			(*,#,^)			2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205						Truck Transportation						Term Loan						8.25%						12/15/2026						917.5						917.5						99.4						0.03		%
Wilban LLC			(*,#,^)			454 US Hwy 22, Whitehouse Station, NJ 8889						Food Services and Drinking Places						Term Loan						7.5%						3/11/2026						44.2						44.2						43.7						0.01		%
Wilban LLC			(*,#)			454 US Hwy 22, Whitehouse Station, NJ 8889						Food Services and Drinking Places						Term Loan						7.25%						3/28/2039						238.6						238.6						103.5						0.03		%
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van			(*,#,^)			3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010						Transit and Ground Passenger Transportation						Term Loan						7.75%						9/27/2028						638.9						638.9						450.9						0.13		%
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan			(*,#,^)			33-51 11th St, Astoria, NY 11106						Merchant Wholesalers, Nondurable Goods						Term Loan						8.25%						4/28/2027						75.8						75.8						74.2						0.02		%
Total Unguaranteed Non-Accrual SBA Investments																																				55,442.8						55,442.8						$	29,418.5					8.67		%
Total Unguaranteed SBA Investments																																				$	420,399.9					$	420,399.9					$	407,747.9					120.15		%

260

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Lulubelle's Mountain Banana Bread LLC						1063 Carousel Rd, Lake Arrowhead, CA 92352						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						$	750.0					$	750.0					$	848.0					0.25		%
Moon Group, Inc.						145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						3,385.0						3,385.0						3,634.3						1.07		%
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade						100 Village Rd, Port Lavaca, TX 77979						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/16/2029						113.0						113.0						122.0						0.04		%
Hackstaff Restaurants						248 W 1st. St Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/15/2029						426.0						426.0						461.0						0.14		%
American Pharmaceutical Innovation Company, LLC						1425 Centre Circle, Downers Grove, IL 60515						Chemical Manufacturing						Term Loan						Prime plus 2.75%						3/28/2027						45.2						45.2						45.2						0.01		%
Matrix Z LLC						800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						11.1						11.1						11.1						—		%
Rello Inc.						8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						5.4						5.4						5.4						—		%
2Choice2Friends LLC						901 W Braker Lane, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						11.3						11.3						11.3						—		%
NYM Solutions Inc.						12150 SW 128th St CT Ste 209, Miami, FL 33186						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						5/6/2029						11.3						11.3						11.3						—		%
Crystal Cleaning Service						26 Cooper Rd, Byhalia, MS 38611						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/9/2029						9.1						9.1						9.1						—		%
Clowers Trucking by Faith LLC						705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						11.2						11.2						11.2						—		%
MCM Design LLC						5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.8						8.8						8.8						—		%
Still Photography						195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						11.4						11.4						11.4						—		%
Archer Cleaners Inc.						1514 W. 33rd St, Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						11.4						11.4						11.4						—		%
Law Office of Paula Padilla PLLC						2211 E Highland Ave Ste 130, Phoenix, AZ 85016						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/13/2029						4.6						4.6						4.6						—		%
Bonadi Inc.						9858 W Sample Rd, Coral Springs, FL 33065						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/17/2029						11.4						11.4						11.4						—		%
Campuscuts LLC						930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.8						6.8						6.8						—		%
Port Diesel LLC						3212 Alex Trask Drive, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						11.4						11.4						11.4						—		%
Menshka Inc.						88 High St, Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						11.5						11.5						11.5						—		%
The Bean Coffee Company, LLC						112 South Main St, Spring Hill, KS 66083						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						7/17/2029						11.5						11.5						11.5						—		%
Lawrence Adeyemo & Co LLC						209-34 112 Ave, Queens Village, NY 11429						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						7/19/2029						9.2						9.2						9.2						—		%
Gradstreet LLC						2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						7.3						7.3						7.3						—		%
A&S Services LLC						3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						8/7/2029						11.5						11.5						11.5						—		%

261

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Crystal Clear Accounting						34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.9						2.9						2.9						—		%
Doghouse Sport Fishing Charters Inc.						83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						11.5						11.5						11.5						—		%
No Push Back LLC						2223 Dungan Ave, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						11.2						11.2						11.2						—		%
Softcare247 LLC						4191 Naco Perrin Blvd, San Antonio, TX 78217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/11/2029						11.8						11.8						11.8						—		%
Host Marketing LLC						206 Bell Lane, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						11.6						11.6						11.6						—		%
Standard Real Estate Services LLC						500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217						Real Estate						Term Loan						Prime plus 6.5%						9/19/2029						11.6						11.6						11.6						—		%
Bargain Store						107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						11.6						11.6						11.6						—		%
Powerlift Dumbwaiters Inc.						2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						11.3						11.3						11.3						—		%
Pine Mountain Residential LLC						10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						11.6						11.6						11.6						—		%
James Clark and Company Inc.						8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						10/22/2029						11.6						11.6						11.6						—		%
Deer Valley Sport Shop LLC						507 Bamboo Rd, Boone, NC 28607						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 6.5%						11/7/2029						12.0						12.0						12.0						—		%
Sean McNamara						5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						11.7						11.7						11.7						—		%
The Pinnacle Group						105 Springside Drive, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						11.7						11.7						11.7						—		%
Pen’s Electric Company, Inc						504 Fairfax Ave, Nashville, TN 37212						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						11/21/2029						11.9						11.9						11.9						—		%
Standard Capital Corp.						2349 Wessington Drive, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.8						11.8						11.8						—		%
Scott’s Hardware Inc						200 Tuckerton Rd, Medford, NJ 8055						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						12/6/2029						11.8						11.8						11.8						—		%
HADD Corp						364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						11.8						11.8						11.8						—		%
La Tradicion Cubana Inc.						9357 S.W. 40th St, Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.8						11.8						11.8						—		%
This is a Fly Closet LLC						12408 Kingsview St, Bowie, MD 20721						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						1/30/2030						11.8						11.8						11.8						—		%
2 N 1 Home and Lawn LLC						1300 Ridenour Blvd, Kennesaw, GA 30152						Administrative and Support Services						Term Loan						Prime plus 6.5%						2/3/2030						11.9						11.9						11.9						—		%
All Modes Transportation and Logistics						4313 Collingtree Drive, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.9						11.9						11.9						—		%
Green Farm Inc.						1018 W SR 424 Ste 100, Longwood, FL 32750						Food and Beverage Stores						Term Loan						Prime plus 6.5%						11/19/2030						12.5						12.5						12.5						—		%

262

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Caraniologie LLC						225 Wall St, Ste 102A, Vail, CO 81657						General Merchandise Stores						Term Loan						Prime plus 6.5%						11/20/2030						12.5						12.5						12.5						—		%
Kendra Leigh Boyer CPA						5068 Dupont Court E, Santa Rosa, CA 95409						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						11/20/2030						12.5						12.5						12.5						—		%
Flex Beauty Labs LLC						7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						12.5						12.5						12.5						—		%
Dearly Loved Counseling LLC						14052 N Dale Mabry Hwy, Ste 215, Tampa, FL 33618						Social Assistance						Term Loan						Prime plus 6.5%						11/24/2030						12.5						12.5						12.5						—		%
Diane's Accounting Service						119 E Haywood St, England, AR 72046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/3/2030						12.5						12.5						12.5						—		%
Combs Creative LLC						157 Antler Ridge Circle,, Nashville, TN 37214						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/4/2030						5.5						5.5						5.5						—		%
Travel with Love, LLC						8465 W Sahara Ave, Ste 111, Las Vegas, NV 89117						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/4/2030						5.0						5.0						5.0						—		%
R. JOHNSON CRAFTSMANSHIP						346 Spring Garden Rd, Milford, NJ 8848						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						12/4/2030						10.0						10.0						10.0						—		%
Jamali LLC						2741 Raceway Fairfield West, Pensacola, FL 32505						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						12.5						12.5						12.5						—		%
Donald W. Harris						1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						12.5						12.5						12.5						—		%
David Benson LLC						1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.5						—		%
Savannah Area Language & Culture Exchange, LLC						6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.5						—		%
Vege Investments, LLC						26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						12.5						12.5						12.5						—		%
ASIL Ventures, LLC						444 N Michigan Ave, Ste 1200, Chicago, IL 60611						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/22/2030						4.3						4.3						4.3						—		%
SPECTRUM DYNAMICS, INC						27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.5						—		%
Pittman Holdings LLC DBA Maple Bourbon						1116 E Main St, Richmond, VA 23219						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.5						—		%
KCL Business Service Inc						1042 San Fernando Rd., San Fernando, CA 91340						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.5						—		%
Chris' Angels Cleanning Service LLC						2090 Dunwoody Club Drive, Sandy Springs, GA 30350						Administrative and Support Services						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.5						—		%
Tiki Torch Liquors						101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						12.5						12.5						12.5						—		%
AJN Innocations LLC						6704 Main St, Miami Lakes, FL 33014						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/15/2031						329.5						329.5						365.0						0.11		%
The Cow Harbor Beer Company						19 Scudder Ave, Northport, NY 11768						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/11/2031						878.2						878.2						972.6						0.29		%
NJ Floats						327 Route 202/206, Bedminster Township, NJ 7921						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						2/12/2046						437.0						437.0						494.9						0.15		%

263

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Kuros LLC dba Alexander Lake Lodge						21221 Baron Lake Drive, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						11/19/2045						246.8						246.8						279.2						0.08		%
Emmalina LLC						3602 Rock Bay Drive, Louisville, KY 40245						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2030						34.9						34.9						38.5						0.01		%
Sherwood Sporthorses Inc.						20502 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/21/2046						615.9						615.9						698.3						0.21		%
Chet Lemon Enterprises						1544 Lane Park Cut off, Tavares, FL 32778						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/3/2031						622.0						622.0						688.9						0.20		%
Jones Roger Shermann Inn Inc.						195 Oenoke Ridge, New Canaan, CT 6840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/4/2030						86.3						86.3						95.3						0.03		%
The Hall at the Yard						1412 Alden Rd, Orlando, FL 32803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/2/2031						761.6						761.6						846.4						0.25		%

Edel Family Management Corp						2207 Coney Island Ave, Brooklyn, NY 11223						PPP						Term Loan						1.0%						4/30/2022						39.2						39.2						39.2						0.01		%
The Rabbi Grafman Endowment Fund for Temple Emanu-El						2100 Highland Ave South, Birmingham, AL 35205						PPP						Term Loan						1.0%						4/30/2022						3.0						3.0						3.0						—		%
Surf Cup Sports						2037 Park Dale Ln, Encinitas, CA 92024						PPP						Term Loan						1.0%						4/30/2022						19.0						19.0						19.0						0.01		%
AM House						22322 Burton St, Canoga Park, CA 91304						PPP						Term Loan						1.0%						4/30/2022						7.7						7.7						7.7						—		%
Eat Here LLC						500 S Main St, Las Vegas, NV 89101						PPP						Term Loan						1.0%						4/30/2022						4.8						4.8						4.8						—		%
Masood A. Rizvi, MD.						900 Pompton Ave, Ste B-1, Cedar Grove, NJ 7009						PPP						Term Loan						1.0%						4/30/2022						3.8						3.8						3.8						—		%
Casetabs						3333 Michelson Dr, Ste 240, Irvine, CA 92612						PPP						Term Loan						1.0%						4/30/2022						38.5						38.5						38.5						0.01		%
James D. Paliwoda, A Law Corporation						1000 Lakes Dr, Ste 230, West Covina, CA 91790						PPP						Term Loan						1.0%						4/30/2022						12.3						12.3						12.3						—		%
Medical Review Service						13400 Marsh Landing, West Palm Beach, FL 33418						PPP						Term Loan						1.0%						4/30/2022						31.3						31.3						31.3						0.01		%
North Carolina Custom Modulars, LLC						1936 US-64, Murphy, NC 27203						PPP						Term Loan						1.0%						4/30/2022						7.8						7.8						7.8						—		%
Thrive TC LLC						4888 Town Center Pkwy, Ste 106, Jacksonville, FL 32246						PPP						Term Loan						1.0%						5/4/2022						5.5						5.5						5.5						—		%
Kenco Inc						774 Mays Blvd, Ste 10-574, Incline Village, NV 89451						PPP						Term Loan						1.0%						5/4/2022						2.4						2.4						2.4						—		%
Glynwood Center, Inc.						362 Glynwood Rd, Cold Spring, NY 10516						PPP						Term Loan						1.0%						5/4/2022						30.3						30.3						30.3						0.01		%
San Basilio, LLC						12305 SW 38th St, Ocala, FL 34481						PPP						Term Loan						1.0%						5/4/2022						2.5						2.5						2.5						—		%
Stephen Binder DDS						3900 W Fullerton Ave, Chicago, IL 60647						PPP						Term Loan						1.0%						5/4/2022						3.0						3.0						3.0						—		%
Mto Summerlin						10970 Rosemary Park Drive, Ste #100, Las Vegas, NV 89135						PPP						Term Loan						1.0%						5/4/2022						4.8						4.8						4.8						—		%
Asthma & Allergy Medical Care, P.C.						68 Nassau Rd, Huntington, NY 11743						PPP						Term Loan						1.0%						5/4/2022						16.1						16.1						16.1						—		%

264

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

SK8CLICK INC						17062 Westport Dr, Huntington Beach, CA 92649						PPP						Term Loan						1.0%						5/4/2022						1.9						1.9						1.9						—		%
Provino's South, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/5/2022						18.2						18.2						18.2						0.01		%
Kore Surgical Inc						26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275						PPP						Term Loan						1.0%						5/5/2022						8.0						8.0						8.0						—		%
Buddy's Towing						830 Birch St, Daytona Beach, FL 32117						PPP						Term Loan						1.0%						5/5/2022						4.0						4.0						4.0						—		%
EON.AI LLC						3401 North Miami Ave, Ste 211, Miami, FL 33127						PPP						Term Loan						1.0%						5/5/2022						2.5						2.5						2.5						—		%
Superior Property Solutions						7009 E Country Highlands Dr, Floral City, FL 34436						PPP						Term Loan						1.0%						5/5/2022						2.5						2.5						2.5						—		%
WHO Insurance Agency Inc						708 6th Ave SE #A, Decatur, AL 35601						PPP						Term Loan						1.0%						5/5/2022						0.9						0.9						0.9						—		%
Ventum LLC						2775 South Hwy 40, Ste 4, Heber City, UT 84032						PPP						Term Loan						1.0%						5/5/2022						8.1						8.1						8.1						—		%
MacLeod and Company						3161 Michelson Dr, Irvine, CA 92612						PPP						Term Loan						1.0%						5/5/2022						7.5						7.5						7.5						—		%
Dance Daly Studio, LLC						24000 Alicia Parkway, #33, Mission Viejo, CA 92691						PPP						Term Loan						1.0%						5/5/2022						5.2						5.2						5.2						—		%
Julius Schwarz LLC						50 Pascack Rd, Hillsdale, NJ 7642						PPP						Term Loan						1.0%						5/5/2022						4.0						4.0						4.0						—		%
West & East Art Group						9 N Moore St, New York, NY 10013						PPP						Term Loan						1.0%						5/5/2022						3.3						3.3						3.3						—		%
Soudan Metals Co						319 W 40th Pl, Chicago, IL 60609						PPP						Term Loan						1.0%						5/5/2022						64.3						64.3						64.3						0.02		%
American Showcase Modulars, LLC						6281 US-29, Blairs, VA 24527						PPP						Term Loan						1.0%						5/5/2022						6.7						6.7						6.7						—		%
Swirnow Capital Management Corp						500 Harborview Drive, Third Floor, Baltimore, MD 21230						PPP						Term Loan						1.0%						5/5/2022						10.0						10.0						10.0						—		%
acaso master fund llc						6710 Benjamin Rd, Ste 100, Tampa, FL 33634						PPP						Term Loan						1.0%						5/6/2022						0.7						0.7						0.7						—		%
GMS Racing LLC						1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135						PPP						Term Loan						1.0%						5/6/2022						130.0						130.0						130.0						0.04		%
D Bober LLC dba the Public Private Network						445 Hamilton Ave, Ste 1102, White Plains, NY 10601						PPP						Term Loan						1.0%						5/6/2022						2.8						2.8						2.8						—		%
Ntrepid LLC						12801 Worldgate Dr, Ste 800, Herndon, VA 20170						PPP						Term Loan						1.0%						5/6/2022						720.2						720.2						720.2						0.21		%
South Bay Cable						54125 Maranatha Dr, Idyllwild, CA 92549						PPP						Term Loan						1.0%						5/6/2022						80.4						80.4						80.4						0.02		%
Basic L Corporation dba Action Industries						1120 Olympic Dr, Corona, CA 92881						PPP						Term Loan						1.0%						5/7/2022						43.1						43.1						43.1						0.01		%
Fernway Solutions Inc.						34 Tidal Way, San Mateo, CA 94401						PPP						Term Loan						1.0%						5/7/2022						3.8						3.8						3.8						—		%
KJM Medical, LLC						3012 Pinehurst Dr., Montgomery, AL 36111						PPP						Term Loan						1.0%						5/7/2022						1.0						1.0						1.0						—		%

265

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Nolan Construction						10 Fairway Drive, Deerfield Beach, FL 33441						PPP						Term Loan						1.0%						5/7/2022						2.1						2.1						2.1						—		%
Care Values, Inc.						1905 Woodstock Rd, Ste 1250, Roswell, GA 30075						PPP						Term Loan						1.0%						5/7/2022						14.1						14.1						14.1						—		%
Fried Chicken Kitchen LLC						1750 Market St, San Francisco, CA 94102						PPP						Term Loan						1.0%						5/7/2022						42.7						42.7						42.7						0.01		%
Playback, Inc.						17 Ridge Ave, Natick, MA 1760						PPP						Term Loan						1.0%						5/7/2022						4.7						4.7						4.7						—		%
Conglomerated Hosts, LTD						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/8/2022						12.7						12.7						12.7						—		%
David A Beach, DMD, MS, PA						27605 Cashford Circle, Ste 101, Wesley Chapel, FL 33544						PPP						Term Loan						1.0%						5/8/2022						6.6						6.6						6.6						—		%
Fleming Island Dental Care						1590 Island Ln, Ste 12, Fleming Island, FL 32003						PPP						Term Loan						1.0%						5/8/2022						6.9						6.9						6.9						—		%
Dominion Glass & Mirror Inc.						14707-B Willard Rd, Chantilly, VA 20151						PPP						Term Loan						1.0%						5/8/2022						20.4						20.4						20.4						0.01		%
Allergy & Asthma Associates of Murray Hill, P.C.						35 E 35th St, Ste 202, New York, NY 10016						PPP						Term Loan						1.0%						5/8/2022						17.1						17.1						17.1						0.01		%
Jeff O. Gonzalez, M.D., P.A.						2140 W 68th St, Ste 300, Hialeah, FL 33016						PPP						Term Loan						1.0%						5/11/2022						2.1						2.1						2.1						—		%
J.P. Makhlouf, M.D., F.A.A.P., & Tiziana Anello, M.D., F.A.A.P., P.A. d/b/a Roseland Pediatrics						556 Eagle Rock Ave, Ste 106, Roseland, NJ 7068						PPP						Term Loan						1.0%						5/11/2022						12.8						12.8						12.8						—		%
Sweet Dreams						480 Mondi Dr, Woodstock, GA 30188						PPP						Term Loan						1.0%						5/11/2022						5.0						5.0						5.0						—		%
Legg's Welding Inc.						5871 Clay Hwy, Bickmore, WV 25019						PPP						Term Loan						1.0%						5/11/2022						9.5						9.5						9.5						—		%
Drobu Media						1010 Brickell Ave Unit 4105, Miami, FL 33131						PPP						Term Loan						1.0%						5/11/2022						2.1						2.1						2.1						—		%
Urban Clarity						13 S Elliott Pl, Brooklyn, NY 11217						PPP						Term Loan						1.0%						5/11/2022						2.1						2.1						2.1						—		%
Scott Zucker P.A.						633 S Andrews Ave, #203, Fort Lauderdale, FL 33301						PPP						Term Loan						1.0%						5/11/2022						1.0						1.0						1.0						—		%
Landmark IV Realty Inc.						3990 Sheridan St, Ste 105, Hollywood, FL 33021						PPP						Term Loan						1.0%						5/11/2022						0.9						0.9						0.9						—		%
Leader, Leader & Zucker, PLLC						633 S Andrews Ave, #201, Fort Lauderdale, FL 33301						PPP						Term Loan						1.0%						5/11/2022						5.0						5.0						5.0						—		%
Therapeutic Equestrian Center Inc						115 Stonecrop Lane, Cold Spring, NY 10516						PPP						Term Loan						1.0%						5/11/2022						6.5						6.5						6.5						—		%
Rodney and Bernstein P.A.						1925 Brickell Ave, Ste D-207, Miami, FL 33129						PPP						Term Loan						1.0%						5/11/2022						17.1						17.1						17.1						0.01		%
Tyler Pidgeon Sole Proprietor						10200 Sporting Club Drive, Raleigh, NC 27617						PPP						Term Loan						1.0%						5/11/2022						0.9						0.9						0.9						—		%
Altea Group LLC						4510 Cheltenham Dr, Bethesda, MD 20814						PPP						Term Loan						1.0%						5/12/2022						1.2						1.2						1.2						—		%

266

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Temple Emanu-El						2100 Highland Ave, Birmingham, AL 35205						PPP						Term Loan						1.0%						5/12/2022						28.0						28.0						28.0						0.01		%
American Automotive Aftermarket Inc.						50 Dunham Rd, Billerica, MA 1821						PPP						Term Loan						1.0%						5/12/2022						22.0						22.0						22.0						0.01		%
Stanton Schwartz Design Group LLC						346 Congress St, #201, Boston, MA 2210						PPP						Term Loan						1.0%						5/12/2022						0.6						0.6						0.6						—		%
Ernst Architect, PLLC						177 W Broadway, 3rd Floor, New York, NY 10013						PPP						Term Loan						1.0%						5/12/2022						17.6						17.6						17.6						0.01		%
Dental Designs of Fort Myers, LLC						3220 Forum Blvd, #104, Fort Myers, FL 33905						PPP						Term Loan						1.0%						5/12/2022						34.8						34.8						34.8						0.01		%
RX Psychological Services, LLC						5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008						PPP						Term Loan						1.0%						5/12/2022						2.1						2.1						2.1						—		%
KKAP El Sereno Laundry, LLC						4899 Huntington Drive North, Los Angeles, CA 90032						PPP						Term Loan						1.0%						5/12/2022						1.8						1.8						1.8						—		%
KTF Consulting						2471 N Geneva Terrace, Chicago, IL 60614						PPP						Term Loan						1.0%						5/12/2022						3.3						3.3						3.3						—		%
HL Group Inc.						16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017						PPP						Term Loan						1.0%						5/13/2022						16.0						16.0						16.0						—		%
Child Welfare League of America Inc.						727 15th St NW, Ste 1200, Washington, DC 20005						PPP						Term Loan						1.0%						5/13/2022						20.0						20.0						20.0						0.01		%
Gray Global Advisors, LLC						300 New Jersey Ave NW, 9th Floor, Washington, DC 20001						PPP						Term Loan						1.0%						5/13/2022						8.1						8.1						8.1						—		%
OrtenB Software						519 Lori Drive, Benicia, CA 94510						PPP						Term Loan						1.0%						5/13/2022						0.8						0.8						0.8						—		%
Z Valet, Inc.						4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 90010						PPP						Term Loan						1.0%						5/13/2022						33.9						33.9						33.9						0.01		%
Quality Pool Management						161 Rombout Rd, Poughkeepsie, NY 12603						PPP						Term Loan						1.0%						5/13/2022						6.4						6.4						6.4						—		%
Weisner Steel Products						77 Moraga Way, Ste F, Orinda, CA 94563						PPP						Term Loan						1.0%						5/13/2022						24.2						24.2						24.2						0.01		%
Myrna Casta						1801 Century Park E, Ste 1100, Los Angeles, CA 90067						PPP						Term Loan						1.0%						5/13/2022						1.8						1.8						1.8						—		%
Fairview Ford Sales, Inc.						292 N G St, San Bernardino, CA 92410						PPP						Term Loan						1.0%						5/13/2022						143.9						143.9						143.9						0.04		%
Deep Ellum Art Co.						3200 Commerce St, Dallas, TX 75226						PPP						Term Loan						1.0%						5/14/2022						8.0						8.0						8.0						—		%
Stress Analysis Services, Inc.						3920 Ira Rd, Akron, OH 44333						PPP						Term Loan						1.0%						5/14/2022						19.0						19.0						19.0						0.01		%
Sun Cloud Holdings LLC						65 Hemlock Ln, Highland Park, IL 60035						PPP						Term Loan						1.0%						5/14/2022						0.8						0.8						0.8						—		%
Retrotope, Inc.						4300 El Camino Real, Ste 201, Los Altos, CA 94022						PPP						Term Loan						1.0%						5/14/2022						28.3						28.3						28.3						0.01		%
Mastermind Alliance Wealth Solutions Inc.						5271 Arnica Way, Santa Rosa, CA 95403						PPP						Term Loan						1.0%						5/14/2022						0.1						0.1						0.1						—		%

267

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ashford AFH						15527 Burke Ave N, Shoreline, WA 98133						PPP						Term Loan						1.0%						5/14/2022						17.3						17.3						17.3						0.01		%
Meredith Ward Fine Art, Inc.						44 East 74th St., Ste G, New York, NY 10021						PPP						Term Loan						1.0%						5/14/2022						3.2						3.2						3.2						—		%
Tuckahoe Animal Hospital PLLC						20 Depot Square, Tuckahoe, NY 10707						PPP						Term Loan						1.0%						5/14/2022						14.0						14.0						14.0						—		%
Melbourne United Laser Vision						1478 Highland Ave, Ste A, Melbourne, FL 32935						PPP						Term Loan						1.0%						5/14/2022						7.6						7.6						7.6						—		%
Martin Medical Group						4422 N 75th St, Unit 4012, Scottsdale, AZ 85251						PPP						Term Loan						1.0%						5/14/2022						1.7						1.7						1.7						—		%
Dalva Bros Inc.						53 E 77th St, New York, NY 10075						PPP						Term Loan						1.0%						5/14/2022						8.5						8.5						8.5						—		%
D. R. Horne & Company						117 Mercer St, Princeton, NJ 8540						PPP						Term Loan						1.0%						5/14/2022						4.1						4.1						4.1						—		%
Uniglobal Pension Planning, Inc.						4114 Legato Rd, Ste 300, Fairfax, VA 22033						PPP						Term Loan						1.0%						5/15/2022						14.4						14.4						14.4						—		%
Dominic Orfitelli, LLC						7101 Elizabeth Dr, McLean, VA 22101						PPP						Term Loan						1.0%						5/15/2022						3.1						3.1						3.1						—		%
James Hundshamer CPA						223 S Glendora Ave, Glendora, CA 91741						PPP						Term Loan						1.0%						5/15/2022						7.0						7.0						7.0						—		%
Grossman LLP						745 5th Ave, Ste 500, New York, NY 10151						PPP						Term Loan						1.0%						5/15/2022						7.1						7.1						7.1						—		%
Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You						31773 Temecula Pkwy, Temecula, CA 92592						PPP						Term Loan						1.0%						5/15/2022						1.7						1.7						1.7						—		%
Alpine Metal Products, Inc.						2000 St John St, Easton, PA 18042						PPP						Term Loan						1.0%						5/15/2022						25.0						25.0						25.0						0.01		%
Ranco Construction LLC						2 Coleman Ct, Southampton, NJ 8088						PPP						Term Loan						1.0%						5/15/2022						52.9						52.9						52.9						0.02		%
Rumi K. Lakha D.O., Inc.						7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255						PPP						Term Loan						1.0%						5/15/2022						21.7						21.7						21.7						0.01		%
Chatham Pathology and Associates						5353 Reynolds St, Savannah, GA 31405						PPP						Term Loan						1.0%						5/15/2022						16.8						16.8						16.8						—		%
Kevin C. McWilliams						225 W 35th St 14th Floor, New York, NY 10001						PPP						Term Loan						1.0%						5/15/2022						3.0						3.0						3.0						—		%
Timothy G Greco, MD A Prof Corp						1260 Crestview Drive, Fullerton, CA 92833						PPP						Term Loan						1.0%						5/15/2022						3.4						3.4						3.4						—		%
F T Brooks Inc.						1206 Powhatan St, Alexandria, VA 22314						PPP						Term Loan						1.0%						5/15/2022						2.1						2.1						2.1						—		%
3 Options Consulting						2215 Palmer Pl, Tustin, CA 92782						PPP						Term Loan						1.0%						5/15/2022						4.9						4.9						4.9						—		%
Marti E. Peck PhD						3990 Old Town Ave, Ste B100, San Diego, CA 92110						PPP						Term Loan						1.0%						5/15/2022						2.3						2.3						2.3						—		%
Brookhollow Management Company						151 Kalmus Drive, F-1, Costa Mesa, CA 92626						PPP						Term Loan						1.0%						5/15/2022						30.6						30.6						30.6						0.01		%
Mayer Fayes						18800 NE 29th Ave., Apt 114, Aventura, FL 33180						PPP						Term Loan						1.0%						5/15/2022						0.6						0.6						0.6						—		%
Richard C. Watts, Inc.						1602 E 4th St, Santa Ana, CA 92701						PPP						Term Loan						1.0%						5/18/2022						6.1						6.1						6.1						—		%

268

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Paradise Shutters Inc						4353 Canton CT, Gulf Breeze, FL 32563						PPP						Term Loan						1.0%						5/18/2022						2.4						2.4						2.4						—		%
M&A Services						320 East 53rd St, New York, NY 10022						PPP						Term Loan						1.0%						5/18/2022						12.6						12.6						12.6						—		%
BEACHES JET SET PETS INC						949 12th Ave South, Jacksonville Beach, FL 32250						PPP						Term Loan						1.0%						5/18/2022						9.5						9.5						9.5						—		%
Hotel Cheval, LLC						1021 Pine St, Paso Robles, CA 93446						PPP						Term Loan						1.0%						5/18/2022						17.5						17.5						17.5						0.01		%
Kohcoon LLC						4060 Woodridge Rd, Miami, FL 33133						PPP						Term Loan						1.0%						5/18/2022						2.9						2.9						2.9						—		%
Leader & Leader P.A.						633 S Andrews Ave, #201, Fort Lauderdale, FL 33301						PPP						Term Loan						1.0%						5/18/2022						2.3						2.3						2.3						—		%
Michael J Scherb DMD PA						2143 South Us Hwy 1, Jupiter, FL 33477						PPP						Term Loan						1.0%						5/18/2022						14.2						14.2						14.2						—		%
McGee Media LLC						156 Katonah Ave., Ste #202, Katonah, NY 10536						PPP						Term Loan						1.0%						5/18/2022						106.0						106.0						106.0						0.03		%
te Neues Publishing Company LP						350 7th Ave, Ste 301, New York, NY 10001						PPP						Term Loan						1.0%						5/18/2022						12.1						12.1						12.1						—		%
South City Construction						1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/18/2022						24.0						24.0						24.0						0.01		%
Elixir Corporation						305 Shawnee North Drive, Ste 250, Suwanee, GA 30024						PPP						Term Loan						1.0%						5/18/2022						11.3						11.3						11.3						—		%
Olivenhain Capital Partners						3521 Fortuna Ranch Rd, Encinitas, CA 92024						PPP						Term Loan						1.0%						5/18/2022						5.4						5.4						5.4						—		%
Roselle-Stacy, Inc.						204 Sinclair Pl, Westfield, NJ 7090						PPP						Term Loan						1.0%						5/18/2022						1.3						1.3						1.3						—		%
Lisa Stransky Real Estate LLC						10000 Falls Rd, Ste 300, Potomac, MD 20854						PPP						Term Loan						1.0%						5/18/2022						4.7						4.7						4.7						—		%
JLR Realty Inc						119 Circle Dr, Manhasset, NY 11030						PPP						Term Loan						1.0%						5/18/2022						3.1						3.1						3.1						—		%
Aldene Industrial Park						204 Sinclair Pl, Westfield, NJ 7090						PPP						Term Loan						1.0%						5/18/2022						2.2						2.2						2.2						—		%
Yu-Song Yen DDS						5222 Balboa Ave, Ste 71, San Diego, CA 92117						PPP						Term Loan						1.0%						5/18/2022						3.3						3.3						3.3						—		%
Wheelhouse Life Science Advisors						927 Regalo Way, San Ramon, CA 94583						PPP						Term Loan						1.0%						5/18/2022						11.6						11.6						11.6						—		%
Keldon Paper Company						5960 Boxford Ave, Commerce, CA 90040						PPP						Term Loan						1.0%						5/19/2022						11.9						11.9						11.9						—		%
Mark E Goldberg, esq.						130 North Main St, Port Chester, NY 10573						PPP						Term Loan						1.0%						5/19/2022						2.1						2.1						2.1						—		%
John Woody Inc.						754 Harrison St, Jacksonville, FL 32220						PPP						Term Loan						1.0%						5/19/2022						27.6						27.6						27.6						0.01		%
Chophouse 13						11362 San Jose Blvd, Ste 1, Jacksonville, FL 32223						PPP						Term Loan						1.0%						5/19/2022						20.4						20.4						20.4						0.01		%

269

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Shorstein & Shorstein PA						8265 Bayberry Rd, Jacksonville, FL 32256						PPP						Term Loan						1.0%						5/19/2022						42.3						42.3						42.3						0.01		%
Doctors Medical Center of Walton County, PA						21 W Main Ave, Defuniak Springs, FL 32435						PPP						Term Loan						1.0%						5/19/2022						21.9						21.9						21.9						0.01		%
Stephen Wang & Associates						950 3rd Ave, New York, NY 10022						PPP						Term Loan						1.0%						5/19/2022						12.5						12.5						12.5						—		%
Mecca Resources Inc						3033 Riviera Dr, Ste 101, Naples, FL 34103						PPP						Term Loan						1.0%						5/19/2022						6.3						6.3						6.3						—		%
Susan Surell						26 Diamond Crest Ct, Baltimore, MD 21209						PPP						Term Loan						1.0%						5/19/2022						1.0						1.0						1.0						—		%
SHAWN KASSMAN ESQ., P.C.						110 Carleton Ave, Central Islip, NY 11722						PPP						Term Loan						1.0%						5/19/2022						1.8						1.8						1.8						—		%
Sybil Hill						1479 Mossy Branch Way, Mt Pleasant, SC 29464						PPP						Term Loan						1.0%						5/19/2022						0.8						0.8						0.8						—		%
Felica Zwebner Design LLC						115 W 29th St, New York, NY 10001						PPP						Term Loan						1.0%						5/19/2022						0.8						0.8						0.8						—		%
Robert Giarrusso						9 Sabine Lane, Hardyston, NJ 7416						PPP						Term Loan						1.0%						5/19/2022						0.6						0.6						0.6						—		%
Susan Iannelli						26 Court St, Ste 1805, Brooklyn, NY 11242						PPP						Term Loan						1.0%						5/19/2022						1.0						1.0						1.0						—		%
Sharrets, Paley, Carter & Blauvelt, PC						75 BRd St, New York, NY 10004						PPP						Term Loan						1.0%						5/19/2022						13.8						13.8						13.8						—		%
CCG Advisors						817 W Peachtree St, Ste 205, Atlanta, GA 30308						PPP						Term Loan						1.0%						5/19/2022						21.5						21.5						21.5						0.01		%
The Croft Offshore, LLC						1030 Bayside Ln, Weston, FL 33326						PPP						Term Loan						1.0%						5/19/2022						1.3						1.3						1.3						—		%
ABRAHAM J DANIEL						18851 NE 29th Ave, #700, Aventura, FL 33180						PPP						Term Loan						1.0%						5/19/2022						2.1						2.1						2.1						—		%
Sodales Partners LLC						11 Random Farms Circle, Chappaqua, NY 10514						PPP						Term Loan						1.0%						5/19/2022						1.5						1.5						1.5						—		%
Mark Allen & Company, LLC						450 W 17th St, Unit 738, New York, NY 10011						PPP						Term Loan						1.0%						5/19/2022						2.2						2.2						2.2						—		%
Susan Giarrusso						9 Sabine Ln, Franklin, NJ 7416						PPP						Term Loan						1.0%						5/19/2022						0.3						0.3						0.3						—		%
SA Legends Lacrosse LLC						1011 Rancho Conejo Blvd, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/19/2022						10.1						10.1						10.1						—		%
Laura Billon						1286 El Mercado Way,, Unit C, Oceanside, CA 92057						PPP						Term Loan						1.0%						5/19/2022						0.1						0.1						0.1						—		%
Serge Loobkoff						215 S Santa Fe Ave, Ste 15, Los Angeles, CA 90012						PPP						Term Loan						1.0%						5/19/2022						0.2						0.2						0.2						—		%
Florida Premier Cardiology LLC						11195 Jog Rd, Ste 6, Boynton Beach, FL 33437						PPP						Term Loan						1.0%						5/19/2022						8.0						8.0						8.0						—		%
Specialty Coverage Insurance Agency (SPCIA)						1 Water St, 2nd Floor, Mystic, CT 6355						PPP						Term Loan						1.0%						5/20/2022						3.2						3.2						3.2						—		%
Gregory A. Ebenfeld PA						11011 Sheridan St, Ste 113, Hollywood, FL 33026						PPP						Term Loan						1.0%						5/20/2022						2.2						2.2						2.2						—		%

270

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Caveonix						7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043						PPP						Term Loan						1.0%						5/20/2022						31.0						31.0						31.0						0.01		%
Seamus Henchy and Associates						145 Hudson St, New York, NY 10013						PPP						Term Loan						1.0%						5/20/2022						10.0						10.0						10.0						—		%
Drink Here LLC						6410 S DURANGO DR, Ste 100, Las Vegas, NV 89113						PPP						Term Loan						1.0%						5/20/2022						4.6						4.6						4.6						—		%
Sunren International, LLC						1141 Orange Ave, Monrovia, CA 91016						PPP						Term Loan						1.0%						5/20/2022						4.2						4.2						4.2						—		%
Melanie L Kemmerer, DMD, PLLC						110 SW Suwannee Ave, Branford, FL 32008						PPP						Term Loan						1.0%						5/20/2022						2.9						2.9						2.9						—		%
Sierra Music Publications, Inc.						2711 N Idaho Rd, Liberty Lake, WA 99019						PPP						Term Loan						1.0%						5/20/2022						1.6						1.6						1.6						—		%
AllianceRad LLC						425 N Ocean Blvd, Unit 4, Boca Raton, FL 33432						PPP						Term Loan						1.0%						5/20/2022						2.1						2.1						2.1						—		%
Testicular Cancer Commons						5415 SW 149th Ave, Beaverton, OR 97007						PPP						Term Loan						1.0%						5/20/2022						1.0						1.0						1.0						—		%
Krista Saloom						7210 Corporate Ct, Frederick, MD 21703						PPP						Term Loan						1.0%						5/20/2022						1.3						1.3						1.3						—		%
GARDEN LTC LLC						10 EVANS DRIVE, BROOKVILLE, NY 11545						PPP						Term Loan						1.0%						5/20/2022						1.3						1.3						1.3						—		%
DIXIE CONTRACT CARPET INC						7523 PHILIPS Hwy, Jacksonville, FL 32256						PPP						Term Loan						1.0%						5/20/2022						42.9						42.9						42.9						0.01		%
KKAP Reseda Laundry LLC						18300 Vanowen St, Unit #5, Reseda, CA 91335						PPP						Term Loan						1.0%						5/20/2022						0.4						0.4						0.4						—		%
RTP Corp.						2832 Center Port Cir, Pompano Beach, FL 33064						PPP						Term Loan						1.0%						5/20/2022						39.2						39.2						39.2						0.01		%
KKAP Van Nuys Laundry, LLC						16105 Victory Blvd, Unit 9I, Van Nuys, CA 91406						PPP						Term Loan						1.0%						5/20/2022						0.8						0.8						0.8						—		%
Brandy Cox, Inc						11818 Cupworth Ct, Huntersville, NC 28078						PPP						Term Loan						1.0%						5/20/2022						0.8						0.8						0.8						—		%
Steven R Wynn Othidonics						1901 Westcliff Drive, Ste #1, Newport Beach, CA 92660						PPP						Term Loan						1.0%						5/20/2022						2.5						2.5						2.5						—		%
Mark E Haddad MD Inc						PO Box 791507, Paia, HI 96779						PPP						Term Loan						1.0%						5/20/2022						1.5						1.5						1.5						—		%
The Duncraggen Realty Corp						708 W 192nd St, Ste 1K, New York, NY 10040						PPP						Term Loan						1.0%						5/20/2022						0.8						0.8						0.8						—		%
Direct Resources Group						1520 4th Ave, Ste 500, Seattle, WA 98101						PPP						Term Loan						1.0%						5/21/2022						31.3						31.3						31.3						0.01		%
Patricia Margolin						551 Spring Valley Rd, Paramus, NJ 7652						PPP						Term Loan						1.0%						5/21/2022						0.9						0.9						0.9						—		%
Herion Productions LLC						95 Thomas Rd, Valatie, NY 12184						PPP						Term Loan						1.0%						5/21/2022						1.2						1.2						1.2						—		%
Fernando Suarez Physical Therapy, PLLC						72-15 Grand Ave, Maspeth, NY 11378						PPP						Term Loan						1.0%						5/21/2022						3.7						3.7						3.7						—		%
Gwendolyn Luce						4065 Laguna Way, Palo Alto, CA 94306						PPP						Term Loan						1.0%						5/21/2022						0.8						0.8						0.8						—		%

271

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hamilton Technology Services						14115 West 59th Place, Arvada, CO 80004						PPP						Term Loan						1.0%						5/21/2022						15.3						15.3						15.3						—		%
Routable AI Inc						32 Chester St, Apt 7, Somerville, MA 2144						PPP						Term Loan						1.0%						5/21/2022						3.2						3.2						3.2						—		%
Michelle Euler						1709 Forest Bend Lane, Keller, TX 76248						PPP						Term Loan						1.0%						5/21/2022						1.2						1.2						1.2						—		%
Lisa R. Drake PC						3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 30305						PPP						Term Loan						1.0%						5/21/2022						2.3						2.3						2.3						—		%
KKAP ELA Laundry, LLC						3845 East 3rd St, Los Angeles, CA 90063						PPP						Term Loan						1.0%						5/21/2022						1.8						1.8						1.8						—		%
North Carolina Baptist Foundation, Inc.						201 Convention Drive, Cary, NC 27511						PPP						Term Loan						1.0%						5/21/2022						27.6						27.6						27.6						0.01		%
Taylor SF Inc						333 Bush St, Ste 3705, San Francisco, CA 94104						PPP						Term Loan						1.0%						5/21/2022						1.3						1.3						1.3						—		%
Carrie Risatti						307 Montana Ave, #201, Santa Monica, CA 90403						PPP						Term Loan						1.0%						5/21/2022						1.7						1.7						1.7						—		%
Todd Goodman Productions LLC DBA LA Light Photography						1112 Montana Ave, #381, Santa Monica, CA 90403						PPP						Term Loan						1.0%						5/21/2022						1.8						1.8						1.8						—		%
INNERCONX						641 Ranch Rd, Weston, FL 33326						PPP						Term Loan						1.0%						5/21/2022						7.7						7.7						7.7						—		%
Ultracare of Manhattan Ltd						800 Second Ave, Ste 905, New York, NY 10017						PPP						Term Loan						1.0%						5/21/2022						90.0						90.0						90.0						0.03		%
Frank Betz Associates, Inc.						12045 Hwy 92, Woodstock, GA 30188						PPP						Term Loan						1.0%						5/21/2022						20.9						20.9						20.9						0.01		%
Lemon Tree Entertainment, LLC						130 E 94th ST, 9D, New York, NY 10128						PPP						Term Loan						1.0%						5/21/2022						1.9						1.9						1.9						—		%
Hoops 4 Health						875 Heather Ln, Winnetka, IL 60093						PPP						Term Loan						1.0%						5/21/2022						3.4						3.4						3.4						—		%
Psychiatry Associates PC						1736 Oxmoor Rd, Ste 103, Birmingham, AL 35209						PPP						Term Loan						1.0%						5/21/2022						5.0						5.0						5.0						—		%
YourHQ						1592 Union St, #505, San Francisco, CA 94123						PPP						Term Loan						1.0%						5/22/2022						1.4						1.4						1.4						—		%
EAM Partners L.P.						3131 Maple Ave, Ste 13B, Dallas, TX 75201						PPP						Term Loan						1.0%						5/22/2022						3.2						3.2						3.2						—		%
S & L Paper Corporation						3500 Hampton Rd, Oceanside, NY 11572						PPP						Term Loan						1.0%						5/22/2022						12.9						12.9						12.9						—		%
Javalin Group LLC						9735 Rod Rd, Johns Creek, GA 30022						PPP						Term Loan						1.0%						5/22/2022						1.3						1.3						1.3						—		%
A & L Films, Inc.						16105 Meadowcrest Rd, Sherman Oaks, CA 91403						PPP						Term Loan						1.0%						5/22/2022						2.3						2.3						2.3						—		%
Inner Pieces						171 Vidal Blvd, Decatur, GA 30030						PPP						Term Loan						1.0%						5/22/2022						0.4						0.4						0.4						—		%
Maselan & Jones, P.C.						One International Place, 8th Floor, Boston, MA 2110						PPP						Term Loan						1.0%						5/22/2022						9.4						9.4						9.4						—		%
Utility Consulting Group LLC						23679 Calabasas Rd, #263, Calabasas, CA 91302						PPP						Term Loan						1.0%						5/22/2022						53.0						53.0						53.0						0.02		%

272

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Platinum Marketing						120 Windermere Drive, Blue Bell, PA 19422						PPP						Term Loan						1.0%						5/22/2022						3.6						3.6						3.6						—		%
Fybr LLC						640 Cepi Dr, Ste C, Chesterfield, MO 63005						PPP						Term Loan						1.0%						5/22/2022						27.3						27.3						27.3						0.01		%
Schlemmer Farms LLC						6167 State Line Rd., Convoy, oh 45832						PPP						Term Loan						1.0%						5/22/2022						3.0						3.0						3.0						—		%
Black Hawk Inc						PO BOX 476, BRISTOL, IN 46507						PPP						Term Loan						1.0%						5/22/2022						14.4						14.4						14.4						—		%
Steeplechase Amusement Inc						11540 Clover Ave, Los Angeles, CA 90066						PPP						Term Loan						1.0%						5/22/2022						4.2						4.2						4.2						—		%
Four Paws Animal Hospital PC						199 Broadway, Amityville, NY 11701						PPP						Term Loan						1.0%						5/22/2022						4.4						4.4						4.4						—		%
L Corp						2190 Talmadge St, Los Angeles, CA 90027						PPP						Term Loan						1.0%						5/22/2022						3.3						3.3						3.3						—		%
JK Belz & Associates Inc						10580 N McCarran Blvd, #115-222, Reno, NV 89503						PPP						Term Loan						1.0%						5/22/2022						4.8						4.8						4.8						—		%
South Florida Imaging Consultants LLC						10754 Versailles Blvd, Wellington, FL 33449						PPP						Term Loan						1.0%						5/22/2022						4.4						4.4						4.4						—		%
Stoker Construction Inc						56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284						PPP						Term Loan						1.0%						5/22/2022						14.5						14.5						14.5						—		%
JB Press LLC						82 Flamingo Rd, Roslyn, NY 11576						PPP						Term Loan						1.0%						5/22/2022						1.4						1.4						1.4						—		%
BanzaiFly Inc						3861 Reklaw Drive, Studio City, CA 91604						PPP						Term Loan						1.0%						5/22/2022						2.0						2.0						2.0						—		%
Anders Environmental LLC						1315 Hartford Dr, Boulder, CO 80305						PPP						Term Loan						1.0%						5/22/2022						4.0						4.0						4.0						—		%
P3s Corp						21526 Privada Avila, San Antonio, TX 78257						PPP						Term Loan						1.0%						5/22/2022						60.8						60.8						60.8						0.02		%
Youth Tennis San Diego Foundation						4490 W Point Loma Blvd, San Diego, CA 92107						PPP						Term Loan						1.0%						5/22/2022						0.7						0.7						0.7						—		%
Jewish Community Foundation of the West						2130 21st St, Sacramento, CA 95818						PPP						Term Loan						1.0%						5/22/2022						1.2						1.2						1.2						—		%
Cinema Vehicles						12580 Saticoy St, North Hollywood, CA 91605						PPP						Term Loan						1.0%						5/22/2022						59.0						59.0						59.0						0.02		%
Provino's Italian Restaurant, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/26/2022						25.8						25.8						25.8						0.01		%
Bethany L. LaFlam						9 Acacia Tree Ln, Irvine, CA 92612						PPP						Term Loan						1.0%						5/26/2022						1.7						1.7						1.7						—		%
Easy Content Media LLC						706 Van Nest Drive, Martinsville, NJ 8836						PPP						Term Loan						1.0%						5/26/2022						5.8						5.8						5.8						—		%
Bar-Z Anderson LTD Co						1408 Wathen Ave, Austin, TX 78703						PPP						Term Loan						1.0%						5/26/2022						5.0						5.0						5.0						—		%
The Desai Foundation						209 Burlington Rd, Ste 217, Bedford, MA 1730						PPP						Term Loan						1.0%						5/26/2022						5.3						5.3						5.3						—		%
JM Robson LPCCS						4807 Rockside Rd, Ste 300, Independence, OH 44131						PPP						Term Loan						1.0%						5/26/2022						0.8						0.8						0.8						—		%

273

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Improving Communications						105 Haven Ave, Port Washington, NY 11050						PPP						Term Loan						1.0%						5/26/2022						2.1						2.1						2.1						—		%
Kenneth R. Hughes						3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 94549						PPP						Term Loan						1.0%						5/26/2022						2.1						2.1						2.1						—		%
Drosihn Construction, Inc.						749 Atherton Ave, Novato, CA 94945						PPP						Term Loan						1.0%						5/26/2022						2.6						2.6						2.6						—		%
163rd Avenue Investors, LLC						1435 163rd Ave, San Leandro, CA 94578						PPP						Term Loan						1.0%						5/26/2022						2.9						2.9						2.9						—		%
2875 Sedgwick Owners Corp						708 W 192nd St, Ste 1K, New York, NY 10040						PPP						Term Loan						1.0%						5/26/2022						1.3						1.3						1.3						—		%
KN Artist Management, LLC						3924 Poppyseed Place, Calabasas, CA 91302						PPP						Term Loan						1.0%						5/26/2022						2.1						2.1						2.1						—		%
Hunstiger Inc						9120 Rock Pond Way, Colorado Springs, CO 80924						PPP						Term Loan						1.0%						5/26/2022						3.3						3.3						3.3						—		%
Larry Lawrence Realty, Inc.						PO Box 2365, Olympic Valley, CA 96146						PPP						Term Loan						1.0%						5/26/2022						4.7						4.7						4.7						—		%
Quickway Metal Fabricators						9 Murran Rd, P.O. Box 1378, Monticello, NY 12701						PPP						Term Loan						1.0%						5/26/2022						5.9						5.9						5.9						—		%
DANGOLD, INC.						138-43 78th Rd, Flushing, NY 11367						PPP						Term Loan						1.0%						5/26/2022						1.0						1.0						1.0						—		%
TK Food Concepts LLC						107 North 3rd St, Ste 3D, Brooklyn, NY 11249						PPP						Term Loan						1.0%						5/26/2022						15.4						15.4						15.4						—		%
Jennifer Leigh Cobb						303 Port Royal Way, Pensacola, FL 32502						PPP						Term Loan						1.0%						5/26/2022						0.2						0.2						0.2						—		%
44678 Valley Center LLC						1417 Antigua Way, Newport Beach, CA 92660						PPP						Term Loan						1.0%						5/26/2022						3.0						3.0						3.0						—		%
Jennie Kwon Designs						643 S Olive St, Los Angeles, CA 90014						PPP						Term Loan						1.0%						5/26/2022						5.4						5.4						5.4						—		%
Pacific CCI, Inc						880 W 1st St, #520, Los Angeles, CA 90012						PPP						Term Loan						1.0%						5/27/2022						36.4						36.4						36.4						0.01		%
Onchip Systems						1953 O'Toole Way, San Jose, CA 95131						PPP						Term Loan						1.0%						5/27/2022						12.8						12.8						12.8						—		%
J Partners LLC						4885 Rebel Trail, Atlanta, GA 30327						PPP						Term Loan						1.0%						5/27/2022						2.1						2.1						2.1						—		%
Craig Iwai						848 S Myrtle Ave, Monrovia, CA 91016						PPP						Term Loan						1.0%						5/27/2022						3.6						3.6						3.6						—		%
Scalini's, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						5/27/2022						17.7						17.7						17.7						0.01		%
Phillip Thomas Inc						210 E 68th St, Ste 9G, New York, NY 10065						PPP						Term Loan						1.0%						5/27/2022						8.4						8.4						8.4						—		%
X-Pest						100 N Hill Dr, #40, Brisbane, CA 94005						PPP						Term Loan						1.0%						5/27/2022						5.0						5.0						5.0						—		%
Evalyn Mosser Bookkeeping and Consulting						2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 33064						PPP						Term Loan						1.0%						5/27/2022						1.4						1.4						1.4						—		%
Hauser Family Foundation						10617 Charleston Drive, Vero Beach, FL 32963						PPP						Term Loan						1.0%						5/27/2022						1.3						1.3						1.3						—		%

274

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Paige Management LLC						254 Corsair Ave, Lauderdale-By-The-Sea, FL 33308						PPP						Term Loan						1.0%						5/27/2022						1.1						1.1						1.1						—		%
AC Diel						17 Eton Ct, South Barrington, IL 60010						PPP						Term Loan						1.0%						5/27/2022						1.0						1.0						1.0						—		%
Robert Frantz MD, Inc						1730 San Ysidro Dr, Beverly Hills, CA 90210						PPP						Term Loan						1.0%						5/27/2022						2.1						2.1						2.1						—		%
Sports Academy Integrated Sports Medicine, LLC						1011 Rancho Conejo Blvd, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/27/2022						31.4						31.4						31.4						0.01		%
Jasmine Greenhow						4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 85254						PPP						Term Loan						1.0%						5/27/2022						0.7						0.7						0.7						—		%
Butterfly Sunrise Corp						2261 Market St, #418, San Francisco, CA 94114						PPP						Term Loan						1.0%						5/27/2022						1.3						1.3						1.3						—		%
Aqua Flies LLC						PO Box 2216, Sebastopol, CA 95473						PPP						Term Loan						1.0%						5/27/2022						1.0						1.0						1.0						—		%
Bent Tail, Inc.						824 Brooks Ave, Venice, CA 90291						PPP						Term Loan						1.0%						5/27/2022						2.1						2.1						2.1						—		%
Actors and Others for Animals						11523 Burbank Blvd, North Hollywood, CA 91601						PPP						Term Loan						1.0%						5/27/2022						5.6						5.6						5.6						—		%
Cabrillo Capital Group, Inc.						15404 Highland Valley Rd, Escondido, CA 92025						PPP						Term Loan						1.0%						5/27/2022						4.2						4.2						4.2						—		%
Julie Evans Realtor						4 Hopscotch Ln, Savannah, GA 31411						PPP						Term Loan						1.0%						5/27/2022						1.7						1.7						1.7						—		%
PlayWorks Counseling, LLC						4420 NE St Johns Rd, Ste D, Vancouver, WA 98661						PPP						Term Loan						1.0%						5/27/2022						0.6						0.6						0.6						—		%
AMAN PC						181 Westfield Ave, Clark, NJ 7066						PPP						Term Loan						1.0%						5/27/2022						9.9						9.9						9.9						—		%
Joped, Inc.						1411 SE Indian St, Stuart, FL 34997						PPP						Term Loan						1.0%						5/27/2022						14.4						14.4						14.4						—		%
Marguarite Clark Public Relations						2 New Chardon, Laguna Niguel, CA 92677						PPP						Term Loan						1.0%						5/27/2022						3.4						3.4						3.4						—		%
Jenius Solutions						2772 Lansdowne Ln SE, Atlanta, GA 30339						PPP						Term Loan						1.0%						5/27/2022						1.0						1.0						1.0						—		%
Frenchy's						1460 3rd St S, Jacksonville Beach, FL 32250						PPP						Term Loan						1.0%						5/28/2022						8.6						8.6						8.6						—		%
Hoaka Property Company LLC						PO Box 670, Kailua Kona, HI 96745						PPP						Term Loan						1.0%						5/28/2022						40.0						40.0						40.0						0.01		%
Fourth Church						1270 Silverado St, La Jolla, CA 92037						PPP						Term Loan						1.0%						5/28/2022						3.6						3.6						3.6						—		%
Daniel I Richman, MD						429 E 75th St, 6th Floor, New York, NY 10021						PPP						Term Loan						1.0%						5/28/2022						16.8						16.8						16.8						—		%
SANDLER SEARCH ASSOCIATES, LLC						132 E 35th St, Apt 5E, New York, NY 10016						PPP						Term Loan						1.0%						5/28/2022						8.7						8.7						8.7						—		%
Yoga Connection of Pembroke Pines, Inc						12592 Pines Blvd, #103, Pembroke Pines, FL 33027						PPP						Term Loan						1.0%						5/28/2022						2.3						2.3						2.3						—		%
Studio U&A, LLC						231 W 29th St, Ste 1402, New York, NY 10001						PPP						Term Loan						1.0%						5/28/2022						1.6						1.6						1.6						—		%

275

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Studio LBV						6562 San Vicente Blvd, Los Angeles, CA 90048						PPP						Term Loan						1.0%						5/28/2022						1.7						1.7						1.7						—		%
Naissan O Wesley, MD, Inc - A Medical Corporation						9201 W Sunset Blvd, Ste 602, Los Angeles, CA 90069						PPP						Term Loan						1.0%						5/28/2022						12.3						12.3						12.3						—		%
richard noren llc						2101 Waukegan Rd, Ste 110, Bannockburn, IL 60015						PPP						Term Loan						1.0%						5/28/2022						2.8						2.8						2.8						—		%
Tinny Corporation						100 Bradley St, Middletown, CT 6457						PPP						Term Loan						1.0%						5/28/2022						50.2						50.2						50.2						0.01		%
PPJ						2 Carsha Dr, Natick, MA 1760						PPP						Term Loan						1.0%						5/28/2022						33.6						33.6						33.6						0.01		%
Dr. Tom Gallant DDS						8906 Colesville Rd, Silver Spring, MD 20910						PPP						Term Loan						1.0%						5/28/2022						1.0						1.0						1.0						—		%
MLN Partners LLC						550 S Ocean Blvd, Boca Raton, FL 33432						PPP						Term Loan						1.0%						5/28/2022						4.2						4.2						4.2						—		%
Tucker Investment Group, LLC						5010 Parkway Calabasas, Ste 105, Calabasas, CA 91302						PPP						Term Loan						1.0%						5/28/2022						3.4						3.4						3.4						—		%
CHANCELLOR CONSULTING GROUP, INC						749 Atherton Ave, Novato, CA 94945						PPP						Term Loan						1.0%						5/28/2022						4.2						4.2						4.2						—		%
Emeco						805 W Elm Ave, Hanover, PA 17331						PPP						Term Loan						1.0%						5/28/2022						50.7						50.7						50.7						0.01		%
Sports Academy Venture Lab, Inc.						1011 Rancho Conejo Blvd, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/28/2022						11.2						11.2						11.2						—		%
George Chien						12898 Woodmont Dr, Saratoga, CA 95070						PPP						Term Loan						1.0%						5/28/2022						2.6						2.6						2.6						—		%
Law Office of Debrah B. Rosenthal, APC						120 Eucalyptus Ln, Costa Mesa, CA 92627						PPP						Term Loan						1.0%						5/28/2022						2.7						2.7						2.7						—		%
Mamba and Mamacita Sports Foundation						1011 Rancho Conejo Blvd, Newbury Park, CA 91320						PPP						Term Loan						1.0%						5/28/2022						3.3						3.3						3.3						—		%
TMCG Marketing Inc. dba The Marcom Group						1655 N Main St, #390, Walnut Creek, CA 94596						PPP						Term Loan						1.0%						5/28/2022						5.5						5.5						5.5						—		%
TrueCustomerSuccess LLC						921 N Idaho St, San Mateo, CA 94401						PPP						Term Loan						1.0%						5/28/2022						0.7						0.7						0.7						—		%
Tectonics Enterprises Inc						56471 29 PALMS Hwy, YUCCA VALLEY, CA 92284						PPP						Term Loan						1.0%						5/28/2022						7.5						7.5						7.5						—		%
Julia Obadiah, PC						6370 SW Borland, Ste 200, Tualatin, OR 97062						PPP						Term Loan						1.0%						5/28/2022						3.1						3.1						3.1						—		%
Jaron Presant, Inc.						752 Juanita Ave, Santa Barbara, CA 93109						PPP						Term Loan						1.0%						5/28/2022						2.0						2.0						2.0						—		%
Pig Will Productions, Inc.						1957 N Bronson Ave, Los Angeles, CA 90068						PPP						Term Loan						1.0%						5/29/2022						1.3						1.3						1.3						—		%
Construction Details, LLC						5412 Planting Field Lane, Flowery Branch, GA 30542						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%
Dawn Coleman-Hyman						2505 E 7 st, Long Beach, CA 90804						PPP						Term Loan						1.0%						5/29/2022						1.2						1.2						1.2						—		%
Benjamin Leshin, M.D. P.C.						1267 Willis St, Redding, CA 96001						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%

276

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Don Dietrich Inc.						240 Main St, Nyack, NY 10960						PPP						Term Loan						1.0%						5/29/2022						3.3						3.3						3.3						—		%
Shalik, Morris & Company, LLC						80 Crossways Park Dr W, Woodbury, NY 11797						PPP						Term Loan						1.0%						5/29/2022						108.3						108.3						108.3						0.03		%
Strategic Code Solutions LLC						182 Summer St, Box 355, Kingston, MA 2364						PPP						Term Loan						1.0%						5/29/2022						1.7						1.7						1.7						—		%
Elizabeth W. Shull						2600 Wamath Drive, Charlotte, NC 28210						PPP						Term Loan						1.0%						5/29/2022						1.7						1.7						1.7						—		%
MANHATTAN RETINA & EYE CONSULTANTS						67 E 78th St, Unit 1c, New York, NY 10075						PPP						Term Loan						1.0%						5/29/2022						2.8						2.8						2.8						—		%
TPR Ent. LTD						644 Fayette Ave, Mamaroneck, NY 10543						PPP						Term Loan						1.0%						5/29/2022						6.0						6.0						6.0						—		%
Michael E. Cindrich, Attorney At Law						225 Broadway, Ste 2100, San Diego, CA 92101						PPP						Term Loan						1.0%						5/29/2022						5.0						5.0						5.0						—		%
HCMA Consultants, Inc.						1802 Harper Rd, Ste 102, Beckley, WV 25801						PPP						Term Loan						1.0%						5/29/2022						14.5						14.5						14.5						—		%
Electric Sales Associates, Inc						2121 N Commerce Pkwy, Weston, FL 33326						PPP						Term Loan						1.0%						5/29/2022						20.0						20.0						20.0						0.01		%
Derco Construction, Inc.						1771 Blount Rd, #509, Pompano Beach, FL 33069						PPP						Term Loan						1.0%						5/29/2022						5.3						5.3						5.3						—		%
Brink Design LLC						1088 Longley Ave NW, Atlanta, GA 30318						PPP						Term Loan						1.0%						5/29/2022						2.9						2.9						2.9						—		%
7D Surgical USA Inc.						2711 Centerville Rd, Ste 400, Wilmington, DE 19808						PPP						Term Loan						1.0%						5/29/2022						25.2						25.2						25.2						0.01		%
BY BABBA Inc						6 St Johns Ln, New York, NY 10013						PPP						Term Loan						1.0%						5/29/2022						6.9						6.9						6.9						—		%
Joseph W Robb DDS Inc A Dental Corp						56 Penny Lane, Ste A, Watsonville, CA 95076						PPP						Term Loan						1.0%						5/29/2022						9.5						9.5						9.5						—		%
Stix,LLC						7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 33487						PPP						Term Loan						1.0%						5/29/2022						3.3						3.3						3.3						—		%
LB Eatery, LLC						1781 Village Ln N, Wantagh, NY 11793						PPP						Term Loan						1.0%						5/29/2022						3.9						3.9						3.9						—		%
DRAWINGROOM LLC						73 Milland Dr, Mill Valley, CA 94941						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%
NOVA Fisheries, Inc.						2532 Yale Ave. E, Seattle, WA 98102						PPP						Term Loan						1.0%						5/29/2022						3.1						3.1						3.1						—		%
POTOMAC GLEN DAY SCHOOL						9908 S Glen Rd, Potomac, MD 20854						PPP						Term Loan						1.0%						5/29/2022						13.9						13.9						13.9						—		%
SLS Partners Inc						6844 Spyglass Ln, Rancho Santa Fe, CA 92067						PPP						Term Loan						1.0%						5/29/2022						2.7						2.7						2.7						—		%
Steve Kupfer Consulting						290 6th Ave, Brooklyn, NY 11215						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%
Dreyfus Advisors, LLC						448 Springer Rd., Fairfield, CT 6824						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%
Hawk Management LLC						2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052						PPP						Term Loan						1.0%						5/29/2022						18.9						18.9						18.9						0.01		%

277

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Lenat & Partners, Inc.						1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 94010						PPP						Term Loan						1.0%						5/29/2022						1.5						1.5						1.5						—		%
Knock Out Productions Inc.						21425 Dumetz Rd, Woodland Hills, CA 91364						PPP						Term Loan						1.0%						5/29/2022						2.3						2.3						2.3						—		%
Southside Cleaning Service, Inc.						2969 Riverwood Terrace, Birmingham, AL 35242						PPP						Term Loan						1.0%						5/29/2022						0.6						0.6						0.6						—		%
DELUCA MASONRY CONSTRUCTION LLC						4 Stone Cir, Norwood, MA 2062						PPP						Term Loan						1.0%						5/29/2022						3.4						3.4						3.4						—		%
Atlanta Consulting Engineers, Inc.						500 Sun Valley Drive, Unit G2, Roswell, GA 30076						PPP						Term Loan						1.0%						5/29/2022						9.3						9.3						9.3						—		%
Sirockman Management LLC						1600 Northside Dr NW, Ste 100, Atlanta, GA 30318						PPP						Term Loan						1.0%						5/29/2022						2.1						2.1						2.1						—		%
Nicholas Thaler PHD						2950 S Bentley Ave, Unit 10, Los Angeles, CA 90064						PPP						Term Loan						1.0%						5/29/2022						2.2						2.2						2.2						—		%
Atlas Compensation Partners , LLC.						2200 Anna Mae Drive, Coraopolis, PA 15108						PPP						Term Loan						1.0%						5/29/2022						1.0						1.0						1.0						—		%
Scelsi & Associates LLC						76 E Euclid Ave, Haddonfield, NJ 8033						PPP						Term Loan						1.0%						5/29/2022						9.9						9.9						9.9						—		%
Headhunter Inc						3380 SW 11th AVE, FT LAUDERDALE, FL 33315						PPP						Term Loan						1.0%						5/29/2022						78.2						78.2						78.2						0.02		%
Hi Point, LLC						10798 LONESOME DOVE TRAIL, Waxahachie, TX 77808						PPP						Term Loan						1.0%						5/29/2022						2.8						2.8						2.8						—		%
Construction Solutions and Services LLC						7698 Hoffy Cir, Lake Worth, FL 33467						PPP						Term Loan						1.0%						5/29/2022						1.1						1.1						1.1						—		%
Curtis A Mellon, ReMax Anchor, MLS Detectives Group						3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 33950						PPP						Term Loan						1.0%						5/29/2022						4.1						4.1						4.1						—		%
Vicarious Music LLC						70 Berry St, Ste 2C, Brooklyn, NY 11249						PPP						Term Loan						1.0%						5/29/2022						0.6						0.6						0.6						—		%
Raidah Hudson Dentistry						4374 S Laburnum Ave, Richmond, VA 23231						PPP						Term Loan						1.0%						5/29/2022						2.5						2.5						2.5						—		%
Clifton Triplett						90 S Tranquil Path, Spring, TX 77380						PPP						Term Loan						1.0%						5/29/2022						3.7						3.7						3.7						—		%
Benton Oil & Gas LLC						2700 Post Oak Blvd, #2700, Houston, TX 77056						PPP						Term Loan						1.0%						5/29/2022						0.6						0.6						0.6						—		%
TLM Equities LLC						8 Saddle Ridge Rd, Old Westbury, NY 11568						PPP						Term Loan						1.0%						5/29/2022						2.0						2.0						2.0						—		%
Xtreme Acro and Cheer Inc.						14702 Southlawn Ln, Rockville, MD 20850						PPP						Term Loan						1.0%						5/29/2022						5.0						5.0						5.0						—		%
Jeffrey Bayer CPA, P.C.						240 Kent Ave, Brooklyn, NY 11249						PPP						Term Loan						1.0%						5/29/2022						2.2						2.2						2.2						—		%
Josefa  F Simkin						266 Green Valley Rd, Freedom, CA 95019						PPP						Term Loan						1.0%						5/29/2022						1.2						1.2						1.2						—		%
Calgo Mfg Inc						9930 Research Drive, Ste 100, Irvine, CA 92618						PPP						Term Loan						1.0%						5/29/2022						2.0						2.0						2.0						—		%
Haley Glazer Geriatric Care Management, LLC						40 Bradway Ave, Ewing Township, NJ 8618						PPP						Term Loan						1.0%						6/1/2022						3.3						3.3						3.3						—		%

278

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Snipers Lacrosse Inc						1024 W Heritage Club Cir, Delray Beach, FL 33483						PPP						Term Loan						1.0%						6/1/2022						2.6						2.6						2.6						—		%
Makena Tech Solutions, Inc						232 N Lone Hill Ave, Glendora, CA 91741						PPP						Term Loan						1.0%						6/1/2022						3.9						3.9						3.9						—		%
Michael A Friedman, MD						2675 N Decatur Rd, Decatur, GA 30033						PPP						Term Loan						1.0%						6/1/2022						1.7						1.7						1.7						—		%
Kevin A. Swersey Wine Consultant, Inc.						612 Pondside Dr, White Plains, NY 10607						PPP						Term Loan						1.0%						6/1/2022						0.2						0.2						0.2						—		%
Clozd						2801 N Thanksgiving Way, Ste 190, Lehi, UT 84043						PPP						Term Loan						1.0%						6/1/2022						10.6						10.6						10.6						—		%
Triple Aught Foundation						24052 Watergap Rd, Hiko, NV 89017						PPP						Term Loan						1.0%						6/1/2022						6.7						6.7						6.7						—		%
Bonsecours Productions Inc.						420 Riverside Drive, New York, NY 10025						PPP						Term Loan						1.0%						6/1/2022						1.2						1.2						1.2						—		%
Tova1 Corp						21 S Hope Chapel Rd, Jackson Township, NJ 8527						PPP						Term Loan						1.0%						6/1/2022						8.4						8.4						8.4						—		%
Exclusive 30A Rentals, LLC						20 Mark Twain lane, Inlet Beach, FL 32461						PPP						Term Loan						1.0%						6/1/2022						8.7						8.7						8.7						—		%
Eric Fischl						3724 24th St, #113, Long Island City, NY 11101						PPP						Term Loan						1.0%						6/1/2022						1.9						1.9						1.9						—		%
Senior Resouces Guide LLC						PO Box 6027, Denver, CO 80206						PPP						Term Loan						1.0%						6/1/2022						2.7						2.7						2.7						—		%
Lori B. Birndorf, D.O., A Medical Corporation						12139 Riverside Drive, Valley Village, CA 91607						PPP						Term Loan						1.0%						6/1/2022						3.0						3.0						3.0						—		%
James E. Schad						260 Hampton Farms Ct NE, Marietta, GA 30068						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
VCSC						11627 Versailles Lakes Ln, Houston, TX 77082						PPP						Term Loan						1.0%						6/1/2022						2.4						2.4						2.4						—		%
MRV Associates						19 Fox Meadow Rd, Scarsdale, NY 10583						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Welles & Montgomery LLC						770 Wildwood Rd NE, Atlanta, GA 30324						PPP						Term Loan						1.0%						6/1/2022						0.7						0.7						0.7						—		%
Lubin & Meyer, PC						100 City Hall Plaza, Boston, MA 2108						PPP						Term Loan						1.0%						6/1/2022						63.0						63.0						63.0						0.02		%
Broomstick Productions Inc						10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
LAUREL RACQUET AND HEALTH CLUB INC						204 Fort Meade Rd, Laurel, MD 20707						PPP						Term Loan						1.0%						6/1/2022						5.3						5.3						5.3						—		%
Special Events Staffing						1015 N Lake Ave, Ste 205, Pasadena, CA 91104						PPP						Term Loan						1.0%						6/1/2022						54.6						54.6						54.6						0.02		%
BOWIE RACQUET AND FITNESS CLUB, INC						100 White Marsh Park Dr, Bowie, MD 20715						PPP						Term Loan						1.0%						6/1/2022						28.1						28.1						28.1						0.01		%
Tiny Transformations						222 N Henry St, Apt 2, Brooklyn, NY 11222						PPP						Term Loan						1.0%						6/1/2022						0.5						0.5						0.5						—		%
JAM Marketing, Inc.						736 Broadway, 4th Floor, New York, NY 10003						PPP						Term Loan						1.0%						6/1/2022						1.1						1.1						1.1						—		%

279

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Schroeder Arts Consulting LLC						35 W 90th St, Ste 9F, New York, NY 10024						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
CATHY FRANKLIN						124 EAST 92ND St, NEW YORK, NY 10128						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
R.E. Hazard Contracting Company						401 B St, Ste 2400, San Diego, CA 92101						PPP						Term Loan						1.0%						6/1/2022						6.3						6.3						6.3						—		%
Sterling Creek Energy LLC						308 N Colorado St, Ste 200, Midland, TX 79701						PPP						Term Loan						1.0%						6/1/2022						1.6						1.6						1.6						—		%
J. B. GOOD RESOURCES, LLC						257 Abercorn Circle, Chapel Hill, NC 27516						PPP						Term Loan						1.0%						6/1/2022						1.1						1.1						1.1						—		%
Bull City Sue						228 Pineview Rd, Durham, NC 27707						PPP						Term Loan						1.0%						6/1/2022						1.0						1.0						1.0						—		%
Get Wired Tec, Inc.						2192 Lysander Ave, Simi Valley, CA 93065						PPP						Term Loan						1.0%						6/1/2022						4.0						4.0						4.0						—		%
A&J Enterprises, Inc.						250 Columbine Unit 503, Denver, CO 80206						PPP						Term Loan						1.0%						6/1/2022						2.2						2.2						2.2						—		%
Steven F. Stratton						200 E Randolph St, Chicago, IL 60601						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Colgate McCallum Advisors Inc						5440 Harvest Hill Rd., #253, Dallas, TX 75230						PPP						Term Loan						1.0%						6/1/2022						14.6						14.6						14.6						—		%
Hafner Research Associates LLC						12 Quarry Ridge Rd, Sandy Hook, CT 6482						PPP						Term Loan						1.0%						6/1/2022						1.8						1.8						1.8						—		%
JD Digital Documentation						408 E. 4th St, Ste 301A, Bridgeport, PA 19405						PPP						Term Loan						1.0%						6/1/2022						3.6						3.6						3.6						—		%
Richard A Stevenson DDS						6851 Belfort Oaks Pl, Jacksonville, FL 32216						PPP						Term Loan						1.0%						6/1/2022						4.2						4.2						4.2						—		%
Eco Tekk						21136 N Andover Rd, Kildeer, IL 60047						PPP						Term Loan						1.0%						6/1/2022						4.5						4.5						4.5						—		%
Franz Weber, Inc.						PO Box 34000, Reno, NV 89533						PPP						Term Loan						1.0%						6/1/2022						2.2						2.2						2.2						—		%
Bailey and Owens Construction						2649 Valleydale Rd, Birmingham, AL 35244						PPP						Term Loan						1.0%						6/1/2022						17.5						17.5						17.5						0.01		%
Levin's Crosstown Supply Corp.						1347 Boston Rd, Bronx, NY 10456						PPP						Term Loan						1.0%						6/1/2022						6.5						6.5						6.5						—		%
Egan-Wagner Corporation						2929 Two Paths Dr, Woodridge, IL 60517						PPP						Term Loan						1.0%						6/1/2022						4.4						4.4						4.4						—		%
MW Engineering						2001 W Alameda Dr, Ste 201, Tempe, AZ 85282						PPP						Term Loan						1.0%						6/1/2022						6.6						6.6						6.6						—		%
New Soho Gallery Inc., DBA Julie Saul Projects						1133 Broadway, Ste 733, New York, NY 10010						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Judy DeCanio						171 E 77th St, New York, NY 10075						PPP						Term Loan						1.0%						6/1/2022						2.0						2.0						2.0						—		%
Fedbiz Consulting Inc.						47522 Coldspring Pl, Sterling, VA 20165						PPP						Term Loan						1.0%						6/1/2022						4.3						4.3						4.3						—		%
Quad Cities Autism Center Inc						2430 6th Ave, Moline, IL 61265						PPP						Term Loan						1.0%						6/1/2022						14.6						14.6						14.6						—		%
The On The Line Company, Inc						101 Arch St, Ste 225, Boston, MA 2110						PPP						Term Loan						1.0%						6/1/2022						9.7						9.7						9.7						—		%

280

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

FVC Associates Exec.Dev.&Strategy, Inc.						97 Aldrich St, Boston, MA 2131						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Barnhill Chiropractic Clinic						5270 Northwest 34th Blvd., Gainesville, FL 32605						PPP						Term Loan						1.0%						6/1/2022						3.3						3.3						3.3						—		%
Guest Associates, Inc.						2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 35805						PPP						Term Loan						1.0%						6/1/2022						3.8						3.8						3.8						—		%
LG Networks Inc						8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251						PPP						Term Loan						1.0%						6/1/2022						15.1						15.1						15.1						—		%
Steve Solodoff						1523 Portola St, Davis, CA 95616						PPP						Term Loan						1.0%						6/1/2022						2.1						2.1						2.1						—		%
Orange Park Travel						3657 St Johns Ave, Jacksonville, FL 32205						PPP						Term Loan						1.0%						6/2/2022						6.3						6.3						6.3						—		%
Alessandra Santopietro						88 Leonard St, Apt 517, New York, NY 10013						PPP						Term Loan						1.0%						6/2/2022						1.8						1.8						1.8						—		%
Pacific Design Directions, Inc.						8171 E Kaiser Blvd, Anaheim, CA 92808						PPP						Term Loan						1.0%						6/2/2022						44.6						44.6						44.6						0.01		%
Paul T.C. Liu MD Inc.						2233 Huntington Dr, San Marino, CA 91108						PPP						Term Loan						1.0%						6/2/2022						7.5						7.5						7.5						—		%
JAB Executive Services						11277 Gravitation Dr, Las Vegas, NV 89135						PPP						Term Loan						1.0%						6/2/2022						2.1						2.1						2.1						—		%
Glyphix Studio Inc.						6964 Shoup Ave, Canoga Park, CA 91307						PPP						Term Loan						1.0%						6/2/2022						4.9						4.9						4.9						—		%
E & J Frankel Limited						612 Pondside Dr, White Plains, NY 10607						PPP						Term Loan						1.0%						6/2/2022						1.5						1.5						1.5						—		%
Trapwire Inc.						1818 Library St, Reston, VA 20190						PPP						Term Loan						1.0%						6/2/2022						24.4						24.4						24.4						0.01		%
Chitra Kumar MD						5311 John F. Kennedy Blvd, West New York, NJ 7093						PPP						Term Loan						1.0%						6/2/2022						2.9						2.9						2.9						—		%
Robert M. Worman, P.A						1200 S Pine Island Rd, Ste 220, Plantation, FL 33324						PPP						Term Loan						1.0%						6/2/2022						1.2						1.2						1.2						—		%
Innervision Technology Relocation Company						3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806						PPP						Term Loan						1.0%						6/2/2022						7.4						7.4						7.4						—		%
Marilyn Ontell Management						14 W 17th St, Ste 5S, New York, NY 10011						PPP						Term Loan						1.0%						6/2/2022						0.3						0.3						0.3						—		%
Residential Origination Capital Mortgage Corp.						5698 Pirrone Rd, Salida, CA 95368						PPP						Term Loan						1.0%						6/2/2022						4.5						4.5						4.5						—		%
Jessica Weber Design Inc						305 7th Ave, New York, NY 10001						PPP						Term Loan						1.0%						6/2/2022						3.9						3.9						3.9						—		%
TK Digital Corporation						107 North 3rd St, Ste 3D, Brooklyn, NY 11249						PPP						Term Loan						1.0%						6/2/2022						10.8						10.8						10.8						—		%
Provino's of North Gwinnett, Inc.						14485 Hopewell Rd, Alpharetta, GA 30004						PPP						Term Loan						1.0%						6/2/2022						24.0						24.0						24.0						0.01		%
General Glass						3646 23rd Ave S, #105, Lake Worth, FL 33461						PPP						Term Loan						1.0%						6/2/2022						13.3						13.3						13.3						—		%
Zola Electric Labs, Inc.						555 De Haro St, San Francisco, CA 94107						PPP						Term Loan						1.0%						6/2/2022						50.0						50.0						50.0						0.01		%

281

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Elena Napolitano MD, LLC						58 Summit Ct, Westfield, NJ 7090						PPP						Term Loan						1.0%						6/2/2022						1.0						1.0						1.0						—		%
T-Cubed Ventures, LLC						3317 P St NW, Washington, DC 20007						PPP						Term Loan						1.0%						6/2/2022						0.3						0.3						0.3						—		%
St. Jude Emergency Medical Group Inc.						9930 Research Dr, Irvine, CA 92618						PPP						Term Loan						1.0%						6/2/2022						24.5						24.5						24.5						0.01		%
Breiner Psychological Services LLC						5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 30328						PPP						Term Loan						1.0%						6/2/2022						1.2						1.2						1.2						—		%
Spruce Street Tap						PO Box 1636, Asheville, NC 28802						PPP						Term Loan						1.0%						6/2/2022						68.5						68.5						68.5						0.02		%
ICVM Group, INC.						PO Box 761, Mattituck, NY 11952						PPP						Term Loan						1.0%						6/2/2022						7.2						7.2						7.2						—		%
Black Orchard Studios, LLC						521 Eayrestown Rd, Southampton, NJ 8088						PPP						Term Loan						1.0%						6/2/2022						1.0						1.0						1.0						—		%
Prime Refrigerant Services, LLC						511 Gates Creek Rd, Bradenton, FL 34212						PPP						Term Loan						1.0%						6/2/2022						1.2						1.2						1.2						—		%
Swiet411, Inc.						247 Maxwell St, Decatur, GA 30030						PPP						Term Loan						1.0%						6/2/2022						2.5						2.5						2.5						—		%
Wavecrest Sales LLC						501 NE Wavecrest Way, Boca Raton, FL 33432						PPP						Term Loan						1.0%						6/2/2022						2.0						2.0						2.0						—		%
Alarm Specialist Inc						333 Old Tarrytown Rd, White Plains, NY 10603						PPP						Term Loan						1.0%						6/2/2022						20.0						20.0						20.0						0.01		%
CLG LLC						5108 Baroque Cir NE, Atlanta, GA 30342						PPP						Term Loan						1.0%						6/2/2022						2.1						2.1						2.1						—		%
HIGGINS CONSTRUCTION LLC						1626 Dunkirk Ln N, Plymouth, MN 55447						PPP						Term Loan						1.0%						6/2/2022						4.2						4.2						4.2						—		%
RBR Associates, LLC						11720 Dancliff Trce, Alpharetta, GA 30009						PPP						Term Loan						1.0%						6/2/2022						2.1						2.1						2.1						—		%
Life Without Fear Chiropractic Clinic LLC						1925 Justice Drive, Ste 170, Lexington, KY 40509						PPP						Term Loan						1.0%						6/2/2022						2.5						2.5						2.5						—		%
Joseph B. Krauss, DDS						3351 El Camino Real, Ste 235, Atherton, CA 94027						PPP						Term Loan						1.0%						6/2/2022						9.4						9.4						9.4						—		%
Flynn Gallagher Associates LLC						1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135						PPP						Term Loan						1.0%						6/2/2022						23.2						23.2						23.2						0.01		%
FGR Automation, LLC						1800 Sunset Harbor, Unit 1202, Miami Beach, FL 33139						PPP						Term Loan						1.0%						6/3/2022						7.1						7.1						7.1						—		%
Law Offices of Rajiv S Khanna PC						5225 N. Wilson Blvd, Arlington, VA 22205						PPP						Term Loan						1.0%						6/3/2022						31.3						31.3						31.3						0.01		%
Travel Etcetera, Inc.						1107 S Fair Oaks Ave, Pasadena, CA 91105						PPP						Term Loan						1.0%						6/3/2022						0.6						0.6						0.6						—		%
Samantha Hundshamer						8223 Leucite Ave, Rancho Cucamonga, CA 91730						PPP						Term Loan						1.0%						6/3/2022						0.8						0.8						0.8						—		%
Porretta/Westenhagen Living Trust						6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 91401						PPP						Term Loan						1.0%						6/3/2022						6.9						6.9						6.9						—		%
Monument Management Systems LLC						2400 Sisson St, Baltimore, MD 21211						PPP						Term Loan						1.0%						6/3/2022						8.8						8.8						8.8						—		%

282

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Compass Management Services LLC						1711 Parklake Village Dr, Katy, TX 77450						PPP						Term Loan						1.0%						6/3/2022						1.1						1.1						1.1						—		%
El Tigre Productions LLC						14 West 17th St, New York, NY 10011						PPP						Term Loan						1.0%						6/3/2022						1.8						1.8						1.8						—		%
UVR Sculpture LLC						78 Ingraham St, Brooklyn, NY 11237						PPP						Term Loan						1.0%						6/3/2022						9.8						9.8						9.8						—		%
Solomon Construction Consulting LLC						38 Turtle Cove Ln, Huntington, NY 11743						PPP						Term Loan						1.0%						6/3/2022						0.7						0.7						0.7						—		%
Fisher Vista, Inc.						119 Marina Ave, Ste A, Aptos, CA 95003						PPP						Term Loan						1.0%						6/3/2022						3.3						3.3						3.3						—		%
New York Construction Associates LLC						242 West 36th St, Ste 704, New York, NY 10018						PPP						Term Loan						1.0%						6/3/2022						9.8						9.8						9.8						—		%
Ultimate Sports Medicine						3727 Buchanan St., Ste 203, San Francisco, CA 94123						PPP						Term Loan						1.0%						6/3/2022						2.1						2.1						2.1						—		%
Princeton Van Service						92 north main St bldg 4, WINDSOR, NJ 8561						PPP						Term Loan						1.0%						6/3/2022						1.7						1.7						1.7						—		%
Crescent Oil and Gas, LLC						4925 Greenville Ave, Ste 600, Dallas, TX 75206						PPP						Term Loan						1.0%						6/3/2022						2.1						2.1						2.1						—		%
David H.C. King, M.D., Inc.						320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032						PPP						Term Loan						1.0%						6/3/2022						3.8						3.8						3.8						—		%
Renuart Enterprises Inc. (REI)						16950 SW 90th Ave, Palmetto Bay, FL 33157						PPP						Term Loan						1.0%						6/3/2022						7.3						7.3						7.3						—		%
Integrated risk management services, llc						225 West 34th St, Ste 905, New York, NY 10122						PPP						Term Loan						1.0%						6/3/2022						0.6						0.6						0.6						—		%
Subterranean Hair						263 W 7th St, San Pedro, CA 90731						PPP						Term Loan						1.0%						6/3/2022						0.9						0.9						0.9						—		%
Steven R Bateh, DMD, PA						1305 N Orange Ave, #116, Green Cove Springs, FL 32043						PPP						Term Loan						1.0%						6/3/2022						3.7						3.7						3.7						—		%
Apache Behavioral Health Services, Inc.						249 W Ponderosa St, Whiteriver, AZ 85941						PPP						Term Loan						1.0%						6/3/2022						241.1						241.1						241.1						0.07		%
Saecularia LLC						1552 N Cahuenga Blvd, Los Angeles, CA 90028						PPP						Term Loan						1.0%						6/3/2022						3.8						3.8						3.8						—		%
Bennett Elia						3304 Cole Ave, Ste 171, Dallas, TX 75204						PPP						Term Loan						1.0%						6/3/2022						4.2						4.2						4.2						—		%
HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine						316 Tennent Rd, Ste 202A, Morganville, NJ 7751						PPP						Term Loan						1.0%						6/3/2022						1.5						1.5						1.5						—		%
Mazco Ventures LLC						3410 Montrose Blvd, Houston, TX 77006						PPP						Term Loan						1.0%						6/3/2022						0.3						0.3						0.3						—		%
Parenteau Guidance						132 E 35th St, Apt 3J, New York, NY 10016						PPP						Term Loan						1.0%						6/3/2022						0.9						0.9						0.9						—		%
Paul Leitner MD						8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 90045						PPP						Term Loan						1.0%						6/3/2022						3.9						3.9						3.9						—		%
Ryan Berman Advisory, LLC						161 Falcon Rd, Guilford, CT 6437						PPP						Term Loan						1.0%						6/3/2022						2.1						2.1						2.1						—		%

283

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Linda Lane PR & Marketing						280 Edgewood Drive, West Palm Beach, FL 33405						PPP						Term Loan						1.0%						6/3/2022						1.6						1.6						1.6						—		%
Heath Tinsley						1595 Sailing Club Rd, Camden, SC 29020						PPP						Term Loan						1.0%						6/3/2022						0.4						0.4						0.4						—		%
Innovative Waste Solutions LLC						10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 89135						PPP						Term Loan						1.0%						6/3/2022						0.3						0.3						0.3						—		%
over the moon						619 Valley Rd, Montclair, NJ 7043						PPP						Term Loan						1.0%						6/3/2022						3.4						3.4						3.4						—		%
Fiber Connect LLC						12 Buckingham Lane, Monterey, MA 1245						PPP						Term Loan						1.0%						6/3/2022						4.7						4.7						4.7						—		%
Dr. Stuart Schlisserman, MD						211 Quarry Rd, Ste 203 MC5993, Stanford, CA 94304						PPP						Term Loan						1.0%						6/3/2022						4.5						4.5						4.5						—		%
Griffin Land Corp.						115 North St, Ste 40, Litchfield, CT 6759						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Mohlar Hurley Partners						608 Santa Monica Blvd, Santa Monica, CA 90401						PPP						Term Loan						1.0%						6/4/2022						1.8						1.8						1.8						—		%
Avlis Partners LLC						900 Golf View Ct, Dacula, GA 30019						PPP						Term Loan						1.0%						6/4/2022						2.6						2.6						2.6						—		%
G2 Computers LLC						1116 Taylorsville Rd, Washington Crossing, PA 18977						PPP						Term Loan						1.0%						6/4/2022						2.4						2.4						2.4						—		%
Children's Dispensary & Hospital Association						812 E Lasalle Ave, South Bend, IN 46617						PPP						Term Loan						1.0%						6/4/2022						2.2						2.2						2.2						—		%
Realign by Randee, Inc.						730 Crystal Ct, Weston, FL 33326						PPP						Term Loan						1.0%						6/4/2022						0.4						0.4						0.4						—		%
Breckenridge Technologies, LLC						2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 94583						PPP						Term Loan						1.0%						6/4/2022						6.9						6.9						6.9						—		%
Chris Soukas Furs LLC						1050 Point Seaside Dr, Crystal Beach, FL 34681						PPP						Term Loan						1.0%						6/4/2022						4.2						4.2						4.2						—		%
BRAS NW INC						317 NW Gilman Blvd, Ste 44, Issaquah, WA 98027						PPP						Term Loan						1.0%						6/4/2022						1.1						1.1						1.1						—		%
Metal Oxide Technologies LLC						8807 Emmott Rd, Ste 100, Houston, TX 77040						PPP						Term Loan						1.0%						6/4/2022						25.2						25.2						25.2						0.01		%
Social Leadia						427 Country Ln, Louisville, KY 40207						PPP						Term Loan						1.0%						6/4/2022						0.6						0.6						0.6						—		%
Prime Sales & Marketing, Inc.						3211 University Blvd SE, Ste A, Albuquerque, NM 87106						PPP						Term Loan						1.0%						6/4/2022						24.7						24.7						24.7						0.01		%
Vreeke & Associates						845 E Easy St., Ste 101, Simi Valley, CA 93065						PPP						Term Loan						1.0%						6/4/2022						8.8						8.8						8.8						—		%
THE MYOCARDITIS FOUNDATION						3518 Echo Mountain Dr, Kingwood, TX 77345						PPP						Term Loan						1.0%						6/4/2022						2.2						2.2						2.2						—		%
Gerald A. Field d/b/a Gerald A. Field, Attorney at Law						11 Asylum St, Hartford, CT 6103						PPP						Term Loan						1.0%						6/4/2022						1.6						1.6						1.6						—		%
Lisa Segmiller						17211 Bellhaven Walk Ct, Charllote, NC 28277						PPP						Term Loan						1.0%						6/4/2022						1.2						1.2						1.2						—		%

284

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

MAYATEX, INC.						5015 S IH 35, Georgetown, TX 78626						PPP						Term Loan						1.0%						6/4/2022						4.7						4.7						4.7						—		%
Rock Bottom Productions						1125 E Broadway, #249, Glendale, CA 91205						PPP						Term Loan						1.0%						6/4/2022						1.4						1.4						1.4						—		%
Franciscan Poor Clares						720 HENRY CLAY AVE, NEW ORLEANS, LA 70118						PPP						Term Loan						1.0%						6/4/2022						2.0						2.0						2.0						—		%
SKYMINA LLC						3105 Cedar Rd, Yorktown Heights, NY 10598						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Guardian Consulting Services, Inc.						3333 New Hyde Park Rd, Ste 202, New Hyde Park, NY 11042						PPP						Term Loan						1.0%						6/4/2022						8.0						8.0						8.0						—		%
Kitty and Vibe, Inc						126 13th St, 3rd Floor, Brooklyn, NY 11215						PPP						Term Loan						1.0%						6/4/2022						0.6						0.6						0.6						—		%
Oncology and Hematology Associates of Central Jersey PA						2177 OAK TREE RD, Ste 104, Edison, NJ 8820						PPP						Term Loan						1.0%						6/4/2022						12.0						12.0						12.0						—		%
Serlin Consulting LLC						1445 Gordon Terrace, Deerfield, IL 60015						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Amanda Thompson Design						4676 Dovefield Ln, Kannapolis, NC 28081						PPP						Term Loan						1.0%						6/4/2022						0.3						0.3						0.3						—		%
Cartoon Collections, LLC						155 E 44th St, 29th Floor, New York, NY 10017						PPP						Term Loan						1.0%						6/4/2022						4.4						4.4						4.4						—		%
Farrell Remodeling, Inc.						148 2nd St, Los Altos, CA 94022						PPP						Term Loan						1.0%						6/4/2022						15.4						15.4						15.4						—		%
Aircel LLC						3033 Riviera Dr, Ste 101, Naples, FL 34103						PPP						Term Loan						1.0%						6/4/2022						35.0						35.0						35.0						0.01		%
Make 3 Architecture						1075 Brady Ave NW, Atlanta, GA 30318						PPP						Term Loan						1.0%						6/4/2022						4.0						4.0						4.0						—		%
Edgewater Services Co Ltd						225 Greenfield Pkwy, Ste 202, Liverpool, NY 13088						PPP						Term Loan						1.0%						6/4/2022						3.7						3.7						3.7						—		%
Eva Davis						4403 Chase Ave, Bethesda, MD 20814						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Human Capital Management and Performance, LLC.						6506 Mebane Oaks Rd, Mebane, NC 27302						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Robert Spransy CPA						257 Abercorn Cir, Chapel Hill, NC 27516						PPP						Term Loan						1.0%						6/4/2022						1.5						1.5						1.5						—		%
Unity Worldwide Ministries Eastern Region						800 Blanton Ave, Richmond, VA 23221						PPP						Term Loan						1.0%						6/4/2022						0.8						0.8						0.8						—		%
Melanie S. Francis, LCSW						116 W 23rd St., 5th Floor, New York, NY 10011						PPP						Term Loan						1.0%						6/4/2022						1.6						1.6						1.6						—		%
Fry Investment Company						4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 85251						PPP						Term Loan						1.0%						6/4/2022						13.9						13.9						13.9						—		%
RAZL LLC						45 Coldstream Cir, Lincolnshire, IL 60069						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
New Experience						1029 N Peachtree Parkway 268, Peachtree City, GA 30269						PPP						Term Loan						1.0%						6/4/2022						6.9						6.9						6.9						—		%

285

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Enhanced Affordable Management Company, LLC						4221 Wilshire Blvd, Ste 260, Los Angeles, CA 90010						PPP						Term Loan						1.0%						6/4/2022						12.0						12.0						12.0						—		%
Socorro Corp						900 Wilshire Blvd, Ste 2400, Los Angeles, CA 90017						PPP						Term Loan						1.0%						6/4/2022						2.1						2.1						2.1						—		%
Amanda Lopez						23411 aliso viejo parkway, Aliso Viejo, CA 92656						PPP						Term Loan						1.0%						6/4/2022						0.5						0.5						0.5						—		%
Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty						1675 E Morten Ave, #4112, Phoenix, AZ 85020						PPP						Term Loan						1.0%						6/4/2022						5.9						5.9						5.9						—		%
Charm City Cakes						2936 Remington Ave, Baltimore, MD 21211						PPP						Term Loan						1.0%						6/4/2022						5.5						5.5						5.5						—		%
James Reinish & Associates, Inc.						25 E 73rd St, New York, NY 10021						PPP						Term Loan						1.0%						6/5/2022						3.4						3.4						3.4						—		%
Moody Creek Farms LLC						31257 VIA MARIA ELENA, Bonsall, CA 92003						PPP						Term Loan						1.0%						6/5/2022						35.4						35.4						35.4						0.01		%
YMCA of West San Gabriel Valley						401 East Corto St, Alhambra, CA 91801						PPP						Term Loan						1.0%						6/5/2022						15.7						15.7						15.7						—		%
National Postdoctoral Association						15800 Crabbs Branch Way, Derwood, MD 20855						PPP						Term Loan						1.0%						6/5/2022						3.7						3.7						3.7						—		%
Laura A. Brevetti						575 5th Ave, 14th Floor, New York, NY 10017						PPP						Term Loan						1.0%						6/5/2022						3.0						3.0						3.0						—		%
Superius Securities Group Inc						94 Grand Ave, Englewood, NJ 7631						PPP						Term Loan						1.0%						6/5/2022						4.4						4.4						4.4						—		%
CATWALK, LLC fka VITRINE LLC						4300 Stevens Creek Blvd, Ste 126, San Jose, CA 95129						PPP						Term Loan						1.0%						6/5/2022						0.6						0.6						0.6						—		%
Michelle Frost Real Estate Sales						3113 Roswell Rd, Ste 101, Marietta, GA 30062						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
Nezhat Medical Center P.C.						5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342						PPP						Term Loan						1.0%						6/5/2022						8.3						8.3						8.3						—		%
MS-IR LLC						88 Morningside Ave, Ste 7A, New York, NY 10027						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
Michael S. Blank Realty						1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 10598						PPP						Term Loan						1.0%						6/5/2022						1.3						1.3						1.3						—		%
PDT LLC						2812 Rivers Edge Rd, Louisville, KY 40222						PPP						Term Loan						1.0%						6/5/2022						3.3						3.3						3.3						—		%
Hrach Khudatyan MD, Inc						134 N Glendale Ave, Glendale, CA 91206						PPP						Term Loan						1.0%						6/5/2022						3.3						3.3						3.3						—		%
Corona Jackson Refrigeration Service, Inc.						59-6 Central Ave, Farmingdale, NY 11735						PPP						Term Loan						1.0%						6/5/2022						2.8						2.8						2.8						—		%
Hight Accounting Services LLC						3209 E Wood Valley Rd NW, Atlanta, GA 30327						PPP						Term Loan						1.0%						6/5/2022						0.5						0.5						0.5						—		%
Seattle Ventures LLC						2215 3rd Ave W, Seattle, WA 98119						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
Nottingham Investment Company LLLP						1690 Derby Mesa Loop, Burns, CO 80426						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%

286

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

CT Business Enterprises						14703 Lyon Hill Ln, Huntersville, NC 28078						PPP						Term Loan						1.0%						6/5/2022						0.5						0.5						0.5						—		%
Sherman Law Group, a Professional Law Corporation						9454 Wilshire Blvd, Beverly Hills, CA 90212						PPP						Term Loan						1.0%						6/5/2022						4.2						4.2						4.2						—		%
Salon Vivace VA, LLC						680 Ingomar Rd, Wexford, PA 15090						PPP						Term Loan						1.0%						6/5/2022						12.7						12.7						12.7						—		%
Statewide Interpreters						63 Milland Dr, Mill Valley, CA 94941						PPP						Term Loan						1.0%						6/5/2022						11.7						11.7						11.7						—		%
The Fiedler Companies, Inc.						408 E 134th St, Bronx, NY 10454						PPP						Term Loan						1.0%						6/5/2022						5.9						5.9						5.9						—		%
Chris Matheos						13726 Leadwell St, Van Nuys, CA 91405						PPP						Term Loan						1.0%						6/5/2022						0.1						0.1						0.1						—		%
Custom Trades Company						129 Stonehedge Dr N, Greenwich, CT 6831						PPP						Term Loan						1.0%						6/5/2022						0.5						0.5						0.5						—		%
The JW Agency LLC						707 Skokie Blvd, Ste 600, Northbrook, IL 60062						PPP						Term Loan						1.0%						6/5/2022						3.6						3.6						3.6						—		%
Precision Landscape Management Inc						3130 Carter Jones Rd, Groveland, FL 34736						PPP						Term Loan						1.0%						6/5/2022						19.0						19.0						19.0						0.01		%
Stonecrop Gardens Inc						81 Stonecrop Ln, Cold Spring, NY 10516						PPP						Term Loan						1.0%						6/5/2022						16.7						16.7						16.7						—		%
Panache						639 Pilot House Dr, Newport News, VA 23606						PPP						Term Loan						1.0%						6/5/2022						7.1						7.1						7.1						—		%
Justin W McClung d/b/a The McClung Group						55 N Altwood Cir, Spring, TX 77382						PPP						Term Loan						1.0%						6/5/2022						4.2						4.2						4.2						—		%
Door Four LLC						508 W 26th St, Ste 11A, New York, NY 10001						PPP						Term Loan						1.0%						6/5/2022						13.2						13.2						13.2						—		%
Grandview Advisors Inc.						100 RIVERSIDE LN, Riverside, CT 6878						PPP						Term Loan						1.0%						6/5/2022						1.5						1.5						1.5						—		%
Andrew S. Gaffney Foundation						245 South St, Morristown, NJ 7960						PPP						Term Loan						1.0%						6/5/2022						1.4						1.4						1.4						—		%
The Law Offices of Bob Camors						1501 The Alameda, Ste 210, San Jose, CA 95126						PPP						Term Loan						1.0%						6/5/2022						3.2						3.2						3.2						—		%
Ash Health Corp						316 Tennent Rd, Ste 202A, Morganville, NJ 7751						PPP						Term Loan						1.0%						6/5/2022						1.7						1.7						1.7						—		%
Anne T. Carlon M.D. P.C.						425 E 58th St, #39A, New York, NY 10022						PPP						Term Loan						1.0%						6/5/2022						12.4						12.4						12.4						—		%
SDG Engineering PC						121 Huntington Rd, Port Washington, NY 11050						PPP						Term Loan						1.0%						6/5/2022						8.5						8.5						8.5						—		%
Active Reading Clinic						25 Hillcroft Way, Walnut Creek, CA 94597						PPP						Term Loan						1.0%						6/5/2022						3.2						3.2						3.2						—		%
JD Randall group						4422 Sea Harbour Dr, Huntington Beach, CA 92649						PPP						Term Loan						1.0%						6/5/2022						1.5						1.5						1.5						—		%
American Friends of the Israel Museum						545 5th Ave, Ste 920, New York, NY 10017						PPP						Term Loan						1.0%						6/5/2022						13.2						13.2						13.2						—		%
STSE - DBA Plaza Auto						359 E Western Reserve Rd, Youngstown, OH 44514						PPP						Term Loan						1.0%						6/5/2022						1.1						1.1						1.1						—		%

287

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Green Rhino Recycling, LLC						2809 Academy Dr SE, Auburn, WA 98092						PPP						Term Loan						1.0%						6/5/2022						2.2						2.2						2.2						—		%
Landmark Technologies LLC						4806 S St Andrews Ln, Spokane, WA 99223						PPP						Term Loan						1.0%						6/5/2022						2.8						2.8						2.8						—		%
Jacqueline R. Moroco, D.D.S., M.S., P.A.						4600 Linton Blvd, Ste 330, Delray Beach, FL 33445						PPP						Term Loan						1.0%						6/5/2022						14.3						14.3						14.3						—		%
Compacted Recycling Company LLC						2809 Academy Dr SE, Auburn, WA 98092						PPP						Term Loan						1.0%						6/5/2022						1.1						1.1						1.1						—		%
LaFlower Construction, Inc.						23888 Madison St, Torrance, CA 90505						PPP						Term Loan						1.0%						6/5/2022						0.1						0.1						0.1						—		%
DC Retina Docs PLLC						3317 P St NW, Washington, DC 20007						PPP						Term Loan						1.0%						6/5/2022						0.6						0.6						0.6						—		%
Katherine W Luce						1220 University Dr, Ste 104, Menlo Park, CA 94025						PPP						Term Loan						1.0%						6/5/2022						1.3						1.3						1.3						—		%
HYPRLABS INC.						400 Concar Dr, San Mateo, CA 94402						PPP						Term Loan						1.0%						6/5/2022						10.4						10.4						10.4						—		%
Tmack Property Maintenance LLC						14 Knollwood Dr, East Hanover, NJ 7936						PPP						Term Loan						1.0%						6/5/2022						1.6						1.6						1.6						—		%
Sea-Est Incorporated						1741 W Beaver St, Jacksonville, FL 32209						PPP						Term Loan						1.0%						6/8/2022						25.6						25.6						25.6						0.01		%
Gwinnett Cemeteries, LLC						103 Crestview Church Rd, Warner Robins, GA 31088						PPP						Term Loan						1.0%						6/8/2022						16.5						16.5						16.5						—		%
Clint Dewey						155 E 31st St, Apt 4S, New York, NY 10016						PPP						Term Loan						1.0%						6/8/2022						2.1						2.1						2.1						—		%
KP Auto Repair LLC						12917 Percheron Ln, Oak Hill, VA 20171						PPP						Term Loan						1.0%						6/8/2022						1.3						1.3						1.3						—		%
Michael S Chlopak						1 Claridge Drive, Apt PH 14, Verona, NJ 7044						PPP						Term Loan						1.0%						6/8/2022						1.4						1.4						1.4						—		%
Morgan Blakeley LLC						255 Saint Paul St, Apt #220, Denver, CO 80206						PPP						Term Loan						1.0%						6/8/2022						0.7						0.7						0.7						—		%
Frank Nicholson Inc.						360 Massachusetts Ave, Acton, MA 1720						PPP						Term Loan						1.0%						6/8/2022						8.6						8.6						8.6						—		%
John Merrick						3209 Centenary Ave, Dallas, TX 75225						PPP						Term Loan						1.0%						6/8/2022						2.0						2.0						2.0						—		%
Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music						722 El Camino Real, Redwood City, CA 94063						PPP						Term Loan						1.0%						6/8/2022						9.5						9.5						9.5						—		%
Korhan Beba						17 Oak Hill Rd, Branchburg, NJ 8853						PPP						Term Loan						1.0%						6/8/2022						0.5						0.5						0.5						—		%
Grenville Owners Corp.						225 Bennett Ave, Ste 1K, New York, NY 10040						PPP						Term Loan						1.0%						6/8/2022						3.2						3.2						3.2						—		%
Camfed U.S.A. Foundation						466 Geary St, Ste 400, San Francisco, CA 94102						PPP						Term Loan						1.0%						6/8/2022						18.2						18.2						18.2						0.01		%
National Roofing						1237 Circle Ave, Forest Park, IL 60130						PPP						Term Loan						1.0%						6/8/2022						52.5						52.5						52.5						0.02		%
Dental Designs of Naples						5048 Tamiami Trail N, Naples, FL 34103						PPP						Term Loan						1.0%						6/9/2022						21.1						21.1						21.1						0.01		%

288

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ronald A. Williams Ltd						5540 Falmouth St Ste 303, Richmond, VA 23230						PPP						Term Loan						1.0%						6/9/2022						3.8						3.8						3.8						—		%
National Foundation for Infectious Diseases (NFID)						7201 Wisconsin Ave, Ste 750, Bethesda, MD 20814						PPP						Term Loan						1.0%						6/9/2022						9.9						9.9						9.9						—		%
The Junior League of Pensacola, Florida, Incorporated						2016 W. Garden St., Pensacola, FL 32502						PPP						Term Loan						1.0%						6/9/2022						0.5						0.5						0.5						—		%
David Dee Fine Arts						1374 E Arlington Drive, Salt Lake City, UT 84108						PPP						Term Loan						1.0%						6/9/2022						0.6						0.6						0.6						—		%
HERBERT CHARLES SCHWAT						1940 Biltmore St NW, Apt 32, Washington, DC 20009						PPP						Term Loan						1.0%						6/9/2022						2.1						2.1						2.1						—		%
ATL Advisory LLC						76 Bellefair Rd, Rye Brook, NY 10573						PPP						Term Loan						1.0%						6/9/2022						2.1						2.1						2.1						—		%
Kushnika, Inc.						14766 Live Oak Ln, Saratoga, CA 95070						PPP						Term Loan						1.0%						6/9/2022						0.7						0.7						0.7						—		%
Gabriella New York, LLC						155 Wooster St., Unit 3W, New York, NY 10012						PPP						Term Loan						1.0%						6/9/2022						3.1						3.1						3.1						—		%
Luxury Destinations						151 Melius Rd, Warren, CT 6754						PPP						Term Loan						1.0%						6/9/2022						1.6						1.6						1.6						—		%
G&A Rehab, Inc						3333 Skypark Drive, Ste 220, Torrance, CA 90505						PPP						Term Loan						1.0%						6/9/2022						15.8						15.8						15.8						—		%
CCR Investment Group dba Equity Finance Group						2271 W. Malvern ave, Ste 424, Fullerton, CA 92833						PPP						Term Loan						1.0%						6/9/2022						5.1						5.1						5.1						—		%
OCC installations						12102 Manley St, Garden Grove, CA 92845						PPP						Term Loan						1.0%						6/9/2022						0.7						0.7						0.7						—		%
Charm City Cakes West						8302 Melrose Ave, Los Angeles, CA 90069						PPP						Term Loan						1.0%						6/9/2022						6.6						6.6						6.6						—		%
Cape fear kickboxing inc						7122 Market St, Ste 120, Wilmington, NC 28411						PPP						Term Loan						1.0%						6/9/2022						4.9						4.9						4.9						—		%
Solstice Adventure, LLC						1521 Alton Rd, #802, Miami Beach, FL 33139						PPP						Term Loan						1.0%						6/9/2022						0.9						0.9						0.9						—		%
Standard Wedding Band Co Inc						951 Franklin Ave, Garden City, NY 11530						PPP						Term Loan						1.0%						6/10/2022						3.5						3.5						3.5						—		%
Michigan Braille Transcribing Fund						3500 N. Elm, Jackson, MI 49201						PPP						Term Loan						1.0%						6/10/2022						4.7						4.7						4.7						—		%
Joy DiNapoli						154 Beach Ave, Larchmont, NY 10538						PPP						Term Loan						1.0%						6/10/2022						1.0						1.0						1.0						—		%
PJH Partners LLC						455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 30305						PPP						Term Loan						1.0%						6/10/2022						0.9						0.9						0.9						—		%
Christine Yi						111 E 30th St, Ste 8B, New York, NY 10016						PPP						Term Loan						1.0%						6/10/2022						0.8						0.8						0.8						—		%
Intrepid						7 Quail Ridge Rd S, Rolling Hills, CA 90274						PPP						Term Loan						1.0%						6/10/2022						6.9						6.9						6.9						—		%
J3 Consulting, LLC						1 Mountain Oaks Park, Glendale, CA 91214						PPP						Term Loan						1.0%						6/10/2022						2.1						2.1						2.1						—		%
Don Marshall CPA Inc						3427 S Walker Ave, San Pedro, CA 90731						PPP						Term Loan						1.0%						6/10/2022						1.0						1.0						1.0						—		%

289

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Cassidy Holdings, LLC						7712 Hillside Dr, La Jolla, CA 92037						PPP						Term Loan						1.0%						6/10/2022						1.2						1.2						1.2						—		%
AUREUS CAPITAL LLC						216 E Sheridan Pl, Lake Bluff, IL 60044						PPP						Term Loan						1.0%						6/10/2022						1.3						1.3						1.3						—		%
Timothy F. Lester						8 Forest Dr, Westport, CT 6880						PPP						Term Loan						1.0%						6/10/2022						0.5						0.5						0.5						—		%
Hamilton Hill LLC						905 W Main St, Durham, NC 27701						PPP						Term Loan						1.0%						6/10/2022						4.3						4.3						4.3						—		%
Rain Wine National Corp						2608 SW River Shore Dr, Port St. Lucie, FL 34984						PPP						Term Loan						1.0%						6/10/2022						2.1						2.1						2.1						—		%
Mora Investment Management						9 W Star Island Dr, Miami Beach, FL 33139						PPP						Term Loan						1.0%						6/10/2022						1.2						1.2						1.2						—		%
Mark Friedman						210 W 101st St, Ste 5E, New York, NY 10025						PPP						Term Loan						1.0%						6/10/2022						2.1						2.1						2.1						—		%
Grunberger Diamonds Incorporated						98 Cutter Mill Rd, Great Neck Plaza, NY 11021						PPP						Term Loan						1.0%						6/10/2022						8.4						8.4						8.4						—		%
Examoto LLC						125 Booth Ln, Haverford, PA 19041						PPP						Term Loan						1.0%						6/10/2022						5.3						5.3						5.3						—		%
Michael Slayton General Contracting, Inc						232 N Lonehill Ave, Glendora, CA 91741						PPP						Term Loan						1.0%						6/11/2022						1.2						1.2						1.2						—		%
Joseph Haraszti						2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 91107						PPP						Term Loan						1.0%						6/11/2022						2.9						2.9						2.9						—		%
Statement Lawn and Landscape, Inc.						19520 W 95th St, Lenexa, KS 66220						PPP						Term Loan						1.0%						6/11/2022						1.1						1.1						1.1						—		%
Alexis D. Bodenheimer						205 East 92nd St, Apt 27A, New York, NY 10128						PPP						Term Loan						1.0%						7/2/2022						2.1						2.1						2.1						—		%
Augusta Grant Travel						1428 Hemingway Place, Naples, FL 34103						PPP						Term Loan						1.0%						7/9/2022						0.7						0.7						0.7						—		%
NEUMENTUM, INC.						250 Colorado Ave, Palo Alto, CA 94301						PPP						Term Loan						1.0%						7/9/2022						4.9						4.9						4.9						—		%
Paige Hoholik LLC						210 St Paul St, Denver, CO 80206						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Birdie Golf Ball Company						208 Margate Ct, Margate, FL 33063						PPP						Term Loan						1.0%						7/15/2022						0.9						0.9						0.9						—		%
Rachel Dack Counseling LLC						6917 Arlington Rd, #222, Bethesda, MD 20814						PPP						Term Loan						1.0%						7/15/2022						1.3						1.3						1.3						—		%
Law Office of Swati P Mantione, P.C.						12 Thadford St, East Northport, NY 11731						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Amanda Reynal Interiors						1417 Walnut St, Ste D, Des Moines, IA 50309						PPP						Term Loan						1.0%						7/15/2022						1.8						1.8						1.8						—		%
Clark A Miller Sales LTD						1205 Tuscany Ct, Alpharetta, GA 30004						PPP						Term Loan						1.0%						7/15/2022						0.6						0.6						0.6						—		%
Lucy McRae						1340 E 6th St, Los Angeles, CA 90021						PPP						Term Loan						1.0%						7/15/2022						1.7						1.7						1.7						—		%
The Great Escape Room Tampa LLC						300 E Madison St, #301, Tampa, FL 33602						PPP						Term Loan						1.0%						7/15/2022						4.7						4.7						4.7						—		%

290

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Woodrow Orlando LLC DBA The Great Escape Room Orlando						525 Woodstead Ct, Longwood, FL 32779						PPP						Term Loan						1.0%						7/15/2022						2.0						2.0						2.0						—		%
Mary Jane Marchisotto dba MJM Advisory, LLC						245 E 87th St, Apt 9F, New York, NY 10128						PPP						Term Loan						1.0%						7/15/2022						0.6						0.6						0.6						—		%
Copperfield Investment & Development Company						1721 Crystal Ann Ave, Las Vegas, NV 89106						PPP						Term Loan						1.0%						7/15/2022						1.2						1.2						1.2						—		%
Score OKC						18509 N Meridian Ave, Edmond, OK 73012						PPP						Term Loan						1.0%						7/15/2022						3.0						3.0						3.0						—		%
Lead Tek Plating						27555 SW Boones Ferry Rd, Wilsonville, OR 97070						PPP						Term Loan						1.0%						7/15/2022						20.0						20.0						20.0						0.01		%
Dan Counts & Associates, Inc.						1780 Prescott Ave, Monterey, CA 93940						PPP						Term Loan						1.0%						7/15/2022						1.1						1.1						1.1						—		%
Diamondback Golf Course, LLC						500 Harborview Drive, Third Floor, Baltimore, MD 21230						PPP						Term Loan						1.0%						7/15/2022						7.6						7.6						7.6						—		%
Josh Madonick Physical Therapy						86 Eucalyptus Rd, Petaluma, CA 94952						PPP						Term Loan						1.0%						7/15/2022						0.3						0.3						0.3						—		%
RHBerman Consulting						161 Falcon Rd, Guilford, CT 6437						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
MPYRE HOLDING CO						1723 23rd Ave, San Francisco, CA 94122						PPP						Term Loan						1.0%						7/15/2022						1.7						1.7						1.7						—		%
NICK A. DEFILIPPIS, PHD, PC						990 Hammond Dr, Ste 575, Sandy Springs, GA 30328						PPP						Term Loan						1.0%						7/15/2022						1.6						1.6						1.6						—		%
Orloff Eye Group, Inc.						1 Plume Grass Way, Westhampton, NY 11977						PPP						Term Loan						1.0%						7/15/2022						4.8						4.8						4.8						—		%
Protestant Episcopal Church In The Diocese of California						2791 Driscoll Rd, Fremont, CA 94539						PPP						Term Loan						1.0%						7/15/2022						2.5						2.5						2.5						—		%
The Great Escape Room New York LLC						1150 University Ave Bldg 5, Ste 12A, Rochester, NY 14607						PPP						Term Loan						1.0%						7/15/2022						2.2						2.2						2.2						—		%
K.S.M Enterprises Inc. DBA Michaels Shell						2589 N Lakewood Blvd, Long Beach, CA 90815						PPP						Term Loan						1.0%						7/15/2022						4.0						4.0						4.0						—		%
Bobbie Baron Inc.						1633 Broadway, New York, NY 10019						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
DEAFLINK INC						57 Ludlow Ln, Palisades, NY 10964						PPP						Term Loan						1.0%						7/15/2022						1.3						1.3						1.3						—		%
Joseph L. Lester, M.D., P.C.						2201 Evans Drive, Opelika, AL 36801						PPP						Term Loan						1.0%						7/15/2022						5.5						5.5						5.5						—		%
Weber Brands, LLC						50 Pine Hill Rd, Great Neck, NY 11020						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Robert M. Tudisco, Esq.						90 Stebbins Ave, Eastchester, NY 10709						PPP						Term Loan						1.0%						7/15/2022						1.4						1.4						1.4						—		%
Propel A Charter Management Group Inc						5200 Irwindale Ave, Irwindale, CA 91706						PPP						Term Loan						1.0%						7/15/2022						29.8						29.8						29.8						0.01		%
Sunburst Decorative Rock, Inc						282 Live Oak Ave, Irwindale, CA 91706						PPP						Term Loan						1.0%						7/15/2022						18.3						18.3						18.3						0.01		%
Nancy R. Reinish						336 Central Park West, New York, NY 10025						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%

291

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

The Great Escape Room Chicago						160 E Grand Ave, #400, Chicago, IL 60611						PPP						Term Loan						1.0%						7/15/2022						3.9						3.9						3.9						—		%
Daydream Reels LLC						3615 N Kenilworth St, Arlington, VA 22207						PPP						Term Loan						1.0%						7/15/2022						1.3						1.3						1.3						—		%
C Sensei Group LLC						1730 S Federal Hwy, Ste 280, Delray Beach, FL 33483						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Dockum Research Lab, Inc						844 E Mariposa St, Altadena, CA 91001						PPP						Term Loan						1.0%						7/15/2022						6.4						6.4						6.4						—		%
306 Hollywood LLC						14 West 17th St, New York, NY 10011						PPP						Term Loan						1.0%						7/15/2022						1.2						1.2						1.2						—		%
Irvine Optometry						17585 Harvard Ave,, Ste E, Irvine, CA 92614						PPP						Term Loan						1.0%						7/15/2022						4.5						4.5						4.5						—		%
Double H Farms, LLC						15050 Golden Point Ln, Wellington, FL 33414						PPP						Term Loan						1.0%						7/15/2022						12.9						12.9						12.9						—		%
The Nashville Dermatology And Skin Cancer Clinic, P.C.						2222 State St, Ste A, Nashville, TN 37203						PPP						Term Loan						1.0%						7/15/2022						4.4						4.4						4.4						—		%
Harper Road Treatment Center						1802 Harper Rd, Ste 202, Beckley, WV 25801						PPP						Term Loan						1.0%						7/15/2022						2.6						2.6						2.6						—		%
Sense Education, Inc.						1 W 85th St, New York, NY 10024						PPP						Term Loan						1.0%						7/15/2022						12.0						12.0						12.0						—		%
PR Realty Management LLC						2207 Coney Island Ave, Brooklyn, NY 11223						PPP						Term Loan						1.0%						7/15/2022						19.2						19.2						19.2						0.01		%
Roadtrip Productions Inc						One Penn Plaza, Ste 3500, New York, NY 10119						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Hirezi & Hirezi, D.M.D., P.A.						4495 Baymeadows Rd, Jacksonville, FL 32217						PPP						Term Loan						1.0%						7/15/2022						7.4						7.4						7.4						—		%
NTR Partners Administration LLC						11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049						PPP						Term Loan						1.0%						7/15/2022						3.5						3.5						3.5						—		%
Bartman Bros.						11777 San Vicente Blvd, Ste 600, Los Angeles, CA 90049						PPP						Term Loan						1.0%						7/15/2022						5.8						5.8						5.8						—		%
Kleopatra Productions, Inc.						4230 Gardendale, Ste 101, San Antonio, TX 78229						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
PHILIP F. STOTTS						4985 Stonehaven Dr., Yorba Linda, CA 92887						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Rajan Shah MD PA						1060 BRd St, Newark, NJ 7102						PPP						Term Loan						1.0%						7/15/2022						4.1						4.1						4.1						—		%
Surco Products, Inc.						14001 S Main St, Los Angeles, CA 90061						PPP						Term Loan						1.0%						7/15/2022						7.5						7.5						7.5						—		%
Joel Diaz Training Camp, LLC.						40795 Adriatico Ct, Indio, CA 92203						PPP						Term Loan						1.0%						7/15/2022						1.4						1.4						1.4						—		%
John J. McMahon						80 Main St, West Orange, NJ 7052						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Auto Trim Design of Northeastern New York Inc						83 Ellison St, Milton, VT 5468						PPP						Term Loan						1.0%						7/15/2022						7.0						7.0						7.0						—		%
Steven Robert Justman aka Steven Justman						54 Banksville Rd, North Castle, NY 10504						PPP						Term Loan						1.0%						7/15/2022						2.0						2.0						2.0						—		%

292

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

J. Li Brand LTD						63 Roebling St, #6L, Brooklyn, NY 11211						PPP						Term Loan						1.0%						7/15/2022						3.5						3.5						3.5						—		%
John Berry Turbidy						1501 Silver King Dr, Aspen, CO 81611						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Hanson & Schwam Public Relations LLC						9350 Wilshire Blvd, #315, Beverly Hills, CA 90212						PPP						Term Loan						1.0%						7/15/2022						0.8						0.8						0.8						—		%
Debra L. Holt						233 NW 36th St, Miami, FL 33127						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Kenneth Baer						16 Millstone Dr, East Windsor, NJ 8512						PPP						Term Loan						1.0%						7/15/2022						0.5						0.5						0.5						—		%
Model Partner, LLC						19 William Close Ct, Warwick, NY 10990						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
ARJ Medical LLC						2827 Frontier Trail, Atlanta, GA 30341						PPP						Term Loan						1.0%						7/15/2022						1.0						1.0						1.0						—		%
David Raksin						1010 16th St, #543, San Francisco, CA 94107						PPP						Term Loan						1.0%						7/15/2022						2.1						2.1						2.1						—		%
Constance Scharff						8584 Blue Grouse Way, Blaine, WA 98230						PPP						Term Loan						1.0%						7/15/2022						0.7						0.7						0.7						—		%
Mazza Real Estate, LLC						402 Page St, Cary, NC 27511						PPP						Term Loan						1.0%						7/15/2022						0.8						0.8						0.8						—		%
JP Davis Farms						10100 Suzanne Dr, River Ridge, LA 70123						PPP						Term Loan						1.0%						7/15/2022						1.2						1.2						1.2						—		%
Total SBA Guaranteed Accrual Investments																																				$	15,888.9					$	15,888.9					$	16,747.1					4.94		%

293

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

MIT LLC			(*)			11 North Peach ST., Medford, OR 97504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						3/31/2042						254.7						254.7						254.7						0.08		%
Neville Galvanizing, Inc			(*)			2983 Grand Ave, Pittsburgh, PA 15225						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/15/2042						707.1						707.1						707.1						0.21		%
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N			(*)			10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/23/2029						101.0						101.0						101.0						0.03		%
Chavero's Auto			(*)			1364 E Palma Vista Drive, Palmview, TX 78572						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						10/11/2029						12.5						12.5						12.5						—		%
Total SBA Guaranteed Non-Accrual Investments																																				$	1,075.3					$	1,075.3					$	1,075.3					0.32		%
Total SBA Guaranteed Investments																																				$	16,964.2					$	16,964.2					$	17,822.4					5.25		%
Total SBA Unguaranteed and Guaranteed Investments																																				$	437,364.1					$	437,364.1					$	425,570.3					125.41		%

294

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Advanced Cyber Security Systems, LLC			(*,#) (6) (21)			3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716						Data processing, Hosting, and Related Services						50% Membership Interest						—%						—						—						—						—						—		%
																		Term Loan						3%						Dec 2014						381.0						381.0						—						—		%
Automated Merchant Services, Inc.			(*,#) (7) (21)			12230 Forest Hill Blvd., Wellington, FL 33414						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						—						—						—		%
CDS Business Services, Inc.			(*,#) (8)			1985 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Common Stock						—%						—						—						4,428.0						—						—		%
																		Line of Credit						10%						Dec 2021						9,560.0						9,560.0						5,900.0						1.74		%
Newtek Technology Solutions, Inc.			(*,#) (25)			1904 W. Parkside Lane Phoenix, AZ 85027						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						19,503.7						29,999.7						8.84		%
																		Line of Credit						10%						Nov 2028						10,821.0						10,821.0						10,821.0						3.19		%
																		Line of Credit						Prime plus 0.5%						April 2021						750.0						750.0						750.0						0.22		%
																		Line of Credit						Prime plus 0.5%						July 2022						100.0						225.0						225.0						0.07		%
Newtek Insurance Agency, LLC			(*,#) (13)			1981 Marcus Ave., Lake Success, NY 11042						Insurance Carriers and Related Activities						100% Membership Interest						—%						—						—						135.0						2,150.0						0.63		%
PMTWorks Payroll, LLC			(*,#) (9)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						1,878.1						—						—		%
																		Term Loan						10%						Oct 2021						435.0						435.0						—						—		%
																		Term Loan						10%						May 2022						750.0						750.0						—						—		%
																		Term Loan						12%						May 2022						500.0						500.0						—						—		%
																		Term Loan						10%						July 2022						1,000.0						1,000.0						—						—		%
Small Business Lending, LLC			(*,#) (12)			1981 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						598.0						9,650.4						2.84		%
																		Term Loan						10%						June 2021						400.0						400.0						400.0						0.12		%
ADR Partners, LLC dba banc-serv Partners, LLC			(*,#) (26)			8777 Purdue Rd, Indianapolis, IN 46268						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						7,085.2						—						—		%
Newtek Merchant Solutions, LLC			(#) (11)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						16,438.0						111,500.0						32.86		%
Mobil Money, LLC			(#) (17)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						2,980.0						2,500.0						0.74		%

295

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Newtek Business Lending, LLC			(*,#) (10)			14 East Washington St., Orlando, FL 32801						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						100% Membership Interest						—%						—						—						39,912.0						43,541.8						12.83		%
Newtek Conventional Lending, LLC			(#) (18) (23)			1981 Marcus Ave., Lake Success, NY 11042						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						50% Membership Interest						—%						—						—						19,002.0						20,028.0						5.90		%
Titanium Asset Management, LLC			(*,#) (14)			1981 Marcus Ave., Lake Success, NY 11042						Administrative and Support Services						Term Loan						10%						March 2021						900.0						900.0						655.1						0.19		%
																		100% Membership Interest						—%						—						—						—						—						—		%
Excel WebSolutions, LLC			(*,#) (15)			888 East Brighton Ave. Syracuse, NY 13205						Data processing, Hosting, and Related Services						Term Loan						10%						Sept 2021						159.2						159.2						—						—		%
																		100% Membership Interest						—						—						—						—						—						—		%
POS on Cloud, LLC			(#) (20)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						Term Loan						10%						Sept 2023						850.0						1,050.0						1,050.0						0.31		%
																		50.14% Membership Interest						—						—						—						—						—						—		%
Total Controlled Investments																																				$	26,606.2					$	138,891.0					$	239,171.0					70.48		%

296

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

EMCAP Loan Holdings, LLC			(+,#) (19) (16)			1140 Reservoir Ave., Cranston, RI 02920						Securities, Commodity Contracts, and Other Financial Investments and Related Activities						6.04% Membership Interest						—%						—						$	—					$	1,000.0					$	1,000.0					0.29		%
ARC Metal Stamping, LLC			(#)			4111 Munson Hwy, Hudson, MI 49247						Machinery Manufacturing						Term Loan						5 Yr Tr plus 7.43%						1/1/2045						5,447.4						5,447.4						5,447.4						1.61		%
Total Non-Control Investments																																				$	5,447.4					$	6,447.4					$	6,447.4					1.90		%
Total Investments																																				$	469,417.7					$	582,702.5					$	671,188.7					197.78		%

^ Investment has been pledged as collateral under the Securitization Trusts.

* Non-income producing security.

# Fair value determined using significant unobservable inputs.

+ Restricted security.

(1) Newtek values each unguaranteed portion of SBA 7(a) accrual 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 PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.

(2) The interest rates in effect on our loans as of December 31, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.14388%.

(3) Newtek values non-accrual SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Management’s estimate of the 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.

(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual 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—FAIR VALUE MEASUREMENTS.

(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.

(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—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the six months ended December 31, 2020 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) CDS Business Services, Inc. d/b/a Newtek Business Credit Solutions, a wholly-owned portfolio company that is part of the Company’s business finance platform, providing receivables and inventory financing and management services to small and medium size businesses; 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.).

297

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

(9) PMTWorks Payroll, LLC d/b/a Newtek Payroll and Benefits Solutions (“NPS” or “PMT”), a wholly-owned portfolio company which offers an array of industry standard and competitively priced payroll management, payment and tax reporting services to SMBs; 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) Newtek Business Lending, LLC (“NBL”), a wholly-owned portfolio company that provides SBA 504 loans and financing to the SMB market for the acquisition of fixed assets; 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.

(11) Newtek Merchant Solutions, LLC (“NMS”) is a wholly-owned portfolio company that markets credit and debit card processing services, check approval services, processing equipment, and software; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).

(12) Small Business Lending, LLC (“SBL”) is a wholly-owned portfolio company that is part of the Company’s business finance platform;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.). SBL provides third-party loan servicing for SBA and non-SBA loans, and provides lending institutions with outsourced solutions for the entire SBA lending process, including credit analysis, structuring and eligibility, packaging, closing compliance and servicing. In addition, SBL provides loan and servicing solutions to other parts of the Company’s business finance platform.

(13) Newtek Insurance Agency, LLC (“NIA”), a wholly-owned portfolio company which is a retail and wholesale brokerage insurance agency, licensed in all 50 states, specializing in the sale of commercial and health/benefits lines insurance products to the small and medium size business market as well as various personal lines of insurance; 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) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)

(16) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.

(17) Mobil Money, LLC (“Mobil Money”), a wholly-owned portfolio company that provides payment processing for a merchant portfolio of taxi cabs; 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).

(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a wholly-owned subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.

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

(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.

(21) 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.

(22) 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.

(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. 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, 2020, 7.7% of total assets are non-qualifying assets.

(24) 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.

298

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 2020

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

(25) Newtek Technology Solutions, Inc. (“NTS”) is a wholly-owned portfolio company that provides website hosting, dedicated server hosting, cloud hosting, web design and development, internet marketing, ecommerce, data storage, backup and disaster recovery, and other related services; 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). International Professional Marketing, Inc. (“IPM”) and Sidco, LLC d/b/a Cloud Nine Services (“SIDCO”) are wholly-owned portfolio companies which consult, strategize, design, and implement technology solutions for enterprise and commercial clients across the U.S. On January 1, 2021, IPM and SIDCO became subsidiaries of NTS. The Schedule of Investments shows IPM and SIDCO under NTS.

(26) 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.).

As of December 31, 2020, the federal tax cost of investments was $582.7 million resulting in estimated gross unrealized gains and losses of $154.7 million and $57.8 million, respectively.

299

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES NOTES TO 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. On August 2, 2021, the Company entered into the Stock Purchase Agreement with NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC. Subject to the approval of, among others, the Office of the Comptroller of Currency, the Federal Reserve and the SBA (collectively, the “Regulatory Approvals”), and the Company receiving its shareholders' approval to withdraw the Company’s election as a business development company as required under the 1940 Act, this acquisition is part of the Company's plan to reposition itself as a bank holding company that has elected financial holding company status. See "NOTE 17— SUBSEQUENT EVENTS — Stock Purchase Agreement."

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 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.

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

300

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The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report on Form 10-K for the year ended December 31, 2020. 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, 2020 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.

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 — Investment Companies, 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 consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.

Although the Company owns more than 25% of the voting securities of NCL, the Company does not have sole control over significant actions of NCL for purposes of the 1940 Act or otherwise, and does not consolidate its interest in NCL.

301

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Distributions

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

 

Cash

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of June 30, 2021, cash deposits in excess of insured amounts totaled $46.6 million. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of June 30, 2021.

Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, cash reserves associated with securitization transactions, and cash margin as collateral for derivative instruments. As of June 30, 2021, total restricted cash was $129.8 million.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2021 and 2020 and December 31, 2020 and 2019:

			June 30, 2021						June 30, 2020						December 31, 2020						December 31, 2019
Cash			$	18,798					13,385						2,073						$	1,762
Restricted cash			129,765						40,213						49,352						31,445
Cash and restricted cash			$	148,563					$	53,598					$	51,425					$	33,207

Broker Receivable

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

Servicing Assets

The Company accounts for servicing assets in accordance with ASC 860-50 Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.

Due to Participants

Due to participants represents amounts due to third party investors in the SBA guaranteed portion of SBA 7(a) and PPP loans. When the Company receives principal payments, including PPP loan forgiveness, after the loan has been either partially or fully sold to the participant, the remittances received by the Company are either owed in part of in full to the participant and amounts are recorded as a liability on the consolidated statements of assets and liabilities.

Derivative Instruments

The Company uses derivative instruments primarily to economically manage the fair value variability of fixed rate assets caused by interest rate fluctuations. Derivative instruments consist of interest rate futures and are held at fair value on the balance sheet. Collateral posted with our futures counterparties is segregated in the Company’s books and records. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. Interest rate futures that are governed by an ISDA agreement provide for bilateral collateral pledging based on the counterparties’ market value. The counterparties have the right to re-pledge the collateral posted but have the obligation to return the pledged collateral, or, if the Company agrees, substantially the same collateral as the market value of the interest rate futures change.

302

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The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Effective January 3, 2017, CME amended its rulebooks to legally characterize daily variation margin payments for centrally cleared interest rate futures as settlement rather than collateral. As a result of this rule change, variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.

Income Taxes

The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted on March 27, 2020 and made significant prospective and retroactive changes to the U.S. federal income tax laws (and certain corresponding state and local conformity measures) including: 1) 5-year net operating loss (“NOL”) carrybacks with no taxable income limitation, 2) relaxation of the limitations on interest expense deductions, 3) qualified improvement property eligible for bonus depreciation, 4) acceleration of alternative minimum tax credits and related quick tax refunds, and 5) indirect tax measures, including workplace tax credits and deferral of social security payroll tax. Management has considered the impact of the CARES Act on the Company, its Taxable Subsidiaries, and the underlying portfolio companies, and the Company has reflected these potential impacts in the financial statements, related tax disclosures, and the value of the investments.

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 2017 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2021 and 2020, 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 $10.7 million and $11.4 million at June 30, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the 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 consolidated statements of operations.

Investment Income

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

303

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In addition, the first round of PPP began in the second quarter of 2020. The SBA reimbursed the Company for originating PPP loans and such SBA reimbursements are included as interest income on PPP loans. Such fees were accounted for under ASC-310 Receivables and deferred until the PPP loan was sold to one of our PPP Participants. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” (the “Economic Aid Act”) on December 27, 2020, which provided funding for PPP loans through March 31, 2021, and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans. For more information, see “NOTE 17—SUBSEQUENT EVENTS.”

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 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 Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications on a prospective basis. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021.

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In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU 2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

Segments

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

Reclassifications

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

NOTE 3—INVESTMENTS:

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

						June 30, 2021												December 31, 2020
						Cost						Fair Value						Cost						Fair Value
Non-affiliate debt investments						$	457,971					$	450,177					$	437,364					$	425,570
Non-control investments:
Equity						1,000						1,000						1,000						1,000
Debt						5,415						5,939						5,447						5,447
Controlled investments:
Equity						89,408						193,012						92,958						199,342
Equity interest in NCL (Joint Venture)						19,047						20,304						19,002						20,028
Debt						35,831						25,705						26,931						19,801
Total investments						$	608,672					$	696,137					$	582,702					$	671,188

SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:

						June 30, 2021												December 31, 2020
						Cost						Fair Value						Cost						Fair Value
Accrual						$	371,809					$	386,687					$	364,957					$	378,329
Non-Accrual						52,986						27,041						55,443						29,419
Total SBA unguaranteed investments						$	424,795					$	413,728					$	420,400					$	407,748

SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:

						June 30, 2021												December 31, 2020
						Cost						Fair Value						Cost						Fair Value
Accrual						$	32,066					$	35,339					$	15,889					$	16,747
Non-Accrual						1,110						1,110						1,075						1,075
Total SBA guaranteed investments						$	33,176					$	36,449					$	16,964					$	17,822

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On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provided an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA paid all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allowed NSBF, as an SBA 7(a) lender, to originate loans under the Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020, when the first round of PPP closed. On December 27, 2020, the Economic Aid Act was enacted by Congress which provided funding for PPP loans through March 31, 2021 and on January 11, 2021, the Company announced that NSBF would offer PPP loans through the end of the PPP. Further, on March 25, 2021, Congress passed the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., with an SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate. For more information, see “NOTE 17—SUBSEQUENT EVENTS.”

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through June 30, 2020. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $0.7 billion funded during six months ended ended June 30, 2021. Beginning in July 2020, NSBF restarted funding SBA 7(a) loans, and since that time has continued to shift resources and refocus its efforts on funding SBA 7(a) loans.

To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks to purchase 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of June 30, 2021. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan notes, the PPP loan documents and service the PPP loans (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.

The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:

						June 30, 2021												December 31, 2020
						Cost						Fair Value						Cost						Fair Value
7(a)						$	27,285					$	30,558					$	9,369					$	10,227
PPP1						4,781						4,781						6,520						6,520
Accrual SBA guaranteed investments						$	32,066					$	35,339					$	15,889					$	16,747

(1) 203 SBA guaranteed loans originated under the PPP by NSBF; comprised of 181 loans in which NSBF holds 10% participation interests and 22 loans voluntarily repurchased from participants during the second quarter of 2021 that are 100% owned by NSBF. The total of 100% NSBF-owned PPP loans at June 30, 2021 is $1.0 million.

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The following table shows the Company’s portfolio investments by industry at:

						June 30, 2021												December 31, 2020
						Cost						Fair Value						Cost						Fair Value
Data Processing, Hosting, and Related Services						$	56,897					$	158,372					$	56,900					$	156,874
Securities, Commodity Contracts, and Other Financial Investments and Related Activities						68,905						59,138						63,635						61,135
Food Services and Drinking Places						41,275						43,002						38,142						38,832
Amusement, Gambling, and Recreation Industries						28,225						28,793						25,187						25,509
Professional, Scientific, and Technical Services						26,814						26,615						26,571						25,998
Truck Transportation						28,275						22,982						30,684						24,341
Repair and Maintenance						18,555						19,483						17,650						18,521
Specialty Trade Contractors						19,310						19,009						17,207						16,673
Ambulatory Health Care Services						21,752						18,339						20,365						17,626
Accommodation						15,148						15,455						11,704						12,072
Fabricated Metal Product Manufacturing						14,148						14,905						15,834						16,484
Personal and Laundry Services						13,247						14,156						13,303						14,192
Administrative and Support Services						14,855						14,131						14,612						13,962
Merchant Wholesalers, Durable Goods						12,596						12,925						12,507						12,843
Merchant Wholesalers, Nondurable Goods						12,579						12,306						13,607						12,853
Food Manufacturing						13,642						12,112						13,923						12,990
Social Assistance						9,575						10,509						10,075						11,147
Printing and Related Support Activities						10,038						9,867						5,234						5,166
Rental and Leasing Services						8,152						8,045						8,955						8,505
Transportation Equipment Manufacturing						7,145						7,690						3,619						3,639
Machinery Manufacturing						7,366						7,689						7,119						6,969
Gasoline Stations						6,824						7,242						7,928						7,727
Computer and Electronic Product Manufacturing						6,727						7,186						2,572						2,696
Building Material and Garden Equipment and Supplies Dealers						6,390						6,630						6,660						6,862
NCL (Joint Venture)						19,047						20,304						19,002						20,028
Other						121,185						119,252						119,707						117,544
Total						$	608,672					$	696,137					$	582,702					$	671,188

Newtek Conventional Lending, LLC

On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL ceased funding new non-conventional conforming loans during 2020 due to the COVID-19 pandemic. The Company anticipates relaunching its non-conforming conventional commercial loan program during the second half of 2021 through new joint venture partnerships.

The following table shows NCL’s individual investments as of June 30, 2021:

Portfolio Company

Industry

Investment Type

Interest Rate

Maturity

Principal

Cost

Fair Value1

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

$

2,247

$

2,202

$

2,171

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

1,265

1,237

1,222

Cocoa Beach Office LLC

Other Activities Related to Credit Intermediation

Term Loan

2 Yr Libor plus 5.70%

8/1/2044

425

410

425

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

10,396

10,188

10,691

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

6,080

5,959

6,253

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The Camera Division, LLC									Commercial & Industrial Machinery & Equipment						Term Loan						5 Yr Libor plus 7.25%						9/1/2029						11,144						10,814						11,144
The Emerald Green Group, LLC									Full-Service Restaurant						Term Loan						2 Yr Libor plus 5.65%						8/1/2029						6,020						5,847						5,997
XL Soccer World Orlando II LLC									Fitness and Recreational Sport Centers						Term Loan						Prime plus 3.25%						11/1/2045						5,052						4,901						5,051
XL Sports World NJ LLC and XL Soccer World Orlando LLC									Fitness and Recreational Sport Centers						Term Loan						5 Yr Libor plus 5.50%						8/1/2044						6,141						5,988						6,383
XL Sports World NJ LLC and XL Soccer World Orlando LLC									Fitness and Recreational Sport Centers						Term Loan						5 Yr Libor plus 5.50%						8/1/2044						4,722						4,605						4,846
Tricare Unlimited LLC and Geron Enterprises LLC									Nursing Care Facilities(Skilled Nursing Facilities)						Term Loan						2 Yr Treasury plus 6.51%						1/1/2045						5,656						5,501						5,973
E Entities LLC									Exterminating & Pest Control Services						Term Loan						5 Yr Treasury plus 7.71%						1/1/2030						5,454						5,319						5,825
Trinity MCC Realty, LLC									Motor Vehicle and Parts Dealers						Term Loan						5 Yr Treasury plus 6.58%						2/1/2045						5,122						4,979						5,377
Jaffe Real Estate LLC									Full-Service Restaurant						Term Loan						5 Yr Treasury plus 7.93%						4/1/2045						2,243						2,181						2,243
Berry Ventures Inc									Painting & Wall Covering Contractors						Term Loan						5 Yr Treasury plus 7.25%						4/1/2045						469						456						494
Total																																	$	72,436					$	70,587					$	74,095

(1) Fair value determined using significant unobservable inputs.

The following table shows NCL’s individual investments as of December 31, 2020:

Portfolio Company

Industry

Investment Type

Interest Rate

Maturity

Principal

Cost

Fair Value1

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

$

2,268

$

2,223

$

2,130

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

1,277

1,248

1,199

Cocoa Beach Office LLC

Other Activities Related to Credit Intermediation

Term Loan

2 Yr Libor plus 5.70%

8/1/2044

429

414

430

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

10,470

10,261

10,840

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

6,124

6,002

6,340

The Camera Division, LLC

Commercial & Industrial Machinery & Equipment

Term Loan

5 Yr Libor plus 7.25%

9/1/2029

11,144

10,802

11,144

The Emerald Green Group, LLC

Full-Service Restaurant

Term Loan

2 Yr Libor plus 5.65%

8/1/2029

6,127

5,947

6,049

XL Soccer World Orlando II LLC

Fitness and Recreational Sport Centers

Term Loan

Prime plus 3.25%

11/1/2045

4,557

4,405

4,517

XL Sports World NJ LLC and XL Soccer World Orlando LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

8/1/2044

6,193

6,039

6,544

XL Sports World NJ LLC and XL Soccer World Orlando LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

8/1/2044

4,762

4,644

4,970

JW Aviation LLC and 21 Air LLC and AMN Doral LLC

Other Nonscheduled Air Transportation

Term Loan

2 Yr Libor plus 8.25%

12/1/2044

2,497

2,410

2,497

Tricare Unlimited LLC and Geron Enterprises LLC

Nursing Care Facilities(Skilled Nursing Facilities)

Term Loan

2 Yr Treasury plus 6.51%

1/1/2045

5,695

5,538

6,145

E Entities LLC

Exterminating & Pest Control Services

Term Loan

5 Yr Treasury plus 7.71%

1/1/2030

5,656

5,515

6,028

Trinity MCC Realty, LLC

Motor Vehicle and Parts Dealers

Term Loan

5 Yr Treasury plus 6.58%

2/1/2045

5,240

5,096

5,616

Jaffe Real Estate LLC

Full-Service Restaurant

Term Loan

5 Yr Treasury plus 7.93%

4/1/2045

2,257

2,195

2,257

Berry Ventures Inc

Painting & Wall Covering Contractors

Term Loan

5 Yr Treasury plus 7.25%

4/1/2045

472

459

513

Total

$

75,168

$

73,198

$

77,219

(1) Fair value determined using significant unobservable inputs.

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The following tables show certain summarized financial information for NCL:

Selected Statement of Assets and Liabilities Information			June 30, 2021						December 31, 2020
			(Unaudited)
Cash			$	899					$	1,493
Investments in loans, at fair value (amortized cost of $70,587 and $73,197, respectively)			74,095						77,219
Other assets			972						1,274
Total assets			$	75,966					$	79,986
Bank notes payable			$	35,169					$	38,792
Other liabilities			189						1,138
Total liabilities			35,358						39,930
Net assets			40,609						40,056
Total liabilities and net assets			$	75,967					$	79,986

Selected Statements of Operations Information			Three Months Ended June 30,
			2021						2020
Interest and other income			$	1,486					$	1,517
Total expenses			611						914
Net investment (loss) income			875						603
Net unrealized appreciation (depreciation) on investments			(27)						(110)
Net increase in net assets resulting from operations			$	848					$	493

Non-Control Debt Investments

As of June 30, 2021, the Company holds one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020 at par. During the three and six months ended June 30, 2021, the Company recognized $3 thousand of unrealized depreciation and $0.5 million of unrealized appreciation relating to the loan, respectively. The Company is not affiliated with the borrower of the loan.

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

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the six months ended June 30, 2021 were as follows:

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Portfolio Company						Fair Value at December 31, 2020						Purchases (Cost)						Principal Received						Net Realized Gains/(Losses)						Net Unrealized Gains/(Losses)						Fair Value at June 30, 2021						Interest and Other Income						Dividend Income
Controlled Investments
Newtek Merchant Solutions, LLC (NMS)						$	111,500					$	—					$	—					$	—					$	—					$	111,500					$	—					$	—
Mobil Money, LLC						2,500						—						—						—						—						2,500						—						—
Newtek Technology Solutions, Inc. (NTS)1						41,796						—						—						—						1,500						43,296						580						—
CDS Business Services, Inc.						5,900						8,900						—						—						(3,000)						11,800						474						—
Small Business Lending, LLC						10,050						—						—						—						(5,650)						4,400						20						—
Newtek Insurance Agency, LLC						2,150						—						—						—						—						2,150						—						—
Titanium Asset Management LLC						655						—						—						—						4						659						—						—
POS on Cloud, LLC						1,050						—						—						—						—						1,050						53						—
Newtek Conventional Lending, LLC						20,028						45						—						—						231						20,304						—						51
Newtek Business Lending, LLC						43,542						11,450						(15,000)						—						1,370						41,362						—						—
Total Controlled Investments						$	239,171					$	20,395					$	(15,000)					$	—					$	(5,545)					$	239,021					$	1,127					$	51
Non-Control Investments
EMCAP Loan Holdings, LLC						$	1,000					$	—					$	—					$	—					$	—					$	1,000					$	—					$	47
Total Affiliate Investments						$	240,171					$	20,395					$	(15,000)					$	—					$	(5,545)					$	240,021					$	1,127					$	98

(1) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The above table reflects the combined fair values, unrealized appreciation and amount of dividends credited to income.

Related Party Transactions

Notes Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month 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 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At June 30, 2021, the Related Party RLOC interest rate was 2.71%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at June 30, 2021 under the Related Party RLOC were $9.6 million.

For the three months ended June 30, 2021 and 2020, interest expense was $82,000 and $184,000 respectively.

For the six months ended June 30, 2021 and 2020, interest expense was $166,000 and $291,000, respectively.

Expenses Incurred from Controlled Portfolio Companies

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

						Three Months Ended												Six Months Ended
						June 30, 2021						June 30, 2020						June 30, 2021						June 30, 2020
Managed technology services						$	484					$	447					$	943					$	824
Origination and loan processing						4,518						3,105						7,669						5,754
Loan servicing						14						—						27						—
Payroll processing fees						8						8						17						17
Total						$	5,024					$	3,560					$	8,656					$	6,595

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

						Three Months Ended												Six Months Ended
Portfolio Company						June 30, 2021						June 30, 2020						June 30, 2021						June 30, 2020
Newtek Merchant Solutions, LLC						$	62					$	58					$	124					$	117
Newtek Technology Solutions, Inc.						3						3						6						5
Small Business Lending, LLC						81						74						150						147
Newtek Insurance Agency, LLC						17						16						35						31
CDS Business Services, Inc.						19						21						38						38
PMTWorks Payroll, LLC						3						7						11						16
Newtek Business Lending, LLC						2						1						3						3
Total						$	187					$	180					$	367					$	357

Amounts due from related parties were $7.2 million and $6.1 million at June 30, 2021 and December 31, 2020, respectively. Amounts due to related parties were $2.6 million and $2.1 million at June 30, 2021 and December 31, 2020, 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. Fees are recorded on a quarterly basis, are recurring in nature, and are charged consistently based on estimates of time and effort spent by certain employees providing managerial services. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations.

						Three Months Ended												Six Months Ended
Portfolio Company						June 30, 2021						June 30, 2020						June 30, 2021						June 30, 2020
Newtek Merchant Solutions, LLC						$	119					$	91					$	232					$	185
Newtek Technology Solutions, Inc.1						86						125						170						254
PMTWorks Payroll, LLC						21						27						41						61
Newtek Insurance Agency, LLC						32						32						63						63
CDS Business Services, Inc.						42						30						84						59
International Professional Marketing, Inc.1						22						24						43						44
SIDCO, LLC1						19						23						38						49
Mobil Money, LLC						29						33						58						71
Newtek Business Lending, LLC						37						34						75						67
Small Business Lending, LLC						127						126						253						254
Total						$	534					$	545					$	1,057					$	1,107

(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS.

NOTE 5—SERVICING ASSETS:

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 tables summarizes the fair value and valuation assumptions related to servicing assets at June 30, 2021 and December 31, 2020:

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						Servicing Assets												Weighted						Range
Date						Fair Value						Unobservable Input						Average						Minimum						Maximum
June 30, 2021						$	27,380					Discount factor1						11.24		%				11.24		%				11.24		%
												Cumulative prepayment rate						22.00		%				22.00		%				22.00		%
												Average cumulative default rate						25.00		%				25.00		%				25.00		%
December 31, 2020						$	26,061					Discount factor1						11.24		%				11.24		%				11.24		%
												Cumulative prepayment rate						20.00		%				20.00		%				20.00		%
												Average cumulative default rate						25.00		%				25.00		%				25.00		%

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

Servicing fee income earned for the three months ended June 30, 2021 and 2020 was $2.8 million and $2.8 million, respectively. Servicing fee income earned for the six months ended June 30, 2021 and 2020 was $5.5 million and $5.5 million, 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). The levels of the fair value hierarchy are as follows:

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset 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. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the six months ended June 30, 2021 or 2020.

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.

For certain investments, the Company generally calculates the fair value of the investment primarily based on the net asset NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

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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. In addition, the COVID-19 pandemic is an unprecedented circumstance that could further negatively impact the fair value of the Company’s investments after June 30, 2021 by circumstances and events that are not yet known.

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.

The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of June 30, 2021 and December 31, 2020:

			Fair Value Measurements at June 30, 2021
			Total						Level 1						Level 2						Level 3
Assets:
SBA unguaranteed non-affiliate investments			$	413,728					$	—					$	—					$	413,728
SBA guaranteed non-affiliate investments			36,449						—						36,449						—
Controlled investments			218,717						—						—						218,717
Other real estate owned1			2,289						—						2,289						—
Non-control investments			6,939						—						—						6,939
Servicing assets			27,380						—						—						27,380
Controlled investments measured at NAV2			20,304						—						—						—
Total assets			$	725,806					$	—					$	38,738					$	666,764
Liabilities:
Derivative instruments3			$	37					$	—					$	37					$	—

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

(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

(3) Measured at fair value on a recurring basis with the net unrealized gains or losses recorded in current period earnings.

The change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at June 30, 2021 includes $1.6 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $5.8 million in unrealized depreciation on controlled investments and $1.7 million in unrealized depreciation on servicing assets.

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			Fair Value Measurements at December 31, 2020
			Total						Level 1						Level 2						Level 3
Assets:
SBA unguaranteed non-affiliate investments			$	407,748					$	—					$	—					$	407,748
SBA guaranteed non-affiliate investments			17,822						—						17,822						—
Controlled investments			219,143						—						—						219,143
Other real estate owned1			2,717						—						2,717						—
Non-control investments			6,447						—						—						6,447
Servicing assets			26,061						—						—						26,061
Controlled investments measured at NAV2			20,028						—						—						—
Total assets			$	699,966					$	—					$	20,539					$	659,399

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

(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Statements of Assets and Liabilities.

The following tables represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the six months ended June 30, 2021 and 2020:

			Six Months Ended June 30, 2021
			SBA Unguaranteed Investments						Controlled Investments						Servicing Assets						Non-Control Investments
Fair value, December 31, 2020			$	407,748					$	219,143					$	26,061					$	6,447
Net change in unrealized appreciation (depreciation)			1,585						(5,776)						(1,706)						524
Realized loss			(4,132)						—						—						—
SBA unguaranteed non-affiliate investments, funded			34,989						—						—						—
Foreclosed real estate acquired			(987)						—						—						—
Purchase of investments			—						20,350						—						—
Purchase of loans from SBA			5,181						—						—						—
Return of investment			—						(15,000)						—						—
Principal payments received on debt investments			(30,655)						—						—						(32)
Additions to servicing assets			—						—						3,025						—
Fair value, June 30, 2021			$	413,728					$	218,717					$	27,380					$	6,939

			Six Months Ended June 30, 2020
			SBA Unguaranteed Investments						Controlled Investments						Servicing Assets						Non-Control Investments						Contingent Consideration Liabilities1
Fair value, December 31, 2019			$	417,223					$	199,694					$	24,411					$	1,000					$	621
Net change in unrealized appreciation (depreciation)			(6,144)						(10,712)						(92)						—						—
Realized loss			(3,343)						—						—						—						—
SBA unguaranteed non-affiliate investments, funded			17,379						—						—						—						—
Foreclosed real estate acquired			(358)						—						—						—						—
Purchase of investments			—						16,080						—						—						—
Purchase of loans from SBA			5,522						—						—						—						—
Change in fair value of contingent consideration liabilities			—						—						—						—						54
Payment of contingent consideration			—						—						—						—						(675)
Net accretion of premium/discount			(4)						—						—						—						—
Return of investment			—						(700)						—						—						—
Principal payments received on debt investments			(25,339)						(475)						—						—						—
Additions to servicing assets			—						—						1,192						—						—
Fair value, June 30, 2020			$	404,937					$	203,887					$	25,511					$	1,000					$	—

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(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the 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 June 30, 2021 and December 31, 2020. In addition to the inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2021 and December 31, 2020.

						Fair Value as of																		Weighted						Range
						June 30, 2021												Unobservable Input						Average1						Minimum						Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans						$	386,687											Market yields						4.00		%				4.00		%				4.00		%
																		Cumulative prepayment rate						22.00		%				22.00		%				22.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%
SBA unguaranteed non-affiliate investments - non-accrual loans						$	27,041											Market yields						4.01		%				4.01		%				4.01		%
																		Cumulative prepayment rate						—		%				—		%				—		%
																		Average cumulative default rate						30.00		%				30.00		%				30.00		%
Controlled equity investments1						$	193,012											EBITDA multiples2						8.7x						7.00x						9.25x
																		Revenue multiples2						3.15x						1.00x						4.00x
																		Weighted average cost of capital2						11.77		%				11.70		%				18.50		%
Controlled debt investments						$	25,705											Market yields						7.70		%				3.80		%				10.00		%
Non-control equity investments						$	1,000											Asset value						N/A						N/A						N/A
Non-control debt investments						$	5,939											Recent transaction						N/A						N/A						N/A
Servicing assets						$	27,380											Market yields						11.24		%				11.24		%				11.24		%
																		Cumulative prepayment rate						22.00		%				22.00		%				22.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%

(1) Weighted by relative fair value.

(2) The Company valued $145.2 million 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 $47.9 million of investments using only discounted cash flows.

						Fair Value as of																		Weighted						Range
						December 31, 2020												Unobservable Input						Average1						Minimum						Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans						$	378,329											Market yields						4.00		%				4.00		%				4.00		%
																		Cumulative prepayment rate						20.00		%				20.00		%				20.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%
SBA unguaranteed non-affiliate investments - non-accrual loans						$	29,419											Market yields						4.34		%				4.34		%				4.34		%
																		Cumulative prepayment rate						—		%				—		%				—		%
																		Average cumulative default rate						30.00		%				30.00		%				30.00		%
Controlled equity investments1						$	199,342											EBITDA multiples2						9.20x						6.00x						10.00x
																		Revenue multiples2						1.17x						1.0x						2.30x
																		Weighted average cost of capital2						12.73		%				11.10		%				18.40		%
Controlled debt investments						$	19,801											Market yields						9.69		%				3.80		%				10.00		%
Non-control equity investments						$	1,000											Asset value						N/A						N/A						N/A
Non-control debt investments						$	5,447											Recent transaction						N/A						N/A						N/A
Servicing assets						$	26,061											Market yields						11.24		%				11.24		%				11.24		%
																		Cumulative prepayment rate						20.00		%				20.00		%				20.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%

(1) Weighted by relative fair value.

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(2) The Company valued $143.7 million 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 $55.7 million of investments using only discounted cash flows.

NOTE 7—BORROWINGS:

At June 30, 2021 and December 31, 2020, the Company had borrowings comprised of the following:

			June 30, 2021																		December 31, 2020
			Commitments						Borrowings Outstanding						Weighted Average Interest Rate						Commitments						Borrowings Outstanding						Weighted Average Interest Rate
Capital One line of credit - guaranteed1			$	150,000					$	40,000					2.50		%				$	150,000					$	52,500					2.50		%
Capital One line of credit - unguaranteed1			—						5,000						3.50		%				—						33,839						3.50		%
Notes due 2023			—						—						—		%				57,500						56,505						6.25		%
Notes due 2024			78,250						76,888						5.75		%				63,250						61,774						5.75		%
Notes due 2025			15,000						14,486						6.85		%				5,000						4,735						6.85		%
Notes due 2026			115,000						111,769						5.50		%				—						—						—		%
Notes payable - related parties			50,000						9,550						2.71		%				50,000						24,090						2.74		%
Notes payable - Securitization Trusts			192,983						190,016						2.16		%				221,752						218,339						2.39		%
Total			$	601,233					$	447,709					3.91		%				$	547,502					$	451,782					3.54		%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at June 30, 2021 and December 31, 2020.

On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018. As of June 30, 2021, our asset coverage was 181%.

Outstanding borrowings under the 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes, and Notes payable - Securitization Trusts consisted of the following:

						June 30, 2021																								December 31, 2020
						Notes Due 2024						Notes Due 2025						Notes Due 2026						Notes Payable- Securitization Trusts						Notes Due 2023						Notes Due 2024						Notes Due 2025						Notes Payable- Securitization Trusts
Principal balance						$	78,250					$	15,000					$	115,000					$	192,983					$	57,500					$	63,250					$	5,000					$	221,752
Unamortized deferred financing costs						(1,362)						(514)						(3,231)						(2,967)						(995)						(1,476)						(265)						(3,413)
Net carrying amount						$	76,888					$	14,486					$	111,769					$	190,016					$	56,505					$	61,774					$	4,735					$	218,339

At June 30, 2021 and December 31, 2020, 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 2026 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On June 30, 2021, the closing price of the 2026 Notes was $25.75 per note, or $118.5 million. On June 30, 2021, the closing price of the 2024 Notes was $25.47 per note, or $79.7 million. On December 31, 2020, the closing price of the 2024 Notes was $25.26 per note, or $63.9 million. These borrowings are not recorded at fair value on a recurring basis. The fixed rate 2025 Notes are held at par as of June 30, 2021.

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2021 and 2020 was $10.0 million and $9.8 million, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended June 30, 2021 and 2020 was $3.2 million and $4.6 million, respectively.

NOTE 8—DERIVATIVE INSTRUMENTS:

In November 2020, the SEC published Release No. IC-34084 Use of Derivatives by Registered Investment Companies and Business Development Companies and adopted rules amending Rule 18f-4 and Rule 6c-11. Under the newly adopted rules,

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BDCs that use derivatives will be subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements will apply unless the BDC qualifies as a “limited derivatives user,” as defined under the adopted rules. Under the new rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Compliance is required by August 19, 2022. The Company does not expect the adoption to have a material impact on its consolidated financial statements.

The Company uses derivative instruments primarily to economically manage the fair value variability of certain fixed rate assets caused by interest rate fluctuations and overall portfolio market risk. The following is a breakdown of the derivatives outstanding as of June 30, 2021:

												Fair Value												Remaining
Contract Type						Notional						Asset1						Liability1						Maturity (years)
5-year Swap Futures						$	41,682					$	—					$	37					0.25

(1) Shown as derivative instruments, at fair value, in the accompanying consolidated balance sheets.

The following table indicated the net realized gains (losses) and unrealized appreciation (depreciation) on derivatives as included in the consolidated statements of operations for the three and six months ended June 30, 2021:

						Three Months Ended						June 30, 2021						Six Months Ended						June 30, 2021
Contract Type						Unrealized Gain/(Loss)						Realized Gain/(Loss)						Unrealized Gain/(Loss)						Realized Gain/(Loss)
5-year Swap Futures						$	(37)					$	—					$	(37)					$	—

Collateral posted with our futures counterparty is segregated in the Company’s books and records. The Company’s counterparty held cash margin as collateral for derivatives as of June 30, 2021, which is included in restricted cash in the consolidated balance sheets. Interest rate futures are centrally cleared by the Chicago Mercantile Exchange (“CME”) through a futures commission merchant. The Company is required to post initial margin and daily variation margin for interest rate futures that are centrally cleared by CME. CME determines the fair value of our centrally cleared futures, including daily variation margin. Variation margin pledged on the Company’s centrally cleared interest rate futures is settled against the realized results of these futures.

NOTE 9—COMMITMENTS AND CONTINGENCIES:

Operating and Employment Commitments

The Company leases office space and other office equipment in several states under operating lease agreements which expire at various dates through 2027. Those office space leases which are for more than one year generally contain scheduled rent increases or escalation clauses.

The following summarizes the Company’s obligations and commitments, as of June 30, 2021 for future minimum cash payments required under operating lease and employment agreements:

Year			Operating Leases						Employment Agreements1						Total
2021			$	845					$	943					$	1,788
2022			1,876						471						2,347
2023			1,928						—						1,928
2024			1,981						—						1,981
2025			2,035						—						2,035
Thereafter			2,354						—						2,354
Total			$	11,019					$	1,414					$	12,433

(1) Employment agreements with certain of the Company’s named executive officers

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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. 

As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, 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 NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2021, total principal owed by NBC was $10.7 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At June 30, 2021, 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 $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lender’s commitments terminate in November 2022, with all amounts due under the NBL Facility maturing in November 2023. At June 30, 2021, total principal owed by NBL was $38.0 million. At June 30, 2021, 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 $50.0 million. The Webster Facility matures in November 2023. At June 30, 2021, total principal outstanding was $27.1 million. At June 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2021, the Company had $2.9 million of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

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NOTE 10—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:

						Six Months Ended June 30,
						2021						2020
Per share data¹
Net asset value at beginning of period						$	15.45					$	15.70
Net investment income (loss)						1.38						1.42
Net realized gain on investments						0.84						0.16
Net unrealized appreciation (depreciation) on investments						(0.05)						(0.84)
Net unrealized depreciation on servicing assets						(0.08)						—
Net unrealized depreciation on derivative transactions						0.00						—
Change in deferred taxes						0.03						0.14
Net increase in net assets resulting from operations						2.12						0.88
Distributions to common stockholders						(1.20)						(1.00)
Stock-based compensation expense						0.05						—
Accretive effect of stock offerings (issuing shares above NAV per share)						0.09						0.08
Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share)						0.01						—
Dilutive effect of purchase of vested stock for employee payroll tax withholding (purchase of shares above NAV)						(0.03)						—
Dilutive effect of restricted stock awards						(0.13)						—
Other⁴						0.02						(0.01)
Net asset value at end of period						$	16.38					$	15.65
Per share market value at end of period						$	34.92					$	18.22
Total return based on market value² ⁷						83.76		%				(23.97)		%
Total return based on change in NAV³ ⁷						13.79		%				6.10		%
Shares outstanding at end of period (in thousands)						22,530						20,905
Ratios/Supplemental Data:
Net assets at end of period						$	369,002					$	327,446
Ratio of expenses to average net assets⁸						22.36		%				20.34		%
Ratio of net investment income (loss) to average net assets⁸						17.42		%				18.14		%
Portfolio turnover6						125.95		%				359.37		%
Average debt outstanding						$	460,106					$	364,411
Average debt outstanding per share						$	20.42					$	17.43
Asset coverage ratio⁵						181		%				184		%
Senior securities outstanding						$	455,783					$	391,321

(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) Total return based on market value is calculated based on the purchase of stock at the current market price on the first day and a sale at the current market price on the last day of each period reported and assumes reinvestment of dividends at prices obtained by the Company's DRIP plan during the period. The return does not reflect any sales load that may be paid by an investor.

(3) Total return based on change in NAV is calculated using the change in net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.

(4) 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.

(5) Calculated based on the amount of senior securities outstanding at period end.

(6) Portfolio turnover is calculated by dividing (a) the lesser of purchases or sales of portfolio securities by (b) the average total

investments at fair value. The calculation includes PPP loan activity beginning in the second quarter of 2020.

(7) Not annualized.

(8) Annualized for the six months ended June 30, 2021. Loss on extinguishment of debt has not been annualized.

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NOTE 11—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 value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.

 

The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of June 30, 2021.

Restricted Stock authorized under the plan1						1,500,000
Less net restricted stock (granted)/forfeited during:
Year ended December 31, 2016						(120,933)
Year ended December 31, 2017						(5,007)
Year ended December 31, 2018						(93,568)
Year ended December 31, 2019						(6,285)
Year ended December 31, 2020						2,639
Six months ended June 30, 2021						(166,891)
Restricted stock available for issuance as of June 30, 2021						1,109,955

(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3.0 million 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.

As of June 30, 2021, there was $2.6 million 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 3 years as of June 30, 2021.

For the three months ended June 30, 2021 and 2020 the Company recognized total stock-based compensation expense of $0.5 million and $0.1 million, respectively. For the six months ended June 30, 2021 and 2020 the Company recognized total stock-based compensation expense of $1.2 million and $0.6 million, respectively.

NOTE 12—COMMON STOCK:

ATM Program

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. On February 28, 2020, the Company amended the 2019 ATM Equity Distribution Agreement to add UBS Securities LLC as a placement agent. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. As of June 24, 2020, the Company had sold 1,716,517 shares of its common stock under the Amended 2019 ATM Equity Distribution Agreement, and received net proceeds of $37.6 million. The Company paid the ATM placement agents a total of $0.8 million in compensation under the Amended 2019 ATM Equity Distribution Agreement.

The following table summarizes the total shares sold and net proceeds received under the Amended 2019 ATM Equity Distribution Agreement:

						Six Months Ended June 30, 2021						Year Ended December 31, 2020
Shares sold						—						359,819
Net weighted average price per share						$	—					$	20.40
Net proceeds						$	—					$	7,342

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On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. The company paid the placement agents $0.2 million in compensation during the six months ended June 30, 2021. As of June 30, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

The following table summarizes the total shares sold and net proceeds received under the 2020 ATM Equity Distribution Agreement:

						Six Months Ended June 30, 2021						Year Ended December 31, 2020
Shares sold						430,470						1,022,579
Net weighted average price per share						$	20.93					$	17.95
Net proceeds						$	9,011					$	18,334

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

NOTE 13—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and six months ended June 30, 2021 and 2020:

						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Net increase in net assets resulting from operations						$	17,374					$	25,467					$	47,498					$	18,214
Weighted average shares outstanding						22,524						20,893						22,431						20,815
Net increase in net assets resulting from operations per share						$	0.77					$	1.22					$	2.12					$	0.88

NOTE 14—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 6 years, some of which include renewal options that 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 generally is 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 and are excluded from our weighted-average remaining lease term.

The following table summarizes supplemental cash flow and other information related to our operating leases:

						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)						$	385					$	413					$	783					$	883
Weighted-average remaining lease term - operating leases						5.80 years						6.58 years						5.80 years						6.58 years
Weighted-average discount rate - operating leases						4.56		%				4.76		%				4.76		%				4.76		%
Total lease costs (included in other general and administrative costs on the consolidated statements of operations)						$	244					209						$	440					$	415

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The following table represents the maturity of the Company’s operating lease liabilities as of June 30, 2021:

Maturity of Lease Liabilities
2021			845
2022			1,876
2023			1,928
2024			1,981
2025			2,035
Thereafter			2,383
Total future minimum lease payments			$	11,048
Less: Imputed interest			$	(1,372)
Present value of future minimum lease payments			$	9,676

NOTE 15—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended June 30, 2021 and 2020.

Date Declared						Record Date						Payment Date						Amount Per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value
Six months ended June 30, 2021
February 23, 2021						March 22, 2021						March 31, 2021						$	0.50					$	11,025					6						$	140
May 11, 2021						June 15, 2021						June 30, 2021						$	0.70					$	15,433					6						$	213
Six months ended June 30, 2020
February 5, 2020						March 18, 2020						March 31, 2020						$	0.44					$	8,882					18						$	224
June 12, 2020						July 15, 2020						July 31, 2020						$	0.56					$	11,450					13						$	235

During the six months ended June 30, 2021 and 2020, an additional 6,500 and 6,000 shares valued at $195,000 and $107,000, respectively, were issued related to dividends on unvested restricted stock awards.

NOTE 16—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 companies that are required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information.

Newtek Merchant Solutions, LLC

NMS markets and sells 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 June 30, 2021						As of December 31, 2020
Current assets						$	13,297					$	7,119
Noncurrent assets						25,923						40,264
Total assets						$	39,220					$	47,383
Current liabilities						7,408						16,594
Noncurrent liabilities						23,625						24,954
Total liabilities						$	31,033					$	41,548
Total member’s equity						$	8,187					$	5,835

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						Three Months Ended June 30,												Six Months Ended June 30,
Statements of Income - Newtek Merchant Solutions, LLC						2021						2020						2021						2020
Revenue						$	5,491					$	7,945					$	10,328					$	16,218
Expenses						2,302						5,368						4,646						11,539
Income from operations						$	3,189					$	2,577					$	5,682					$	4,679
Interest (expense) income, net						(146)						(151)						(304)						(387)
Income before tax						$	3,043					$	2,426					$	5,378					$	4,292

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

						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Dividend income						$	—					$	1,650					$	—					$	5,400
Unrealized depreciation						$	—					$	—					$	—					$	(6,250)

Newtek Technology Solutions, Inc.

NTS offers web hosting and eCommerce, managed IT services, secure private cloud hosting, managed backup and disaster recovery, web design and application development, information technology security solutions, and other related services to customers worldwide.

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

						Three Months Ended June 30,												Six Months Ended June 30,
Newtek Technology Solutions, LLC Statements of Income						20211						2020						2021						2020
Revenue						$	14,549					$	3,214					$	24,246					$	6,475
Costs of revenue						9,432						785						12,425						1,497
Expenses						4,262						2,415						9,915						5,117
Income from operations						$	855					$	14					$	1,906					$	(139)
Interest expense, net						283						274						562						540
Income before tax						$	572					$	(260)					$	1,344					$	(679)

(1) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. As a result, the Schedule of Investments in and Advances to Affiliates shows IPM and SIDCO as subsidiaries of NTS.

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

						Three Months Ended June 30,												Six Months Ended June 30,
						2021						2020						2021						2020
Dividend income						$	—					$	—					$	—					$	—
Unrealized appreciation (depreciation)						$	—					$	500					$	1,500					$	500

NOTE 17—SUBSEQUENT EVENTS:

Dividends

On August 10, 2021, the Company declared a third quarter 2021 cash dividend of $0.90 per share, which is payable on September 30, 2021 to shareholders of record as of September 20, 2021.

PPP Funding Completion

During July 2021, in accordance with SBA guidance from the PPP Extension Act of 2021, NSBF continued to fund PPP

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borrowers with approved PPP loans (i.e., with an SBA loan number) from before the exhaustion of PPP funds was announced in May of 2021. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has continued to shift resources and refocus its efforts on funding SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans..

Stock Purchase Agreement

On August 2, 2021, the Company entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. This acquisition is part of a plan to reposition the Company as a bank holding company that has elected financial holding company status, and is subject to Regulatory Approvals and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the Investment Company Act of 1940, as amended. The transaction is currently expected to close within six to twelve months. The consideration payable by the Company at closing will be $20.0 million in cash, subject to certain adjustments. In addition, the Stock Purchase Agreement contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC will dividend to the NBNYC selling shareholders (“Sellers”) both NBNYC’s owned property in Flushing, New York and cash in the amount equal to the excess, if any, of NBNYC’s tangible common equity as of the closing date over $20.0 million. The Stock Purchase Agreement contains certain customary representations and warranties made by each party. The Company and the Sellers have the right to terminate the Stock Purchase Agreement under certain circumstances, including if the purchase has not occurred on or prior to November 2, 2022 or if the requisite applications and Regulatory Approvals have been denied. If the Stock Purchase Agreement is terminated in certain circumstances specified therein, the Company may owe NBNYC a fee of $0.2 million.

Following the closing of the transaction, the Company intends to operate as a bank holding company. Specifically, subject to certain Regulatory Approvals, the Company intends to contribute certain of its wholly-owned lending portfolio companies, including NSBF, NBL, NBC, and SBL, to NBNYC, and to provide a centralized lending operations through NBNYC. Subject to certain Regulatory Approvals, the Company intends to further develop the Company’s current patented technology, which the Company intends to complement its proposed banking offerings. The Company also intends to retain its current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurances that the Company will close the transaction, receive the required Regulatory Approval, or that the Company will be able to successfully operate as a bank holding company.

If the Company obtains the required Regulatory Approvals, obtains the approval of its shareholders to withdraw its election to be treated as a BDC, and converts to a bank holding company, the Company will no longer be subject to the 1940 Act, and the Company would lose its ability to be taxed on a pass-through basis as a RIC. Additionally, as a bank holding company, the Company would be subject to regulation and supervision that may be different from its current regulation and supervision, and would be required to comply with accounting and financial reporting requirements that may be different from its current reporting requirements. Moreover, converting to a bank holding company may make it more difficult for the Company to be acquired. For information on the risks of converting to a bank holding company, see “Item 1A. Risk Factors – Risk Related to Converting to a Bank Holding Company.”

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Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Six Months Ended June 30, 2021

Portfolio Company						Type of Investment1						Amount of Realized Gain (Loss)						Amount of Unrealized Appreciation (Depreciation)						Amount of Interest or Dividends Credited to Income3						Fair Value at December 31, 2020						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2021
Advanced Cyber Security Systems, LLC						50% Membership Interest2						$	—					$	—					$	—					$	—					$	—					$	—					$	—
Automated Merchant Services, Inc.						100% Common Stock2						—						—						—						—						—						—						—
CDS Business Services, Inc.						100% Common Stock2						—						—						—						—						—						—						—
						Line of Credit (10%)						—						(3,000)						474						5,900						8,900						(3,000)						11,800
Newtek Technology Solutions, Inc.7						100% Common Stock2						—						1,500						—						30,000						1,500						—						31,500
						Line of Credit (10%)						—						—						562						10,821						—						—						10,821
						Line of Credit (Prime + 0.5%)6						—						—						14						750						—						—						750
						Line of Credit (Prime + 0.5%)6						—						—						4						225						—						—						225
Newtek Insurance Agency, LLC						100% Membership Interest2						—						—						—						2,150						—						—						2,150
PMTWorks Payroll, LLC						100% Membership Interest2						—						—						—						—						—						—						—
						Term Loans (10%-12%)2						—						—						—						—						—						—						—
Small Business Lending, LLC						100% Membership Interest2						—						(5,650)						—						9,650						—						(5,650)						4,000
						Term Loan (10%)						—						—						20						400						—						—						400
banc-serv Partners, LLC						100% Membership Interest2						—						—						—						—						—						—						—
Newtek Merchant Solutions, LLC						100% Membership Interest						—						—						—						111,500						—						—						111,500
Titanium Asset Management, LLC						100% Membership Interest2						—						—						—						—						—						—						—
						Term Loan (10%)2						—						4						—						655						4						—						659
Newtek Business Lending, LLC						100% Membership Interest2						—						1,370						—						43,542						12,820						(15,000)						41,362
Newtek Conventional Lending, LLC						50% Membership Interest						—						231						51						20,028						469						(193)						20,304

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Portfolio Company						Type of Investment1						Amount of Realized Gain (Loss)						Amount of Unrealized Appreciation (Depreciation)						Amount of Interest or Dividends Credited to Income3						Fair Value at December 31, 2020						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2021
Mobil Money, LLC						100% Membership Interest						—						—						—						2,500						—						—						2,500
POS on Cloud, LLC						50.1% Membership Interest2						—						—						—						—						—						—						—
						Term Loan (10%)						—						—						53						1,050						—						—						1,050
Excel WebSolutions LLC						Term Loans (10%)2						—						—						—						—						—						—						—
						100% Membership Interest2						—						—						—						—						—						—						—
Total Controlled Investments												$	—					$	(5,545)					$	1,178					$	239,171					$	23,693					$	(23,843)					$	239,021
Non-Control Investments
EMCAP Loan Holdings, LLC						4.67% Membership Interest						—						—						47						1,000						—						—						1,000
Total Affiliate Investments												$	—					$	(5,545)					$	1,225					$	240,171					$	23,693					$	(23,843)					$	240,021

This schedule should be read in connection with the Company’s Consolidated Financial Statements, including the Consolidated Schedule of Investments and Notes to the 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 June 30, 2021, the Prime rate in effect was 3.25%.

(7) On January 1, 2021, the Company contributed its ownership of IPM and SIDCO to NTS, and IPM and SIDCO became subsidiaries of NTS. As a result, The Schedule of Investments in and Advances to Affiliates shows IPM and SIDCO as subsidiaries of NTS. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity.

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

Forward-Looking Statements

The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, including the impact of the COVID-19 pandemic, 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, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;

•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;

•our ability to consummate the transactions contemplated by the Stock Purchase Agreement;

•our receipt of certain Regulatory Approvals to operate as a bank holding company and acquire NBNYC;

•our ability to receive approval from shareholders to withdraw our election as a BDC;

•our management’s ability to operate as a bank holding company;

•our intended operations and structure as a bank holding company;

•our tax and accounting treatment as a C Corporation and a bank holding company;

•the decrease in our dividend payout due to no longer operating as a BDC and RIC if we receive approval from shareholders to withdraw our election as a BDC and the transaction with NBNYC is consummated;

•our expected financings and investments;

•our regulatory structure and tax status;

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

•NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program;

•NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;

•the adequacy of our cash resources and working capital;

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

•the impact of inflation on our business prospects and the prospects of our portfolio companies;

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

•the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR;

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

•our ability to recover unrealized losses;

•NSBF’s ability to issue SBA 7(a) guaranteed loans;

•the future reauthorization of the PPP, and our ability to participate in any such program;

•our ability to comply with the laws, rules, and guidance regarding any reauthorized PPP;

•the effect of legal, tax and regulatory changes, including the Coronavirus Aid, Relief and Economic Security Act signed into law in December 2020 and the American Rescue Plan Act of 2021, signed into law in March 2021;

•the ability of our SBA 7(a) borrowers to pay principal and interest, including after any deferment period granted by NSBF; and

•the ability to enter into joint ventures or other financing arrangements.

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 29, 2021 and under “Forward-Looking Statements” of this Item 2.

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Table of Contents

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, and nonconforming (non SBA) conventional loans, as well as PPP loans in the second and third quarters of 2020, as well as the first quarter of 2021, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, 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 United States. 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 suited for our needs than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.

On August 2, 2021, we entered into a Stock Purchase Agreement with NBNYC and certain NBNYC shareholders to acquire all of the issued and outstanding stock of NBNYC. Subject to certain Regulatory Approvals, and receiving our shareholders' approval to withdraw the Company's election as a BDC as required under the 1940 Act, this acquisition is part of our plan to reposition ourself as a bank holding company that has elected financial holding company status. See “Recent Developments — Stock Purchase Agreement.”

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 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.

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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. 

However, as part of our plan to reposition ourself as a bank holding company that has elected financial holding company status, and if we receive the required Regulatory Approvals, and our shareholders' approval to withdraw the Company's election as a business development company as required under the 1940 Act, we will no longer be subject to the investment restrictions under the 1940 Act, and no longer qualify as a RIC under the Code. See "Risk Factors - Risks of Converting to a Bank Holding Company."

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

NSBF, a nationally licensed SBA lender under the federal Section 7(a) loan program, 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 with 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 would adversely impact our marketing efforts and ultimately our loan origination volume which would 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 ecosystem and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime plus 2.25% to 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 most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA 7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have what we believe are 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. We may enter into new joint venture partnerships to create additional third-party capital to originate loans. 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.

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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.

On March 27, 2020, the CARES Act was signed into law in response to the COVID-19 pandemic and established the PPP. Specifically, the CARES Act included $349 billion to establish the PPP that expanded the existing SBA Section 7(a) loan program until June 30, 2020 to provide 100% federally-backed loans to eligible businesses. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through June 30, 2020. On July 4, 2020, a bill was passed to re-open the application window for the PPP until August 8, 2020. The first round of PPP closed on August 8, 2020.

On September 5, 2020, the Paycheck Protection Program Flexibility Act, or the “new Act”, was signed into law and made significant changes to the PPP to provide additional relief for small businesses. The new Act increased flexibility for small businesses that have been unable to rehire employees due to lack of employee availability or have been unable to operate as normal due to COVID-19 related restrictions. It extended the period that businesses have to use PPP funds to qualify for loan forgiveness to 24 weeks, up from 8 weeks under the original rules. The new Act also relaxed the requirements that loan recipients must adhere to in order to qualify for loan forgiveness. In addition, the new Act extended the payment deferral period for PPP loans until the date when the amount of loan forgiveness is determined and remitted to the lender. For PPP recipients who do not apply for forgiveness, the loan deferral period is 10 months after the applicable forgiveness period ends.

On December 27, 2020, the Economic Aid Act was enacted by Congress which provided funding for PPP loans through March 31, 2021 and on January 11, 2021, the Company announced that NSBF would offer PPP loans through the end of the PPP. The Economic Aid Act was enacted by Congress in order to provide additional assistance to the hardest-hit small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The Economic Aid Act provides funding for PPP loans through March 31, 2021 and a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses, made programmatic improvements to PPP, funds grants to shuttered venues, and enacted emergency enhancements to other SBA lending programs. This critical assistance will provide small business owners with the capital they need to survive the pandemic and includes critical resources for the smallest businesses. The Economic Aid Act also provides additional subsidies to certain existing SBA 7(a) borrowers.

On March 11, 2021, the American Rescue Plan was enacted by Congress which included an additional $7.25 billion for the PPP program. Further, on March 25, 2021, Congress passed the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. During the first half of 2021, NSBF funded PPP loans totaling $0.7 billion.

On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans. We continue to monitor legislative, regulatory, and supervisory developments related to the PPP, but income earned in connection with the PPP should not be viewed as recurring.

COVID-19 Developments

In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization and in response to the outbreak, management instituted a work from home policy until it is deemed safe to return to the office.

We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, the effectiveness of governmental responses designed to mitigate strain to businesses and the economy and the magnitude of the economic impact of the outbreak. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, cancellations of events and travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter.

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We continue to closely monitor our portfolio companies; however, we are unable to predict the duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition.

Price Range of Common Stock

Our common stock is traded on the Nasdaq Global Market under the symbol “NEWT.” High and low prices for the common stock over the previous two years are set forth below, based on the highest and lowest intraday sales price per share during that period.

			Price Range												NAV1						Premium of High Sales Price to NAV2						Premium of Low Sales Price to NAV2
			High						Low
2019
Second Quarter			$23.83						$19.70						$15.33						55%						29%
Third Quarter			$23.99						$20.21						$15.41						56%						31%
Fourth Quarter			$23.73						$20.75						$15.70						51%						32%
2020
First Quarter			$23.09						$7.59						$15.00						54%						(49)%
Second Quarter			$18.84						$9.03						$15.66						20%						(42)%
Third Quarter			$20.50						$16.73						$15.13						35%						11%
Fourth Quarter			$19.82						$16.24						$15.45						28%						5%
2021
First Quarter			$28.63						$18.77						$16.28						76%						15%
Second Quarter			$38.78						$26.41						$16.38						137%						61%

(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low sales prices. The values reflect net asset value per share and are based on outstanding shares at the end of each period.

(2) Calculated as the respective high or low sales price divided by net asset value and subtracting 1.

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. In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF intends to continue to redeploy resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and

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secured line of credit and non-conforming commercial loans. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate.

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 consolidated statements of operations.

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 NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35.0 million. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2021, total principal owed by NBC was $10.7 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At June 30, 2021, 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 $75.0 million with an accordion feature to increase maximum borrowings to $150.0 million. The lenders’ commitments terminate in November 2022, with all amounts due under the NBL Facility maturing in November 2023. At June 30, 2021, total principal owed by NBL was $38.0 million. At June 30, 2021, 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 $50.0 million. The Webster Facility matures in November 2023. At June 30, 2021, total principal outstanding was $27.1 million. At June 30, 2021, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Newtek Conventional Lending, LLC (NCL)

We established a 50/50 joint venture, NCL, between Newtek Commercial Lending, Inc., a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC). NCL provided non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL ceased funding new loans during 2020 due to the COVID-19 pandemic. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of June 30, 2021. The Company anticipates relaunching its non-conforming conventional commercial loan program during the second half of 2021 through new joint venture partnerships.

Unfunded Commitments

At June 30, 2021, the Company had $2.9 million 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.

Loan Portfolio Asset Quality and Composition

The following tables set forth distributions of the cost basis of the Company’s SBA 7(a) loan portfolio at June 30, 2021 and December 31, 2020, respectively, in thousands. The tables include 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 June 30, 2021 and December 31, 2020 is $19.2 million and $16.9 million, respectively.

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Distribution by Business Type

As of June 30, 2021
Business Type						# of Loans						Balance						Average Balance						% of Balance
Existing Business						1,992						$	347,986					$	175					81.9		%
Business Acquisition						296						55,603						207						13.1		%
Start-Up Business						217						21,205						96						5.0		%
Total						2,505						$	424,794					$	170					100.0		%

As of December 31, 2020
Business Type						# of Loans						Balance						Average Balance						% of Balance
Existing Business						1,850						$	342,636					$	185					81.5		%
Business Acquisition						275						56,797						207						13.5		%
Start-Up Business						222						20,965						96						5.0		%
Total						2,347						$	420,398					$	179					100.0		%

Distribution by Borrower Credit Score

June 30, 2021
Credit Score						# of Loans						Balance						Average Balance						% of Balance
500 to 550						19						$	3,856					$	203					0.9		%
551 to 600						59						15,671						266						3.7		%
601 to 650						308						66,396						216						15.6		%
651 to 700						740						121,301						164						28.6		%
701 to 750						797						131,998						166						31.1		%
751 to 800						508						77,417						152						18.2		%
801 to 850						70						8,005						114						1.9		%
Not available						4						151						38						0.0		%
Total						2,505						$	424,794					$	170					100.0		%

December 31, 2020
Credit Score						# of Loans						Balance						Average Balance						% of Balance
500 to 550						19						$	4,038					$	213					1.0		%
551 to 600						61						16,435						269						3.9		%
601 to 650						316						64,564						204						15.4		%
651 to 700						704						119,077						169						28.3		%
701 to 750						717						125,217						175						29.8		%
751 to 800						462						82,507						179						19.6		%
801 to 850						65						8,451						130						2.0		%
Not available						3						109						36						0.0		%
Total						2,347						$	420,398					$	179					100.0		%

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Distribution by Primary Collateral Type

June 30, 2021
Collateral Type						# of Loans						Balance						Average Balance						% of Balance
Commercial Real Estate						965						$	224,666					$	233					53.0		%
Machinery and Equipment						419						78,604						188						18.5		%
Accts Receivable and Inventory						280						43,532						155						10.2		%
Residential Real Estate						565						40,937						72						9.6		%
Other						91						28,991						319						6.8		%
Unsecured						143						5,314						37						1.3		%
Furniture and Fixtures						28						1,825						65						0.4		%
Liquid Assets						14						923						66						0.2		%
Total						2,505						$	424,794					$	170					100.0		%

December 31, 2020
Collateral Type						# of Loans						Balance						Average Balance						% of Balance
Commercial Real Estate						933						$	218,958					$	235					52.1		%
Machinery and Equipment						403						78,356						194						18.6		%
Residential Real Estate						259						44,270						171						10.5		%
Accounts Receivable and Inventory						500						39,406						79						9.4		%
Other						89						30,653						344						7.3		%
Unsecured						124						5,421						44						1.3		%
Furniture and Fixtures						25						1,695						68						0.4		%
Liquid Assets						14						1,639						117						0.4		%
Total						2,347						$	420,398					$	179					100.0		%

Distribution by Days Delinquent

June 30, 2021
Delinquency Status						# of Loans						Balance						Average Balance						% of Balance
Accrual
Current						2,249						$	348,859					$	155					82.1		%
31 to 60 days						57						14,704						258						3.5		%
61 to 90 days						29						8,245						—						1.9		%
91 days or greater						—						—						—						—		%
Non-accrual						170						52,986						312						12.5		%
Total						2,505						$	424,794					$	170					100.0		%

December 31, 2020
Delinquency Status						# of Loans						Balance						Average Balance						% of Balance
Accrual
Current						2,071						$	340,756					$	165					81.1		%
31 to 60 days						62						12,679						205						3.0		%
61 to 90 days						—						—						—						—		%
91 days or greater						32						11,520						360						2.7		%
Non-accrual						182						55,443						305						13.2		%
Total						2,347						$	420,398					$	179					100.0		%

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Consolidated Results of Operations

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

Comparison of the three months ended June 30, 2021 and 2020

Investment Income

(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Investment income:
Interest income - PPP loans			$	25,512					$	34,657					$	(9,145)
Interest income - SBA 7(a) loans			6,824						6,669						155
Interest income - non-control investments			124						—						124
Dividend income			72						2,288						(2,216)
Servicing income			2,787						2,777						10
Other income			1,269						303						966
Total investment income			$	36,588					$	46,694					$	(10,106)

Interest Income

The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the PPP. Under the PPP, current SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the three months ended June 30, 2021, NSBF originated $0.4 billion of PPP loans resulting in $25.5 million of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans.

The decrease in interest income on PPP loans was attributable to the decrease in the volume of PPP loans originated during the three months ended June 30, 2021 compared to the second quarter of 2020. The increase in interest income on SBA 7(a) loans was attributable to an increase in the average outstanding performing portfolio of SBA non-affiliate investments to $406.5 million from $373.0 million for the three months ended June 30, 2021 and 2020, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.

The interest income on non-control investments is attributable to interest on one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.

Dividend Income

Dividend income was earned from the following portfolio companies for the three months ended June 30, 2021 and 2020:

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(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Newtek Merchant Solutions, LLC (NMS)			$	—					$	1,650					$	(1,650)
International Professional Marketing, Inc.			—						75						(75)
SIDCO, LLC			—						250						(250)
Newtek Conventional Lending, LLC			51						293						(242)
EMCAP Loan Holdings, LLC			21						20						1
Total dividend income			$	72					$	2,288					$	(2,216)

Dividend income is dependent on portfolio company earnings and capital investment objectives and opportunities. Current quarter and historical dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”

NSBF Servicing Portfolio and Related Servicing Income

The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended June 30, 2021 and 2020:

(in thousands):			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Total NSBF originated servicing portfolio			$	1,768,292					$	1,724,814					$	43,478
Total average NSBF originated portfolio earning servicing income			$	1,122,511					$	1,119,269					$	3,242
Total servicing income earned			$	2,787					$	2,777					$	10

The servicing portfolio and related servicing income was relatively flat period over period. The increase in servicing income resulted from a $3.2 million increase in total portfolio investments for which we earn servicing income period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was

related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $94.3 million compared to $17.4 million for the three months ended June 30, 2021 and 2020, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through the conclusion of round one of the PPP during 2020.

Expenses:

(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Salaries and benefits			$	5,926					$	3,740					$	2,186
Interest			4,968						4,604						364
Depreciation and amortization			79						104						(25)
Professional fees			859						1,207						(348)
Origination and loan processing			2,998						2,722						276
Origination and loan processing - related party			4,510						3,095						1,415
Other general and administrative costs			1,706						1,475						231
Total expenses			$	21,046					$	16,947					$	4,099

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Salaries and Benefits

The increase in salaries and benefits was attributable to an increase in salaries and bonuses and related accruals during the second quarter of 2021 as a result of an increase in staffing to meet the needs of the PPP and SBA 7(a) program.

Interest Expense

The following is a summary of interest expense by facility for the three months ended June 30, 2021 and 2020:

(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Notes payable - Securitization Trusts			$	1,307					$	1,924					$	(617)
Bank notes payable			333						467						(134)
Notes due 2023			—						1,015						(1,015)
Notes due 2024			1,200						1,014						187
Notes due 2025			286						—						286
Notes due 2026			1,761						—						1,761
Notes payable - related parties			82						184						(102)
Total interest expense			$	4,969					$	4,604					$	365

The increase in interest expense period over period is primarily from additional interest on the Notes due 2026 of $1.8 million. In addition, there was additional interest expense on the 2025 and 2024 Notes of $0.3 million and $0.2 million, respectively.The increase was partially offset by the redemption of the 2023 Notes on February 22, 2021 which resulted in a reduction of $1.0 million of interest expense, and a decrease of $0.6 million in interest on Notes payable - Securitization Trusts related to a decrease in the average outstanding balance and interest rates period over period.

Origination and Loan Processing

The increase in Origination and Loan Processing expenses was attributed to an increase in SBA 7(a) loan fundings. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans.

Origination and Loan Processing - Related Party

The increase in related party origination and loan processing expenses was attributed to an increase in underwriting, origination, closing and compliance fees related to the increase in SBA 7(a) loan fundings period over period. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains (losses) from SBA non-affiliate investments for the three months ended June 30, 2021 and 2020 were a net realized gain of $11.4 million and net realized loss of $1.2 million, respectively. This included realized losses of $2.7 million and $2.9 million, respectively.

Net Realized Gains on SBA 7(a) Non-Affiliate Investments

			Three Months Ended
			June 30, 2021												June 30, 2020
			# of Debt Investments						$ Amount (in thousands)						# of Debt Investments						$ Amount (in thousands)
SBA non-affiliate investments originated during the quarter			128						$	94,255					7						$	17,350
SBA guaranteed non-affiliate investments sold during the quarter			142						$	87,492					18						$	18,701
Realized gains recognized on sale of SBA guaranteed non-affiliate investments			—						$	14,081					—						$	1,682
Average sale price as a percent of principal balance1			—						114.00		%				—						107.03		%

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(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.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020, resulting in a higher volume of SBA 7(a) loans for the three months ended June 30, 2021 compared to 2020 as NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans in 2021.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments			$	(1,983)					$	(200)					$	(1,783)
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments			198						(1,633)						1,831
Net unrealized depreciation on controlled investments			(7,920)						(82)						(7,838)
Change in deferred taxes			1,356						29						1,327
Net unrealized depreciation on derivative instruments			(37)						—						(37)
Net unrealized depreciation on non-control investments			(3)						—						(3)
Total net unrealized depreciation on investments			$	(8,389)					$	(1,886)					$	(6,503)

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 (depreciation) of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.

The net unrealized appreciation on SBA unguaranteed non-affiliate investments was driven primarily by an increase in the fair value of the portfolio from December 31, 2020. The primary driver of the portfolio’s unrealized appreciation was due to current market conditions improving year over year since the start of the pandemic. See “COVID-19 Developments” for additional information.

The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts.

The net unrealized depreciation on non-control investments is attributable to a decrease in the fair value of one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.

Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the three months ended June 30, 2021 and 2020:

(in thousands)			Three Months Ended June 30, 2021						Three Months Ended June 30, 2020						Change
Mobil Money, LLC			—						(500)						500
Newtek Technology Solutions, Inc.1			—						500						(500)
CDS Business Services, Inc.			(3,000)						—						(3,000)
PMTWorks Payroll, LLC			—						(35)						35
Small Business Lending, LLC			(5,348)						—						(5,348)
Newtek Conventional Lending, LLC			424						(47)						471
Titanium Asset Management LLC			4						—						4
Total net unrealized depreciation on controlled investments			$	(7,920)					$	(82)					$	(7,838)

(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result the valuation of NTS and related unrealized appreciation represents that of the combined entity.

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Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended June 30, 2021 and 2020, we recognized a provision for deferred taxes of $1.4 million and $0.03 million, respectively, related to the net unrealized appreciation and depreciation of controlled portfolio company investments.

Comparison of the six months ended June 30, 2021 and 2020

Investment Income

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Investment income:
Interest income - PPP loans			$	49,720					$	34,657					$	15,063
Interest income - SBA 7(a) loans			13,306						14,448						(1,142)
Interest income - non-control investments			248						—						248
Dividend income			98						6,690						(6,592)
Servicing income			5,527						5,492						35
Other income			2,383						1,209						1,174
Total investment income			$	71,282					$	62,496					$	8,786

Interest Income

The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the PPP. Under the PPP, current SBA 7(a) lenders were automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the six months ended June 30, 2021, NSBF originated $0.7 billion of PPP loans resulting in $49.7 million of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. For PPP loans made on or after December 27, 2020, SBA will pay lenders fees based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts: (i) for loans of not more than $50,000, an amount equal to the lesser of fifty (50) percent or $2,500; (ii) five (5) percent for loans of more than $50,000 and not more than $350,000; (iii) three (3) percent for loans of more than $350,000 and less than $2,000,000; and (iv) one (1) percent for loans of at least $2,000,000. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate.

The increase in interest income on PPP loans was attributable to the higher volume of PPP loans originated during the six months ended June 30, 2021 compared to the first half of 2020, which included only a partial period in 2020 as the Company began earning PPP income in April 2020. The decrease in interest income from SBA 7(a) loans was attributable to the decrease in the average Prime Rate in effect on our portfolio from 4.00% to 3.25% over the twelve month period. The decrease was partially offset by the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $400.7 million from $371.0 million for the six months ended June 30, 2021 and 2020, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.

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Dividend Income

Dividend income was earned from the following portfolio companies for the six months ended June 30, 2021 and 2020:

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Newtek Merchant Solutions, LLC (NMS)			$	—					$	5,400					$	(5,400)
International Professional Marketing, Inc.			—						150						(150)
SIDCO, LLC			—						500						(500)
Newtek Conventional Lending, LLC			51						600						(549)
EMCAP Loan Holdings, LLC			47						40						7
Total dividend income			$	98					$	6,690					$	(6,592)

Dividend income is dependent on portfolio company earnings and capital investment objectives and opportunities. Current year and historical dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.”

NSBF Servicing Portfolio and Related Servicing Income

The following table represents the NSBF originated servicing portfolio and servicing income earned for the six months ended June 30, 2021 and 2020:

(in thousands):			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Total NSBF originated servicing portfolio			$	1,768,292					$	1,724,814					$	43,478
Total average NSBF originated portfolio earning servicing income			$	1,112,818					$	1,124,103					$	(11,285)
Total servicing income earned			$	5,527					$	5,492					$	35

Servicing income was relatively flat period over period. The 1% increase in servicing income related to the transfer of loans from non-accrual to accrual status in the first half of 2021, as well as higher SBA 7(a) guarantee percentage being serviced, offset by a 1% reduction in servicing increase from a decrease in the total portfolio investments for which we earn servicing income period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The increase was

related to an increase in legal, prepayment and packaging fees earned as a result of the higher volume of SBA 7(a) loans originated of $198.6 million compared to $70.2 million for the six months ended June 30, 2021 and 2020, respectively. As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020 through the conclusion of round one of the PPP during 2020.

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Expenses:

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Salaries and benefits			$	10,376					$	7,187					$	3,189
Interest			10,040						9,788						252
Depreciation and amortization			164						219						(55)
Professional fees			2,047						2,171						(124)
Origination and loan processing			5,969						4,546						1,423
Origination and loan processing - related party			7,653						5,733						1,920
Change in fair value of contingent consideration liabilities			—						54						(54)
Loss on extinguishment of debt			955						—						955
Other general and administrative costs			3,341						3,333						8
Total expenses			$	40,545					$	33,031					$	7,514

Salaries and Benefits

The increase in salaries and benefits was attributable to an increase in salaries and bonuses and related accruals during the second quarter of 2021 as a result of an increase in staffing for the PPP and SBA 7(a) programs.

Interest Expense

The following is a summary of interest expense by facility for the six months ended June 30, 2021 and 2020:

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Notes payable - Securitization Trusts			$	2,704					$	4,721					$	(2,017)
Bank notes payable			656						718						(62)
Notes due 2022			—						—						—
Notes due 2023			549						2,031						(1,482)
Notes due 2024			2,250						2,027						223
Notes due 2025			562						—						562
Notes due 2026			3,153						—						3,153
Notes payable - related parties			166						291						(125)
Total interest expense			$	10,040					$	9,788					$	252

The increase in interest expense period over period is primarily from additional interest on the Notes due 2026 of $3.2 million. In addition, there was additional interest expense on the 2025 and 2024 Notes of $0.6 million and $0.2 million, respectively. The increase was partially offset by the redemption of the 2023 Notes on February 22, 2021 which resulted in a reduction of $1.5 million of interest expense, and a decrease of $2.0 million in interest on Notes payable - Securitization Trusts related to a decrease in the average outstanding balance and interest rates period over period.

Origination and Loan Processing

The increase in Origination and Loan Processing expenses was attributed to an increase in SBA 7(a) loan fundings.

Origination and Loan Processing - Related Party

The increase in related party origination and loan processing expenses was attributed to an increase in underwriting, origination, closing and compliance fees related to the increase in SBA 7(a) loan fundings period over period.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2021 and 2020 were $18.8 million and $3.3 million, respectively, which included realized losses of $4.1 million and $3.3 million, respectively.

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Net Realized Gains on SBA Non-Affiliate Investments

			Six Months Ended
			June 30, 2021												June 30, 2020
			# of Debt Investments						$ Amount (in thousands)						# of Debt Investments						$ Amount (in thousands)
SBA non-affiliate investments originated			281						$	198,633					87						$	70,192
SBA guaranteed non-affiliate investments sold			249						$	144,465					85						$	56,776
Realized gains recognized on sale of SBA guaranteed non-affiliate investments			—						$	22,939					—						$	6,642
Average sale price as a percent of principal balance1			—						113.71		%				—						109.64		%

(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.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans beginning in March 2020, resulting in a higher volume of SBA 7(a) loans for the six months ended June 30, 2021 compared to 2020 as NSBF has continued to redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021.

Net Unrealized Appreciation (Depreciation) on Investments

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments			$	2,410					$	(383)					$	2,793
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments			1,585						(6,144)						7,729
Net unrealized depreciation on controlled investments			(5,545)						(10,871)						5,326
Net unrealized depreciation on derivative transactions			(37)						—						(37)
Change in deferred taxes			723						2,940						(2,217)
Net unrealized appreciation on non-control/non-affiliate investments			524						—						524
Total net unrealized depreciation on investments			$	(340)					$	(14,458)					$	14,118

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 guaranteed portions of the SBA 7(a) loans are sold.

The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts.

The net unrealized appreciation on non-control investments is attributable to an increase in the fair value of one loan purchased from NBL, a wholly-owned controlled portfolio company, in September of 2020. The Company is not affiliated with the borrower of the loan.

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Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the six months ended June 30, 2021 and 2020:

(in thousands)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020						Change
Newtek Merchant Solutions, LLC (NMS)			$	—					$	(6,250)					$	6,250
Newtek Technology Solutions, Inc. (NTS)1			1,500						500						1,000
CDS Business Services, Inc.			(3,000)						(750)						(2,250)
PMTWorks Payroll, LLC			—						(85)						85
Small Business Lending, LLC			(5,650)						(2,802)						(2,848)
Newtek Business Lending, LLC			1,370						—						1,370
Newtek Conventional Lending, LLC			231						(159)						390
Titanium Asset Management LLC			4						(75)						79
Mobil Money, LLC			—						(1,250)						1,250
Total net unrealized depreciation on controlled investments			$	(5,545)					$	(10,871)					$	5,326

(1) On January 1, 2021, IPM and SIDCO became subsidiaries of NTS and as a result, the year ended December 31, 2020 valuation of NTS and related unrealized appreciation represents that of the combined entity.

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the six months ended June 30, 2021 and 2020, we recognized a provision for deferred taxes of $0.7 million and $2.9 million related to the net unrealized appreciation of controlled portfolio company investments, respectively.

Liquidity and Capital Resources

Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2024 Notes, 2025 Notes, 2026 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 June 30, 2021, our asset coverage was 181% based on $455.8 million of aggregate principal amount of senior securities outstanding. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018.

Public Offerings

ATM Program

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement, as amended on February 28, 2020. The Amended 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37.6 million. On June 24, 2020, the Company terminated the Amended 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $0.8 million in compensation.

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.

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On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 30, 2021, we sold 430,470 shares of our common stock at a weighted average price of $20.93 per share. Proceeds, net of offering costs and expenses were $9.0 million. The company paid the placement agents $0.2 million in compensation during the six months ended June 30, 2021. As of June 30, 2021, there were 1,546,951 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

Debt Offerings

In January 2021, the Company and the Trustee entered into the Seventh Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $115.0 million aggregate principal amount of 5.50% Notes due 2026, including $15.0 million in aggregate principal amount sold pursuant to a fully-exercised overallotment option. The sale of the 2026 Notes generated proceeds of approximately $111.3 million, net of underwriter's fees and expenses. The 2026 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 2026 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 2026 Notes will mature on February 1, 2026 and may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after February 1, 2022, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price equal to the following amounts, plus accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed plus (2) the sum of the present value of the scheduled payments of interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed from the redemption date until February 1, 2023, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after February 1, 2023 (the date falling three years prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. The 2026 Notes bear interest at a rate of 5.50% per year payable quarterly on February 1, May 1, August 1 and November 1 of each year, commencing on May 1, 2021, and trade on the Nasdaq Global Market under the trading symbol “NEWTZ.” At June 30, 2021, the Company was in compliance with all covenants related to the 2026 Notes.

On November 27, 2020, the Company and Trustee entered into the Fifth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the issuance, offer and sale of $5.0 million aggregate principal amount of its 2025 Notes. The offering was consummated pursuant to the terms of a purchase agreement (the "Purchase Agreement") among the Company and an accredited investor. The Purchase Agreement provided for the 2025 Notes to be issued to the purchaser in a private placement in reliance on Section 4(a)(2) of the Securities Act. The net proceeds from the sale of the Notes were approximately $4.8 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The 2025 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 2025 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 Company exercised its option to issue up to $10 million of additional 2025 Notes to the purchaser, and issued $10 million in additional 2025 Notes to the purchaser in an exempt offering in January 2021.

In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55.0 million aggregate principal amount of 5.75% Notes due 2024. The Company granted an overallotment option of up to $8.25 million in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53.2 million, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8.25 million in aggregate principal amount of 2024 Notes for an additional $8.0 million in net proceeds. The 2024 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 2024 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

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subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 2024 Notes will mature on August 1, 2024 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 August 1, 2021, 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 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, commencing on November 1, 2019, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” At June 30, 2021, the Company was in compliance with all covenants related to the 2024 Notes.

On February 16, 2021 and May 20, 2021, the Company issued an additional $5.0 million and $10.0 million in aggregate principal amount of its 2024 Notes, respectively. The new 2024 Notes are treated as a single series with the prior 2024 Notes and have the same terms as the prior 2024 Notes. The existing 2024 Notes have the same CUSIP number and are fungible and rank equally with the prior 2024 Notes.

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 $50.0 million aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7.5 million in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47.9 million, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7.5 million in aggregate principal amount of notes for an additional $7.3 million in net proceeds. The 2023 Notes were the Company’s direct unsecured obligations and ranked: (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 were scheduled to mature on March 1, 2023 and could 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.” On February 22, 2021, the Company used the proceeds from the issuance of the 2026 Notes to redeem all $57.5 million in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 1, 2020, 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 $8.3 million, 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.

On August 29, 2019, the Company redeemed all $8.3 million in aggregate principal amount of the 2022 Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

The Base Indenture, and each supplemental indenture thereto, 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) 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 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 each supplemental indenture thereto. 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 Notes may declare such Notes immediately due

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and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2021, the Company was in compliance with all covenants related to the Notes.

Capital One Facilities

In May 2017, NSBF amended its Capital One facility to increase the facility from $50.0 million to $100.0 million 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. In June 2019, the facility was increased from $100.0 million to $150.0 million. In April 2020, Capital One advised NSBF that it was establishing a reserve against the non-guaranteed borrowing base, which reserve effectively reduced the advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates by 50%. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025.

At June 30, 2021, there was $5.0 million and $40.0 million outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2021, 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 $38.0 million. In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. The outstanding balance had an interest rate equal to 1 month 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 of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At June 30, 2021, the Related Party RLOC interest rate was 2.71%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at June 30, 2021 were $9.6 million.

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 Consolidated Statements of Assets and Liabilities.

In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56.1 million 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 $53.4 million, consisting of $43.6 million Class A notes and $9.8 million 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 an average rate of 1 month LIBOR plus 3.0% and 4.25%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2016-1 securitization transaction documents.

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In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76.2 million 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 $75.4 million, consisting of $58.1 million Class A notes and $17.3 million 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 1 month LIBOR plus 2.0% and 3.0%, respectively. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2017-1 securitization transaction documents.

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 $108.6 million, consisting of $82.9 million Class A notes and $25.7 million 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. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative index over which it has no direct control and which is readily verifiable, in accordance with the terms of the 2018-1 securitization transaction documents.

In March 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. 

In July 2019, the 2014-1 Trust was terminated as a result of NSBF purchasing the 2014-1 Trust assets, with the 2014-1 Trust’s noteholders receiving the redemption price.

In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118.9 million of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118.9 million, consisting of $93.5 million of Class A notes and $25.4 million 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 December 2044. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.83% across both classes. Generally, in the event that the one-month LIBOR or Prime Rate becomes unavailable or otherwise unpublished, NSBF will select as a replacement a comparable alternative in accordance with the terms of the 2019-1 securitization transaction documents.

PPP Loan Participations

Beginning in April 2020, NSBF engaged in the origination of PPP loans. To facilitate NSBF’s involvement as a lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively, the “Participants.” The participations were sold at par due to the short term maturity of the loans. NSBF and the Participants share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel and Amalgamated amended their participation agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100%, while Morgan Stanley continues to hold 90% participation interests as of June 30, 2021. In total, during the six months ended June 30, 2021, NSBF sold participations in $722.6 million of PPP loans and continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets. As stated in the PPP loan participation agreements, the intention of the parties is for the participation agreements to be absolute and true sales and not secured borrowings. In accordance with the terms of the PPP loan participation agreements and SBA regulations and guidance, NSBF, as the originating lender, retains all servicing rights and is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. For the 100% participations, the entire financial asset is considered to have been sold since a 100% ownership interest in the underlying asset’s cash flows has been sold to a third party and only the servicing rights remain with NSBF. For the 90% participations, the transfers met all the conditions of a participating interest as defined by ASC 860 to potentially qualify for sale accounting including (i) there is a proportionate ownership interest in an entire financial asset, (ii) all cash flows

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are divided proportionately among the participants, (iii) the parties’ rights are parri passu, and (iv) no party has the right to pledge or exchange the entire PPP loan unless all participating interest holders agree. The Company obtained true sale opinions and concluded that legal isolation is met under ASC 860-10-45-5a. As required under ASC 860 for sale accounting, the Company does not have an option or obligation to reacquire the assets, except for standard representations and warranties, such as in the event of fraud, gross negligence, or willful misconduct on the part of the Company, or failure to meet the ongoing contractual obligations to service the PPP loans. Owners of participations in PPP loans also have credit protection in the form of a 100% irrevocable government guarantee.

Congress enacted the Economic Aid Act on December 27, 2020, which, among other things, provided funding for PPP loans through March 31, 2021 and on January 11, 2021, the Company announced that NSBF would offer PPP loans through the end of the PPP. Further, on March 25, 2021, Congress passed the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. During the duration of the PPP through December 31, 2020, NSBF funded approximately 10,570 PPP loans totaling $1.2 billion, with an additional $0.7 billion funded during six months ended ended June 30, 2021. For more information, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations - Executive Summary.” On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., with an SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans. There can be no assurance that the PPP will be further reauthorized, or that NSBF will be qualified to participate in any further reauthorization; therefore, income earned in connection with the PPP should not be viewed as recurring.

Cash Flows and Liquidity

As of June 30, 2021, the Company’s unused sources of liquidity consisted of $67.8 million available through the Capital One facility; $18.8 million available through notes payable with related parties; and $18.8 million in unrestricted cash.

Restricted cash of $129.8 million as of June 30, 2021 is primarily held by NSBF. The majority, or $128.4 million 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)			Six Months Ended June 30, 2021						Six Months Ended June 30, 2020
Net cash provided by operating activities			$	122,309					$	70,834
Net cash used in investing activities			—						(10)
Net cash used in financing activities			(25,171)						(50,433)
Net increase in cash and restricted cash			97,138						20,391
Cash and restricted cash, beginning of period			51,425						33,207
Cash and restricted cash, end of period			$	148,563					$	53,598

During the six months ended June 30, 2021, operating activities provided cash of $122.3 million, consisting primarily of (i) $887.8 million of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $35.0 million of principal payments received from SBA non-affiliate investments and (iii) a $17.6 million decrease in broker receivables which arise from the

guaranteed portions of SBA 7(a) loans that were traded in the period but did not settled during the current period end and the

cash was not received from the purchasing broker during the current period; the amount varies depending on loan origination

volume and timing of sales at quarter end.

These increases were offset by (i) $921.3 million of SBA 7(a) and PPP loan investments funded and (ii) $20.4 million of investments in controlled portfolio companies.

Net cash used in financing activities was $25.2 million consisting primarily of (i) a redemption of $57.5 million of the 2023 Notes; (ii) $28.8 million of principal payments related to securitization notes payable (iii) $41.3 million of net repayments under our bank notes payable, (iv) net repayments under the Related Party RLOC of $14.5 million and (v) $26.5 million of dividend payments.

These uses were offset by (i) $115.0 million, $10.0 million and $15.0 million of issuances of the 2026 Notes, 2025 Notes, and 2024 Notes, respectively, and (ii) $9.0 million of net proceeds from the sale of common shares under the 2020 ATM Equity Distribution Agreement.

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Contractual Obligations

The following table represents the Company’s obligations and commitments as of June 30, 2021:

(in thousands)			Payments due by period
Contractual Obligations			Total						2021						2022						2023						2024						2025						Thereafter
Bank notes payable			$	45,000					$	—					$	—					$	45,000					$	—					$	—					$	—
Securitization notes payable1			192,983						—						—						—						—						—						192,983
Notes due 20241			78,250						—						—						—						78,250						—						—
Notes due 20251			15,000						—						—						—						—						15,000						—
Notes due 20261			115,000						—						—						—						—						—						115,000
Notes payable - related parties			9,550						—						—						9,550						—						—						—
Employment agreements			1,414						943						471						—						—						—						—
Operating leases			11,019						845						1,876						1,928						1,981						2,035						2,354
Totals			$	468,216					$	1,788					$	2,347					$	56,478					$	80,231					$	17,035					$	310,337

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

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:

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

In December 2020, Rule 2a-5 under the 1940 Act was adopted by the SEC and establishes requirements for determining fair value in good faith for purposes of the 1940 Act. We are evaluating the impact of adopting Rule 2a-5 on the consolidated financial statements and intend to comply with the new rule's requirements on or before the compliance date in September 2022.

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. 

For certain investments, the Company generally calculates the fair value of the investment primarily based on the NAV of the entity and adjusts the fair value for other factors that would affect the fair value of the investment. The Company uses this valuation approach for its investment in NCL.

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

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

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

Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of June 30, 2021 and December 31, 2020 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Valuation of Servicing Assets

The Company accounts for servicing assets in accordance with ASC 860-50 Transfers and Servicing - Servicing Assets and Liabilities. Servicing assets are measured at fair value at each reporting date and the Company reports changes in the fair value of servicing assets in earnings in the period in which the changes occur. The valuation model for servicing assets incorporates assumptions including, but not limited to, servicing costs, discount rate, prepayment rate, and default rate. Considerable judgement is required to estimate the fair value of servicing assets and as such these assets are classified as Level 3 in our fair value hierarchy.

Income Recognition

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.

In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan is sold to one of our PPP Participants. Income earned in connection with the PPP should not be viewed as recurring. The first round of PPP closed on August 8, 2020. Congress enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by their lenders. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans, 504 loans, and secured line of credit and non-conforming commercial loans. There can be no guarantee that the program will be reauthorized or that, if reauthorized, NSBF will be qualified to participate.

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.

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.

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 a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.

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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 2017 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2021 and 2020, 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 $10.7 million and $11.4 million at June 30, 2021 and December 31, 2020, respectively, and are recorded as deferred tax liabilities on the 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 consolidated statements of operations.

Recently Adopted Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,(“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU 2020-04 is effective upon issuance of ASU 2020-04 for contract modifications on a prospective basis. The adopstion of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendment became effective January 1, 2021.

In October 2020, the FASB issued ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables–Nonrefundable Fees and Other Costs, (“ASU 2020-08”). This ASU clarifies that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of ASU

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2020-08 did not have a material impact on its consolidated financial statements since the Company does not have any convertible debt.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 815), (“ASU 2019-12”). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 also improves the consistent application of, and simplifies, GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The standard is effective for all entities for financial statements issued for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

Off Balance Sheet Arrangements

There were no off balance sheet arrangements as of June 30, 2021.

Recent Developments

Dividends

On August 10, 2021, the Company declared a third quarter 2021 cash dividend of $0.90 per share, which is payable on September 30, 2021 to shareholders of record as of September 20, 2021.

PPP Funding Completion

During July 2021, in accordance with SBA guidance from the PPP Extension Act of 2021, NSBF continued to fund PPP borrowers with approved PPP loans (i.e., with an SBA loan number) from before the exhaustion of PPP funds was announced in May of 2021. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has shifted resources and refocused its efforts on funding SBA 7(a) loans.

Stock Purchase Agreement

On August 2, 2021, the Company entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC. This acquisition is part of a plan to reposition the Company as a bank holding company that has elected financial holding company status, and is subject to Regulatory Approvals and the approval of the Company’s shareholders to withdraw the Company’s election as a BDC under the Investment Company Act of 1940, as amended. The transaction is currently expected to close within six to twelve months. The consideration payable by the Company at closing will be $20.0 million in cash, subject to certain adjustments. In addition, the Stock Purchase Agreement contemplates that, as of the closing and subject to Regulatory Approvals, NBNYC will dividend to the Sellers both NBNYC’s owned property in Flushing, New York and cash in the amount equal to the excess, if any, of NBNYC’s tangible common equity as of the closing date over $20.0 million. The Stock Purchase Agreement contains certain customary representations and warranties made by each party. The Company and the Sellers have the right to terminate the Stock Purchase Agreement under certain circumstances, including if the purchase has not occurred on or prior to November 2, 2022 or if the requisite applications and Regulatory Approvals have been denied. If the Stock Purchase Agreement is terminated in certain circumstances specified therein, the Company may owe NBNYC a fee of $0.2 million.

Following the closing of the transaction, the Company intends to operate as a bank holding company. Specifically, subject to certain Regulatory Approvals, the Company intends to contribute certain of its wholly-owned lending portfolio companies, including NSBF, NBL, NBC, and SBL, to NBNYC, and to provide a centralized lending operations through NBNYC. Subject to certain Regulatory Approvals, the Company intends to further develop the Company’s current patented technology, which the Company intends to complement its proposed banking offerings. The Company also intends to retain its current board of directors and management, as supplemental by additional personnel with banking experience. However, there can be no assurances that the Company will close the transaction, receive the required Regulatory Approval, or that the Company will be able to successfully operate as a bank holding company.

If the Company obtains the required Regulatory Approvals, obtains the approval of its shareholders to withdraw its election to be treated as a BDC, and converts to a bank holding company, the Company will no longer be subject to the 1940 Act, and the Company would lose its ability to be taxed on a pass-through basis as a RIC. Additionally, as a bank holding company, the Company would be subject to regulation and supervision that may be different from its current regulation and supervision, and would be required to comply with accounting and financial reporting requirements that may be different from its current reporting requirements. Moreover, converting to a bank holding company may make it more difficult for the Company to be acquired. For information on the risks of converting to a bank holding company, see “Item 1A. Risk Factors – Risk Related to Converting to a Bank Holding Company.”

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Uncertainty with respect to the economic effects of the COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.

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 1 month 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. Sale prices for guaranteed portions of SBA 7(a) loans could be negatively impacted by market conditions, in particular a higher interest rate environment, which typically lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A 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 and restricted cash) which was approximately $148.6 million at June 30, 2021. 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. As of June 30, 2021, cash deposits in excess of insured amounts totaled approximately $46.6 million.

ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures:

As of June 30, 2021 (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 Exchange 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.

(b) Changes in Internal Controls Over Financial Reporting

There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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PART II

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. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020.

As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.

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, 2020, 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. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2020, the following are additional risk factors that we believe are relevant to our business.

RISKS RELATED TO CONVERTING TO A FINANCIAL HOLDING COMPANY

We operate in a highly regulated environment, and if we are found to be in violation of any of the federal, state, or local laws or regulations applicable to us, our business could suffer.

The Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, was enacted in 2010. The Dodd-Frank Act significantly changed federal financial services regulation and affects, among other things, the lending, deposit, investment, trading, and operating activities of financial institutions and their holding companies. In addition to the statutory requirements under the Dodd-Frank Act, the legislation also delegated authority to US banking, securities and derivatives regulators to impose additional restrictions through required rulemaking. The Dodd-Frank Act requires a company that owns an bank to serve as a “source of strength” to the institution. We believe that we have the ability to serve in the future as a source of strength to our NBNYC, subject to the relevant Regulatory Approvals and required shareholder approval to withdraw our election as a BDC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted.

For so long as we remain a BDC, the 1940 Act imposes numerous constraints on our operations. For a discussion of those constraints. See “Item 1. Business — Regulation” in our Annual Report on Form 10-K, filed March 29, 2021. Any failure to comply with the requirements imposed on BDCs by the 1940 Act, if applicable, could have material adverse consequences to us or our investors, including possible enforcement action by the SEC.

Other changes in the laws or regulations applicable to us more generally, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.

We are also subject to, and may become subject to, a wide range of federal, state, and local laws and regulations, such as local licensing requirements, and retail financing, debt collection, consumer protection, environmental, health and safety, creditor, wage-hour, anti-discrimination, whistleblower and other employment practices laws and regulations and we expect these costs to increase going forward. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against us, which may include fines, a cease and desist order against the subject operations or even revocation or suspension of our license to operate the subject business. As a result, we have incurred and may incur increased capital and operating expenditures and other costs to comply with these requirements and laws and regulations.

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Changes in laws, regulations, or policies may adversely affect our business.

We are unable to predict all of the ways in which this change in the regulatory environment could impact our anticipated business models or objectives. The laws and regulations governing lending, servicing, and debt collection activities or the regulatory or enforcement environment at the federal level or in any of the states in which we anticipate operating may change at any time which may have an adverse effect on our current or anticipated business.

We are unable to predict how future legislative proposals or programs will be administered or implemented or in what form, or whether any additional or similar changes to statutes or regulations, including the interpretation or implementation thereof, will occur in the future. Any such action could affect us in substantial and unpredictable ways and could have an adverse effect on our anticipated business operations.

Our inability to comply with regulatory requirements in a particular jurisdiction could have a material adverse effect on our anticipated operations in that market and on our reputation generally. No assurance can be given that applicable laws or regulations will not be amended or construed differently or that new laws and regulations will not be adopted, either of which could materially adversely affect our anticipated business.

We will become subject to extensive regulation and supervision upon becoming a financial holding company, which may adversely affect our business.

Upon becoming a financial holding company, we will become subject to a wide range of statutory and regulatory restrictions and requirements that will affect many aspects of our business, including our lending practices, capital structure, investment practices, dividend policy and growth. We may be required to restructure, terminate or divest certain of our businesses to comply with applicable requirements, which may impose additional costs and adversely affect our business, results of operations or financial condition. Failure to comply with laws, regulations, policies or other regulatory guidance could result in civil or criminal sanctions by regulatory agencies, civil monetary penalties and damage to our reputation. In addition, we will be required to serve as a “source of strength” to NBNYC. A company that owns a bank is also subject to the Dodd-Frank Act “Volcker Rule.” We do not believe that the “Volcker Rule” materially impacts our operations as presently conducted.

Congress and federal regulatory agencies continually review banking laws, regulations, policies and other supervisory guidance for possible changes. Other changes in the laws or regulations that will be applicable to us as a financial holding company, including changes in the interpretation or implementation of those regulations or policies, may negatively impact the profitability of our business activities, require us to change certain of our business practices, materially affect our business model, limit the activities in which we may engage, affect retention of key personnel, require us to raise additional regulatory capital, increase the amount of liquid assets that we hold, otherwise affect our funding profile or expose us to additional costs (including increased compliance costs). Any such changes may also require us to invest significant management attention and resources to make any necessary changes and may adversely affect our ability to conduct our business as previously conducted or our results of operations or financial condition.

Federal law may discourage certain acquisitions of our common stock which could have a material adverse effect on our shareholders.

Federal law may make it more difficult for someone to acquire our common stock in certain circumstances. Under federal law and subject to certain exemptions, a person, entity or group must notify the federal banking agencies before acquiring control of a bank holding company. An acquisition of 10% or more of any class of voting stock of a bank holding company generally creates a rebuttable presumption that the acquirer “controls” the bank holding company. In addition, a bank holding company must obtain the prior approval of the Board of Governors of the Federal Reserve System before, among other things, acquiring direct or indirect ownership or control of more than 5 percent of the voting shares of any bank, including NBNYC. If the transaction is consummated, investors will be responsible for ensuring that they do not, directly or indirectly, acquire shares of our common stock in excess of the amount which can be acquired without regulatory approval. These provisions could delay or prevent a third party from acquiring us, despite the possible benefit to our shareholders, or otherwise adversely affect the market price of our common stock.

If we withdraw the Company’s election to be regulated as a BDC in the future, we will no longer be subject to regulation under the 1940 Act.

As part of our plan to reposition the Company as a bank holding company, we intend to ask our shareholders to approve the proposal to withdraw our election to be regulated as a BDC under the 1940 Act. If our shareholders approve the withdrawal of our BDC election, we will, effective upon receipt by the SEC of our application for withdrawal, no longer be regulated as a BDC and will no longer be subject to the regulatory provisions of the 1940 Act, which is designed to protect the interests of investors in investment companies, including certain laws and regulations related to insurance, custody, capital structure, composition of the Board of Directors, affiliated transactions, leverage limitations, and compensation arrangements.

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The withdrawal of the Company’s election to be regulated as a BDC would result in a significant change in our accounting and financial reporting requirements.

If the Company withdraws its election to be regulated as a BDC, the Company would no longer be subject to FASB Accounting Standards Codification Topic 946, Financial Services – Investment Companies, which would result in a significant change in our accounting and financial reporting requirements. Our financial statements are currently presented and accounted for under the specialized method of accounting applicable to investment companies, which requires us to recognize our investments, including controlled investments, at fair value. As a BDC, we are currently precluded from consolidating any entity other than another investment company that acts as an extension of our investment operations and facilitates the execution of our investment strategy or an investment in a controlled operating company that provides substantially all of its services to us. Our financial statements currently consolidate the accounts of the Company and NSBF, and excludes other wholly-owned portfolio investments. Our financial statements reflect our investments at fair value, as determined in good faith by our Board of Directors. Certain of our portfolio companies’ financial statements are separately provided as significant unconsolidated wholly-owned subsidiaries. If the Company withdraws its election to be regulated as a BDC, the Company expects that it will be required to consolidate the financial statements of certain of its controlled or majority-owned portfolio investments together with those of the Company, which would be a significant change in our accounting and financial reporting requirements.

Our shareholders would no longer have the protections of the 1940 Act upon the withdrawal of the Company’s election to be regulated as a BDC.

If the Company ceases to operate as a BDC, our shareholders would no longer have the following protections of the 1940 Act:

•we would no longer be subject to the requirement under the 1940 Act that we maintain a ratio of assets to senior securities of at least 150%;

•we would no longer be subject to provisions of the 1940 Act prohibiting us from protecting any director or officer against any liability to the Company or our shareholders arising from willful malfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of that person’s office;

•we would no longer be required to provide and maintain an investment company blanket bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement;

•while the majority of our directors would still be required to be “independent” under applicable NASDAQ regulations, we would no longer be required to ensure that a majority of our directors are persons who are not “interested persons,” as defined in the 1940 Act, and certain persons who would be prevented from serving on our Board of Directors if we were a BDC would be able to serve on our Board of Directors;

•we would no longer be subject to provisions of the 1940 Act regulating transactions between BDCs and certain affiliates;

•we would no longer be subject to provisions of the 1940 Act restricting our ability to issue shares below net asset value or in exchange for services or to issue warrants and options;

•we would no longer be required to disclose the Company’s net asset value per share in our financial statements;

•we would no longer be subject to provisions of the 1940 Act restricting our ability to change the nature of our business or fundamental investment policies without having to obtain the approval of our shareholders;

•we would no longer be subject to the provisions of the 1940 Act limiting our ability to grant stock based compensation to officers, directors and employees or to provide a profit sharing program for them; and

•we would no longer be subject to the other protective provisions set out in the 1940 Act and the rules and regulations promulgated under the 1940 Act.

In addition, we are very much affected by the legal, regulatory, tax and accounting regimes under which we operate. We periodically evaluate whether those regimes and our existing corporate structure are the optimum means for the operation and capitalization of our business. As a result of these evaluations, we may decide to proceed with structural and organizational changes (certain of which may require the approval of our shareholders), which could result in material dispositions of various assets, changes in our corporate form or other fundamental changes. We may incur certain costs in completing these evaluations and may receive no benefit from these expenditures, particularly if we do not proceed with any changes.

Loss of pass-through tax treatment would substantially reduce net assets and income available for dividends.

We have operated so as to qualify as a RIC. If we meet source of income, diversification and distribution requirements, we will qualify for effective pass-through tax treatment. Upon withdrawing our election to be regulated as a BDC, we would cease to qualify for such pass-through tax treatment. If we fail to qualify as a RIC, we will have to pay corporate-level taxes on all of our income whether or not we distribute it, which would substantially reduce the amount of income available for distribution to our shareholders, and all of our distributions will be taxed to our shareholders as ordinary corporate distributions.

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RISKS RELATED TO SBA LENDING

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

Although the program has been in existence since 1953, there can be no assurance that the federal government will maintain the SBA 7(a) loan program, or that it will continue to guarantee loans at current levels. Furthermore, in an effort to support our communities during the pandemic, we have been participating in the PPP under the CARES Act since the second quarter of 2020 whereby loans to small businesses are made and those loans are subject to the regulatory requirements that would require forbearance of loan payments for a specified time or that would limit our ability to pursue all available remedies in the event of a loan default. If the borrower under the PPP loan fails to qualify for loan forgiveness, we are at the heightened risk of holding these loans at unfavorable interest rates as compared to the loans to customers that we would have otherwise extended credit. If we cannot continue originating and selling government-guaranteed loans, we will generate fewer origination fees and our ability to generate gains on the sale of loans will decrease. From time-to-time, the government agencies that guarantee these loans reach their internal budgeted limits and cease to guarantee loans for a stated time period. In addition, these agencies may change their rules for extending loans. Also, Congress may adopt legislation that would have the effect of discontinuing or changing the SBA’s programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to SMBs and industrial borrowers of the types that now qualify for government-guaranteed loans could decline, as could the profitability of these loans.

Curtailment of our ability to utilize the SBA 7(a) Loan Program by the Federal government could adversely affect our results of operations.

We are dependent upon the federal government to maintain the SBA 7(a) Program. There can be no assurance that the program will be maintained or that loans will continue to be guaranteed at current levels. From time-to-time the SBA has reached its internal budgeted limits and ceased to guarantee loans for a stated period of time. In addition, the SBA may change its rules regarding loans or Congress may adopt legislation or fail to approve a budget that would have the effect of discontinuing, reducing availability of funds for, or changing loan programs. Non-governmental programs could replace government programs for some borrowers, but the terms might not be equally acceptable. If these changes occur, the volume of loans to small businesses that now qualify for government guaranteed loans could decline, as could the profitability of these loans.

A governmental failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

We are dependent upon the Federal government to maintain the SBA 7(a) Program. NSBF’s lending business could be materially and adversely affected by circumstances or events limiting the availability of funds for this program. In October 2013, Congress failed to approve a budget, which, in turn, eliminated availability of funds for the SBA 7(a) program. At the time, the government shutdown affected SBA 7(a) lenders’ ability to originate SBA 7(a) loans. More recently, the government shut down in January 2018 due to a lapse in appropriations, and the SBA closed all non-disaster related programs and activities, including the SBA 7(a) program. The government could again fail to fund the SBA which would affect NSBF’s ability to originate government guaranteed loans and to sell the government guaranteed portions of those loans in the secondary market. Any failure to fund the SBA could adversely affect NSBF’s SBA 7(a) loan originations and our results of operations.

Moreover, due to what has been described as a technical drafting error, the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded. The error was corrected with the July 4, 2020 extension of the PPP; however, if the SBA 7(a) program were to become unfunded, NSBF will not be able to originate SBA 7(a) loans until such funding is restored.

As a participating lender in the SBA Paycheck Protection Program (“PPP”), the Company and NSBF are subject to additional credit risks and risks of litigation from NSBF’s customers or other parties regarding NSBF’s processing of loans for the PPP and risks that the SBA may not fund some or all PPP loan guaranties.

On March 27, 2020, President Trump signed the CARES Act, which included a $349 billion loan program administered through the SBA referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. After the $349 billion earmarked for the PPP was exhausted on or about April 16, 2020, Congress subsequently approved additional funding for the PPP of approximately $320 billion on April 24, 2020. The first round of the PPP closed on August 8, 2020. Congress then enacted the Economic Aid Act on December 27, 2020, which provided funding for PPP loans through March 31, 2021 and subsequently enacted the PPP Extension Act of 2021, which further extended the PPP through May 31, 2021. On May 4, 2021, the SBA announced that PPP funding had been exhausted; however, borrowers

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with approved PPP loans (i.e., PPP loans with an assigned SBA loan number) could continue to have their PPP loans closed and funded by lenders. NSBF funded the balance of its PPP loans by the end of July 2021. During the duration of the PPP through August 12, 2021, NSBF funded approximately 26,190 PPP loans totaling $1.9 billion.

Since the opening of the PPP, several large banks participating in the PPP have been subject to litigation regarding the process and procedures that such banks have used in processing applications for the PPP. The Company and NSBF may be exposed to the risk of litigation, from both customers and non-customers that approached the Company and NSBF regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or NSBF and is not resolved in a manner favorable to the Company or NSBF, it may result in significant financial liability or adversely affect the Company’s or NSBF’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations.

Moreover, after the PPP launched, rules and guidance regarding the PPP were not readily available at the start of the program, and the SBA and other government agencies continue to release additional rules and guidance that change or update the requirements and expectations of the regulatory agencies administering the PPP and regulating participating lenders. As of the date of this report, there remains some ambiguity in the laws, rules, and guidance regarding the operation of the PPP, with a number of important aspects of the PPP where regulatory agencies have not provided adequate or complete guidance, particularly with respect to process, procedures and criteria for forgiveness and servicing of PPP loans.

NSBF also has credit risk on PPP loans if a determination is made by the SBA that there is a deficiency in the manner in which a PPP loan was originated, funded, or serviced by NSBF, such as an issue with the eligibility of a borrower to receive a PPP loan, which may or may not be related to the ambiguity in the laws, rules and guidance regarding the operation of the PPP or additional or new laws, rules, and guidance. In the event of a loss resulting from a default on a PPP loan and a determination by the SBA that there was a deficiency in the manner in which the PPP loan was originated, funded, or serviced by NSBF, the SBA may deny its liability under the guaranty, reduce the amount of the guaranty, or, if it has already paid under the guaranty, seek recovery of any loss related to the deficiency from the Company.

In addition, in order to facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originated PPP loans and sold participating interests to four banks. See “PPP Loan Participations.” In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participants on demand the Participants’ Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.

RISKS RELATED TO OUR INVESTMENTS

The interest rates of our term loans to our portfolio companies that extend beyond 2021 might be subject to change based on recent regulatory changes, including the decommissioning of LIBOR.

LIBOR is the basic rate of interest used in lending transactions between banks on the London interbank market and is widely used as a reference for setting the interest rate on loans globally. We typically use LIBOR as a reference rate in term loans we extend to portfolio companies such that the interest due to us pursuant to a term loan extended to a portfolio company is calculated using LIBOR. The terms of our debt investments generally include minimum interest rate floors which are calculated based on LIBOR.

On March 5, 2021, the United Kingdom's Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that it will not compel panel banks to contribute to the overnight 1, 3, 6 and 12 months USA LIBOR tenors after June 30, 2023 and all other tenors after December 31, 2021. It is unclear if at that time LIBOR will cease to exist or if new methods of calculating LIBOR will be established such that it continues to exist after 2021. Central banks and regulators in a number of major jurisdictions (for example, United States, United Kingdom, European Union, Switzerland and Japan) have convened working groups to find, and implement the transition to, suitable replacements for interbank offered rates ("IBORs"). To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee ("ARRC"), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured

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Overnight Financing Rate ("SOFR") as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. In addition, on March 25, 2020, the FCA stated that although the central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed, the outbreak of COVID-19 has impacted the timing of many firms' transition planning, and the FCA will continue to assess the impact of the COVID-19 outbreak on transition timelines and update the marketplace as soon as possible. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 outbreak will have further effect on LIBOR transition plans.

To identify a successor rate for U.S. dollar LIBOR, the Alternative Reference Rates Committee ("ARRC"), a U.S.-based group convened by the U.S. Federal Reserve Board and the Federal Reserve Bank of New York, was formed. The ARRC has identified the Secured Overnight Financing Rate ("SOFR") as its preferred alternative rate for LIBOR. SOFR is a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is based on directly observable U.S. Treasury-backed repurchase transactions. On July 29, 2021, the ARCC formally recommended SOFR as its preferred alternative replacement rate for LIBOR. Although SOFR appears to be the preferred replacement rate for U.S. dollar LIBOR, at this time, it is not possible to predict the effect of any such changes, any establishment of alternative reference rates or other reforms to LIBOR that may be enacted in the United States, United Kingdom or elsewhere or, whether the COVID-19 outbreak will have further effect on LIBOR transition plans.

Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.

In November 2020, the SEC adopted new rules regarding the ability of a BDC (or a registered investment company) to use derivatives and other transactions that create future payment or delivery obligations. BDCs that use derivatives would be subject to a value-at-risk leverage limit, certain other derivatives risk management program and testing requirements and requirements related to board reporting. These new requirements would apply unless the BDC qualified as a “limited derivatives user,” as defined in the SEC’s adopted rules. A BDC that enters into reverse repurchase agreements or similar financing transactions would need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions could either (i) comply with the asset coverage requirements of the Section 18 of the 1940 Act when engaging in reverse repurchase agreements or (ii) choose to treat such agreements as derivative transactions under the adopted rule. Under the adopted rule, a BDC may enter into an unfunded commitment agreement that is not a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. If the BDC cannot meet this test, it is required to treat unfunded commitments as a derivatives transaction subject to the requirements of the rule. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts.

To the extent we borrow money to finance our investments, changes in interest rates will affect our cost of capital and net investment income.

To the extent we borrow money to finance investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income in the event we borrow money to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and/or long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. If we do not implement these techniques properly, we could experience losses on our hedging positions, which could be material. In addition, depending on the frequency and magnitude of rising interest rates, these interest rate increases could negatively impact premiums received on the sale of guaranteed SBA loans, and further, could increase prepayment speeds on outstanding SBA loans, potentially negatively impacting the Company’s financial results.

We may expose ourselves to risks if we engage in hedging transactions.

If we engage in hedging transactions, we may expose ourselves to certain risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions increase. It may not be possible to

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hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against interest rate fluctuations affecting the value of securities in our portfolio.

The elimination of LIBOR or any other changes or reforms to the determination or supervision of LIBOR could have an adverse impact on the market value of and/or transferability of any LIBOR-linked securities, loans, and other financial obligations or extensions of credit held by or due to us or on our overall financial condition or results of operations. In addition, while the majority of our LIBOR-linked loans contemplate that LIBOR may cease to exist and allow for amendment to a new base rate without the approval of 100% of the lenders, if LIBOR ceases to exist, we will still need to renegotiate the credit agreements extending beyond 2021 with our portfolio companies that utilize LIBOR as a factor in determining the interest rate, in order to replace LIBOR with the new standard that is established, which may have an adverse effect on our overall financial condition or results of operations. Following the replacement of LIBOR, some or all of these credit agreements may bear interest at a lower interest rate, which could have an adverse impact on the value and liquidity of our investment in these portfolio companies and, as a result on our results of operations. Moreover, if LIBOR ceases to exist, we may need to renegotiate certain terms of our credit facilities. If we are unable to do so, amounts drawn under our credit facilities may bear interest at a higher rate, which would increase the cost of our borrowings and, in turn, affect our results of operations.

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

We issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with the DRIP. During the three and six months ended June 30, 2021 we issued 12,000 and 12,000 shares of common stock, respectively, valued at $354,000 and $354,000, respectively to shareholders in connection with the DRIP. During the three and six months ended June 30, 2020 we issued 13,200 and 31,000 shares of common stock, respectively, valued at $235,000 and $458,000, respectively to shareholders in connection with the DRIP.

We also issue shares of common stock that are not subject to the registration requirements of the Securities Act in connection with dividends on unvested restricted stock awards. During the three and six months June 30, 2021 we issued an additional 2,800 and 6,500 shares, respectively, valued at $99,000 and $195,000, respectively, related to dividends on unvested restricted stock awards. During the three and six months ended June 30, 2020 we issued an additional 6,000 and 8,600 shares, respectively, valued at $107,000 and $152,000, respectively, related to dividends on unvested restricted stock awards.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

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Table of Contents

ITEM 6. EXHIBITS.

Number						Description
3.1						Amended and Restated Articles of Incorporation of Newtek (Incorporate by reference to Exhibit A to Newtek’s Pre-Effective Amendement No. 3 to its Registration Statement on Form N-2, No. 333-191499, filed November 3, 2014.)
3.2						Bylaws of Newtek (Incorporated by reference to Exhibit 2 to Newtek’s Registration Statement on Form N-14, No. 333-195998, filed September 24, 2014).
10.1						Stock Purchase Agreement by and among Newtek Business Services Corp. and the Sellers named in Schedule A thereto (incorporated by reference to the Company’s Current Report on Form 8-K, filed August 2, 2021).
10.2						Employment Agreement by and between Newtek Business Services Corp. and Nicolas Young dated as of August 2, 2021.
31.1*						Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
31.2*						Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
32.1**						Certification by Principal Executive pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.
32.2**						Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

* Filed herewith

** Furnished herewith

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SIGNATURES

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

			NEWTEK BUSINESS SERVICES CORP.
Date: August 13, 2021			By:			/S/    BARRY SLOANE
						Barry Sloane
						Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer)
Date: August 13, 2021			By:			/S/    NICHOLAS LEGER
						Nicholas Leger
						Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

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