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, 2022

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

x

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

o

Emerging growth company

o

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

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

As of August 5, 2022, there were 24,355,607 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, 2022 (Unaudited) and December 31, 2021			6
			Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2022 and 2021			8
			Condensed Consolidated Statements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2022 and 2021			10
			Condensed Consolidated Statements of Cash Flows (Unaudited) for the three and six months ended June 30, 2022 and 2021			11
			Consolidated Schedules of Investments as of June 30, 2022 (Unaudited) and December 31, 2021			12
			Notes to Condensed Consolidated Financial Statements (Unaudited)			324
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			353
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			380
Item 4.			Controls and Procedures			381
PART II - OTHER INFORMATION
Item 1.			Legal Proceedings			382
Item 1A.			Risk Factors			382
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			382
Item 3.			Defaults Upon Senior Securities			383
Item 4.			Mine Safety Disclosures			383
Item 5.			Other Information			383
Item 6.			Exhibits			383
			Signatures			384

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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
2016-1 Trust			Newtek Small Business Loan Trust, Series 2016-1, terminated in December 2021
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
2021-1 Trust			Newtek Small Business Loan Trust, Series 2021-1
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 6.85% Notes			6.85% Notes due 2025, redeemed in May 2022
2025 5.00% Notes			5.00% Notes due 2025
2025 Notes			Collectively, the 2025 6.85% Notes and the 2025 5.00% Notes
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, as amended on July 20, 2022
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
Deutsche Bank			Deutsche Bank AG
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 Capital One Facility			Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL, and Capital One
NBL Deutsche Bank Facility			Revolving Credit and Security Agreement between NBL SPV2, LLC, a wholly-owned subsidiary of NBL, and Deutsche Bank
NBL One Florida Bank Facility			Revolving Credit and Security Agreement between NBL SPV3, LLC, a wholly-owned subsidiary of NBL, and One Florida Bank
NBNYC			National Bank of New York City
Receivable and Inventory Facility			Loan and Security Agreement between NBC and Webster, as successor by merger to Sterling National Bank, as lender, to fund accounts receivable and inventory financing arrangements.
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

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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
SMB			Small-and-medium sized businesses
Stock Purchase Agreement			Stock Purchase Agreement dated August 2, 2021, 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
Webster			Webster Bank, N.A.
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 former wholly-owned controlled portfolio company which merged into NTS on July 1, 2021
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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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (In Thousands, except for Per Share Data)
			June 30, 2022						December 31, 2021
ASSETS			(Unaudited)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $470,399 and $431,970, respectively; includes $312,677 and $344,266, respectively, related to securitization trusts)			$	459,981					$	424,417
SBA guaranteed non-affiliate investments (cost of $26,595 and $65,728, respectively)			28,192						72,970
Controlled investments (cost of $165,273 and $157,289, respectively)			267,924						260,398
Non-control investments (cost of $1,000 and $1,000, respectively)			1,000						1,000
Total investments at fair value			757,097						758,785
Cash			4,165						2,397
Restricted cash			121,861						184,463
Broker receivable			78,721						44,537
Due from related parties			841						4,395
Servicing assets, at fair value			31,820						28,008
Right of use assets			6,695						7,310
Other assets			25,097						26,666
Total assets			$	1,026,297					$	1,056,561
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable			$	127,414					$	50,000
2024 Notes (par: $38,250 and $38,250 as of June 30, 2022 and December 31, 2021, Note 7)			37,790						37,679
2025 6.85% Notes (par: $0 and $15,000 as of June 30, 2022 and December 31, 2021, Note 7)			—						14,545
2025 5.00% Notes (par: $30,000 and $0 as of June 30, 2022 and December 31, 2021, Note 7)			29,187						—
2026 Notes (par: $115,000 and $115,000 as of June 30, 2022 and December 31, 2021, Note 7)			112,487						112,128
Notes payable - Securitization trusts (par: $207,582 and $249,750 as of June 30, 2022 and December 31, 2021, Note 7)			204,690						246,250
Notes payable - related parties			200						11,450
Due to related parties			855						1,490
Lease liabilities			8,323						9,056
Deferred tax liabilities			12,793						12,733
Due to participants			83,050						146,225
Derivative instruments			—						183
Accounts payable, accrued expenses and other liabilities			14,976						10,935
Total liabilities			631,765						652,674
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, 24,187 and 24,159 issued and outstanding, respectively)			480						483
Additional paid-in capital			368,934						367,663
Accumulated undistributed earnings			25,118						35,741
Total net assets			394,532						403,887

6

See accompanying notes to consolidated financial statements.

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Total liabilities and net assets			$	1,026,297					$	1,056,561
Net asset value per common share			$	16.31					$	16.72

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,
			2022						2021						2022						2021
Investment income
From non-affiliate investments:
Interest income - PPP loans			$	—					$	25,512					$	—					$	49,720
Interest income - SBA 7(a) loans			8,032						6,248						15,111						12,197
Servicing income			3,175						2,787						6,356						5,527
Other income			2,368						1,269						3,947						2,383
Total investment income from non-affiliate investments			13,575						35,816						25,414						69,827
From non-control investments:
Interest income			—						124						—						248
Dividend income			21						21						43						47
Total investment income from non-control investments			21						145						43						295
From controlled investments:
Interest income			670						576						1,334						1,109
Dividend income			4,960						51						12,784						51
Total investment income from controlled investments			5,630						627						14,118						1,160
Total investment income			19,226						36,588						39,575						71,282
Expenses:
Salaries and benefits			4,499						5,926						9,608						10,376
Interest			5,828						4,968						10,495						10,040
Depreciation and amortization			60						79						123						164
Professional fees			1,512						859						2,813						2,047
Origination and loan processing			1,882						2,998						4,336						5,969
Origination and loan processing - related party			5,239						4,510						9,268						7,653
Loss on extinguishment of debt			417						—						417						955
Other general and administrative costs			2,043						1,706						3,796						3,341
Total expenses			21,480						21,046						40,856						40,545
Net investment (loss) income			(2,254)						15,542						(1,281)						30,737
Net realized and unrealized gains (losses):
Net realized gain on non-affiliate investments - SBA 7(a) loans			19,891						11,414						35,186						18,807
Net realized gain on derivative transactions			—						—						445						—
Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments			(4,917)						(1,983)						(5,645)						2,410
Net unrealized appreciation (depreciation) on SBA unguaranteed non-affiliate investments			(872)						198						(2,862)						1,585
Net unrealized appreciation (depreciation) on controlled investments			1,566						(7,920)						(458)						(5,545)
Change in deferred taxes			886						1,356						(57)						723
Net unrealized appreciation (depreciation) on non-control investments			—						(3)						—						524
Net unrealized depreciation on servicing assets			(781)						(1,193)						(2,340)						(1,706)
Net unrealized appreciation (depreciation) on derivative transactions			—						(37)						183						(37)
Net realized and unrealized gains			$	15,773					$	1,832					$	24,452					$	16,761
Net increase in net assets resulting from operations			$	13,519					$	17,374					$	23,171					$	47,498
Net increase in net assets resulting from operations per share			$	0.56					$	0.77					$	0.96					$	2.12
Net investment (loss) income per share			$	(0.09)					$	0.69					$	(0.05)					$	1.37

8

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Dividends and distributions declared per common share			$	0.75					$	0.70					$	1.40					$	1.20
Weighted average number of shares outstanding			24,157						22,524						24,156						22,431

9

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,
			2022						2021						2022						2021
Increase in net assets:
Net investment income (loss)			$	(2,254)					$	15,542					$	(1,281)					$	30,737
Net realized gain on investments			19,891						11,414						35,631						18,807
Net unrealized depreciation on investments			(4,118)						(9,582)						(11,179)						(2,046)
Net increase in net assets resulting from operations			13,519						17,374						23,171						47,498
Dividends to common stockholders			(18,008)						(15,646)						(33,593)						(26,812)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan			373						214						598						354
Stock-based compensation expense			467						480						1,248						1,174
Purchase of vested stock for employee payroll tax withholding			(299)						(271)						(779)						(1,535)
Issuance of common stock, net of offering costs			—						—						—						8,970
Net increase in net assets from capital share transactions			541						423						1,067						8,963
Total increase (decrease) in net assets			(3,948)						2,151						(9,355)						29,649
Net assets at beginning of period			398,480						366,851						403,887						339,353
Net assets at end of period			$	394,532					$	369,002					$	394,532					$	369,002
Common shares outstanding at end of period			24,187						22,530						24,187						22,530
Capital share activity:
Shares issued under dividend reinvestment plan			21						6						30						12
Shares issued in connection with sales of common stock			—						—						—						430
Purchase of vested stock for employee payroll tax withholding			(12)						(10)						(30)						(56)
Restricted shares issued under Equity Incentive Plan, net of forfeitures			17						3						28						173
Net increase (decrease) in capital share activity			26						(1)						28						559

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,
			2022						2021
Cash flows from operating activities:
Net increase in net assets resulting from operations			$	23,171					$	47,498
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net unrealized depreciation on controlled investments			458						5,545
Net unrealized depreciation (appreciation) on non-affiliate investments			8,507						(4,524)
Net unrealized depreciation on servicing assets			2,340						1,706
Net unrealized (appreciation) depreciation on derivative transactions			(183)						37
Net realized gains on non-affiliate investments			(29,035)						(15,781)
Loss on extinguishment of debt			417						955
Amortization of deferred financing costs			1,250						1,200
Deferred income taxes			60						(723)
Depreciation and amortization			124						164
Purchase of guaranteed SBA loans			—						(7,332)
Funding of guaranteed non-affiliate SBA loans			(273,251)						(885,602)
Funding of unguaranteed non-affiliate SBA loans			(90,653)						(35,679)
Funding of controlled investments			(19,750)						(20,395)
Proceeds from sale of non-affiliate SBA loans			345,510						887,828
Principal received on SBA non-affiliate investments			47,459						34,971
Principal received from controlled investments			2,025						—
Principal received from non-control investments			—						32
Return of investment from controlled investments			9,741						15,000
Other, net			1,523						1,451
Changes in operating assets and liabilities:
Broker receivable			(34,184)						17,628
Due to/from related parties			2,919						(625)
Other assets			1,767						908
Due to participants			(63,175)						78,042
Accounts payable, accrued expenses and other liabilities			3,923						3,005
Capitalized servicing asset			(6,152)						(3,025)
Other, net			8						25
Net cash (used in) provided by operating activities			(65,181)						122,309
Cash flows from investing activities:
Purchase of fixed assets			(11)						—
Cash flows from financing activities:
Net borrowings (repayments) on bank notes payable			77,414						(41,339)
Proceeds from common shares sold, net of offering costs			—						8,969
Net repayments under related party line of credit			(11,250)						(14,540)
Proceeds from 2024 Notes			—						15,000
Proceeds from 2025 6.85% Notes			—						10,000
Proceeds from 2025 5.00% Notes			30,000						—
Proceeds from 2026 Notes			—						115,000
Redemption of 2023 Notes			—						(57,500)
Redemption of 2025 6.85% Notes			(15,000)						—
Payments on Notes Payable - Securitization Trusts			(42,168)						(28,769)

11

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,
			2022						2021
Dividends paid			(32,995)						(26,458)
Additions to deferred financing costs			(864)						(3,999)
Purchase of vested stock for employee payroll tax withholding			(779)						(1,535)
Net cash provided by (used in) financing activities			4,358						(25,171)
Net (decrease) increase in cash and restricted cash			(60,834)						97,138
Cash and restricted cash—beginning of period (Note 2)			186,860						51,425
Cash and restricted cash—end of period (Note 2)			$	126,026					$	148,563
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired			$	676					$	710
Dividends declared but not paid during the period			$	2,003					$	—
Issuance of common shares under dividend reinvestment plan			$	598					$	354

            

12

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Nerds Xpress, LLC and Barlow Executive Properties			(#)			25240 Lasher Rd,, Southfield, MI 48033						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2047						$	310.0					$	310.0					$	325.3					0.08		%
Paris Woodhull			(#)			112 S Gay St, Knoxville, TN 37902						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						6/30/2032						20.0						20.0						20.3						0.01		%
Storm-Tek, INC			(#)			100 Glenborough Dr, Houston, TX 77060						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/30/2032						125.0						125.0						116.3						0.03		%
Westside Quick Services LLC			(#)			9018 Cambridge Ave N, Minneapolis, MN 55443						Administrative and Support Services						Term Loan						Prime plus 6.5%						6/30/2032						25.0						25.0						25.4						0.01		%
Performance Paint INC and Snyder Holding LLC			(#)			431 E Main St, Brownsburg, IN 46112						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2047						101.0						101.0						114.0						0.03		%
Priam Vineyards LLC; Winiarski Family Properties LLC			(#)			11 Shailor Hill Rd, Colchester, CT 06415						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						6/30/2047						742.5						742.5						773.7						0.20		%
Zeigler Concrete Reinforcing, Inc			(#)			2334 Babbitt Ave, Orlando, FL 32833						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2032						106.3						106.3						94.1						0.02		%
2XP VENTURES LLC			(#)			4670 Azalea Dr, Naples, FL 34119						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/30/2032						22.5						22.5						22.9						0.01		%
Art of Touch Therapeutic Massage and Healing Clinic Audra Erickson LLC			(#)			4415 NE Sandy Blvd, Portland, OR 97213						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/30/2032						9.0						9.0						9.1						—		%
Omega Express Home Loans Corporation			(#)			6016 Belfast Way, Roseville, CA 95747						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/30/2032						17.3						17.3						15.2						—		%
Orthologo Inc.			(#)			911 N MacArthur Blvd, Irving, TX 75061						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/30/2032						162.5						162.5						169.7						0.04		%
Scenic Vans LLC dba Scenic Vanlife Rentals			(#)			3250 Granite Creek Pl, Newcastle, CA 95658						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/30/2032						70.0						70.0						74.1						0.02		%
J. F. Medeiros Construction Inc			(#)			20471 3rd St, Hilmar, CA 95324						Construction of Buildings						Term Loan						Prime plus 2.75%						6/30/2032						62.8						62.8						55.2						0.01		%
Nerds Xpress, LLC and Barlow Executive Properties			(#)			25240 Lasher Rd, Southfield, MI 48033						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2032						165.0						165.0						145.2						0.04		%
Industrial Control Concepts Inc;ICC Northwest Inc & 301 Memorial LLC			(#)			301 Memorial Dr, St. Louis, MO 63102						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2047						1,250.0						1,250.0						1,283.4						0.33		%
Learn Smart Pre School Inc			(#)			145 Mortimer Ave, Rutherford, NJ 07070						Social Assistance						Term Loan						Prime plus 2.75%						6/30/2047						225.0						225.0						248.2						0.06		%
VELEZ ENTERPRISES, LLC			(#)			5602 Heritage Oak Dr, Portola Hills, CA 92679						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2032						334.3						334.3						294.1						0.07		%
The Blonde Bistro LLC and Ciara June Semack			(#)			2042 Axemann Rd, Bellefonte, PA 16823						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/29/2047						141.3						141.3						157.5						0.04		%
AA LLC			(#)			5761 W 73rd St, Indianapolis, IN 46278						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/29/2032						427.5						427.5						384.5						0.10		%
Gyer Medical Billing LLC			(#)			26210 Christen Canyon Ln, Richmond, TX 77406						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/29/2032						20.0						20.0						20.3						0.01		%
Car Venient Auto LLC			(#)			2035 Ashby Rd, St. Louis, MO 63114						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/29/2047						55.6						55.6						62.4						0.02		%

13

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Nano Pharmaceutical Laboratories, LLC			(#)			700 W. Mississippi Ave, Denver, CO 80223						Chemical Manufacturing						Term Loan						Prime plus 2.75%						6/29/2032						750.0						750.0						688.5						0.17		%
JAG Medical Services			(#)			105 S Cedar St, Summerville, SC 29483						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/29/2032						15.0						15.0						13.5						—		%
SHY Beauty Inc			(#)			5458 N Ashland Ave, Chicago, IL 60640						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/29/2032						22.5						22.5						22.9						0.01		%
Viking Athletics LLC			(#)			635 New Park Ave, West Hartford, CT 06110						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 6.5%						6/29/2032						25.0						25.0						25.4						0.01		%
Stephen Key			(#)			9140 Stonegarden Dr, Lorton, VA 22079						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2032						14.1						14.1						12.4						—		%
Knowledge Analytics Inc			(#)			11716 Woodthrush Ln, Potomac, MD 20854						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/28/2032						175.0						175.0						154.0						0.04		%
BOBWHITE COUNTER LLC			(#)			150 Warren St, Jersey City, NJ 07302						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2032						150.0						150.0						133.1						0.03		%
Tres Marine Corp and Mark Compeaux			(#)			142 Evangeline Dr, Houma, LA 70360						Support Activities for Mining						Term Loan						Prime plus 2.75%						6/28/2032						900.0						900.0						840.1						0.21		%
TRI-COUNTY SWEEPING SERVICES, INC			(#)			4900 SW 51st St, Davie, FL 33314						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2032						175.0						175.0						154.0						0.04		%
T Z Trading Inc			(#)			25511 Budde Rd Ste 1503, The Woodlands, TX 77380						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/28/2032						212.5						212.5						214.1						0.05		%
Digimatics Inc			(#)			4011 Vermaas Ave, Toledo, OH 43612						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/28/2032						52.5						52.5						54.6						0.01		%
Skladco LLC			(#)			25 Wareham St, Middleborough, MA 02346						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/28/2032						16.5						16.5						14.5						—		%
T.S.W RESIDENTIAL & COMMERCIAL SERVICES, INC			(#)			787 Commerce Dr, Venice, FL 34292						Construction of Buildings						Term Loan						Prime plus 2.75%						6/28/2032						175.0						175.0						154.0						0.04		%
JT Way LLC ;Genthree LLC ;Case Restaurant Group &Sonshine Group			(#)			330 Greater Butler Mart, Butler, PA 16001						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2032						200.0						200.0						176.7						0.04		%
Fara Bender DMD PA			(#)			6169 Jog Rd Unit B-5, Lake Worth, FL 33467						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/27/2032						64.9						64.9						60.8						0.02		%
Jump Jump LLC			(#)			12600 Appaloosa Chase Dr, Austin, TX 78732						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/27/2047						194.5						194.5						212.4						0.05		%
SAM'S PLACE LOTTERY & TOBACCO, INC			(#)			189 Manheim Rd, Schuylkill Haven, PA 17972						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/27/2032						250.0						250.0						219.6						0.06		%
Torchmark Enterprises Inc dba Mwah Flowers			(#)			1086 Broadway , Brooklyn, NY 11221						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/27/2032						105.8						105.8						92.9						0.02		%
Solshine Yoga LLC			(#)			96 College Heights Blvd, Clemson, SC 29631						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/27/2032						12.3						12.3						13.0						—		%
Recovery Pathways LLC			(#)			863 N Pine Rd Ste A, Essexville, MI 48732						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/27/2032						138.8						138.8						121.9						0.03		%
ESD Homes LLC			(#)			196 14th St NW, Atlanta, GA 30318						Construction of Buildings						Term Loan						Prime plus 2.75%						6/27/2032						75.0						75.0						65.9						0.02		%
Golden Phoenix Construction Company, Inc			(#)			37 N Altadenda Dr, Pasadena, CA 91107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/27/2032						462.5						462.5						434.0						0.11		%

14

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

ACME Saw and Supply and Lodgepole, INC			(#)			1204 E Main St, Stockton, CA 95205						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/27/2032						536.5						536.5						479.9						0.12		%
Suha Restaurants LLC			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/24/2032						18.8						18.8						19.8						0.01		%
AVVA MINA INC dba Doctor's Choice Pharmacy			(#)			639 N 13th Ave, Upland, CA 91786						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/24/2032						125.0						125.0						109.8						0.03		%
JDT Pickup and Delivery Service LLC			(#)			2870 Gonzaga Ave, Richmond, CA 94806						Couriers and Messengers						Term Loan						Prime plus 6.5%						6/24/2032						25.0						25.0						25.3						0.01		%
Jadar Entertainment LLC			(#)			468 N Camden Dr, Beverly Hills, CA 90210						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						6/24/2032						87.5						87.5						76.9						0.02		%
Northern Builders LLC			(#)			30 Porter St, Littleton, NH 03561						Construction of Buildings						Term Loan						Prime plus 2.75%						6/24/2032						450.0						450.0						415.5						0.11		%
Don Green Electric LLC			(#)			Don Green Electric LLC, Stuart, FL 34994						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/24/2032						82.8						82.8						72.7						0.02		%
Digital Dream Labs, Inc			(#)			6022 Broad St, Pittsburgh, PA 15206						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/24/2032						875.0						875.0						785.9						0.20		%
The Concrete Company, LLC and Cabriales Holding LLC			(#)			10940 S Parker Rd, Parker, CO 80134						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						6/24/2047						347.5						347.5						335.6						0.09		%
Creamalicious Inc			(#)			6953 Tarragon Ct, Liberty Township, OH 45011						Food Manufacturing						Term Loan						Prime plus 2.75%						6/23/2032						88.8						88.8						77.9						0.02		%
Perfect Day NY LLC			(#)			384 Knickerbocker Ave, Brooklyn, NY 11237						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 6.5%						6/23/2032						24.1						24.1						24.3						0.01		%
ABC Intercargo LLC			(#)			2700 Glades Cir, Weston, FL 33327						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/23/2032						103.8						103.8						91.6						0.02		%
TRUYOU RENEW LLC			(#)			38221 Plymouth Rd, Livonia, MI 48150						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/23/2032						45.0						45.0						42.4						0.01		%
JNH Consulting Services, LLC and AllTax Associates, LLC			(#)			2107 Sherry St, Arlington, TX 76010						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/23/2032						117.5						117.5						103.2						0.03		%
CT Mets Baseball Academy LLC			(#)			216 Foxon Rd, North Branford, CT 06471						Educational Services						Term Loan						Prime plus 2.75%						6/23/2032						58.5						58.5						51.6						0.01		%
Penny Almond, LPC, LLC			(#)			1401 Malvern Ave Ste 260, Hot Springs, AR 71901						Social Assistance						Term Loan						Prime plus 6.5%						6/23/2032						25.0						25.0						25.3						0.01		%
Chicago Knife Works Inc			(#)			6427 Dempster St, Morton Grove, IL 60053						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/23/2032						75.0						75.0						65.9						0.02		%
Ebony T Grimes dba Grimes Day Care			(#)			5231 Oxford Ave, Philadelphia, PA 19124						Social Assistance						Term Loan						Prime plus 6.5%						6/23/2032						12.5						12.5						12.7						—		%
Adelko Inc			(#)			9937 Shirley Ave, Northridge, CA 91324						Real Estate						Term Loan						Prime plus 2.75%						6/23/2032						52.5						52.5						46.1						0.01		%
Tocino Strategies LLC			(#)			7133 E Plata Ave, Mesa, AZ 85212						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/23/2032						25.0						25.0						25.3						0.01		%
The Hills Tandem LLC			(#)			132 Palmer Pointe Way, Holly Springs, NC 27540						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/22/2032						60.0						60.0						53.0						0.01		%

15

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Nerac, Inc			(#)			1 Technology Dr aka 303 Merrow Rd, Tolland, CT 06084						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/22/2047						492.5						492.5						556.0						0.14		%
Diabs, LLC			(#)			2395 San Siro St, Henderson, NV 89044						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						6/22/2032						9.2						9.2						8.1						—		%
Talley Brothers, Inc			(#)			210 Executive Dr, Newark, DE 19702						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/22/2032						87.5						87.5						76.9						0.02		%
Power Move Ventures LLC			(#)			3700 S Conway Rd, Orlando, FL 32812						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/22/2032						22.5						22.5						19.8						0.01		%
Orbilibrium Corporation and Mathew Wanyama			(#)			102 Pawnee Dr, Montgomery, TX 77316						Real Estate						Term Loan						Prime plus 2.75%						6/22/2047						22.5						22.5						25.4						0.01		%
On Point Med Spa & Wellness Center LLC			(#)			799 Christmas Ave, Bethlehem, GA 30620						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/22/2032						86.3						86.3						77.5						0.02		%
MJ Enterprise Holdings Inc			(#)			2600 Cabover Dr, Hanover, MD 21076						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/22/2032						21.4						21.4						19.0						—		%
Conliff Solutions LLC			(#)			23664 Jayadev Ter, Brambleton, VA 20148						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/22/2032						15.0						15.0						13.2						—		%
MedAir Labs, LLC			(#)			10500 Antenucci Blvd, Garfield Heights, OH 44125						Machinery Manufacturing						Term Loan						Prime plus 2.75%						6/22/2032						375.0						375.0						396.3						0.10		%
Ageless Simplicity LLC			(#)			21800 Towncenter Plz 239, Sterling, VA 20164						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/22/2032						22.5						22.5						21.0						0.01		%
Truth Excavation LLC			(#)			164 Wahikuli Rd, Lahaina, HI 96761						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/22/2032						87.5						87.5						92.5						0.02		%
Empire Countertops LLC			(#)			1137 Enterprise Dr, Pilot Point, TX 76258						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						6/21/2032						275.0						275.0						290.6						0.07		%
Prancing Paws Grooming Salon LLC			(#)			120 N Main St, Germantown, OH 45327						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2047						17.6						17.6						19.0						—		%
Empire Countertops LLC			(#)			1137 enterprise Dr, Pilot Point, TX 76258						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						6/21/2032						850.0						850.0						799.8						0.20		%
Maria Pena			(#)			537 Swallow Ln, Lodi, CA 95240						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2032						17.3						17.3						17.8						—		%
Shawn Soiland			(#)			10 Ascot Dr, Santa Rosa, CA 95403						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/20/2032						87.5						87.5						81.3						0.02		%
Jason Howard			(#)			5459 Sherman Ave SE, Huron, SD 57350						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/20/2032						18.9						18.9						16.6						—		%
Teleflex Group Inc dba TL Cargo			(#)			8520 nw 66 St, Miami, FL 33166						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/17/2032						42.5						42.5						38.3						0.01		%
YDK Enterprise LLC			(#)			115 Mowbray Dr, Kew Gardens, NY 11415						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/17/2032						25.0						25.0						25.3						0.01		%
Carlos Eduardo Cuesta			(#)			2304 Silver Palm Dr, Kissimmee, FL 34747						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/17/2032						19.8						19.8						17.4						—		%
H & M Associates LLC			(#)			108 Harlow St, Pittsburgh, PA 15218						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/17/2032						22.5						22.5						19.8						0.01		%
Mendoza Trucking and Logistics INC			(#)			2320 Greenbriar Dr, Chula Vista, CA 91915						Truck Transportation						Term Loan						Prime plus 2.75%						6/17/2032						22.5						22.5						19.8						0.01		%

16

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Mistry's Custom Solutions LLC dba American Body Works			(#)			420 S Mill St., Lewisville, TX 75057						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/17/2032						87.5						87.5						76.9						0.02		%
HYGCO			(#)			2000 Anchor Ct, Thousand Oaks, CA 91320						Chemical Manufacturing						Term Loan						Prime plus 2.75%						6/17/2032						187.5						187.5						182.4						0.05		%
Foundation Business Enterprises, LLC			(#)			744 Noah Dr, Jasper, GA 30143						Construction of Buildings						Term Loan						Prime plus 2.75%						6/17/2032						131.3						131.3						115.3						0.03		%
STAFFINGPOINT LLC			(#)			3371 Baywood Terrace, Fremont, CA 94536						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/17/2032						15.0						15.0						13.2						—		%
Biocanic, Inc			(#)			4976 Foothill Blvd, San Diego, CA 92109						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						6/17/2032						62.5						62.5						54.9						0.01		%
Muse Enterprises Inc			(#)			498 County Rd 4711, Kempner, TX 76539						Construction of Buildings						Term Loan						Prime plus 2.75%						6/17/2032						51.3						51.3						49.1						0.01		%
Finch Clinic, P.L.L.C. dba Axcel Treatment and Recovery			(#)			1105 Memorial Dr,, Denison, TX 75020						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/17/2032						73.1						73.1						69.2						0.02		%
SM Car Sales Inc			(#)			2340 Royal Ln,, Dallas, TX 75229						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						6/16/2032						25.0						25.0						25.3						0.01		%
Erin Cervantes dba Security Carpet Cleaners			(#)			P O Box 28215, San Antonio, TX 78228						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/16/2032						11.1						11.1						9.9						—		%
Edgar Almanzar Insurance Agency Inc.			(#)			477 central Ave, White Plains, NY 10606						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/16/2032						22.5						22.5						19.8						0.01		%
KT Supply LLC			(#)			39 Graphic Place, Moonachie, NJ 07024						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/16/2032						87.5						87.5						76.9						0.02		%
Soapbox Studio, LLC and The Vault Recording Lounge, LLC			(#)			4031 Fambrough Dr, Powder Springs, GA 30127						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						6/16/2032						5.3						5.3						5.5						—		%
Gentle Partners in Hospice LLC			(#)			1635 NE Interstate 410 Loop Ste 501, San Antonio, TX 78209						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/16/2032						68.8						68.8						60.4						0.02		%
Premier Healthcare Service			(#)			1015 Eden Way North, Chesapeake, VA 23320						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/16/2047						90.7						90.7						102.4						0.03		%
Daedalus Works LLC			(#)			17 RD 3500, Flora Vista, NM 87415						Machinery Manufacturing						Term Loan						Prime plus 2.75%						6/15/2032						47.5						47.5						46.4						0.01		%
KLZS Electric LLC dba Mr Electric of Middleton			(#)			285 E Deer Trail Rd, Clayton, DE 19938						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/15/2032						12.0						12.0						10.5						—		%
Rupisan Companies, LLC			(#)			30 N Gould St, Sheridan, WY 82801						General Merchandise Stores						Term Loan						Prime plus 2.75%						6/14/2032						22.5						22.5						19.8						0.01		%
Jand J Darling Ventures dba Clean Air Lawn Care Austin NW			(#)			5404 Pendleton LN, Austin, TX 78723						Administrative and Support Services						Term Loan						Prime plus 6.5%						6/14/2032						10.0						10.0						10.1						—		%
Signature Nail Salon Inc.			(#)			11505 NE Fourth Plain Blvd, Ste F3, Vancouver, WA 98662						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/14/2032						15.0						15.0						15.2						—		%
Spend Less Store LLC			(#)			516 E Juanita Ave, Ste 3, Mesa, AZ 85204						Food and Beverage Stores						Term Loan						Prime plus 6.5%						6/14/2032						25.0						25.0						25.3						0.01		%
Innovative Concepts Construction LLC			(#)			2196 Fenton Pkwy,, San Diego,, CA 92108						Construction of Buildings						Term Loan						Prime plus 2.75%						6/14/2032						11.3						11.3						9.9						—		%

17

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Coast 2 Coast Consulting, LLC			(#)			5630 S Garth Ave, Los Angeles, CA 90056						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/13/2032						22.5						22.5						19.8						0.01		%
Sebastian Castelli, PA			(#)			12187 Beach Blvd, Jacksonville, FL 32246						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/10/2032						75.0						75.0						66.4						0.02		%
J LaMendola Physical Therapy PC			(#)			1100 Clove Rd Ste G-C, Staten Island, NY 10301						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/10/2047						151.0						151.0						166.0						0.04		%
Nepal Dog Treat LLC			(#)			11775 Stratford House Pl #303,, Reston, VA 20190						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/10/2032						250.0						250.0						219.6						0.06		%
Spartan Bikes, LLC			(#)			2974 N Alma School Rd, Chandler, AZ 85224						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						6/10/2032						22.5						22.5						19.8						0.01		%
Code 3 Security LLC			(#)			6401 Eldorado Pkwy, McKinney, TX 75070						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/10/2032						22.5						22.5						19.8						0.01		%
American Plumbing Solutions Inc			(#)			34 11th Ave, Farmingdale, NY 11735						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/10/2032						22.5						22.5						19.8						0.01		%
ALLIANCE DIGITAL PROPERTIES INC			(#)			1407 Foothill Blvd 305, La Verne, CA 91750						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/10/2032						22.5						22.5						19.8						0.01		%
Ridge Renovation and Construction LLC			(#)			1736 E Greenway St, Mesa, AZ 85203						Construction of Buildings						Term Loan						Prime plus 2.75%						6/10/2032						57.5						57.5						51.8						0.01		%
Triple Bs Inc			(#)			12189 Livingston Rd, Manassas, VA 20109						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/10/2032						87.5						87.5						77.4						0.02		%
Ballard Construction LLC			(#)			440 Timothy St, Junction City, OR 97448						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/9/2032						87.5						87.5						92.5						0.02		%
3Dio, LLC			(#)			5900 NE 152nd Ave, Vancouver, WA 98682						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/9/2032						100.0						100.0						87.8						0.02		%
Machfu Inc			(#)			9200 Corporate Blvd, Rockville, MD 20850						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/9/2032						87.5						87.5						76.9						0.02		%
TKSPizza LLC			(#)			505 Hansen Ave, Butler, PA 16001						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/9/2032						22.5						22.5						23.7						0.01		%
Lighting Management Inc			(#)			618 Corporate Way, Valley Cottage, NY 10989						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/9/2032						375.0						375.0						329.4						0.08		%
Folcon LLC			(#)			516 West Walnut St, Kalamazoo, MI 49007						Real Estate						Term Loan						Prime plus 2.75%						6/9/2047						42.3						42.3						46.0						0.01		%
GEMsmash LLC			(#)			2025 Belford Dr, Walnut Creek, CA 94598						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/9/2032						87.5						87.5						81.6						0.02		%
EDIA World LLC			(#)			3345 SW 67th Ave, Miami, FL 33155						Nonstore Retailers						Term Loan						Prime plus 6.5%						6/9/2032						25.0						25.0						25.3						0.01		%
ALL OFF GRID, LLC			(#)			10927 Big Lake Rd, Wasilla, AK 99694						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/8/2032						22.5						22.5						21.6						0.01		%
Hurricane Beauty LLC			(#)			1110 Vandon Loop, Berlin, NJ 08009						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/8/2032						15.0						15.0						13.2						—		%
Stella del Mare, LLC			(#)			2804 NE 8th St, Homestead, FL 33033						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/8/2032						12.8						12.8						11.2						—		%
Iron Valley Insurance Services Inc			(#)			2366 Navigation Circle, Placentia, CA 92870						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						6/8/2032						11.3						11.3						9.9						—		%

18

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

CarrThom Development, LLC			(#)			52 T St NW, Washington, DC 20001						Construction of Buildings						Term Loan						Prime plus 2.75%						6/8/2032						107.5						107.5						94.4						0.02		%
MFT Solutions LLC			(#)			110 E 43rd St, Boise, ID 83714						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/8/2032						15.0						15.0						15.2						—		%
Black Martin Brands LLC			(#)			9N915 Heatherington Place, Elgin, IL 60124						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/8/2032						22.5						22.5						19.8						0.01		%
PERU Q PRODUCTS LLC			(#)			21772 Ladyslipper Square, Ashburn, VA 20147						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/8/2032						18.8						18.8						16.5						—		%
BARSE & CO INC			(#)			8701 John W. Carpenter Fwy, Dallas, TX 75247						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/7/2032						15.0						15.0						13.2						—		%
Reliant Medical Group LLC			(#)			3935 W Reno Ave, Las Vegas, NV 89118						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/7/2032						87.5						87.5						84.0						0.02		%
ANK Mexican Grill Inc			(#)			74 Roosevelt St, Pequannock Township, NJ 07440						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/7/2032						343.1						343.1						301.4						0.08		%
ANK Waterfront Real estate Inc and ANK Waterfront Inc			(#)			74 Roosevelt St, Pequannock Township, NJ 07440						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/7/2047						489.4						489.4						507.3						0.13		%
FOOTHILL FEED AND MERCANTILE LLC			(#)			1330 GEIGER GRADE Rd, RENO, NV 89521						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						6/7/2032						19.5						19.5						19.7						0.01		%
SMART LOGISTICS LLC			(#)			600 Getty Ave, Clifton, NJ 07011						Truck Transportation						Term Loan						Prime plus 2.75%						6/7/2032						22.5						22.5						19.8						0.01		%
C.I.I. INC			(#)			6001 S Decatur Blvd.,, Las Vegas, NV 89118						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						6/7/2032						373.3						373.3						328.0						0.08		%
AB Liquor LLC			(#)			16900 Chenal Pkwy, Little Rock, AR 72223						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/7/2032						87.5						87.5						92.5						0.02		%
J Michelle's LLC			(#)			620 Windham St, Petersburg, VA 23803						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						6/7/2032						5.9						5.9						6.0						—		%
Bellasky LLC DBA Happy Day			(#)			26279 CO-74, Kittredge, CO 80457						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/6/2047						76.3						76.3						86.1						0.02		%
T&F Express Services, LLC			(#)			16420 SE McGillivary, Vancouver, WA 98663						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/6/2032						15.0						15.0						13.2						—		%
CWM Professional Consulting Inc			(#)			19490 SW 24th St, Miramar, FL 33029						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2032						22.5						22.5						19.8						0.01		%
Gun Guardian, LLC			(#)			1136 Brick Rd, Winter Garden, FL 34787						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						8/3/2032						27.5						27.5						27.3						0.01		%
Que Duong LLC			(#)			6 W. 126th St, Apt 5F, New York, NY 10027						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/3/2032						17.5						17.5						17.7						—		%
C.A.L.M. Home, LLC			(#)			757 West Magma Rd, San Tan Valley, AZ 85143						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/3/2032						74.8						74.8						65.7						0.02		%
805 Transportation LLC			(#)			132 Easy St, Buellton, CA 93427						Transit and Ground Passenger Transportation						Term Loan						Prime plus 6.5%						6/3/2032						25.0						25.0						25.3						0.01		%
Spine and Orthopedic Center of New Mexico PC			(#)			400 N Pennsylvania Ave, Roswell, NM 88201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/3/2032						75.0						75.0						65.9						0.02		%
KRAMER LLC dba Kramer Injury Law LLC			(#)			161 N Clark St, Chicago, IL 60601						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2032						15.8						15.8						13.8						—		%

19

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Longo Acquisitions LLC dba Hello Garage of Stony Brook			(#)			176 10th Ave, Holtsville, NY 11743						Construction of Buildings						Term Loan						Prime plus 2.75%						6/2/2032						9.2						9.2						8.2						—		%
Jules Enterprise Group, Inc dba Anuco Rx			(#)			549 Sawgrass Corporate Pkwy, Sunrise, FL 33323						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/2/2032						87.5						87.5						76.9						0.02		%
ADW Communications Services, Inc.			(#)			425 S McClintock Dr Ste 1,, Tempe, AZ 95281						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						6/1/2032						189.5						189.5						166.5						0.04		%
Farmer Investments LLC dba Fetch! Pet Care			(#)			3840 Charbon Ln, Bartlett, TN 38133						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/1/2032						13.2						13.2						11.6						—		%
MS Garage Plano, LLC			(#)			1504 SW 57th Terrace, Cape Coral, FL 33914						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/31/2032						77.5						77.5						80.5						0.02		%
LUBECON USA, LLC			(#)			201 N Webster St, White Cloud, MI 49349						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/31/2032						405.0						405.0						420.1						0.11		%
Modir Transportation LLC			(#)			3225 Church St, Scottdale, GA 30079						Truck Transportation						Term Loan						Prime plus 2.75%						5/31/2032						1,040.0						1,040.0						1,019.9						0.26		%
Skyship Services Inc.			(#)			161 T Com Dr, Elizabeth City, NC 27909						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						5/31/2032						312.5						312.5						325.3						0.08		%
Global One Media, Inc			(#)			1750 Manzanita Dr, Elko, NV 89801						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						5/31/2032						306.0						306.0						274.0						0.07		%
Zhenya, Inc. dba Scale Your Genius			(#)			90 Pearl St., Denver, CO 80203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/31/2032						20.5						20.5						20.8						0.01		%
Duncan Electrical LLC			(#)			8445 S Van Ness Ave, Inglewood, CA 90305						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2032						42.5						42.5						37.3						0.01		%
Water Damage Rescue Inc.;123 W Orange St LLC;Service Magic Restoration			(#)			7232 Owensmouth Ave, Canoga Oark, CA 91303						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2032						625.0						625.0						562.7						0.14		%
Smashachusetts, LLC			(#)			303 Third St, Cambridge, MA 02142						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/31/2032						87.5						87.5						81.6						0.02		%
PoleSet Equipment, LLC			(#)			5355 Prosperity Pike, Prosperity, PA 15329						Machinery Manufacturing						Term Loan						Prime plus 2.75%						5/31/2032						750.0						750.0						792.5						0.20		%
Big Brand Management Inc. and Big Brand Management Ltd. Co.			(#)			512 E 11th St, Houston, TX 77008						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						5/31/2032						332.8						332.8						313.6						0.08		%
TMC General Construction Inc.			(#)			3457 Fitzgerald Dr, Rancho Cordova, CA 95742						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2032						1,250.0						1,250.0						1,099.5						0.28		%
Domi Health, LLC and B's Homecare Inc.			(#)			5500 Nicollet Ave, Minneapolis, MN 55419						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/31/2032						358.9						358.9						315.2						0.08		%
FRAMEWORXFL, INC			(#)			139 S Pebble Beach Blvd., Sun City Center, FL 33573						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2032						62.5						62.5						54.9						0.01		%
REAL HOUSE INC and BFM Holdings 176 Harding LLC			(#)			95 Grove St, Montclair, NJ 07042						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						5/31/2047						1,076.0						1,076.0						1,214.8						0.31		%
IDEAL FURNITURE RENTAL & SALES INC			(#)			84 Madison Ave, Roslyn Heights, NY 11577						Rental and Leasing Services						Term Loan						Prime plus 2.75%						5/27/2032						87.5						87.5						76.9						0.02		%
Distinctive Corporation dba Carmel Burger Bar			(#)			Carmel Plaza #106, Carmel-By-The-Sea, CA 95070						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/27/2032						173.2						173.2						155.0						0.04		%

20

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Moody's Hardware LLC and MSH Holdings LLC			(#)			22754 W 220 St, Springhill, KS 66083						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/27/2048						8.0						8.0						9.0						—		%
Beach Life Flooring LLC			(#)			5802 Terncrest Dr, Lithia, FL 33547						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/27/2032						15.9						15.9						14.0						—		%
Ninefold Design LLC			(#)			160 Saint Elmo Way, San Francisco, CA 94127						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/27/2032						11.3						11.3						9.9						—		%
Billfold LLC and Billfold Solutions Inc			(#)			240 Kent Ave, Brooklyn, NY 11249						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						5/27/2032						625.0						625.0						654.7						0.17		%
Caromark Building Group LLC			(#)			18137 Sunset Cove Ln, Cornelius, NC 28031						Construction of Buildings						Term Loan						Prime plus 2.75%						5/27/2032						180.3						180.3						158.3						0.04		%
Vanco LLC			(#)			3919 and 3925 E Miami Ave, Phoenix, AZ 85040						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/26/2032						87.2						87.2						92.2						0.02		%
Insight Recovery Services, LLC			(#)			2123 Hendersonville Rd, Arden, NC 28704						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/26/2032						78.8						78.8						69.3						0.02		%
ACES of Brevard			(#)			1430 Glendale Ave NW, Palm Bay, FL 32907						Social Assistance						Term Loan						Prime plus 6.5%						5/26/2032						12.5						12.5						12.7						—		%
MJZ, Inc.			(#)			31917 Cypress Glen Ct, Lake Elsinore, CA 92532						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/26/2032						19.5						19.5						17.1						—		%
Superior Image Hair Studio llc			(#)			709 MacDade Blvd, Collingdale, PA 19023						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/26/2047						39.4						39.4						43.6						0.01		%
Best Value Multi Services Inc			(#)			452 S Cypress Rd, Pompano Beach, FL 33060						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/26/2032						11.3						11.3						9.9						—		%
The BEDOS Group LLC			(#)			8190 Barker Cypress Rd, Cypress, TX 77433						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/26/2032						41.2						41.2						37.3						0.01		%
Beecher Development Services, Inc			(#)			2329 W Main St, Littleton, CO 80120						Construction of Buildings						Term Loan						Prime plus 2.75%						5/25/2032						57.5						57.5						50.5						0.01		%
Grade A Computer Services LLC			(#)			3347 Wickham Ave, Bronx, NY 10469						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/25/2032						12.5						12.5						12.7						—		%
Copper Rose LLC			(#)			539 NE 94th St, Seattle, WA 98115						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2032						5.4						5.4						5.7						—		%
Patriot Motors of KC LLC			(#)			4103 N Oak Trafficway, Kansas City, MO 64116						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						5/25/2032						54.2						54.2						47.6						0.01		%
DRKSL LLC, dba Andrew Levine Hai			(#)			127 E 59th St, 2nd Floor , Ste 6, New York, NY 10022						Personal and Laundry Services						Term Loan						Prime plus 6.5%						5/24/2032						25.0						25.0						25.3						0.01		%
Roam Overland Vehicles LLC			(#)			12308 NE 56th St, Vancouver, WA 98682						Repair and Maintenance						Term Loan						Prime plus 6.5%						5/24/2032						20.0						20.0						20.2						0.01		%
C2PM			(#)			22601 Summerfield, Mission Viejo, CA 92692						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2032						52.5						52.5						46.6						0.01		%
Serenity Keepers Home Care LLC			(#)			312 Broad St, Sumter, SC 29150						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/24/2047						47.5						47.5						52.0						0.01		%
Tampa Bay Physical Therapy LLC			(#)			13328 Telecom Dr, Temple Terrance, FL 33637						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/24/2032						50.0						50.0						44.0						0.01		%
American Dream Restaurants LLC			(#)			2761 Lake Shore Rd, Gilford, NH 03249						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/24/2032						1,250.0						1,250.0						1,097.9						0.28		%

21

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Builders Child Care, LLC and Dreams in Action LLC			(#)			210 Snyder Rd, Hermitage, PA 16148						Social Assistance						Term Loan						Prime plus 2.75%						5/24/2047						115.8						115.8						125.8						0.03		%
Jay Jalaram Lodge LLC dba Quality Inn			(#)			2055 E. Lincoln Hwy, Wooster, OH 44691						Accommodation						Term Loan						Prime plus 2.75%						5/23/2032						65.0						65.0						68.7						0.02		%
Harvinderpal S. Dhatt dba Cold Stone Creamery			(#)			714 W Onstott Frontage Rd, Yuba City, CA 95991						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/23/2032						56.8						56.8						53.0						0.01		%
Capital Trading LLC			(#)			4911 Lyons Technology Pkwy, Coconut Creek, FL 33073						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/23/2032						610.0						610.0						535.8						0.14		%
Savage Sweets, Inc. dba Rita's of Doylestown			(#)			132 Veterans Ln, Doylestown, PA 18901						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/23/2032						54.4						54.4						49.4						0.01		%
Melissa J. Kopple			(#)			18840 SW Boones Ferry Rd, Tualatin, OR 97062						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/23/2032						25.0						25.0						25.3						0.01		%
Small Express LLC			(#)			20 St Andrews Ct, Westampton, NJ 08060						Truck Transportation						Term Loan						Prime plus 2.75%						5/20/2032						10.6						10.6						10.0						—		%
ESG International, Inc			(#)			8520 Allison Pointe Blvd, Indianapolis, IN 46250						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/20/2032						25.0						25.0						25.3						0.01		%
H&W Creative Branch LLC			(#)			7246 Wynnwood Ln, Houston, TX 77008						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						5/20/2032						106.8						106.8						94.5						0.02		%
Wrenching Whalls, LLC			(#)			2428 Broad River Rd, Columbia, SC 29210						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/20/2032						22.3						22.3						20.2						0.01		%
KNA Racing			(#)			102 N 1st St, Williams, AZ 86046						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/20/2032						15.0						15.0						13.2						—		%
Brothers Trucking Company Inc			(#)			202 Drakewood Pl, Cary, NC 27518						Truck Transportation						Term Loan						Prime plus 2.75%						5/20/2032						50.0						50.0						52.8						0.01		%
VULCAIN NINE INC dba Charley's Philly Steaks			(#)			17650 NW 2nd Ave, Miami Gardens, FL 33169						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/20/2032						153.3						153.3						135.8						0.03		%
Blount Auto Market			(#)			355 E Lanier Ave, Fayetteville, GA 30214						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						5/19/2032						25.0						25.0						25.3						0.01		%
EMC2 Mechanical Solutions LLC			(#)			10375 Plum Tree Cir, Hales Corners, WI 53130						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						5/19/2032						12.5						12.5						12.7						—		%
Stems, LLC and Meredith Hawksworth			(#)			1702 Utica Square, Tulsa, OK 74114						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						5/19/2032						66.6						66.6						59.0						0.01		%
Hope Restored Counseling Services, PLLC			(#)			610 N Montana St, Dillon, MT 59725						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/19/2032						25.0						25.0						25.3						0.01		%
Natur Zone of Arizona, LLC dba Naturzone Pest Control			(#)			12633 N Cave Creek Rd, Ste 101, Phoenix, AZ 85022						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/19/2032						50.0						50.0						43.9						0.01		%
Arledge Enterprises, LLC .and Arledge Holdings, LLC.			(#)			7355 Tribble Gap Rd, Alto, GA 30510						Social Assistance						Term Loan						Prime plus 2.75%						5/19/2047						146.3						146.3						164.6						0.04		%
Cordurouy LLC			(#)			665 Valley Dr, Hermosa Beach, CA 90254						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/18/2032						14.0						14.0						14.2						—		%
Steckman Pilates and Wellness, LLC.			(#)			920 Woodstock Rd, Roswell, GA 30075						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/18/2032						14.6						14.6						13.3						—		%
Guilin Construction, LLC			(#)			379 GGrandview Ave, Waterbury, CT 06708						Construction of Buildings						Term Loan						Prime plus 2.75%						5/18/2032						250.0						250.0						230.3						0.06		%

22

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Liberty Guns and Equipment LLC			(#)			214 E. McIntyre St, Mullins, SC 29574						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/17/2032						56.9						56.9						56.2						0.01		%
Solfire Contract Manufacturing Inc & Solfire Holdings LLC			(#)			4939 Decatur Rd, Fort Wayne, IN 46806						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/17/2047						196.5						196.5						200.7						0.05		%
Tesla Nail Salon LLC			(#)			157 S Compass Wy, Dania Beach, FL 33004						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/17/2032						140.8						140.8						126.1						0.03		%
Safari Lux Lounge LLC			(#)			5020 E Independence Blvd, Charlotte, NC 28212						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/16/2047						325.0						325.0						361.4						0.09		%
GreenKoat Solutions LLC dba FlexRock Coatings			(#)			824 S. Franklin St, Denver, CO 80209						Chemical Manufacturing						Term Loan						Prime plus 2.75%						5/16/2032						22.5						22.5						19.8						0.01		%
The Feder Construction Company LLC			(#)			14 Manor Dr, Monsey, NY 10952						Construction of Buildings						Term Loan						Prime plus 6.5%						5/13/2032						25.0						25.0						25.3						0.01		%
Samiah & Co. LLC			(#)			15128 S Harlan Rd, Lathrop, CA 95330						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/13/2032						19.5						19.5						17.1						—		%
A Pro Duction Painting Company LLC			(#)			6810 Sagamore Court, French Village, MO 63036						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/12/2032						22.5						22.5						19.8						0.01		%
Abundant Life Surrogacy LLC			(#)			2716 Rose Hill St, Boise, ID 83705						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/12/2032						25.0						25.0						25.3						0.01		%
Empower Marketing, Inc			(#)			610 Jefferson Dr, Palmyra, VA 22963						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/12/2032						39.5						39.5						37.1						0.01		%
Bronze Goddess Beauty LLC			(#)			333 University Ave, Sacramento, CA 95825						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/11/2032						47.5						47.5						44.1						0.01		%
Infrared Girl LLC			(#)			42 Nashua Rd, Londonderry, NH 03053						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/11/2032						83.0						83.0						76.0						0.02		%
Replays Games LLC			(#)			1203 Woodward Ave, Muscle Shoals, AL 35661						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						5/11/2032						10.3						10.3						9.0						—		%
Originals and Organics LLC			(#)			1902 Sussex Ln, Colorado Springs, CO 80909						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						5/10/2032						25.0						25.0						25.3						0.01		%
Concrete Buildings Tech Inc			(#)			6790 Williams Hwy, Grants Pass, OR 97527						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						5/10/2047						336.3						336.3						365.9						0.09		%
Semilla Baking Co LLC			(#)			2310 McDuffie St, Houston, TX 77019						Food Manufacturing						Term Loan						Prime plus 6.5%						5/10/2032						19.5						19.5						19.7						0.01		%
Wesley S. Brown dba Lynfield Hauling			(#)			3607 Waitesfield Rd, Johns Island, SC 29455						Truck Transportation						Term Loan						Prime plus 2.75%						5/10/2032						9.8						9.8						8.7						—		%
TPACUPS Inc. and GVCUPS, Inc			(#)			3810 W Neptune St, Tampa, FL 33629						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2032						78.8						78.8						69.3						0.02		%
Inner Light Healing LLC			(#)			1025 Reynolds Rd, Johnson City, NY 13790						Educational Services						Term Loan						Prime plus 6.5%						5/10/2032						25.0						25.0						25.3						0.01		%
MJD Truck Wash Inc			(#)			609 Old Omega Rd,, Tifton, GA 31793						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/6/2032						52.5						52.5						55.5						0.01		%
AOG Investments LLC dba Fratello Cigars			(#)			44621 Guilford Dr, Ashburn, VA 20147						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/6/2032						62.5						62.5						54.9						0.01		%

23

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

T M Z Plants & Trees, Inc.			(#)			13667 Okeechobee Blvd, Loxahatchee Groves, FL 33470						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/5/2032						67.5						67.5						60.2						0.02		%
True Care Lawn Service of Lee County Inc			(#)			1522 Senior Court, Lehigh Acres, FL 33971						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/5/2032						16.1						16.1						14.2						—		%
Comprehensive Health & Wellness Center LLC			(#)			1785 Airport Rd Ste Bd, Gallatin, TN 37066						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/4/2032						8.2						8.2						7.2						—		%
Cartesios Precision Collison, LLC			(#)			1702 PA-940, Pocono Pines, PA 18350						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/4/2047						220.0						220.0						237.2						0.06		%
Blue Oaks Financial LLC			(#)			5716 Lonetree Blvd, Rocklin, CA 95765						Educational Services						Term Loan						Prime plus 6.5%						5/3/2032						25.0						25.0						25.3						0.01		%
Ryno Resumes, LLC			(#)			1015 Grupp Rd, Des Peres, MO 63131						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/3/2032						15.0						15.0						15.2						—		%
Motion Physical Medicine & Wellness, PLLC and Campus Motion Holdings			(#)			8118 Fry Rd, Houston, TX 77065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/2/2047						74.2						74.2						80.8						0.02		%
Ghostcat Holdings, LLC and VJ Supply Inc			(#)			392 N Lake Rd, Hoover, AL 35242						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/29/2032						149.1						149.1						130.9						0.03		%
Silbertechit LLC			(#)			23 Sussex Rd, Bergenfield, NJ 07621						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/29/2032						164.0						164.0						155.3						0.04		%
New York Home Health Care Equipment, LLC			(#)			30 Hopper St, Westbury, NY 11590						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/29/2032						372.0						372.0						372.2						0.09		%
TJ Rising Group LLC dba Gastrome Market and J's Restaurant Group LLC			(#)			1359 E Weldon Ave, Phoenix, AZ 85014						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2032						81.3						81.3						76.0						0.02		%
Eagle Theater Corp,Beautiful City LLC,Eagle Theater Operating LLC ,Eag			(#)			1802 W. Main St,, Robinson, IL 62454						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						4/29/2047						730.2						730.2						813.8						0.21		%

Vanguard Utility Service, Inc.			(#)			1421 West 9th St, Owensboro, KY 42301						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2047						686.5						686.5						705.3						0.18		%
Get Your Beauty On LLC			(#)			11150 Huron St, Northglenn, CO 80234						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/29/2032						9.2						9.2						8.2						—		%
Vanguard Utility Service, Inc.			(#)			1421 West 9th St, Owensboro, KY 42301						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2032						435.8						435.8						382.8						0.10		%
The Elysian Fields Optimum Wellness & Mental HealthGroup, LLC			(#)			2222 North Howard St, Baltimore, MD 21218						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						4/29/2032						106.3						106.3						93.4						0.02		%
North America Lighting LLC			(#)			8509 Phoenix Dr, Manassas, VA 20110						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/29/2032						198.5						198.5						175.0						0.04		%
World Fire Protection Inc			(#,^)			41905 Boardwalk, Palm Desert, CA 92211						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/29/2032						215.7						215.7						203.7						0.05		%
Superior Equipment Repair Inc.and Timothy Ayles			(#)			1905 Aviation Blvd., Lincoln, CA 95648						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/29/2047						1,246.7						1,246.7						1,297.2						0.33		%
Bella Sloan Enterprises LLC			(#)			6950 Castor Ave, Philadelphia, PA 19149						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/29/2032						418.6						418.6						391.5						0.10		%
Tomorrows LLC			(#)			713 S Washington St, Junction City, KS 66441						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/29/2047						56.2						56.2						60.9						0.02		%

24

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

1st Choice Property Services LLC			(#)			554 Deer Ridge Ln S, Maplewood, MN 55119						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/29/2032						87.0						87.0						76.4						0.02		%
Goodtimez Campground LLC			(#)			43779 Van Dyke Ave, Sterling Heights, MI 48314						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/29/2032						86.1						86.1						77.0						0.02		%
CameoFX Inc			(#)			1 Park Plaza, Irvine, CA 92614						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						4/29/2032						161.5						161.5						147.3						0.04		%
GARI'S TRUCK TIRES, LLC			(#)			3005 Mountain Pass Blvd, Anthony, TX 79821						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						7/29/2032						87.5						87.5						92.6						0.02		%
Brianna Sawyer dbaPacific Mechanical Contractor			(#)			1120 Sequoia St, Klamath Falls, OR 97601						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/28/2032						54.7						54.7						48.0						0.01		%
Ambrosial Living LLC			(#)			508 Olympia St, DeSoto, TX 75115						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						4/28/2047						174.7						174.7						185.0						0.05		%
Central Florida Health and Rehab Clinic LLC			(#)			3975 S Orange Blossom Trl, Orlando, FL 32839						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/28/2047						842.5						842.5						912.4						0.23		%
99 Sai Ram LLC dba South Main Wine & Spirits			(#)			442 S Main St, West Hartford, CT 06110						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/28/2032						112.8						112.8						99.1						0.03		%
Guy Driscoll dba Metal Parts Machine			(#)			5551 Belle Ave, Cypress, CA 90630						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/28/2032						104.4						104.4						97.3						0.02		%
Johnson Racing Suspension			(#)			153 Northway Park Rd, Machesney Park, IL 61115						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/27/2032						22.4						22.4						22.7						0.01		%
Shepherd Fitness, LLC dba Workout Anytime Ooltewah and Shepherd Fitnes			(#)			9408 Apison Pike, Ooltewah, TN 37363						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/27/2032						149.2						149.2						140.8						0.04		%
Bullseye Products International, LLC			(#)			3595 Polaris Ave, Las Vegas, NV 89103						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						4/27/2032						39.1						39.1						34.4						0.01		%
Six Mile Station LLC			(#)			350 W Whalen St, Guernsey, WY 82214						Accommodation						Term Loan						Prime plus 2.75%						4/27/2047						132.3						132.3						147.6						0.04		%
Sterling Light Productions Inc			(#)			6250 White Mill Rd, Fairburn, GA 30213						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						4/27/2032						62.1						62.1						54.6						0.01		%
DA BUSINESS MANAGEMENT INC			(#)			6700 Tampa Ave, Reseda, CA 91335						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						4/27/2032						24.9						24.9						25.2						0.01		%
Valley Remodel and repair LLC			(#)			1103 W Sam St, Kent, WA 98032						Construction of Buildings						Term Loan						Prime plus 6.5%						4/27/2032						24.9						24.9						25.2						0.01		%
Pure Recovery California, Inc ,ZK Sports, LLC & 239 Investments, LLC			(#)			721 Mandalay Beach Rd, Oxnard, CA 93035						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						4/27/2032						621.2						621.2						546.0						0.14		%
Gulfside Property Maintenance & Services LLC			(#)			1503 Chat Holley Rd, Santa Rosa Beach, FL 32459						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/27/2032						24.7						24.7						25.0						0.01		%
Storm-Tek, Inc			(#)			100 Glenborough Dr, Houston, TX 77060						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						4/27/2032						525.3						525.3						488.0						0.12		%
Phylicia Taniel Cook			(#)			9A Rue Dubois, Lady’s Island, SC 29907						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/26/2032						7.6						7.6						7.0						—		%
Royal Home Care and Staffing LLC			(#)			2288 Blue Water Blvd, Odenton, MD 21113						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/26/2032						124.2						124.2						112.6						0.03		%
NetDVS Limited Liability Company			(#,^)			164 Brighton Rd, Clifton, NJ 07012						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/26/2032						49.7						49.7						43.6						0.01		%

25

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Lowery Pena Construction Company Inc			(#)			249 Mylnar Ave, Manteca, CA 95336						Construction of Buildings						Term Loan						Prime plus 2.75%						4/26/2032						218.7						218.7						192.1						0.05		%
Sherwood Sporthorses Inc			(#)			20530 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/25/2032						8.9						8.9						7.9						—		%
Matai's Creamery Inc			(#)			152 S Aiken Ln, Aiken, SC 29803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/25/2032						19.4						19.4						17.4						—		%
Social Link LLC dba Must See Nashville			(#)			1200 Clinton St, Nashville, TN 37203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/22/2032						18.6						18.6						16.4						—		%
SilverLo Enterprises LLC			(#)			2720 Old Rosebud Rd, Lexington, KY 40509						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/22/2032						49.7						49.7						52.5						0.01		%
LegacyWorx LLC dba HOTWORX			(#)			19764 Anderson Rd, Mt Vernon, WA 98274						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/22/2032						54.8						54.8						50.7						0.01		%
Miksanek Enterprises Inc			(#)			7633 East St Joe Hwy, Grand Ledge, MI 48837						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/22/2032						77.5						77.5						68.1						0.02		%
HealThySelf HealThyWorld LLC			(#)			3741 Parke Dr, Edgewater, MD 21037						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/22/2032						85.7						85.7						86.4						0.02		%
Squarehaus LLC			(#)			119 Regal Row, Ste D, Dallas, TX 75247						Construction of Buildings						Term Loan						Prime plus 2.75%						4/22/2032						273.3						273.3						247.4						0.06		%
Olde Colonial Realty, Inc dba Olde Colonial Restoration			(#)			2033 Forest Dr, Fayetteville, GA 30214						Construction of Buildings						Term Loan						Prime plus 2.75%						4/22/2032						41.7						41.7						36.8						0.01		%
Pitmilly LLC			(#)			28 Scarlet Oak Dr, Lafayette Hill, PA 19444						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/21/2032						12.5						12.5						11.6						—		%
CARMEN STOCKING LLC			(#)			84122 Avendia Cedrus, Coachella, CA 92236						Truck Transportation						Term Loan						Prime plus 6.5%						4/20/2032						24.9						24.9						25.2						0.01		%
Hartman Family Wellness, PLLC.			(#)			3951 Brown TRL, Colleyville, TX 76034						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/20/2032						45.7						45.7						43.4						0.01		%
Lice Ladies Atlanta, LLC			(#)			6 Executive Park Dr NE Ste T25, Atlanta, GA 30329						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						4/20/2032						8.6						8.6						7.6						—		%
Alien Technologies Inc dba Apex Call Centers			(#)			6640 Lusk Blvd., San Diego, CA 62121						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/20/2032						492.5						492.5						442.6						0.11		%
Dahlberg Enterprises LLC dba Alpine Janitorial			(#)			4070 Bluewing Ln, Washoe Valley, NV 89704						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/20/2032						71.0						71.0						62.7						0.02		%
Melanj Hair LLC			(#)			3781 Alpine Ridge Ln, Memphis, TN 38125						Nonstore Retailers						Term Loan						Prime plus 2.75%						4/20/2032						22.4						22.4						19.6						—		%
Relax Mind & Body Massage PLLC			(#)			3710 168th St NE, Arlington, WA 98223						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/19/2032						50.8						50.8						44.6						0.01		%
Chu Management Group, LLC dba Juicy Lou's Burgeria			(#)			1245 Libra Dr, Lincoln, NE 68512						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/19/2032						18.6						18.6						16.7						—		%
Redmond Investments LLC dba FiiZ Drinks			(#)			2340 Texas Heritage Pkwy, Ste 900, Brookshire, TX 77423						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/19/2032						25.6						25.6						23.6						0.01		%
CBK Construction LLC			(#)			315 E North St, Kalamazoo, MI 49007						Construction of Buildings						Term Loan						Prime plus 2.75%						4/18/2032						496.9						496.9						466.3						0.12		%
Taylor Events Inc.			(#)			2502 Chelsea St, Orlando, FL 32803						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/18/2032						52.2						52.2						46.8						0.01		%

26

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ambient Bamboo Products, Inc			(#)			6375-6411 E Northwest Hwy Ste 160, Dallas, TX 75214						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						4/15/2032						170.2						170.2						149.6						0.04		%
Ag to go, LLC			(#)			395 Summit Point Dr, Henrietta, NY 14467						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/15/2032						124.2						124.2						112.2						0.03		%
Salamanca Foods Inc.			(#)			35 Church St, Salamanca, NY 14779						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/15/2032						310.6						310.6						294.2						0.07		%
B.G. Technical, Inc..& Linal OG Services LLC			(#)			12808 West Airport Blvd., Sugar Land, TX 77478						Support Activities for Mining						Term Loan						Prime plus 2.75%						4/15/2032						1,242.3						1,242.3						1,263.8						0.32		%
QVS Corporation dba Quilcene Village Store			(#)			294235 US-101, Quilcene, WA 98376						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/15/2047						47.7						47.7						53.8						0.01		%
OP Electric LLC			(#)			1201 Silva St, Snohomish, WA 98290						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/15/2032						18.6						18.6						16.4						—		%
Terra Motor Sports LLC			(#)			11935 124th Ave NE, Kirkland, WA 98034						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						4/14/2032						14.9						14.9						13.5						—		%
Evolution Eats LLC			(#)			843 Highland View Ln, Metamora, MI 48455						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/14/2032						54.9						54.9						48.7						0.01		%
IMO GLOW LLC			(#)			4251 Salzedo St, Coral Gables, FL 33134						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/13/2032						145.1						145.1						129.6						0.03		%
Law Office Yesenia Collazo PA			(#)			10200 NW 25th St, Doral, FL 33172						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/13/2047						65.2						65.2						73.6						0.02		%
STAR AUTO BODY, LLC			(#)			1610 N Fairview St, Santa Ana, CA 92706						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/12/2047						277.3						277.3						297.7						0.08		%
Jeremy Handyman Service LLC			(#)			319 Spring Ln, Destin, FL 32541						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/12/2032						15.0						15.0						15.1						—		%
Russell Major			(#)			5329 Main Rd, Sweet Valley, PA 18656						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/12/2032						12.5						12.5						12.6						—		%
Royaltyzilla Associates LLC			(#)			40315 Michigan Ave #99, Canton, MI 48188						Support Activities for Transportation						Term Loan						Prime plus 6.5%						4/12/2032						24.9						24.9						25.2						0.01		%
Lewes Bottom Line LLC			(#)			32099 Conleys Chapel Rd, Lewes, DE 19958						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2032						48.3						48.3						45.1						0.01		%
Maureen E Sweeney PsyD			(#)			4612 Overland Rd, Bensalem, PA 19020						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/12/2032						20.2						20.2						19.1						—		%
Active Learning Academy-Norton LLC			(#)			2535 North Studio Rd, Bend, OR 97701						Social Assistance						Term Loan						Prime plus 2.75%						4/11/2047						163.4						163.4						181.6						0.05		%
Neitz Electrical Contracting LLC			(#)			547 Crown St, Morrisville, PA 19067						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/11/2032						14.9						14.9						13.6						—		%
TSMA of Short Hills Inc			(#)			531 Millburn Ave, Short Hills, NJ 07078						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/8/2032						11.5						11.5						10.1						—		%
PER-Gus, LLC			(#)			70 River Run Rd, Keystone, CO 80435						Rental and Leasing Services						Term Loan						Prime plus 2.75%						4/8/2047						649.3						649.3						733.1						0.19		%
Royal Brand Resturants Inc dba Huckleberry’s			(#)			4360 W. Shaw Ave, Fresno, CA 93722						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/8/2033						41.4						41.4						38.9						0.01		%
Bakersfield Glass and Window Inc & M & M Rogers LLC			(#)			1030 Alta Vista Dr, 954, Bakersfield, CA 93305						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/8/2032						79.5						79.5						84.0						0.02		%

27

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Eminat, LLC dba Eminat Research Group			(#)			14601 SW 29th St, Miramar, FL 33027						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/8/2032						22.4						22.4						19.6						—		%
Optima Holdings LLC			(#)			45 Charles Hommel Rd, Saugerties, NY 12477						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/7/2032						14.8						14.8						13.0						—		%
Little Milestones For Small Discoveries LLC			(#)			28 Suburbia Dr, Jersey City, NJ 07305						Social Assistance						Term Loan						Prime plus 2.75%						6/6/2032						38.5						38.5						34.4						0.01		%
Devine Fitness LLC			(#)			40 N 2nd St, Rio Vista, CA 94571						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/6/2032						19.0						19.0						17.4						—		%
Designer Golf Scorecards LLC			(#)			1014 US-19, Holiday, FL 34691						Printing and Related Support Activities						Term Loan						Prime plus 6.5%						4/1/2032						25.0						25.0						25.3						0.01		%
Jonathan D. Pratt dba Jon Pratt Carpentry			(#)			1405 Canton Ave, Milton, MA 02186						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/1/2032						15.0						15.0						15.2						—		%
Samson Cinema Holdings, Inc			(#)			1400 Pile St, Clovis, NM 88101						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						9/30/2047						361.7						361.7						408.3						0.10		%
New Life Center for Family Enrichment LLC			(#)			Plaza 38, 1509 Route 38, Units 1 & 2, Hainesport, NJ 08036						Social Assistance						Term Loan						Prime plus 2.75%						3/31/2032						46.7						46.7						41.0						0.01		%
Remote Alaska Solutions Inc; Alaska Concrete Solutions Inc & RAS Energy			(#)			450 S Old Trunk Rd, Palmer, AK 99645						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2032						630.7						630.7						593.6						0.15		%
Brandon Liberty Enterprises LLC			(#)			216 N Main St, Plattsburg, MO 64477						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/31/2032						15.6						15.6						13.7						—		%
ZenDog, LLC			(#)			858 C Ridge Rd, Duson, LA 70529						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/31/2032						38.0						38.0						33.4						0.01		%
JLK Construction, LLC			(#)			1214 Frederick Ave, St Joseph, MO 64501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/31/2032						1,235.1						1,235.1						1,153.2						0.29		%
Robert H Lund DDS Inc.			(#)			3829 Hayvenhurst Dr, Encino, CA 91436						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2032						175.1						175.1						161.8						0.04		%
Appian Logic LLC			(#)			911 Falls Manors Ct,, Great Falls, VA 22066						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/31/2032						494.0						494.0						435.1						0.11		%
Lounge Around, LLC;Enlight, LLC;Hour Entertainment LLC;Bobby Morganste			(#)			77 Buck Rd, Huntingdon Valley, PA 19006						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/30/2047						278.8						278.8						314.8						0.08		%
Lounge Around, LLC;Enlight, LLC; Hour Entertainment LLC			(#)			77 Buck Rd, Huntingdon Valley, PA 19006						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/30/2047						190.9						190.9						215.5						0.05		%
LINDBERG-TURNER MEDICAL EQUIPMENT LLC			(#)			315 Mission St SE Ste 100, Salem, OR 97302						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/30/2032						227.0						227.0						201.1						0.05		%
Jack's Legacy Services, LLC			(#)			1901 Avacado Ave, Melbourne, FL 32935						Support Activities for Transportation						Term Loan						Prime plus 2.75%						3/29/2032						509.1						509.1						482.3						0.12		%
All Green Turf Management LLC			(#)			126 Emerald Ct, Liberty, SC 29657						Crop Production						Term Loan						Prime plus 2.75%						3/29/2032						13.2						13.2						14.0						—		%
Tiny's Gumbo Bar NYC LLC			(#)			275 Church St, New York, NY 10013						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/29/2032						22.4						22.4						20.4						0.01		%
Rella Rells Solutions, LLC			(#)			15401 Delahunty Ln, Pflugerville, TX 78660						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 6.5%						3/28/2032						5.4						5.4						5.5						—		%

28

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Innovations LLC			(#)			8950 Villa La Jolla Dr C-114, San Diego, CA 92037						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/28/2032						494.0						494.0						439.6						0.11		%
SHIELD TRANSPORTATION INC			(#)			9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415						Transit and Ground Passenger Transportation						Term Loan						Prime plus 6.5%						3/28/2032						24.8						24.8						25.1						0.01		%
Ignite Health Solutions LLC			(#)			3251 Cedar St, Unit B, Philadelphia, PA 19134						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/28/2032						64.2						64.2						56.9						0.01		%
Chantay Richards LLC			(#)			19800 Hawthorne Blvd, Torrance, CA 90503						Personal and Laundry Services						Term Loan						Prime plus 6.5%						3/28/2032						24.8						24.8						25.1						0.01		%
RS Dean Enterprises and RCSC Properties			(#)			3609 RICHLAND AVE W, Aiken, SC 29801						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						3/25/2047						397.0						397.0						411.0						0.10		%
The Atticus Group, LLC			(#)			2 W Market St, West Chester, PA 19382						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/25/2032						247.0						247.0						235.2						0.06		%
Aspen Welding LLC			(#)			28803 Hwy 6, Rifle, CO 81650						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/25/2032						202.1						202.1						179.7						0.05		%
4 POINTS TOWING & ROADSIDE SERVICE LLC;4 Points Automotive LLC			(#)			5425 Willow Grove Rd, Camden Wyoming, DE 19934						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/25/2047						449.0						449.0						468.9						0.12		%
I'm HO-B LLC			(#)			3320 Silas Creek Pkwy, Winston-Salem, NC 27103						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						3/25/2032						123.5						123.5						108.3						0.03		%
Todd Eric Chumbley and Neptune Aquarium Design Inc			(#)			11315 Sunrise Gold Circle, Rancho Cordova, CA 95742						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/24/2032						76.0						76.0						66.6						0.02		%
Little Angels Daycare and Learning Center LLC and Laboy & Diaz LLC			(#)			4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						3/24/2048						5.0						5.0						5.6						—		%
Leedann Properties LLC			(#)			534 Mill St SE, Gainesville, GA 30501						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/24/2032						29.5						29.5						26.0						0.01		%
All American Spirit Moving Co. LLC			(#)			14512 SE 262nd St, Kent, WA 98042						Truck Transportation						Term Loan						Prime plus 2.75%						3/24/2032						42.1						42.1						36.9						0.01		%
JC Wild Birds LLC			(#)			5020 N Nevada Ave, Colorado Springs, CO 80918						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/24/2032						21.2						21.2						18.8						—		%
Wonderly Trucking & Excavating, LLC and Wonderly Real Estate, LLC			(#)			3939 Fremont Pike, Perrysburg, OH 43551						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/24/2032						489.1						489.1						460.4						0.12		%
Alert Traffic Control, Inc and Remsund Group Inc			(#)			543 Sower Dr, Bayfield, CO 81122						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/24/2047						486.3						486.3						505.3						0.13		%
Early Care Evolution LLC			(#)			823 Roget Way, Lawrenceville, GA 30045						Educational Services						Term Loan						Prime plus 6.5%						3/23/2032						18.3						18.3						18.5						—		%
Impresa Building Systems of Greenwood, SC, LLC			(#)			161 Rock Church Rd SE, Greenwood, SC 29649						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						10/23/2032						605.6						605.6						576.6						0.15		%
Lehigh Auto Sales and Service LLC			(#)			826 Hanover Ave, Allentown, PA 18109						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/23/2032						24.8						24.8						25.0						0.01		%
GAIA INC			(#)			513 1st St, Cheney, WA 99004						Real Estate						Term Loan						Prime plus 6.5%						3/23/2032						24.8						24.8						25.0						0.01		%

29

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Happy Employment LLC			(#)			268 Brookdale Dr, Little Elm, TX 75068						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/23/2047						67.3						67.3						76.0						0.02		%
Zenoff Products. Inc.			(#)			25 Tamalpais Ave, San Anselmo, CA 94960						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/21/2032						494.0						494.0						433.2						0.11		%
Evolving Nurse, LLC			(#)			2940 Noble Rd, Cleveland Heights, OH 44121						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/18/2047						86.5						86.5						97.7						0.02		%
Zeroholding, LLC			(#)			11175 Cicero Dr, Alpharetta, GA 30022						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2032						864.5						864.5						769.5						0.20		%
Firm Foundations, Inc.			(#)			1455 S Richland Creek Rd, Sugar Hill, GA 30518						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/18/2032						1,086.9						1,086.9						1,013.3						0.26		%
Ramay Consulting Inc			(#)			12 Lone Pine Trail Loop, High Rolls, NM 88325						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/17/2032						24.8						24.8						25.0						0.01		%
GreenLite Holdings LLC			(#)			2415 E Camelback Rd, Phoenix, AR 85016						Real Estate						Term Loan						Prime plus 2.75%						3/17/2032						22.2						22.2						19.5						—		%
Digital 1 Enterprises, Inc			(#)			5521 Fort Ave, Lynchburg, VA 24502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/17/2032						129.7						129.7						122.0						0.03		%
Resurgence Medical Spa LLC			(#)			3025 Matlock Rd, Arlington, TX 76015						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/17/2032						153.6						153.6						142.7						0.04		%
Venture 35 LLC			(#)			871 Buck Swamp Rd, Goldsboro, NC 27530						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/17/2032						229.8						229.8						242.5						0.06		%
East Side Muay Thai LLC			(#)			2135 General Booth Blvd, Virginia Beach, VA 23454						Educational Services						Term Loan						Prime plus 6.5%						3/17/2032						12.4						12.4						12.5						—		%
Venture 35 LLC			(#)			871 Buck Swamp Rd, Goldsboro, NC 27530						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/17/2047						374.1						374.1						422.3						0.11		%
Sip E Cup 225 LLC			(#)			1833 Beaumont Dr, Baton Rouge, LA 70806						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/16/2032						16.4						16.4						16.8						—		%
Tess Care Living Home LLC			(#)			19200 SW Kinnaman Rd, Beaverton, OR 97078						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/15/2032						14.8						14.8						13.0						—		%
HAVAM LLC & Anderson and Mason LLC dba Foxes Bar & Grill			(#)			30 Welland Ave, Irvington, NJ 07111						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/15/2047						140.4						140.4						146.5						0.04		%
North Atlanta pediatrics and family care and Zuberi Medical Clinic, PC			(#)			325 Lester Rd NW, Lawrenceville, GA 30044						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/15/2032						151.2						151.2						132.5						0.03		%
Silbertechit LLC			(#)			300 Tice Blvd, Woodcliff Lake, NJ 07677						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/15/2032						1,072.0						1,072.0						940.0						0.24		%
Berens and Miller PA			(#)			80 S 8th St, Ste 3720, Minneapolis, MN 55402						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/15/2032						296.4						296.4						260.4						0.07		%
Stuff by SJ LLC			(#)			342 Bloomfield Ave, Montclaire, NJ 07042						Food Manufacturing						Term Loan						Prime plus 2.75%						3/15/2032						47.8						47.8						42.8						0.01		%
AISJ1, Inc. dba America Italiana			(#)			275 E Brokaw Rd, San Jose, CA 95112						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/14/2032						274.2						274.2						240.4						0.06		%
Exclusive Automation, LLC dba Surety Automation			(#)			488 Gilia Dr, Spring Creek, NV 89815						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/14/2032						20.0						20.0						17.5						—		%
Charlotte County Painting and Resurfacing Inc.			(#)			1439 Shields St, Port Charlotte, FL 33980						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/14/2047						126.4						126.4						140.3						0.04		%

30

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Resource Group Inc			(#)			5775 Glenridge Dr, Ste B430, Sandy Springs, GA 30328						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/11/2032						61.8						61.8						61.5						0.02		%
Happier Now LLC			(#)			724 Homestead Rd, La Grange Park, IL 60526						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/11/2032						6.3						6.3						5.5						—		%
Stones Flippin Pizza, Inc			(#)			127614 Clinton Keith Rd, Ste D-102, Murrieta, CA 92562						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/11/2032						37.2						37.2						32.7						0.01		%
AMG Auto Inc			(#)			1020 Route 22, Somerville, NJ 08876						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/11/2032						688.1						688.1						603.3						0.15		%
MVT Contractors LLC			(#)			46 Bayard St, Ste 418, New Brunswick, NJ 08901						Construction of Buildings						Term Loan						Prime plus 2.75%						3/11/2032						14.8						14.8						13.4						—		%
Southdown Coffee, LLC;Southdown Coffee Port Jefferson, LLC & Southdown			(#)			49 Maple Ave, Sea Cliff, NY 11579						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/11/2032						23.1						23.1						21.8						0.01		%
Asad N. Chaudhry DDS PLLC;Asad N Chaudhry, LLC and MNC PROPERTIES			(#)			2571 Baglyos Circle, Bethlehem, PA 18020						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/11/2032						153.9						153.9						151.1						0.04		%
Hawthorne Country Store Inc			(#)			665-675 W Grand Ave, Escondido, CA 92025						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/11/2032						51.9						51.9						54.7						0.01		%
Eminere Hair LLC			(#)			303 W Division St, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/11/2032						7.4						7.4						6.5						—		%
Ororeal LLC			(#)			350 7th Ave, New York, NY 10001						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/11/2032						988.0						988.0						866.3						0.22		%
Magnum Paving, Inc. and Steven Haws Enterprises Inc			(#)			2425 S 10th Ave, Tucson, AZ 85713						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/11/2032						870.7						870.7						800.1						0.20		%
Two Chicks in the Mix LLC			(#)			6018 Shenandoah Ave, Los Angeles, CA 90056						Food Manufacturing						Term Loan						Prime plus 2.75%						3/11/2032						16.3						16.3						14.8						—		%
CELEBRATIONS! LLC			(#)			100 St..Marks St Dr, South Pekin, IL 61564						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/10/2047						6.6						6.6						7.3						—		%
Point Loma Tea, Inc.			(#)			2770 Historic Decatur Rd, San Diego, CA 92106						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/10/2032						46.7						46.7						40.9						0.01		%
SOGO TRADING, INC			(#)			23497 Eichler St, Hayward, CA 94545						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/10/2032						213.4						213.4						188.2						0.05		%
Inno Knits, LLC and Sports Brand Group, Inc.			(#)			2 Clerico Ln, Building 2 Ste 221, Hillsborough Township, NJ 08844						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/10/2032						370.5						370.5						324.9						0.08		%
NTIT Solutions, LLC dba GoLocker			(#)			141 Flushing Ave, Brooklyn, NY 11205						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/10/2032						21.8						21.8						19.1						—		%
DTT Enterprises, LLc dba Highstroke Media			(#)			6565 Austin Hope Ave, Las Vegas, NV 89118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/10/2032						86.5						86.5						75.8						0.02		%
Far Out Tiny Homes, Inc.			(#)			2870 E Serene Ave, Henderson, NV 89074						Construction of Buildings						Term Loan						Prime plus 2.75%						3/10/2032						14.8						14.8						13.0						—		%

31

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Willows Associates Psychological & Counselling Services Inc. and Bryan			(#)			857 Turnpike St., North Andover., MA 01845						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/10/2032						4.7						4.7						4.1						—		%
Szoj Jewelers Corp.			(#)			6 Georgia St, Jackson Township, NJ 08527						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						3/9/2032						14.8						14.8						13.3						—		%
Under the Rose Inc dba Avocado Cafe			(#)			11 Primrose St, Palmer Lake, CO 80133						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2047						299.0						299.0						322.3						0.08		%
LAST DROP FILMS, INC			(#)			4536 Avocado St, Los Angeles, CA 90027						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/9/2032						86.5						86.5						83.1						0.02		%
Edge Fitness Performance			(#)			100 General Oakley Dr, Ashland City, TN 37015						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/9/2032						16.0						16.0						14.0						—		%
Lion Inc. and Group1 Acquisitions LLC			(#)			318 W Half Day Rd, Buffalo Grove, IL 60089						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/8/2047						150.9						150.9						170.3						0.04		%
Wayne Rebarber D.C., P.C and Wayne C Rebarber			(#)			307 Raritan Ave, Highland Park, NJ 08904						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/8/2047						158.6						158.6						170.6						0.04		%
Heart to Heart Senior Care Center Inc			(#)			125 Charlton Dr, Madison, MS 39110						Social Assistance						Term Loan						Prime plus 2.75%						3/8/2032						39.0						39.0						40.9						0.01		%
Miramar MBA Financial Co			(#)			8380 Miramar Mall, San Diego, CA 92121						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/7/2032						123.8						123.8						108.5						0.03		%
LoveBirds LLC dba Wine and Design Fayetteville			(#)			113 Donaldson St, Fayetteville, NC 28301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/7/2032						44.2						44.2						38.8						0.01		%
Rogers Remodeling LLC			(#)			830 W 17th St, Bloomington, IN 47404						Construction of Buildings						Term Loan						Prime plus 2.75%						3/7/2032						14.8						14.8						13.0						—		%
Pulaski Lumber Company Inc			(#)			218 S 2ND ST Pulask,iIowa, Pulaski, IA 52584						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/7/2032						148.2						148.2						144.8						0.04		%
Malone Enterprises LLC dba Glass Doctor Auto of Midvale			(#)			8395 700 W, Midvale, UT 84070						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/7/2032						8.7						8.7						7.7						—		%
Short Order LLC and Kimmy Sue, LLC			(#)			2244 Wilmington Pike, Dayton, OH 45420						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/4/2047						84.4						84.4						89.2						0.02		%
Overgaard's Artcraft Printers Inc			(#)			2213 S Michigan St, South Bend, IN 46613						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/4/2032						69.2						69.2						66.2						0.02		%
PBKW Ltd dba KIDZ WATCH			(#)			580 Craig Dr Ste 8, Perrysburg, OH 43551						Social Assistance						Term Loan						Prime plus 2.75%						3/4/2032						50.6						50.6						44.5						0.01		%
Island Kaii & Company dba Island Kaii			(#)			20140 Livernois, Detroit, MI 48221						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/4/2032						19.5						19.5						17.1						—		%
Breakthrough Clinical Services LLC			(#)			378 Windsor Ave, Windsor, CT 06095						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/4/2047						58.4						58.4						64.0						0.02		%
Lions of Fortitude LLC dba : Fortitude Coffee Company			(#)			13086 Crestbrook Dr, Manassas, VA 20112						Food Manufacturing						Term Loan						Prime plus 2.75%						3/4/2032						14.8						14.8						13.8						—		%
Aracena Agency Corp			(#)			1767 NJ-10 Unit 4, Morris Plains, NJ 07950						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/2/2032						11.1						11.1						9.7						—		%
EAZZY AUTOMOTIVE INC.dba Eazzy Auto Brokers & Leasing			(#)			17087 E 8 Mile Rd, Eastpointe, MI 48021						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/2/2047						22.2						22.2						23.8						0.01		%

32

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Hardscape Factory LLC			(#)			3069 Lodgepole Dr, Whiteland, IN 46184						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/2/2032						7.4						7.4						6.5						—		%
Morris Law Firm P C			(#)			375 Linwood Ave, Buffalo, NY 14209						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/28/2032						85.9						85.9						78.4						0.02		%
SidEats Inc and Mad Twist, LLC			(#)			3633 S Ridgewood Ave, Port Orange, FL 32129						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2032						199.9						199.9						176.6						0.04		%
Gravy LLC dba Gravy and Salt & Schmaltz LLC			(#)			17629 Vashon Hwy SW, Vashon, WA 98070						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2047						165.6						165.6						179.9						0.05		%
Erupted Vapor LTD			(#)			6303 NE Hwy 99, Vancouver, WA 98665						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						2/28/2032						73.7						73.7						64.6						0.02		%
Candor Homes, LLC			(#)			217 NW Scott St, Ankeny, IA 50023						Construction of Buildings						Term Loan						Prime plus 2.75%						2/28/2032						15.5						15.5						15.2						—		%
Braswell Services, LLC			(#)			139 Miller Ave, New Boston, TX 75570						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/28/2032						417.4						417.4						366.0						0.09		%
Brittany L Smith dba Money Ball Enterprises			(#)			17 Davis Ave, Salem, NJ 08079						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2047						22.2						22.2						24.0						0.01		%
Benjamin J. Gush dba Professional Auto Wash			(#)			1345 Athalia Ave, Monessen, PA 15062						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/28/2032						43.0						43.0						42.3						0.01		%
S. Heaney Marine Construction Inc			(#)			118 Washington Ave, Greenport, NY 11944						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						2/28/2032						46.3						46.3						44.8						0.01		%
Praeder Ranch Resort L.L.C			(#)			30400 S Sunray Trail, Worley, ID 83876						Accommodation						Term Loan						Prime plus 2.75%						2/28/2047						535.6						535.6						595.5						0.15		%
Finishing Touch Lawncare and Landscape LLC			(#)			38575 Kost Trail, North Branch, MN 55056						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/28/2032						14.7						14.7						13.0						—		%
Jason Watt Pictures, LLC.			(#)			110 Broadway , Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						2/25/2032						11.0						11.0						9.7						—		%
Grey Enterprises LLC			(#)			1035 Pine Ave, Union, NJ 07083						Educational Services						Term Loan						Prime plus 2.75%						2/25/2032						14.7						14.7						12.9						—		%
Sunny Deals LLC			(#)			757 E Lewis and Clark Pkwy, Clarksville, IN 47129						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/25/2032						73.6						73.6						68.0						0.02		%
Action Lock and Key LLC			(#)			18428 N 32nd Dr, Phoenix, AZ 85053						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/25/2032						7.4						7.4						6.5						—		%
Fisher Custom Carpentry			(#)			79 Longwood Dr, Portland, ME 04102						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/25/2032						14.4						14.4						12.7						—		%
Northern Block Cortland LLC			(#)			38 Scammell St, Cortland, NY 13045						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						2/24/2032						9.3						9.3						8.1						—		%
Howell Chiropractic Center, PLLC			(#)			975 Riverbend Rd, Frankfort, KY 40601						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/24/2032						22.1						22.1						20.0						0.01		%
21st Century Living LLC			(#)			637 Violet Ave, Hyde Park, NY 12538						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/24/2047						108.3						108.3						111.5						0.03		%
KAAST Machine Tools Inc			(#)			3 Merion Terrace, Aldan, PA 19018						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/24/2032						196.4						196.4						190.8						0.05		%
Titheotokos, LLC			(#)			1995 US-1, Vero Beach, FL 32960						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/24/2047						239.0						239.0						261.4						0.07		%
J.D Towing LLC			(#)			1122 E Michigan Ave, Ypsilanti, MI 48198						Support Activities for Transportation						Term Loan						Prime plus 2.75%						6/24/2032						205.8						205.8						180.7						0.05		%

33

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

CFB Labor Solutions LLC			(#)			3330 Jack RD STE B, Clayton, NC 27520						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/24/2032						85.9						85.9						90.4						0.02		%
Puget Sound Plastering LLC			(#)			19104 Des Moines Memorial Dr, SeaTac, WA 98148						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/24/2032						16.2						16.2						14.2						—		%
PlantBased Innovations LLC			(#)			320 Hamilton St, Leominster, MA 01453						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						2/23/2032						939.6						939.6						856.5						0.22		%
IMO GLOW LLC dba IMO Cosmetic Dermatology			(#)			55 SE 6 St, Miami, FL 33131						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/23/2032						49.1						49.1						43.3						0.01		%
Red-Cap Industrial LLC			(#)			3314 GA-24, Waynesboro, GA 30830						Construction of Buildings						Term Loan						Prime plus 2.75%						2/23/2032						90.2						90.2						82.0						0.02		%
Prepster Brands LLC			(#)			401 McCalmont Rd, Renfrew, PA 16053						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						2/23/2032						9.3						9.3						8.1						—		%
Destined BJJ LLC			(#)			33390 Barmetta Ln, Temecula, CA 92592						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/23/2032						14.1						14.1						12.3						—		%
The Refined RN LLC			(#)			7 Kimball Ln, Lynnfield, MA 01940						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/23/2032						7.4						7.4						6.5						—		%
530 Strength & Conditioning			(#)			629 Entler Ave, Chico, CA 95928						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/22/2032						7.4						7.4						6.5						—		%
Electronics Row LLC			(#)			10601 W Interstate 70 Frontage Rd N, Wheat Ridge, CO 80033						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/22/2032						245.5						245.5						215.2						0.05		%
Icebox Café L.C			(#)			219 NE 3rd St, Hallandale Beach, FL 33009						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/22/2032						43.0						43.0						37.7						0.01		%
Sound Track USA LLC			(#)			6309 NW 99th Ave, Doral, FL 33178						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/22/2032						51.6						51.6						46.2						0.01		%
Sherwood Hospitality Group LLC and Sherwood Walker Properties LLC			(#)			5404 Hoover Blvd, Tampa, FL 33634						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/22/2047						1,245.0						1,245.0						1,405.7						0.36		%
Mike N Jac Enterprises, Inc. dba Batteries Plus			(#)			115 Fairview Rd, Unit 8, Ellenwood, GA 30294						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						6/22/2032						94.5						94.5						84.3						0.02		%
Easy Touch Personal Home Care			(#)			89 Stallion Way, Hiram, GA 30141						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/22/2047						87.2						87.2						94.7						0.02		%
NBR Group LLC			(#)			1068 Pontiac Rd, Drexel Hill, PA 19026						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/22/2032						22.1						22.1						19.9						0.01		%
Kinly Signs, Inc			(#)			2485 County Rd 1, South Point, OH 45680						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						2/22/2032						67.5						67.5						59.2						0.02		%
Blessing Hands Home Care LLC			(#)			610 N Jackson St, Raymore, MO 64083						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/22/2032						14.7						14.7						13.0						—		%
A&RS CPR LLC dba CPR Cell Phone Repair Beaverton			(#)			3905 SW 117th Ave, Oregon City, OR 97045						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/22/2032						53.0						53.0						55.9						0.01		%
Mack Thornton Logistics LLC dba The UPS Store			(#)			300 A Ave Building 1605, Fort Lee, VA 23801						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/22/2032						38.3						38.3						33.8						0.01		%
Temecula Electrical Supply Inc			(#)			41992 Avenida Alvarado, Temecula, CA 92590						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/18/2032						122.7						122.7						121.7						0.03		%
Flavor Junction LLC			(#)			5 Karbe Pl, Dix Hills, NY 11746						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/18/2032						14.1						14.1						13.0						—		%

34

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Black Phoenix Enterprises LLC			(#)			228 Park Ave S, New York, NY 10003						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						2/18/2032						14.7						14.7						15.2						—		%
Wbe line services, LLC			(#)			437 Twining Ford Rd, Richboro, PA 18954						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/18/2032						270.8						270.8						237.5						0.06		%
Mr and B Snacks Inc			(#)			1391 Clay St, Elmont, NY 11003						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						2/18/2032						147.3						147.3						129.1						0.03		%
Unlimited Communication, Inc			(#)			1238 E Beamer St, Ste A, Woodland, CA 95776						Telecommunications						Term Loan						Prime plus 2.75%						2/18/2032						1,229.2						1,229.2						1,121.1						0.28		%
Donald Patton dba Splash N' Go			(#)			3367 Hwy 48 N, Charlotte, TN 37036						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/18/2047						85.9						85.9						96.9						0.02		%
MAIC Operations Corp			(#)			2145 Couty Rd 39, Southampton, NY 11968						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						2/18/2032						208.6						208.6						220.2						0.06		%
Hillside Kitchens Inc.			(#)			345 Hillside Ave Ste C, Williston Park, NY 11596						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/18/2032						70.5						70.5						61.9						0.02		%
Enchanted Jewelry CT LLC & Keith and St George Enterprises, LLC			(#)			26 Tanglewood Dr, Preston, CT 06365						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						2/17/2047						82.4						82.4						86.7						0.02		%
Liberty Lane Stables LLC			(#)			N5090 Bowers Rd, Elkhorn, WI 53121						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						2/17/2047						174.3						174.3						190.3						0.05		%
Brooklyn Cannery LLC			(#)			145 12th St, Brooklyn, NY 11215						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/17/2032						55.2						55.2						54.6						0.01		%
J R Bolton Services, Inc and My Guy Heating & Air Conditioning Inc			(#)			160 Peachtree Industrial Blvd, Sugar Hill, GA 30518						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/17/2032						147.3						147.3						129.6						0.03		%
4MAS Grooming Inc			(#)			148 Burnetts Way, Suffolk, VA 23434						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/17/2032						85.9						85.9						75.3						0.02		%
FAVIS USA INC			(#)			5321 Perimeter Pkwy, Montgomery, AL 36116						Machinery Manufacturing						Term Loan						Prime plus 2.75%						2/16/2032						46.5						46.5						46.5						0.01		%
Commercial Properties R US LLC			(#)			3800 Inverrary Blvd, Lauderhill, FL 33319						Real Estate						Term Loan						Prime plus 2.75%						2/16/2032						15.2						15.2						13.7						—		%
Tidal commerce Inc			(#)			2100 Clearwater Dr, Oak Brook, IL 60523						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						2/16/2032						286.0						286.0						250.7						0.06		%
Phat Patrick Tran Winfield Kenny Auto Service			(#)			3637 Snell Ave, San Jose, CA 95136						Repair and Maintenance						Term Loan						Prime plus 2.75%						2/16/2032						19.1						19.1						16.9						—		%
Behr Enterprise Solutions LLC			(#)			110 Garren Rd, Belton, SC 29627						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/15/2032						22.1						22.1						21.8						0.01		%
Spickard Agency LLC			(#)			6874 Reinhardt College Pkwy, Waleska, GA 30188						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						2/14/2032						22.1						22.1						19.4						—		%
Apple Spider LLC dba The Huntsman & Renninger Properties LLC			(#)			4923 Buck Lake Rd, Tallahassee, FL 32317						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/14/2047						250.0						250.0						274.6						0.07		%
GET CLEAN SERVICES LLC			(#)			4100 W Eldorado Pkwy STE 100-64, McKinney, TX 75070						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/14/2032						1,229.2						1,229.2						1,083.8						0.27		%
Initium health			(#)			1401 Wewatta St, Wheat Ridge, CO 80202						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/14/2032						326.5						326.5						286.3						0.07		%

35

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Faza Contractors Inc.			(#)			798 Prairie Rd, West Palm Beach, FL 33406						Construction of Buildings						Term Loan						Prime plus 2.75%						2/14/2032						14.7						14.7						12.9						—		%
GREEN COPPERFIELD LLC			(#)			7730 Pinemont Dr, Houston, TX 77040						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						2/11/2032						147.3						147.3						129.1						0.03		%
JOSEPH COSTA dba COSTA AG COMPLIANCE			(#)			27912 Cooperstown Rd, La Grange, CA 95329						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						2/11/2032						10.3						10.3						9.0						—		%
William R Kretzer LLC			(#)			10375 Park Meadows Dr, Lone Tree, CO 80124						Real Estate						Term Loan						Prime plus 2.75%						2/11/2032						11.6						11.6						10.2						—		%
Yachting Solutions LLC			(#)			229 Commercial St, Rockport, ME 04856						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						2/11/2032						143.6						143.6						139.2						0.04		%
AJ Benavidez Inc dba The Camp Transformation Center			(#)			417 Unity Court, Roseville, CA 95678						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/11/2032						58.9						58.9						52.6						0.01		%

DA VINCI FILMS LLC dba MEATPACKING PRODUCTIONS			(#)			2813 Palisade Ave, Union City, NY 07087						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						2/11/2032						85.9						85.9						75.3						0.02		%
NaSH Lifestyle LLC			(#)			123 Emery St, Hempstead, NY 11550						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/11/2047						87.2						87.2						98.4						0.02		%
Homescapes LLC			(#)			170 Kehle Rd, Madison, MS 39110						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/10/2032						64.6						64.6						56.9						0.01		%
589 11th Tavern Inc.dba MCQUAIDS PUBLIC HOUSE			(#)			589 11th Ave, New York, NY 10036						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2032						14.7						14.7						12.9						—		%
BSRR LLC			(#)			400 N McKinney St, Mexia, TX 76667						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/9/2032						143.6						143.6						131.8						0.03		%
Tatum Global Services LLC			(#)			8097 Sudley Rd, Manassas, VA 20109						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/9/2032						140.8						140.8						127.0						0.03		%
Safetypawz LLC			(#)			11110 Sunset Hills Rd, Reston, VA 20195						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/9/2032						110.5						110.5						96.8						0.02		%
ERA SOLUTIONS, LLC			(#)			2824 Progressive Dr, Edmond, OK 73034						Educational Services						Term Loan						Prime plus 2.75%						2/9/2032						31.0						31.0						27.2						0.01		%
Redwell Enterprises LLC			(#)			417 Red Well Rd, New Holland, PA 17557						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/9/2032						80.7						80.7						71.5						0.02		%
Sacred Space Midwifery, LLC			(#)			16050 Wayne St, Union, MI 49130						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/7/2047						46.1						46.1						50.4						0.01		%
Element RCM, LLC			(#)			8354 Northfield Blvd, Ste 300, Denver, CO 80238						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/7/2032						70.9						70.9						62.2						0.02		%
Lee Phamily Group, LLC dba Nothing Bundt Cakes			(#)			701 N Milwaukee Ave, Vernon Hills, IL 60061						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/4/2032						187.8						187.8						167.0						0.04		%
JayJs Zone LLC dba Wing Zone			(#)			1860 Front St, East Meadow, NY 11554						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/4/2032						7.1						7.1						6.2						—		%
Satsuma Resources LLC dba Triumph International			(#)			22 N Bardsbrook Circle, Ste 201, Spring, TX 77382						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/4/2032						77.3						77.3						68.0						0.02		%
Coffee Sales LLC			(#)			85 N Gould St Ste 400, Sheridan, WY 82801						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/4/2032						11.5						11.5						10.1						—		%
Neuline Health Management LLC			(#)			1402 S Custer Rd, McKinney, TX 75072						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/4/2032						638.2						638.2						589.5						0.15		%

36

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GUY HANCOCK INVESTMENTS, INC.dba GUY'S AIR CONDITIONING & HEATING			(#)			19917 FM 1485 Rd, New Caney, TX 77357						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						2/3/2032						51.5						51.5						45.2						0.01		%
James Hercey dba East River Armament			(#)			274 Chapelview Rd, Bluefield, WV 24701						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/2/2032						15.8						15.8						13.9						—		%
Third Coast Parasail Company			(#)			1237 N Stingaree Dr, Crystal Beach, TX 77650						Educational Services						Term Loan						Prime plus 2.75%						2/2/2047						66.2						66.2						72.5						0.02		%
Tasker Healthcare Group P.C.			(#)			910 E Willow Grove Ave, Wyndmoor, PA 19038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/31/2032						89.0						89.0						88.2						0.02		%
BITM Legacy LLC dba 911 Restoration of San Antonio			(#)			8839 Feather Trail, Helotes, TX 78023						Construction of Buildings						Term Loan						Prime plus 2.75%						1/31/2032						17.3						17.3						15.6						—		%
Pernicano Enterprises Inc			(#)			1138 S Rio Vista Blvd, Fort Lauderdale, FL 33316						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/31/2032						65.8						65.8						57.7						0.01		%
JG Beauty Group Inc dba SUGARINGNYC DALLAS			(#)			11617 Coral Hills Dr, Dallas, TX 75229						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/30/2032						95.0						95.0						83.5						0.02		%
The Natural Place Medspa Inc and The Natural Place Property Management			(#)			11975 Main St, Broomfield, CO 80020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/31/2047						82.8						82.8						87.7						0.02		%
Arcas Machine Inc			(#)			700 N Neely St, Gilbert, AZ 85233						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						1/31/2032						170.7						170.7						149.7						0.04		%
Change Inc,Turning Leaf Agency Inc,Change Meadowbrook Manor Inc			(#)			1251 South Main St, Middletown, CT 06457						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/31/2032						69.9						69.9						67.4						0.02		%
Tasker Healthcare Group, P.C.and Cleotomarie, LLC			(#)			910 E Willow Grove Ave, Wyndmoor, PA 19038						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/31/2047						323.2						323.2						364.9						0.09		%
ALTAMAHA DME INC			(#)			477 S 1st St, Jesup, GA 31545						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						1/28/2032						71.5						71.5						70.7						0.02		%
Apex Grading Inc			(#)			3156 Gloria Ter, Layfayette, CA 95429						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/28/2032						243.9						243.9						213.8						0.05		%
Cutone & Company Consultants, LLC			(#)			43 W 33rd St, New York, NY 10001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/28/2047						1,248.6						1,248.6						1,375.8						0.35		%
Sims Management Services LLC			(#)			2905 Eastern Willow Ave, Orlando, FL 32808						Nonstore Retailers						Term Loan						Prime plus 2.75%						1/28/2032						14.6						14.6						12.8						—		%
Choice Care Learning Centers Inc			(#)			123 Park Ln Dr, Rutherfordton, NC 28139						Social Assistance						Term Loan						Prime plus 2.75%						4/28/2047						80.0						80.0						89.3						0.02		%
LR Greenview LLC dba Teaspoon			(#)			2977 Ygnacio Valley Rd, Walnut Creek, CA 94598						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/27/2032						38.2						38.2						34.1						0.01		%
TAMARIND LEARNING INC			(#)			20283 FL-7, Boca Raton, FL 33498						Educational Services						Term Loan						Prime plus 2.75%						1/27/2032						317.1						317.1						278.0						0.07		%
TeugByeolHan Licensed Clinical Social Worker Inc			(#)			1611 S Pacific Coast Hwy, Redondo Beach, CA 90277						Social Assistance						Term Loan						Prime plus 2.75%						1/26/2032						8.5						8.5						7.4						—		%
S&W Sales and Service LLC			(#)			240 Industrial Park Rd, Fort Valley, GA 31030						Construction of Buildings						Term Loan						Prime plus 2.75%						1/26/2032						134.1						134.1						130.6						0.03		%
K&A Automotive Inc			(#)			2070 Nooseneck Hill Rd, Coventry, RI 02816						Gasoline Stations						Term Loan						Prime plus 2.75%						5/26/2047						56.1						56.1						63.4						0.02		%

37

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

1st Star Alacer LLC			(#)			2251 Dehne Rd,, Northbrook, IL 60062						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/25/2032						14.6						14.6						12.8						—		%
Shauna Roberts Licensed Marriage Family Therapist			(#)			2270 Douglas Blvd, Roseville, CA 95661						Social Assistance						Term Loan						Prime plus 2.75%						1/24/2032						14.6						14.6						13.1						—		%
Normandie Eateries Inc			(#)			10111 Normandie Ave, Los Angeles, CA 90044						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/21/2032						122.0						122.0						107.2						0.03		%
Kynytyx Inc.			(#)			990 Station Rd, Bellport, NY 11713						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						1/21/2032						109.7						109.7						104.0						0.03		%
Treehouse Enterprises, Inc. dba Graze Craze			(#)			100 Cote Ave, Chicopee, MA 01020						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2032						19.4						19.4						17.5						—		%
CJAUTOPROS L.L.C.			(#)			943 Asheville Ave, Apt 207, Fort Mill, SC 29708						Nonstore Retailers						Term Loan						Prime plus 2.75%						1/21/2032						5.9						5.9						5.2						—		%
Strive Design Inc dba Fully Promoted			(#)			22221 Palos Verdes Blvd, Torrance, CA 90505						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/21/2032						56.1						56.1						49.2						0.01		%
Better Care Homes LLC			(#)			26677 W. 12 Mile Rd, Southfield, MI 48034						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/21/2032						61.0						61.0						53.5						0.01		%
KILTED BUILDERS, LLC dba KILTED HOME REPAIR			(#)			42 Stonehenge Dr, Henniker, NH 03242						Construction of Buildings						Term Loan						Prime plus 2.75%						1/21/2032						7.3						7.3						6.4						—		%
Maverick Well Service LLC			(#)			300 Farm to Market Rd 1252 E, Kilgore, TX 75662						Support Activities for Mining						Term Loan						Prime plus 2.75%						1/20/2032						1,219.4						1,219.4						1,186.2						0.30		%
LOOK AD ME LLC			(#)			9208 Ansel, Irvine, CA 92618						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/20/2032						4.7						4.7						4.7						—		%
TruYou Aesthetics LLC			(#)			3493 Rankin Ferry Loop, Louisville, TN 37777						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/20/2032						19.8						19.8						17.3						—		%
Wibaux Industries, L.L.C. dba Wibaux General Store			(#)			121 Wibaux St, Wibaux, MT 59353						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						1/19/2032						15.1						15.1						16.0						—		%
Vines & Bines, LLC dba Vintage Views Bar			(#)			515 Owens Way, Severna Park, MD 21146						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/19/2032						11.2						11.2						9.9						—		%
Astrodynamic Wines, LLC dba Oceano Wines			(#)			485 Morro Bay Blvd, Morro Bay, CA 93442						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						1/19/2032						22.0						22.0						19.7						—		%
MNJR0912 Inc dba HOTWORX			(#)			2703 East Broadway , Columbia, MO 65201						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/19/2032						30.6						30.6						29.9						0.01		%
Elizabeth Heil dba Harmony Hair Design			(#)			244 West Main St, Ste 2, Goshen, NY 10924						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/18/2032						5.8						5.8						5.0						—		%
Gs Chips inc			(#)			1010 4th St. SE, Canton, OH 44707						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						1/18/2032						72.4						72.4						64.4						0.02		%
11th Avenue, Inc.f/k/a Groopville Inc; Groopdealz, LLC and Grizzly			(#)			2728 E14th North, Idaho Falls, ID 83401						Nonstore Retailers						Term Loan						Prime plus 2.75%						1/14/2047						194.9						194.9						200.9						0.05		%
Fulton Beer Hall LLC dba Fulton Hall			(#)			250 Ashland Pl, Brooklyn, NY 11217						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/14/2032						11.3						11.3						9.9						—		%
Creek Outdoors LLC dba Creek Archery			(#)			114 McGrogan Rd, Ruffs Dale, PA 15679						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						1/14/2032						40.7						40.7						35.7						0.01		%

38

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Equestrian Services International, LLC			(#)			1261 F Rd, Loxahatchee, FL 33470						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/13/2032						69.8						69.8						61.3						0.02		%
Elite Roofing LLC			(#)			3600 Chamberlain Ln, Louisville, KY 40241						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/13/2032						13.2						13.2						11.5						—		%
Prime Way USA LLC dba Primeway Wood			(#)			3700 NW 124th Ave, Unit #137, Coral Springs, FL 33065						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						1/13/2032						85.4						85.4						74.8						0.02		%
Concord Technologies Inc			(#)			4635 SE 44th Ave, Portland, OR 97206						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/12/2032						57.1						57.1						50.0						0.01		%
HPT SOLUTIONS, INC.			(#)			1215 Lake Rise Overlook, Gallatin, TN 37066						Truck Transportation						Term Loan						Prime plus 2.75%						1/12/2032						36.6						36.6						32.1						0.01		%
Atlas Tr Inc dba Atlas General Construction			(#)			36391 Haley St, Newark, CA 94560						Construction of Buildings						Term Loan						Prime plus 2.75%						1/12/2032						61.0						61.0						55.2						0.01		%
Matthew McDonough dba Changing Gearz			(#)			161 Main St, West Newbury, MA 01985						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						1/6/2032						7.9						7.9						7.4						—		%
Clinical Assessment Group, LLC			(#)			4801 Lang Ave NE, Albuquerque, NM 87109						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/6/2032						4.4						4.4						3.8						—		%
OPC Group LLC			(#)			45 Irving Ave, Brooklyn, NY 11237						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						1/5/2032						19.8						19.8						17.7						—		%
Life at the Beach LLC dba Garra Spa			(#)			5675 N Atlantic Ave, Cocoa Beach, FL 32931						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/4/2032						36.8						36.8						32.9						0.01		%
3815 Media, Inc.			(#)			3201 Peachtree Corners Circle, Peachtree Corners, GA 30092						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/30/2031						360.9						360.9						375.8						0.10		%
Kosovar Corporation dba La Vista Ristorante Italiano			(#)			355 Smith Ridge Rd, South Salem, NY 10590						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2046						337.9						337.9						371.4						0.09		%
Belcher's Electric LLC			(#)			138 Dorchester St, Greenwood, SC 29646						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						19.6						19.6						17.1						—		%
Clean Pro 1, LLC			(#)			385 Boston Post Rd, Orange, CT 06477						Construction of Buildings						Term Loan						Prime plus 2.75%						5/29/2047						98.0						98.0						110.2						0.03		%
Calderon Insurance Agency dba California Liberty Insurance			(#)			5127 Franklin Blvd, #3, Sacramento, CA 95820						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/29/2046						179.8						179.8						188.3						0.05		%
Arclight Industries LLC			(#)			340 Quail Run Rd,, Venetia, PA 15367						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						37.2						37.2						40.4						0.01		%
Lillie Mae's Place LLC			(#)			57 Main St, East Haven, CT 06512						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2046						98.3						98.3						102.8						0.03		%
Happy Wheels Charter LLC			(#)			4 Old Elm St, Salusbury, MA 01952						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/29/2046						178.7						178.7						194.2						0.05		%
Henry J Fishman MVPC			(#)			2021 K St Ste 400 NW, Washington, DC 20006						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2031						327.1						327.1						287.2						0.07		%
3 Generations LLC			(#)			2800 Baton Rouge Rd, Williamstown, KY 41097						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2032						139.1						139.1						121.5						0.03		%
Inspired Education 2 LLC dba Happy Days 2			(#)			221 Edinburg Rd, Mercerville, NJ 08619						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						248.2						248.2						254.8						0.06		%

39

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Altitude Roofing LLC			(#)			2909 N Tindle Blvd, Flagstaff, AZ 86004						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						77.5						77.5						66.7						0.02		%
CPH Milpitas LLC dba Curry Pizza House			(#)			1806 Milmont Dr, Milpitas, CA 95035						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2031						84.8						84.8						73.4						0.02		%
Champion Volleyball Club of Houston LLC			(#,^)			19418 Pinehurst Trail Dr, Humble, TX 77346						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2046						160.3						160.3						171.1						0.04		%
Monticello Corporation dba Reid Super Save Market #3 and Millclem			(#)			600 Preston Ave, Charlottesville, VA 22903						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2031						67.8						67.8						71.1						0.02		%
Beyond the Numbers CPAs Inc			(#)			1004 Lewis Ave, Billings, MT 59102						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2046						139.0						139.0						149.7						0.04		%
NORTHCOMM LLC dba RFS Construction			(#)			213 Cascade View Court, East Wenatchee, WA 98802						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						84.5						84.5						72.7						0.02		%
The Dance Affair, Inc			(#,^)			850 N Winchester Blvd, San Jose, CA 95128						Educational Services						Term Loan						Prime plus 2.75%						12/29/2031						7.8						7.8						6.8						—		%
Hacienda Car Wash Inc.			(#)			2400 S Goliad St, Rockwall, TX 75032						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2046						51.6						51.6						56.5						0.01		%
Salon Sora LLC and Frank Marino			(#)			1675 North Military Trail, Boca Raton, FL 33433						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/29/2031						83.8						83.8						72.2						0.02		%
Pole Dance Carolinas LLC dba PoleFit Carolinas			(#)			9826 Gilead Rd, C -200, Hunterville, NC 28078						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2031						40.0						40.0						34.4						0.01		%
Eastern Aero Marine, Inc, dba EAM Worldwide			(#)			5502 NW 37th Ave, Miami, FL 33142						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						1,240.9						1,240.9						1,393.3						0.35		%
High Q Automotive Consulting andRide 4 U LLC			(#)			747 N State Rd 7, Plantation, FL 33317						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2046						1,240.8						1,240.8						1,321.2						0.33		%
RV'S-4-Less dba RV Liquidation Center			(#)			984 W Shaw Ave, Clovis, CA 93612						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2031						335.5						335.5						301.8						0.08		%
Nova Engineering Inc			(#)			4373 Viewridge Ave, Ste A, San Diego, CA 92123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2031						48.5						48.5						41.7						0.01		%
The Queen Ready Mix, Inc.			(#)			8702 Liberty Rd, Houston, TX 77028						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						12/29/2031						487.0						487.0						456.8						0.12		%
Hacienda Car Wash Inc.			(#)			2400 S Goliad St, Rockwall, TX 75087						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2031						9.7						9.7						9.6						—		%
Bright Horizons Preschool, LLC			(#)			275 Enterprise Dr, Valdosta, GA 31601						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						218.6						218.6						235.6						0.06		%
Unique Surveillance LLC and Fast Guard Service Worldwide, LLC			(#)			925 South 21st Ave, Hollywood, FL 33020						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/28/2031						1,189.4						1,189.4						1,046.7						0.27		%
Freedom Construction LLC			(#)			2897 E Massengale Rd, Shelbyville, IN 46176						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2031						10.5						10.5						9.8						—		%
CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC			(#)			4350 Canada Rd, :, Lakeland, TN 38002						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/28/2031						46.5						46.5						40.3						0.01		%
Lotus Care LLC			(#)			14000 Sunfish Lake Blvd, NW, MN 55303						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/28/2031						21.8						21.8						18.8						—		%

40

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Shieldcoat Technologies Inc			(#)			308 Ellen Trout Dr, Lufkin, TX 75904						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						12/28/2046						732.1						732.1						822.0						0.21		%
Colorado Avocado LLC dba Toastique			(#)			11590 Ridgeline Dr, Colorado Springs, CO 80921						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2032						167.5						167.5						146.5						0.04		%
Alaska Demolition, LLC			(#)			2817 Rampart Dr, Anchorage, AK 99501						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2046						1,240.9						1,240.9						1,393.3						0.35		%
The Beginning Zone			(#)			13709 S. Wilkie Ave, Gardena, CA 90249						Social Assistance						Term Loan						Prime plus 2.75%						12/23/2046						188.6						188.6						202.3						0.05		%
Nyssa Mercantile, LLC			(#,^)			119 Main St, Nyssa, OR 97913						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/23/2046						41.7						41.7						44.2						0.01		%
PKLoop Peer LLC			(#,^)			1051 Kaylie St, Grand Prairie, TX 75052						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/23/2031						21.8						21.8						20.0						0.01		%
Sk8 House Virginia Beach LLC			(#)			600 Lynnhaven Pkwy, Virginia Beach, VA 23452						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/23/2031						15.3						15.3						13.1						—		%
Nyssa Mercantile LLC			(#)			119 Main St, Nyssa, OR 97913						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/23/2031						55.7						55.7						51.0						0.01		%
M-23 Mechanical Systems			(#,^)			2974 Betsy Way, San Jose, CA 95133						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/23/2031						56.9						56.9						48.9						0.01		%
Outdoor Equipment Manufacturer, LLC			(#)			3520 NW 51st St, Miami, FL 33142						Textile Product Mills						Term Loan						Prime plus 2.75%						12/23/2031						90.8						90.8						95.0						0.02		%
Riaz and Son Inc and Uddin Family Realty			(#)			100-15 94th Ave, Ozone Park, NY 11416						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/23/2046						144.2						144.2						161.7						0.04		%
LDI Energy Services, LLC			(#)			6519 103 West Ave, Tioga, ND 58852						Support Activities for Mining						Term Loan						Prime plus 2.75%						12/22/2046						271.3						271.3						293.9						0.07		%
Plantation Shutter Co Inc			(#)			11704 Wilshire Blvd, Los Angeles, CA 90275						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/22/2031						84.8						84.8						72.9						0.02		%
Rana N. Hassan, M.D P.C			(#)			71 Franklin Ave, Franklin Square, NY 11010						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2031						110.5						110.5						96.0						0.02		%
Kinly Signs Corporation			(#)			2485 County Rd 1, South Point, OH 45680						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/22/2046						296.6						296.6						304.4						0.08		%
Scott Hollingsworth Equipment Company			(#)			17621 Perkins Rd, Baton Rouge, LA 70810						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/22/2031						63.7						63.7						66.7						0.02		%
The Handyman Clarksville, LLC			(#)			2727 Union Hall Rd, Clarksville, TN 37040						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						181.7						181.7						190.1						0.05		%
Mobile Bottling Source LLC			(#)			611 Green Sage Way, las Vegas, NV 89138						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/22/2031						181.7						181.7						160.2						0.04		%
C&C Contracting			(#)			10620 Southern Highlands Pkwy, Las Vegas, NV 89141						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						61.2						61.2						52.6						0.01		%
LDI Energy Services, LLC dba LDI Excavation			(#)			6519 103 West Ave, Tioga, ND 58852						Support Activities for Mining						Term Loan						Prime plus 2.75%						12/22/2031						318.1						318.1						291.3						0.07		%
HHLM LLC			(#)			535 Shawmut Ave, Boston, MA 02118						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/22/2031						13.6						13.6						11.8						—		%
BYC - La Quinta LLC dba Broken Yolk Cafe			(#)			78430 CA-111, La Quinta, CA 92253						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/22/2046						566.2						566.2						606.4						0.15		%

41

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Mercury Pharmacy Corporation			(#)			480 Chadbourne Rd, Fairfield, CA 94534						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/21/2031						181.0						181.0						155.6						0.04		%
360 GRIP AND ELECTRIC LLC and Julien Janigo			(#,^)			3500 Eagle Rock Blvd, Los Angeles, CA 90065						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/21/2031						79.9						79.9						71.6						0.02		%
Yours II Cosmetology Academy Inc			(#)			1416 W Columbia Ave, Battle Creek, MI 49015						Educational Services						Term Loan						Prime plus 2.75%						12/21/2047						823.8						823.8						925.3						0.23		%
QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC			(#)			2565 Lake Rockaway Rd SW, Conyers, GA 30012						Support Activities for Transportation						Term Loan						Prime plus 2.75%						12/21/2046						146.2						146.2						164.0						0.04		%
Alaska Industrial Paint, LLC and Endeavor Properties LLC			(#)			1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2047						25.0						25.0						28.1						0.01		%
Inobe LLC dba BLD2GO			(#,^)			1146 W Buckeye Rd, Phoenix, AZ 85007						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/21/2046						97.8						97.8						100.7						0.03		%
Storm Trooper Transportation Corp			(#)			2205 W Highland Ave, San Bernardino, CA 92407						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2031						762.3						762.3						660.9						0.17		%
Lauren Taylor Beauty LLC dba Evolution Body Works			(#)			195 E 4th St Ste 10, Long Beach, CA 90802						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/21/2031						76.5						76.5						71.1						0.02		%
Storm Trooper Transportation Corp			(#)			2205 W Highland Ave, San Bernardino, CA 92407						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2046						455.5						455.5						496.7						0.13		%
Regal Express Corporation			(#)			4122 County Rd 516, Matawan, NJ 07747						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2031						130.0						130.0						111.7						0.03		%
Robo-Breaking New York Inc			(#)			302A W 12th St, New York, NY 10014						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2031						290.7						290.7						301.1						0.08		%
Nextstep Counseling Services, LLC			(#)			1707 Linwood Dr, Paragould, AR 72450						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/20/2031						30.1						30.1						25.8						0.01		%
Unlimited Investors Group, Inc.			(#)			252 Aster Place, Hampstead, NC 28443						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/20/2031						363.4						363.4						312.2						0.08		%
First Lone Star Pharmacy Group LLC			(#)			6901 Preston Rd, Dallas, TX 75205						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/20/2031						121.5						121.5						104.5						0.03		%
Vidya Technologies LLC			(#,^)			2509 George Mason Dr, Virginia Beach, VA 23456						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/20/2031						7.7						7.7						6.6						—		%
Theramove & Diagnostics LLC			(#,^)			110 West Rd, Towson, MD 21204						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/20/2031						8.5						8.5						8.3						—		%
First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy			(#)			1925 East Rosemeade Pkwy, Carrollton, TX 75007						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/20/2046						137.9						137.9						140.0						0.04		%
LA TAQUERIA INC			(#)			10 Greenwich Ave, GREENWICH, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2032						160.1						160.1						140.6						0.04		%
MR3 LLC dba dba Union Fence			(#)			1340 Hartford Ave, Johnston, RI 02919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2046						332.6						332.6						365.2						0.09		%
Venture Coffee Company, LLC dba Venture Roastery			(#)			13406 W Center Dr, Lakewood, CO 80228						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/17/2031						19.8						19.8						17.1						—		%
Maxwell, Hendry & Simmons LLC			(#,^)			1619 Jackson St, Fort Myers, FL 33901						Real Estate						Term Loan						Prime plus 2.75%						12/17/2031						147.8						147.8						127.0						0.03		%

42

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

SoCal Propane LLC			(#)			220 N San Jacinto St, Hemet, CA 92543						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/17/2031						329.5						329.5						344.7						0.09		%
Ponce & Ponce, Inc			(#)			3015 NW 74th Ave, Miami, FL 33122						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/17/2031						72.7						72.7						62.4						0.02		%
Logo Concepts LLC			(#,^)			1265 W 1275 North #2, Centerville, UT 84014						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						12/17/2031						343.0						343.0						296.7						0.08		%
Invisishield, L.L.C			(#)			6120 Louetta Rd, Houston, TX 77379						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2031						36.3						36.3						31.4						0.01		%
Leedann Properties LLC			(#)			534 Mill St SE, Gainesville, GA 30501						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/17/2046						247.0						247.0						254.6						0.06		%
Brooker Construction LLC dba Sampson Tree Service			(#)			2170 SW Conant Ave, Port St. Lucie, FL 34953						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/17/2031						260.0						260.0						229.7						0.06		%
VENDALL VENTURES LLC			(#)			25027 South Interstate, WaKeeney, KS 67672						Accommodation						Term Loan						Prime plus 2.75%						12/17/2046						272.5						272.5						291.1						0.07		%
SEC LLC			(#)			4470 Sunset Blvd, Los Angeles, CA 90027						Utilities						Term Loan						Prime plus 2.75%						12/16/2031						69.8						69.8						59.9						0.02		%
Milson Restaurants LLC dba El Chico Granbury			(#)			1151 E US Hwy 377, Ste #110, Granbury, TX 76048						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2031						73.2						73.2						62.9						0.02		%
LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA			(#,^)			2944 Valentine Pl, Wantagh, NY 11793						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2046						110.7						110.7						122.1						0.03		%
JMJ Sales Group LLC			(#)			210 S. Linn Ave.,, Wentzville, MO 63385						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/16/2031						48.4						48.4						43.7						0.01		%
Sivalingam Medical Corporation, Inc dba First Valley Medical Group			(#)			44725 10th St W, Ste 210, Lancaster, CA 93534						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/16/2031						778.6						778.6						669.0						0.17		%
Pool Logic Design and Construction Inc			(#,^)			277 W Allen Ave, San Dimas, CA 91773						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2031						489.1						489.1						420.2						0.11		%
Throop Family Holdings Inc dba Rogue Metal & Supply			(#)			7130 Crater Lake Hwy, White City, OR 97503						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/16/2031						205.9						205.9						189.5						0.05		%
Empowering Families Educational Services			(#,^)			504 W Baseline Rd, STE A, Glendora, CA 91740						Educational Services						Term Loan						Prime plus 2.75%						12/16/2031						7.3						7.3						6.2						—		%
The Great Gatsby Motel Inn Corporation			(#)			214 County Hwy 152, Northville, NY 12134						Accommodation						Term Loan						Prime plus 2.75%						12/15/2046						99.3						99.3						110.0						0.03		%
TSM New Beginnings			(#)			8850 W Sunset Rd, Las Vegas, NV 89148						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/15/2031						26.2						26.2						22.6						0.01		%
Avtek Integration Services, Inc			(#)			4733 122nd Ave N., Unit E, Pinellas Park, FL 33762						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/15/2031						66.6						66.6						62.1						0.02		%
Christopher C Copeland PA			(#)			8331 SE Royal St, Hobe Sound, FL 33455						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/15/2031						60.6						60.6						53.6						0.01		%
Aqua Salon and Spa LLC			(#)			6730 Post Rd, North Kingston, RI 02852						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/15/2046						80.7						80.7						87.3						0.02		%
Cooks BBQ Products dba Cooks International			(#)			7 World Trade Center, New York, NY 10006						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/15/2031						969.1						969.1						879.1						0.22		%
Quandry Enterprises LLC dba Twinkle Toes Nanny			(#,^)			1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304						Social Assistance						Term Loan						Prime plus 2.75%						12/15/2031						6.5						6.5						5.6						—		%

43

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Good Fortune Supermarket (Rhode Island) Corp			(#,^)			101 Cadillac Dr, Providence, RI 02907						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/15/2031						629.9						629.9						640.9						0.16		%
Erin Dewey dba Castle Rock Bakery			(#)			160 Huntington Ave, Ste A & B, Castle Rock, WA 98611						Food Manufacturing						Term Loan						Prime plus 2.75%						12/14/2031						45.8						45.8						40.3						0.01		%
First Choice Brokerage Corporation First Choice Strategies LLC			(#)			822 A1A N, Ponte Vedra Beach, FL 32082						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/14/2031						61.0						61.0						52.4						0.01		%
CTS MANAGEMENT USA INC			(#)			17 Marion Ave, Franklin Park, NJ 08823						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2031						60.6						60.6						52.0						0.01		%
Smart Wired Services LLC			(#)			123 McCreary Rd, New Brighton, PA 15066						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/14/2031						7.8						7.8						8.1						—		%
Corporate Tax Services, Inc.			(#)			1250 Broadway 36th Floor, New York, NY 10001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2031						14.5						14.5						12.5						—		%
Nicholas Peter Berry dba Nick Berry Production Lighting			(#)			1081 Hayes Ave, San Diego, CA 92103						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/14/2031						1.6						1.6						1.5						—		%
Sky’s The Limit Yoga Company			(#)			115 W 25TH St, Norfolk, VA 23517						Educational Services						Term Loan						Prime plus 2.75%						12/13/2031						5.8						5.8						5.0						—		%
Momentum Metal Finishing, Inc.			(#)			1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/13/2047						84.6						84.6						95.1						0.02		%
Lloyd Hardware LLC			(#,^)			2319 W. Court St, Janesville, WI 53548						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/13/2031						96.9						96.9						89.5						0.02		%
IV Therapy Management Inc			(#)			2 Sears Dr, Paramus, NJ 07652						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/13/2032						29.4						29.4						25.6						0.01		%
EBG Re-Sell LLC			(#,^)			26943 Ruether Ave, Santa Clarita, CA 91351						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/13/2031						7.3						7.3						6.2						—		%
BGF Bobby Q's Inc			(#)			365 W Sunrise Hwy, Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2047						198.0						198.0						215.8						0.05		%
Nonnos Ice Cream Shoppe Inc			(#,^)			270 Seabury St, Fall River, MA 02720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/10/2046						19.9						19.9						22.3						0.01		%
ANR Insulation , LLC dba King Insulation			(#,^)			25 N 47th Ave, Phoenix, AZ 85043						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/10/2031						484.5						484.5						416.3						0.11		%
Phillips Rental RV, LLC			(#,^)			5827 Stanida Circle, Holladay, UT 84121						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/10/2031						9.7						9.7						8.3						—		%
Blooms Pharmacy LLC			(#,^)			16347 Middlebelt Rd, Livonia, MI 48154						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/10/2031						25.2						25.2						26.4						0.01		%
Stehlik Service and Tire INC			(#,^)			2410 N Powers Blvd, Colorado Springs, CO 80915						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2046						116.6						116.6						118.8						0.03		%
Suha Signs LLC dba Signaramaa			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/9/2032						29.7						29.7						31.2						0.01		%
Railhead, Inc			(#,^)			13800 Coppermine Rd, Herndon, VA 20171						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2031						33.9						33.9						29.1						0.01		%
Suha Promotions LLC dba Fully Promoted			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/9/2032						27.1						27.1						28.5						0.01		%

44

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC			(#,^)			510 North 14th, Fort Calhoun, NE 68023						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/9/2031						15.3						15.3						16.0						—		%
Suha Restaurants LLC dba The Great Greek Grill			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/9/2032						100.0						100.0						104.9						0.03		%
World Diamond Source, Inc			(#,^)			2987 Center Port Circle, Stes 4 & 5, Pompano Beach, FL 33064						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2031						193.8						193.8						202.7						0.05		%
Freedom Toast LLC dba Sunrise Diner			(#,^)			401 N Atlantic Ave, Ocean City, MD 21842						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2031						18.3						18.3						16.0						—		%
Broadway Ethos Holdings, LLC			(#,^)			218 Elizabeth St, East Jordan, MI 49727						Accommodation						Term Loan						Prime plus 2.75%						12/8/2046						51.4						51.4						55.0						0.01		%
Myoung & Lee Inc			(#,^)			10251 Little Brier Creek Ln, Ste 106, Raleigh, NC 27617						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2031						16.5						16.5						14.2						—		%
Clean Energyz LLC			(#,^)			881 Alma Real Dr, Pacific Palisades, CA 90272						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/8/2046						1,003.4						1,003.4						1,043.2						0.26		%
Foster the Community LLC			(#)			13451 and 13453 Fishhawk Blvd, Riverview, FL 33569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2032						18.3						18.3						19.2						—		%
Wilcompute			(#,^)			200 W Pondera Ave, Lancaster, CA 93534						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/7/2046						41.7						41.7						46.8						0.01		%
Sweet Pink’s Creamery LLC dba Sweet Charlies			(#)			391 Quill Dr, Dawsonville, GA 30534						Food Manufacturing						Term Loan						Prime plus 2.75%						12/7/2031						6.2						6.2						5.4						—		%
Atomic Dog LLC dba Jack's Hard Cider			(#,^)			1865 Gettysburg Village Dr, Unit 5, Gettysburg, PA 17325						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						12/7/2031						1,102.3						1,102.3						970.4						0.25		%
Cali Weights LLC			(#,^)			650 Pressley Rd, Charlotte, NC 28217						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/7/2031						41.2						41.2						35.4						0.01		%
Alley Taco 402, LLC dba Alley Taco 402			(#,^)			2002 Missouri Ave, Omaha, NE 68107						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/6/2046						22.3						22.3						23.7						0.01		%
Patsy McCraken			(#,^)			514 E Main St, Henryetta, OK 74437						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/6/2031						36.6						36.6						34.4						0.01		%
Mudshark Studios, LLC			(#,^)			1930 NE Oregon St, Portland, OR 97232						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/6/2031						14.0						14.0						12.0						—		%
HMG Strategy, LLC			(#)			55 Post Rd West, Westport, CT 06880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2031						84.8						84.8						72.9						0.02		%
BB's Childcare, LLC dba Brilliant Brains Learning Center			(#,^)			7076 Blondo St, Omaha, NE 68104						Social Assistance						Term Loan						Prime plus 2.75%						12/3/2031						14.0						14.0						12.0						—		%
Pinnacle Pools, Inc			(#,^)			20442 Palomar St, Wildomar, CA 92595						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/3/2032						10.2						10.2						8.8						—		%
Cliff's Motor Inn, LLC			(#,^)			4785 Saint Leonard Rd, Saint Leonard, MD 20685						Accommodation						Term Loan						Prime plus 2.75%						12/3/2046						57.1						57.1						61.1						0.02		%
LEBAT Properties, LLC			(#,^)			6418 N New Braunfels Ave, San Antonio, TX 78209						Food Manufacturing						Term Loan						Prime plus 2.75%						12/3/2031						35.8						35.8						37.5						0.01		%
Reliance Healthcare Services LLP dba Always Best Care Senior Services			(#)			1101 Kings Hwy N, Cherry Hill, NJ 08034						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/3/2031						37.6						37.6						32.3						0.01		%

45

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Metalhouse LLC			(#,^)			4705 S. Apopka Vineland Rd, Orlando, FL 32819						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/2/2031						305.3						305.3						262.3						0.07		%
Carolina Decompression and Physical Therapy LLC			(#,^)			11618 US Hwy 70 W, Ste 106, Clayton, NC 27520						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/1/2031						72.7						72.7						62.4						0.02		%
Ryan M. White dba Precision Engraving and Signs			(#,^)			2419 Heather Ave, Long Beach, CA 90815						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/1/2031						17.4						17.4						16.2						—		%
CDM Field Services, Inc. dba Xcite Automotive			(#,^)			328 South Jefferson St, Chicago, IL 60661						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/1/2031						378.8						378.8						329.7						0.08		%
Pro Source Services, Inc dba Pro Source Services			(#,^)			6970 Wallis Rd, West Palm Beach, FL 33413						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/1/2031						104.7						104.7						90.0						0.02		%
RECS LLC dba Richmond Express			(#,^)			1804 Dabney Rd, Richmond, VA 23230						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/1/2031						143.7						143.7						123.6						0.03		%
L.O.T Early Learning Center LLC			(#,^)			650 NW 183rd St, Miami, FL 33169						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2031						24.1						24.1						23.3						0.01		%
JMH GROUP, LLC dba Hotworx Studio			(#)			13435 University Ave, Clive, IA 50325						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/30/2032						41.3						41.3						36.5						0.01		%
Poquoson Law Group, P.C.and Holcomb Solutions, LLC			(#,^)			720 Roger Brown Dr, Newport News, VA 23602						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/30/2046						167.0						167.0						175.1						0.04		%
Ascent Holdings LLC and First Ascent, LLC			(#,^)			3516 N Spaulding Ave, Chicago, IL 60618						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						1/30/2032						170.5						170.5						149.8						0.04		%
The Four Star Ranch, LLC			(#,^)			238 Oak St, Medford, NY 11763						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/30/2046						99.1						99.1						108.7						0.03		%
Runyaro Richardson dba Self Made Musicnaire			(#,^)			14855 Memorial Dr, Houston, TX 77079						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						11/24/2031						7.7						7.7						6.7						—		%
POLARIS BARRE LLC dba PURE BARRE POLARIS			(#,^)			1513 Gemini Place, Columbus, OH 43240						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/24/2031						7.2						7.2						6.4						—		%
LR Greenview LLC dba Teaspoon			(#)			2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523						Food and Beverage Stores						Term Loan						Prime plus 2.75%						7/24/2032						25.5						25.5						22.0						0.01		%
Edenburg Hospitality Inc			(#,^)			2750 SW 145th Ave, Ste 304, Miramar, FL 33027						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/23/2031						60.2						60.2						62.9						0.02		%
Southern Latitude Charters LLC			(#,^)			425 N. Osprey Ave, Sarasota, FL 34236						Scenic and Sightseeing Transportation						Term Loan						Prime plus 2.75%						11/23/2031						19.4						19.4						17.6						—		%
Alpine Rings, LLC			(#,^)			2040 Independence Commerce Dr, Matthews, NC 28105						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						11/23/2031						14.4						14.4						12.4						—		%
J Lan CPA Inc			(#,^)			12225 South St, Artesia, CA 90701						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/23/2031						21.7						21.7						18.6						—		%
Flener IP Law, LLC			(#,^)			77 West Washington St Ste 800, Chicago, IL 60602						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2031						14.4						14.4						12.4						—		%
Barahona Plumbing LLC			(#,^)			2789 Jefferson Davis Hwy, Unit 107, Stafford, VA 22554						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/22/2046						24.5						24.5						26.7						0.01		%
OneCare Health-Advanced Practice Health & Wellness Corp			(#,^)			97 Port Richmond Ave, Staten Island, NY 10302						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/22/2031						9.6						9.6						8.3						—		%

46

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Gerland Investments, Inc dba Premier Martial Arts			(#)			12611 I-10 West, Ste 102, San Antonio, TX 78230						Educational Services						Term Loan						Prime plus 2.75%						4/22/2032						17.2						17.2						14.9						—		%
Cause of a Kind, LLC			(#,^)			3989 Long Beach Rd, Island Park, NY 11558						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2031						83.5						83.5						71.8						0.02		%
Those Guys Fitness LLC.			(#,^)			2850 Main St, Ste 104, Mesa, AZ 85213						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/22/2031						7.2						7.2						6.2						—		%
Pho 99 III Vietnamese Restaurant LLC			(#)			3151 Route 27, Unit K, Franklin Park, NJ 08846						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/19/2031						14.4						14.4						12.4						—		%
Sudha Spirit LLC dba Cork Shop			(#)			317 East Main St, Branford, CT 06405						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/19/2031						52.1						52.1						44.7						0.01		%
Ryshaan LLC dba Fyzical Therapy and Balance Center			(#)			3780 Riverchase Village, Ste 900, Hoover, AL 35244						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/19/2032						41.5						41.5						36.2						0.01		%
Kouklet LLC			(#,^)			744 South St, Philadelphia, PA 19147						Food Manufacturing						Term Loan						Prime plus 2.75%						11/19/2031						6.3						6.3						5.4						—		%
IVF Cryo LLC			(#,^)			12526 Promise Creek Ln (Building 3), Unit 326, Fishers, IN 46038						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/19/2046						29.8						29.8						30.5						0.01		%
M & M Liquidation			(#,^)			16 Millstone, Irvine, CA 92606						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/19/2031						3.4						3.4						2.9						—		%
Double Scoop Ice Cream Cascade LLC			(#,^)			2970 Stonecrest Pass, Stonecrest,, GA 30038						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/19/2046						123.9						123.9						130.8						0.03		%
New Magnolia Garden Center, Inc			(#,^)			9620 Chicago Ridge Mall, Chicago Ridge, IL 60609						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/19/2031						3.4						3.4						2.9						—		%
BECCS BROWS LLC			(#,^)			3950 Long Beach Blvd, Ste 203, Long Beach, CA 90807						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/19/2046						84.0						84.0						90.9						0.02		%
JJBen, Corporation dba Benson Crane Service			(#,^)			437 Route 212, Saugerties, NY 12477						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/18/2031						150.4						150.4						139.9						0.04		%
West Ballantyne Animal Hospital PLLC			(#,^)			11926 Providence Rd W, Charlotte, NC 28277						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						10.2						10.2						8.7						—		%
Guardian Cyber Solutions, LLC			(#,^)			14011 Hollow Crest Place, Riverview, FL 33579						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						9.6						9.6						8.3						—		%
Caroline Cecil Textiles, LLC			(#,^)			3834 N 35th Place, Phoenix, AZ 85018						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						5.3						5.3						4.6						—		%
Dayo J. Jones dba DayoSense			(#,^)			2306 South Eddy St, Seattle, WA 98108						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/18/2031						10.6						10.6						9.4						—		%
Brevard Water Systems Sales & Services Inc			(#,^)			3101 US-1, Mims, FL 32754						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/17/2031						26.8						26.8						23.1						0.01		%
EKGolf Inc			(#,^)			10890 Douglas Ave, Urbandale, IA 50322						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/17/2031						4.4						4.4						4.1						—		%
Reset Cryotherapy LLC			(#,^)			1220 20th St, Miami Beach, FL 33139						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/16/2031						33.7						33.7						30.7						0.01		%
Casablanca Floral Studio			(#,^)			106 Ram Cat Alley, Seneca, SC 29678						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/16/2031						1.1						1.1						1.0						—		%
Uniglobal Pension Planning Inc			(#,^)			4114 Legato Rd, Fairfax, VA 22033						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/16/2031						101.1						101.1						86.9						0.02		%

47

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Georgia Two-Way Inc			(#,^)			1206 GA Hwy 30 West, Americus, GA 31719						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/12/2031						28.9						28.9						24.8						0.01		%
Colin Forde DDS PC dba Family & Cosmetic Dental Design			(#,^)			7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/12/2046						161.1						161.1						172.2						0.04		%
Ghioni Tax & Accounting Solutions, LLC			(#,^)			958 NE Kelly Ave, Gresham, OR 97030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/12/2031						4.8						4.8						4.1						—		%
Jay Kalimai LLC			(#,^)			310 S Robinson Dr, Waco, TX 76706						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2046						31.8						31.8						35.6						0.01		%
Kebab Daddy Inc			(#,^)			3701 Ocean View Blvd. A-3, Montrose, CA 91020						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/12/2031						15.9						15.9						14.8						—		%
The Loyal Subjects Wave 2, LLC			(#,^)			144 West Washington Blvd, Los Angeles, CA 90007						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/10/2031						192.6						192.6						165.4						0.04		%
Bofill's Barbeque LLC			(#)			15159 South Cicero Ave, Oak Forest, IL 60452						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2047						34.8						34.8						36.0						0.01		%
New Generation Products LLC			(#,^)			5013 Pacific Hwy E, Fife, WA 98424						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/10/2031						192.6						192.6						165.4						0.04		%
US Ideal Diamond Cutting Works Inc			(#,^)			5757 Alpha Rd,Ste 502, Dallas, TX 75240						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/10/2031						19.3						19.3						16.5						—		%
Codame Enterprises LLC dba Firehouse Subs #142			(#,^)			1547 Main St, Dunedin, FL 34698						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2031						26.2						26.2						22.5						0.01		%
Cresson-Inn Bar & Grille, Inc.			(#,^)			114 Gay St, Manayunk, PA 19127						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2046						47.5						47.5						51.5						0.01		%
Sargas Pharmaceutical Adherence & Compliance Intl, LLC			(#,^)			109 H St, Bakersfield, CA 93304						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/9/2046						19.3						19.3						21.2						0.01		%
Solo Creer LLC dba DoodyCalls			(#,^)			13096 County Rd 192, Tyler, TX 75703						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						11/9/2031						6.1						6.1						5.2						—		%
Branded Goods LLC			(#,^)			1975 Stirling Rd, Stes A, B, and C, Davie, FL 33004						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						72.2						72.2						69.6						0.02		%
ORCHID ENERGY SOLUTIONS			(#,^)			3662 Clyde Park Ave SW, Wyoming, MI 49509						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/8/2031						24.1						24.1						20.7						0.01		%
LA SCAPES LLC			(#,^)			1812 Portview Dr, Spring Hill, TN 37174						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/8/2031						10.1						10.1						8.7						—		%
Michelle Rianne Turney dba The Collective Salon Suites			(#,^)			809 Frolich Dr, Midwest City, OK 73110						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/8/2032						4.0						4.0						3.4						—		%
The Soda Spot LLC			(#,^)			7240 W. Azure Rd, Ste #105, Las Vegas, NV 89130						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/5/2032						5.3						5.3						4.8						—		%
Ricky W. Kent dba VT-Doors-N-More			(#,^)			49 Mill Rd, Mount Tabor, VT 05739						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/5/2046						21.5						21.5						23.7						0.01		%
Bettencourt Flying Service, Inc.			(#,^)			1066 South Bert Crane Rd, Atwater, CA 95301						Air Transportation						Term Loan						Prime plus 2.75%						11/5/2031						81.4						81.4						70.5						0.02		%
New Mexico Rey LLC			(#,^)			3520 Pan American Fwy NE, Albuquerque, NM 87107						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/5/2031						6.7						6.7						6.0						—		%
Ecuadane, Inc.			(#,^)			9 Windsor Court, Purchase, NY 10577						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/5/2031						33.7						33.7						29.0						0.01		%

48

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Top Knot Studio, LLC dba Goldenrod Parlor			(#,^)			220 NW 8th Ave, Ste 50, Gainesville, FL 32601						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/5/2031						4.8						4.8						4.1						—		%
Sivalingam Medical Corporation, Inc dba First Valley Medical Group			(#,^)			44725 10th St W, Ste 210, Lancaster, CA 93534						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/5/2031						140.6						140.6						130.3						0.03		%
Paul Genzink LLC dba VSBL			(#,^)			1332 Pinegrove NW, Grand Rapids, MI 49504						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						11/5/2031						4.8						4.8						4.2						—		%
ECOCOSM, INC.			(#,^)			201 Spear St, San Francisco, CA 94105						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/5/2031						33.7						33.7						29.0						0.01		%
Square One Step LLC			(#)			10710 Barker Cypress Rd, Ste B, Cypress, TX 77433						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/4/2032						32.8						32.8						29.3						0.01		%
Wiser ID LLC			(#,^)			26 Twin Oaks Dr, Nashville, TN 37211						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						11/4/2031						4.8						4.8						4.1						—		%
INE Incorporated dba Juice It Up Colton			(#)			1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/3/2032						63.9						63.9						55.1						0.01		%
Finally Pest Control, LLC			(#,^)			12118 Sellerton Dr, Fishers, IN 46037						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/3/2031						12.1						12.1						10.4						—		%
LoCo Apparel LLC			(#,^)			2201 Long Prairie Rd, Unit 107-314, Flower Mound, TX 75022						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/29/2031						95.6						95.6						88.0						0.02		%
Gin Ray International LLC			(#,^)			8776 & 8778 NE Sandy Blvd, Portland, OR 97220						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/29/2046						138.6						138.6						140.7						0.04		%
MDx BioAnalytical Laboratory, Inc			(#,^)			5890 Imperial Loop Dr. Ste 12, College Station, TX 77845						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/29/2031						23.9						23.9						24.3						0.01		%
Pride Gymnastics Academy, LLC			(#,^)			7801 Old Hwy 51, Broken Arrow, OK 74014						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/29/2031						10.1						10.1						8.7						—		%
100% Permanent Inc.			(#,^)			1315 N Larrabee, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/29/2031						13.3						13.3						12.3						—		%
JMC Auto,LLC			(#,^)			644 Southfield Rd, Lincoln Park, MI 48146						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/29/2031						83.7						83.7						79.8						0.02		%
Arcas Machine Inc.			(#,^)			700 N Neely St., Gillbert, AZ 85233						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/29/2031						101.0						101.0						93.5						0.02		%
CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino			(#,^)			46703 Mission Blvd, Fremont, CA 94539						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/29/2031						91.8						91.8						79.8						0.02		%
HI5 HOME INNOVATION, LLC			(#,^)			9187 Holliston Creek Place, Winter Garden, FL 34787						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/29/2031						5.7						5.7						4.9						—		%
Half-Pass Ltd dba Canterbury Tack & Apparel			(#,^)			1291 West 137th Court, Broomfield, CO 80023						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						10/29/2031						7.0						7.0						6.1						—		%
Idiot Racing LLC dba Idiot Racing			(#,^)			13701 Sweetwater Cove Place, Tampa, FL 33613						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						10/29/2031						2.9						2.9						2.5						—		%
Cortlandt Racquet Club, Inc. dba			(#,^)			2127 Albany Post Rd, Montrose, NY 10548						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/29/2046						1,237.2						1,237.2						1,388.0						0.35		%
La Cueva Inc			(#,^)			9742 E Colfax Ave, Aurora, CO 80010						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/28/2046						67.9						67.9						76.2						0.02		%

49

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Potato Bros, LLC dba Crumbl Cookies Chicago Old Town			(#)			1435 N Wells St, Chicago, IL 60610						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/28/2032						60.9						60.9						53.6						0.01		%
Love at First Bite LLC dba Standlee's			(#,^)			880 Blackwood Rd, Chula Vista, CA 91910						General Merchandise Stores						Term Loan						Prime plus 2.75%						10/27/2031						24.9						24.9						21.4						0.01		%
UnVeil Media Group LLC			(#,^)			2251 Stone Pile Dr, Concord, NC 28025						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/27/2031						4.8						4.8						4.1						—		%
Kedai Indonesian Cafe			(#)			110 S Mountain Ave, Upland, CA 91786						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2032						16.1						16.1						13.9						—		%
Healthcare At Home LLC			(#,^)			5243 Snapfinger Woods Dr, Unit #104, Decatur, GA 30035						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/26/2046						23.9						23.9						26.4						0.01		%
Jason Watt Pictures, LLC			(#,^)			110 Broadway , Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						10/26/2031						14.3						14.3						12.3						—		%
By Modern Design LLC			(#,^)			1436 Luz De Sol Dr, El Paso, TX 79912						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/26/2031						4.8						4.8						4.1						—		%
Owkalasho LLC dba The UPS Store 299			(#,^)			3755 Avocado Blvd, La Mesa, CA 91941						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/25/2031						34.2						34.2						29.4						0.01		%
Right Choice Accounting Solutions, LLC			(#,^)			3210 Royal Creek Way, Lilburn, GA 30047						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/25/2031						3.3						3.3						2.9						—		%
ProBio Search & Career Services Corporation			(#,^)			735 County Line Rd, Villanova, PA 19085						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/22/2031						14.0						14.0						12.1						—		%
Sabri Enterprises, Inc.			(#,^)			11134 Hoffman Dr, Germantown, MD 20876						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						10/22/2031						5.8						5.8						5.0						—		%
M&P_CAL, LLC dba Hotworx Anaheim Hills			(#)			8086 East Santa Canyon Rd, Anaheim, CA 92808						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/22/2032						29.2						29.2						26.1						0.01		%
Tucker Management Group, LLC			(#,^)			115 Tyler Rd, Remlap, AL 35133						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/22/2031						21.5						21.5						22.4						0.01		%
Kynytyx, Inc.			(#)			990A Station Rd, Bellport, NY 11713						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/22/2032						131.2						131.2						128.7						0.03		%
Alicia A. Oswald dba Elevated Chiropractic			(#,^)			3555 Kenyon St, San Diego, CA 92110						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/22/2031						2.3						2.3						1.9						—		%
Voyager Scientific, LLC			(#,^)			309 Washington St, Conshohocken, PA 19428						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/22/2031						9.6						9.6						8.2						—		%
Premiere, Inc			(#,^)			615 North Landry Dr, New Iberia, LA 70563						Support Activities for Mining						Term Loan						Prime plus 2.75%						10/21/2031						76.5						76.5						80.0						0.02		%
Simply Appliances, Inc.			(#,^)			1811 Douglas Blvd., Ste 5, Roseville, CA 95611						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						10/21/2031						14.3						14.3						12.3						—		%
Balanced Health & Fitness LLC dba F45 NW Reno			(#)			5110 Mae Anne Dr, Ste 702, Reno, NV 89521						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2032						85.4						85.4						75.9						0.02		%
Big Creek Travel LLC			(#,^)			5020 Chase Ln, Cumming, GA 30240						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/19/2031						3.3						3.3						2.9						—		%
J&L Naturals LLC			(#,^)			110 Oak Park Dr Ste 102, Mooresville, NC 28115						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/15/2031						12.8						12.8						11.0						—		%
Blue 360 Media, LLC			(#,^)			2750 Rasmussen Rd, Park City, UT 84098						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						10/15/2031						394.0						394.0						339.3						0.09		%

50

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Barber's Home Innovations LLC			(#,^)			3287 Enisgrove Dr E, Palm Harbor, FL 34683						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/15/2031						28.7						28.7						24.7						0.01		%
LN Accounting Advisor LLC			(#,^)			3663 Washington Ave, Houston, TX 77007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/15/2031						9.6						9.6						8.2						—		%
Skate-A-While Longer, LLC			(#,^)			220 Ridge St and 229 South George St, Rome, NY 13440						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/13/2046						15.9						15.9						17.6						—		%
Symmonds, LLC dba North End Tavern			(#,^)			914 IA-5 Business North, Pleasantville, IA 50225						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2046						14.3						14.3						15.5						—		%
A&D Enterprise Inc dba FastFrame			(#,^)			4150 Legacy Dr, Ste 412, Frisco, TX 75034						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/12/2031						22.4						22.4						19.5						—		%
Bella Ottica LLC dba Eyes on Towne Lake			(#,^)			1075 Buckhead Crossing, Ste 130, Woodstock, GA 30189						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/12/2031						14.3						14.3						12.3						—		%
Mitchell Authentic Inc RockBox Fitness			(#)			4880 Lower Roswell Rd, Marietta, GA 30068						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/12/2032						138.1						138.1						118.9						0.03		%
Mary Rozzi LLC			(#,^)			52153 Pipes Canyon Rd #552, Pioneertown, CA 92268						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/12/2031						7.7						7.7						6.6						—		%
Jed Thomas Consulting, Inc dba Woggle Consulting			(#,^)			3 Trackside Dr, Kennebunk, ME 04043						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/8/2031						2.9						2.9						2.5						—		%
Agape R. E. Solutions LLC			(#,^)			33 Market Point Dr, Greenville, SC 29607						Real Estate						Term Loan						Prime plus 2.75%						10/8/2031						4.8						4.8						4.1						—		%
Because it's Better Inc			(#,^)			84 Stonecrest Rd, Ridgefield, CT 06877						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/8/2031						167.4						167.4						143.8						0.04		%
Shattered Prism LLC			(#,^)			63 Flushing Ave, Brooklyn, NY 11205						Rental and Leasing Services						Term Loan						Prime plus 2.75%						10/8/2031						14.8						14.8						14.6						—		%
Be Known, LLC			(#,^)			802 Evolve Way, Knoxville, TN 37915						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/7/2031						7.2						7.2						6.2						—		%
Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez			(#,^)			2801 Central Ave, Union City, NJ 07087						Social Assistance						Term Loan						Prime plus 2.75%						10/7/2031						31.5						31.5						27.0						0.01		%
Greylab LLC dba Mighty Dog Roofing North DFW			(#,^)			10215 El Cinco Dr, Frisco, TX 75033						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/7/2031						25.8						25.8						22.2						0.01		%
SIDCOR Gunsmithing LLC			(#,^)			3213 Catalpa Dr, Springfield, IL 62712						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/7/2031						5.2						5.2						4.7						—		%
Kotyark L.L.C.dba Gibsonton Motel			(#,^)			11545 US Hwy 41 S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						10/6/2031						14.8						14.8						14.8						—		%
Krown Records, LLC			(#,^)			5311 S Big Horn Pl, Chandler, AZ 85249						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						10/5/2031						8.0						8.0						6.9						—		%
The Gold Standard Accounting & Tax Inc			(#,^)			4911 Warner Ave Ste 211, Huntington Beach, CA 92649						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/4/2032						10.1						10.1						8.7						—		%
Orchard Collision, Inc			(#,^)			14898 Telegraph Rd, Redford, MI 48239						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2046						60.3						60.3						63.5						0.02		%
New Greater Generation Family Funeral Group, LLC			(#,^)			1400 N Hampton Rd, DeSoto, TX 75115						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/30/2046						24.1						24.1						25.6						0.01		%

51

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Skaggs RV Outlet, LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/30/2031						47.5						47.5						49.7						0.01		%
Timothy A Chapamn dba Tim's Auto Tech			(#,^)			62 North Canal St, Oxford, NY 13830						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2031						14.7						14.7						15.3						—		%
Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC			(#,^)			3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779						Construction of Buildings						Term Loan						Prime plus 2.75%						9/30/2046						375.1						375.1						409.5						0.10		%
Motion Physical Medicine & Wellness, PLLC			(#,^)			13100 Wortham Center Dr, Houston, TX 77065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2031						13.9						13.9						12.1						—		%
LOVEBUG NUTRITION Inc			(#,^)			115 E 34th St, New York, NY 10156						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						9/30/2031						114.8						114.8						105.2						0.03		%
Faxon Enterprises Inc			(#,^)			3107 Nichols Ave, Bay City, TX 78259						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/30/2046						1,023.2						1,023.2						1,042.3						0.26		%
Aitheras Aviation Group, LLC, a Florida Liimited Liability Company			(#,^)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						9/30/2031						71.3						71.3						62.0						0.02		%
Garage Floor Coating of MN.com, LLC			(#,^)			6701 W 23rd St, Minneapolis, MN 55426						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2031						64.1						64.1						55.2						0.01		%
OSSA LLC			(#,^)			300 Iberia St, Youngsville, LA 70503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2031						76.0						76.0						76.9						0.02		%
Champion's Florida LLC & Market Vision Holdings, LLC			(#,^)			1360 NW 88th Ave, Doral, FL 33172						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/30/2046						1,207.3						1,207.3						1,354.5						0.34		%
Lively's Collision, Center LLC			(#,^)			5115 Jefferson Davis Hwy, North Augusta, SC 29841						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2046						145.5						145.5						150.7						0.04		%
Tony D's Hooked, LLC (			(#)			378 Rope Ferry Rd aka Mago Point Way, Waterford, CT 06385						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2046						133.5						133.5						139.6						0.04		%
Generation Real Estate Accumulation Team- and Zillah Investments LLC			(#)			142 WA-150, Chelan, WA 98816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2031						985.8						985.8						847.0						0.21		%
WALKING URGENT CARE, INC			(#,^)			10308 W Sample Rd, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2031						62.1						62.1						55.4						0.01		%
Great II, LLC			(#,^)			4390 Commerce Circle, Idaho Falls, ID 83401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2046						210.1						210.1						234.3						0.06		%
Centre Storage and Matthew Wayne Vines			(#,^)			1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960						Real Estate						Term Loan						Prime plus 2.75%						9/30/2046						68.6						68.6						77.0						0.02		%
Creche N Crew, LLC			(#,^)			3185 West Ward Rd, Dunkirk, MD 20754						Social Assistance						Term Loan						Prime plus 2.75%						9/29/2046						254.5						254.5						283.8						0.07		%
Prestige Products of Central Florida, Inc dba Milcarsky's Appliances			(#,^)			1180 Emma Oaks Trail, Lake Mary, FL 32746						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						9/29/2031						237.6						237.6						204.1						0.05		%
Metro of Livernois Inc			(#)			17149 Livernois, Detroit, MI 48221						Telecommunications						Term Loan						Prime plus 2.75%						5/29/2047						202.5						202.5						208.5						0.05		%
Norma Skin Care and SPA LLC			(#,^)			3364 Coral Way, Miami, FL 33145						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/29/2031						13.3						13.3						11.4						—		%
Chris Landscaping Inc dba New England Tree Co.			(#,^)			1139 Washington St, Stoughton, MA 02072						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/29/2031						75.1						75.1						66.8						0.02		%

52

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Jafar and Jamal, Inc dba Foodland ; IMAD Corporation			(#)			11 Highland Ave, Malden, MA 02148						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/29/2032						40.2						40.2						35.3						0.01		%
Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen			(#,^)			199 SAN ILDEFONSO Rd, LOS ALAMOS, NM 87544						Accommodation						Term Loan						Prime plus 2.75%						9/29/2046						101.0						101.0						105.2						0.03		%
Daring Business Strategies Inc.			(#,^)			600 Front St, Lynden, WA 98264						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/29/2031						33.3						33.3						28.6						0.01		%
Agerton Timber LLC and Agerton Transportation, LLC			(#,^)			3166 Aurelle Rd, Strong, AR 71765						Forestry and Logging						Term Loan						Prime plus 2.75%						9/29/2031						27.8						27.8						25.3						0.01		%
TRI-COUNTY SERVICES, INC. and Andrew M Chehata			(#,^)			4900 SW 51st St, Davie, FL 33314						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/29/2031						321.6						321.6						276.4						0.07		%
Nidal Radwan, M.D., P.A			(#,^)			18100 N.E. 19th Ave, North Miami Beach, FL 33162						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/29/2031						78.6						78.6						70.3						0.02		%
Group Vertical, LLC dba Group Vertical			(#,^)			678 Front Ave Northwest, Grand Rapids, MI 49504						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/29/2031						170.7						170.7						146.6						0.04		%
SoCal Propane LLC			(#,^)			220 N San Jacinto St, Hemet, CA 92543						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/29/2046						299.5						299.5						336.0						0.09		%
NMFM Consulting, LLC			(#,^)			3636 Lake Ave, Wilmette, IL 60091						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/29/2046						264.2						264.2						273.7						0.07		%
Catching Fish LLC dba Man Overboard Bait and Tackle			(#,^)			1825 S. Patrick Dr, Ste B, Harbour Beach, FL 32937						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/28/2031						5.1						5.1						4.4						—		%
LuLu Kingdom LLC			(#,^)			18 S. 20th St, Philadelphia, PA 19103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2032						15.1						15.1						13.7						—		%
Teaghlach Firearms LLC dba TFirearms			(#,^)			117 S. Main St, Altus, OK 73526						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2031						2.6						2.6						2.3						—		%
Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery			(#,^)			724 Main St, Bradley Beach, NJ 07720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/28/2031						24.7						24.7						21.4						0.01		%
Cj Real Estate Partners LLC			(#)			1800 E Palm Ave, Tampa, FL 33605						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/28/2047						281.7						281.7						298.5						0.08		%
JRBA Inc dba Bulger True Value			(#,^)			1185 W Santa Fe St, Olathe, KS 66061						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/28/2031						24.5						24.5						21.0						0.01		%
Momentum Metal Finishing Inc.			(#,^)			1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/27/2046						1,046.2						1,046.2						1,147.4						0.29		%
Daisi Inc.			(#,^)			10300 West Charleston Blvd, Las Vegas, NV 89135						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						9/27/2031						104.6						104.6						89.7						0.02		%
Michael Risoldi's Auto Repair Inc.			(#,^)			1435 WoodLn Rd, Eastampton, NJ 08060						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2031						120.2						120.2						123.4						0.03		%
Strong Tower 10933, Inc.			(#,^)			15530 NW US Hwy 441, Alachua, FL 32615						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2031						7.9						7.9						6.8						—		%
C.D.A. Serviceability Trust Inc			(#)			4501 6th Ave, Tacoma, WA 98406						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2046						68.1						68.1						75.6						0.02		%
D&M Properties, LLC			(#,^)			2600 Coon Rapids Blvd Nortwest, Coon Rapids, MN 55433						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2031						24.3						24.3						20.8						0.01		%

53

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Teach 2 Teach Music Lessons, LLC			(#)			184 Marshall Hill Rd, West Milford, NJ 07480						Educational Services						Term Loan						Prime plus 2.75%						9/24/2031						10.0						10.0						8.6						—		%
3-2-1 Go LLC dba Burgerz and Ballz			(#,^)			868 Fulda Ave NW, Palm Bay, FL 32907						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/24/2031						5.1						5.1						4.7						—		%
Taurus Legacy, LLC dba Papas Diner			(#,^)			626 FL-50, Clermont, FL 34711						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/24/2031						9.0						9.0						7.7						—		%
RightTalents LLC			(#)			639 Passaic Ave, Nutley, NJ 07110						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						9.5						9.5						8.2						—		%
USA Security Services Corporation			(#)			844 Hebron Ave, Glastonbury, CT 06033						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						95.0						95.0						81.5						0.02		%
Black Market Restaurant Group Inc. dba Black Market Meal Prep			(#)			29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/24/2032						34.5						34.5						30.4						0.01		%
Forays, Ltd dba Northern Comfort			(#,^)			2800 N. Lagoon Dr, Wasilla, AK 99654						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						9/24/2046						170.5						170.5						181.9						0.05		%
Great Dog Products for Great People LLC dba Royal Frenchel			(#,^)			13207 Squawwood Ln SE, Rainier, WA 98576						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						9/24/2031						11.9						11.9						10.6						—		%
Gateway Auto Service and Collision #2 Inc			(#,^)			1205 South 8th Ave, Maywood, IL 60153						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2046						29.4						29.4						33.0						0.01		%
Rightworks Staffing Inc.			(#,^)			1201 Kenwood Ave, Austin, TX 78704						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						142.5						142.5						122.2						0.03		%
Ben Anderson 365			(#,^)			9920 Research Dr, Irvine, CA 93108						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/24/2031						47.5						47.5						40.8						0.01		%
Quinn da Matta Productions LLC			(#,^)			2155 Outpost Dr, Los Angeles, CA 90068						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/23/2031						4.0						4.0						3.4						—		%
Vincent Remodeling, LLC			(#,^)			4667 Riverbend RdTrussville, Trussville, AL 35173						Construction of Buildings						Term Loan						Prime plus 2.75%						9/23/2031						14.3						14.3						12.2						—		%
MDJ Chiropractic PC			(#,^)			18009 Jamaica Ave, Jamaica, NY 11432						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/22/2031						4.8						4.8						4.1						—		%
Udder Free Only, LLC			(#,^)			3603 Vinton Ave Unit 205, Los Angeles, CA 90034						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2031						17.1						17.1						15.1						—		%
Oui Pastry LLC			(#,^)			1905 Scenic Hwy N #10000b, Snellville, GA 30078						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/17/2031						4.8						4.8						4.1						—		%
Goode Tax and Resolution, LLC			(#,^)			2527 Standifer Place, Lanham, MD 20706						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/17/2031						3.0						3.0						2.6						—		%
Phillips Diesel Service LLC			(#,^)			4150 S 32nd St W, Muskogee, OK 74401						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2046						30.2						30.2						31.6						0.01		%
Tiny Homer			(#,^)			62361 Mary Miller Ave, Homer, AK 99603						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/17/2031						5.2						5.2						5.5						—		%
Hurricane Beauty LLC			(#)			1110 vandon loop, Berlin, NJ 08009						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/17/2031						9.5						9.5						8.2						—		%
Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc			(#,^)			6179 Alameda Ave, El Paso, TX 79905						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2031						51.0						51.0						44.4						0.01		%

54

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc			(#,^)			6179 Alameda Ave, El Paso, TX 79905						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2046						44.3						44.3						48.4						0.01		%
Aaron Mahoney dba Alaska Gulf Coast Expeditions			(#,^)			16347 Deerfield St,, Ninilchik, AK 99639						Scenic and Sightseeing Transportation						Term Loan						Prime plus 2.75%						9/14/2031						27.6						27.6						23.6						0.01		%
JEMS Transportation & Logistics LLC			(#,^)			30715 Basil Trace Dr, Spring, TX 77386						Truck Transportation						Term Loan						Prime plus 2.75%						9/14/2031						14.3						14.3						12.2						—		%
R & S Chroniger Enterprises, LLC			(#,^)			1681 Beech Ln, Hanover, PA 17331						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/14/2031						17.0						17.0						14.6						—		%
For The Love Athletics LLC			(#,^)			225 N Downing St, Davidson, Davidson, NC 28036						Educational Services						Term Loan						Prime plus 2.75%						9/14/2031						4.7						4.7						4.0						—		%
SkyEstate LLC dba Vango's Drive Thru			(#,^)			4000 Leap Rd, Hilliard, OH 43026						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/14/2031						29.1						29.1						24.9						0.01		%
MTR Designs LLC			(#,^)			205 North 12th St, Opelika, AL 36801						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/14/2031						7.1						7.1						6.1						—		%
Octopus Records LLC			(#,^)			72-05 72nd Place, 2B, Glendale, NY 11385						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/13/2031						4.3						4.3						3.7						—		%
O&O Welding Zone Corp			(#,^)			2100 4th St, Orlando, FL 32824						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/13/2046						47.6						47.6						51.5						0.01		%
Touch of Therapy Massage, LLC			(#,^)			8510 Warner Rd, Ste 300, Plain City, OH 43064						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2031						14.3						14.3						14.9						—		%
Dennis Hair Studio Inc			(#)			1566 Union Turnpike, New Hyde Park, NY 11040						Personal and Laundry Services						Term Loan						Prime plus 6.5%						9/13/2031						6.0						6.0						5.8						—		%
MattCole Construction and Roofing, LLC			(#,^)			2529 Boxford Ln, Cordova, TN 38016						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/13/2031						52.3						52.3						47.6						0.01		%
Tri T. Le dba AN Company			(#,^)			1431 Amro Way, South El Monte, CA 91733						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						9/10/2031						15.0						15.0						13.8						—		%
Trash Can Rescue LLC			(#,^)			1096 Nast Chapel Rd, Martinsville, IN 46151						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/10/2031						18.0						18.0						16.6						—		%
Kyle Keiper LLC			(#,^)			3408 Spring St #1, Pompano Beach, FL 33062						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/10/2031						11.5						11.5						10.8						—		%
Remsund Group Inc dba Remsund Group			(#,^)			6581 Westland Dr, Brownsburg, IN 46112						Couriers and Messengers						Term Loan						Prime plus 2.75%						9/10/2031						52.3						52.3						44.8						0.01		%
Essex Trade, Inc.dba Artesano's			(#,^)			33 Bearskin Neck, Rockport, MA 01966						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/10/2031						5.7						5.7						4.9						—		%
Panditos LLC dba White Lotus Home			(#)			745 Joyce Kilmer Ave, New Brunswick, NJ 08901						General Merchandise Stores						Term Loan						Prime plus 2.75%						9/10/2031						19.0						19.0						16.3						—		%
B & W Towing, LLC			(#)			701 Addison Rd, Painted Post, NY 14870						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/9/2047						89.2						89.2						94.9						0.02		%
Queen Oxygen Co. dba Quest Cylinder Co.			(#,^)			239 Lafayette St, London, OH 43140						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/9/2031						43.1						43.1						41.8						0.01		%
Y & C Company INC dba Miji-Mura Hibachi & Sushi			(#,^)			8045 NW 115th Way, Parkland, FL 33076						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/9/2046						243.9						243.9						273.4						0.07		%
Le Bajec Le LLC			(#,^)			810 N Alamo St,, San Antonio, TX 78215						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/8/2046						78.5						78.5						83.5						0.02		%

55

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Industrial Paint, LLC dba Alaska Fleet and Collision Specialist			(#)			1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/8/2032						49.9						49.9						52.2						0.01		%
Almina Concept, Inc.			(#,^)			5042 Willshire Blvd., Los Angeles, CA 90036						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/7/2031						2.4						2.4						2.0						—		%
Grand Portage LLC			(#,^)			3306 Chelsea Cir, Ann Arbor, MI 48108						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/7/2031						31.7						31.7						27.2						0.01		%
Sassy Sista's Boutique LLC			(#,^)			851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						9/7/2031						6.2						6.2						5.3						—		%
JD Hunt Custom Homes Incorporated dba JD Hunt Construction			(#,^)			5515 Parkcrest Dr, Austin, TX 78731						Construction of Buildings						Term Loan						Prime plus 2.75%						9/3/2031						870.4						870.4						746.5						0.19		%
XL Auto Group LLC dba Autos Wholesale			(#,^)			28900 Mission Blvd, Hayward, CA 94544						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/3/2031						17.7						17.7						15.2						—		%
4 Points Towing & Roadside Service LLC			(#,^)			5425 Willow Grove Rd, Camden Wyoming, DE 19934						Support Activities for Transportation						Term Loan						Prime plus 2.75%						9/2/2031						33.3						33.3						30.4						0.01		%
RGV Poke LLC dba Pokeworks			(#)			5401 North 10 St Unit 126, McAllen, TX 78504						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/2/2032						34.8						34.8						30.6						0.01		%
Sheryl's Candy Apple Creations, LLC			(#,^)			131 Piney Green Rd, Ste 300, Jacksonville, NC 28546						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/2/2031						5.8						5.8						5.2						—		%
331 Foley Sound Inc			(#,^)			19355 Business Center Dr, Unit #9, Northridge, CA 91324						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						1/2/2032						24.2						24.2						21.0						0.01		%
Kenbenco, Inc.dba Benson Steel Fabricators			(#,^)			437 Route 212, Saugerties, NY 12477						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/31/2031						155.2						155.2						152.2						0.04		%
Tactical Integrated Systems Inc dba Techy			(#,^)			2501 Citrus Blvd, Leesburg, FL 34748						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/31/2031						17.6						17.6						15.1						—		%
Big Heart LLC dba Chick'n Cone			(#,^)			1158 W San Marcos Blvd, San Marcos, CA 92078						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2031						22.4						22.4						19.7						—		%
Shrijee LLC dba Econo Lodge			(#)			908 Washington St, Manitowoc, WI 54220						Accommodation						Term Loan						Prime plus 2.75%						6/30/2047						162.8						162.8						174.8						0.04		%
RM Interiors Inc.dba House of Moseley			(#,^)			8200 Stockdale HWY D-6, Bakersfield, CA 93311						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/31/2031						28.3						28.3						24.3						0.01		%
Cadena Co.			(#,^)			2133 Southend Dr. #301, Charlotte, NC 28213						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/31/2031						10.0						10.0						8.6						—		%
JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care			(#,^)			10615 N Hayden Rd C100, Scottsdale, AZ 85260						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/31/2031						156.7						156.7						140.3						0.04		%
Rosy Rings, Inc			(#,^)			2400 Industrial Ln, Ste 700, Broomfield, CO 80020						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						8/31/2031						157.4						157.4						135.0						0.03		%
Hair and Beauty Market Place, LLC dba LAOR			(#)			7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						8/31/2046						187.3						187.3						210.0						0.05		%
paws Boarding LLC dba paws DayCamp and Boarding			(#,^)			2449 Breanna Way, Little Elm, TX 75068						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/31/2031						2.5						2.5						2.2						—		%

56

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

K's Salon 1 LLC dba Gerard Anthony Salon			(#,^)			580 Amsterdam Ave, New York, NY 10024						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/30/2032						21.3						21.3						18.4						—		%
Kadence Consulting Inc			(#,^)			13315 Bishops Ct, Roswell, GA 30075						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/30/2031						17.6						17.6						15.1						—		%
Angela Barbara			(#,^)			51 Bennington Square, Hackettstown, NJ 07840						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/30/2046						24.2						24.2						26.1						0.01		%
25 Dials LLC			(#,^)			875 North High St, Ste 300, Columbus, OH 43215						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2031						8.9						8.9						9.3						—		%
Willow Falls Venue LLC			(#,^)			23122 S North Carolina Hwy 109, Denton, NC 27239						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/27/2046						20.4						20.4						22.0						0.01		%
Downtown Dance Academy Limited Liability Company			(#,^)			1204 Hooper Ave, Toms River, NJ 08753						Educational Services						Term Loan						Prime plus 2.75%						8/27/2031						5.1						5.1						4.4						—		%
3D Printed Tabletop, LLC			(#,^)			2870 Sonata Court, St. Cloud, FL 34772						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						8/27/2031						2.8						2.8						2.4						—		%
Debut Solutions LLC			(#,^)			2000 Frankfort St, Laredo, TX 78040						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2031						260.2						260.2						228.0						0.06		%
DebutSolutions, LLC dba Emerald Pacific Resources			(#,^)			2000 Frankfurt St, Laredo, TX 78040						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2046						63.7						63.7						68.6						0.02		%
7 BRANCHES CORPORATION dba Nikos			(#,^)			410 Pearl St, Lake Wales, FL 33853						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/27/2031						6.8						6.8						5.9						—		%
Island Kaii & Company dba Island Kaii			(#,^)			20140 Livemois, Detroit, MI 48221						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/26/2031						7.1						7.1						7.1						—		%
Tapuya Brands Corporation			(#,^)			23 Leroy St, New York, NY 10014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/26/2031						63.2						63.2						54.2						0.01		%
HHD Aviation, LLC dba Great Milwaukee Training and Testing Center			(#,^)			2820 Bobmeyer Rd, Hanger C-7, Hamilton, OH 45015						Real Estate						Term Loan						Prime plus 2.75%						8/26/2046						46.1						46.1						51.7						0.01		%
Premiere Inc			(#,^)			615 N Landry Dr, New Iberia, LA 70563						Support Activities for Mining						Term Loan						Prime plus 2.75%						8/25/2031						368.1						368.1						384.4						0.10		%
Gralyn Fabrication & Machining LLC			(#,^)			1119 Bluff Ridge Rd, Waynesburg, PA 15370						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/25/2031						8.5						8.5						7.3						—		%
Trinity Lumber and Building Supply, Inc			(#,^)			1231 East Cypress Ave, Redding, CA 96002						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						8/25/2046						69.1						69.1						75.3						0.02		%
Swick & Son Enterprises, Inc			(#,^)			108 Mashell Ave North, Eatonville, WA 98328						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/25/2031						17.0						17.0						14.7						—		%
Christopher John Looney Agency Inc.			(#,^)			426 South Atlanta St, Unit 110, Roswell, GA 30075						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/25/2031						2.5						2.5						2.2						—		%
Force3 Enterprises, LLLP			(#,^)			240 Hathway Dr, Stratford, CT 06615						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/25/2046						193.2						193.2						206.4						0.05		%
Tiny's Gumbo Bar NYC LLC			(#)			275 Church St, New York, NY 10013						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/25/2032						49.7						49.7						43.6						0.01		%
MA Allen LLC dba Premier Martial Arts			(#)			380 East Bethany Dr, Allen, TX 75002						Educational Services						Term Loan						Prime plus 2.75%						3/25/2032						23.6						23.6						20.3						0.01		%
CJNR LLC dba Parkhurst Motel			(#,^)			208 East Main St, Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/24/2046						39.5						39.5						44.3						0.01		%

57

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						8/20/2031						9.4						9.4						8.1						—		%
Power Enterprise LLC			(#,^)			119 East 710 South Circle, Ivins, UT 84738						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/20/2031						3.0						3.0						2.6						—		%
The Jar Circle, Inc dba Frida's Mexican Grill			(#)			3545 Merrick Rd, Seaford, NY 11783						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2032						29.3						29.3						25.4						0.01		%
PCH Ventures, LLC dba Chop Stop			(#,^)			18515 Brookhurst St, Fountain valley, CA 92618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/20/2031						39.0						39.0						40.7						0.01		%
Dallas MTV, LLC			(#,^)			2911 Turtle Creek Blvd, Ste 300, Dallas, TX 75219						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/20/2031						17.7						17.7						15.1						—		%
Royal Home Care and Staffing LLC			(#,^)			453 Oakton Rd, Odenton, MD 21113						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/20/2031						30.5						30.5						31.8						0.01		%
Kiwi Vision, LLC			(#,^)			27518 Portsmouth Ave, Hayward, CA 94545						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/19/2031						9.4						9.4						8.1						—		%
Elizabeth K. Little and dba Mrs. Little's Tea and Toys			(#,^)			108 North Davis St, Hamilton, MO 64644						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/19/2031						2.5						2.5						2.7						—		%
Derheim, Inc dba My Aquatic Services			(#,^)			601 Main Ave.W, West Fargo, ND 58078						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/19/2046						160.9						160.9						166.2						0.04		%
Vida Meat Company LLC			(#,^)			1370 West Cheyenne Ave, North Las Vegas, NV 89030						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/19/2031						44.8						44.8						41.9						0.01		%
Luxury Tree Services LLC			(#,^)			5925 SW 69th St, Miami, FL 33413						Forestry and Logging						Term Loan						Prime plus 2.75%						8/18/2031						94.3						94.3						81.5						0.02		%
Glorious Training Group Inc dba F45 Training Murabella			(#,^)			185 Murabella Pkwy, St. Augustine, FL 32092						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/18/2031						14.2						14.2						12.9						—		%
Hartwood Hospitality Labs, Inc.			(#,^)			1312 GILBERT ST, CHARLES CITY, IA 50616						Accommodation						Term Loan						Prime plus 2.75%						8/17/2046						39.5						39.5						44.3						0.01		%
Cezary A. Lapa dba Globe Polska Ksiazka			(#,^)			5747 West Irving Park Rd, Chicago, IL 60634						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						8/17/2031						6.6						6.6						5.7						—		%
Transatlantic Translations Company, LLC			(#,^)			411 Theodore Fremd Ave, Rye, NY 10580						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/16/2031						23.6						23.6						20.2						0.01		%
Baite Auto Sales LLC			(#,^)			2865 Suwanee Rd, Columbus, OH 43224						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/13/2046						11.4						11.4						12.7						—		%
Revive Aesthetics & Wellness, LLC			(#,^)			175 Main St, East Greenwich, RI 02818						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/13/2031						26.0						26.0						23.1						0.01		%
DTT ENTERPRISES, LLC			(#,^)			6565 Austin Hope Ave, Las Vegas, NV 89118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/13/2031						33.0						33.0						28.3						0.01		%
Bird's Nest Florist & Gifts, LLC			(#,^)			549-E College Park Rd, Ladson, SC 29456						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						8/12/2031						5.6						5.6						4.8						—		%
Montauk Donut Group, Inc dba Dunkin Donuts			(#)			1669 Montauk Hwy, Bellport, NY 11713						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2032						94.9						94.9						99.6						0.03		%
Lovely Moments Iowa Photography, LLC			(#,^)			527 Broad St, Story City, IA 50248						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/11/2031						2.8						2.8						2.4						—		%
Game Time Vending, LLC			(#,^)			10105 Amberwood Rd Stes #1 and #5, Fort Myers, FL 33913						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/11/2031						1,179.7						1,179.7						1,096.1						0.28		%

58

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

KBO Investment and Sterling HTS KBO Investments LLC			(#,^)			748 West Big Beaver Rd, Troy, MI 48084						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/10/2031						43.4						43.4						37.9						0.01		%
C4 Technologies Inc.			(#)			171 C Ave, Ste C, Coronado, CA 92118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/6/2031						6.0						6.0						5.8						—		%
The Hiccup Inc			(#,^)			158 Humphrey St, Swampscott, MA 01907						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						8/6/2031						19.5						19.5						16.8						—		%
Dara, Inc.			(#,^)			29 Old Planters Rd, Beverly, MA 01915						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/5/2031						31.1						31.1						26.7						0.01		%
Ronald L. McFarlain dba Cajun Connection			(#,^)			2958 IL-178, North Utica, IL 61373						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/5/2046						33.1						33.1						35.2						0.01		%
C&J General Engineering			(#,^)			3060 Thorntree Dr #10, Chico, CA 95973						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/4/2046						27.1						27.1						26.0						0.01		%
Kings Autoshow Inc and Grand Auto Group LLC			(#,^)			5815 Church Ave, Brooklyn, NY 11203						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						7/30/2031						109.1						109.1						96.0						0.02		%
Melissa S. Scharf			(#,^)			14313 Califa St, Sherman Oaks, CA 91401						Social Assistance						Term Loan						Prime plus 2.75%						7/30/2031						8.4						8.4						7.2						—		%
Patriot Services Group Inc			(#,^)			108 Phillips Circle, Columbiana, AL 35051						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/30/2031						21.1						21.1						18.1						—		%
GLH delivering services Inc and Paisley Logistics Inc			(#,^)			121 Pine Rd, Easley, SC 29642						Couriers and Messengers						Term Loan						Prime plus 2.75%						7/30/2031						260.4						260.4						223.3						0.06		%
Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats			(#,^)			308 South Old County Rd, Edgewater, FL 32132						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						7/30/2046						1,140.6						1,140.6						1,278.5						0.32		%
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%						6/30/2032						43.5						43.5						41.3						0.01		%
The Travel Society LLC;Religious Travel International LLC			(#,^)			650 S Cherry St, Denver, CO 80246						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/30/2031						81.7						81.7						70.1						0.02		%
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%						7/30/2031						18.5						18.5						15.9						—		%
100% Permanent Inc.			(#,^)			1315 N. Larrabee St, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/30/2046						32.5						32.5						34.6						0.01		%

CIRLABS, INC,Outcome Driven Innovation and Spracht Inc			(#,^)			974 Commercial St Ste 101, Palo Alto, CA 94043						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/30/2031						48.7						48.7						41.8						0.01		%
AA Power Equipment, Inc			(#,^)			999 Mansell Rd, Ste B, C, & D, Roswell, GA 30076						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/30/2031						75.0						75.0						64.3						0.02		%
Charles P Carpenter dba All-Ways Pumping			(#,^)			5701 Beckford Ave, Tarzana, CA 91356						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/30/2031						105.4						105.4						103.4						0.03		%
On Spot Techs Ltd dba Wi-Fi Surveyors			(#,^)			4732 Dixie Dr South, Dayton, OH 45439						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2046						16.9						16.9						17.8						—		%
Global Packaging Solutions, Inc			(#,^)			6259 Progressive Ave, San Diego, CA 92154						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						7/29/2031						210.9						210.9						187.6						0.05		%

59

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

GN Enterprises LLC			(#,^)			4507 SE Ramona St, Portland, OR 97206						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						7/29/2046						84.3						84.3						91.3						0.02		%
Kamboj Investments Inc dba Chicago's Pizza with Twist			(#)			1156 South Main St, Manteca, CA 95337						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/29/2031						30.3						30.3						26.1						0.01		%
Dream Splash International LLC			(#,^)			650 S Cherry St, Denver, CO 80246						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/29/2031						79.7						79.7						68.6						0.02		%
Karson A Schepp			(#,^)			8715 Hwy 14, Kramer, ND 58748						Crop Production						Term Loan						Prime plus 2.75%						7/29/2031						32.8						32.8						29.5						0.01		%
Tiny Tots Kingdom Inc			(#,^)			4961 N Dixie Hwy Stes 2-6, Oakland Park, FL 33334						Social Assistance						Term Loan						Prime plus 2.75%						7/29/2031						18.7						18.7						16.1						—		%
Cherich Enterprises dba Yogasix Pasadena			(#,^)			277 W Green St Ste 110, Pasadena, CA 91105						Educational Services						Term Loan						Prime plus 2.75%						10/29/2031						50.0						50.0						43.3						0.01		%
Five Rivers 1938 Enterprises, Inc dba The Hummus Republic			(#)			3032 W Jack London Blvd, Livermore, CA 94551						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2032						32.8						32.8						28.7						0.01		%
Travis Construction Company, LLC			(#,^)			11258 Bayou Bernard Rd, Gulfport, MS 39503						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/28/2031						28.1						28.1						24.9						0.01		%
WLG Inc			(#,^)			6257 West Ave J9, Lancaster, CA 93536						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/27/2046						179.4						179.4						188.6						0.05		%
Jaime Gervasi & Associates LLC			(#,^)			3243 Eastern Ave, Baltimore, MD 21224						Real Estate						Term Loan						Prime plus 2.75%						7/27/2031						14.5						14.5						13.2						—		%
Clinically Speaking, LLC			(#,^)			207 N Davies Rd, Lake Stevens, WA 98258						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/27/2031						337.4						337.4						289.4						0.07		%
K Wallace, LLC dba Fit Learning Columbus			(#,^)			6631 Commerce Pkwy Ste G, Dublin, OH 43085						Educational Services						Term Loan						Prime plus 2.75%						7/26/2031						3.2						3.2						2.7						—		%
Mattress and Rug outlet LLC			(#,^)			1818 State St, Schenectady, NY 12304						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/23/2031						56.2						56.2						58.2						0.01		%
Tarun LLC, dba Signature Wine & Liquor			(#)			325 South Limestone, Lexington, KY 40508						Food and Beverage Stores						Term Loan						Prime plus 6.5%						7/23/2031						5.9						5.9						5.8						—		%
Big Brand Management Ltd. Co.			(#,^)			512 East 11th St, Houston, TX 77008						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						7/23/2046						78.9						78.9						88.5						0.02		%
Delbello Enterprises LLC dba Il Portico			(#,^)			273 West Route 130 South, Burlington, NJ 08016						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/23/2031						45.7						45.7						47.7						0.01		%
Premier Tech Security, LLC			(#,^)			1616 Westgate Circle, Ste 111, Brentwood, TN 37027						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/23/2031						16.0						16.0						13.7						—		%
52 Tran, LLC			(#,^)			773 South MacArthur Blvd, Ste 205, Coppell, TX 75019						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/23/2031						16.5						16.5						14.1						—		%
L.A. Crescent LLC dba Aamco Car Care Center			(#,^)			1010 East 6th Ave, Stillwater, OK 74074						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/23/2031						28.1						28.1						24.8						0.01		%
GSK Industries Inc dba Quality One Pool Management			(#,^)			3217 W Tompkins Ave, Las Vegas, NV 89103						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/23/2031						14.1						14.1						12.1						—		%
All Regional Recyclers of Wood LLC and Superior Carting & Waste System			(#,^)			104 Wooster St, Bethel, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						7/22/2031						51.5						51.5						48.4						0.01		%

60

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Ever Prosperous Realty Inc			(#,^)			430 S Chandler Ave, Monterey Park, CA 91754						Real Estate						Term Loan						Prime plus 2.75%						7/22/2031						13.7						13.7						11.8						—		%
Profit Stewards LLC dba AAMCO Transmissions of Phoenixville			(#,^)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/21/2031						5.0						5.0						4.3						—		%
TDI Global Solutions Inc			(#,^)			1 Riverfront Plaza, Ste 12, Lawrence, KS 66044						Paper Manufacturing						Term Loan						Prime plus 2.75%						7/21/2031						187.5						187.5						167.9						0.04		%
Basha Home Improvement LLC			(#)			41 Van Houten Ave, Jersey City, NJ 07305						Construction of Buildings						Term Loan						Prime plus 6.5%						7/21/2031						2.4						2.4						2.4						—		%
Jeragardens Wedding Rentals LLC,			(#)			5842 South 1150 West, Ogden, UT 84405						Rental and Leasing Services						Term Loan						Prime plus 6.5%						7/20/2031						6.0						6.0						5.8						—		%
Ecos Consulting, LLC			(#,^)			1519 Roller Rd, Ocean Township, NJ 07712						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/20/2031						19.1						19.1						16.4						—		%
110 Enterprises, LLC dba Boomerang Bar and Grill			(#,^)			110 Limekiln Rd, Unit 2, New Cumberland, PA 17070						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/20/2046						273.1						273.1						299.0						0.08		%
Sparta Athletic Campus, LLC			(#,^)			115 Sparta Ave, Sparta, NJ 07871						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/20/2046						211.0						211.0						235.0						0.06		%
K-M-P Auto Group LLC			(#,^)			1788 Austin Hwy, San Antonio, TX 78218						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						7/19/2046						31.0						31.0						34.3						0.01		%
Colorado Travel Solutions LLC			(#,^)			2895 Queen St, Colorado Springs, CO 80904						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						7/16/2031						64.0						64.0						54.9						0.01		%
Monarch Construction and Roofing LLC			(#,^)			700 Corporate Circle, Golden, CO 80401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/16/2031						41.7						41.7						35.7						0.01		%
Rymax Electronics Inc			(#,^)			1805 5th Ave. Ste F, Bay Shore, NY 11706						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/8/2046						49.8						49.8						55.8						0.01		%
Accommodating Financial & Tax Services, LLC			(#,^)			5151 Monroe St, Toledo, OH 43623						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/8/2031						12.1						12.1						11.9						—		%
The Iron Smith LLC dba Anytime Fitness Nevada			(#,^)			1818 Fawcett Pkwy, Nevada, IA 50201						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/8/2031						27.6						27.6						23.7						0.01		%
156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique			(#,^)			156 West Tioga St, Tunkhannock, PA 18657						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/2/2046						39.5						39.5						39.9						0.01		%
Jason M. Eberhart dba State Farm			(#,^)			600 Allegheny St, Jersey Shore, PA 17740						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/2/2046						25.1						25.1						25.7						0.01		%
Afrodisiac Enterprises LLC dba Afrodisiac Nola			(#,^)			5363 Franklin Ave, New Orleans, LA 70122						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/1/2046						29.6						29.6						31.8						0.01		%
Sheldon T Banks LLC			(#,^)			2340 W Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/30/2046						57.4						57.4						64.3						0.02		%
Holland Holdings LLC			(#,^)			1102 Blackbriar Cir Ne, Hartselle, AL 35640						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/30/2031						186.2						186.2						165.3						0.04		%
Tidal Commerce Inc			(#,^)			2100 Clearwater Dr, Oak Brook, IL 60523						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/30/2031						304.9						304.9						261.4						0.07		%
Royal Restaurants, LLC			(#,^)			138 Griffin Rd, Ruston, LA 71270						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2031						232.3						232.3						222.1						0.06		%
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						1,107.1						1,107.1						1,241.0						0.31		%

61

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Craftwork Carpentry and Millwork Inc.			(#,^)			2777 S Financial Ct., Sanford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2031						108.0						108.0						93.0						0.02		%
Zollner Enterprises, Inc			(#,^)			221 Hulls Chapel Rd, Fredericksburg, VA 22406						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						46.5						46.5						40.0						0.01		%
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						46.5						46.5						48.6						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						64.6						64.6						69.4						0.02		%
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						26.2						26.2						22.9						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						697.3						697.3						781.7						0.20		%
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						35.8						35.8						36.2						0.01		%
360 Concepts Group, LLC dba Bowl 360 Astoria			(#,^)			19-45 49th St, Astoria, NY 11105						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2031						108.9						108.9						93.4						0.02		%
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						26.9						26.9						23.7						0.01		%
O.P.P. Presents LLC			(#,^)			15927 Pioneer Blvd, Norwalk, CA 90650						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/29/2031						13.4						13.4						11.5						—		%
La Favorita Radio Network			(#,^)			4043 Geer Rd, Hughson, CA 95326						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						6/29/2046						177.4						177.4						196.6						0.05		%
Little Imaginations Learning Center Inc			(#,^)			189 toll Gate Rd,, Warwick, RI 02886						Social Assistance						Term Loan						Prime plus 2.75%						6/29/2046						112.6						112.6						116.4						0.03		%
CALTEL, INC.			(#,^)			2309 Acie Ave, Conway, SC 29528						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/29/2031						84.1						84.1						80.7						0.02		%
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						139.7						139.7						156.6						0.04		%
HTE Acquisition, LLC dba Hi Tech Engineering			(#,^)			4600, 4610, and 4620 Calle Quetza, Camarillo, CA 93012						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2031						50.2						50.2						45.5						0.01		%
Troung Enterprises Inc			(#,^)			1305 SW 107th Ave, Miami, FL 33174						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/28/2031						9.3						9.3						8.0						—		%
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						680.8						680.8						604.0						0.15		%
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						41.9						41.9						43.7						0.01		%
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						46.5						46.5						40.6						0.01		%
J & J Rocket Fizz General Partnership			(#,^)			3155 Outlet Dr Space E020, Edinburgh, IN 46124						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/25/2031						14.0						14.0						12.0						—		%
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						538.9						538.9						563.9						0.14		%
Alpha Variance Solutions, LLC			(#,^)			48 Western Dr, Ardsley, NY 10502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2031						69.8						69.8						60.7						0.02		%

62

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

T.A.L.E.N.T. Leadership LLC dba T.A.L.E.N.T. Leadership Napoli's			(#,^)			4280 Lavon Dr, Garland, TX 75040						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/25/2031						27.0						27.0						23.1						0.01		%
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						182.1						182.1						194.9						0.05		%
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						75.2						75.2						84.3						0.02		%
Craftwork Carpentry and Millwork Inc			(#,^)			2777 S Financial Ct., Sandford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/24/2046						177.1						177.1						188.0						0.05		%
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						86.6						86.6						79.4						0.02		%
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						51.8						51.8						57.4						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						47.8						47.8						47.9						0.01		%
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						32.7						32.7						28.1						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						206.5						206.5						223.5						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						19.6						19.6						16.7						—		%
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						49.4						49.4						51.6						0.01		%
Vance Ewing LLC dba The Bow & Barrel Sportsmen Center			(#,^)			22940 Harlan Ln, St Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/22/2046						49.2						49.2						53.8						0.01		%
Bluewater Laundry & Linen, llc			(#,^)			2315 Main St, Loris, SC 29569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2046						70.6						70.6						79.0						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						66.5						66.5						56.9						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						112.4						112.4						104.6						0.03		%
Two Mean Beans, LLC dba Coffee and Crepes			(#,^)			315 CrossRds Blvd, Floor G, Cary, NC 27518						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2031						10.8						10.8						9.6						—		%
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						19.0						19.0						16.3						—		%
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						43.3						43.3						40.7						0.01		%
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						14.0						14.0						12.0						—		%
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						35.5						35.5						38.5						0.01		%

63

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						32.0						32.0						27.8						0.01		%
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						46.5						46.5						39.8						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						141.7						141.7						133.0						0.03		%
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						329.0						329.0						281.6						0.07		%
AAAK Investments LLC			(#,^)			19595 15 Mile Rd, Clinton Twp, MI 48035						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/14/2046						40.6						40.6						44.8						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						14.9						14.9						12.8						—		%
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						23.3						23.3						23.8						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						10.2						10.2						8.8						—		%
BearWaters Brewing Company			(#,^)			101 Park St, Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/11/2046						64.0						64.0						70.7						0.02		%
Dulceria NYC Inc			(#,^)			2220 Frederick Douglass Blvd, New York, NY 10026						Food Manufacturing						Term Loan						Prime plus 2.75%						6/10/2031						9.3						9.3						8.2						—		%
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						18.6						18.6						19.4						—		%
LVM Constructiion LLC			(#,^)			194 N Grove St, East Orange, NJ 07017						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/10/2031						14.0						14.0						12.1						—		%
899 Toscanini, LLC			(#,^)			899 Main St, Cambridge, MA 02139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						28.9						28.9						28.8						0.01		%
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						41.9						41.9						43.3						0.01		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						6/8/2046						34.4						34.4						38.6						0.01		%
La Taqueria, Inc.			(#,^)			10 Greenwich Ave, Greenwich, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/3/2031						23.3						23.3						19.9						0.01		%
Center for Jewish Addiction Rehabilitation, LLC dba Tikvah Lake Recovery			(#,^)			6549 Rajol Dr, Sebring, FL 33875						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/3/2031						32.6						32.6						34.0						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						32.6						32.6						28.1						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						24.5						24.5						24.1						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						37.0						37.0						31.7						0.01		%
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						4.6						4.6						4.0						—		%

64

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Neuline Health Management LLC			(#,^)			1402 S Custer Rd, McKinney, TX 75070						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/27/2031						74.4						74.4						63.7						0.02		%
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						184.0						184.0						189.5						0.05		%
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						23.1						23.1						19.8						0.01		%
Eckles Generation Heating & Air Service, Inc			(#,^)			6000 Poplar Ave, Memphis, TN 38119						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/26/2031						4.9						4.9						4.7						—		%
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						10.4						10.4						8.9						—		%
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						44.8						44.8						40.3						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						61.9						61.9						53.0						0.01		%
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						6.9						6.9						5.9						—		%
Bock Technologies Inc.			(#,^)			11496 Luna Rd Ste 1200, Dallas, TX 75234						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						5/25/2031						32.4						32.4						27.7						0.01		%
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						25.4						25.4						21.8						0.01		%
Ecru Designs LLC			(#,^)			275 North Wyoming Ave, South Orange, NJ 07079						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/24/2031						58.2						58.2						49.9						0.01		%
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						20.1						20.1						22.6						0.01		%
League One Logistics, LLC			(#,^)			150 Hiram Industrial Dr, Hiram, GA 30141						Truck Transportation						Term Loan						Prime plus 2.75%						5/21/2046						73.7						73.7						79.7						0.02		%
LEX-MAR SERVICE INC			(#,^)			12278 NW 106th Court, Medley, FL 33178						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/21/2046						19.7						19.7						21.1						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						17.6						17.6						15.0						—		%
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						21.7						21.7						22.7						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						11.3						11.3						9.6						—		%
Woodzzy LLC dba Dba Woodzzy Bar & Resturant			(#)			1133 Clarkson Ave, Brooklyn, NY 11212						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/19/2047						192.9						192.9						209.5						0.05		%
Motor Messenger NYC Inc			(#,^)			81-36 Baxter Ave, Queens, NY 11373						Couriers and Messengers						Term Loan						Prime plus 2.75%						5/18/2031						162.6						162.6						144.9						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						87.6						87.6						79.7						0.02		%
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						23.8						23.8						20.3						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						17.6						17.6						15.0						—		%

65

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						7.9						7.9						6.8						—		%
Foy Commerce LLC			(#)			1725 Park Ln S, Ste 2,, Jupiter, FL 33458						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/5/2031						5.9						5.9						5.7						—		%
Hank Thomas Performance			(#,^)			917 Dixie Club Rd, Winston-Salem, NC 27107						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/5/2031						32.4						32.4						32.3						0.01		%
Boyd's Cardinal Hollow Winery Corp 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						88.4						88.4						97.8						0.02		%
Grover Jackson Engineering, LLC			(#,^)			1880 Campbellsville Rd, Pulaski, TN 38478						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/30/2046						53.0						53.0						56.2						0.01		%
NebulOS, Inc			(#,^)			5428 Twilight Way, Parker, CO 80237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2031						55.8						55.8						49.4						0.01		%
3G Graphix LLC dba Elemento Graphics			(#,^)			7160 Zionsville Rd, Indianapolis, IN 46268						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2031						13.2						13.2						11.6						—		%
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						11.4						11.4						12.5						—		%
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						20.1						20.1						19.7						—		%
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						42.7						42.7						41.1						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						45.9						45.9						39.3						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						20.6						20.6						18.0						—		%
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						33.4						33.4						36.6						0.01		%
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						52.7						52.7						45.1						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						6.0						6.0						5.1						—		%
Acra Cast, Inc.			(#,^)			1837 First St, Bay City, MI 48708						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						4/22/2031						19.4						19.4						18.9						—		%
Wells Cutting Edge, LLC			(#,^)			4201 North Cochrane Ln, Erda, UT 84074						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/22/2031						32.1						32.1						28.0						0.01		%
Twenty Ten Agency, LLC			(#,^)			340 S Lemon Avnue, Walnut, CA 91789						Educational Services						Term Loan						Prime plus 2.75%						4/21/2031						3.7						3.7						3.1						—		%
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						32.1						32.1						27.5						0.01		%
Oregon Glass Repair, LLC dba SuperGlass Windshield Repair			(#,^)			2972 SE 38th Court, Hillsboro, OR 97123						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2031						15.8						15.8						13.6						—		%
Tierra Corrosion Control, Incorporated			(#,^)			1608 Schofield Ln, Farmington, NM 87401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/16/2031						22.9						22.9						23.9						0.01		%

66

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						41.3						41.3						39.2						0.01		%
RV Solar LLC			(#)			3442 E Bulk Ln, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						5.8						5.8						5.7						—		%
Lockett Trucking and Transport LLC			(#)			612 Colebridge Dr, Blacklick, OH 43004						Truck Transportation						Term Loan						Prime plus 6.5%						4/14/2031						5.8						5.8						5.7						—		%
Stephanie Ann Doty			(#)			82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						3.4						3.4						3.3						—		%
College Economy Inc			(#,^)			679 Wedgewood Dr, Hanover Park, IL 60133						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/13/2031						32.0						32.0						27.4						0.01		%
Gerald Scott Lyda and Marvina Michae Lyda			(#,^)			3555 Chimney Rock Rd, Hendersonville, NC 28792						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						4/9/2046						32.2						32.2						36.0						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						102.6						102.6						110.9						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						326.1						326.1						340.0						0.09		%
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						228.0						228.0						210.9						0.05		%
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						99.4						99.4						102.8						0.03		%
Barrett Enterprises, LLC			(#,^)			920 N Columbia St, Milledgeville, GA 31061						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2031						19.2						19.2						16.5						—		%
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						24.5						24.5						27.5						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						122.2						122.2						104.7						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%						3/31/2031						110.9						110.9						101.1						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						66.1						66.1						74.1						0.02		%
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						100.7						100.7						105.6						0.03		%
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						151.7						151.7						133.8						0.03		%
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						43.6						43.6						42.4						0.01		%
Statewide Health Care, Inc			(#,^)			102 Oglethorpe Professional Court, Savannah, GA 31406						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2031						56.6						56.6						48.6						0.01		%
Tober Building Company, LLC			(#,^)			3351 Brecksville Rd, Richfield, OH 44286						Construction of Buildings						Term Loan						Prime plus 2.75%						3/31/2031						585.9						585.9						519.0						0.13		%
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						108.5						108.5						109.0						0.03		%

67

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						262.6						262.6						224.8						0.06		%
Bojax Auto Collision, Inc dba Bojax Auto Body Repair and Seman			(#,^)			4712 Fernlee Ave, Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2046						23.3						23.3						24.0						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						50.2						50.2						52.8						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						172.2						172.2						175.5						0.04		%
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						135.2						135.2						143.1						0.04		%
The Sign Company of Wilmington, Inc.			(#,^)			428 Landmark Dr, Wilmington, NC 28412						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/30/2046						100.5						100.5						109.6						0.03		%
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						34.9						34.9						32.6						0.01		%
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						191.6						191.6						164.0						0.04		%
Jason Watt Pictures, LLC			(#,^)			110 Broadway #507, Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/29/2031						16.9						16.9						14.5						—		%
Markell Construction Inc			(#,^)			6248 N Woodstock St, Philadelphia, PA 19138						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/29/2031						15.6						15.6						13.4						—		%
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						73.0						73.0						71.7						0.02		%
QXC Communications, Inc			(#,^)			3785 North Federal Hwy, Ste 205, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						3/29/2031						95.8						95.8						85.8						0.02		%
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						1,098.3						1,098.3						1,001.9						0.25		%
AUBURN ANALYTICAL LABS, INC			(#,^)			2107 Bay City Rd, Midland, MI 48642						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/26/2031						22.8						22.8						19.5						—		%
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						33.3						33.3						37.3						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						17.8						17.8						15.5						—		%
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						22.4						22.4						23.3						0.01		%
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						79.9						79.9						80.1						0.02		%
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						24.1						24.1						25.1						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						13.7						13.7						12.8						—		%
Diversified Electric, LLC			(#,^)			1571 Mapledale St, Ferndale, MI 48220						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/26/2031						19.4						19.4						16.6						—		%

68

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Party Town Chico LLC			(#,^)			1937 East 20th St #B6, Chico, CA 95928						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						3/25/2031						13.6						13.6						11.6						—		%
Allan Gilbert dba Allan Gilbert Builders			(#,^)			50 Jodi Dr, Belmont, NH 03220						Construction of Buildings						Term Loan						Prime plus 2.75%						3/25/2031						22.8						22.8						19.8						0.01		%
Millennium Family Practice LLC			(#,^)			6310 Steven Forest Rd, Columbia, MD 21045						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/25/2031						87.7						87.7						91.3						0.02		%
Companion Plus Care, LLC			(#,^)			19849 Middlebelt Rd, Livonia, MI 48152						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/25/2046						129.4						129.4						130.3						0.03		%
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						79.9						79.9						79.9						0.02		%
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						32.0						32.0						31.2						0.01		%
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						9.6						9.6						8.3						—		%
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						164.4						164.4						142.8						0.04		%
Blasco Tire LLC			(#)			960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						5.8						5.8						5.6						—		%
Sundown Audio, LLC			(#,^)			514 W 21st St, Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/24/2031						91.3						91.3						78.4						0.02		%
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						134.5						134.5						117.9						0.03		%
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						141.9						141.9						123.1						0.03		%
Spartan Technology Solutions, Inc.			(#,^)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/22/2031						45.7						45.7						39.0						0.01		%
Tripark LLC			(#,^)			12630 Haynes Rd, Houston, TX 77066						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/19/2046						147.3						147.3						151.3						0.04		%
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						147.3						147.3						155.9						0.04		%
David Edwin Harries			(#,^)			5506 Riverside Dr, Chino, CA 91710						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/19/2031						13.7						13.7						11.7						—		%
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						13.7						13.7						11.7						—		%
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						297.1						297.1						257.0						0.07		%
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						82.3						82.3						70.4						0.02		%
Northern Services Inc			(#,^)			2266 Central St, Ste6, Richmond, CA 94801						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2031						45.7						45.7						39.1						0.01		%
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						306.2						306.2						261.6						0.07		%

69

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						29.3						29.3						26.5						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						45.7						45.7						39.1						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						114.3						114.3						112.1						0.03		%
WSCL, Inc			(#,^)			176 Rosa Court, Colton, CA 92324						Construction of Buildings						Term Loan						Prime plus 2.75%						3/18/2031						46.1						46.1						39.4						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						13.7						13.7						12.7						—		%
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						54.2						54.2						50.6						0.01		%
EXAGEN SOLUTIONS INC			(#,^)			32 Waverly Cir, Waverly, NY 12189						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/16/2031						48.5						48.5						41.4						0.01		%
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						169.3						169.3						155.1						0.04		%
Crispeno Realty, Inc			(#,^)			9812 235th Pl SW, Edmonds, WA 98020						Real Estate						Term Loan						Prime plus 2.75%						3/16/2031						7.4						7.4						6.3						—		%
Pavesh, LLC			(#,^)			9576 Potranco Rd, San Antonio, TX 78251						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2046						164.7						164.7						173.3						0.04		%
INB Enterprise LLC			(#)			7761 Diamondback Dr, College Park, MD 20742						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/15/2031						5.8						5.8						5.6						—		%
DTJ Enterprises, Inc dba West Falmouth Market			(#,^)			623 W Falmouth hwy, Falmouth, MA 02540						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/15/2046						176.8						176.8						184.6						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						5.8						5.8						5.6						—		%
Craftworks NW, LLC			(#,^)			12421 NE 117th Ave, Vancouver, WA 98662						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/12/2031						13.8						13.8						12.5						—		%
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						669.6						669.6						697.3						0.18		%
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						20.7						20.7						17.7						—		%
Swick & Son Enterprises, Inc.			(#,^)			108 Mashell Ave North, Eatonville, WA 98328						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/12/2031						66.0						66.0						57.0						0.01		%
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						221.7						221.7						248.1						0.06		%
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						38.5						38.5						36.1						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						54.9						54.9						47.0						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						48.1						48.1						41.1						0.01		%
INTERNETZONE I, INC.			(#,^)			3131 Laurel Ave, Fullerton, CA 92835						Other Information Services						Term Loan						Prime plus 2.75%						3/10/2031						9.2						9.2						7.8						—		%

70

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Monark, LLC			(#,^)			26050 Acero, Ste 411, Mission Viejo, CA 92691						Food Manufacturing						Term Loan						Prime plus 2.75%						3/10/2031						32.1						32.1						27.4						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						9.0						9.0						7.7						—		%
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						5.5						5.5						4.7						—		%
Charlie Chedda's LLC			(#,^)			1867 Academy Blvd 1871 S Academy Blvd, Colorado Springs, CO 80916						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/5/2031						17.1						17.1						17.8						—		%
Nadal Company LLC			(#,^)			5923 Robindale Rd, Catonsville, MD 21228						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/5/2031						4.6						4.6						3.9						—		%
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						117.5						117.5						127.1						0.03		%
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						28.3						28.3						26.4						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						7.1						7.1						7.9						—		%
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						197.4						197.4						220.8						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						188.6						188.6						161.2						0.04		%
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						9.1						9.1						7.7						—		%

Goodsell/Wilkins, Inc			(#,^)			28175 Bluebell Dr, Laguna Niguel, CA 92677						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/25/2031						90.6						90.6						77.4						0.02		%
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						16.0						16.0						13.7						—		%
Innovative Dental of Hannibal LLC			(#,^)			515 Clinic Rd., Hannibal, MO 63401						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/24/2031						45.3						45.3						38.7						0.01		%
Medissage Integrative Therapies, LLC			(#,^)			103 Twinridge Ln, Richmond, VA 23235						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/23/2046						7.3						7.3						8.1						—		%
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						6.8						6.8						5.8						—		%
Eagle Creek Landscape & Design			(#,^)			7574 Eagle Creek Rd, Cincinnati, OH 45247						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/19/2031						43.0						43.0						37.4						0.01		%
TELAVERGE COMMUNICATIONS, LLC			(#,^)			8229 Foutain Ridge Dr, Plano, TX 75025						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/19/2031						31.7						31.7						27.1						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						85.6						85.6						95.8						0.02		%
Ben Anderson 365			(#,^)			1567 E Valley Rd, Montecito, CA 93108						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/18/2031						45.3						45.3						38.7						0.01		%
Surgeon & Associates, Inc			(#,^)			733 Bargain St, Fayetteville, NC 28303						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/17/2031						27.2						27.2						27.0						0.01		%

71

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						18.1						18.1						15.8						—		%
Commonwealth Warehouse, Inc.			(#,^)			400-500 Murray Rd, Cincinnati, OH 45217						Warehousing and Storage						Term Loan						Prime plus 2.75%						2/17/2031						52.1						52.1						44.6						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						2.3						2.3						2.2						—		%
White Pine Logistics Inc			(#,^)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						2/16/2031						52.3						52.3						44.7						0.01		%
Design Moves LLC			(#,^)			3235 North Dixie Hwy, Oakland, FL 33334						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/16/2046						83.1						83.1						89.6						0.02		%
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						4.5						4.5						4.3						—		%
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						149.9						149.9						133.7						0.03		%
UniGuide Media,LLC			(#)			105 Pearl St, Sausalito, CA 94965						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						2/11/2031						5.8						5.8						5.6						—		%
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						283.6						283.6						302.3						0.08		%
Little Swimmers Inc.			(#,^)			2395 Monument Blvd, Concord, CA 94520						Educational Services						Term Loan						Prime plus 2.75%						2/11/2031						45.3						45.3						39.3						0.01		%
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						13.6						13.6						11.7						—		%
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						21.7						21.7						23.2						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%						2/3/2047						93.8						93.8						92.8						0.02		%
Davis Laboratories, Inc.			(#,^)			611 Lunar Ave., Brea, CA 92821						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2031						56.6						56.6						53.0						0.01		%
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						17.6						17.6						19.7						—		%
TC3, LLC			(#,^)			1036 Country St 2945, Tuttle, OK 73089						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/29/2031						4.8						4.8						4.7						—		%
CULTIVA Solutions, LLC			(#,^)			8000 Towers Crescent Dr,, Vienna, VA 22182						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/29/2031						3.6						3.6						3.1						—		%
Jazma Deaungilae Wise			(#)			110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						3.7						3.7						3.5						—		%
Payne's Environmental Services LLC			(#,^)			5617 Causeway Blvd., Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/28/2031						166.3						166.3						150.6						0.04		%
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						10.3						10.3						8.8						—		%
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						5.7						5.7						5.5						—		%
Greater Vision Healthcare Services, LLC			(#,^)			788 Montgomery Ave, Ocoee, FL 34761						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/22/2046						903.3						903.3						964.5						0.24		%

72

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Wild Wellness LLC			(#)			151 Lake St, Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						2.5						2.5						2.4						—		%
Andrew's Spotless Cleaning, LLC			(#)			1604 Marcella Dr, Covington, KY 41011						Administrative and Support Services						Term Loan						Prime plus 6.5%						1/22/2031						5.7						5.7						5.5						—		%
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						45.0						45.0						40.1						0.01		%
VIIXVII Sewing Studio, LLC			(#)			227 E Girard Ave, Philadelphia, PA 19125						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 6.5%						1/22/2031						4.1						4.1						3.9						—		%
Skypie Studio & Crafts LLC			(#)			933 Mary Ave, Opelousas, LA 70570						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						5.5						5.5						5.3						—		%
R & L Timber, Inc			(#,^)			524 Callen Crabb Rd, Sagle, ID 83860						Forestry and Logging						Term Loan						Prime plus 2.75%						1/20/2031						216.9						216.9						195.5						0.05		%
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						5.7						5.7						5.5						—		%
Valley Towing & Sons, Inc			(#,^)			16 NY-6N, Mahopac, NY 10541						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/19/2031						10.5						10.5						9.0						—		%
Diamond Ridge Professionals LLC,			(#)			8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						5.7						5.7						5.5						—		%
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						11.5						11.5						11.1						—		%
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						178.2						178.2						152.3						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						239.7						239.7						247.1						0.06		%
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						116.8						116.8						108.8						0.03		%
Silx LLC			(#,^)			4120 3rd Ave, Timnath, CO 80525						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/12/2031						4.1						4.1						3.5						—		%
White Pine Logistics, Inc.			(#,^)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						1/11/2031						356.6						356.6						309.1						0.08		%
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						13.5						13.5						11.5						—		%
Westby Grocery LLC			(#,^)			212 Main St, Westby, MT 59275						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/8/2046						42.7						42.7						42.8						0.01		%
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						116.0						116.0						99.3						0.03		%
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						17.0						17.0						18.3						—		%
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						341.3						341.3						381.9						0.10		%
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						191.7						191.7						163.9						0.04		%

73

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Seven C's Manufacturing, Inc			(#,^)			3895 Corsair St, Reno, NV 89502						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						490.5						490.5						459.4						0.12		%
M2 Lumber LLC			(#,^)			110 Brick House Rd, Laurens, SC 29360						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						10.0						10.0						9.3						—		%
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						37.1						37.1						41.5						0.01		%
Hawthorne Food Company dba Eastern Standard Provis			(#,^)			117 Beaver St, Waltham, MA 02452						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						780.4						780.4						668.1						0.17		%
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						152.2						152.2						170.3						0.04		%
Performance Online, Inc			(#,^)			1550 Melissa Ct, Corona, CA 92879						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/30/2030						234.3						234.3						200.8						0.05		%
NDRS Construction Inc.dba Disaster			(#,^)			18730 Cortez Blvd, Brooksville, FL 34601						Construction of Buildings						Term Loan						Prime plus 2.75%						12/30/2030						62.5						62.5						53.7						0.01		%
SDI Black 011, LLC			(#,^)			1091 YONKERS AVE, YONKERS, NY 10704						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/30/2030						198.4						198.4						183.4						0.05		%
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						92.7						92.7						84.3						0.02		%
Lightstat Inc.			(#,^)			22 W West Hill Rd, Barkhamsted, CT 06063						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/30/2030						334.4						334.4						335.4						0.09		%
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						232.8						232.8						199.0						0.05		%
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						1,102.7						1,102.7						1,012.7						0.26		%
Shlama Two LLC dba Village Park Daycare			(#,^)			7440 Broadway , Merrillville, IN 46410						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2045						243.5						243.5						261.2						0.07		%
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						356.7						356.7						371.5						0.09		%
Bourque Sales and Service Inc.			(#,^)			9160 Linwood Ave, Shevport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						139.3						139.3						155.9						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						39.5						39.5						33.7						0.01		%
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						104.9						104.9						89.8						0.02		%
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						410.9						410.9						459.8						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						375.7						375.7						326.5						0.08		%
Bourque Sales and Service Inc			(#,^)			9160 Linwood Ave, Shreveport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						142.0						142.0						158.9						0.04		%
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						891.9						891.9						762.4						0.19		%
Center of New England Primary Care Inc, North Providence Urgent Care			(#,^)			775 Centre of New England Blvd, Coventry, RI 02816						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2045						442.9						442.9						495.6						0.13		%

74

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						1,114.8						1,114.8						1,050.8						0.27		%
Khangri Sourcing Inc.			(#,^)			6021 129th. Ave SE, Bellevue, WA 98006						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/29/2030						149.0						149.0						138.1						0.03		%
Bojax Auto Collision Inc			(#,^)			4706 Fenlee Ave., Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2045						334.9						334.9						362.0						0.09		%
Litchy Electric L.L.C.			(#,^)			4035 E Post Rd, Las Vegas, NV 89120						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2030						89.2						89.2						83.7						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						128.2						128.2						121.9						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						6.7						6.7						6.9						—		%
SLCP Transport, LLC			(#,^)			111 Brentwood Dr, College Station, TX 77840						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						54.5						54.5						51.6						0.01		%
Title2Land,LLC			(#,^)			11851 Wentling Ave, Baton Rouge, LA 70816						Real Estate						Term Loan						Prime plus 2.75%						12/23/2045						109.6						109.6						123.7						0.03		%
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						11.4						11.4						11.9						—		%
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						14.4						14.4						13.6						—		%
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						11.4						11.4						11.9						—		%
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						11.4						11.4						11.9						—		%
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						518.4						518.4						495.9						0.13		%
UBIF 86 CO dba UBREAKIFIX			(#,^)			1539 Town Center Dr, Lakeland, FL 33803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						51.1						51.1						47.2						0.01		%
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						11.4						11.4						11.9						—		%
Summerfield Farm, Inc			(#,^)			24 Baker Rd, Pittstown, NJ 08867						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/23/2045						57.2						57.2						64.6						0.02		%
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						3.9						3.9						4.0						—		%
US Dedicated LLC			(#,^)			13410 SE 26th Cir, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2030						195.1						195.1						180.3						0.05		%
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						42.6						42.6						48.1						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						355.1						355.1						392.0						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						7.5						7.5						7.1						—		%

75

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						691.2						691.2						659.2						0.17		%
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						195.3						195.3						180.4						0.05		%
Tahzoo LLC			(#,^)			1015 7th St NW, Washington, DC 20001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						694.1						694.1						642.4						0.16		%
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						13.4						13.4						14.1						—		%
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						62.5						62.5						63.2						0.02		%
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						1,114.8						1,114.8						1,061.6						0.27		%
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						112.0						112.0						125.1						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						6.7						6.7						6.2						—		%
Code 3 Apps LLC.			(#,^)			843 Tempted Ways Dr, Longmont, CO 80504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/18/2030						6.7						6.7						6.2						—		%
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						89.2						89.2						82.4						0.02		%
RJL Texas International Corporation			(#,^)			17401 Triton,, Schertz, TX 78154						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						242.3						242.3						234.3						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						10.7						10.7						9.9						—		%
Edgar E. Herrera Garcia, Rocio L. D. Herrera dba Integral Delivery			(#,^)			3100 Delaware Ave, Des Moines, IA 50313						Truck Transportation						Term Loan						Prime plus 2.75%						12/18/2045						219.2						219.2						245.2						0.06		%
People United of Louisiana LLC			(#,^)			1401 Hudson Ln, Monroe, LA 71201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						133.8						133.8						127.8						0.03		%
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						1,114.8						1,114.8						1,030.1						0.26		%
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						50.4						50.4						56.9						0.01		%
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						77.9						77.9						88.0						0.02		%
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						223.0						223.0						206.0						0.05		%
Carolina Roofing Siding Painting LLC			(#,^)			204 Depot St, Camponbello, SC 29322						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2045						14.6						14.6						16.2						—		%
David M. Benson LLC			(#)			1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.9						—		%

76

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Savannah Area Language & Culture Exchange, LLC			(#)			6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.9						—		%
McFarlin, LLP			(#,^)			4 Park Plz Ste 1025, Irvine, CA 92614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						158.4						158.4						146.3						0.04		%
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						75.8						75.8						70.0						0.02		%
Vege Investments, LLC dba Sunoco Homestead			(#)			26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.9						—		%
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						20.1						20.1						18.5						—		%
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						13.4						13.4						12.6						—		%
Vector Utilities LLC			(#,^)			8501 San Gabriel Dr, Laredo, TX 78045						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2030						334.4						334.4						336.5						0.09		%
Droplette Marketing Co			(#,^)			6481 Orangethorpe Ave, Buena Park, CA 90620						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2030						6.0						6.0						5.8						—		%
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						41.2						41.2						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						156.1						156.1						144.2						0.04		%
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						55.7						55.7						51.5						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						6.7						6.7						6.4						—		%
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						11.4						11.4						11.9						—		%
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						11.4						11.4						11.9						—		%
TJ Pant LLC and Tailored Cartage LLC			(#,^)			25993 US 12, Sturgis, MI 49091						Truck Transportation						Term Loan						Prime plus 2.75%						12/11/2030						76.9						76.9						78.5						0.02		%
Shattered Prism LLC			(#,^)			3333 Broadway , New York, NY 10031						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/11/2030						6.7						6.7						7.1						—		%
Premium Marketing Co. Inc. dba Vera Moore Cosmetics			(#,^)			4 Shadow Ln, Woodbury, NY 11797						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/11/2030						20.1						20.1						18.8						—		%
LTD Broadband, LLC			(#,^)			69 Teahouse St, Las Vegas, NV 89138						Telecommunications						Term Loan						Prime plus 2.75%						12/10/2030						1,076.9						1,076.9						1,050.4						0.27		%
Just In Time Refrigeration LLC			(#,^)			6400 EDNA TAYLOR PKWY, MONONA, WI 53716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/10/2045						224.5						224.5						244.9						0.06		%
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						63.3						63.3						71.5						0.02		%
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						1,025.2						1,025.2						1,035.9						0.26		%
HWH Unlimited, Inc.			(#,^)			43386 Business Park Dr, Temecula, CA 92590						Real Estate						Term Loan						Prime plus 2.75%						12/9/2030						66.9						66.9						70.6						0.02		%

77

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

LBR Partners LLC dba Techy			(#,^)			1450 Johns Lake Rd, Clermont, FL 34711						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/9/2030						41.6						41.6						38.5						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						40.1						40.1						37.1						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						10.7						10.7						9.9						—		%
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						151.6						151.6						160.1						0.04		%
Indecon Builders Inc			(#,^)			1382 Valencia Ave, Tustin, CA 92780						Construction of Buildings						Term Loan						Prime plus 2.75%						12/4/2030						44.6						44.6						41.2						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						4.5						4.5						4.7						—		%
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						65.8						65.8						74.2						0.02		%
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						4.5						4.5						4.7						—		%
SME Business Services LLC			(#,^)			930 Chesaco Ave, Rosedale, MD 21237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						20.1						20.1						18.5						—		%
Moxie Marketing, LLC			(#,^)			51 Lee Dr, Palm Coast, FL 32137						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						111.5						111.5						103.0						0.03		%
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						11.4						11.4						11.9						—		%
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						4.7						4.7						4.6						—		%
American Retail Properties, Inc.			(#,^)			125 Main St 2nd Floor, Reading, MA 01867						Real Estate						Term Loan						Prime plus 2.75%						11/30/2030						19.9						19.9						18.4						—		%
Jonathan J Klaczik LLC dba Veterans Fence Company			(#,^)			7417 Dover Ln, Parma, OH 44130						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/27/2030						19.9						19.9						19.2						—		%
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						35.4						35.4						32.9						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						66.4						66.4						61.3						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						10.0						10.0						10.5						—		%
Flex Beauty Labs, LLC			(#)			7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						10.9						10.9						11.4						—		%
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						6.6						6.6						6.1						—		%
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						11.3						11.3						11.8						—		%
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						81.9						81.9						76.0						0.02		%

78

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						13.0						13.0						12.0						—		%
Prosperity Tool, Inc			(#,^)			2006 National Guard Dr, Plant City, FL 33563						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/19/2045						291.8						291.8						329.4						0.08		%
The Number Masters			(#,^)			3325 Highland St, Grove City, OH 43123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2030						15.4						15.4						14.2						—		%
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						69.7						69.7						64.4						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						96.9						96.9						89.6						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						195.4						195.4						220.5						0.06		%
Modutech Marine Inc			(#,^)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/9/2030						354.0						354.0						373.7						0.09		%
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						46.5						46.5						44.2						0.01		%
GoodGuyS Enterprises Inc dba Goodguys;Good Guy Enterprises			(#,^)			1071 Serpentine Ln, Pleasanton, CA 94566						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/4/2030						181.6						181.6						191.8						0.05		%
Supersonic Cleaning Services Inc			(#,^)			36 Seitz Terrace, Arlington, NY 12603						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/29/2030						34.0						34.0						31.8						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						10.2						10.2						11.3						—		%
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						87.4						87.4						97.7						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						16.8						16.8						15.6						—		%
KTF Consulting Corp			(#,^)			2471 N Geneva Terrace, Chicago, IL 60614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/6/2030						65.9						65.9						69.6						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%						10/2/2031						1,130.0						1,130.0						1,054.3						0.27		%
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						72.7						72.7						82.1						0.02		%
Hazleton Oil & Environmental, Inc			(#,^)			300 Tamaqua St, Hazleton, PA 18201						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2045						1,053.3						1,053.3						1,189.1						0.30		%
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						65.4						65.4						61.3						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						43.6						43.6						40.4						0.01		%
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						327.0						327.0						331.6						0.08		%
BulkMore LLC			(#,^)			12741 Ocean Gateway, Ocean City, MD 21842						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/18/2030						131.9						131.9						124.8						0.03		%

79

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						55.7						55.7						61.9						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						159.0						159.0						146.6						0.04		%
Alliance Heating & Air Conditioning, Inc.			(#,^)			10 Brookfield Ave, Bridgeport, CT 06610						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/6/2030						627.9						627.9						579.8						0.15		%
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						806.5						806.5						881.4						0.22		%
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						281.5						281.5						259.0						0.07		%
Profit Stewards, LLC			(#,^)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/2/2030						36.2						36.2						34.0						0.01		%
Caplan Home Care, LLC			(#,^)			6029 Berkshire Ln, Dallas, TX 75225						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						4/1/2045						847.8						847.8						934.4						0.24		%
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						351.2						351.2						396.5						0.10		%
Blackwater Diving LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2030						315.1						315.1						301.8						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						18.7						18.7						17.2						—		%
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						143.8						143.8						162.4						0.04		%
Dunaway and Hart, Inc			(#,^)			575 Harkrider St, Conway, AR 72032						Real Estate						Term Loan						Prime plus 2.75%						3/26/2030						41.5						41.5						38.1						0.01		%
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						11.3						11.3						10.4						—		%
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						447.4						447.4						469.8						0.12		%
Firefly Developement LLC dba Firefly Earthworks			(#,^)			4818 Vicksburg St, Dallas, TX 75207						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/19/2045						288.1						288.1						311.8						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						3.7						3.7						3.7						—		%
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						220.2						220.2						248.6						0.06		%
Forest Scientific Corporation			(#,^)			668 Elm St, Tionesta, PA 16353						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/17/2030						62.3						62.3						65.4						0.02		%
Kanga Lean, Inc. dba F45 Training Trinity			(#,^)			8900 Strengh Ave, New Port Richey, FL 34655						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/16/2030						47.9						47.9						45.5						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						1,235.0						1,235.0						1,394.4						0.35		%
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						12.2						12.2						11.2						—		%
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						115.4						115.4						110.6						0.03		%

80

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Rapid Trucking and			(#,^)			4225 W Capitol Ave, West Sacramento, CA 95691						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2045						731.1						731.1						825.4						0.21		%
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						507.9						507.9						556.5						0.14		%
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						307.2						307.2						322.5						0.08		%
Astoria-Pacific Inc			(#,^)			15130 SE 82nd Dr, Clackamas, OR 97015						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/13/2030						103.8						103.8						109.0						0.03		%
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						124.5						124.5						114.4						0.03		%
C3 Capital, Inc			(#,^)			10010 North Hampton Cove Ln, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/11/2030						470.1						470.1						485.2						0.12		%
Quarles Service Systems, Inc.			(#,^)			1740 September Ave, Memphis, TN 38116						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/10/2045						92.2						92.2						101.9						0.03		%
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						30.4						30.4						27.9						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						116.2						116.2						119.3						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						307.5						307.5						337.8						0.09		%
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						55.0						55.0						55.0						0.01		%
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						321.6						321.6						295.4						0.07		%
Advans IT Services, Inc.			(#,^)			One Mercantile St, STE 560, Worcester, MA 01608						Other Information Services						Term Loan						Prime plus 2.75%						3/6/2030						103.8						103.8						95.3						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						62.3						62.3						57.8						0.01		%
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						19.2						19.2						20.2						0.01		%
Chet Lemon Enterprises, Inc. dba All American Sports			(#,^)			1544 Ln Park Cut off, Tavares, FL 32778						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/3/2031						248.0						248.0						262.3						0.07		%
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						42.7						42.7						39.5						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						436.5						436.5						492.8						0.12		%
Breakers Electric, LLC dba Merrill Sports			(#,^)			13600 Mustang Dr, Mead, CO 80542						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/27/2030						8.6						8.6						7.9						—		%
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						77.5						77.5						86.4						0.02		%

81

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

M & L ENTERPRIZES, LLC			(#,^)			2401 Wrightsville Ave, Wilmington, NC 28403						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						41.1						41.1						43.1						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						49.7						49.7						46.9						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						21.2						21.2						24.0						0.01		%
Bora Enterprises, LLC			(#,^)			44255-B Fremont Blvd,, Fremont, CA 94538						Truck Transportation						Term Loan						Prime plus 2.75%						2/21/2030						10.5						10.5						9.6						—		%
Skimino Enterprises LLC			(#,^)			197 Ewell Rd, Williamsburg, VA 23188						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/21/2030						61.6						61.6						56.6						0.01		%
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						402.6						0.10		%
Sherwood Sporthorses Inc.			(#,^)			20502 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/21/2046						388.9						388.9						428.8						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						16.4						16.4						15.0						—		%
Little Feet Academy of Jacksonville, LLC			(#,^)			10265 Normandy Blvd, Jacksonville, FL 32221						Social Assistance						Term Loan						Prime plus 2.75%						2/17/2045						45.2						45.2						49.3						0.01		%
All Modes Transportation & Logistics LLC			(#)			4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						10.6						10.6						10.9						—		%
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						410.6						410.6						377.1						0.10		%
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						50.0						50.0						47.6						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						41.0						41.0						37.7						0.01		%
Fortson Janitorial Inc			(#,^)			462-482 Chattahoochee St, Cornelia, GA 30531						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/5/2045						102.8						102.8						116.1						0.03		%
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						73.1						73.1						67.1						0.02		%
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						158.4						158.4						146.1						0.04		%
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						302.7						302.7						328.2						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						266.8						266.8						292.8						0.07		%
Adorable Home Heath Care LLC			(#,^)			6114 W Capitol Dr Ste 205, Milwaukee, WI 53206						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/30/2030						34.2						34.2						31.4						0.01		%
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						86.2						86.2						79.1						0.02		%
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						17.1						17.1						15.7						—		%

82

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Affinity Integrated Solutions Inc.			(#,^)			115 Pomona Dr, Greensboro, NC 27402						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2045						289.1						289.1						316.7						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						191.1						191.1						175.5						0.04		%
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						18.3						18.3						16.9						—		%
Emmalina LLC			(#,^)			3602 Rock Bay Dr, Louisville, KY 40245						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2030						7.6						7.6						7.4						—		%
Motorsport Imagery, Inc			(#,^)			16362 Cherokee Rd, Brooksville, FL 34601						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/17/2030						18.7						18.7						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						160.3						160.3						176.1						0.04		%
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						29.8						29.8						27.4						0.01		%

VetMed LLC			(#,^)			908 4th Ave, Decatur, AL 35601						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						71.3						71.3						65.5						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						50.9						50.9						46.8						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						3.8						3.8						3.6						—		%
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						458.5						458.5						421.1						0.11		%
Bearwaters Brewing Company			(#,^)			101 Park St, Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						247.8						247.8						278.3						0.07		%
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						274.2						274.2						304.0						0.08		%
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						103.7						103.7						110.9						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						40.0						40.0						41.0						0.01		%
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M			(#,^)			524 Sackett St, Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/30/2029						209.6						209.6						218.5						0.06		%
Kiddie Garden Child Development Center, LLC			(#,^)			2809 W. Atkinson Ave, Milwaukee, WI 53209						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2044						41.0						41.0						46.3						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						752.0						752.0						849.1						0.22		%
Dilpreet Hundal dba Kwik Stop			(#,^)			1001 Sacramento Ave, West Sacramento, CA 95605						Gasoline Stations						Term Loan						Prime plus 2.75%						12/30/2044						230.8						230.8						260.5						0.07		%
Vance Ewing LLC			(#,^)			22940 Harlan Ln, St. Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2029						90.9						90.9						97.2						0.02		%

83

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						111.1						111.1						115.2						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						910.0						910.0						908.7						0.23		%
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						150.5						150.5						152.6						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						214.5						214.5						242.1						0.06		%
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						130.9						130.9						133.8						0.03		%
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						616.7						616.7						696.3						0.18		%
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						135.9						135.9						153.4						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						50.5						50.5						52.9						0.01		%
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						37.8						37.8						37.6						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						132.1						0.03		%
QXC Communications, Inc			(#,^)			4541 N Dixie Hwy, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						12/27/2029						430.7						430.7						429.0						0.11		%
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						95.4						95.4						107.7						0.03		%
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						385.8						385.8						392.2						0.10		%
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						90.9						90.9						91.4						0.02		%
Ink! Coffee Company			(#,^)			2851 Larimer St, Denver, CO 80205						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2029						447.1						447.1						445.3						0.11		%
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						201.6						201.6						208.8						0.05		%
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						6.1						6.1						6.0						—		%
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						396.3						396.3						401.7						0.10		%
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						318.7						318.7						359.8						0.09		%

84

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						539.5						539.5						537.5						0.14		%
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						10.9						10.9						11.6						—		%
Freedom Enterprises, Inc			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2029						258.9						258.9						261.6						0.07		%
ACC International LLC			(#,^)			200 N Furnace St, Birdsboro, PA 19508						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2044						307.6						307.6						347.2						0.09		%
La Tradicion Cubana Inc			(#)			9357 S.W. 40th St, Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						10.5						10.5						11.7						—		%
Macon Arts Center LLC			(#,^)			4570 Pio Nono Ave, Macon, GA 31206						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/20/2044						617.8						617.8						697.5						0.18		%
Freedom Enterprises, Inc			(#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2044						191.2						191.2						215.9						0.05		%
Nebulos, LLC			(#,^)			5428 Twilight Way, Parker, CO 80134						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2029						51.4						51.4						53.1						0.01		%
Kuros, LLC			(#,^)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						12/19/2044						379.6						379.6						428.6						0.11		%
Kuros, LLC			(#,^)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						11/19/2045						82.9						82.9						93.6						0.02		%
GDIM Enterprises Inc dba AAMCO			(#,^)			1657 Whiskey Rd., Aiken, SC 29803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/19/2029						17.4						17.4						17.8						—		%
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						260.2						260.2						264.1						0.07		%
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						139.5						139.5						157.5						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						9.1						9.1						9.7						—		%
HADD Corp			(#)			364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						10.4						10.4						11.6						—		%
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						298.8						298.8						337.4						0.09		%
Signco America LP & Sparkle corporation Inc.			(#,^)			7938 Wright Rd, Houston, TX 77041						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/16/2044						907.2						907.2						1,024.3						0.26		%
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						167.8						167.8						179.0						0.05		%
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						6.0						6.0						6.0						—		%
Dr Steven J Seidel			(#,^)			42 Campeau Place, Bergenfield, NJ 07621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2029						65.6						65.6						65.4						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						63.6						63.6						65.1						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						6.5						6.5						6.5						—		%

85

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						77.2						77.2						77.8						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						1,100.8						1,100.8						1,125.9						0.29		%
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						228.9						228.9						258.4						0.07		%
Belle Properties Northwest, Inc.			(#,^)			223 Ave B, Snohomish, WA 98290						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/12/2044						125.2						125.2						141.3						0.04		%
Joyner5, Inc.dba British Swim School			(#,^)			3986 Hope Valley, Wake Forest, NC 27587						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/12/2029						18.2						18.2						18.1						—		%
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						90.6						90.6						100.7						0.03		%
Stockton TRI Industries, LLC			(#,^)			2141 E Anderson St, Stockton, CA 95205						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/12/2044						1,056.4						1,056.4						1,192.7						0.30		%
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						286.1						286.1						323.0						0.08		%
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						33.5						33.5						33.4						0.01		%
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD			(#,^)			175 W Borgfeld Dr, San Antonio, TX 78260						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/11/2044						107.3						107.3						121.1						0.03		%
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						13.3						13.3						13.5						—		%
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						37.2						37.2						42.0						0.01		%
SLCP Transport, LLC dba Aamco			(#,^)			1407 Lomaland Dr, El Paso, TX 79935						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2029						50.5						50.5						52.2						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						262.3						262.3						272.5						0.07		%
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						888.9						888.9						890.9						0.23		%
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						184.8						184.8						187.8						0.05		%
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						54.5						54.5						54.5						0.01		%
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						10.4						10.4						11.6						—		%
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						110.5						110.5						112.8						0.03		%
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						0.04		%

86

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						189.2						189.2						192.9						0.05		%
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						15.1						15.1						15.5						—		%
Natalie Enterprise Inc			(#,^)			2500 Grand Ave, Billings, MT 59102						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						16.4						16.4						17.5						—		%
Clearwater Engineering Inc			(#,^)			301 N River St, Derby, KS 67037						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/5/2029						476.7						476.7						486.6						0.12		%
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						69.7						69.7						70.5						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						10.5						10.5						11.7						—		%
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						17.6						17.6						18.0						—		%
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						50.3						50.3						50.1						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						40.1						40.1						39.9						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						63.5						63.5						63.6						0.02		%
Behind the Scenes Chicago, LLC dba Paramount Events			(#,^)			2744 W. Roscoe St, Chicago, IL 60618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						277.0						277.0						283.2						0.07		%
Codorado, Inc. dba Dentalmart			(#,^)			10 Glorieta Rd, Sante Fe, NM 87508						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/27/2029						8.4						8.4						8.4						—		%
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						39.5						39.5						42.2						0.01		%
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						236.2						236.2						236.5						0.06		%
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						139.4						139.4						139.5						0.04		%
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						100.2						100.2						99.7						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						8.5						8.5						8.5						—		%
Ford Custom Renovation LLC			(#,^)			405 Broadway St, Muncy, PA 17756						Construction of Buildings						Term Loan						Prime plus 2.75%						11/26/2029						6.6						6.6						6.6						—		%
Ultra Flow Dispense, LLC			(#,^)			820 Prospect Hill Rd, Windsor, CT 06095						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/26/2029						89.0						89.0						88.9						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						153.0						153.0						154.9						0.04		%
Hurricane Group, Inc.dba Crate Club Group			(#,^)			1357 Ashford Ave Ste 429, San Juan, PR 09070						Other Information Services						Term Loan						Prime plus 2.75%						11/25/2029						44.5						44.5						44.3						0.01		%
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						189.3						189.3						198.5						0.05		%

87

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Cum Laude Enterprises, LLC			(#,^)			15218 Penn Hills Ln, Houston, TX 77062						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/22/2029						15.4						15.4						15.9						—		%
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						72.1						72.1						74.0						0.02		%
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						189.4						189.4						195.9						0.05		%
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						150.2						150.2						149.6						0.04		%
S&C Cookies, Inc			(#,^)			1969 Jericho Turnpike, East Northport, NY 11731						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/22/2029						45.1						45.1						44.9						0.01		%
Best Choice Meats, Inc,			(#,^)			12646 S Springfield Ave, Alsip, IL 60803						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2044						1,280.6						1,280.6						1,445.8						0.37		%
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						9.6						9.6						10.3						—		%
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						415.2						415.2						468.0						0.12		%
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						102.5						102.5						102.6						0.03		%
The Rollin' Trapp LLC			(#,^)			1731 Prevatt Rd, Dothan, AL 36301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						6.8						6.8						7.0						—		%
Cobb Roofing LLC			(#,^)			8101 NW 10th St, Oklahoma City, OK 73127						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/21/2029						46.5						46.5						46.3						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						3.6						3.6						3.8						—		%
AMH Construction, Inc.			(#,^)			30 South Ivey Ln, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2044						261.9						261.9						295.7						0.07		%
Cable Management LLC			(#,^)			290 Pratt St, Meriden, CT 06450						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/20/2029						110.2						110.2						112.2						0.03		%
AMH Construction, Inc.			(#,^)			30 South Ivey Ln, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2029						60.1						60.1						63.1						0.02		%
AD Learning Group, LLC dba The Learning Experience & AD Learning NH			(#,^)			181 Shunpike Rd, Cromwell, CT 06416						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2029						110.1						110.1						109.6						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						424.3						424.3						479.1						0.12		%
Lindsley Excavating LLC			(#,^)			92 Town Line Rd, Fulton, NY 13069						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/15/2029						154.3						154.3						160.6						0.04		%
MToxins Venom Lab LLC			(#,^)			717 Oregon St, Oshkosh, WI 54902						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/15/2044						96.9						96.9						109.4						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						69.1						69.1						78.1						0.02		%
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						35.8						35.8						35.7						0.01		%

88

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						55.1						55.1						55.6						0.01		%
Sean McNamara			(#)			5639 Wood Ln, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						10.4						10.4						11.5						—		%
Winning Sales Plan Inc			(#,^)			17811 Fairhaven Gateway, Cypress, TX 77433						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/14/2029						40.1						40.1						42.7						0.01		%
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						10.4						10.4						11.5						—		%
HH Wireless Connect LLC			(#,^)			48267 Deer Trail Dr, Canton, MI 48187						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/12/2029						6.6						6.6						6.6						—		%
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						59.5						59.5						67.2						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						386.8						386.8						436.7						0.11		%
Ameen Enterprises, LLC dba Bargain Town			(#,^)			1111 E Washington St, Stephenville, TX 76401						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2029						100.2						100.2						106.8						0.03		%
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						308.1						308.1						316.4						0.08		%
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						104.0						104.0						117.5						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						424.1						424.1						446.0						0.11		%
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						274.0						274.0						309.3						0.08		%
Integrated Vascular Services LLC			(#,^)			1452 Franklin Ave, Salem, OR 44460						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/8/2029						63.2						63.2						63.1						0.02		%
East River Plumbing, LLC			(#,^)			997 E River Loop, Priest River, ID 83856						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/8/2044						47.6						47.6						53.8						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						686.1						686.1						687.4						0.17		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2044						375.0						375.0						423.3						0.11		%
Guru Kirpa, Inc			(#,^)			3006 New Castle Ave, New Castle, DE 19720						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						185.9						185.9						209.9						0.05		%
Maine Service Corp			(#,^)			59-24 55th St, Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/31/2029						99.3						99.3						106.0						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						120.3						120.3						135.8						0.03		%
MJ Group, Inc			(#,^)			26691 Loma Verde, Mission Viejo, CA 92691						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/31/2029						17.0						17.0						17.0						—		%
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						198.7						198.7						197.9						0.05		%

89

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2044						221.2						221.2						249.7						0.06		%
Fave Realty, Inc.			(#,^)			217-84 Hempstead Ave, Jamaica, NY 11429						Real Estate						Term Loan						Prime plus 2.75%						10/31/2044						111.3						111.3						125.6						0.03		%
L& F Gullo Service Corp			(#,^)			520 Main St, Westbury, NY 11590						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						139.1						139.1						138.5						0.04		%
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						236.9						236.9						252.7						0.06		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2029						53.6						53.6						57.2						0.01		%
Automotive Standard, LLC			(#,^)			4028 Coldwater Rd, Fort Wayne, IN 46805						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						130.8						130.8						147.7						0.04		%
Automotive Solutions, LLC			(#,^)			1910 W. Dupont Rd, Fort Wayne, IN 46818						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						282.9						282.9						319.4						0.08		%
D & H Construction Services, Inc.			(#,^)			711 Hospital St, Richmond, VA 23219						Construction of Buildings						Term Loan						Prime plus 2.75%						10/31/2029						111.2						111.2						112.8						0.03		%
Kerzner Contracting Corp			(#,^)			1620 Ocean Ave, Bohemia, NY 11716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2029						89.4						89.4						89.1						0.02		%
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snack			(#,^)			9912 Arizona Dr, Mohave Valley, AZ 86440						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						51.6						51.6						51.8						0.01		%
Plastic Depot, Inc			(#,^)			363 East Alondra Blvd, Gardena, CA 90248						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/30/2029						125.7						125.7						125.3						0.03		%
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						921.8						921.8						945.4						0.24		%
Paul Wintner dba P & R Props			(#,^)			23901 Calabasas Rd, Calabasas, CA 91302						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						44.7						44.7						44.5						0.01		%
BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2044						85.6						85.6						96.6						0.02		%
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						57.8						57.8						58.0						0.01		%
Corple Enterprises, Inc			(#,^)			17887 US-380, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/28/2029						133.2						133.2						140.6						0.04		%
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						6.3						6.3						6.5						—		%
OWL Inc,			(#,^)			5300 S Orange Blossom Trail, Orlando, FL 32839						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						10/28/2029						168.9						168.9						168.2						0.04		%
Perisseia Physicians LLC			(#,^)			1644 Lebanon Rd, Lawrenceville, GA 30043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/28/2044						380.4						380.4						429.5						0.11		%
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						83.4						83.4						83.1						0.02		%
Diamond Solutions LLC			(#,^)			7845 East Evans Rd . Ste A, Scottsdale, AZ 85260						Machinery Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						10.1						10.1						10.1						—		%

90

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Four Ace Electrical Services Corporation			(#,^)			3723 Far Niente Way, Sacramento, CA 95834						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/25/2029						9.5						9.5						9.6						—		%
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						55.6						55.6						59.2						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						17.9						17.9						17.9						—		%
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						10.3						10.3						11.5						—		%
Pyle Garage Doors OKC, INC dba Precision Door Service OKC			(#,^)			8860 S SunnyLn Rd, Oklahoma City, OK 73135						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/22/2029						11.6						11.6						11.6						—		%
Todd's Car Wash, LLC			(#,^)			5505 Johnston St, Lafayette, LA 70506						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/18/2044						326.9						326.9						369.1						0.09		%
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						212.9						212.9						215.4						0.05		%
UNIQUE PAVER INSTALLATIONS, INC.			(#,^)			4930 Mars Hill Rd, Bogart, GA 30622						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						18.3						18.3						18.6						—		%
Roughcut LLC			(#,^)			41540 National Rd, Belmont, OH 43718						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						367.4						367.4						391.9						0.10		%
Pine Mountain Residential LLC			(#)			10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						10.3						10.3						11.5						—		%
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						10.3						10.3						11.5						—		%
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						134.4						134.4						134.7						0.03		%
Q2 Ventures, LLC			(#,^)			2805 W Arimo Rd, Arimo, ID 83214						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/8/2029						141.0						141.0						149.6						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						13.1						13.1						13.2						—		%
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						200.1						0.05		%
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						593.4						593.4						669.9						0.17		%
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						221.9						221.9						227.4						0.06		%
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						52.2						52.2						52.0						0.01		%
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						160.9						160.9						160.5						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						735.5						735.5						830.4						0.21		%
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						61.1						61.1						61.1						0.02		%

91

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						6.8						6.8						6.8						—		%
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						407.2						407.2						459.8						0.12		%
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						49.6						49.6						52.8						0.01		%
Wagner & Sons Inc			(#,^)			22365 Alydar Dr, Lexington Park, MO 20653						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/27/2029						14.8						14.8						14.7						—		%
Hoagie Barmichaels Inc			(#,^)			1101 River Rd, New Windsor, NY 12553						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2044						108.0						108.0						122.0						0.03		%
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						903.9						903.9						923.7						0.23		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						557.8						557.8						629.7						0.16		%
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						676.5						676.5						763.7						0.19		%
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						410.8						410.8						463.8						0.12		%
Zmetra Clearspan Structures LLC			(#,^)			2 Old Worcester Rd, Webster, MA 01571						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/27/2044						415.4						415.4						469.0						0.12		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave Unit 342, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						157.6						157.6						156.8						0.04		%
Titan Laser Screed Concrete Services, LLC			(#,^)			8908 Wildlife Ln, Sanford, FL 32771						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						39.4						39.4						39.7						0.01		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2029						521.9						521.9						531.3						0.13		%
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						392.4						392.4						396.5						0.10		%
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						57.4						57.4						58.0						0.01		%
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						17.7						17.7						18.8						—		%
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						49.7						49.7						56.1						0.01		%
Flamingo Bowl, Inc			(#,^)			3301 N 23rd St, McAllen, TX 78501						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/24/2029						173.9						173.9						178.3						0.05		%
Unified Utility Services LLC			(#,^)			206 Frankie Ln, Ladson, SC 29456						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/20/2044						150.0						150.0						169.4						0.04		%
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						10.3						10.3						11.4						—		%
Host Marketing, LLC			(#)			206 Bell Ln, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						10.2						10.2						11.3						—		%
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						495.5						495.5						559.5						0.14		%

92

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						9.4						9.4						9.4						—		%
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						48.9						48.9						50.5						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						5.9						5.9						6.0						—		%
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						510.3						510.3						576.2						0.15		%
ACSS CPA, LLC			(#,^)			1016 S Texas Blvd, Weslaco, TX 78599						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2044						37.9						37.9						42.8						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						127.7						127.7						144.2						0.04		%
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						132.9						132.9						132.3						0.03		%
Covert Recordings LLC			(#,^)			31-65 138th St Apt 3K, Flushing, NY 11354						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/11/2029						9.3						9.3						9.9						—		%
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						91.0						91.0						92.8						0.02		%
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						35.4						35.4						35.5						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						49.1						49.1						48.9						0.01		%
Eco Electric LLC			(#,^)			5380 Cameron St, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						51.8						51.8						51.4						0.01		%
SVT Masonry Limited Liability Company			(#,^)			1208 Houghton Ln, Bennington, VT 05201						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						58.5						58.5						61.5						0.02		%
Dog House Sportfishing Charters Inc			(#)			83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						10.1						10.1						11.2						—		%
No Push Backs, LLC			(#)			5405 Neshaminy Blvd, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						9.8						9.8						10.9						—		%
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						91.7						91.7						103.6						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						11.7						11.7						11.9						—		%
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						70.8						70.8						75.7						0.02		%
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						31.2						31.2						33.3						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						40.0						40.0						41.7						0.01		%
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						1,050.1						0.27		%
HRS2, LLC			(#,^)			5410 Pipers Creek Court, Sugar Land, TX 77479						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/28/2029						180.8						180.8						189.8						0.05		%

93

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/28/2029						74.1						74.1						78.8						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						57.0						57.0						64.3						0.02		%
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transport			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/28/2029						386.5						386.5						391.0						0.10		%
Linsey Schwertdfeger,, Inc.			(#,^)			740 Dennery Rd, San Diego, CA 92154						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/28/2029						55.4						55.4						55.4						0.01		%
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						43.7						43.7						49.4						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						17.6						17.6						17.5						—		%
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						2.6						2.6						2.9						—		%
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						73.2						73.2						77.9						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						8.8						8.8						8.8						—		%
PJT Logistics, Inc.			(#,^)			2-4 Commerce Way, Auburn, NY 13021						Truck Transportation						Term Loan						Prime plus 2.75%						8/23/2029						40.3						40.3						42.9						0.01		%
MS Integrated Psychotherapy & Counseling, LLC			(#,^)			1157 Main St, Clifton, NJ 07011						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/22/2029						58.0						58.0						59.5						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						14.2						14.2						15.1						—		%
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						151.3						151.3						157.7						0.04		%
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						18.1						18.1						18.2						—		%
Auto Unique LLC			(#,^)			305 W Main St, Mayo, FL 32066						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/20/2044						11.7						11.7						13.2						—		%
Signature Rooms, Inc.			(#,^)			2066 Route 112, Medford, NY 11763						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/19/2029						131.8						131.8						140.3						0.04		%
American Healthy Vending, Inc			(#,^)			5420 NW 161 St, Palmetto Lakes, FL 33014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/15/2029						83.0						83.0						84.4						0.02		%
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						80.2						80.2						83.2						0.02		%
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						13.5						13.5						13.4						—		%
Ranson Excavating, Inc			(#,^)			8343 Kaula Dr, Fair Oaks, CA 95628						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/13/2029						11.3						11.3						11.3						—		%
Love Playing LLC			(#,^)			2200 Eastridge Loop, San Jose, CA 95122						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/9/2030						142.5						142.5						145.2						0.04		%

94

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						15.3						15.3						15.2						—		%
Accord Law, APC			(#,^)			82555 Grass Flat Ln, Indio, CA 92203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/2/2029						5.9						5.9						5.8						—		%
East Coast Flight Services, Inc and Aviation Consulting Enterprise			(#,^)			27603 Pkwy Rd, Easton, MD 21601						Air Transportation						Term Loan						Prime plus 2.75%						7/31/2029						424.0						424.0						430.2						0.11		%
Billy Auto Inc			(#,^)			632 N Broadway , Amityville, NY 11701						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/31/2044						307.7						307.7						347.4						0.09		%
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						58.1						58.1						57.7						0.01		%

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						8.8						8.8						9.0						—		%
Canyon Lake Kids Academy, LLC			(#,^)			130 Charter Oak Dr, Canyon Lake, TX 78133						Social Assistance						Term Loan						Prime plus 2.75%						7/31/2044						93.0						93.0						105.0						0.03		%
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						619.5						619.5						643.4						0.16		%
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						426.8						426.8						476.9						0.12		%
La Mount Group LLC			(#,^)			3111 Princeton Rd, Hamilton, OH 45011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						197.5						197.5						196.2						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						15.9						15.9						15.9						—		%
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						195.7						195.7						196.5						0.05		%
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						746.5						746.5						842.8						0.21		%
Grad Street LLC			(#)			2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						5.8						5.8						6.5						—		%
Micheal Birch and Tracy M. Pierce			(#,^)			E 2947 H-44, Traunik, MI 49891						Gasoline Stations						Term Loan						Prime plus 2.75%						7/29/2044						51.3						51.3						58.0						0.01		%
Sou's LLC			(#,^)			739 NE MLK Blvd, Portland, OR 97221						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/26/2029						4.6						4.6						4.7						—		%
Power Associates Inc.			(#,^)			2766 West Good CT, Boise, ID 83702						Real Estate						Term Loan						Prime plus 2.75%						7/26/2029						11.6						11.6						11.5						—		%
Dan Dahlin Inc.			(#,^)			16465 MN-65, Ham Lake, MN 55304						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/26/2044						387.2						387.2						437.1						0.11		%
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						7.1						7.1						7.5						—		%
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						42.0						42.0						44.7						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						94.0						94.0						106.2						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						12.2						12.2						12.3						—		%

95

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						8.1						8.1						8.9						—		%
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						5.8						5.8						5.8						—		%
Bonfire Hot Yoga LLC			(#,^)			3665 SW Hall Blvd, Beaverton, OR 97005						Educational Services						Term Loan						Prime plus 2.75%						7/18/2029						6.4						6.4						6.4						—		%
JDM2 Water Station LLC			(#,^)			125 Chestnut Hill Dr, York, PA 17408						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/18/2029						162.1						162.1						167.0						0.04		%
Baton Rouge Cargo Services Inc			(#,^)			6013 McRaven Rd, Jackson, MS 39209						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/17/2044						277.3						277.3						313.1						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						125.9						125.9						142.2						0.04		%
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						946.0						946.0						1,068.0						0.27		%
Bouquet Canyon Kennels			(#,^)			29973 Bouquet Canyon Rd, Santa Clarita, CA 91390						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/16/2044						285.3						285.3						322.1						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						54.2						54.2						56.1						0.01		%
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						96.2						96.2						108.6						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						61.4						61.4						61.6						0.02		%
Menskha Inc			(#)			88 High St, Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						10.1						10.1						11.2						—		%
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						7.1						7.1						7.0						—		%
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						1,177.4						1,177.4						1,329.3						0.34		%
Upul's Travel Service & Tours Inc			(#,^)			654 Shoppers Ln, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2029						246.4						246.4						244.2						0.06		%
5161 LLC			(#,^)			1478 E Mountain Dr, Santa Barbara, CA 93108						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/28/2029						486.5						486.5						516.7						0.13		%
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						124.5						124.5						123.4						0.03		%
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						79.7						79.7						79.3						0.02		%
Crestview Ridge Farms LLC			(#,^)			1172 Co Rd 956, Ashland, OH 44805						Crop Production						Term Loan						Prime plus 2.75%						6/28/2044						509.3						509.3						575.0						0.15		%
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						117.6						117.6						132.7						0.03		%
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						236.4						236.4						266.9						0.07		%
Port Huron Ophthalmology, PLLC dba Black River Optical			(#,^)			1660 Stone St, Port Huron, MI 48060						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/28/2029						11.5						11.5						11.4						—		%

96

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						842.2						0.21		%
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						92.1						92.1						91.5						0.02		%
Sundown Audio, LLC			(#,^)			514 West 21St St, Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2044						859.3						859.3						970.1						0.25		%
Balboa Fashion LLC			(#,^)			1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021						Apparel Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						5.8						5.8						5.7						—		%
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						38.8						38.8						38.5						0.01		%
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		%
Upul's Travel Service & Tours Inc			(#,^)			654 Shopping Ln, Covina, CA 91723						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/28/2044						343.5						343.5						387.7						0.10		%
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						190.5						190.5						215.0						0.05		%
Crescent Event Productions, Inc			(#,^)			1327 Wood Branch Dr, Charlotte, NC 28273						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/27/2029						268.7						268.7						270.5						0.07		%
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						37.4						37.4						37.1						0.01		%
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						310.4						310.4						321.5						0.08		%
Lynx Inspection Technologies LLC			(#,^)			8101 Miller Rd 2, Houston, TX 77049						Support Activities for Mining						Term Loan						Prime plus 2.75%						6/26/2044						550.6						550.6						621.6						0.16		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond St, Bangor, ME 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						6/26/2044						220.7						220.7						249.2						0.06		%
Tekoa Enterpises, Inc			(#,^)			1033 Cannon Bridge Rd, Cordova, SC 29039						Truck Transportation						Term Loan						Prime plus 2.75%						6/26/2029						44.2						44.2						44.8						0.01		%
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						191.6						191.6						195.8						0.05		%
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						139.5						139.5						157.5						0.04		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond, Bangor, MA 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						12/26/2029						91.0						91.0						97.0						0.02		%
Vanchoc Transport Inc			(#,^)			275 52nd St, Brooklyn, NY 11220						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/25/2029						33.4						33.4						34.2						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						69.4						69.4						78.3						0.02		%
Paradise Towing & Recovery Inc			(#,^)			1115 S Homer Blvd, Sanford, NC 27330						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2029						50.9						50.9						54.1						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						461.9						461.9						521.5						0.13		%
Professional Tire Limited Liability Company			(#,^)			6655 Country Rd 32, Norwich, NY 13815						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						131.9						131.9						148.9						0.04		%

97

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Sweets By Karla LLC			(#,^)			3273 South John Young Pkwy, Kissimmee, FL 34746						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2029						9.8						9.8						9.8						—		%
Krsto, LLC dba Italian Butter Breadsticks			(#,^)			34683 Nova Dr, Clinton Twp, MI 48035						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2044						180.4						180.4						203.6						0.05		%
Scissor Kids Inc			(#,^)			63 Hebron Ave, Ste F, Glastonbury, CT 06033						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/24/2029						7.8						7.8						7.8						—		%
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						10.0						10.0						11.0						—		%
Peninsula Self Defense LLC			(#,^)			2766 Bay Rd, Redwood City, CA 94063						Educational Services						Term Loan						Prime plus 2.75%						6/21/2029						4.0						4.0						4.1						—		%
Campuscuts LLC			(#)			930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.0						6.0						6.7						—		%
William Rose Inc			(#,^)			1 Grace Cove Rd, New Shoreham, RI 02807						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2044						82.7						82.7						91.7						0.02		%
LuLuBelle's Mountain Banana Bread LLC			(#,^)			31621 Pleasant Dr., Running Springs, CA 92382						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						245.1						245.1						276.7						0.07		%
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						47.8						47.8						47.4						0.01		%
Central Texas Hygiene, LLC.			(#,^)			10201 McKalla Place, Austin, TX 78758						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/20/2029						66.3						66.3						65.8						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						57.4						57.4						64.8						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						5.8						5.8						6.1						—		%
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						66.2						66.2						74.7						0.02		%
Ivesters Transportation, Inc			(#,^)			4299 South 2675 West, Roy, UT 84067						Truck Transportation						Term Loan						Prime plus 2.75%						6/11/2029						187.9						187.9						189.1						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						10.0						10.0						11.0						—		%
J&A Elliott Company			(#,^)			1118 Thornberry Dr, Clarksville, TN 37043						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/7/2029						8.1						8.1						8.6						—		%
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						229.2						229.2						258.7						0.07		%
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						30.7						30.7						31.2						0.01		%
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						10.0						10.0						11.0						—		%
Jamestown Quick Stop LLC			(#,^)			3097 24th Ave, Hudsonville, MI 49426						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/5/2044						65.9						65.9						74.4						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						364.7						364.7						387.4						0.10		%

98

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						232.9						232.9						247.4						0.06		%
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						5.8						5.8						5.7						—		%
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						88.4						88.4						88.7						0.02		%
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						38.0						38.0						40.4						0.01		%
V & M Transportation LLC			(#,^)			1307 27th St Apt B, North Bergen, NJ 07047						Truck Transportation						Term Loan						Prime plus 2.75%						5/31/2029						10.0						10.0						9.9						—		%
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						47.6						47.6						47.3						0.01		%
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						76.1						76.1						75.7						0.02		%
Aspen Welding LLC			(#,^)			28803 US-6, Rifle, CO 81650						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						386.7						386.7						436.6						0.11		%
AGR, Inc			(#,^)			2-255555 Kaumualii Hwy, Kalaheo, HI 96741						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2044						768.8						768.8						868.0						0.22		%
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						3.8						3.8						3.9						—		%
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						33.7						33.7						38.1						0.01		%
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						101.3						101.3						107.6						0.03		%
MCM Design LLC			(#)			5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						7.7						7.7						8.5						—		%
McGuckin & Pyle Inc			(#,^)			120 Corporate Ln, New Bern, NC 28562						Machinery Manufacturing						Term Loan						Prime plus 2.75%						5/23/2044						291.4						291.4						328.9						0.08		%
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						85.6						85.6						85.2						0.02		%
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						330.1						330.1						327.9						0.08		%
Covalent Holding LLC			(#,^)			18 West Chestnut St,Unit 2F, Chicago, IL 60610						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/17/2029						200.9						200.9						206.8						0.05		%
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						194.3						194.3						206.4						0.05		%
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						14.3						14.3						15.2						—		%
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						2.6						2.6						2.6						—		%
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						41.3						41.3						46.6						0.01		%

99

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Lobster Pot Inc			(#,^)			119 Hope St, Bristol, RI 02809						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						349.1						349.1						394.1						0.10		%
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						9.9						9.9						10.9						—		%
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						3.8						3.8						3.8						—		%
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						4.6						4.6						4.6						—		%
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						15.9						15.9						15.7						—		%
EPIFAB,LLC			(#,^)			1341 Brooks St Unit D, Ontario, CA 91762						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2029						16.2						16.2						16.5						—		%
Art Amore Studios, LLC			(#,^)			6507 Jester Blvd, Ste #107, Austin, TX 78750						Educational Services						Term Loan						Prime plus 2.75%						5/3/2029						4.2						4.2						4.2						—		%
Modern Trousseau, LLC			(#,^)			125 Bradley Rd, Woodbridge, CT 06525						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						5/1/2029						122.2						122.2						129.8						0.03		%
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						30.2						30.2						32.0						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						124.5						124.5						126.9						0.03		%
Pellegrin Marine Transportation, LLC			(#,^)			117 Country Village Dr, Raceland, LA 70394						Support Activities for Transportation						Term Loan						Prime plus 2.75%						4/26/2029						112.9						112.9						114.4						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						444.4						444.4						501.7						0.13		%
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						377.2						377.2						383.3						0.10		%
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						115.2						115.2						122.4						0.03		%
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						47.2						47.2						47.6						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						37.0						37.0						37.0						0.01		%
2Choice2Friends dba 2 N 1 Salad Bar and Grill			(#)			901 W Braker Ln, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						9.8						9.8						10.8						—		%
Expert Building Services LLC			(#,^)			74 Roosevelt St, Pequannock Township, NJ 07440						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/17/2029						15.4						15.4						15.2						—		%
Rello, Inc. dba ID Salon			(#)			8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						4.7						4.7						5.2						—		%
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						94.3						94.3						94.0						0.02		%
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						44.5						44.5						50.3						0.01		%

100

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						6.8						6.8						6.7						—		%
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						83.9						83.9						87.5						0.02		%
J.T. ONeill Company, LLC			(#,^)			19972 Willowin Farm Ln, Purceville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						4/12/2029						7.3						7.3						7.3						—		%
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						33.2						33.2						33.4						0.01		%
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						75.4						75.4						74.8						0.02		%
Maxiflex LLC			(#,^)			512 Verret St, New Orleans, LA 70114						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/11/2029						47.1						47.1						50.1						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						47.8						47.8						47.4						0.01		%
Georgetown Milling Co, LLC			(#,^)			9001 Wentworth Springs Rd, Georgetown, CA 95634						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						4/9/2029						9.6						9.6						9.7						—		%
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						465.1						465.1						497.3						0.13		%
Marnon Enterprise LLC			(#,^)			6713 Biscay Hbr, San Antonio, TX 78249						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/5/2029						3.6						3.6						3.6						—		%
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						46.5						46.5						49.4						0.01		%
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						597.9						597.9						598.0						0.15		%
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						607.1						607.1						685.4						0.17		%
EJ & James Transport LLC			(#,^)			3100 Drewsky Ln Unit 108, Fort Mills, SC 29715						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						7.1						7.1						7.2						—		%
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						38.6						38.6						43.6						0.01		%
Bayco Enterprises, Inc			(#,^)			128 Cowesett Ave, West Warwick, RI 02893						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2044						187.1						187.1						211.3						0.05		%
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						759.2						0.19		%
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						42.6						42.6						42.6						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						39.2						39.2						38.9						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						25.3						25.3						25.1						0.01		%
Royalty Freight Inc.			(#,^)			3728 W McKinley Ave, Fresno, CA 93772						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						324.4						324.4						332.3						0.08		%

101

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						123.2						123.2						122.1						0.03		%
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						74.7						74.7						74.2						0.02		%
Bright Freight Solution, LLC			(#,^)			1112 N Main St, Manteca, CA 95336						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						710.2						710.2						725.8						0.18		%
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						501.1						0.13		%
Hamsons Inc.			(#,^)			4900 Hopyard Rd, Pleasanton, CA 94588						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/29/2029						140.1						140.1						138.9						0.04		%
Pizzaplex L3C			(#,^)			4458 West Vernor Hwy, Detroit, MI 48209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						33.4						33.4						33.5						0.01		%
Stillwater Ventures, LLC			(#,^)			8272 W. Sunset Blvd, Los Angeles, CA 90048						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/29/2029						286.7						286.7						297.0						0.08		%
GS Bath Inc			(#,^)			5335 E. Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						3/28/2029						238.9						238.9						243.3						0.06		%
Custom Vinyl Products LLC			(#,^)			260 Enterprise Dr, Newport News, VA 23603						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2044						953.4						953.4						1,076.4						0.27		%
Skaggs RV Outlet ,LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/28/2029						186.2						186.2						197.4						0.05		%
J.C. Pallet Company, Inc.			(#,^)			18427 New Kent Hwy, Barhamsville, VA 23011						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2029						60.7						60.7						64.4						0.02		%
Cocomo Joe's LLC			(#,^)			3949 New Rd, Youngstown, OH 44515						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/28/2029						2.6						2.6						2.6						—		%
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						38.9						38.9						39.2						0.01		%
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						553.5						553.5						624.9						0.16		%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC			(#,^)			1127 Auraria Pkwy, Ste 201, Denver, CO 80204						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/27/2029						4.3						4.3						4.2						—		%
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						123.3						123.3						122.0						0.03		%
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						57.7						57.7						61.2						0.02		%
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						990.2						990.2						1,117.9						0.28		%
District 5 Boutique LLC			(#,^)			317 N Farview Ave, Paramus, NJ 07652						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/26/2029						93.4						93.4						92.4						0.02		%
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						1,081.8						1,081.8						1,214.3						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						220.4						220.4						233.6						0.06		%

102

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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						327.4						0.08		%
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						4.5						4.5						4.6						—		%
Dependable Lawn Care, Inc.			(#,^)			2320 138TH ST, Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/21/2029						413.4						413.4						419.0						0.11		%
Dependable Lawn Care, Inc.			(#,^)			2320 138th St, Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/21/2044						185.0						185.0						208.9						0.05		%
American Trails Transport, LLC			(#,^)			8704 Grand Ave, Billings, MT 59106						Truck Transportation						Term Loan						Prime plus 2.75%						3/21/2029						40.9						40.9						41.6						0.01		%
Sound Manufacturing Inc			(#,^)			1 Williams Ln, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/20/2029						37.3						37.3						36.9						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						273.5						273.5						308.8						0.08		%
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						138.6						138.6						137.4						0.03		%
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						298.8						298.8						307.0						0.08		%
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						2.5						2.5						2.5						—		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/15/2029						65.1						65.1						64.4						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						43.0						43.0						45.5						0.01		%
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						70.1						70.1						70.2						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						222.5						222.5						222.7						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						47.7						47.7						47.4						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						65.5						65.5						67.0						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						208.4						208.4						207.3						0.05		%
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						65.3						65.3						64.6						0.02		%
D & S Village Hardware LLC dba Cedar Mountain Country Store			(#,^)			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						189.8						189.8						214.3						0.05		%
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						21.2						21.2						23.9						0.01		%

103

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						117.5						117.5						116.2						0.03		%
Monkey Bones LLC			(#,^)			3361 Dayton Xenia Rd, Beavercreek, OH 45432						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2044						17.7						17.7						20.0						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						16.0						16.0						15.9						—		%
Shah Medical Center SC & Heeena Shyamani			(#,^)			484 Summit St, Elgin, IL 60120						Hospitals						Term Loan						Prime plus 2.75%						2/28/2044						213.0						213.0						239.8						0.06		%
Wooter Apparel, Inc			(#,^)			727 Page Ave., Staten Island, NY 10307						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/28/2029						37.0						37.0						36.9						0.01		%
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC			(#,^)			20 Silver Fox Ln, Sussex, NJ 07461						Food Manufacturing						Term Loan						Prime plus 2.75%						2/28/2029						3.7						3.7						3.9						—		%
Matrix Z LLC			(#)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						9.7						9.7						10.6						—		%
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						111.1						111.1						110.5						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						30.5						30.5						30.6						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						80.6						80.6						85.4						0.02		%
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						103.3						103.3						102.4						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						120.4						120.4						123.3						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						35.3						35.3						35.2						0.01		%
Integris Roofing, Inc			(#,^)			1174 Yellostone Dr, Lake Arrowhead, CA 92532						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/15/2029						16.7						16.7						16.5						—		%
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						86.7						86.7						86.8						0.02		%
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						46.3						46.3						46.0						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						59.2						59.2						58.6						0.01		%
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						11.1						11.1						11.8						—		%
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						130.1						130.1						146.8						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						10.0						10.0						10.2						—		%
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						126.1						126.1						128.2						0.03		%

104

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						2.8						2.8						2.9						—		%
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						34.9						34.9						34.6						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						0.6						0.6						0.6						—		%
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						11.1						11.1						11.8						—		%
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						42.6						42.6						42.7						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						26.4						26.4						26.1						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						70.5						70.5						79.6						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						181.7						181.7						179.7						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						60.6						60.6						59.9						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						65.7						65.7						65.7						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						65.0						65.0						73.3						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						45.9						45.9						46.8						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						68.3						68.3						68.2						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						39.9						39.9						39.5						0.01		%
Rashed and Shabila LLC			(#,^)			14865 Hwy 92, Woodstock, GA 30188						Gasoline Stations						Term Loan						Prime plus 2.75%						1/4/2029						16.5						16.5						16.9						—		%
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						523.8						523.8						591.4						0.15		%
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						561.6						0.14		%
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						352.3						352.3						368.0						0.09		%
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						320.5						320.5						361.8						0.09		%
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						547.6						547.6						618.2						0.16		%
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						93.8						93.8						98.0						0.02		%

105

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institute			(#,^)			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						17.6						17.6						19.9						0.01		%
Fave Realty Inc.			(#,^)			74 Larkfield Rd, East Northport, NY 11731						Real Estate						Term Loan						Prime plus 2.75%						12/27/2043						116.0						116.0						130.9						0.03		%
Medworxs Inc.			(#,^)			6857 Timbers Dr, Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2028						7.6						7.6						7.9						—		%
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						120.4						120.4						136.0						0.03		%
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						435.8						435.8						492.0						0.12		%
Reservations Unlimited LLC			(#,^)			312 W Main St, Red River, NM 87558						Real Estate						Term Loan						Prime plus 2.75%						12/26/2043						84.7						84.7						95.7						0.02		%
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						467.4						467.4						527.7						0.13		%
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						683.7						683.7						771.9						0.20		%
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						74.9						74.9						77.2						0.02		%
Royalty Freight Inc			(#,^)			3728 W McKinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						71.6						71.6						73.7						0.02		%
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						8.2						8.2						8.4						—		%
Burgess and Dudley, Incorporated			(#,^)			24462 NW 9th Place, Newberry, FL 32669						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/21/2028						172.7						172.7						179.9						0.05		%
Diamond Estates LLC			(#,^)			110 Court St Ste 1, Cromwell, CT 06416						Construction of Buildings						Term Loan						Prime plus 2.75%						12/21/2028						54.5						54.5						56.1						0.01		%
Sesolinc GRP, Inc.			(#,^)			806 Randy Lowery Rd, Statesboro, GA 30461						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						272.8						272.8						286.3						0.07		%
D.A.F.S Transport, LLC			(#,^)			207 S. Teresa St, Monahans, TX 79756						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						491.9						491.9						523.1						0.13		%
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						94.4						94.4						97.3						0.02		%
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						86.4						86.4						89.5						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						164.1						164.1						185.2						0.05		%
C&D Trucking & Equipment Service, Inc.			(#,^)			4015 Jennings Rd, Cleveland, OH 44109						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2043						109.9						109.9						124.1						0.03		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						218.5						218.5						229.4						0.06		%

106

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						145.8						145.8						164.6						0.04		%
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						279.7						279.7						298.6						0.08		%

Flashii App, Inc.			(#,^)			3031 Tisch Way, 1st Floor, San Jose, CA 95128						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						45.5						45.5						48.5						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						33.7						33.7						35.0						0.01		%
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						39.2						39.2						40.6						0.01		%
CK Green Partners, LLC dba Reis and Irvy"s Columbus			(#,^)			5898 Chandler Court STE B, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/20/2029						139.7						139.7						147.3						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						45.4						45.4						46.8						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						50.0						50.0						51.6						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						400.2						400.2						451.8						0.11		%
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						46.0						46.0						48.5						0.01		%
The Cromer Company			(#,^)			9800 NW 78th Ave, Hialeah Gardens, FL 33016						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						12/19/2028						396.6						396.6						408.9						0.10		%
Alpha Omega Trucking LLC			(#,^)			14432-14452 Stateline Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2028						51.0						51.0						54.4						0.01		%
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						231.0						231.0						240.8						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						235.9						235.9						246.9						0.06		%
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						181.9						181.9						187.3						0.05		%
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						11.5						11.5						11.8						—		%
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						92.7						92.7						104.7						0.03		%
Healthy Human, LLC			(#,^)			1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2028						90.9						90.9						93.6						0.02		%
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						202.1						202.1						210.4						0.05		%

107

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/14/2043						185.3						185.3						209.2						0.05		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Construction of Buildings						Term Loan						Prime plus 2.75%						12/14/2028						31.3						31.3						32.8						0.01		%
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						187.8						187.8						212.0						0.05		%
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						917.4						917.4						1,035.7						0.26		%
OC Helicopters LLC			(#,^)			19711 Campus Dr Ste 260, Santa Ana, CA 92707						Air Transportation						Term Loan						Prime plus 2.75%						12/13/2028						64.0						64.0						68.4						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						427.0						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						768.7						768.7						803.3						0.20		%
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						143.4						143.4						147.7						0.04		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Ln, Bakersfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/12/2043						112.7						112.7						127.2						0.03		%
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						49.3						49.3						51.5						0.01		%
Mateo Enterprise Inc dba El Milagro Market			(#,^)			575 Panama Ln, Bakerfield, CA 93307						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/12/2029						43.8						43.8						45.2						0.01		%
Behind The Scenes Chicago, LLC dba Paramount Events			(#,^)			2744 W. Roscoe St, Chicago, IL 60618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						116.3						116.3						124.4						0.03		%
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						201.9						201.9						228.0						0.06		%
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						964.6						964.6						1,014.1						0.26		%
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						31.6						31.6						33.2						0.01		%
TFE Resources ,LTD			(#,^)			11 Easter Court Ste G, Owings Mills, MD 21117						Utilities						Term Loan						Prime plus 2.75%						1/11/2029						424.3						424.3						441.8						0.11		%
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						120.2						120.2						135.7						0.03		%
EMES Supply, LLC			(#,^)			35622 Vine St, EastLake, OH 44095						General Merchandise Stores						Term Loan						Prime plus 2.75%						1/11/2029						91.3						91.3						94.8						0.02		%
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						39.9						39.9						45.1						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						367.4						367.4						414.8						0.11		%
ZLM Services LLC			(#,^)			9422 Marine City Hwy, Casco, MI 48064						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/10/2029						29.2						29.2						30.2						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						52.2						52.2						54.0						0.01		%

108

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/6/2029						151.5						151.5						162.1						0.04		%
CET Inc			(#,^)			4709 N El Capitan Ave. Ste 205, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						1/6/2029						839.5						839.5						876.2						0.22		%
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						182.8						182.8						195.6						0.05		%
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						141.8						141.8						146.5						0.04		%
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						100.0						100.0						103.4						0.03		%
Swantown Inn and Spa, LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						1/3/2029						9.9						9.9						10.5						—		%
York Concrete Corp			(#,^)			1 Plumb CT., Huntington Station, NY 11746						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2043						181.6						181.6						205.0						0.05		%
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						211.0						211.0						238.2						0.06		%
Cabrera's Auto Services LLC			(#,^)			2206 N Central Ave, Chicago, IL 60639						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2043						76.1						76.1						85.9						0.02		%
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						90.4						90.4						96.4						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						119.3						119.3						123.2						0.03		%
Water Station Holdings LLC			(#,^)			1104 N Keystone Ave, Indianapolis, IN 46201						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/30/2028						477.3						477.3						504.1						0.13		%
Littleton Food and Spirits LLC.			(#,^)			235 North Mosby Ave, Littleton, NC 27850						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/30/2044						419.1						419.1						473.1						0.12		%
JJB Production LLC			(#,^)			458 N 7th St, Newark, NJ 07107						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/29/2028						5.3						5.3						5.5						—		%
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						46.9						46.9						53.0						0.01		%
Extreme Granite Corp			(#,^)			251 NW 1st St, Deerfield Beach, FL 33441						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2043						175.9						175.9						198.6						0.05		%
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						84.4						84.4						95.3						0.02		%
True Love Christian Academy LLC			(#,^)			466 E Raines Rd, Memphis, TN 38109						Social Assistance						Term Loan						Prime plus 2.75%						12/28/2043						39.4						39.4						44.5						0.01		%
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						474.0						0.12		%
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						927.4						927.4						990.2						0.25		%
Thames Aquatic Club, LLC			(#,^)			14 Iron St, Ledyard, CT 06339						Educational Services						Term Loan						Prime plus 2.75%						10/21/2029						34.2						34.2						36.9						0.01		%

109

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						16.3						16.3						17.0						—		%
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						616.3						616.3						695.8						0.18		%
Commonwealth Warehouse Inc			(#,^)			11013 Kenwood Rd., Cincinnati, OH 45242						Warehousing and Storage						Term Loan						Prime plus 2.75%						12/20/2028						306.0						306.0						321.4						0.08		%
K & A Automotive Inc			(#,^)			2070 Nooseneck Hill Rd, Coventry, RI 02816						Gasoline Stations						Term Loan						Prime plus 2.75%						11/19/2043						114.6						114.6						129.3						0.03		%
High Desert Transport, Inc.			(#,^)			2973 Via Meridiana, Henderson, NV 89012						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2028						54.0						54.0						56.2						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						45.2						45.2						46.6						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						0.5						0.5						0.5						—		%
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						29.2						29.2						31.2						0.01		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/14/2028						40.5						40.5						43.3						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						340.0						340.0						351.7						0.09		%
Salon Femi LLC			(#,^)			1107 Broad St, Bloomfield, NJ 07003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/9/2028						5.4						5.4						5.7						—		%
McNeill Stokes			(#,^)			5372 Whitehall Pl SE, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2028						4.9						4.9						5.0						—		%
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						392.7						392.7						443.4						0.11		%
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC			(#,^)			400 Park Ave, Floor 14, New York, NY 10022						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/1/2028						235.0						235.0						242.1						0.06		%
Modutech Marine Inc			(#,^)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/1/2028						271.2						271.2						289.6						0.07		%
Abington Caregivers, LLC			(#,^)			7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2043						118.1						118.1						133.4						0.03		%
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						78.0						78.0						80.7						0.02		%
C.A.T.I. Armor, LLC			(#,^)			435 Packard Hwy, Charlotte, MI 48813						Apparel Manufacturing						Term Loan						Prime plus 2.75%						10/30/2043						197.1						197.1						222.6						0.06		%
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						45.3						45.3						47.3						0.01		%
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						59.4						59.4						61.7						0.02		%
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						104.9						104.9						112.0						0.03		%

110

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						7.2						7.2						7.4						—		%
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						64.9						64.9						73.3						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						71.7						71.7						81.0						0.02		%
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						21.0						21.0						23.8						0.01		%
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						35.9						35.9						40.5						0.01		%
Apps Inc and Market Share Inc.			(#,^)			80 Main St, Old Saybrook, CT 06475						Telecommunications						Term Loan						Prime plus 2.75%						10/5/2028						69.9						69.9						72.0						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						37.1						37.1						38.2						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						796.8						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						75.1						75.1						79.6						0.02		%
SwabCo Inc.			(#,^)			2341 East Ellis St, Leveland, TX 79336						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/28/2043						905.6						905.6						1,022.4						0.26		%
Throop Family Holdings, Inc			(#,^)			7130 Crater Lake, White City, OR 97603						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/28/2043						600.6						600.6						678.1						0.17		%
Burd Brothers Inc.			(#,^)			4005 Borman Dr, Batavia, OH 45103						Truck Transportation						Term Loan						Prime plus 2.75%						9/28/2028						346.4						346.4						366.3						0.09		%
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						309.3						309.3						349.2						0.09		%
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						127.1						127.1						131.3						0.03		%
Blackwater Diving, LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2028						572.8						572.8						593.0						0.15		%
Blue Seven, LLC			(#,^)			11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/27/2029						42.4						42.4						44.3						0.01		%
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						10.6						10.6						11.0						—		%
Quality Electric & Data Inc.			(#,^)			85 Franklin RD Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2043						121.1						121.1						136.7						0.03		%
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag			(#,^)			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						88.1						88.1						92.3						0.02		%
Quality Electric & Data			(#,^)			85 Franklin Rd Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2028						70.1						70.1						73.9						0.02		%
Action Barricade Company, LLC and Barricade Holding LLC			(#,^)			208 South 67th Ave, Phoenix, AZ 85043						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/27/2028						228.2						228.2						240.4						0.06		%

111

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						10.6						10.6						10.9						—		%
US Shipping Trans Inc, Esteem Trucking Inc			(#,^)			16102 Sweetwater Court, Lathrop, CA 95330						Truck Transportation						Term Loan						Prime plus 2.75%						9/26/2028						542.2						542.2						576.4						0.15		%
LTS School, Inc.			(#,^)			3731 NW 9th Ave, Deerfield Beach, FL 33064						Educational Services						Term Loan						Prime plus 2.75%						9/26/2043						94.4						94.4						106.6						0.03		%
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						515.9						515.9						582.4						0.15		%
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						88.0						88.0						91.3						0.02		%
Phillip Ramos Upholstery Inc.			(#,^)			3835 Elm St, Denver, CO 80207						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2028						10.9						10.9						11.2						—		%
DC Lofty, LLC,			(#,^)			301 I St NW, Washington, DC 20001						Accommodation						Term Loan						Prime plus 2.75%						9/21/2028						15.9						15.9						16.3						—		%
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						307.6						307.6						323.3						0.08		%
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						199.3						199.3						225.0						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						308.8						308.8						348.6						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						4.7						4.7						4.8						—		%
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						15.9						15.9						16.3						—		%
Super Station Inc			(#,^)			8855 N Country Rd 25A, Pique, OH 45356						Gasoline Stations						Term Loan						Prime plus 2.75%						9/19/2043						195.3						195.3						220.5						0.06		%
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						398.7						398.7						409.7						0.10		%
C3 Capital, Inc			(#,^)			10010 N. Hampton Cove Ln, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/19/2028						446.4						446.4						471.9						0.12		%
M&P RV LLC dba M&P RV			(#,^)			10 Century Ln, Dillsburg, PA 17019						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/19/2043						98.9						98.9						111.7						0.03		%
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						0.04		%
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						4.2						4.2						4.3						—		%
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						163.2						163.2						184.3						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						4.3						4.3						4.5						—		%
Culmination Motorsports, Inc.			(#,^)			160 W 91st Ave, Unit B, Anchorage, AK 99515						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2043						521.8						521.8						589.1						0.15		%

112

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Equipment, Inc			(#,^)			Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/14/2043						1,165.7						1,165.7						1,316.1						0.33		%
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						57.3						57.3						59.0						0.01		%
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						52.1						52.1						53.9						0.01		%
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						77.5						77.5						79.6						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						35.2						35.2						36.8						0.01		%
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						92.1						92.1						104.0						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						88.4						88.4						91.5						0.02		%
Rancho Paving, Inc			(#,^)			339 Cypress Ln, El Cajon, CA 92020						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/10/2028						144.6						144.6						153.2						0.04		%
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						83.3						83.3						94.1						0.02		%
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						260.9						260.9						268.0						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						11.0						11.0						11.4						—		%
Pool Guard of LA			(#,^)			10866 Washington Blvd, Apt #24, Culver City, CA 90232						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/7/2028						15.8						15.8						16.3						—		%
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						392.7						392.7						443.3						0.11		%
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						418.9						418.9						473.0						0.12		%
Extreme Engineering, Inc.			(#,^)			598 Oliver Dr, Troy, MI 48084						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/29/2028						87.1						87.1						89.7						0.02		%
Kotyark LLC dba Gibsonton Motel			(#,^)			11545 US Hwy 41S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						8/29/2043						76.8						76.8						86.7						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						1.7						1.7						1.7						—		%
Greenfield Hill Wines & Spirits, LLC			(#,^)			65 Hillside Rd, Fairfield, CT 06824						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2028						64.2						64.2						66.1						0.02		%
Graphish Studio, Inc.			(#,^)			231 Main St, Stamford, CT 06901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2028						5.2						5.2						5.4						—		%
Atlas Geo-Constructors LLC			(#,^)			3466 Thomasville Rd Winston, Winston-Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/24/2028						56.4						56.4						59.9						0.02		%
Wearware Inc dba FlyWire Cameras			(#,^)			2204 Blackmoor Park Ln, Lexington, KY 40509						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						8/24/2028						15.7						15.7						16.2						—		%

113

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						5.2						5.2						5.4						—		%
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						87.3						87.3						89.7						0.02		%
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						29.4						29.4						30.7						0.01		%
Buffalo Biodiesel Inc.			(#,^)			225 Sawyer Ave, Tonawanda, NY 14150						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/21/2028						933.7						933.7						990.7						0.25		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2044						118.8						118.8						134.1						0.03		%
ATI Jet, Inc.			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						8/16/2028						139.6						139.6						147.3						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						12.5						12.5						12.9						—		%
GS Bath Inc			(#,^)			5335 E Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						8/15/2028						359.3						359.3						382.6						0.10		%
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						31.3						31.3						32.7						0.01		%
David D. Sullivan dba DMS Construction			(#,^)			6400 Charwood Place, Bakersfield, CA 93306						Specialty Trade Contractors						Term Loan						6%						8/9/2028						9.5						9.5						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						15.6						15.6						16.2						—		%
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						71.4						71.4						73.5						0.02		%
CJNR, LLC			(#,^)			208 East Main St, Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/7/2043						113.4						113.4						128.0						0.03		%
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						89.3						89.3						92.6						0.02		%
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						2.6						2.6						2.7						—		%
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						81.7						81.7						86.5						0.02		%
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						41.9						41.9						43.2						0.01		%
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						5.2						5.2						5.4						—		%
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						284.5						284.5						321.2						0.08		%
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						336.1						336.1						354.9						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						55.4						55.4						56.9						0.01		%

114

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						377.8						377.8						394.7						0.10		%
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						4.2						4.2						4.4						—		%
Relevant Elephant ,LLC			(#,^)			ON320 Woodvale St, Winfield, IL 60190						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2028						3.8						3.8						3.9						—		%
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						43.1						43.1						44.3						0.01		%
ZA Trucking LLC			(#,^)			5945 York Way, East Lansing, MI 48823						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2028						3.6						3.6						3.8						—		%
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						0.07		%
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						47.4						47.4						49.0						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						43.1						43.1						44.3						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						14.5						14.5						15.4						—		%
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						7.3						7.3						7.8						—		%
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						214.7						214.7						226.6						0.06		%
US Cargo Express, LLC			(#,^)			4735 22 Mile Rd, Utica, MI 48317						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/2/2043						78.5						78.5						88.6						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						346.8						346.8						391.5						0.10		%
Bio-Haz Solutions, Inc			(#,^)			23 Tonolli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/29/2029						185.2						185.2						198.0						0.05		%
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						6.3						6.3						6.7						—		%
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						32.4						32.4						33.2						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						45.9						45.9						47.1						0.01		%
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						15.4						15.4						15.8						—		%
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						98.6						98.6						111.3						0.03		%
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC			(#,^)			400 Park Ave, Floor 14, New York, NY 10022						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						6/26/2028						631.4						631.4						652.7						0.17		%
DPF Filters Inc.			(#,^)			2832 Golden State Blvd., Madera, CA 93637						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/25/2028						46.3						46.3						47.8						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						129.2						129.2						145.9						0.04		%

115

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						189.7						189.7						197.7						0.05		%
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						73.0						73.0						82.4						0.02		%
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						225.9						225.9						255.1						0.06		%
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						97.3						97.3						102.7						0.03		%
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						323.6						323.6						343.8						0.09		%
Colovic Hackettstown Dairy LLC			(#,^)			22 Route 57, Hackettstown, NJ 07840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2043						255.4						255.4						288.3						0.07		%
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						265.0						265.0						299.2						0.08		%
Schumacker Recreation, LLC			(#,^)			5325 S University Dr, Davie, FL 33328						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/18/2028						102.3						102.3						108.6						0.03		%
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						116.9						116.9						132.0						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						601.8						601.8						619.3						0.16		%
Venzix Ventures Inc. dba Venzix			(#,^)			750 Legend Oak Dr, Fountain, CO 80817						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/15/2028						6.1						6.1						6.5						—		%
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						135.0						135.0						152.4						0.04		%
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						42.9						42.9						48.4						0.01		%
Tele Tax Express Inc			(#,^)			166 Getty Ave, Paterson, NJ 07503						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2028						15.4						15.4						16.3						—		%
Team Sandy Blanton Realty, Inc			(#,^)			1225 West Gregory St, Pensacola, FL 32502						Real Estate						Term Loan						Prime plus 2.75%						6/14/2043						90.4						90.4						102.0						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						34.1						34.1						35.3						0.01		%
Mastiff Studios LLC			(#,^)			2919 West Colorado Ave, Colorado Springs, CO 80904						Educational Services						Term Loan						Prime plus 2.75%						6/13/2043						39.7						39.7						44.8						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						5.6						5.6						5.8						—		%
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						592.1						592.1						610.1						0.15		%
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						39.9						39.9						45.0						0.01		%
Anurag, LLC dba Oakwood Package Store			(#,^)			191-195 Oakwood Ave, West Hartford, CT 06107						Food and Beverage Stores						Term Loan						6%						6/6/2043						126.9						126.9						123.4						0.03		%

116

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 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						219.4						219.4						224.9						0.06		%
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						15.3						15.3						15.7						—		%
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						206.2						206.2						211.4						0.05		%
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						42.7						42.7						45.4						0.01		%
Awan Business Management Group LLC, Awan Sign Company lLLC			(#,^)			14429 South Wallin Dr, Plainfield, IL 60544						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2043						255.7						255.7						288.7						0.07		%
Crowley Ventures, LLC			(#,^)			665 Worthington Rd, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2028						50.4						50.4						51.9						0.01		%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze			(#,^)			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						0.36		%
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						91.3						91.3						103.1						0.03		%
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						189.1						189.1						213.4						0.05		%
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						74.0						74.0						76.1						0.02		%
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						0.07		%
Chem-Flotronics, Inc.			(#,^)			195 Paterson Ave, Little Falls, NJ 07424						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						5/22/2028						67.5						67.5						69.6						0.02		%
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						42.6						42.6						43.6						0.01		%
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						297.4						297.4						335.7						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						100.9						100.9						105.2						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						12.3						12.3						13.0						—		%
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						30.9						30.9						31.7						0.01		%
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						22.9						22.9						23.4						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						7.6						7.6						7.8						—		%
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						673.7						673.7						760.6						0.19		%

117

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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						33.7						33.7						34.6						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						162.0						162.0						171.5						0.04		%
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						171.6						171.6						178.5						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						7.9						7.9						8.0						—		%
Saltamontes Tire Company, LLC			(#,^)			1955 Boston Ave, Brodgeport, CT 06604						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/30/2043						94.8						94.8						107.0						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						6.5						6.5						6.7						—		%
Metropolitan Solutions Inc.			(#,^)			1420 Chestnut St, Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2043						163.9						163.9						185.1						0.05		%
Brenden Kehren Development LLC			(#,^)			14689 Gemara Rd, Sparta, WI 54656						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						2.0						2.0						2.1						—		%
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						148.6						148.6						167.8						0.04		%
Rory James Contracting LLC			(#,^)			33 Bennett Place, Amityville, NY 11701						Construction of Buildings						Term Loan						Prime plus 2.75%						4/27/2028						10.7						10.7						11.0						—		%
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						10.0						10.0						10.3						—		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 06443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2043						196.9						196.9						222.3						0.06		%
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						15.0						15.0						15.4						—		%
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						9.4						9.4						9.6						—		%
Matrix Z, LLC			(#,^)			800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						61.6						61.6						65.1						0.02		%
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						33.4						33.4						34.2						0.01		%
Joe & Sons Service, Inc			(#,^)			855 Atwood Ave, Cranston, RI 02920						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/24/2028						69.0						69.0						73.3						0.02		%
Spitnale's Garage LLC			(#,^)			3761 Mahoning Ave, Youngstown, OH 44515						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						55.8						55.8						63.0						0.02		%
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						10.0						10.0						10.3						—		%
Veterinary Preventive Care, LLC			(#,^)			945 Riverview Ct, Xenia, OH 45385						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/18/2028						31.2						31.2						32.3						0.01		%
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						80.9						80.9						91.4						0.02		%

118

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 HVAC LLC			(#,^)			119 Ouachita 212, Camden, AZ 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2043						20.8						20.8						23.5						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						339.2						339.2						382.9						0.10		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AR 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2028						26.4						26.4						27.7						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						38.7						38.7						43.6						0.01		%
Precision Components Group Inc			(#,^)			190 Doty Circle, West Springfield, MA 01089						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/11/2028						15.0						15.0						15.8						—		%
Sexy Nails Center LLC			(#,^)			57 Passaic St, Garfield, NJ 07026						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/10/2043						187.3						187.3						211.4						0.05		%
Mark Baker			(#,^)			1653 Evalie Dr, Fairfield, OH 45014						Truck Transportation						Term Loan						Prime plus 2.75%						4/9/2028						6.5						6.5						6.8						—		%
Innovation Transport LLC			(#,^)			1 International Blvd, Ste 400, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						4/6/2028						34.3						34.3						36.1						0.01		%
Shree Lakshminarayyn Grocery Stores LLC			(#,^)			3307 Charles St, Rockford, IL 61108						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2043						111.0						111.0						125.3						0.03		%
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						3.5						3.5						3.6						—		%
Fifth Wheel Truck Stop 001			(#,^)			3767 S Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						3/30/2043						1,057.8						1,057.8						1,194.3						0.30		%
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						64.1						64.1						65.7						0.02		%
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						20.8						20.8						23.4						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						901.9						901.9						860.9						0.22		%
Payne's Environmental Services LLC			(#,^)			5617 Causeway Blvd, Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/30/2028						149.6						149.6						157.0						0.04		%
Alaska Industrial Paint LLC			(#,^)			1301 N Post Rd, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2043						205.0						205.0						231.4						0.06		%
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						138.9						138.9						143.3						0.04		%
Romancing the Stone			(#,^)			140 Centre of New England Blvd, Coventry, RI 02816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2043						323.0						323.0						364.7						0.09		%
Alaska Industrial Paint LLC			(#,^)			1301 N Post Rd, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2028						82.3						82.3						87.5						0.02		%
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						10.5						10.5						10.9						—		%
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						100.9						100.9						113.9						0.03		%
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						111.5						111.5						116.6						0.03		%

119

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						147.3						147.3						154.1						0.04		%
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						1,154.0						1,154.0						1,302.8						0.33		%
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						231.7						0.06		%
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						57.7						57.7						61.2						0.02		%
K.C. Communications, Inc.			(#,^)			2715 Saturn St, Brea, CA 92821						Telecommunications						Term Loan						Prime plus 2.75%						3/27/2028						41.2						41.2						43.7						0.01		%
Cable Management, LLC			(#,^)			200 Pratt St, Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						53.0						53.0						56.0						0.01		%
Aque Investment Group LLC			(#,^)			3838 N. Sam Houston Pkwy E, Houston, TX 77032						Real Estate						Term Loan						Prime plus 2.75%						3/23/2028						175.2						175.2						185.7						0.05		%
Kajun Martial Arts LLC			(#,^)			36546 Mission St, Prairieville, LA 70769						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/23/2028						14.8						14.8						15.2						—		%
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						48.7						48.7						51.6						0.01		%
Sofasco, Inc			(#,^)			182 Garber Ln, Winchester, VA 22602						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/23/2043						87.3						87.3						98.6						0.02		%
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						0.34		%
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						86.6						86.6						90.9						0.02		%
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						63.7						63.7						66.3						0.02		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2043						599.9						599.9						677.3						0.17		%
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						28.0						28.0						28.7						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						848.3						848.3						887.6						0.22		%
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						7.4						7.4						7.7						—		%
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						165.0						165.0						174.9						0.04		%
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						9.9						9.9						10.2						—		%
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						479.1						479.1						540.9						0.14		%
Rojenco II,Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						71.3						71.3						80.5						0.02		%

120

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 II, Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						371.5						371.5						419.4						0.11		%
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						71.3						71.3						80.5						0.02		%
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						1.9						1.9						2.0						—		%
SRG Waterfront LLC			(#,^)			88 District Square SW, Washington, DC 20005						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2028						191.8						191.8						197.0						0.05		%
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						6.7						6.7						7.0						—		%
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						96.9						96.9						109.4						0.03		%
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						5.2						5.2						5.3						—		%
Merciful Heavenly Homes, LLC			(#,^)			401 Dillar's Mill Rd, Tyner, NC 27980						Nursing and Residential Care Facilities						Term Loan						8%						2/28/2043						61.2						61.2						60.5						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						146.1						146.1						154.9						0.04		%
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						109.7						109.7						123.8						0.03		%
Connie Engelbrecht			(#,^)			20640 Raven Dr, Eagle River, AK 99577						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2028						2.0						2.0						2.0						—		%
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						326.7						326.7						368.9						0.09		%
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						24.1						24.1						25.6						0.01		%
Crossfit iQ LLC			(#,^)			342 Pike Rd Ste 27, West Palm Beach, FL 33411						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/21/2028						27.7						27.7						28.6						0.01		%
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						43.0						43.0						45.6						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						98.0						98.0						110.6						0.03		%
JumboMarkets, Inc.			(#,^)			15500 SW Trail Dr, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/13/2028						135.3						135.3						139.9						0.04		%
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						2.3						2.3						2.4						—		%
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						5.4						5.4						5.7						—		%
Apps Inc., Market Share, and Singular Leaseholdings LLC			(#,^)			80 Main St, Old Saybrook, CT 06475						Telecommunications						Term Loan						Prime plus 2.75%						2/8/2028						378.3						378.3						386.8						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						23.1						23.1						24.2						0.01		%

121

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						7.8						7.8						8.3						—		%
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						9.8						9.8						10.4						—		%
Rocco'sLandscaping LLC			(#,^)			151 Kitts Ln, Newington, CT 06111						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2043						69.0						69.0						77.9						0.02		%
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						9.7						9.7						10.0						—		%
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						43.7						43.7						49.3						0.01		%
New Phaze Packaging Inc			(#,^)			9533 Irondale Ave, Los Angeles, CA 91311						Paper Manufacturing						Term Loan						Prime plus 2.75%						1/26/2043						882.3						882.3						996.2						0.25		%
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						60.7						60.7						63.3						0.02		%
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						88.6						88.6						93.9						0.02		%
Lavish Specs Inc			(#,^)			262 Glen St, Glen Cove, NY 11542						Machinery Manufacturing						Term Loan						Prime plus 2.75%						1/19/2028						4.8						4.8						4.9						—		%
Weeping Willow Kennels, Inc.			(#,^)			6041 Hammond School Rd, Salisbury,, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/19/2028						6.8						6.8						7.2						—		%
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						106.2						106.2						119.9						0.03		%
MedWorxs Inc.			(#,^)			6857 Timbers Dr., Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2028						50.7						50.7						51.9						0.01		%
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						44.5						44.5						45.4						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						3.5						3.5						3.3						—		%
Sandfree Systems LLC			(#,^)			116 Cricket Ave Ste B, Ardmore, PA 19003						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/5/2028						4.8						4.8						5.1						—		%
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						39.6						39.6						40.6						0.01		%
Social Link LLC			(#,^)			41Peabody St, Nashville, TN 37210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2027						7.2						7.2						7.5						—		%
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						239.8						0.06		%
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						2.4						2.4						2.5						—		%
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						6.4						6.4						6.8						—		%
Muckamuck Trucks, Inc.			(#,^)			510 S Spring St, Ukiah, CA 95482						Truck Transportation						Term Loan						Prime plus 2.75%						12/22/2027						8.7						8.7						9.3						—		%

122

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Anderson Farms Inc			(#)			271 West Hwy 30, Burley, ID 83318						Truck Transportation						Term Loan						7.5%						12/22/2027						4,144.6						4,144.6						4,053.9						1.03		%
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%						12/22/2027						39.8						39.8						41.7						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						7.6						7.6						8.0						—		%
CT Auto Spa LLC			(#,^)			39 Albany Turnpike, West Simsbury, CT 06092						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2027						136.1						136.1						144.8						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						172.9						172.9						195.3						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						14.6						14.6						15.3						—		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St- Units 1F/1P, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2027						53.6						53.6						56.7						0.01		%
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						97.5						97.5						110.1						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						581.2						581.2						656.2						0.17		%
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						303.8						303.8						343.0						0.09		%
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						143.3						143.3						150.0						0.04		%
KR Calvert & Co, LLC			(#,^)			1620 Westgate Circle Ste 100, Brentwood, TN 37027						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/14/2027						335.6						335.6						351.6						0.09		%
Royalty Freight Inc			(#,^)			3728 W Mckinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2027						420.5						420.5						440.4						0.11		%
Atlas Geo-Constructors, LLC			(#,^)			3466 Thomasville Rd, Winston Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2027						212.3						212.3						225.1						0.06		%
Heung Kyun Im			(#,^)			6235 Conlan Bay Dr, Houston, TX 77041						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2027						9.8						9.8						10.3						—		%
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						166.4						166.4						187.9						0.05		%
Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Dr, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2042						80.5						80.5						90.9						0.02		%
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						298.9						298.9						313.0						0.08		%
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						30.9						30.9						34.9						0.01		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/12/2027						292.8						292.8						310.5						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						466.4						466.4						495.1						0.13		%

123

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						266.1						266.1						280.2						0.07		%
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						31.2						31.2						32.6						0.01		%
Clear Sound Communications, Inc			(#,^)			680 Old Medford Ave, Medford, NY 11763						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/8/2027						2.4						2.4						2.5						—		%
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						310.6						310.6						328.1						0.08		%
ODS Inc			(#,^)			626 N Delsea Dr, Glassboro, NJ 08028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/6/2027						31.2						31.2						32.9						0.01		%
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						938.3						938.3						1,059.3						0.27		%
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						9.5						9.5						10.0						—		%
Salud Bar & Grill LLC			(#,^)			1413 Bushwick Ave, Brooklyn, NY 11207						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						35.8						35.8						37.5						0.01		%
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						19.3						19.3						21.7						0.01		%
Square1 Partners, LLC			(#,^)			1088 Greenbriar Ln, Northbrook, IL 60062						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/1/2027						39.6						39.6						41.5						0.01		%
WTI Distribution Inc			(#,^)			5491 E Francis St, Ontario, CA 91761						Support Activities for Transportation						Term Loan						Prime plus 2.75%						11/30/2027						$	25.1					$	25.1					$	26.6					0.01		%
OPH Lexington, Inc			(#,^)			235 Walton Ave, Lexington, KY 40502						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						$	175.0					$	175.0					$	197.6					0.05		%
Our Playhouse Preschool, LLC			(#,^)			3501 NC Hwy 54 W, Chapel hill, NC 27516						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						$	214.8					$	214.8					$	242.5					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						$	116.3					$	116.3					$	131.3					0.03		%
Webtez Inc dba Mod Vans			(#,^)			920 Graves Ave, Oxnard, CA 93003						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/22/2027						$	44.0					$	44.0					$	46.1					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						$	9.9					$	9.9					$	10.4					—		%
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						$	11.7					$	11.7					$	12.4					—		%
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						$	44.7					$	44.7					$	46.8					0.01		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2027						$	14.1					$	14.1					$	15.0					—		%
PB Market LLC dba Pure Barre			(#,^)			164-C Market St, Charleston, SC 29401						Educational Services						Term Loan						Prime plus 2.75%						11/21/2027						$	68.2					$	68.2					$	71.5					0.02		%
B Lam LLC			(#,^)			9419 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/20/2042						$	166.1					$	166.1					$	187.5					0.05		%

124

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Maya Motel, LLC dba Town House Motel			(#,^)			1701 Washington Ave, Waco, TX 76701						Accommodation						Term Loan						Prime plus 2.75%						11/17/2042						$	52.2					$	52.2					$	59.0					0.01		%
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						$	33.3					$	33.3					$	34.9					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						$	44.0					$	44.0					$	46.4					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						$	179.9					$	179.9					$	203.1					0.05		%
J R Wholesale Tires & Auto Center, LLC			(#,^)			822 Cameron Ln, Lugoff, SC 29078						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/15/2042						$	12.1					$	12.1					$	13.6					—		%
Marcaco LLC			(#,^)			124 Lincoln Ave, Colonie, NY 12205						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						11/15/2042						$	498.5					$	498.5					$	562.8					0.14		%
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						$	433.8					$	433.8					$	489.7					0.12		%
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						$	6.1					$	6.1					$	6.4					—		%
JNP Delivery Inc			(#,^)			4500 North Providence # 7, Appleton, WI 54913						Couriers and Messengers						Term Loan						6%						11/7/2027						$	6.1					$	6.1					$	6.0					—		%
His Loving Hands Christian Academy, Inc.			(#,^)			15020 Harrison St, Miami, FL 33176						Social Assistance						Term Loan						Prime plus 2.75%						11/6/2042						$	84.1					$	84.1					$	94.9					0.02		%
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						$	4.7					$	4.7					$	4.9					—		%
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						$	59.5					$	59.5					$	67.2					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						$	4.7					$	4.7					$	4.9					—		%
The Five Lakes LLC			(#,^)			13705 Holmes Rd, Kansas City, MO 64154						Educational Services						Term Loan						Prime plus 2.75%						10/30/2042						$	434.5					$	434.5					$	490.6					0.12		%
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						$	51.7					$	51.7					$	58.4					0.01		%
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						$	9.0					$	9.0					$	9.5					—		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/27/2027						$	6.2					$	6.2					$	6.5					—		%
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle			(#,^)			377 Boston Post Rd Unit B, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/27/2027						$	26.1					$	26.1					$	27.4					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						$	80.0					$	80.0					$	90.4					0.02		%
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						$	9.3					$	9.3					$	9.9					—		%
Schafer Fisheries Inc			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2027						$	24.8					$	24.8					$	26.4					0.01		%

125

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Jig, LLC			(#,^)			3115 Camp Phillips Rd, Wausau, WI 54403						Food Services and Drinking Places						Term Loan						8.25%						10/24/2042						$	23.4					$	23.4					$	23.2					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						$	121.2					$	121.2					$	136.9					0.03		%
Blueridge Armor LLC			(#,^)			1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						10/17/2027						$	5.1					$	5.1					$	5.4					—		%
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry			(#,^)			1227 Burnside Ave, East Hartford, CT 06108						Electronics and Appliance Stores						Term Loan						7.5%						10/17/2042						$	59.4					$	59.4					$	59.0					0.01		%
On Call Services LLC			(#,^)			15060 281St Ave NW, Zimmerman, MN 55398						Construction of Buildings						Term Loan						Prime plus 2.75%						10/13/2027						$	11.4					$	11.4					$	12.1					—		%
Cortez Landscaping, LLC			(#,^)			4 Powder Rd, Norwalk, CT 06854						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/13/2027						$	11.9					$	11.9					$	12.6					—		%
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						$	67.1					$	67.1					$	70.5					0.02		%
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						$	449.7					$	449.7					$	507.7					0.13		%
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						$	125.5					$	125.5					$	141.7					0.04		%
Dan Cline Transport Inc.			(#,^)			501 State Dr, Mount Vernon, MO 65712						Truck Transportation						Term Loan						Prime plus 2.75%						9/29/2030						$	705.7					$	705.7					$	764.3					0.19		%
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						$	157.6					$	157.6					$	172.9					0.04		%
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						$	357.3					$	357.3					$	403.4					0.10		%
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						$	181.5					$	181.5					$	204.9					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						$	513.1					$	513.1					$	579.3					0.15		%
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						$	425.4					$	425.4					$	480.2					0.12		%
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						$	13.7					$	13.7					$	14.4					—		%
KB Waterjet Cutting LLC			(#,^)			4330 Parker Ln, Addis, LA 70710						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/22/2027						$	6.2					$	6.2					$	6.6					—		%
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						$	5.5					$	5.5					$	5.9					—		%
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						$	202.3					$	202.3					$	212.5					0.05		%
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						$	4.6					$	4.6					$	4.9					—		%
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						$	22.5					$	22.5					$	23.8					0.01		%

126

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						$	122.0					$	122.0					$	129.2					0.03		%
Stone's Construction and Remodeling, LLC			(#,^)			5210 Kaylin Dr, Akron, OH 44319						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/19/2027						$	3.2					$	3.2					$	3.3					—		%
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						$	351.1					$	351.1					$	396.4					0.10		%
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						$	8.7					$	8.7					$	9.2					—		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/13/2027						$	204.3					$	204.3					$	213.3					0.05		%
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						$	153.9					$	153.9					$	173.8					0.04		%
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						$	354.8					$	354.8					$	400.4					0.10		%
Health & Performance Center, LLC			(#,^)			1862 Craigshire Rd, Saint Louis, MO 63146						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2027						$	12.5					$	12.5					$	13.1					—		%
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						$	4.6					$	4.6					$	4.9					—		%
Foxtail, LLC and Tottly New Services Corp			(#,^)			1481 Highland Ave, Cheshire, CT 06410						Social Assistance						Term Loan						Prime plus 2.75%						9/8/2042						$	265.9					$	265.9					$	300.2					0.08		%
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						$	91.3					$	91.3					$	103.1					0.03		%
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						$	3.3					$	3.3					$	3.6					—		%
Dreaming Big Learning Center Inc			(#,^)			3301 W Oak St, Kissimmee, FL 34741						Social Assistance						Term Loan						Prime plus 2.75%						9/5/2042						$	346.8					$	346.8					$	391.6					0.10		%
Big Coop's Trucking LLC			(#,^)			3066 Misty Creek Dr., Swartz, MI 48473						Truck Transportation						Term Loan						Prime plus 2.75%						9/1/2027						$	61.2					$	61.2					$	64.7					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						$	260.5					$	260.5					$	273.1					0.07		%
Lake County Tow LLC			(#,^)			15409 Country Rd 565A, Clermont, FL 34711						Support Activities for Transportation						Term Loan						Prime plus 2.75%						8/25/2042						$	79.7					$	79.7					$	90.0					0.02		%
Parlay Disributors LLC			(#,^)			20 Medford Ave, Ste 104, Patchogue, NY 11772						Educational Services						Term Loan						Prime plus 2.75%						8/25/2027						$	67.2					$	67.2					$	70.3					0.02		%
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						$	436.7					$	436.7					$	474.4					0.12		%
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						$	118.1					$	118.1					$	125.4					0.03		%
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						$	10.9					$	10.9					$	11.6					—		%
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						$	4.5					$	4.5					$	4.7					—		%

127

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						$	13.6					$	13.6					$	14.3					—		%
D'Amato & Sons Construction, Inc.			(#,^)			117 Oak St, Amityville, NY 11701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/11/2027						$	5.0					$	5.0					$	5.3					—		%
Roundhay Partners LLC and Roundhay Farming LLC			(#,^)			6160 Granite Spring Rd, Somerset, CA 95684						Crop Production						Term Loan						8.25%						8/8/2042						$	803.1					$	803.1					$	784.6					0.20		%
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						$	3.2					$	3.2					$	3.4					—		%
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						$	27.7					$	27.7					$	27.1					0.01		%
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						$	11.1					$	11.1					$	11.6					—		%
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						$	13.4					$	13.4					$	14.0					—		%
Oberon IT, Inc.			(#,^)			1404 W. Walnut Hill Ln, Irving, TX 75038						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/26/2027						$	130.6					$	130.6					$	137.6					0.03		%
Gilles Peress Studio LLC			(#,^)			76 Lafayette Ave, Brooklyn, NY 11217						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2027						$	36.7					$	36.7					$	38.3					0.01		%
Obok LLC			(#,^)			2720 S. Havana St., Unit H, Aurora, CO 80014						Food Manufacturing						Term Loan						Prime plus 2.75%						7/21/2027						$	7.2					$	7.2					$	7.6					—		%
Ocean Trans LLC			(#,^)			1415 W Andersonr Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						7/21/2027						$	24.2					$	24.2					$	25.2					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						$	23.6					$	23.6					$	26.7					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						$	5.1					$	5.1					$	5.5					—		%
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						$	492.2					$	492.2					$	514.6					0.13		%
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						$	13.4					$	13.4					$	14.2					—		%
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						$	297.0					$	297.0					$	335.3					0.08		%
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						$	49.1					$	49.1					$	55.4					0.01		%
J. T. O'Neill Company, L.L.C			(#,^)			19972 Willowin Farm Ln, Purcellville, VA 20132						Real Estate						Term Loan						Prime plus 2.75%						6/30/2027						$	8.8					$	8.8					$	9.2					—		%
New Chicago Wholesale Bakery Inc.			(#,^)			795 Touhy Ave, Elk Grove Village, IL 60007						Food Manufacturing						Term Loan						Prime plus 2.75%						6/30/2027						$	9.8					$	9.8					$	10.3					—		%
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						$	62.7					$	62.7					$	65.5					0.02		%
BQRS, Inc. DBA Gresham Meineke Car Care Center			(#,^)			18081 SE Division St, Portland, OR 97236						Repair and Maintenance						Term Loan						0%						6/30/2027						$	47.4					$	47.4					$	46.4					0.01		%

128

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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 Bees Company			(#,^)			839 Albany St, Boston, MA 02119						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						6/29/2027						$	13.2					$	13.2					$	13.8					—		%
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						$	181.1					$	181.1					$	191.7					0.05		%
Oakhill Farms, LLC			(#,^)			15 Carl St, Johnston, RI 02919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2030						$	71.7					$	71.7					$	78.5					0.02		%
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						$	2.2					$	2.2					$	2.3					—		%
Malhame & Company Publishers & Importers Inc.			(#,^)			180 Orville Rd, Bohemia, NY 11780						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/29/2027						$	58.2					$	58.2					$	60.7					0.02		%
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						$	360.7					$	360.7					$	375.7					0.10		%
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						$	53.4					$	53.4					$	55.8					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						$	729.6					$	729.6					$	762.3					0.19		%
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						$	176.1					$	176.1					$	192.3					0.05		%
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						$	811.1					$	811.1					$	847.3					0.21		%
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						$	13.2					$	13.2					$	13.8					—		%
Northern Industries, LLC			(#,^)			W 5585 Dehart Dr, Tomahawk, WI 54484						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/23/2042						$	53.2					$	53.2					$	60.1					0.02		%
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						$	6.6					$	6.6					$	6.9					—		%
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						$	363.2					$	363.2					$	410.0					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						$	22.3					$	22.3					$	23.3					0.01		%
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC			(#,^)			104 Wooster St, Bethel, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/15/2042						$	281.8					$	281.8					$	318.2					0.08		%
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						$	20.4					$	20.4					$	23.1					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						$	55.9					$	55.9					$	63.2					0.02		%
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						$	91.1					$	91.1					$	102.8					0.03		%
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						$	83.9					$	83.9					$	94.8					0.02		%

129

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						$	2.1					$	2.1					$	2.2					—		%
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						$	132.5					$	132.5					$	149.6					0.04		%
Skydive California, LLC			(#,^)			25001 S Kasson Rd, Tracy, CA 95301						Educational Services						Term Loan						Prime plus 2.75%						6/2/2027						$	32.2					$	32.2					$	34.0					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						$	41.4					$	41.4					$	46.7					0.01		%
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						$	47.9					$	47.9					$	50.0					0.01		%
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						$	8.5					$	8.5					$	8.9					—		%
Haroon Baig,Inc.dba US1 Petrol			(#,^)			1280-1290 Dixwell Ave, Hamden, CT 06514						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2042						$	239.1					$	239.1					$	270.0					0.07		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/31/2027						$	13.1					$	13.1					$	13.6					—		%
Chet Lemon Enterprises LLC dba All American Sports			(#,^)			1544 Ln Park Cutoff, Tavares, FL 32778						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/26/2042						$	718.9					$	718.9					$	811.6					0.21		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WI 98501						Accommodation						Term Loan						Prime plus 2.75%						5/26/2042						$	115.1					$	115.1					$	130.0					0.03		%
Eagle Wood Works LLC			(#,^)			1448 Horsehead Rd, Lugoff, SC 29078						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						5/26/2027						$	6.9					$	6.9					$	7.3					—		%
Hurricane Group, Inc.			(#,^)			1357 Ashford Ave Ste 429, San Juan, PR 09070						Other Information Services						Term Loan						Prime plus 2.75%						5/26/2027						$	50.2					$	50.2					$	52.3					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		%
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						$	1.0					$	1.0					$	1.0					—		%
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						$	29.0					$	29.0					$	30.4					0.01		%
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						$	168.3					$	168.3					$	175.3					0.04		%
Hayden Trucking LLC			(#,^)			11540 Eagle Vista Dr, Fort Worth, TX 76179						Truck Transportation						Term Loan						Prime plus 2.75%						5/19/2027						$	84.0					$	84.0					$	88.9					0.02		%
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						$	527.6					$	527.6					$	595.7					0.15		%
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						$	4.8					$	4.8					$	5.0					—		%
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						$	132.9					$	132.9					$	150.1					0.04		%

Waterford Plumbing Co, Inc.			(#,^)			2425 W. Cuyler Ave, Chicago, IL 60618						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/18/2027						29.0						29.0						30.3						0.01		%

130

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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						109.5						109.5						123.7						0.03		%
Computech Computers Inc.			(#,^)			40-24 76th St, Office #2B, Elmhurst, NY 11373						Educational Services						Term Loan						Prime plus 2.75%						5/17/2027						29.1						29.1						30.3						0.01		%
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						202.8						202.8						213.4						0.05		%
5 Stars Learning Center Inc			(#,^)			14 Paine Ave, Irvington, NJ 07111						Social Assistance						Term Loan						Prime plus 2.75%						5/16/2042						55.9						55.9						63.1						0.02		%
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						4.4						4.4						4.6						—		%
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						51.4						51.4						53.9						0.01		%
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						19.8						19.8						22.4						0.01		%
Innovation Transport, LLC			(#,^)			1 International Blvd, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						5/9/2027						45.9						45.9						48.6						0.01		%
Benchmark Building, Inc.			(#,^)			1439 Stargazer Terrace, Sanford, FL 32771						Construction of Buildings						Term Loan						Prime plus 2.75%						5/5/2027						5.2						5.2						5.4						—		%
Cable Management LLC			(#,^)			290 Pratt St, Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/3/2027						33.3						33.3						35.2						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						108.1						108.1						122.1						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						70.5						70.5						79.6						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						589.6						589.6						665.7						0.17		%
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						200.5						200.5						226.4						0.06		%
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						4.3						4.3						4.5						—		%
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						45.2						45.2						51.0						0.01		%
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						68.4						68.4						71.8						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						23.8						23.8						24.8						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						494.8						494.8						558.6						0.14		%
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						598.0						0.15		%

131

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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%						3/31/2027						105.9						105.9						110.3						0.03		%
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						36.6						36.6						38.2						0.01		%
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		%
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						213.9						213.9						241.5						0.06		%
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						56.5						56.5						59.2						0.01		%
Discount Price, LLC dba Robert's Market			(#,^)			2 Hill Rd, Franklin, NH 03235						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2042						186.6						186.6						210.7						0.05		%
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						55.1						55.1						59.2						0.02		%
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						341.4						341.4						385.5						0.10		%
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						840.0						840.0						948.4						0.24		%
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						36.8						36.8						38.6						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						11.4						11.4						12.0						—		%
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						577.5						577.5						652.0						0.17		%
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						60.4						60.4						68.1						0.02		%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C.			(#,^)			5880 US Hwy6, Portage, IN 46368						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2027						187.1						187.1						197.5						0.05		%
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa			(#,^)			6510 North Broadway , Saint Louis, MO 63147						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2027						321.8						321.8						334.3						0.08		%
Dwayne Bernard Tate			(#,^)			1238 Woodcliff Court SW, Lilburn, GA 30047						Truck Transportation						Term Loan						Prime plus 2.75%						3/10/2027						5.9						5.9						6.2						—		%
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						304.8						304.8						344.1						0.09		%
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						104.3						104.3						117.8						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						82.1						82.1						92.7						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						126.4						126.4						142.8						0.04		%

132

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						53.6						53.6						56.0						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						91.1						91.1						94.7						0.02		%
McNally Enterprises Inc.			(#,^)			1010 N. Grove St, Anaheim, CA 92806						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/27/2027						35.8						35.8						37.5						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						41.8						41.8						44.2						0.01		%
3W Enterprises LLC			(#,^)			2727 Industrial Pkwy, Elkhart, IN 46516						Textile Product Mills						Term Loan						Prime plus 2.75%						2/24/2042						58.5						58.5						66.1						0.02		%
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						3.5						3.5						3.7						—		%
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						182.1						182.1						205.6						0.05		%
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						197.8						197.8						223.3						0.06		%
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						124.3						124.3						140.3						0.04		%
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						295.9						295.9						334.0						0.08		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St. Units 1F/1P, 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		%
Fave Realty Inc.			(#,^)			1875 Grand Ave, Baldwin, NY 11510						Real Estate						Term Loan						Prime plus 2.75%						1/30/2042						49.1						49.1						55.4						0.01		%
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						12.3						12.3						12.8						—		%
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						190.3						190.3						187.5						0.05		%
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						5.8						5.8						6.0						—		%
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						54.6						54.6						57.7						0.01		%
Fullbro Trust dba Menemsha Blues			(#,^)			2 Basin Rd, Chilmark, MA 02535						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						1/13/2027						12.3						12.3						13.0						—		%
Metropolitan Solutions Group Inc.			(#,^)			1420 Chestnut St, Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2041						247.1						247.1						279.0						0.07		%
Sempco, Inc.			(#,^)			51 -55 Lake St Unit #2-6, Nashua, NH 03060						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						37.7						37.7						42.6						0.01		%

133

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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						0.12		%
Elita 7, LLC			(#,^)			16 Marble St, Worcester, MA 01603						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						12/15/2041						669.5						669.5						755.8						0.19		%
Allied Welding Inc.			(#,^)			1820 N. Santa Fe Ave, Chillicothe, IL 61523						Fabricated Metal Product Manufacturing						Term Loan						5.25%						12/15/2041						711.0						711.0						705.0						0.18		%
Techni-Pro Institute LLC			(#,^)			414 NW 35th St, Boca Raton, FL 33431						Educational Services						Term Loan						Prime plus 2.75%						12/15/2026						102.1						102.1						107.3						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						366.1						366.1						413.4						0.10		%
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						83.1						83.1						93.8						0.02		%
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						114.2						114.2						120.6						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						11.0						11.0						11.6						—		%
eCommerce Direct, LLC			(#,^)			3440 Gannett Ave, Des Moines, IA 50321						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2026						418.4						418.4						440.0						0.11		%
Recycling Revolution,LLC			(#,^)			4190 Collins Rd, Unadilla, GA 31091						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2041						80.1						80.1						90.4						0.02		%
New Life Hospital LLC			(#)			17400 Red Oak Dr, Houston, TX 77090						Hospitals						Term Loan						Prime plus 2.75%						12/8/2041						1,095.8						1,095.8						1,237.1						0.31		%
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						6.0						6.0						6.4						—		%
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites			(#)			29291 Amerihost Dr, Dowagiac, MI 49047						Accommodation						Term Loan						8.25%						12/5/2041						326.6						326.6						324.7						0.08		%
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC			(#)			1 Pebble Wood Ln, Palm Coast, FL 32164						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						11/30/2041						63.1						63.1						71.2						0.02		%
Quick Ship, LLC			(#)			448 W. 19th St, Houston, TX 77008						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/30/2026						5.6						5.6						5.8						—		%
Imaginarium Foods LLC,			(#,^)			751 N. Cable Rd, Lima, OH 45805						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2042						335.7						335.7						379.0						0.10		%
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						653.7						653.7						685.5						0.17		%
Usman Jalil, LLC dba Food Mart			(#)			147 N Washington St, Plainville, CT 06062						Gasoline Stations						Term Loan						Prime plus 2.75%						11/29/2041						209.4						209.4						236.4						0.06		%
CRK Mens, LLC dba Spiff for Men			(#,^)			1335 Ave of the Americas, New York, NY 10019						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/23/2026						53.9						53.9						56.7						0.01		%
WPN Recycling Company LLC			(#,^)			5101 Andard Ave, Baltimore, MD 21226						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/23/2026						9.7						9.7						10.2						—		%
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						66.0						66.0						69.2						0.02		%

134

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Bouquet Restaurant LLC			(#,^)			519 Main St, Covington, KY 41011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/22/2041						87.0						87.0						98.2						0.02		%
Skaggs RV Outlet LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/21/2026						53.1						53.1						56.1						0.01		%
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						10.0						10.0						10.4						—		%
Hoosier Health Plus, LLC			(#,^)			520 East 8th St, Anderson, IN 46012						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/15/2026						46.3						46.3						48.8						0.01		%
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						118.4						118.4						124.2						0.03		%
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						216.1						216.1						244.0						0.06		%
Fine Line Interiors, Inc.			(#)			2530 SW 30th Ave, Hallandale Beach, FL 33009						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/4/2041						54.4						54.4						61.5						0.02		%
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						39.8						39.8						42.0						0.01		%
Veracruz Shabo, LLC, Waterfalls Quick Lube LLC			(#)			1512 Atwood Ave, Johnston, RI 02919						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/1/2041						107.1						107.1						120.9						0.03		%
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						5.7						5.7						6.1						—		%
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						79.4						79.4						89.6						0.02		%
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						222.1						222.1						234.5						0.06		%
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						200.8						200.8						226.7						0.06		%
Gold Wind Logistics LLC			(#)			2830 Beech Daly Rd, Inkster, MI 48141						Truck Transportation						Term Loan						Prime plus 2.75%						10/20/2041						156.6						156.6						176.8						0.04		%
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						111.9						111.9						126.3						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						10.2						10.2						10.7						—		%
Maine Service Corp			(#)			59-22 55th St, Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/13/2026						85.6						85.6						90.3						0.02		%
Reliable Recovery Services LLC			(#)			2401 West Mcdowell Rd, Phoenix, AZ 85009						Support Activities for Transportation						Term Loan						Prime plus 2.75%						10/7/2026						58.8						58.8						61.9						0.02		%
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						18.8						18.8						19.7						—		%
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						123.8						123.8						130.1						0.03		%
JJA Transportation Management Inc.			(#)			15 Church St, Upland, PA 19015						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						9/30/2026						24.4						24.4						25.6						0.01		%

135

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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						122.4						122.4						138.2						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						11.5						11.5						12.1						—		%
CNC Precision Machine, Inc.			(#)			18360 Industrial Circle, Burton, OH 44021						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2041						1,146.4						1,146.4						1,294.2						0.33		%
CD Game Exchange Inc.			(#)			3719 N Mississippi, Portland, OR 97227						Merchant Wholesalers, Durable Goods						Term Loan						8.25%						9/28/2026						2.8						2.8						2.8						—		%
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						4.6						4.6						4.9						—		%
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						14.6						14.6						15.3						—		%
Cuppiecakes LLC			(#)			313 S Main St, McGregor, TX 76557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/21/2041						20.0						20.0						22.6						0.01		%
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter			(#)			1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/30/2026						68.8						68.8						72.0						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						64.4						64.4						72.7						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						90.0						90.0						101.6						0.03		%
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						24.9						24.9						26.1						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						9.8						9.8						10.2						—		%
Avery Management Inc. dba Whetstone Upholstery			(#)			1122 N Bloulevard, Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						5.1						5.1						5.4						—		%
Grayson O Company			(#)			6509 Newell Ave, Kannapolis, NC 28082						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						51723						$	556.2					$	556.2					$	627.9					0.16		%
Paul Belanger dba Paul Belanger Landscaping			(#)			2595 Military Ave, Los Angeles, CA 90064						Administrative and Support Services						Term Loan						Prime plus 2.75%						46243						$	7.6					$	7.6					$	7.9					—		%
The Hungry Rhino LLC			(#)			47 South Main St, Windsor Locks, CT 06096						Real Estate						Term Loan						Prime plus 2.75%						51711						$	67.6					$	67.6					$	76.3					0.02		%
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%						46232						$	11.1					$	11.1					$	11.7					—		%
303 Tower Drive LLC			(#)			303 Tower Dr, Ste A, Middletown, NY 10941						Repair and Maintenance						Term Loan						Prime plus 2.75%						51711						$	354.8					$	354.8					$	400.6					0.10		%
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%						51710						$	620.4					$	620.4					$	700.4					0.18		%
Intrepid Trinity LLC			(#)			680 Douglas Ave, Providence, RI 02908						Nonstore Retailers						Term Loan						Prime plus 2.75%						51710						$	55.4					$	55.4					$	62.6					0.02		%
Apple Tree NC Inc dba Williams Farm & Garden Center			(#)			109 Barkside Ln, New Bern, NC 28562						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						51710						$	309.2					$	309.2					$	349.1					0.09		%

136

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						46230						$	41.4					$	41.4					$	43.3					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%						46230						$	65.9					$	65.9					$	68.9					0.02		%
My Sainath Inc dba Motel 6			(#)			1008 E Crest Dr, Waco, TX 76705						Accommodation						Term Loan						Prime plus 2.75%						51704						$	282.5					$	282.5					$	319.0					0.08		%
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop			(#)			1502 Hwy 157, Mansfield, TX 76063						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						46221						$	8.1					$	8.1					$	8.4					—		%
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%						51697						$	34.4					$	34.4					$	38.8					0.01		%
Martin Inventory Management LLC			(#)			304 1/2 Main St, Edgefield, SC 29824						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						46203						$	12.0					$	12.0					$	12.7					—		%
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%						46203						$	75.1					$	75.1					$	79.0					0.02		%
Desert Tacos LLC			(#)			245 East Bell Rd Ste A-2, Phoenix, AZ 85022						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						46203						$	49.4					$	49.4					$	52.0					0.01		%
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%						46203						$	10.9					$	10.9					$	11.4					—		%
Corning Lumber Company Inc and Frank R Close and Son Inc			(#)			1314 Sixth St, Orland, CA 95963						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						47299						$	126.5					$	126.5					$	137.7					0.03		%
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%						46202						$	68.0					$	68.0					$	71.1					0.02		%
WGI, LLC dba Williams Grant Inn			(#)			154 High St, Bristol, RI 02809						Accommodation						Term Loan						Prime plus 2.75%						51681						$	110.3					$	110.3					$	124.5					0.03		%
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast			(#)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						51676						$	89.6					$	89.6					$	101.1					0.03		%
Visual Advantage LLC dba Signs Now Perryberg			(#)			23248 Dunbridge Rd, Perrysburg, OH 43443						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						51675						$	80.7					$	80.7					$	91.1					0.02		%
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%						51675						$	173.2					$	173.2					$	195.5					0.05		%
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%						51675						$	440.8					$	440.8					$	497.7					0.13		%
Bagelicious, LLC			(#)			945 S Main St, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						46190						$	26.5					$	26.5					$	27.7					0.01		%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle			(#)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						46189						$	248.7					$	248.7					$	259.2					0.07		%
Jai-Alexia Consulting, Inc.			(#)			14660 Paddock Dr, Wellington, FL 33414						Couriers and Messengers						Term Loan						Prime plus 2.75%						46188						$	5.7					$	5.7					$	6.0					—		%

137

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares			(#)			1137 West St, Southington, CT 06489						Social Assistance						Term Loan						Prime plus 2%						51667						$	450.5					$	450.5					$	508.6					0.13		%
Luv 2 Play AZ LLC			(#)			15495 Bell Rd, Surprise, AZ 85374						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						46183						$	38.6					$	38.6					$	40.5					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%						46183						$	41.9					$	41.9					$	43.7					0.01		%
Larry H. Patterson and Rainbow Movers, Inc			(#)			2325 Hollers Ave, Bronx, NY 10475						Truck Transportation						Term Loan						Prime plus 2.75%						46179						$	10.9					$	10.9					$	11.4					—		%
AP5 LLC dba Krauser's Food Store			(#)			5 Pond Point Rd, Milford, CT 06460						Food and Beverage Stores						Term Loan						Prime plus 2.75%						51654						$	171.4					$	171.4					$	193.5					0.05		%
ATI Jet Inc			(#)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						46173						$	277.1					$	277.1					$	289.8					0.07		%
Angelo Faia dba AVF Construction			(#,^)			55 Arbour Ln, Sewell, NJ 08080						Construction of Buildings						Term Loan						Prime plus 2.75%						51648						$	88.1					$	88.1					$	99.5					0.03		%
Southwest Division Inc			(#)			2103 NE 3rd Terrace, Cape Coral, FL 33909						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						46168						$	3.9					$	3.9					$	4.1					—		%
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%						51647						$	182.0					$	182.0					$	205.5					0.05		%
International Kitchen Supply LLC			(#)			3466 North Hwy 11, West Union, SC 29696						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						46167						$	117.7					$	117.7					$	123.1					0.03		%
Powerspec Inc			(#)			1 Linsley Place, Metuchen, NJ 08840						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						46166						$	41.4					$	41.4					$	43.2					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%						47261						$	4.3					$	4.3					$	4.6					—		%
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%						46162						$	6.1					$	6.1					$	6.3					—		%
Dedicated Incorporated			(#)			2916 North 39th St, Phoenix, AZ 85019						Administrative and Support Services						Term Loan						Prime plus 2.75%						51639						$	41.0					$	41.0					$	46.3					0.01		%
FJN Catering Inc			(#)			106 Main St, Mineola, NY 11951						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						51634						$	231.2					$	231.2					$	261.0					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%						51633						$	116.9					$	116.9					$	132.0					0.03		%
Sabir Inc. dba Bear Diner			(#)			603 Pulaski Hwy, Bear, DE 19701						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						51632						$	109.2					$	109.2					$	123.3					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%						46141						$	10.5					$	10.5					$	11.0					—		%
Warner Home Comfort, LLC dba Smith Piping			(#)			1571 Canton Rd., NW, Carrollton, OH 44615						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						51620						$	72.6					$	72.6					$	82.0					0.02		%
Loriet LLC			(#)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						46141						$	3.5					$	3.5					$	3.7					—		%
Alpha Omega Trucking LLC			(#)			14432-52 State Line Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						51620						$	155.1					$	155.1					$	175.2					0.04		%

138

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						51620						$	133.8					$	133.8					$	151.0					0.04		%
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%						46141						$	19.1					$	19.1					$	19.9					0.01		%
Costume World Inc			(#)			950 South Federal Hwy, Deerfield Beach, FL 33441						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						51619						$	1,147.7					$	1,147.7					$	1,295.7					0.33		%
Accent Comfort Services, LLC			(#)			5035-C West W. T. Harris Blvd, Charlotte, NC 28269						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						46138						$	42.2					$	42.2					$	44.0					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%						51613						$	220.1					$	220.1					$	248.5					0.06		%
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%						46133						$	3.7					$	3.7					$	3.9					—		%
KNS Early Learning Academy LLC			(#)			57 Merritt St SE, Marietta, GA 30060						Social Assistance						Term Loan						Prime plus 2.75%						51597						$	45.0					$	45.0					$	50.8					0.01		%
Dana A. Farley dba Independent Cabinets			(#)			5805 NE Minder Rd, Poulsbo, WA 98370						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						51591						$	56.4					$	56.4					$	63.7					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%						46112						$	7.5					$	7.5					$	7.8					—		%
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%						46112						$	34.5					$	34.5					$	36.0					0.01		%
MTS Car Service LLC			(#)			9 Gibson Court Apt# 1, Norwalk, CT 06854						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						46111						$	4.8					$	4.8					$	5.0					—		%
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn			(#)			162 Danielson Pike, Foster, RI 02825						Accommodation						Term Loan						Prime plus 2.75%						46111						$	10.5					$	10.5					$	11.0					—		%
Wyldewood Cellars, Inc.			(#)			951 East 119th St, Mulvane, KS 67120						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						51590						$	919.1					$	919.1					$	1,037.7					0.26		%
Barrocas Gym LLC dba Snap Fitness			(#)			260 West Main St, Avon, CT 06001						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						46110						$	8.6					$	8.6					$	9.0					—		%
Marathon Engineering Corporation			(#)			5615 2nd St W, Lehigh Acres, FL 33971						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						51588						$	39.5					$	39.5					$	44.6					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%						46106						$	10.5					$	10.5					$	10.9					—		%
ActKnowledge, Inc			(#)			365 5th Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						46105						$	57.5					$	57.5					$	60.2					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%						46102						$	243.8					$	243.8					$	253.6					0.06		%
Kekoa Enterprises Inc dba Signarama Sandy			(#)			8942 South 700 East, Sandy, UT 84070						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						46099						$	22.8					$	22.8					$	23.7					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%						51578						$	71.3					$	71.3					$	80.5					0.02		%

139

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Brian T Rice dba BD Logging			(#)			800 3rd St Apt B, St Marys, WV 26170						Forestry and Logging						Term Loan						Prime plus 2.75%						46098						$	0.8					$	0.8					$	0.9					—		%
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%						46096						$	23.0					$	23.0					$	23.9					0.01		%
Mustafa Inc and Raouf Properties LLC			(#)			3538 Pin Oak Dr, San Antonio, TX 78229						Food and Beverage Stores						Term Loan						Prime plus 2.75%						51574						$	65.8					$	65.8					$	74.3					0.02		%
Dupre Capital LLC dba Fastsigns			(#)			215 Quartermaster Court, Jeffersonville, IN 47130						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						46092						$	26.9					$	26.9					$	27.9					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%						46090						$	3.7					$	3.7					$	3.8					—		%
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%						46090						$	10.3					$	10.3					$	10.8					—		%
Swerve Salon LLC			(#)			1419 N Wells St, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						46089						$	36.3					$	36.3					$	37.8					0.01		%
J & W Hardwood Flooring Inc			(#)			14967 Madison St, Brighton, CO 80602						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						46088						$	3.4					$	3.4					$	3.6					—		%
Living Essentials HVAC Corp			(#)			42 West St, Apt 24, Randolph, MA 02368						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						46081						$	6.8					$	6.8					$	7.0					—		%
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%						51560						$	118.6					$	118.6					$	133.9					0.03		%
Drug Detection Laboratories, Inc. and Minh Tran			(#)			9700 Business Park Dr, Sacramento, CA 95827						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						46081						$	8.9					$	8.9					$	9.3					—		%
Aaradhya LLC dba Market Square Laundry			(#)			7727 Crittenden St, Philadelphia, PA 19118						Personal and Laundry Services						Term Loan						Prime plus 2.75%						46076						$	34.9					$	34.9					$	36.3					0.01		%
Ei3 Corporation			(#)			136 Summit Ave, Montvale, NJ 07645						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						46065						$	147.4					$	147.4					$	154.3					0.04		%
Jersey Shore Marina & Boat Sales, Inc.			(#)			841 Route 70 East, Brick, NJ 08724						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						51544						$	378.4					$	378.4					$	427.2					0.11		%
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%						47161						$	193.3					$	193.3					$	208.8					0.05		%
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%						51506						$	59.3					$	59.3					$	66.9					0.02		%
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt			(#)			1196 Inverness Ln, Stow, OH 44224						Food and Beverage Stores						Term Loan						Prime plus 2.75%						46020						$	48.7					$	48.7					$	51.0					0.01		%
MCF Forte LLC			(#)			1245 W Baseline Rd Unit 105, Mesa, AZ 85202						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						46020						$	8.1					$	8.1					$	8.5					—		%
Panditos LLC dba White Lotus Home			(#)			431 Raritan Ave, Highland Park, NJ 08904						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						46019						$	6.9					$	6.9					$	7.2					—		%
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%						51493						$	228.7					$	228.7					$	258.2					0.07		%
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%						51493						$	89.4					$	89.4					$	100.9					0.03		%

140

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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%						51492						$	262.8					$	262.8					$	296.7					0.08		%
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga			(#)			8957 Kingsridge Dr, Centerville, OH 45459						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						47109						$	464.3					$	464.3					$	502.3					0.13		%
Hattingh Incorporated dba Prosthetic Care Facility			(#)			4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						46012						$	7.8					$	7.8					$	8.1					—		%
Trip Consultants U.S.A. Inc.			(#)			311 85th St, Brooklyn, NY 11209						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						46009						$	72.0					$	72.0					$	75.0					0.02		%
Accent Tag and Label Inc			(#)			2201 Rittenhouse St, Des Moines, IA 50321						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						51488						$	578.1					$	578.1					$	652.7					0.17		%
Sourceco Limited Liability Company			(#)			17 Palmer Ave, West Long Branch, NJ 07764						Merchant Wholesalers, Nondurable Goods						Term Loan						6.5%						46008						$	16.1					$	16.1					$	16.1					—		%
JAG Unit 1, LLC			(#)			1 West Main St, Patchogue, NY 11772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						46007						$	116.0					$	116.0					$	120.9					0.03		%
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%						46007						$	40.0					$	40.0					$	41.8					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%						46007						$	440.4					$	440.4					$	460.2					0.12		%
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%						51486						$	355.2					$	355.2					$	353.6					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%						46005						$	9.7					$	9.7					$	10.2					—		%
Basista Family Limited Partnership and UPE, Inc.			(#)			3401 Brecksville Rd, Richfield, OH 44286						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						51484						$	298.6					$	298.6					$	337.1					0.09		%
DWeb Studio, Inc.			(#)			10800 E. Bethany Dr, Ste 275, Aurora, CO 80014						Educational Services						Term Loan						Prime plus 2.75%						45986						$	4.8					$	4.8					$	5.0					—		%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy			(#)			3105 NW 107 Ave Ste 102, Doral, FL 33172						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						45981						$	37.8					$	37.8					$	39.4					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%						51459						$	94.3					$	94.3					$	106.5					0.03		%
Financial Network Recovery Inc			(#,^)			250 E Easy St Ste 1, Simi Valley, CA 93065						Administrative and Support Services						Term Loan						Prime plus 2.75%						45956						$	16.6					$	16.6					$	17.3					—		%
ADMO Inc dba Mid States Equipment			(#,^)			16180 Westwoods Business Park, Ellisville, MO 63021						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						45938						$	9.3					$	9.3					$	9.7					—		%
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%						51409						$	78.7					$	78.7					$	88.9					0.02		%
Binky's Vapes LLC			(#,^)			10539 Greenbelt Rd Ste 102, Lanham, MD 20706						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						45930						$	9.1					$	9.1					$	9.5					—		%
Prestigious LifeCare for Seniors LLC			(#,^)			5701 North Pine Island Rd, Tamarac, FL 33321						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						45925						$	4.0					$	4.0					$	4.1					—		%

141

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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%						51404						$	11.7					$	11.7					$	13.2					—		%
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%						51403						$	541.0					$	541.0					$	610.8					0.15		%
Finish Strong Inc dba FASTSIGNS St Peters			(#,^)			98 North Hillview Dr, St Peters, MO 63376						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						45923						$	20.3					$	20.3					$	21.0					0.01		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						45921						$	20.1					$	20.1					$	20.9					0.01		%
MiJoy Inc dba Imo's Pizza			(#,^)			215 South Kirkwood Rd, Kirkwood, MO 63122						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						45918						$	3.3					$	3.3					$	3.5					—		%
Naeem Khan LTD			(#,^)			260 West 36h St, New York, NY 10018						Apparel Manufacturing						Term Loan						Prime plus 2.75%						45917						$	50.7					$	50.7					$	52.7					0.01		%
FirstVitals Health and Wellness Inc			(#,^)			521 Ala Moana Blvd. Ste 261, Honolulu, HI 96813						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						45915						$	69.9					$	69.9					$	72.6					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%						51387						$	121.3					$	121.3					$	137.0					0.03		%
Empower Autism Academy			(#,^)			1250 South A. W. Grimes Rd, Round Rock, TX 78664						Social Assistance						Term Loan						Prime plus 2.75%						51383						$	592.9					$	592.9					$	669.4					0.17		%
Elite Institute LLC dba Huntington Learning Center			(#,^)			13526 Village Park Dr Ste 214, Orlando, FL 32837						Educational Services						Term Loan						Prime plus 2.75%						45897						$	6.0					$	6.0					$	6.2					—		%
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%						45889						$	21.0					$	21.0					$	21.8					0.01		%
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%						51367						$	125.1					$	125.1					$	141.3					0.04		%
SKJ Inc dba Subway			(#,^)			401 S Woodlawn Ave, Bloomington, IN 47401						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						45882						$	36.7					$	36.7					$	38.1					0.01		%
Free Ion Advisors LLC			(#,^)			322 Evandale Rd, Scarsdale, NY 10583						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						45859						$	24.8					$	24.8					$	25.8					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%						51332						$	314.6					$	314.6					$	355.2					0.09		%
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%						45838						$	28.4					$	28.4					$	29.6					0.01		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						47724						$	193.0					$	193.0					$	212.3					0.05		%
CEM Autobody LLC dba Dawn's Autobody			(#,^)			7 Division St, Keyport, NJ 07735						Repair and Maintenance						Term Loan						Prime plus 2.75%						51313						$	116.4					$	116.4					$	131.4					0.03		%
SofRep, Inc dba Force 12 Media			(#,^)			1357 Ashford Ave STE 429, San Juan, PR 09070						Other Information Services						Term Loan						Prime plus 2.75%						45834						$	30.0					$	30.0					$	31.1					0.01		%
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%						51313						$	326.4					$	326.4					$	368.6					0.09		%
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%						47295						$	12.7					$	12.7					$	13.8					—		%

142

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Wolf Enviro Interests, LLC and Enviromax Services Inc			(#,^)			18002 Mueschke Rd, Cypress, TX 77433						Administrative and Support Services						Term Loan						Prime plus 2.75%						51312						$	211.7					$	211.7					$	239.1					0.06		%
Evinger PA One, Inc. dba Postal Annex, Falcon			(#,^)			7661 McLaughlin Rd, Falcon, CO 80831						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						45832						$	8.5					$	8.5					$	8.8					—		%
RJI Services, Inc.			(#,^)			353 E Angeleno Ste G, Burbank, CA 91502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						45831						$	8.5					$	8.5					$	8.8					—		%
Real Help LLC dba Real Help Decorative Concrete			(#,^)			2221 Broadway St, Buffalo, NY 14212						Administrative and Support Services						Term Loan						Prime plus 2.75%						45830						$	20.0					$	20.0					$	20.8					0.01		%
KRN Logistics, LLC and Newsome Trucking, Inc			(#)			2262 Hwy 53 W, Jasper, GA 30143						Truck Transportation						Term Loan						Prime plus 2.75%						45827						$	46.3					$	46.3					$	48.1					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%						51304						$	74.6					$	74.6					$	84.2					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%						51299						$	119.2					$	119.2					$	134.6					0.03		%
Eldredge Tavern LLC dba Gonyea's Tavern			(#,^)			150 Main St, Pascoag, RI 02859						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						51295						$	48.3					$	48.3					$	54.6					0.01		%
ViAr Visual Communications, Inc. dba Fastsigns 281701			(#,^)			4721 University Way NE, Seattle, WA 98105						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						45813						$	23.4					$	23.4					$	24.2					0.01		%
Medworxs LLC			(#,^)			10901 W. Toller Dr, Littleton, CO 80127						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						45811						$	47.2					$	47.2					$	48.9					0.01		%
DTM Parts Supply Inc.			(#)			31 Sageman St, Mount Vernon, NY 10550						Merchant Wholesalers, Durable Goods						Term Loan						7%						45810						$	31.1					$	31.1					$	30.9					0.01		%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse			(#,^)			5980 Lamar St, Arvada, CO 80003						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						45806						$	3.0					$	3.0					$	3.1					—		%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse			(#,^)			2188 Brunswyck Rd, Wallkill, NY 12589						Accommodation						Term Loan						Prime plus 2.75%						51276						$	149.2					$	149.2					$	168.5					0.04		%
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%						51271						$	157.8					$	157.8					$	178.1					0.05		%
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%						51262						$	40.9					$	40.9					$	46.2					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%						51260						$	86.1					$	86.1					$	97.2					0.02		%
Cares Inc dba Dumpling Grounds Day Care Center			(#,^)			4508 Blakiston St, Philadelphia, PA 19136						Social Assistance						Term Loan						Prime plus 2.75%						51257						$	69.4					$	69.4					$	78.4					0.02		%
Diamond Solutions LLC			(#,^)			7845 East Evans Rd. Ste A, Scottsdale, AZ 85260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						45768						$	6.9					$	6.9					$	7.1					—		%
Faramarz Nikourazm dba Car Clinic Center			(#,^)			10707 Shady Trail, Dallas, TX 75220						Repair and Maintenance						Term Loan						Prime plus 2.75%						51229						$	62.8					$	62.8					$	70.9					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%						45746						$	43.6					$	43.6					$	45.3					0.01		%
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%						51222						$	257.3					$	257.3					$	290.4					0.07		%

143

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

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%						45743						$	37.2					$	37.2					$	38.5					0.01		%
Shellhorn and Hill Inc dba Total Fleet Service			(#,^)			501 South Market St, Wilmington, DE 19801						Nonstore Retailers						Term Loan						Prime plus 2.75%						51222						$	417.0					$	417.0					$	470.8					0.12		%
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%						51221						$	46.0					$	46.0					$	52.0					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%						45741						$	7.8					$	7.8					$	8.1					—		%
Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/24/2025						$	4.2					$	4.2					4.3						0.00		%
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%						51215						$	37.0					$	37.0					$	41.7					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%						51215						$	95.9					$	95.9					$	108.3					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%						51214						$	72.7					$	72.7					$	82.1					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%						51213						$	129.5					$	129.5					$	146.2					0.04		%
Royal Crest Motors LLC			(#,^)			769 Amesbury Rd, Haverhill, MA 01830						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						51211						$	77.8					$	77.8					$	87.8					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%						45720						$	3.9					$	3.9					$	4.1					—		%
Pace Motor Lines, Inc.			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						45714						$	22.1					$	22.1					$	22.8					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%						51192						$	1,086.5					$	1,086.5					$	1,226.6					0.31		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						51185						$	52.5					$	52.5					$	59.3					0.02		%
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%						51135						$	99.9					$	99.9					$	112.8					0.03		%
First Prevention and Dialysis Center, LLC			(#,^)			17940 NW 27th Ave, Miami Gardens, FL 33056						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						45656						$	87.6					$	87.6					$	90.8					0.02		%
Bowlerama Inc			(#,^)			3031 New Castle Ave, New Castle, DE 19720						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						51128						$	1,066.0					$	1,066.0					$	1,203.5					0.31		%
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%						51127						$	469.5					$	469.5					$	530.0					0.13		%

144

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						45645						$	22.5					$	22.5					$	22.4					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%						45645						$	393.8					$	393.8					$	406.9					0.10		%
B.S. Ventures LLC dba Dink's Market			(#,^)			48649 Hwy 58, Oakridge, OR 97463						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						51123						$	45.5					$	45.5					$	51.3					0.01		%
B & W Towing, LLC and Boychucks Fuel LLC			(#,^)			701 Addison Rd, Painted Post, NY 14870						Repair and Maintenance						Term Loan						Prime plus 2.75%						51121						$	135.0					$	135.0					$	152.4					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%						51108						$	116.8					$	116.8					$	131.9					0.03		%
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%						51099						$	99.7					$	99.7					$	112.5					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%						45617						$	13.5					$	13.5					$	13.9					—		%
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%						51094						$	101.2					$	101.2					$	114.2					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%						51074						$	402.5					$	402.5					$	454.5					0.12		%
DNT Storage and Properties LLC			(#,^)			38 Old National Pike, West Alexander, PA 15376						Real Estate						Term Loan						Prime plus 2.75%						51053						$	85.6					$	85.6					$	96.6					0.02		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						45575						$	54.6					$	54.6					$	56.4					0.01		%
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%						45573						$	1.9					$	1.9					$	2.0					—		%
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%						51046						$	103.5					$	103.5					$	116.9					0.03		%
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%						51043						$	214.6					$	214.6					$	242.3					0.06		%
Gordon E Rogers dba Stonehouse Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 02825						Accommodation						Term Loan						Prime plus 2.75%						51039						$	48.2					$	48.2					$	54.5					0.01		%

145

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						45558						$	2.3					$	2.3					$	2.3					—		%
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%						51028						$	359.3					$	359.3					$	405.7					0.10		%
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%						45550						$	88.0					$	88.0					$	90.6					0.02		%
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%						45545						$	23.3					$	23.3					$	24.0					0.01		%
Alpha Preparatory Academy LLC			(#,^)			4462 Mink Livsey Rd, Snellville, GA 30039						Social Assistance						Term Loan						Prime plus 2.75%						50997						$	122.0					$	122.0					$	137.8					0.03		%
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%						50990						$	115.4					$	115.4					$	114.9					0.03		%
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%						50981						$	17.0					$	17.0					$	19.2					—		%
Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						50975						$	124.9					$	124.9					$	141.0					0.04		%
Honeyspot Investors LLP and Pace Motor Lines Inc			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						50951						$	727.9					$	727.9					$	821.9					0.21		%
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%						45473						$	25.5					$	25.5					$	26.3					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%						50946						$	424.1					$	424.1					$	478.8					0.12		%
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%						50941						$	194.2					$	194.2					$	219.3					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%						50927						$	77.1					$	77.1					$	87.1					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%						45446						$	4.3					$	4.3					$	4.4					—		%
Long Island Barber Institute Inc			(#,^)			266 Greenwich St, Hempstead, NY 11550						Educational Services						Term Loan						Prime plus 2.75%						50923						$	46.2					$	46.2					$	52.1					0.01		%
Pocono Coated Products, LLC			(#,^)			100 Sweetree St, Cherryville, NC 28021						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						45442						$	5.6					$	5.6					$	5.8					—		%
Jonesboro Health Food Center LLC			(#,^)			1321 Stone St, Jonesboro, AR 72401						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						45439						$	15.9					$	15.9					$	16.3					—		%
The River Beas LLC and Punam Singh			(#,^)			11704 Centurion Way, Potomac, MD 20854						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						50898						$	74.9					$	74.9					$	84.6					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%						50889						$	90.1					$	90.1					$	101.7					0.03		%

146

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						46500						$	41.1					$	41.1					$	43.8					0.01		%
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Exec			(#,^)			201-203-205 West Merrick Rd, Valley Stream, NY 11580						Real Estate						Term Loan						Prime plus 2.75%						50882						$	85.8					$	85.8					$	96.8					0.02		%
Wilshire Media Systems Inc			(#,^)			2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						45399						$	43.4					$	43.4					$	44.5					0.01		%
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%						50869						$	92.8					$	92.8					$	104.7					0.03		%
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%						50849						$	65.8					$	65.8					$	74.3					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%						50849						$	91.4					$	91.4					$	103.1					0.03		%
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%						50829						$	343.7					$	343.7					$	388.0					0.10		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						45350						$	77.4					$	77.4					$	79.2					0.02		%
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%						50829						$	170.3					$	170.3					$	192.3					0.05		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						50829						$	176.1					$	176.1					$	198.8					0.05		%
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%						50813						$	115.9					$	115.9					$	130.8					0.03		%
JWB Industries, Inc. dba Carteret Die Casting			(#,^)			74 Veronica Ave, Somerset, NJ 08875						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						45333						$	61.8					$	61.8					$	63.3					0.02		%
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%						50808						$	81.9					$	81.9					$	92.5					0.02		%
Sarah Sibadan dba Sibadan Agency			(#,^)			102-05 101st Ave, Ozone Park, NY 11416						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						50797						$	106.2					$	106.2					$	119.8					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%						45306						$	4.6					$	4.6					$	4.7					—		%
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%						50770						$	749.1					$	749.1					$	845.7					0.21		%
KK International Trading Corporation			(#,^)			219 Lafayette Dr, Syosset, NY 11791						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						47110						$	105.7					$	105.7					$	114.5					0.03		%
Kurtis Sniezek dba Wolfe's Foreign Auto			(#,^)			712 5th St, New Brighton, PA 15066						Repair and Maintenance						Term Loan						Prime plus 2.75%						50759						$	72.7					$	72.7					$	82.1					0.02		%
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%						50749						$	342.4					$	342.4					$	386.6					0.10		%

147

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

DKB Transport Corp			(#,^)			555 Water Works Rd, Old Bridge, NJ 08857						Truck Transportation						Term Loan						Prime plus 2.75%						50744						$	113.5					$	113.5					$	128.2					0.03		%
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%						50742						$	78.5					$	78.5					$	88.6					0.02		%
BVIP Limousine Service LTD			(#,^)			887 W Liberty, Medina, OH 44256						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						50736						$	62.4					$	62.4					$	70.4					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						$	3.0					$	3.0					3.1						0.00		%
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%						45248						$	8.4					$	8.4					$	8.6					—		%
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%						50715						$	52.2					$	52.2					$	58.9					0.01		%
Janice B. McShan and The Metropolitan Day School, LLC			(#,^)			2817 Lomb Ave, Birmingham, AL 35208						Social Assistance						Term Loan						Prime plus 2.75%						45230						$	7.6					$	7.6					$	7.8					—		%
Master CNC Inc & Master Properties LLC			(#,^)			11825 29 Mile Rd, Washington, MI 48095						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						50709						$	485.9					$	485.9					$	548.6					0.14		%
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%						50709						$	171.0					$	171.0					$	193.1					0.05		%
Mid-Land Sheet Metal Inc			(#,^)			125 E Fesler St, Santa Maria, CA 93454						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						50709						$	112.6					$	112.6					$	127.2					0.03		%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd			(#,^)			77 Mill Rd, Freeport, NY 11520						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						50702						$	119.4					$	119.4					$	134.8					0.03		%
Greenbrier Technical Services, Inc			(#,^)			407 E. Edgar Ave, Ronceverte, WV 24970						Repair and Maintenance						Term Loan						Prime plus 2.75%						45223						$	22.3					$	22.3					$	22.8					0.01		%
Cencon Properties LLC and Central Connecticut Warehousing Company			(#,^)			37 Commons Court, Waterbury, CT 06704						Warehousing and Storage						Term Loan						Prime plus 2.75%						50678						$	279.6					$	279.6					$	315.7					0.08		%
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%						50675						$	271.5					$	271.5					$	306.6					0.08		%
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%						50674						$	81.0					$	81.0					$	91.5					0.02		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						50673						$	73.4					$	73.4					$	82.9					0.02		%
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%						45189						$	7.9					$	7.9					$	8.0					—		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						50668						$	217.0					$	217.0					$	244.9					0.06		%
Grafio Inc dba Omega Learning Center-Acworth			(#,^)			5330 Brookstone Dr, Ste 320, Acworth, GA 30101						Educational Services						Term Loan						Prime plus 2.75%						45182						$	28.1					$	28.1					$	28.6					0.01		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						47008						$	29.3					$	29.3					$	31.7					0.01		%

148

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Prospect Kids Academy Inc			(#,^)			532 St Johns Place, Brooklyn, NY 11238						Educational Services						Term Loan						Prime plus 2.75%						50659						$	100.7					$	100.7					$	113.7					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%						50652						$	177.4					$	177.4					$	200.3					0.05		%
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%						45150						$	3.4					$	3.4					$	3.5					—		%
Angkor Restaurant Inc			(#,^)			10 Traverse St, Providence, RI 02903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						50605						$	74.9					$	74.9					$	84.6					0.02		%
Harbor Ventilation Inc and Estes Investment, LLC			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						50605						$	1.9					$	1.9					$	2.1					—		%
Tri County Heating and Cooling Inc.			(#,^)			509 East Park St., Livingston, MT 59047						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						45126						$	12.4					$	12.4					$	12.6					—		%
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%						45124						$	8.0					$	8.0					$	8.1					—		%
Maxiflex LLC			(#,^)			512 Verret St, New Orleans, LA 70114						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						45105						$	5.9					$	5.9					$	6.0					—		%
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%						50584						$	78.1					$	78.1					$	88.2					0.02		%
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%						46922						$	455.8					$	455.8					$	491.3					0.12		%
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%						45091						$	47.4					$	47.4					$	48.1					0.01		%
Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile			(#,^)			85 Reaville Ave, Flemington, NJ 08822						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						50561						$	150.9					$	150.9					$	170.4					0.04		%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD			(#,^)			4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						45074						$	7.6					$	7.6					$	7.7					—		%
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%						45070						$	5.3					$	5.3					$	5.4					—		%
Peanut Butter & Co., Inc.			(#,^)			250 West 54th St Ste 807, New York, NY 10019						Food Manufacturing						Term Loan						Prime plus 2.75%						45046						$	11.6					$	11.6					$	11.8					—		%
1258 Hartford TPKE, LLC and Phelps and Sons, Inc			(#,^)			1258 Hartford Turnpike, Vernon, CT 06066						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						50493						$	99.2					$	99.2					$	112.0					0.03		%
A & M Commerce, Inc. dba Cranberry Sunoco			(#,^)			398 Baltimore Blvd, Westminster, MD 21157						Gasoline Stations						Term Loan						Prime plus 2.75%						50491						$	258.6					$	258.6					$	292.0					0.07		%
Xela Pack, Inc. and Aliseo and Catherine Gentile			(#,^)			8300 Boettner Rd, Saline, MI 48176						Paper Manufacturing						Term Loan						Prime plus 2.75%						46839						$	140.5					$	140.5					$	151.0					0.04		%
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%						50489						$	449.0					$	449.0					$	506.9					0.13		%

149

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						45000						$	47.2					$	47.2					$	47.7					0.01		%
Osceola River Mill, LLC, Ironman Machine, Inc.			(#,^)			27 Hungerford St, Pittsfield, MA 01201						Machinery Manufacturing						Term Loan						Prime plus 2.75%						50456						$	68.4					$	68.4					$	77.2					0.02		%
Retain Loyalty LLC			(#,^)			1250 Sanders Ave SW, Massillon, OH 44647						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						50451						$	93.6					$	93.6					$	105.7					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%						50433						$	367.2					$	367.2					$	414.6					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%						50405						$	396.2					$	396.2					$	447.3					0.11		%
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%						50401						$	419.5					$	419.5					$	473.7					0.12		%
Richmond Hill Mini Market, LLC			(#,^)			101 Richmond Hill Ave, Stamford, CT 06902						Food and Beverage Stores						Term Loan						Prime plus 2.75%						50371						$	145.3					$	145.3					$	164.1					0.04		%
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%						50365						$	75.6					$	75.6					$	85.4					0.02		%
R & J Petroleum LLC, Manar USA, Inc.			(#,^)			305 Quincy Shore Dr, Quincy, MA 02107						Gasoline Stations						Term Loan						Prime plus 2.75%						50364						$	141.4					$	141.4					$	159.7					0.04		%
St Judes Physical Therapy P.C.			(#,^)			7712 Fourth Ave, Brooklyn, NY 11209						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						44884						$	1.2					$	1.2					$	1.2					—		%
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%						44874						$	1.4					$	1.4					$	1.4					—		%
Reidville Hydraulics Mfg Inc dba Summit			(#,^)			175 Industrial Ln, Torrington, CT 06790						Machinery Manufacturing						Term Loan						Prime plus 2.75%						50346						$	206.0					$	206.0					$	232.5					0.06		%
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%						50302						$	51.2					$	51.2					$	57.8					0.01		%
AJK Enterprise LLC dba AJK Enterprise LLC			(#,^)			1901 Naylor Rd, SE, Washington, DC 20020						Truck Transportation						Term Loan						Prime plus 2.75%						44800						$	0.3					$	0.3					$	0.3					—		%
Suncoast Aluminum Furniture, Inc			(#,^)			6291 Thomas Rd, Fort Myers, FL 33912						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						50269						$	280.6					$	280.6					$	316.8					0.08		%
Central Tire, Inc. dba Cooper Tire & Auto Services			(#,^)			1111 S Tillotson Ave, Muncie, IN 47304						Repair and Maintenance						Term Loan						Prime plus 2.75%						50220						$	222.7					$	222.7					$	251.5					0.06		%
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%						46835						$	49.7					$	49.7					$	53.4					0.01		%
ATI Jet, Inc.			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						46384						$	229.3					$	229.3					$	243.1					0.06		%
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%						49948						$	57.1					$	57.1					$	64.5					0.02		%
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%						49948						$	19.4					$	19.4					$	21.9					0.01		%
Valiev Ballet Academy, Inc			(#,^)			635 - 637 Londonderry Ln, Denton, TX 76205						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						49899						$	31.6					$	31.6					$	35.7					0.01		%

150

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

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%						49890						$	57.3					$	57.3					$	64.7					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%						49855						$	259.2					$	259.2					$	292.6					0.07		%
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%						49855						$	33.1					$	33.1					$	37.4					0.01		%
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%						49785						$	93.3					$	93.3					$	105.4					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%						49783						$	105.3					$	105.3					$	118.9					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%						49758						$	11.3					$	11.3					$	12.7					—		%
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%						49702						$	82.2					$	82.2					$	92.8					0.02		%
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%						49643						$	24.4					$	24.4					$	27.6					0.01		%
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%						49554						$	35.6					$	35.6					$	40.2					0.01		%
Tanner Optical Inc. dba Murphy Eye Care			(#,^)			305 Shirley Ave, Douglas, GA 31533						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						49482						$	62.7					$	62.7					$	70.7					0.02		%
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%						45380						$	9.5					$	9.5					$	9.7					—		%
D & D's Divine Beauty School of Esther, LLC			(#,^)			5524 Germantown Ave, Philadelphia, PA 19144						Educational Services						Term Loan						6%						48061						$	36.8					$	36.8					$	36.7					0.01		%
Bliss Coffee and Wine Bar, LLC			(#)			1402-A Handlir Dr, Bel Air, MD 21015						Food Services and Drinking Places						Term Loan						6%						44895						$	56.1					$	56.1					$	56.0					0.01		%
1911 East Main Street Holdings, Corp			(#,^)			1911 East Main St, Endicott, NY 13760						Repair and Maintenance						Term Loan						Prime plus 2.75%						48352						$	8.5					$	8.5					$	9.6					—		%
Water Works Laundromat, LLC			(#,^)			968-970 Bergen St, Newark, NJ 07104						Personal and Laundry Services						Term Loan						Prime plus 2.25%						46637						$	76.5					$	76.5					$	80.8					0.02		%
Dave Kris, and MDK Ram Corp.			(#,^)			15 Elm Park, Groveland, MA 01930						Food and Beverage Stores						Term Loan						Prime plus 2.75%						46058						$	13.5					$	13.5					$	14.1					—		%
Head To Toe Personalized Pampering, Inc.			(#,^)			2331 North State Rd 7 Ste 123, Lauderhill, FL 33313						Personal and Laundry Services						Term Loan						Prime plus 2.75%						47875						$	6.3					$	6.3					$	7.0					—		%
Moonlight Multi Media Production, Inc.			(#,^)			2700 West Cypress Creek Rd Ste D123, Fort Lauderdale, FL 33309						Other Information Services						Term Loan						5.3%						45689						$	0.1					$	0.1					$	0.1					—		%
David M. Goens dba Superior Auto Paint & Body, Inc.			(#)			1912 Manhattan Ave, Harvey, LA 70058						Repair and Maintenance						Term Loan						6%						45530						$	5.7					$	5.7					$	5.7					—		%

151

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(In Thousands)

Portfolio Company

Tickmarks

Company Address

Industry

Type of Investment

Interest Rate (2)

Maturity

Principal

Cost

Fair Value

% of Net Assets

SBA Unguaranteed Accrual Investments (1) (22)

Whirlwind Car Wash, Inc.			(#,^)			1370 Le Anne Marie Circle, Columbus, OH 43026						Repair and Maintenance						Term Loan						Prime plus 2%						47217						$	9.9					$	9.9					$	10.6					—		%
Shuttle Car Wash, Inc. dba Shuttle Car Wash			(#,^)			745 Cheney Hwy, Ttitusville, FL 32780						Repair and Maintenance						Term Loan						Prime plus 2.25%						47067						$	4.6					$	4.6					$	4.9					—		%
Min Hui Lin			(#,^)			1916 Broad St, Lanett, AL 36863						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						46782						$	10.4					$	10.4					$	11.2					—		%
Auto Sales, Inc.			(#,^)			1925 State St, Hamden, CT 06417						Motor Vehicle and Parts Dealers						Term Loan						6%						45155						$	1.6					$	1.6					$	1.6					—		%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC			(#)			3118 Bayshore Ave, Brigantine, NJ 08203						Amusement, Gambling, and Recreation Industries						Term Loan						6%						45183						$	13.2					$	13.2					$	13.2					—		%
Track Side Collision & Tire, Inc.			(#,^)			98-16 160 Ave, Ozone Park, NY 11414						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						45824						$	2.1					$	2.1					$	2.1					—		%
Deesha Corporation, Inc. dba Best Inn & Suites			(#,^)			9225 Pkwy East, Birmingham, AL 35206						Accommodation						Term Loan						Prime plus 2.25%						45702						$	10.5					$	10.5					$	10.8					—		%
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%						44998						$	1.1					$	1.1					$	1.1					—		%
Naseeb Corporation			(#,^)			1696 North Broad St, Meriden, CT 06450						Accommodation						Term Loan						Prime plus 2.25%						45382						$	8.4					$	8.4					$	8.6					—		%
Stillwell Ave Prep School			(#,^)			1990 Stillwell Ave, Brooklyn, NY 11214						Social Assistance						Term Loan						Prime plus 2.75%						44940						$	3.3					$	3.3					$	3.3					—		%
Total SBA Unguaranteed Accrual Investments																																				$	419,824.7					$	419,824.7					$	434,538.1					110.14		%

152

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

D & D Optics Inc dba Sterling Optical			(*,#,^)			1487 East LaSalle Dr, Bismark, ND 58503						Ambulatory Health Care Services						Term Loan						6%						12/21/2028						$	38.6					$	38.6					$	35.9					0.01		%
Edge Studios Inc Radiant Yoga LLC			(*,#,^)			448 Howe Ave, Sacramento, CA 95825						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						11/1/2027						49.1						49.1						47.0						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						60.5						0.02		%
ABC Sandblasting, LLC			(*,#,^)			14029 56th St NW, Williston, ND 58801						Specialty Trade Contractors						Term Loan						6%						10/31/2029						145.0						145.0						13.8						0.00		%
Ace Auto Recovery, Inc.			(*,#,^)			1209 North Ln Ave, Jacksonville, FL 32254						Administrative and Support Services						Term Loan						Prime plus 0%						9/26/2043						150.8						150.8						138.1						0.04		%
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						55.8						0.01		%
Adow Pools LLC			(*,#,^)			393 Glenbrook Rd, Stamford, CT 06906						Personal and Laundry Services						Term Loan						6%						5/25/2028						122.1						122.1						91.1						0.02		%
AJN Innovations LLC dba Burgerim			(*,#,^)			6704 Main St, Miami Lakes, FL 33014						Food Services and Drinking Places						Term Loan						Prime plus 0%						2/15/2031						109.0						109.0						74.4						0.02		%
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						22.9						0.01		%
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						7.4						7.4						6.9						0.00		%
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						126.3						0.03		%
Alyssa Corp dba Knights Inn			(*,#,^)			1105 Columbus Pkwy, Opelika, AL 36801						Accommodation						Term Loan						Prime plus 0%						9/30/2023						20.1						20.1						18.4						0.00		%
American Demolition, Inc			(*,#,^)			401 N Kuner Rd, Brighton, CO 80601						Specialty Trade Contractors						Term Loan						Prime plus 0%						6/17/2029						170.4						170.4						152.6						0.04		%
Anderson Companies LLC			(*,#,^)			3015 S White Horse Pike, Hammonton, NJ 08037						Administrative and Support Services						Term Loan						Prime plus 0%						6/28/2044						183.4						183.4						168.0						0.04		%
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						163.8						0.04		%
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						185.8						185.8						172.9						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						32.4						0.01		%
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						15.3						15.3						14.3						0.00		%
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						35.6						0.01		%
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						18.3						0.00		%
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						57.0						0.01		%

153

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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 P.O. Box 295, Scotrun, PA 18355						Amusement, Gambling, and Recreation Industries						Term Loan						6%						6/22/2035						1,181.3						1,181.3						—						0.00		%
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						645.3						645.3						127.6						0.03		%
B&C Texas Leasing Inc.,M & W Hot Oill, Inc			(*,#,^)			8124 Sprague Rd, Odessa, TX 79764						Support Activities for Mining						Term Loan						6%						3/30/2043						256.1						256.1						135.6						0.03		%
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						11.0						11.0						9.2						0.00		%
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						54.6						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						21.7						0.01		%
BB Services, LLC			(*,#,^)			580 39 Rd, Palisade, CO 81526						Truck Transportation						Term Loan						Prime plus 0%						6/27/2029						90.1						90.1						84.4						0.02		%
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						—						0.00		%
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						18.2						0.00		%
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						65.1						65.1						40.1						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 0%						3/16/2029						32.1						32.1						10.1						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						121.6						0.03		%
Bloomquist Communications Inc.			(*,#)			131 East Trinity Place, Decatur, GA 30030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						10/31/2026						35.1						35.1						32.8						0.01		%
Bone Bar & Grill LLC			(*,#)			3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878						Food Services and Drinking Places						Term Loan						7%						6/30/2042						34.7						34.7						8.0						0.00		%
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						103.8						0.03		%
Calhoun Satellite Communications, Inc.			(*,#)			1914 Tigertail Blvd, Dania Beach, FL 33004						Telecommunications						Term Loan						7%						12/2/2026						333.8						333.8						226.6						0.06		%
Capital Containers LLC			(*,#,^)			7610 Auburn Blvd #4B, Citrus Heights, CA 95610						Truck Transportation						Term Loan						Prime plus 0%						12/15/2027						10.4						10.4						9.7						0.00		%
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						131.0						0.03		%
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						—						0.00		%
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						35.1						0.01		%
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						46.7						46.7						43.7						0.01		%

154

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Clark Realty LLC			(*,#)			4 Walker Way, Albany, NY 12205						Real Estate						Term Loan						8%						8/29/2041						73.3						73.3						26.9						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 0%						7/31/2042						48.5						48.5						40.5						0.01		%
Clowers Trucking By Faith LLC			(*,#)			705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 0%						5/23/2029						10.2						10.2						—						0.00		%
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						395.3						0.10		%
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 0%						9/20/2027						931.5						931.5						891.5						0.23		%
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%						11/30/2024						165.8						165.8						52.9						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						41.9						41.9						8.6						0.00		%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In			(*,#,^)			299 Utica Ave, Brooklyn, NY 11203						Food Manufacturing						Term Loan						Prime plus 0%						6/27/2043						337.0						337.0						297.5						0.08		%
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						25.7						25.7						24.0						0.01		%
DG Business Solutions, Inc			(*,#,^)			11008 Rene St, Lenexa, KS 66215						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						9/30/2029						200.8						200.8						183.9						0.05		%
Donald Wells Consulting Co			(*,#,^)			2347 Bright Meadows, Missouri City, TX 77489						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						11/18/2031						12.3						12.3						—						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						80.6						80.6						75.5						0.02		%
Driven Warehouse/Distribution LLC			(*,#)			271 East North Ave, Glendale, IL 60139						Truck Transportation						Term Loan						8%						12/22/2027						726.2						726.2						335.8						0.09		%
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						56.6						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						2,950.7						0.75		%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC			(*,#,^)			4401 N I-35 #113, Denton, TX 76207						Truck Transportation						Term Loan						6%						3/31/2024						154.4						154.4						20.8						0.01		%
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						298.4						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						—						0.00		%
Ericon, Inc.			(*,#)			740 Davenport Ave, Fremont, NE 68025						Gasoline Stations						Term Loan						8.25%						12/1/2041						258.2						258.2						240.4						0.06		%

155

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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						692.4						692.4						329.5						0.08		%
Estelle Finkel Educational Associates,LLC			(*,#,^)			125 West Mount Pleasant Ave, Livingston, NJ 07039						Educational Services						Term Loan						Prime plus 2.75%						5/11/2027						71.3						71.3						63.9						0.02		%
ETS Tree Service Inc and Eastern Tree Service, Inc			(*,#,^)			4813 Pinson Valley Pkwy, Birmingham, AL 35215						Administrative and Support Services						Term Loan						6%						12/21/2028						183.4						183.4						159.8						0.04		%
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						800.5						800.5						229.4						0.06		%
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						173.4						173.4						28.3						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						551.4						0.14		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						8/30/2023						66.8						66.8						62.6						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						23.0						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						30.4						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						11.0						11.0						4.3						0.00		%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC			(*,#,^)			5600 N. River Rd #925, Rosemont, IL 60018						Real Estate						Term Loan						6%						3/27/2025						512.3						512.3						—						0.00		%
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						6%						6/26/2042						198.8						198.8						182.0						0.05		%
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 0%						3/28/2029						11.2						11.2						—						0.00		%
Frontier Sand LLC			(*,#,^)			305 Country Hwy AA, New Auburn, WI 54757						Mining (except Oil and Gas)						Term Loan						8.25%						11/30/2027						438.7						438.7						229.4						0.06		%
Gilpin Enterprises, LLC dba Jon Smith Subs			(*,#,^)			17790 State Rd 54, Lutz, FL 33458						Food Services and Drinking Places						Term Loan						6%						9/12/2029						62.8						62.8						43.6						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						17.8						0.00		%
Greensboro Plastic Surgical Associates, PA			(*,#,^)			2716 Henry St, Greensboro, NC 27405						Ambulatory Health Care Services						Term Loan						6%						6/29/2042						503.2						503.2						481.6						0.12		%
GT Performance Plus Inc			(*,#,^)			4210 College St, Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						6/11/2044						93.8						93.8						87.8						0.02		%
GT Performance Plus Inc			(*,#,^)			4210 College St, Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						6/11/2029						66.8						66.8						15.3						0.00		%
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						45.0						0.01		%
Hackensack Steel Corporation and Luzerne Ironworks Inc			(*,#,^)			300 Sly St, Swoyersville, PA 18709						Specialty Trade Contractors						Term Loan						6%						11/10/2026						170.1						170.1						159.3						0.04		%

156

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Hackstaff Restaurants LLC			(*,#,^)			248 W 1st. St Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 0%						7/15/2029						134.1						134.1						60.5						0.02		%
Hallmark Enterprises LLC			(*,#)			54 Furman Ave, Brooklyn, NY 11207						Specialty Trade Contractors						Term Loan						Prime plus 0%						12/22/2031						1,245.4						1,245.4						380.2						0.10		%
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						26.9						0.01		%
Harrison Logging Company LLC			(*,#,^)			127 Legate Rd, Indian Mound, TN 37079						Forestry and Logging						Term Loan						Prime plus 0%						2/9/2027						59.4						59.4						55.6						0.01		%
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						356.5						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						95.9						0.02		%
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 0%						1/31/2030						124.3						124.3						119.0						0.03		%
iFood, Inc. dba Steak N Shake			(*,#,^)			2840 E Millbrook Rd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						6%						6/30/2039						541.9						541.9						507.4						0.13		%
iFood, Inc. dba Steak N Shake			(*,#,^)			5900 Duraleigh Rd, Raleigh, NC 27612						Food Services and Drinking Places						Term Loan						6%						7/31/2024						148.5						148.5						139.0						0.04		%
IHC Hardware Inc.			(*,#,^)			614 Broad St, Story City, IA 50248						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						12/6/2042						93.8						93.8						26.5						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						958.7						958.7						60.8						0.02		%
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						6%						3/29/2044						820.8						820.8						544.9						0.14		%
IT Quality Solutions, Inc			(*,#,^)			6522 Creekview Circle, Duluth, GA 30097						Administrative and Support Services						Term Loan						Prime plus 0%						8/31/2031						7.7						7.7						7.2						0.00		%
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						31.0						0.01		%
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						290.0						290.0						271.5						0.07		%
Japp Business Inc dba Pick and Eat and Japp Drink Corp.			(*,#)			4179 Broadway , New York, NY 10033						Food Services and Drinking Places						Term Loan						6%						11/30/2025						72.3						72.3						49.9						0.01		%
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						30.6						0.01		%
Jessie's Radiator and Automotive			(*,#,^)			1777 N Ventura Ave, Ventura, CA 93001						Repair and Maintenance						Term Loan						Prime plus 0%						10/31/2029						14.7						14.7						9.2						0.00		%
JMD Aviation Holdings, LLC			(*,#,^)			8050 North West 90th St, Medley, FL 33166						Rental and Leasing Services						Term Loan						Prime plus 0%						12/15/2027						397.5						397.5						372.2						0.09		%
Johnny's Boy LLC			(*,#,^)			127 East King St, Martinsburg, WV 25401						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/7/2044						31.1						31.1						27.8						0.01		%

157

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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						1.0						0.00		%
Kego 2 LLC dba Jon Smith Subs 80025			(*,#,^)			2001 W. Southlake Blvd Ste 143, Southlake, TX 76092						Food Services and Drinking Places						Term Loan						6%						11/14/2029						87.5						87.5						—						0.00		%
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						17.4						17.4						15.9						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						42.0						0.01		%
Kim Howard Corp dba NPN Machine Tools			(*,#,^)			9130 Wayfarer Ln, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 0%						12/7/2042						549.9						549.9						503.7						0.13		%
Kim Howard Corp dba NPN Machine Tools			(*,#,^)			9130 Wayfarer Ln, Houston, TX 77075						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 0%						6/28/2029						188.8						188.8						173.0						0.04		%
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						34.8						34.8						17.1						0.00		%
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						53.1						0.01		%
LAN Doctors Inc			(*,#)			14 Pierson Court, Mahwah, NJ 07430						Professional, Scientific, and Technical Services						Term Loan						8.25%						8/28/2025						52.6						52.6						48.1						0.01		%
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						36.6						0.01		%
Legacy Roof Contractors LLC			(*,#,^)			32091 Broken Branch Circle, Spanish Fort, AL 36527						Specialty Trade Contractors						Term Loan						6%						2/28/2044						94.7						94.7						26.4						0.01		%
Linqserv Inc.			(*,#,^)			1555 Lyell Ave, Rochester, NY 14606						Transit and Ground Passenger Transportation						Term Loan						7.5%						11/9/2027						261.2						261.2						15.4						0.00		%
LP Industries, Inc dba Childforms and Lenoir Business Partners LLC (EP			(*,#,^)			2040 Norwood, Lenoir, NC 28645						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 0%						9/30/2038						252.0						252.0						210.0						0.05		%
LP Industries, Inc dba Childforms			(*,#,^)			110 Charleston Dr, Ste 105-107, Morresville, NC 28117						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 0%						9/30/2038						102.3						102.3						70.5						0.02		%
Luv 2 Play Nor Cal, LLC			(*,#,^)			82 Clarksville Rd, Folsom, CA 95682						Amusement, Gambling, and Recreation Industries						Term Loan						6%						9/25/2029						101.8						101.8						4.0						0.00		%
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 0%						9/27/2026						31.8						31.8						30.5						0.01		%
Mag Auto Group Inc dba MAG Motor Company			(*,#)			1890 North Main St, Walnut Creek, CA 94596						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						9/24/2031						218.8						218.8						81.9						0.02		%
Marlin Lighting LLC			(*,#,^)			7207 B Lockport Pl, Lorton, VA 22079						Specialty Trade Contractors						Term Loan						6%						12/19/2028						65.3						65.3						61.1						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						117.4						117.4						25.3						0.01		%
MB Nursery			(*,#,^)			15562 HWY-South, Whitehouse, TX 75791						Administrative and Support Services						Term Loan						Prime plus 0%						5/31/2020						72.4						72.4						67.8						0.02		%
Mojo Brands Media, LLC			(*,#)			3260 University Blvd., Ste 100, Winter Park, FL 32792						Broadcasting (except Internet)						Term Loan						6%						8/28/2023						673.2						673.2						61.6						0.02		%

158

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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						1,083.3						1,083.3						1,013.2						0.26		%
Morris Glass and Construction Inc			(*,#)			40058 Hwy 30, Astoria, OR 97103						Specialty Trade Contractors						Term Loan						15%						10/1/2023						298.1						298.1						131.9						0.03		%
MPI Automotive Corp			(*,#)			19925 Stevens Creek Blvd, Ste 100, Cupertino, CA 95014						Transportation Equipment Manufacturing						Term Loan						Prime plus 0%						5/26/2031						48.8						48.8						4.9						0.00		%
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						402.6						0.10		%
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						28.1						0.01		%
Murf & Sons LLC			(*,#,^)			3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746						Food Services and Drinking Places						Term Loan						5%						11/16/2027						24.0						24.0						14.5						0.00		%
N Transport LLC			(*,#,^)			5348 W Brown Ave, Fresno, CA 93722						Truck Transportation						Term Loan						8%						11/20/2027						364.2						364.2						53.4						0.01		%
National Dredging Services of North Florida, Inc.			(*,#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 0%						6/27/2028						35.2						35.2						8.2						0.00		%
National Dredging Services of North Florida, Inc.			(*,#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 0%						6/27/2043						25.7						25.7						24.1						0.01		%
Northern Steel and Concrete, LLC, a Pennsylvania LLC,Northern Steel an			(*,#)			18 Hillcrest Ln, Willingboro, NJ 08046						Specialty Trade Contractors						Term Loan						Prime plus 0%						12/17/2031						1,078.0						1,078.0						917.7						0.23		%
Northern Steel and Concrete, LLC (NJ) and Northern Steel and Concrete,			(*,#)			18 Hillcrest Ln, Willingboro, NJ 08046						Specialty Trade Contractors						Term Loan						Prime plus 0%						2/18/2032						156.6						156.6						102.5						0.03		%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC			(*,#,^)			2520 Pennsylvania Ave, Ogden, UT 84401						Truck Transportation						Term Loan						8.25%						6/20/2028						504.7						504.7						81.6						0.02		%
Panther Ironworks and Rigging Solutions LLC			(*,#)			1028 Washburn Switch Rd, Shelby, NC 28150						Specialty Trade Contractors						Term Loan						6%						11/10/2026						40.4						40.4						21.6						0.01		%
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						558.1						558.1						22.8						0.01		%
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						24.2						0.01		%
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 0%						3/27/2042						388.0						388.0						85.1						0.02		%
Pecos Inn LLC dba Econo Lodge			(*,#)			2207 W Third St, Pecos, TX 79772						Accommodation						Term Loan						Prime plus 0%						4/28/2041						621.9						621.9						311.9						0.08		%
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						804.8						0.20		%
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						225.9						0.06		%
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						132.4						0.03		%

159

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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						138.7						0.04		%
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						348.7						348.7						160.2						0.04		%
Prestige Construction of Florida, LLC			(*,#,^)			1404 Yorktown St Ste E, Deland, FL 34944						Construction of Buildings						Term Loan						6%						5/23/2042						105.1						105.1						91.5						0.02		%
Prime Precision Machining, LLC			(*,#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 0%						9/11/2029						200.8						200.8						116.7						0.03		%
Prime Precision Machining, LLC			(*,#,^)			845 Mandoline Ave, Madison Heights, MI 48071						Real Estate						Term Loan						Prime plus 0%						9/11/2044						267.9						267.9						245.4						0.06		%
R & K Contracting Inc			(*,#)			3605 NW 31st Ave, Fort Lauderdale, FL 33309						Specialty Trade Contractors						Term Loan						Prime plus 0%						2/18/2026						8.2						8.2						7.6						0.00		%
Ramjay Inc.			(*,#,^)			85 S. Bragg St Ste 303, Alexandria, VA 22312						Transit and Ground Passenger Transportation						Term Loan						4.5%						1/13/2027						316.2						316.2						193.6						0.05		%
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						100.3						100.3						15.2						0.00		%
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						40.4						0.01		%
Rihahn Inc. dba RDBL, Inc			(*,#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						6%						9/14/2028						115.0						115.0						53.9						0.01		%
RIHAHN INC dba RDBL, INC.			(*,#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 0%						2/5/2029						5.4						5.4						5.0						0.00		%
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 0%						12/31/2028						192.9						192.9						156.3						0.04		%
Romain Tower Inc.			(*,#,^)			215 S Persimmon St, Tomball, TX 77375						Heavy and Civil Engineering Construction						Term Loan						Prime plus 0%						12/20/2044						881.8						881.8						438.4						0.11		%
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						44.5						0.01		%
RWBB LLC			(*,#,^)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/26/2044						74.3						74.3						64.0						0.02		%
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						626.0						0.16		%
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						460.6						0.12		%
Sanabi Investment, LLC dba Oscar's Moving and Storage			(*,#,^)			11421 N W 107th St, #13, Miami, FL 33178						Truck Transportation						Term Loan						0%						3/5/2027						80.6						80.6						59.1						0.01		%
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						80.7						0.02		%
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						520.1						520.1						27.1						0.01		%

160

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Shining Star Kids, Inc. dba Brain Balance			(*,#,^)			17323 Ventura Blvd, Encino, CA 91316						Educational Services						Term Loan						Prime plus 0%						1/7/2029						64.6						64.6						60.5						0.02		%
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 0%						4/27/2030						165.5						165.5						154.9						0.04		%
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						398.7						398.7						270.3						0.07		%
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 0%						6/8/2043						211.8						211.8						179.0						0.05		%
Skyways, LTD			(*,#,^)			350 15th St NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 0%						3/22/2029						740.7						740.7						—						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						509.4						509.4						33.3						0.01		%
Space Express, LLC			(*,#,^)			2775 Burris Rd, Davie, FL 33314						Truck Transportation						Term Loan						6%						3/12/2029						74.1						74.1						—						0.00		%
SSI Refrigerated Express Inc. and Robert M Stallone			(*,#,^)			1001 E. Cooley Dr Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 0%						11/17/2027						43.4						43.4						38.0						0.01		%
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 0%						2/28/2027						146.0						146.0						109.3						0.03		%
Stat Constructor L.P			(*,#,^)			9573 US Hwy 220, Stoneville, NC 27048						Specialty Trade Contractors						Term Loan						Prime plus 0%						8/30/2028						88.1						88.1						82.4						0.02		%
StillBasi Holdings, Inc. dba Buxton Auto Transport			(*,#,^)			9371 Jackson Rd, Sacramento, CA 95826						Truck Transportation						Term Loan						6%						3/29/2029						263.6						263.6						144.4						0.04		%
Suncrest Stone Products LLC			(*,#)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.25%						8/29/2041						429.2						429.2						—						0.00		%
Suncrest Stone Products LLC			(*,#)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.5%						8/29/2026						499.2						499.2						56.4						0.01		%
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						356.4						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						36.8						0.01		%
The Alba Financial Group, Inc.			(*,#)			1420 Spring Hill Rd Ste 600, 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		%
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 0%						6/30/2042						47.3						47.3						44.3						0.01		%
Tier1 Solutions LLC			(*,#,^)			1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						8/18/2027						11.7						11.7						10.9						0.00		%
Tier1 Solutions LLC			(*,#,^)			1000 Essington Rd, Juliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						1/23/2028						5.0						5.0						4.6						0.00		%
Tier1 Solutions LLC			(*,#,^)			1000 Essington Rd, Ste 111, Joliet, IL 60435						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						1/12/2029						7.6						7.6						6.8						0.00		%

161

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Top Quality Dent Service LLC			(*,#,^)			1541 Vapor Trail, Colorado Springs, CO 80905						Repair and Maintenance						Term Loan						Prime plus 0%						11/2/2027						3.9						3.9						—						0.00		%
Victorian Restaurant and Tavern, LLC			(*,#,^)			226 Maple Ave, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						8.25%						2/22/2042						80.0						80.0						74.9						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						72.3						0.02		%
Wilban LLC			(*,#)			454 US Hwy 22, Whitehouse Station, NJ 08889						Food Services and Drinking Places						Term Loan						7.5%						3/11/2026						4.2						4.2						3.9						0.00		%
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						73.3						0.02		%
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						70.9						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						45.1						45.1						42.2						0.01		%
Total Unguaranteed Non-Accrual SBA Investments																																				50,574.3						50,574.3						$	25,443.3					6.45		%
Total Unguaranteed SBA Investments																																				$	470,399.0					$	470,399.0					$	459,981.4					116.59		%

162

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Little Angels Daycare						4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						2/3/2047						$	281.4					$	281.4					$	302.6					0.08		%
Alaska Industrial Paint LLC						1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/8/2032						448.8						448.8						487.0						0.12		%
Jafar & Jamal Inc.						11 Highland Ave, Malden, MA 02148						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/29/2032						362.2						362.2						393.0						0.10		%
Momentum Metal Finishing						1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/13/2047						253.9						253.9						279.6						0.07		%
BGF Bobby Q’s Inc						365 W Sunrise Hwy, Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2047						593.9						593.9						654.1						0.17		%
La Taqueria Inc						10 Greenwich Ave, GREENWICH, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/17/2032						480.3						480.3						513.9						0.13		%
Yours II Cosmetology Academy Inc.						1416 W Columbia Ave, Battle Creek, MI 49015						Educational Services						Term Loan						Prime plus 2.75%						12/21/2047						2,471.3						2,471.3						2,672.0						0.68		%
Alaska Industrial Paint LLC						1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2047						75.0						75.0						82.6						0.02		%
Clean Pro 1, LLC						385 Boston Post Rd, Orange, CT 06477						Construction of Buildings						Term Loan						Prime plus 2.75%						5/29/2047						294.1						294.1						319.9						0.08		%
Tatum Global Services LLC						8097 Sudley Rd, Manassas, VA 20109						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/9/2032						422.3						422.3						456.0						0.12		%
Titheotokos, LLC. dba Sunshine Pharmacy						1995 US-1, Vero Beach, FL 32960						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						7/24/2047						717.1						717.1						794.2						0.20		%
Happier Now LLC						724 Homestead Rd, La Grange Park, IL 60526						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/11/2032						18.8						18.8						20.4						0.01		%
Southdown Coffee						49 Maple Ave, Sea Cliff, NY 11579						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/11/2032						69.3						69.3						75.6						0.02		%
Evolving Nurse, LLC						2940 Noble Rd, Cleveland Heights, OH 44121						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/18/2047						259.5						259.5						287.4						0.07		%
Impresa Building Systems of Greenwood, SC						161 Rock Church Rd SE, Greenwood, SC 29649						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						10/23/2032						1,816.9						1,816.9						1,912.3						0.48		%
Little Angels Daycare and Learning Center LLC						4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						3/24/2048						15.0						15.0						16.7						—		%
Leedann Properties LLC						534 Mill St SE, Gainesville, GA 30501						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/24/2032						88.5						88.5						96.5						0.02		%
2900 N. 18th Street LLC / Bobby Morganstein Events						77 Buck Rd, Huntingdon Valley, PA 19006						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/30/2047						572.6						572.6						630.6						0.16		%
ZenDog, LLC						858 C Ridge Rd, Duson, LA 70529						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/31/2032						114.0						114.0						124.3						0.03		%
Samson Cinema Holdings, Inc.						1400 Pile St, Clovis, NM 88101						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						9/30/2047						1,085.1						1,085.1						1,174.6						0.30		%
Royal Brand Restaurants Inc						4360 W. Shaw Ave, Fresno, CA 93722						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/8/2033						124.3						124.3						133.7						0.03		%
Lewes Bottom Line LLC dba Capriotti's						32099 Conleys Chapel Rd, Lewes, DE 19958						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2032						144.9						144.9						156.6						0.04		%

163

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

IMO GLOW LLC						4251 Salzedo St, Coral Gables, FL 33134						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/13/2032						435.3						435.3						470.7						0.12		%
Evolution Eats LLC						843 Highland View Ln, Metamora, MI 48455						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/14/2032						164.8						164.8						179.7						0.05		%
Redmond Investments LLC						2340 Texas Heritage Pkwy, Ste 900, Brookshire, TX 77423						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/19/2032						76.8						76.8						83.7						0.02		%
Pitmilly, LLC						28 Scarlet Oak Dr, Lafayette Hill, PA 19444						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/21/2032						37.6						37.6						41.0						0.01		%
LegacyWorx, LLC dba HOTWORX						19764 Anderson Rd, Mt Vernon, WA 98274						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/22/2032						164.5						164.5						177.8						0.05		%
SHEPHERD FITNESS 3, LLC dba Workout Anytime Jefferson City						9408 Apison Pike, Ooltewah, TN 37363						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/27/2032						447.5						447.5						483.8						0.12		%
TJ Rising Group LLC						1359 E Weldon Ave, Phoenix, AZ 85014						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2032						243.8						243.8						263.6						0.07		%
Cold Stone Creamery						714 W Onstott Frontage Rd, Yuba City, CA 95991						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/23/2032						170.4						170.4						184.2						0.05		%
Savage Sweets Inc.						132 Veterans Ln, Doylestown, PA 18901						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/23/2032						163.1						163.1						177.9						0.05		%
Copper Rose LLC						539 NE 94th St, Seattle, WA 98115						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2032						16.2						16.2						17.6						—		%
DISTINCTIVE CORPORATION dba Carmel Burger Bar						Carmel Plaza #106, Carmel-By-The-Sea, CA 95070						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/27/2032						519.7						519.7						561.9						0.14		%
Moody's Hardware, LLC						22754 W 220 St, Springhill, KS 66083						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						3/27/2048						72.0						72.0						79.5						0.02		%
Gun Guardian, LLC						1136 Brick Rd, Winter Garden, FL 34787						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						8/3/2032						82.4						82.4						89.8						0.02		%
J LaMendola Physical Therapy PC						1100 Clove Rd Ste G-C, Staten Island, NY 10301						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/10/2047						453.0						453.0						499.4						0.13		%
Premier Healthcare Service						1015 Eden Way North, Chesapeake, VA 23320						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						10/16/2047						272.0						272.0						301.6						0.08		%
Soapbox Studio, LLC						4031 Fambrough Dr, Powder Springs, GA 30127						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						6/16/2032						15.8						15.8						17.0						—		%
Fara Bender DMD PA						6169 Jog Rd Unit B-5, Lake Worth, FL 33467						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/27/2032						194.6						194.6						210.4						0.05		%
Solshine Yoga LLC						96 College Heights Blvd, Clemson, SC 29631						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/27/2032						36.9						36.9						40.3						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%						3/16/2029						96.2						96.2						100.3						0.03		%
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						822.0						822.0						873.4						0.22		%
PERFORMANCE PAINT INCORPORATED						431 E Main St, Brownsburg, IN 46112						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2047						303.0						303.0						336.0						0.09		%

164

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Infrared Girl, LLC						42 Nashua Rd, Londonderry, NH 03053						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/11/2032						249.0						249.0						271.4						0.07		%
Metro of Livernois						17149 Livernois, Detroit, MI 48221						Telecommunications						Term Loan						Prime plus 2.75%						5/29/2047						1,822.1						1,822.1						1,977.0						0.50		%
Hair and Beauty Market Place, LLC						7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						8/31/2046						1,686.1						1,686.1						1,829.4						0.46		%
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						29.4						29.4						29.4						0.01		%
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						57.7						57.7						57.7						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						9.7						9.7						9.7						—		%
Rello Inc.						8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						4.7						4.7						4.7						—		%
2Choice2Friends LLC						901 W Braker Ln, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						9.8						9.8						9.8						—		%
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						9.9						9.9						9.9						—		%
MCM Design LLC						5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						7.7						7.7						7.7						—		%
Still Photography						195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						10.0						10.0						10.0						—		%
Archer Cleaners Inc.						1514 W. 33rd St, Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						10.0						10.0						10.0						—		%
Campuscuts LLC						930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.0						6.0						6.0						—		%
Port Diesel LLC						3212 Alex Trask Dr, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						10.0						10.0						10.0						—		%
Menshka Inc.						88 High St, Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						10.1						10.1						10.1						—		%
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						8.1						8.1						8.1						—		%
Gradstreet LLC						2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						5.8						5.8						5.8						—		%
Crystal Clear Accounting						34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.6						2.6						2.6						—		%
Doghouse Sport Fishing Charters Inc.						83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						10.1						10.1						10.1						—		%
No Push Back LLC						5405 Neshaminy Blvd, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						9.8						9.8						9.8						—		%
Host Marketing LLC						206 Bell Ln, Ste B, West Monroe, LA 71291						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						9/18/2029						10.2						10.2						10.2						—		%
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						10.3						10.3						10.3						—		%

165

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Bargain Store						107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						10.3						10.3						10.3						—		%
Pine Mountain Residential LLC						10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						10.3						10.3						10.3						—		%
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						10.3						10.3						10.3						—		%
Sean McNamara						5639 Wood Ln, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						10.4						10.4						10.4						—		%
The Pinnacle Group						105 Springside Dr, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						10.4						10.4						10.4						—		%
Standard Capital Corp.						2349 Wessington Dr, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						10.5						10.5						10.5						—		%
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						10.4						10.4						10.4						—		%
HADD Corp						364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						10.4						10.4						10.4						—		%
La Tradicion Cubana Inc.						9357 S.W. 40th St, Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						10.5						10.5						10.5						—		%
All Modes Transportation and Logistics						4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						10.6						10.6						10.6						—		%
Flex Beauty Labs LLC						7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						10.9						10.9						10.9						—		%
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						11.3						11.3						11.3						—		%
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						11.4						11.4						11.4						—		%
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						4.5						4.5						4.5						—		%
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						4.5						4.5						4.5						—		%
Jamali LLC						2741 Raceway Fairfield West, Pensacola, FL 32503						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						11.4						11.4						11.4						—		%
Donald W. Harris						1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						11.4						11.4						11.4						—		%
David Benson LLC						1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.4						—		%
Savannah Area Language & Culture Exchange, LLC						6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.4						—		%
Vege Investments, LLC						26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						11.4						11.4						11.4						—		%
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						3.9						3.9						3.9						—		%

166

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

SPECTRUM DYNAMICS, INC						27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						11.4						11.4						11.4						—		%
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						11.4						11.4						11.4						—		%
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						11.4						11.4						11.4						—		%
Tiki Torch Liquors						101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						11.4						11.4						11.4						—		%
Austen Felder Holdings						23642 Hwy 25, Franklinton, LA 70438						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/18/2031						11.5						11.5						11.5						—		%
Diamond Ridge Professionals						8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						17.2						17.2						17.2						—		%
Centre for Autism Treatment						13090 Sundown Rd, Victorville, CA 92392						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/20/2031						17.2						17.2						17.2						—		%
Andrew’s Spotless Cleaning LLC						1604 Marcella Dr, Covington, KY 41011						Administrative and Support Services						Term Loan						Prime plus 6.5%						1/22/2031						17.2						17.2						17.2						—		%
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						17.2						17.2						17.2						—		%

Wild Wellness LLC						151 Lake St, Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						7.6						7.6						7.6						—		%
VIIXVII Sewing Studio LLC						227 E Girard Ave, Philadelphia, PA 19125						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 6.5%						1/22/2031						12.2						12.2						12.2						—		%
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						16.5						16.5						16.5						—		%
Jazma Wise						110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						11.0						11.0						11.0						—		%
uniguide Media LLC						105 Pearl St, Sausalito, CA 94965						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						2/11/2031						17.3						17.3						17.3						—		%
Alima Mandiang						242 E. Claremont Rd, Philadelphia, PA 19120						Personal and Laundry Services						Term Loan						Prime plus 6.5%						2/17/2031						6.9						6.9						6.9						—		%
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						17.5						17.5						17.5						—		%
INB Enterprise LLC						7761 Diamondback Dr, College Park, MD 20742						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/15/2031						17.5						17.5						17.5						—		%
Blasco Tire						960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						17.4						17.4						17.4						—		%
Stephanie Doty						82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						10.3						10.3						10.3						—		%
Lockett Trucking and Transport LLC						612 Colebridge Dr, Blacklick, OH 43004						Truck Transportation						Term Loan						Prime plus 6.5%						4/14/2031						17.5						17.5						17.5						—		%
RV Solar LLC						3442 E Bulk Ln, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						17.5						17.5						17.5						—		%

167

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Foy Commerce LLC						1725 Park Ln S, Ste 2,, Jupiter, FL 33458						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/5/2031						17.6						17.6						17.6						—		%
JERAGARDENS WEDDING RENTALS LLC						5842 South 1150 West, Ogden, UT 84405						Rental and Leasing Services						Term Loan						Prime plus 6.5%						7/20/2031						17.9						17.9						17.9						—		%
Basha Home Improvements LLC						41 Van Houten Ave, Jersey City, NJ 07305						Construction of Buildings						Term Loan						Prime plus 6.5%						7/21/2031						7.3						7.3						7.3						—		%
Tarun LLC DBA signature wine and liquor						325 South Limestone, Lexington, KY 40508						Food and Beverage Stores						Term Loan						Prime plus 6.5%						7/23/2031						17.8						17.8						17.8						—		%
C4 Technologies Inc						171 C Ave, Ste C, Coronado, CA 92118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/6/2031						17.9						17.9						17.9						—		%
Dennis Hair Studio Inc.						1566 Union Turnpike, New Hyde Park, NY 11040						Personal and Laundry Services						Term Loan						Prime plus 6.5%						9/13/2031						18.0						18.0						18.0						—		%
East Side Muay Thai LLC						2135 General Booth Blvd, Virginia Beach, VA 23454						Educational Services						Term Loan						Prime plus 6.5%						3/17/2032						12.4						12.4						12.4						—		%
Ramay Consulting Inc						12 Lone Pine Trail Loop, High Rolls, NM 88325						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/17/2032						24.8						24.8						24.8						0.01		%
GAIA Inc. DBA Touchstone Real Estate Group						513 1st St, Cheney, WA 99004						Real Estate						Term Loan						Prime plus 6.5%						3/23/2032						24.8						24.8						24.8						0.01		%
Early Care Evolution						823 Roget Way, Lawrenceville, GA 30045						Educational Services						Term Loan						Prime plus 6.5%						3/23/2032						18.3						18.3						18.3						—		%
Lehigh Auto Sales and Service LLC						826 Hanover Ave, Allentown, PA 18109						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/23/2032						24.8						24.8						24.8						0.01		%
Rella Rells Solutions LLC						15401 Delahunty Ln, Pflugerville, TX 78660						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 6.5%						3/28/2032						5.4						5.4						5.4						—		%
Chantay Richards LLC						19800 Hawthorne Blvd, Torrance, CA 90503						Personal and Laundry Services						Term Loan						Prime plus 6.5%						3/28/2032						24.8						24.8						24.8						0.01		%
SHIELD TRANSPORTATION INC.						9739 S Harlem Ave. Unit 3E, Chicago Ridge, IL 60415						Transit and Ground Passenger Transportation						Term Loan						Prime plus 6.5%						3/28/2032						24.8						24.8						24.8						0.01		%
Designer Golf Scorecards						1014 US-19, Holiday, FL 34691						Printing and Related Support Activities						Term Loan						Prime plus 6.5%						4/1/2032						25.0						25.0						25.0						0.01		%
Jon Pratt Carpentry						1405 Canton Ave, Milton, MA 02186						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/1/2032						15.0						15.0						15.0						—		%
Major's Service & Repair						5329 Main Rd, Sweet Valley, PA 18656						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/12/2032						12.5						12.5						12.5						—		%
Jeremy's Handyman Service, LLC						319 Spring Ln, Destin, FL 32541						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/12/2032						15.0						15.0						15.0						—		%
Royaltyzilla Associates LLC						40315 Michigan Ave #99, Canton, MI 48188						Support Activities for Transportation						Term Loan						Prime plus 6.5%						4/12/2032						24.9						24.9						24.9						0.01		%
CARMEN STOCKING LLC						84122 Avendia Cedrus, Coachella, CA 92236						Truck Transportation						Term Loan						Prime plus 6.5%						4/20/2032						24.9						24.9						24.9						0.01		%
Johnson Racing Suspension						153 Northway Park Rd, Machesney Park, IL 61115						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/27/2032						22.4						22.4						22.4						0.01		%
Valley Remodel and repair LLC						1103 W Sam St, Kent, WA 98032						Construction of Buildings						Term Loan						Prime plus 6.5%						4/27/2032						24.9						24.9						24.9						0.01		%

168

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

Gulfside Property Maintenance & Services LLC						1503 Chat Holley Rd, Santa Rosa Beach, FL 32459						Repair and Maintenance						Term Loan						Prime plus 6.5%						4/27/2032						24.7						24.7						24.7						0.01		%
DA BUSINESS MANAGEMENT INC						6700 Tampa Ave, Reseda, CA 91335						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						4/27/2032						24.9						24.9						24.9						0.01		%
Ryno Resumes						1015 Grupp Rd, Des Peres, MO 63131						Administrative and Support Services						Term Loan						Prime plus 6.5%						5/3/2032						15.0						15.0						15.0						—		%
Blue Oaks Financial						5716 Lonetree Blvd, Rocklin, CA 95765						Educational Services						Term Loan						Prime plus 6.5%						5/3/2032						25.0						25.0						25.0						0.01		%
Semilla Baking Co LLC						2310 McDuffie St, Houston, TX 77019						Food Manufacturing						Term Loan						Prime plus 6.5%						5/10/2032						19.5						19.5						19.5						—		%
Inner Light Healing						1025 Reynolds Rd, Johnson City, NY 13790						Educational Services						Term Loan						Prime plus 6.5%						5/10/2032						25.0						25.0						25.0						0.01		%
Originals and Organics LLC						1902 Sussex Ln, Colorado Springs, CO 80909						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 6.5%						5/10/2032						25.0						25.0						25.0						0.01		%
Abundant Life Surrogacy						2716 Rose Hill St, Boise, ID 83705						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/12/2032						25.0						25.0						25.0						0.01		%
The Feder Construction Company						14 Manor Dr, Monsey, NY 10952						Construction of Buildings						Term Loan						Prime plus 6.5%						5/13/2032						25.0						25.0						25.0						0.01		%
Cordurouy LLC						665 Valley Dr, Hermosa Beach, CA 90254						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/18/2032						14.0						14.0						14.0						—		%
EMC2 Mechanical Solutions LLC						10375 Plum Tree Cir, Hales Corners, WI 53130						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						5/19/2032						12.5						12.5						12.5						—		%
Blount Auto Market LLC						355 E Lanier Ave, Fayetteville, GA 30214						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						5/19/2032						25.0						25.0						25.0						0.01		%
Hope Restored Counseling Services, PLLC						610 N Montana St, Dillon, MT 59725						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/19/2032						25.0						25.0						25.0						0.01		%
ESG International, Inc.						8520 Allison Pointe Blvd, Indianapolis, IN 46250						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/20/2032						25.0						25.0						25.0						0.01		%
Optimal Health Acupuncture						18840 SW Boones Ferry Rd, Tualatin, OR 97062						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						5/23/2032						25.0						25.0						25.0						0.01		%
DRKSL LLC						127 E 59th St, 2nd Floor , Ste 6, New York, NY 10022						Personal and Laundry Services						Term Loan						Prime plus 6.5%						5/24/2032						25.0						25.0						25.0						0.01		%
Roam Overland Vehicles LLC						12308 NE 56th St, Vancouver, WA 98682						Repair and Maintenance						Term Loan						Prime plus 6.5%						5/24/2032						20.0						20.0						20.0						0.01		%
Grade A Computer Services LLC						3347 Wickham Ave, Bronx, NY 10469						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/25/2032						12.5						12.5						12.5						—		%
ACES of Brevard						1430 Glendale Ave NW, Palm Bay, FL 32907						Social Assistance						Term Loan						Prime plus 6.5%						5/26/2032						12.5						12.5						12.5						—		%
Scale Your Genius						90 Pearl St., Denver, CO 80203						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/31/2032						20.5						20.5						20.5						0.01		%
Que Duong LLC						6 W. 126th St, Apt 5F, New York, NY 10027						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/3/2032						17.5						17.5						17.5						—		%
805 Transportation LLC						132 Easy St, Buellton, CA 93427						Transit and Ground Passenger Transportation						Term Loan						Prime plus 6.5%						6/3/2032						25.0						25.0						25.0						0.01		%

169

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

FOOTHILL FEED AND MERCANTILE, LLC						1330 GEIGER GRADE Rd, RENO, NV 89521						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 6.5%						6/7/2032						19.5						19.5						19.5						—		%
JMichelles						620 Windham St, Petersburg, VA 23803						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						6/7/2032						5.9						5.9						5.9						—		%
MFT Solutions						110 E 43rd St, Boise, ID 83714						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/8/2032						15.0						15.0						15.0						—		%
EDIA World LLC						3345 SW 67th Ave, Miami, FL 33155						Nonstore Retailers						Term Loan						Prime plus 6.5%						6/9/2032						25.0						25.0						25.0						0.01		%
Spend Less Store LLC						516 E Juanita Ave, Ste 3, Mesa, AZ 85204						Food and Beverage Stores						Term Loan						Prime plus 6.5%						6/14/2032						25.0						25.0						25.0						0.01		%
Clean Air Lawn Care Austin NW						5404 Pendleton LN, Austin, TX 78723						Administrative and Support Services						Term Loan						Prime plus 6.5%						6/14/2032						10.0						10.0						10.0						—		%
Signature Nails						11505 NE Fourth Plain Blvd, Ste F3, Vancouver, WA 98662						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/14/2032						15.0						15.0						15.0						—		%
SM CAR SALES						2340 Royal Ln,, Dallas, TX 75229						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						6/16/2032						25.0						25.0						25.0						0.01		%
YDK Enterprise LLC						115 Mowbray Dr, Kew Gardens, NY 11415						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/17/2032						25.0						25.0						25.0						0.01		%
Tocino Strategies LLC						7133 E Plata Ave, Mesa, AZ 85212						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/23/2032						25.0						25.0						25.0						0.01		%
Penny Almond, LPC, LLC						1401 Malvern Ave Ste 260, Hot Springs, AR 71901						Social Assistance						Term Loan						Prime plus 6.5%						6/23/2032						25.0						25.0						25.0						0.01		%
GRIMES DAY CARE						5231 Oxford Ave, Philadelphia, PA 19124						Social Assistance						Term Loan						Prime plus 6.5%						6/23/2032						12.5						12.5						12.5						—		%
Perfect Day NY LLC						384 Knickerbocker Ave, Brooklyn, NY 11237						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 6.5%						6/23/2032						24.1						24.1						24.1						0.01		%
JDT Pickup and Delivery Service LLC						2870 Gonzaga Ave, Richmond, CA 94806						Couriers and Messengers						Term Loan						Prime plus 6.5%						6/24/2032						25.0						25.0						25.0						0.01		%
SHY Beauty Inc.						5458 N Ashland Ave, Chicago, IL 60640						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/29/2032						22.5						22.5						22.5						0.01		%
Viking Athletics						635 New Park Ave, West Hartford, CT 06110						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 6.5%						6/29/2032						25.0						25.0						25.0						0.01		%
Gyer Medical Billing						26210 Christen Canyon Ln, Richmond, TX 77406						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/29/2032						20.0						20.0						20.0						0.01		%
Paris Woodhull Illustrations						112 S Gay St, Knoxville, TN 37902						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 6.5%						6/30/2032						20.0						20.0						20.0						0.01		%
Art of Touch						4415 NE Sandy Blvd, Portland, OR 97213						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/30/2032						9.0						9.0						9.0						—		%
2XP VENTURES LLC						4670 Azalea Dr, Naples, FL 34119						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/30/2032						22.5						22.5						22.5						0.01		%
Westside Quick Services						9018 Cambridge Ave N, Minneapolis, MN 55443						Administrative and Support Services						Term Loan						Prime plus 6.5%						6/30/2032						25.0						25.0						25.0						0.01		%
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		%

170

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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		%
Total SBA Guaranteed Accrual Investments																																				$	21,374.8					$	21,374.8					$	22,971.8					5.82		%

171

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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						13.2						13.2						13.2						—		%
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						0.18		%
Bloomquist Communications Inc.			(*)			131 East Trinity Place, Decatur, GA 30030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						10/31/2026						105.2						105.2						105.2						0.03		%
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 0%						6/30/2042						141.9						141.9						141.9						0.04		%
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						140.0						140.0						140.0						0.04		%
Johnny's Boy LLC			(*)			127 East King St, Martinsburg, WV 25401						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/7/2044						93.2						93.2						93.2						0.02		%
GT Performance Plus Inc			(*)			4210 College St, Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						6/11/2044						281.4						281.4						281.4						0.07		%
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						77.0						77.0						77.0						0.02		%
Moon Group, Inc.			(*)			145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						3,248.8						3,248.8						3,248.8						0.82		%
Clowers Trucking by Faith LLC			(*)			705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 0%						5/23/2029						10.2						10.2						10.2						—		%
Hackstaff Restaurants			(*)			248 W 1st. St Ste 201, Reno, NV 89501						Food Services and Drinking Places						Term Loan						Prime plus 0%						7/15/2029						402.2						402.2						402.2						0.10		%
Total SBA Guaranteed Non-Accrual Investments																																				$	5,220.2					$	5,220.2					$	5,220.2					1.32		%
Total SBA Guaranteed Investments																																				$	26,595.0					$	26,595.0					$	28,192.0					7.15		%
Total SBA Unguaranteed and Guaranteed Investments																																				$	496,994.0					$	496,994.0					$	488,173.4					123.73		%

172

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

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						5.5%						Dec 2023						20,300.0						20,300.0						6,542.0						1.66		%
Newtek Technology Solutions, Inc.			(#) (6)			1904 W. Parkside Lane Phoenix, AZ 85027						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						19,903.7						33,000.0						8.36		%
																		Line of Credit						10%						Nov 2028						10,540.0						11,000.0						11,000.0						2.79		%
Newtek Insurance Agency, LLC			(*,#) (13)			1981 Marcus Ave., Lake Success, NY 11042						Insurance Carriers and Related Activities						100% Membership Interest						—%						—						—						2,035.0						3,500.0						0.89		%
PMTWorks Payroll, LLC			(*,#) (9)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						5,213.1						—						—		%
																		Term Loan						10%						Sept 2022						435.0						435.0						435.0						0.11		%
																		Term Loan						10%						May 2023						750.0						750.0						750.0						0.19		%
																		Term Loan						12%						May 2023						500.0						500.0						500.0						0.13		%
																		Term Loan						10%						July 2022						1,000.0						1,000.0						1,000.0						0.25		%
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						—%						—						—						4,163.0						6,300.0						1.60		%
																		Term Loan						10%						June 2023						400.0						400.0						400.0						0.10		%
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						—%						—						—						6,199.9						—						—		%
Newtek Merchant Solutions, LLC			(#) (11)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						16,438.0						113,500.0						28.77		%
Mobil Money, LLC			(#) (17)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						2,980.0						7,000.0						1.77		%
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						—%						—						—						50,206.4						65,206.0						16.53		%
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						—%						—						—						17,162.0						17,390.0						4.41		%
Titanium Asset Management, LLC			(*,#) (14)			1981 Marcus Ave., Lake Success, NY 11042						Administrative and Support Services						Term Loan						10%						March 2023						700.0						700.0						101.0						0.03		%

173

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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)

																		100% Membership Interest						—%						—						—						—						—						—		%
Excel WebSolutions, LLC			(*,#) (15)			888 East Brighton Ave. Syracuse, NY 13205						Data processing, Hosting, and Related Services						Term Loan						10%						June 2023						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						1,300.0						1,300.0						1,300.0						0.33		%
																		50.14% Membership Interest						—						—						—						—						—						—		%
Total Controlled Investments																																				$	36,084.2					$	165,273.4					$	267,924.0					67.91		%

174

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

JUNE 30, 2022

(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					0.25		%
Total Non-Control Investments																																				$	—					$	1,000.0					$	1,000.0					0.25		%
Total Investments																																				$	533,078.2					$	663,267.4					$	757,097.4					191.90		%

^ 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, 2022 are based off a Prime Rate equal to 3.50%, 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, 2022 with affiliates the Company is deemed to control.

175

See accompanying notes to consolidated financial statements.

---

(6) 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. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The Schedule of Investments shows SIDCO under NTS.

(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 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 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 and loan origination services to other parts of the Company’s business finance platform; 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.).

176

See accompanying notes to consolidated financial statements.

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(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.

(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, 2022, 6.8% of total assets are non-qualifying assets.

As of June 30, 2022, the federal tax cost of investments was $663.3 million resulting in estimated gross unrealized gains and losses of $169.2 million and $67.0 million, respectively.

177

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

3815 Media, Inc.			(#)			3201 Peachtree Corners Circle, Peachtree Corners, GA 30092						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/30/2031						$	375.0					$	375.0					$	388.9					0.13		%
Inspired Education 2 LLC dba Happy Days 2			(#)			221 Edinburg Rd, Mercerville, NJ 08619						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						250.0						250.0						260.4						0.08		%
3 Generations LLC			(#)			2800 Baton Rouge Rd, Williamstown, KY 41097						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2032						9.2						9.2						9.5						—		%
Bright Horizons Preschool, LLC			(#)			275 Enterprise Dr, Valdosta, GA 31601						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						220.3						220.3						241.4						0.08		%
Hacienda Car Wash Inc.			(#)			2400 S Goliad St., Rockwall, TX 75087						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2031						10.0						10.0						9.6						—		%
The Queen Ready Mix, Inc.			(#)			8702 Liberty Rd, Houston, TX 77028						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						12/29/2031						502.5						502.5						502.2						0.16		%
Happy Wheels Charter LLC			(#)			4 Old Elm St., Salusbury, MA 01952						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/29/2046						180.0						180.0						199.0						0.06		%
Henry j Fishman MVPC			(#)			2021 K St. Ste 400 NW, Washington, DC 20006						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2031						337.5						337.5						295.5						0.10		%
Altitude Roofing LLC			(#)			2909 N Tindle Blvd, Flagstaff, AZ 86004						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						80.0						80.0						68.6						0.02		%
CPH Milpitas LLC dba Curry Pizza House			(#)			1806 Milmont Dr, Milpitas, CA 95035						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2031						87.5						87.5						75.5						0.02		%
Lillie Mae's Place LLC			(#)			57 Main St., East Haven, CT 06512						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2046						99.0						99.0						105.1						0.03		%
Calderon Insurance Agency dba California Liberty Insurance			(#)			5127 Franklin Blvd, #3, Sacramento, CA 95820						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/29/2046						181.2						181.2						191.5						0.06		%
Arclight Industries LLC			(#)			340 Quail Run Rd,, Venetia, PA 15367						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						37.5						37.5						41.4						0.01		%
Kosovar Corporation dba La Vista Ristorante Italiano			(#)			355 Smith Ridge Rd, South Salem, NY 10590						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2046						340.0						340.0						380.4						0.12		%
Mr. Electric of Anderson			(#)			138 Dorchester St., Greenwood, SC 29646						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						20.3						20.3						17.5						0.01		%
Clean Pro 1, LLC			(#)			385 Boston Post Rd, Orange, CT 06477						Construction of Buildings						Term Loan						Prime plus 2.75%						5/29/2047						98.0						98.0						110.7						0.04		%
RV Liquidation Center dba RV'S-4-Less			(#)			984 W Shaw Ave, Clovis, CA 93612						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2031						346.3						346.3						305.5						0.10		%
Eastern Aero Marine, Inc, dba EAM Worldwide			(#)			5502 NW 37th Ave, Miami, FL 33142						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						1,250.0						1,250.0						1,411.3						0.46		%
High Q Automotive Consulting andRide 4 U LLC			(#)			747 N State Rd 7, Plantation, FL 33317						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2046						1,218.8						1,218.8						1,332.6						0.43		%
Champion Volleyball Club of Houston LLC			(#)			19418 Pinehurst Trail Dr, Humble, TX 77346						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2046						161.5						161.5						176.0						0.06		%
NORTHCOMM LLC dba RFS Construction			(#)			213 Cascade View Court, East Wenatchee, WA 98802						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						75.0						75.0						64.3						0.02		%
Beyond the Numbers CPAs Inc			(#)			1004 Lewis Ave, Billings, MT 59102						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2046						140.0						140.0						150.3						0.05		%

178

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Monticello Corporation dba Reid Super Save Market #3 and Millclem Cor			(#)			600 Preston Ave, Charlottesville, VA 22903						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2031						70.0						70.0						74.1						0.02		%
Pole Dance Carolinas LLC dba PoleFit Carolinas			(#)			9826 Gilead Rd, C -200, Hunterville, NC 28078						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2031						41.3						41.3						35.4						0.01		%
Salon Sora LLC and Frank Marino			(#)			1675 North Military Trail, Boca Raton, FL 33433						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/29/2031						86.5						86.5						74.2						0.02		%
Nova Engineering Inc			(#)			4373 Viewridge Ave, Ste A, San Diego, CA 92123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2031						50.0						50.0						42.9						0.01		%
Oh Crumb On!, Inc.			(#)			57 East 3rd Ave, Spring Grove, PA 17362						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/29/2031						7.5						7.5						6.4						—		%
Hacienda Car Wash Inc.			(#)			2400 S Goliad St., Rockwall, TX 75087						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2046						52.0						52.0						57.6						0.02		%
The Dance Affair, Inc			(#)			850 N Winchester Blvd, San Jose, CA 95128						Educational Services						Term Loan						Prime plus 2.75%						12/29/2031						8.1						8.1						6.9						—		%
Unique Surveillance LLC and Fast Guard Service Worldwide, LLC			(#)			925 South 21st Ave, Hollywood, FL 33020						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/28/2031						1,226.0						1,226.0						1,075.8						0.35		%
Lotus Care LLC			(#)			14000 Sunfish Lake Blvd, NW, MN 55303						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/28/2031						22.5						22.5						19.3						0.01		%
Shieldcoat Technologies Inc			(#)			308 Ellen Trout Dr, Lufkin, TX 75904						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						12/28/2046						737.5						737.5						831.5						0.27		%
CS Concept Holdings, LLC and CS Holdings 409 South Main, LLC			(#)			4350 Canada Rd, :, Lakeland, TN 38002						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/28/2031						48.0						48.0						41.5						0.01		%
Freedom Construction LLC			(#)			2897 E Massengale Rd, Shelbyville, IN 46176						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2031						10.8						10.8						10.1						—		%
Alaska Demolition, LLC			(#)			2817 Rampart Dr, Anchorage, AK 99501						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2046						1,250.0						1,250.0						1,387.5						0.45		%
Colorado Avocado LLC dba Toastique			(#)			11590 Ridgeline Dr, Colorado Springs, CO 80921						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2032						8.8						8.8						9.3						—		%
The Beginning Zone			(#)			13709 S. Wilkie Ave, Gardena, CA 90059						Social Assistance						Term Loan						Prime plus 2.75%						12/23/2046						190.0						190.0						207.1						0.07		%
M-23 Mechanical Systems			(#)			2974 Betsy Way, San Jose, CA 95133						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/23/2031						58.8						58.8						50.4						0.02		%
Nyssa Mercantile LLC			(#)			119 Main St., Nyssa, OR 97913						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/23/2031						57.5						57.5						52.7						0.02		%
Nyssa Mercantile, LLC			(#)			119 Main St., Nyssa, OR 97913						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/23/2046						42.0						42.0						45.2						0.01		%
PKLoop Peer LLC			(#)			1051 Kaylie St., Grand Prairie, TX 75052						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/23/2031						22.5						22.5						20.7						0.01		%
Sk8 House Virginia Beach LLC			(#)			600 Lynnhaven Pkwy, Virginia Beach, VA 23452						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/23/2031						15.8						15.8						13.5						—		%
Riaz and Son Inc and Uddin Family Realty			(#)			100-15 94th Ave, Ozone Park, NY 11416						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/23/2046						147.8						147.8						166.8						0.05		%
Outdoor Equipment Manufacturer, LLC			(#)			3520 NW 51st St., Miami, FL 33142						Textile Product Mills						Term Loan						Prime plus 2.75%						12/23/2031						93.8						93.8						99.2						0.03		%

179

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

CNJ Services LLC			(#)			5519 Ironhorse Rd, North Chesterfield, VA 23234						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/23/2031						12.8						12.8						11.2						—		%
LDI Energy Services, LLC			(#)			6519 103 West Ave, Tioga, ND 58852						Support Activities for Mining						Term Loan						Prime plus 2.75%						12/22/2046						273.3						273.3						301.1						0.10		%
Mobile Bottling Source LLC			(#)			611 Green Sage Way, las Vegas, NV 89138						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/22/2031						187.5						187.5						165.2						0.05		%
C&C Contracting			(#)			10620 Southern Highlands Pkwy, Las Vegas, NV 89141						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						125.0						125.0						107.2						0.03		%
Rana N. Hassan, M.D P.C			(#)			71 Franklin Ave, Franklin Square, NY 11010						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2031						114.0						114.0						98.9						0.03		%
Plantation Shutter Co Inc			(#)			11704 Wilshire Blvd, Los Angeles, CA 90275						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						12/22/2031						87.5						87.5						75.0						0.02		%
The Handyman Clarksville, LLC			(#)			2727 Union Hall Rd, Clarksville, TN 37040						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						187.5						187.5						198.4						0.06		%
Kinly Signs Corporation			(#)			2485 County Rd 1, South Point, OH 45680						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/22/2046						298.8						298.8						311.0						0.10		%
Hallmark Enterprises LLC			(#)			54 Furman Ave, Brooklyn, NY 11207						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						1,250.0						1,250.0						1,082.0						0.35		%
Scott Hollingsworth Equipment Company			(#)			17621 Perkins Rd, Baton Rouge, LA 70810						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/22/2031						65.8						65.8						69.6						0.02		%
BYC - La Quinta LLC dba Broken Yolk Cafe			(#)			78430 CA-111, La Quinta, CA 92253						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/22/2046						570.4						570.4						615.3						0.20		%
HHLM LLC			(#)			535 Shawmut Ave, Boston, MA 02118						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/22/2031						14.0						14.0						12.2						—		%
LDI Energy Services, LLC dba LDI Excavation			(#)			6519 103 West Ave, Tioga, ND 58852						Support Activities for Mining						Term Loan						Prime plus 2.75%						12/22/2031						328.3						328.3						300.7						0.10		%
QUICK DROP IMPOUNDING, TOWING & RECOVERY, INC			(#)			2565 Lake Rockaway Rd SW, Conyers, GA 30012						Support Activities for Transportation						Term Loan						Prime plus 2.75%						12/21/2046						147.3						147.3						166.2						0.05		%
Alaska Industrial Paint, LLC and Endeavor Properties LLC			(#)			1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2047						25.0						25.0						28.2						0.01		%
Yours II Cosmetology Academy Inc			(#)			1416 W Columbia Ave, Battle Creek, MI 49015						Educational Services						Term Loan						Prime plus 2.75%						12/21/2047						823.8						823.8						930.0						0.30		%
360 GRIP AND ELECTRIC LLC and Julien Janigo			(#)			3500 Eagle Rock Blvd, Los Angeles, CA 90065						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/21/2031						82.5						82.5						73.8						0.02		%
Mercury Pharmacy Corporation			(#)			480 Chadbourne Rd, Fairfield, CA 94534						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/21/2031						187.5						187.5						160.8						0.05		%
Inobe LLC dba BLD2GO			(#)			1146 W Buckeye Rd, Phoenix, AZ 85007						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/21/2046						98.5						98.5						102.9						0.03		%
Lauren Taylor Beauty LLC dba Evolution Body Works			(#)			195 E 4th St. Ste 10, Long Beach, CA 90802						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/21/2031						78.8						78.8						73.4						0.02		%
Storm Trooper Transportation Corp			(#)			2205 W Highland Ave, San Bernardino, CA 92407						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2031						786.3						786.3						680.6						0.22		%
Storm Trooper Transportation Corp			(#)			2205 W Highland Ave, San Bernardino, CA 92407						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2046						463.8						463.8						513.6						0.17		%
Robo-Breaking New York			(#)			302A W 12th St, New York, NY 10014						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2031						300.0						300.0						312.3						0.10		%

180

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Regal Express Corporation			(#)			4122 County Rd 516, Matawan, NJ 07747						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2031						134.2						134.2						115.0						0.04		%
Nextstep Counseling Services, LLC			(#)			1707 Linwood Dr, Paragould, AR 72450						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/20/2031						31.1						31.1						26.6						0.01		%
First Lone Star Pharmacy Group II, LLC dba Trinity Pharmacy			(#)			1925 East Rosemeade Pkwy, Carrollton, TX 75007						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/20/2046						138.9						138.9						143.0						0.05		%
Vidya Technologies LLC			(#)			2509 George Mason Dr, Virginia Beach, VA 23456						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/20/2031						8.0						8.0						6.8						—		%
Theramove & Diagnostics LLC			(#)			110 West Rd, Towson, MD 21204						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/20/2031						8.7						8.7						8.6						—		%
First Lone Star Pharmacy Group LLC			(#)			6901 Preston Rd, Dallas, TX 75205						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/20/2031						125.4						125.4						107.6						0.03		%
Unlimited Investors Group, Inc.			(#)			252 Aster Place, Hampstead, NC 28443						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/20/2031						375.0						375.0						321.5						0.10		%
Northern Steel and Concrete, LLC, a Pennsylvania LLC,Northern Steel an			(#)			18 Hillcrest Lane, Willingboro, NJ 08046						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2031						1,091.5						1,091.5						1,028.2						0.33		%
Ponce & Ponce, Inc			(#)			3015 NW 74th Ave, Miami, FL 33122						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/17/2031						75.0						75.0						64.3						0.02		%
SoCal Propane LLC			(#)			220 N San Jacinto St., Hemet, CA 92543						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/17/2031						340.0						340.0						359.7						0.12		%
LA TAQUERIA INC			(#)			10 Greenwich Ave, GREENWICH, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/17/2032						36.5						36.5						33.9						0.01		%
Venture Coffee Company, LLC dba Venture Roastery			(#)			13406 W Center Dr, Lakewood, CO 80228						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/17/2031						20.4						20.4						17.6						0.01		%
Maxwell, Hendry & Simmons LLC			(#)			1619 Jackson St., Fort Myers, FL 33901						Real Estate						Term Loan						Prime plus 2.75%						12/17/2031						152.5						152.5						130.8						0.04		%
MR3 LLC dba dba Union Fence			(#)			1340 Hartford Ave, Johnston, RI 02919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2046						335.0						335.0						374.4						0.12		%
Logo Concepts LLC			(#)			1265 W 1275 North #2, Centerville, UT 84014						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						12/17/2031						354.0						354.0						305.7						0.10		%
Leedann Properties LLC			(#)			534 Mill St SE, Gainesville, GA 30501						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/17/2046						248.8						248.8						260.2						0.08		%
Brooker Construction LLC dba Sampson Tree Service			(#)			2170 SW Conant Ave, Port St. Lucie, FL 34953						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/17/2031						268.4						268.4						236.8						0.08		%
VENDALL VENTURES LLC			(#)			25027 South Interstate, WaKeeney, KS 67672						Accommodation						Term Loan						Prime plus 2.75%						12/17/2046						274.5						274.5						298.0						0.10		%
Invisishield, L.L.C			(#)			6120 Louetta Rd, Houston, TX 77379						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/17/2031						37.5						37.5						32.3						0.01		%
Techbee LLC dba TechBee Solutions			(#)			4900 Hopyard Rd, Pleasanton, CA 94588						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/17/2031						50.0						50.0						42.9						0.01		%
Milson Restaurants LLC dba El Chico Granbury			(#)			1151 E US Hwy 377, Ste #110, Granbury, TX 76048						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2031						75.5						75.5						64.7						0.02		%
LGB Tax and Accounting LLC dba Loretta GriefBarbaro EA			(#)			2944 Valentine Pl, Wantagh, NY 11793						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2046						111.6						111.6						125.2						0.04		%

181

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

SEC LLC			(#)			4470 Sunset Blvd, Los Angeles, CA 90027						Utilities						Term Loan						Prime plus 2.75%						12/16/2031						72.0						72.0						62.4						0.02		%
JMJ Sales Group LLC			(#)			210 S. Linn Ave.,, Wentzville, MO 63385						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/16/2031						50.0						50.0						45.1						0.01		%
Sivalingam Medical Corporation, Inc dba First Valley Medical Group			(#)			44725 10th St W, Ste 210, Lancaster, CA 93534						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/16/2031						803.5						803.5						688.9						0.22		%
Pool Logic Design and Construction Inc			(#)			277 W Allen Ave, San Dimas, CA 91773						Construction of Buildings						Term Loan						Prime plus 2.75%						12/16/2031						500.0						500.0						428.7						0.14		%
Throop Family Holdings Inc dba Rogue Metal & Supply			(#)			7130 Crater Lake Hwy, White City, OR 97503						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/16/2031						212.5						212.5						195.7						0.06		%
Empowering Families Educational Services			(#)			504 W Baseline Rd, STE A, Glendora, CA 91740						Educational Services						Term Loan						Prime plus 2.75%						12/16/2031						7.5						7.5						6.4						—		%
Christopher C Copeland PA			(#)			8331 SE Royal St., Hobe Sound, FL 33455						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2031						62.5						62.5						55.2						0.02		%
Avtek Integration Services, Inc			(#)			4733 122nd Ave N., Unit E, Pinellas Park, FL 33762						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/15/2031						68.8						68.8						64.2						0.02		%
The Great Gatsby Motel Inn Corporation			(#)			214 County Hwy 152, Northville, NY 12134						Accommodation						Term Loan						Prime plus 2.75%						12/15/2046						100.0						100.0						112.8						0.04		%
TSM New Beginnings			(#)			8850 W Sunset Rd, Las Vegas, NV 89148						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/15/2031						27.0						27.0						23.2						0.01		%
Aqua Salon and Spa LLC			(#)			6730 Post Rd, North Kingston, RI 02852						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/15/2046						81.3						81.3						89.5						0.03		%
Quandry Enterprises LLC dba Twinkle Toes Nanny			(#)			1600 E Sunrise Blvd, Fort. Lauderdale, FL 33304						Social Assistance						Term Loan						Prime plus 2.75%						12/15/2031						6.8						6.8						5.8						—		%
Good Fortune Supermarket (Rhode Island) Corp			(#)			101 Cadillac Dr, Providence, RI 02907						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/15/2031						650.0						650.0						664.3						0.21		%
Cooks BBQ Products dba Cooks International			(#)			7 World Trade Center, New York, NY 10006						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/15/2031						1,000.0						1,000.0						907.3						0.29		%
Erin Dewey dba Castle Rock Bakery			(#)			160 Huntington Ave, Ste A & B, Castle Rock, WA 98611						Food Manufacturing						Term Loan						Prime plus 2.75%						12/14/2031						47.3						47.3						41.5						0.01		%
First Choice Brokerage Corporation First Choice Strategies LLC &First			(#)			822 A1A N, Ponte Vedra Beach, FL 32082						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/14/2031						63.0						63.0						54.0						0.02		%
CTS MANAGEMENT USA INC			(#)			17 Marion Ave, Franklin Park, NJ 08823						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2031						62.5						62.5						53.6						0.02		%
East Nashville Barre Fitness LLC dba Neighborhood Barre Green Hills			(#)			3310 Gallatin Pike, Nashville, TN 37216						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/14/2031						11.7						11.7						10.1						—		%
Corporate Tax Services, Inc.			(#)			1250 Broadway 36th Floor, New York, NY 10001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/14/2031						15.0						15.0						12.9						—		%
Nicholas Peter Berry dba Nick Berry Production Lighting			(#)			1081 Hayes Ave, San Diego, CA 92103						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/14/2031						3.0						3.0						2.7						—		%
Smart Wired Services LLC			(#)			123 McCreary Rd, New Brighton, PA 15066						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/14/2031						8.0						8.0						8.5						—		%
Sky’s The Limit Yoga Company			(#)			115 W 25TH St, Norfolk, VA 23517						Educational Services						Term Loan						Prime plus 2.75%						12/13/2031						6.0						6.0						5.1						—		%

182

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

EBG Re-Sell			(#)			26943 Ruether Ave, Santa Clarita, CA 91351						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/13/2031						7.5						7.5						6.4						—		%
BGF Bobby Q's Inc			(#)			365 W Sunrise Hwy, Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2047						148.0						148.0						167.1						0.05		%
IV Therapy Management			(#)			2 Sears Dr, Paramus, NJ 07652						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/13/2032						4.7						4.7						4.4						—		%
Lloyd Hardware LLC			(#)			2319 W. Court St., Janesville, WI 53548						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						12/13/2031						100.0						100.0						92.4						0.03		%
Momentum Metal Finishing, Inc.			(#)			1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/13/2047						84.6						84.6						95.5						0.03		%
Grazin Foods LLC dba Graze Craze			(#)			12800 South Memorial Dr, Stes A1 and A2, Bixby, OK 74008						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/10/2031						17.1						17.1						15.5						0.01		%
Phillips Rental RV, LLC			(#)			5827 Stanida Circle, Holladay, UT 84121						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/10/2031						10.0						10.0						8.6						—		%
Nonnos Ice Cream Shoppe Inc			(#)			270 Seabury St., Fall River, MA 02720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/10/2046						20.0						20.0						22.6						0.01		%
ANR Insulation , LLC dba King Insulation			(#)			25 N 47th Ave, Phoenix, AZ 85043						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/10/2031						500.0						500.0						428.7						0.14		%
Blooms Pharmacy LLC			(#)			16347 Middlebelt Rd, Livonia, MI 48154						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						12/10/2031						26.0						26.0						27.5						0.01		%
Stehlik Service and Tire INC			(#)			2410 N Powers Blvd, Colorado Springs, CO 80915						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2046						118.2						118.2						122.1						0.04		%
Suha Signs LLC dba Signaramaa			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/9/2032						20.4						20.4						21.7						0.01		%
Suha Restaurants LLC dba The Great Greek Grill			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/9/2032						47.1						47.1						50.0						0.02		%
Railhead, Inc			(#)			13800 Coppermine Rd, Herndon, VA 20171						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2031						35.0						35.0						30.0						0.01		%
Suha Promotions LLC dba Fully Promoted			(#)			8211 Byron Center Ave SW, Byron Center, MI 49315						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/9/2032						18.9						18.9						20.1						0.01		%
NEW FRONTIER INSURANCE AGENCY OF FORT CALHOUN, INC			(#)			510 North 14th, Fort Calhoun, NE 68023						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/9/2031						16.0						16.0						16.9						0.01		%
World Diamond Source, Inc			(#)			2987 Center Port Circle, Stes 4 & 5, Pompano Beach, FL 33064						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2031						200.0						200.0						211.2						0.07		%
Myoung & Lee Inc			(#)			10251 Little Brier Creek Lane, Ste 106, Raleigh, NC 27617						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2031						17.0						17.0						14.6						—		%
Freedom Toast LLC dba Sunrise Diner			(#)			401 N Atlantic Ave, Ocean City, MD 21842						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/8/2031						18.9						18.9						16.5						0.01		%
Broadway Ethos Holdings, LLC			(#)			218 Elizabeth St, East Jordan, MI 49727						Accommodation						Term Loan						Prime plus 2.75%						12/8/2046						51.8						51.8						56.4						0.02		%
Clean Energyz LLC			(#)			881 Alma Real Dr, Pacific Palisades, CA 90272						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/8/2046						1,010.8						1,010.8						1,066.6						0.34		%
Foster the Community LLC			(#)			13451 and 13453 Fishhawk Blvd, Riverview, FL 33569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2032						13.1						13.1						13.9						—		%

183

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Wilcompute			(#)			200 W Pondera Ave, Lancaster, CA 93534						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/7/2046						42.0						42.0						47.4						0.02		%
Cali Weights LLC			(#)			650 Pressley Rd, Charlotte, NC 28217						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/7/2031						42.5						42.5						36.4						0.01		%
Sweet Pink’s Creamery LLC dba Sweet Charlies			(#)			391 Quill Dr, Dawsonville, GA 30534						Food Manufacturing						Term Loan						Prime plus 2.75%						12/7/2031						6.5						6.5						5.5						—		%
Atomic Dog LLC dba Jack's Hard Cider			(#)			1865 Gettysburg Village Dr, Unit 5, Gettysburg, PA 17325						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						12/7/2031						1,137.5						1,137.5						1,000.3						0.32		%
Alley Taco 402, LLC dba Alley Taco 402			(#)			2002 Missouri Ave, Omaha, NE 68107						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/6/2046						22.5						22.5						24.2						0.01		%
Mudshark Studios, LLC			(#)			1930 NE Oregon St, Portland, OR 97232						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/6/2031						14.4						14.4						12.3						—		%
Patsy McCraken			(#)			514 E Main St., Henryetta, OK 74437						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/6/2031						37.8						37.8						35.5						0.01		%
BB's Childcare, LLC dba Brilliant Brains Learning Center			(#)			7076 Blondo St., Omaha, NE 68104						Social Assistance						Term Loan						Prime plus 2.75%						12/3/2031						14.4						14.4						12.3						—		%
Pinnacle Pools, Inc			(#)			20442 Palomar St., Wildomar, CA 92595						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/3/2032						10.2						10.2						8.8						—		%
HMG Strategy, LLC			(#)			55 Post Rd West, Westport, CT 06880						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2031						87.5						87.5						75.0						0.02		%
Reliance Healthcare Services LLP dba Always Best Care Senior Services			(#)			1101 Kings Hwy N, Cherry Hill, NJ 08034						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/3/2031						38.6						38.6						33.1						0.01		%
LEBAT Properties, LLC			(#)			6418 N New Braunfels Ave, San Antonio, TX 78209						Food Manufacturing						Term Loan						Prime plus 2.75%						12/3/2031						46.0						46.0						48.1						0.02		%
Cliff's Motor Inn, LLC			(#)			4785 Saint Leonard Rd, Saint Leonard, MD 20685						Accommodation						Term Loan						Prime plus 2.75%						12/3/2046						57.5						57.5						62.5						0.02		%
Metalhouse LLC			(#)			4705 S. Apopka Vineland Rd, Orlando, FL 32819						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/2/2031						315.0						315.0						270.1						0.09		%
RECS LLC dba Richmond Express			(#)			1804 Dabney Rd, Richmond, VA 23230						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/1/2031						148.3						148.3						127.3						0.04		%
Carolina Decompression and Physical Therapy LLC			(#)			11618 US Hwy 70 W, Ste 106, Clayton, NC 27520						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/1/2031						75.0						75.0						64.3						0.02		%
Ryan M. White dba Precision Engraving and Signs			(#)			2419 Heather Ave, Long Beach, CA 90815						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/1/2031						18.0						18.0						16.8						0.01		%
Pro Source Services, Inc dba Pro Source Services			(#)			6970 Wallis Rd, West Palm Beach, FL 33413						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/1/2031						108.1						108.1						92.7						0.03		%
CDM Field Services, Inc. dba Xcite Automotive			(#)			328 South Jefferson St., Chicago, IL 60661						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/1/2031						390.8						390.8						339.6						0.11		%
Poquoson Law Group, P.C.and Holcomb Solutions, LLC			(#,^)			720 Roger Brown Dr, Newport News, VA 23602						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/30/2046						168.5						168.5						179.3						0.06		%
Ascent Holdings LLC and First Ascent, LLC			(#,^)			3516 N Spaulding Ave, Chicago, IL 60618						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						1/30/2032						177.0						177.0						155.3						0.05		%
The Four Star Ranch, LLC			(#,^)			238 Oak St, Medford, NY 11763						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/30/2046						100.0						100.0						111.6						0.04		%

184

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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.O.T Early Learning Center LLC			(#,^)			650 NW 183rd St, Miami, FL 33169						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2031						25.0						25.0						24.2						0.01		%
Just Teazzin L.L.C.			(#,^)			4815 E Main St., Mesa, AZ 85205						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/30/2046						25.0						25.0						27.0						0.01		%
JMH GROUP, LLC dba Hotworx Studio			(#)			13435 University Ave, Clive, IA 50325						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/30/2032						15.2						15.2						14.1						—		%
LR Greenview LLC dba Teaspoon			(#)			2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/24/2032						5.4						5.4						4.6						—		%
POLARIS BARRE LLC dba PURE BARRE POLARIS			(#,^)			1513 Gemini Place, Columbus, OH 43240						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/24/2031						7.5						7.5						6.7						—		%
Runyaro Richardson dba Self Made Musicnaire			(#,^)			14855 Memorial Dr, Houston, TX 77079						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						11/24/2031						8.0						8.0						6.9						—		%
J Lan CPA Inc			(#,^)			12225 South St, Artesia, CA 90701						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/23/2031						22.6						22.6						19.3						0.01		%
The Piano Outlet, Inc.			(#,^)			3775 NW 124th Ave, Coral Springs, FL 33065						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						11/23/2031						12.5						12.5						12.8						—		%
Edenburg Hospitality Inc			(#,^)			2750 SW 145th Ave, Ste 304, Miramar, FL 33027						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/23/2031						62.5						62.5						66.1						0.02		%
Southern Latitude Charters LLC			(#,^)			425 N. Osprey Ave, Sarasota, FL 34236						Scenic and Sightseeing Transportation						Term Loan						Prime plus 2.75%						11/23/2031						20.2						20.2						18.3						0.01		%
Alpine Rings, LLC			(#,^)			2040 Independence Commerce Dr, Matthews, NC 28105						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						11/23/2031						15.0						15.0						12.9						—		%
Those Guys Fitness LLC.			(#,^)			2850 Main St., Ste 104, Mesa, AZ 85213						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/22/2031						7.5						7.5						6.4						—		%
Cause of a Kind, LLC			(#,^)			3989 Long Beach Rd, Island Park, NY 11558						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2031						86.8						86.8						74.4						0.02		%
Flener IP Law, LLC			(#,^)			77 West Washington St. Ste 800, Chicago, IL 60602						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/22/2031						15.0						15.0						12.9						—		%
OneCare Health-Advanced Practice Health & Wellness Corp			(#,^)			97 Port Richmond Ave, Staten Island, NY 10302						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/22/2031						10.0						10.0						8.6						—		%
Gerland Investments, Inc dba Premier Martial Arts			(#)			12611 I-10 West, Ste 102, San Antonio, TX 78230						Educational Services						Term Loan						Prime plus 2.75%						4/22/2032						8.0						8.0						6.9						—		%
Barahona Plumbing LLC			(#,^)			2789 Jefferson Davis Hwy, Unit 107, Stafford, VA 22554						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/22/2046						24.8						24.8						27.4						0.01		%
Pho 99 III Vietnamese Restaurant LLC			(#)			3151 Route 27, Unit K, Franklin Park, NJ 08846						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/19/2031						15.0						15.0						12.9						—		%
Sudha Spirit LLC dba Cork Shop			(#)			317 East Main St., Branford, CT 06405						Food and Beverage Stores						Term Loan						Prime plus 2.75%						11/19/2031						53.4						53.4						45.8						0.01		%
Double Scoop Ice Cream Cascade LLC			(#,^)			2970 Stonecrest Pass, Stonecrest,, GA 30038						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/19/2046						125.0						125.0						134.0						0.04		%
M & M Liquidation			(#,^)			16 Millstone, Irvine, CA 92606						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/19/2031						3.5						3.5						3.0						—		%

185

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 Magnolia Garden Center, Inc			(#,^)			9620 Chicago Ridge Mall, Chicago Ridge, IL 60609						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/19/2031						3.5						3.5						3.0						—		%
BECCS BROWS LLC			(#,^)			3950 Long Beach Blvd, Ste 203, Long Beach, CA 90807						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/19/2046						84.8						84.8						93.2						0.03		%
Ryshaan LLC dba Fyzical Therapy and Balance Center			(#)			3780 Riverchase Village, Ste 900, Hoover, AL 35244						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/19/2032						8.7						8.7						8.1						—		%
Kouklet LLC			(#,^)			744 South St., Philadelphia, PA 19147						Food Manufacturing						Term Loan						Prime plus 2.75%						11/19/2031						6.5						6.5						5.6						—		%
IVF Cryo LLC			(#,^)			12526 Promise Creek Lane (Building 3), Unit 326, Fishers, IN 46038						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/19/2046						30.0						30.0						31.2						0.01		%
JJBen, Corporation dba Benson Crane Service			(#,^)			437 Route 212, Saugerties, NY 12477						Rental and Leasing Services						Term Loan						Prime plus 2.75%						11/18/2031						154.7						154.7						144.2						0.05		%
Donald Wells Consulting Co			(#,^)			2347 Bright Meadows, Missouri City, TX 77489						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						12.5						12.5						10.7						—		%
Guardian Cyber Solutions, LLC			(#,^)			14011 Hollow Crest Place, Riverview, FL 33579						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						10.0						10.0						8.6						—		%
West Ballantyne Animal Hospital PLLC			(#,^)			11926 Providence Rd W, Charlotte, NC 28277						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						10.6						10.6						9.1						—		%
Rex Regum Incorporated dba Mr. Electric of Concord CA			(#,^)			3737 Parkmall Court, Concord, CA 95419						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/18/2031						11.9						11.9						10.2						—		%
Caroline Cecil Textiles, LLC			(#,^)			3834 N 35th Place, Phoenix, AZ 85018						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2031						5.5						5.5						4.8						—		%
Dayo J. Jones dba DayoSense			(#,^)			2306 South Eddy St., Seattle, WA 98108						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/18/2031						11.0						11.0						9.7						—		%
Brevard Water Systems Sales & Services Inc			(#,^)			3101 US-1, Mims, FL 32754						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/17/2031						27.8						27.8						23.9						0.01		%
EKGolf Inc			(#,^)			10890 Douglas Ave, Urbandale, IA 50322						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						11/17/2031						4.6						4.6						4.3						—		%
Reset Cryotherapy LLC			(#,^)			1220 20th St, Miami Beach, FL 33139						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/16/2031						35.0						35.0						31.9						0.01		%
Uniglobal Pension Planning Inc			(#,^)			4114 Legato Rd, Fairfax, VA 22033						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/16/2031						105.0						105.0						90.0						0.03		%
Casablanca Floral Studio			(#,^)			106 Ram Cat Alley, Seneca, SC 29678						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/16/2031						2.7						2.7						2.3						—		%
Ghioni Tax & Accounting Solutions, LLC			(#,^)			958 NE Kelly Ave, Gresham, OR 97030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/12/2031						5.0						5.0						4.3						—		%
Colin Forde DDS PC dba Family & Cosmetic Dental Design			(#,^)			7520 Montgomery Blvd NE Bldg C, Albuquerque, NM 87109						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/12/2046						162.5						162.5						176.5						0.06		%
Georgia Two-Way Inc			(#,^)			1206 GA Hwy 30 West, Americus, GA 31719						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/12/2031						30.0						30.0						25.7						0.01		%
Exit Strategies, LLC dba Spa Society			(#,^)			500 Ave at Port Imperial, Ste E, Weehawken, NJ 07086						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/12/2031						27.5						27.5						23.8						0.01		%
Jay Kalimai LLC			(#,^)			310 S Robinson Dr, Waco, TX 76706						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2046						32.0						32.0						36.1						0.01		%

186

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Kebab Daddy Inc			(#,^)			3701 Ocean View Blvd. A-3, Montrose, CA 91020						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/12/2031						16.5						16.5						15.4						—		%
Cresson-Inn Bar & Grille, Inc.			(#,^)			114 Gay St., Manayunk, PA 19127						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2046						47.7						47.7						52.6						0.02		%
US Ideal Diamond Cutting Works Inc			(#,^)			5757 Alpha Rd,Ste 502, Dallas, TX 75240						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/10/2031						20.0						20.0						17.1						0.01		%
New Generation Products LLC			(#,^)			5013 Pacific Hwy E, Fife, WA 98424						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/10/2031						200.0						200.0						171.5						0.06		%
The Loyal Subjects Wave 2, LLC			(#,^)			144 West Washington Blvd, Los Angeles, CA 90007						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/10/2031						200.0						200.0						171.5						0.06		%
Bofill's Barbeque LLC			(#)			15159 South Cicero Ave, Oak Forest, IL 60452						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2047						30.0						30.0						32.1						0.01		%
Codame Enterprises LLC dba Firehouse Subs #142			(#,^)			1547 Main St., Dunedin, FL 34698						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/10/2031						27.9						27.9						23.9						0.01		%
Sargas Pharmaceutical Adherence & Compliance Intl, LLC			(#,^)			109 H St., Bakersfield, CA 93304						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/9/2046						19.6						19.6						21.9						0.01		%
Solo Creer LLC dba DoodyCalls			(#,^)			13096 County Rd 192, Tyler, TX 75703						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						11/9/2031						6.3						6.3						5.4						—		%
Branded Goods LLC			(#,^)			1975 Stirling Rd, Stes A, B, and C, Davie, FL 33004						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						75.0						75.0						72.4						0.02		%
ORCHID ENERGY SOLUTIONS			(#,^)			3662 Clyde Park Ave SW, Wyoming, MI 49509						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/8/2031						25.0						25.0						21.4						0.01		%
LA SCAPES LLC			(#,^)			1812 Portview Dr, Spring Hill, TN 37174						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/8/2031						10.5						10.5						9.0						—		%
Michelle Rianne Turney dba The Collective Salon Suites			(#,^)			809 Frolich Dr, Midwest City, OK 73110						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/8/2032						4.0						4.0						3.4						—		%
The Soda Spot LLC			(#,^)			7240 W. Azure Rd, Ste #105, Las Vegas, NV 89130						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/5/2032						5.5						5.5						5.0						—		%
Ricky W. Kent dba VT-Doors-N-More			(#,^)			49 Mill Rd, Mount Tabor, VT 05739						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						11/5/2046						21.7						21.7						24.3						0.01		%
Ecuadane, Inc.			(#,^)			9 Windsor Court, Purchase, NY 10577						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/5/2031						35.0						35.0						30.1						0.01		%
Top Knot Studio, LLC dba Goldenrod Parlor			(#,^)			220 NW 8th Ave, Ste 40, Gainesville, FL 32601						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/5/2031						5.0						5.0						4.3						—		%
Sivalingam Medical Corporation, Inc dba First Valley Medical Group			(#,^)			44725 10th St W, Ste 210, Lancaster, CA 93534						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/5/2031						146.0						146.0						135.5						0.04		%
Bettencourt Flying Service, Inc.			(#,^)			1066 South Bert Crane Rd, Atwater, CA 95301						Air Transportation						Term Loan						Prime plus 2.75%						11/5/2031						84.5						84.5						73.0						0.02		%
ECOCOSM, INC.			(#,^)			201 Spear St., San Francisco, CA 94105						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/5/2031						35.0						35.0						30.0						0.01		%
New Mexico Rey LLC			(#,^)			3520 Pan American Fwy NE, Albuquerque, NM 87107						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/5/2031						7.0						7.0						6.2						—		%
Paul Genzink LLC dba VSBL			(#,^)			1332 Pinegrove NW, Grand Rapids, MI 49504						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						11/5/2031						5.0						5.0						4.4						—		%

187

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Square One Step LLC			(#)			10710 Barker Cypress Rd, Ste B, Cypress, TX 77433						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/4/2032						16.8						16.8						15.5						0.01		%
Wiser ID LLC			(#,^)			26 Twin Oaks Dr, Nashville, TN 37211						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						11/4/2031						5.0						5.0						4.3						—		%
INE Incorporated dba Juice It Up Colton			(#)			1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/3/2032						34.0						34.0						29.3						0.01		%
Finally Pest Control, LLC			(#,^)			12118 Sellerton Dr, Fishers, IN 46037						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/3/2031						12.6						12.6						10.8						—		%
LoCo Apparel LLC			(#,^)			2201 Long Prairie Rd, Unit 107-314, Flower Mound, TX 75022						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/29/2031						99.6						99.6						91.6						0.03		%
Gin Ray International LLC			(#,^)			8776 & 8778 NE Sandy Blvd, Portland, OR 97220						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/29/2046						140.0						140.0						144.1						0.05		%
MDx BioAnalytical Laboratory, Inc			(#,^)			5890 Imperial Loop Dr. Ste 12, College Station, TX 77845						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/29/2031						24.9						24.9						25.3						0.01		%
CPH Fremont South LLC CPH Palato , CPH Palo Alto, CPH Cupertino			(#,^)			46703 Mission Blvd, Fremont, CA 94539						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/29/2031						95.7						95.7						82.9						0.03		%
HI5 HOME INNOVATION, LLC			(#,^)			9187 Holliston Creek Place, Winter Garden, FL 34787						Nonstore Retailers						Term Loan						Prime plus 2.75%						10/29/2031						6.0						6.0						5.1						—		%
Half-Pass Ltd dba Canterbury Tack & Apparel			(#,^)			1291 West 137th Court, Broomfield, CO 80023						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						10/29/2031						7.3						7.3						6.3						—		%
JMC Auto,LLC			(#,^)			644 Southfield Rd, Lincoln Park, MI 48146						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/29/2031						87.0						87.0						83.0						0.03		%
Arcas Machine Inc.			(#,^)			700 N Neely St., Gillbert, AZ 85233						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/29/2031						105.2						105.2						97.4						0.03		%
Cortlandt Racquet Club, Inc. dba			(#,^)			2127 Albany Post Rd, Montrose, NY 10548						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/29/2046						1,250.0						1,250.0						1,411.3						0.46		%
Pride Gymnastics Academy, LLC			(#,^)			7801 Old Hwy 51, Broken Arrow, OK 74014						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/29/2031						10.5						10.5						9.0						—		%
100% Permanent Inc.			(#,^)			1315 N Larrabee, Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						10/29/2031						13.8						13.8						12.8						—		%
Idiot Racing LLC dba Idiot Racing			(#,^)			13701 Sweetwater Cove Place, Tampa, FL 33613						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						10/29/2031						3.0						3.0						2.6						—		%
La Cueva Inc			(#,^)			9742 E Colfax Ave, Aurora, CO 80010						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/28/2046						68.6						68.6						77.4						0.03		%
Potato Bros, LLC dba Crumbl Cookies Chicago Old Town			(#)			1435 N Wells St., Chicago, IL 60610						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/28/2032						14.4						14.4						13.5						—		%
Kedai Indonesian Cafe			(#)			110 S Mountain Ave, Upland, CA 91786						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2032						9.5						9.5						8.2						—		%
High Street Technologies LLC and Merchant Connections LLC			(#,^)			6331 Paris Ave, New Orleans, LA 70122						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/27/2031						7.3						7.3						6.2						—		%
Love at First Bite LLC dba Standlee's			(#,^)			880 Blackwood Rd, Chula Vista, CA 91910						General Merchandise Stores						Term Loan						Prime plus 2.75%						10/27/2031						25.9						25.9						22.2						0.01		%
UnVeil Media Group LLC			(#,^)			2251 Stone Pile Dr, Concord, NC 28025						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/27/2031						5.0						5.0						4.3						—		%

188

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Healthcare At Home LLC			(#,^)			5243 Snapfinger Woods Dr, Unit #104, Decatur, GA 30035						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/26/2046						26.2						26.2						29.0						0.01		%
Jason Watt Pictures, LLC			(#,^)			110 Broadway, Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						10/26/2031						14.9						14.9						12.8						—		%
By Modern Design LLC			(#,^)			1436 Luz De Sol Dr, El Paso, TX 79912						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/26/2031						5.0						5.0						4.3						—		%
Owkalasho LLC dba The UPS Store 299			(#,^)			3755 Avocado Blvd, La Mesa, CA 91941						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/25/2031						35.7						35.7						30.6						0.01		%
Right Choice Accounting Solutions, LLC			(#,^)			3210 Royal Creek Way, Lilburn, GA 30047						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/25/2031						3.5						3.5						3.0						—		%
Sabri Enterprises, Inc.			(#,^)			11134 Hoffman Dr, Germantown, MD 20876						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						10/22/2031						6.0						6.0						5.2						—		%
M&P_CAL, LLC dba Hotworx Anaheim Hills			(#)			8086 East Santa Canyon Rd, Anaheim, CA 92808						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/22/2032						14.2						14.2						13.2						—		%

Tucker Management Group, LLC			(#,^)			115 Tyler Rd, Remlap, AL 35133						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/22/2031						22.4						22.4						23.4						0.01		%
ProBio Search & Career Services Corporation			(#,^)			735 County Line Rd, Villanova, PA 19085						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/22/2031						14.6						14.6						12.5						—		%
Kynytyx, Inc.			(#)			990A Station Rd, Bellport, NY 11713						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/22/2032						71.3						71.3						75.7						0.02		%
Alicia A. Oswald dba Elevated Chiropractic			(#,^)			3555 Kenyon St., San Diego, CA 92110						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/22/2031						2.4						2.4						2.0						—		%
Voyager Scientific, LLC			(#,^)			309 Washington St., Conshohocken, PA 19428						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/22/2031						10.0						10.0						8.5						—		%
Simply Appliances, Inc.			(#,^)			1811 Douglas Blvd., Ste 5, Roseville, CA 95611						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						10/21/2031						14.9						14.9						12.8						—		%
Premiere, Inc			(#,^)			615 North Landry Dr, New Iberia, LA 70563						Support Activities for Mining						Term Loan						Prime plus 2.75%						10/21/2031						79.7						79.7						84.3						0.03		%
Big Creek Travel LLC			(#,^)			5020 Chase Lane, Cumming, GA 30240						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/19/2031						3.5						3.5						3.0						—		%
Balanced Health & Fitness LLC dba F45 NW Reno			(#)			5110 Mae Anne Dr, Ste 702, Reno, NV 89521						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2032						51.7						51.7						47.0						0.02		%
J&L Naturals LLC			(#,^)			110 Oakpark Dr, Mooresville, NC 28115						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						10/15/2031						13.4						13.4						11.4						—		%
LN Accounting Advisor LLC			(#,^)			3663 Washington Ave, Houston, TX 77007						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/15/2031						10.0						10.0						8.5						—		%
Barber's Home Innovations LLC			(#,^)			3287 Enisgrove Dr E, Palm Harbor, FL 34683						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/15/2031						29.9						29.9						25.6						0.01		%
Blue 360 Media, LLC			(#,^)			2750 Rasmussen Rd, Park City, UT 84098						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						10/15/2031						410.4						410.4						352.7						0.11		%
Skate-A-While Longer, LLC			(#,^)			220 Ridge St. and 229 South George St., Rome, NY 13440						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						10/13/2046						16.0						16.0						18.1						0.01		%
Symmonds, LLC dba North End Tavern			(#,^)			914 IA-5 Business North, Pleasantville, IA 50225						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2046						14.4						14.4						16.0						0.01		%
A&D Enterprise Inc dba FastFrame			(#,^)			4150 Legacy Dr, Ste 412, Frisco, TX 75034						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/12/2031						23.3						23.3						20.2						0.01		%

189

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Mary Rozzi LLC			(#,^)			52153 Pipes Canyon Rd #552, Pioneertown, CA 92268						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/12/2031						8.0						8.0						6.8						—		%
Bella Ottica LLC dba Eyes on Towne Lake			(#,^)			1075 Buckhead Crossing, Ste 130, Woodstock, GA 30189						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/12/2031						14.9						14.9						12.8						—		%
Mitchell Authentic Inc RockBox Fitness			(#)			4880 Lower Roswell Rd, Marietta, GA 30068						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/12/2032						118.8						118.8						102.1						0.03		%
Jed Thomas Consulting, Inc dba Woggle Consulting			(#,^)			3 Trackside Dr, Kennebunk, ME 04043						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/8/2031						3.0						3.0						2.6						—		%
Agape R. E. Solutions LLC			(#,^)			33 Market Point Dr, Greenville, SC 29607						Real Estate						Term Loan						Prime plus 2.75%						10/8/2031						5.0						5.0						4.3						—		%
Because it's Better Inc			(#,^)			84 Stonecrest Rd, Ridgefield, CT 06877						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/8/2031						173.9						173.9						149.1						0.05		%
Shattered Prism LLC			(#,^)			63 Flushing Ave, Brooklyn, NY 11205						Rental and Leasing Services						Term Loan						Prime plus 2.75%						10/8/2031						15.4						15.4						15.3						—		%
Be Known, LLC			(#,^)			802 Evolve Way, Knoxville, TN 37915						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/7/2031						7.5						7.5						6.4						—		%
Angels Learning Center Inc,Hector A. Velasquez,Milene A. Velasquez,Mil			(#,^)			2801 Central Ave, Union City, NJ 07087						Social Assistance						Term Loan						Prime plus 2.75%						10/7/2031						32.8						32.8						28.1						0.01		%
Greylab LLC dba Mighty Dog Roofing North DFW			(#,^)			10215 El Cinco Dr, Frisco, TX 75033						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/7/2031						26.8						26.8						23.0						0.01		%
SIDCOR Gunsmithing LLC			(#,^)			3213 Catalpa Dr, Springfield, IL 62712						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						10/7/2031						5.4						5.4						4.9						—		%
Kotyark L.L.C.dba Gibsonton Motel			(#,^)			11545 US Hwy 41 S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						10/6/2031						15.4						15.4						15.4						—		%
Krown Records, LLC			(#,^)			5311 S Big Horn Pl, Chandler, AZ 85249						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						10/5/2031						8.4						8.4						7.2						—		%
Backoffice Ally LLC dba Satterley Accounting Services			(#,^)			70 Raynham Ave, Portsmouth, RI 02871						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/4/2031						6.0						6.0						5.1						—		%
The Gold Standard Accounting & Tax Inc			(#,^)			4911 Warner Ave Ste 211, Huntington Beach, CA 92649						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/4/2032						10.4						10.4						8.9						—		%
LOVEBUG NUTRITION Inc			(#,^)			115 E 34th St., New York, NY 10156						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						9/30/2031						119.6						119.6						109.6						0.04		%
Skaggs RV Outlet, LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/30/2031						49.5						49.5						52.4						0.02		%
New Greater Generation Family Funeral Group, LLC			(#,^)			1400 N Hampton Rd, DeSoto, TX 75115						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/30/2046						24.3						24.3						26.3						0.01		%
Orchard Collision, Inc			(#,^)			14898 Telegraph Rd, Redford, MI 48239						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2046						61.0						61.0						65.2						0.02		%
Centre Storage and Matthew Wayne Vines			(#,^)			1650 Clarence E Chesnut Jr Bypass, Centre, AL 35960						Real Estate						Term Loan						Prime plus 2.75%						9/30/2046						69.4						69.4						78.3						0.03		%
Great II, LLC			(#,^)			4390 Commerce Circle, Idaho Falls, ID 83401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2046						212.4						212.4						239.8						0.08		%

190

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Champion's Florida LLC & Market Vision Holdings, LLC			(#,^)			1360 NW 88th Ave, Doral, FL 33172						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/30/2046						1,220.0						1,220.0						1,377.3						0.45		%
Lively's Collision, Center LLC			(#,^)			5115 Jefferson Davis Hwy, North Augusta, SC 29841						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2046						147.1						147.1						154.5						0.05		%
Tony D's Hooked, LLC (			(#)			378 Rope Ferry Rd aka Mago Point Way, Waterford, CT 06385						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2046						134.9						134.9						143.2						0.05		%
Great II, LLC			(#)			142 WA-150, Chelan, WA 98816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2031						1,026.9						1,026.9						891.4						0.29		%
WALKING URGENT CARE, INC			(#,^)			10308 W Sample Rd, Coral Springs, FL 33065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/30/2031						64.8						64.8						57.6						0.02		%
Faxon Enterprises Inc			(#,^)			3107 Nichols Ave, Bay City, TX 78259						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/30/2046						1,034.2						1,034.2						1,067.8						0.35		%
Coast 2 Coast Restoration LLC,Coast 2 Coast Real Estate LLC &Coast 2			(#,^)			3505 Veterans Memorial Hwy, Ronkonkoma, NY 11779						Construction of Buildings						Term Loan						Prime plus 2.75%						9/30/2046						377.3						377.3						419.1						0.14		%
Timothy A Chapamn dba Tim's Auto Tech			(#,^)			62 North Canal St., Oxford, NY 13830						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/30/2031						15.3						15.3						16.0						0.01		%
OSSA LLC			(#,^)			300 Iberia St., Youngsville, LA 70503						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/30/2031						79.2						79.2						80.3						0.03		%
Garage Floor Coating of MN.com, LLC			(#,^)			6701 W 23rd St, Minneapolis, MN 55426						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/30/2031						66.8						66.8						57.4						0.02		%
Aitheras Aviation Group, LLC, a Florida Liimited Liability Company & A			(#,^)			2301 N Marginal Rd, Cleveland, OH 44114						Air Transportation						Term Loan						Prime plus 2.75%						9/30/2031						74.3						74.3						64.5						0.02		%
Motion Physical Medicine & Wellness, PLLC			(#,^)			13100 Wortham Center Dr, Houston, TX 77065						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2031						14.4						14.4						12.5						—		%
Pueblo Canyon, LLC, Matthew Benjamin Allen and Elizabeth Kelly Allen			(#,^)			199 SAN ILDEFONSO Rd, LOS ALAMOS, NM 87544						Accommodation						Term Loan						Prime plus 2.75%						9/29/2046						102.2						102.2						108.0						0.03		%
Nidal Radwan, M.D., P.A			(#,^)			18100 N.E. 19th Ave, North Miami Beach, FL 33162						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/29/2031						81.9						81.9						73.2						0.02		%
Daring Business Strategies Inc.			(#,^)			600 Front St., Lynden, WA 98264						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/29/2031						34.7						34.7						29.7						0.01		%
TRI-COUNTY SERVICES, INC. and Andrew M Chehata			(#,^)			4900 SW 51st St., Davie, FL 33314						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/29/2031						335.2						335.2						287.4						0.09		%
Agerton Timber LLC and Agerton Transportation, LLC			(#,^)			3166 Aurelle Rd, Strong, AR 71765						Forestry and Logging						Term Loan						Prime plus 2.75%						9/29/2031						29.0						29.0						26.4						0.01		%
Norma Skin Care and SPA LLC			(#,^)			3364 Coral Way, Miami, FL 33145						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/29/2031						13.9						13.9						11.9						—		%
Chris Landscaping Inc dba New England Tree Co.			(#,^)			1139 Washington St., Stoughton, MA 02072						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/29/2031						78.2						78.2						69.5						0.02		%
Jafar and Jamal, Inc dba Foodland ; IMAD Corporation			(#)			11 Highland Ave, Malden, MA 02148						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/29/2032						19.7						19.7						17.5						0.01		%
Prestige Products of Central Florida, Inc dba Milcarsky's Appliances			(#,^)			1180 Emma Oaks Trail, Lake Mary, FL 32746						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						9/29/2031						247.5						247.5						212.2						0.07		%

191

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 of Livernois Inc			(#)			17149 Livernois, Detroit, MI 48221						Telecommunications						Term Loan						Prime plus 2.75%						1/29/2047						202.5						202.5						215.0						0.07		%
Group Vertical, LLC dba Group Vertical			(#,^)			678 Front Ave Northwest, Grand Rapids, MI 49504						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/29/2031						177.8						177.8						152.5						0.05		%
Creche N Crew, LLC			(#,^)			3185 West Ward Rd, Dunkirk, MD 20754						Social Assistance						Term Loan						Prime plus 2.75%						9/29/2046						257.1						257.1						290.3						0.09		%
SoCal Propane LLC			(#,^)			220 N San Jacinto St, Hemet, CA 92543						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/29/2046						302.1						302.1						341.0						0.11		%
NMFM Consulting, LLC			(#,^)			3636 Lake Ave, Wilmette, IL 60091						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/29/2046						267.1						267.1						280.7						0.09		%
JRBA Inc dba Bulger True Value			(#,^)			1185 W Santa Fe St, Olathe, KS 66061						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						9/28/2031						25.5						25.5						21.8						0.01		%
Cj Real Estate Partners LLC			(#)			1800 E Palm Ave, Tampa, FL 33605						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2047						230.9						230.9						254.8						0.08		%
Art Food Attitude Inc. dba Bamboo Leaf Thai Eatery			(#,^)			724 Main St., Bradley Beach, NJ 07720						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/28/2031						25.7						25.7						22.2						0.01		%
Catching Fish LLC dba Man Overboard Bait and Tackle			(#,^)			1825 S. Patrick Dr, Ste B, Harbour Beach, FL 32937						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						9/28/2031						5.3						5.3						4.6						—		%
Teaghlach Firearms LLC dba TFirearms			(#,^)			117 S. Main St., Altus, OK 73526						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2031						2.8						2.8						2.4						—		%
LuLu Kingdom LLC			(#,^)			18 S. 20th St., Philadelphia, PA 19103						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2032						15.5						15.5						14.1						—		%
Strong Tower 10933, Inc.			(#,^)			15530 NW US Hwy 441, Alachua, FL 32615						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2031						8.2						8.2						7.0						—		%
Coast to Coast Auto Sales Incorporated			(#,^)			9200 E 131 St St., Fishers, IN 46038						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/27/2031						148.5						148.5						127.1						0.04		%
C.D.A. Serviceability Trust Inc (Co-Borrower)			(#)			4501 6th Ave, Tacoma, WA 98406						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2046						69.2						69.2						78.0						0.03		%
Coast to Coast Carmel Corporation dba Coast To Coast Collection			(#,^)			9450 N Aronson Rd, Indianapolis, IN 46240						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/27/2031						302.0						302.0						259.7						0.08		%
Momentum Metal Finishing Inc.			(#,^)			1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/27/2046						1,057.4						1,057.4						1,179.5						0.38		%
Daisi Inc.			(#,^)			10300 West Charleston Blvd, Las Vegas, NV 89135						Data Processing, Hosting, and Related Services						Term Loan						Prime plus 2.75%						9/27/2031						108.9						108.9						93.2						0.03		%
Michael Risoldi's Auto Repair Inc.			(#,^)			1435 Woodlane Rd, Eastampton, NJ 08060						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2031						125.3						125.3						129.0						0.04		%
D&M Properties, LLC			(#,^)			2600 Coon Rapids Blvd Nortwest, Coon Rapids, MN 55433						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2031						25.3						25.3						21.7						0.01		%
Rightworks Staffing Inc.			(#,^)			1201 Kenwood Ave, Austin, TX 78704						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						148.5						148.5						127.1						0.04		%
Ben Anderson 365			(#,^)			9920 Research Dr, Irvine, CA 93108						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/24/2031						49.5						49.5						42.4						0.01		%
Gateway Auto Service and Collision #2 Inc			(#,^)			1205 South 8th Ave, Maywood, IL 60153						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2046						29.7						29.7						33.6						0.01		%

192

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

3-2-1 Go LLC dba Burgerz and Ballz			(#,^)			868 Fulda Ave NW, Palm Bay, FL 32907						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/24/2031						5.3						5.3						4.8						—		%
Taurus Legacy, LLC dba Papas Diner			(#,^)			626 FL-50, Clermont, FL 34711						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/24/2031						9.4						9.4						8.0						—		%
Mag Auto Group Inc dba MAG Motor Company			(#,^)			1890 North Main St., Walnut Creek, CA 94596						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/24/2031						218.8						218.8						187.3						0.06		%
Great Dog Products for Great People LLC dba Royal Frenchel			(#,^)			13207 Squawwood Lane SE, Rainier, WA 98576						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						9/24/2031						12.4						12.4						11.0						—		%
Forays, Ltd dba Northern Comfort			(#,^)			2800 N. Lagoon Dr, Wasilla, AK 99654						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						9/24/2046						172.4						172.4						186.6						0.06		%
RightTalents LLC			(#)			639 Passaic Ave, Nutley, NJ 07110						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						9.9						9.9						8.5						—		%
Teach 2 Teach Music Lessons, LLC			(#)			184 Marshall Hill Rd, West Milford, NJ 07480						Educational Services						Term Loan						Prime plus 2.75%						9/24/2031						10.4						10.4						8.9						—		%
Black Market Restaurant Group Inc. dba Black Market Meal Prep			(#)			29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/24/2032						29.5						29.5						26.1						0.01		%
USA Security Services Corporation			(#)			844 Hebron Ave, Glastonbury, CT 06033						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/24/2031						99.0						99.0						84.7						0.03		%
Vincent Remodeling, LLC			(#,^)			4667 Riverbend RdTrussville, Trussville, AL 35173						Construction of Buildings						Term Loan						Prime plus 2.75%						9/23/2031						14.9						14.9						12.7						—		%
Quinn da Matta Productions LLC			(#,^)			2155 Outpost Dr, Los Angeles, CA 90068						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						9/23/2031						4.2						4.2						3.6						—		%
MDJ Chiropractic PC			(#,^)			18009 Jamaica Ave, Jamaica, NY 11432						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/22/2031						5.0						5.0						4.2						—		%
Udder Free Only, LLC			(#,^)			3603 Vinton Ave Unit 205, Los Angeles, CA 90034						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2031						17.8						17.8						15.8						0.01		%
Oui Pastry LLC			(#,^)			1905 Scenic Hwy N #10000b, Snellville, GA 30078						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/17/2031						5.0						5.0						4.2						—		%
Phillips Diesel Service LLC			(#,^)			4150 S 32nd St W, Muskogee, OK 74401						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2046						30.5						30.5						32.4						0.01		%
Goode Tax and Resolution, LLC			(#,^)			2527 Standifer Place, Lanham, MD 20706						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/17/2031						3.2						3.2						2.7						—		%
Preston E. Jones dba Tiny Homer			(#,^)			62361 Mary Miller Ave, Homer, AK 99603						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/17/2031						5.4						5.4						5.8						—		%
Hurricane Beauty LLC			(#)			1110 vandon loop, Berlin, NJ 08009						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/17/2031						9.9						9.9						8.5						—		%
Radiator Fans Unlimited LLC and Gros Holdings Unlimited, Inc			(#,^)			6179 Alameda Ave, El Paso, TX 79905						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2031						53.2						53.2						46.3						0.01		%
Radiator Fans Unlimited LLC and Gros Holdings Unlimited Inc			(#,^)			6179 Alameda Ave, El Paso, TX 79905						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2046						44.8						44.8						49.7						0.02		%

193

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

For The Love Athletics LLC			(#,^)			225 N Downing St, Davidson, Davidson, NC 28036						Educational Services						Term Loan						Prime plus 2.75%						9/14/2031						4.9						4.9						4.2						—		%
Aaron Mahoney dba Alaska Gulf Coast Expeditions			(#,^)			16347 Deerfield St,, Ninilchik, AK 99639						Scenic and Sightseeing Transportation						Term Loan						Prime plus 2.75%						9/14/2031						28.7						28.7						24.6						0.01		%
MTR Designs LLC			(#,^)			205 North 12th St., Opelika, AL 36801						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/14/2031						7.4						7.4						6.4						—		%
SkyEstate LLC dba Vango's Drive Thru			(#,^)			4000 Leap Rd, Hilliard, OH 43026						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/14/2031						30.3						30.3						25.9						0.01		%
JEMS Transportation & Logistics LLC			(#,^)			30715 Basil Trace Dr, Spring, TX 77386						Truck Transportation						Term Loan						Prime plus 2.75%						9/14/2031						14.9						14.9						12.7						—		%
R & S Chroniger Enterprises, LLC			(#,^)			1681 Beech Ln, Hanover, PA 17331						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/14/2031						17.7						17.7						15.2						—		%
Touch of Therapy Massage, LLC			(#,^)			8510 Warner Rd, Ste 300, Plain City, OH 43064						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/13/2031						14.9						14.9						15.7						0.01		%
Dennis Hair Studio Inc			(#)			1566 Union Turnpike, New Hyde Park, NY 11040						Personal and Laundry Services						Term Loan						Prime plus 6.5%						9/13/2031						6.2						6.2						6.2						—		%
Amado Trader LLC dba Amado Games LLC			(#,^)			5545 Bulls Bay D, Virginia Beach, VA 23462						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/13/2031						4.5						4.5						3.8						—		%
MattCole Construction and Roofing, LLC			(#,^)			2529 Boxford Lane, Cordova, TN 38016						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/13/2031						54.5						54.5						49.6						0.02		%
O&O Welding Zone Corp			(#,^)			2100 4th St., Orlando, FL 32824						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/13/2046						48.0						48.0						52.8						0.02		%
Octopus Records LLC			(#,^)			72-05 72nd Place, 2B, Glendale, NY 11385						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/13/2031						4.5						4.5						3.9						—		%
Panditos LLC dba White Lotus Home			(#)			745 Joyce Kilmer Ave, New Brunswick, NJ 08901						General Merchandise Stores						Term Loan						Prime plus 2.75%						9/10/2031						19.8						19.8						16.9						0.01		%
Essex Trade, Inc.dba Artesano's			(#,^)			33 Bearskin Neck, Rockport, MA 01966						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/10/2031						6.1						6.1						5.3						—		%
Tri T. Le dba AN Company			(#,^)			1431 Amro Way, South El Monte, CA 91733						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						9/10/2031						15.6						15.6						14.4						—		%
Trash Can Rescue LLC			(#,^)			1096 Nast Chapel Rd, Martinsville, IN 46151						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/10/2031						18.7						18.7						17.3						0.01		%
Kyle Keiper LLC			(#,^)			3408 Spring St #1, Pompano Beach, FL 33062						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/10/2031						12.0						12.0						11.3						—		%
Remsund Group Inc dba Remsund Group			(#,^)			6581 Westland Dr, Brownsburg, IN 46112						Couriers and Messengers						Term Loan						Prime plus 2.75%						9/10/2031						54.5						54.5						46.6						0.02		%
B & W Towing, LLC			(#)			701 Addison Rd, Painted Post, NY 14870						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/9/2047						71.9						71.9						80.1						0.03		%
Queen Oxygen Co. dba Quest Cylinder Co.			(#,^)			239 Lafayette St., London, OH 43140						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/9/2031						44.9						44.9						43.6						0.01		%
Y & C Company INC dba Miji-Mura Hibachi & Sushi			(#,^)			1850 N University Dr,, Coral Springs, FL 33071						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/9/2046						246.7						246.7						278.5						0.09		%
Alaska Industrial Paint, LLC dba Alaska Fleet and Collision Specialist			(#)			1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/8/2032						21.5						21.5						22.8						0.01		%
Le Bajec Le LLC			(#,^)			810 N Alamo St,, San Antonio, TX 78215						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/8/2046						79.4						79.4						85.8						0.03		%

194

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Grand Portage LLC			(#,^)			3306 Chelsea Cir, Ann Arbor, MI 48108						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/7/2031						33.1						33.1						28.3						0.01		%
Sassy Sista's Boutique LLC			(#,^)			851 W. State Rd 436 Ste. 1005, Altamonte Springs, FL 32714						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						9/7/2031						6.4						6.4						5.5						—		%
Almina Concept, Inc.			(#,^)			5042 Willshire Blvd., Los Angeles, CA 90036						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/7/2031						2.5						2.5						2.1						—		%
Oak North LLC, & Constantinos Constantinou			(#,^)			94 Union St., Vernon, CT 06066						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/7/2031						51.5						51.5						54.4						0.02		%
XL Auto Group LLC dba Autos Wholesale			(#,^)			28900 Mission Blvd, Hayward, CA 94544						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						9/3/2031						18.3						18.3						15.7						0.01		%
JD Hunt Custom Homes Incorporated dba JD Hunt Construction			(#,^)			5515 Parkcrest Dr, Austin, TX 78731						Construction of Buildings						Term Loan						Prime plus 2.75%						9/3/2031						906.9						906.9						776.2						0.25		%
4 Points Towing & Roadside Service LLC			(#,^)			5425 Willow Grove Rd, Camden Wyoming, DE 19934						Support Activities for Transportation						Term Loan						Prime plus 2.75%						9/2/2031						34.7						34.7						31.7						0.01		%
RGV Poke LLC dba Pokeworks			(#)			5401 North 10 St. Unit 126, McAllen, TX 78504						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/2/2032						13.7						13.7						12.4						—		%
Sheryl's Candy Apple Creations, LLC			(#,^)			131 Piney Green Rd, Ste 300, Jacksonville, NC 28546						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/2/2031						6.0						6.0						5.4						—		%
331 Foley Sound Inc			(#,^)			19355 Business Center Dr, Unit #9, Northridge, CA 91324						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						1/2/2032						25.0						25.0						21.6						0.01		%
Kenbenco, Inc.dba Benson Steel Fabricators			(#,^)			437 Route 212, Saugerties, NY 12477						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/31/2031						161.1						161.1						158.2						0.05		%
paws Boarding LLC dba paws DayCamp and Boarding			(#,^)			2449 Breanna Way, Little Elm, TX 75068						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/31/2031						2.7						2.7						2.3						—		%
Tactical Integrated Systems Inc dba Techy			(#,^)			2501 Citrus Blvd, Leesburg, FL 34748						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/31/2031						17.7						17.7						15.2						—		%
Big Heart LLC dba Chick'n Cone			(#)			1158 W San Marcos Blvd, San Marcos, CA 92078						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2031						23.3						23.3						20.4						0.01		%
Rosy Rings, Inc			(#,^)			2400 Industrial Lane, Ste 700, Broomfield, CO 80020						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						8/31/2031						164.1						164.1						140.5						0.05		%
IT Quality Solutions, Inc			(#,^)			6522 Creekview Circle, Duluth, GA 30097						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/31/2031						7.9						7.9						6.7						—		%
JeanAnn Schwark, MS, FNP-C PLLC dba Serenity Women's Care			(#,^)			10615 N Hayden Rd C100, Scottsdale, AZ 85260						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/31/2031						163.3						163.3						146.2						0.05		%
RM Interiors Inc.dba House of Moseley			(#,^)			8200 Stockdale HWY D-6, Bakersfield, CA 93311						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/31/2031						29.5						29.5						25.3						0.01		%
Shrijee LLC dba Econo Lodge			(#)			908 Washington St., Manitowoc, WI 54220						Accommodation						Term Loan						Prime plus 2.75%						12/31/2046						119.2						119.2						134.5						0.04		%
Cadena Co.			(#,^)			2133 Southend Dr. #301, Charlotte, NC 28213						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/31/2031						10.4						10.4						8.9						—		%
K's Salon 1 LLC dba Gerard Anthony Salon			(#)			580 Amsterdam Ave, New York, NY 10024						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/30/2031						22.0						22.0						18.8						0.01		%

195

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Kadence Consulting Inc			(#,^)			13315 Bishops Ct, Roswell, GA 30075						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/30/2031						18.3						18.3						15.7						0.01		%
Angela Barbara			(#,^)			51 Bennington Square, Hackettstown, NJ 07840						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/30/2046						24.5						24.5						26.8						0.01		%
25 Dials LLC			(#,^)			875 North High St., Ste 300, Columbus, OH 43215						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2031						9.3						9.3						9.8						—		%
Willow Falls Venue LLC			(#,^)			23122 S North Carolina Hwy 109, Denton, NC 27239						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/27/2046						20.7						20.7						22.6						0.01		%
Downtown Dance Academy Limited Liability Company			(#,^)			1204 Hooper Ave, Toms River, NJ 08753						Educational Services						Term Loan						Prime plus 2.75%						8/27/2031						5.4						5.4						4.6						—		%
Debut Solutions LLC			(#,^)			2000 Frankfort St, Laredo, TX 78040						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2031						271.3						271.3						237.3						0.08		%
3D Printed Tabletop, LLC			(#,^)			2870 Sonata Court, St. Cloud, FL 34772						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						8/27/2031						3.0						3.0						2.5						—		%
7 BRANCHES CORPORATION dba Nikos			(#,^)			410 Pearl St., Lake Wales, FL 33853						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/27/2031						7.1						7.1						6.1						—		%
DebutSolutions, LLC dba Emerald Pacific Resources			(#,^)			2000 Frankfurt St., Laredo, TX 78040						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/27/2046						64.5						64.5						70.5						0.02		%
Hair and Beauty Market Place, LLC dba LAOR			(#)			7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						5/26/2047						171.8						171.8						194.0						0.06		%
Island Kaii & Company dba Island Kaii			(#,^)			20140 Livemois, Detroit, MI 48221						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/26/2031						7.4						7.4						7.5						—		%
Tapuya Brands Corporation			(#,^)			23 Leroy St., New York, NY 10014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/26/2031						65.9						65.9						56.4						0.02		%
HHD Aviation, LLC dba Great Milwaukee Training and Testing Center			(#,^)			2820 Bobmeyer Rd, Hanger C-7, Hamilton, OH 45015						Real Estate						Term Loan						Prime plus 2.75%						8/26/2046						46.6						46.6						52.6						0.02		%
Gralyn Fabrication & Machining LLC			(#,^)			1119 Bluff Ridge Rd, Waynesburg, PA 15370						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						8/25/2031						8.9						8.9						7.6						—		%
Christopher John Looney Agency Inc.			(#,^)			426 South Atlanta St., Unit 110, Roswell, GA 30075						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/25/2031						2.7						2.7						2.3						—		%
Premiere Inc			(#,^)			615 N Landry Dr, New Iberia, LA 70563						Support Activities for Mining						Term Loan						Prime plus 2.75%						8/25/2031						383.7						383.7						405.2						0.13		%
Trinity Lumber and Building Supply, Inc			(#,^)			1231 East Cypress Ave, Redding, CA 96002						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						8/25/2046						69.9						69.9						77.4						0.03		%
Swick & Son Enterprises, Inc			(#,^)			108 Mashell Ave North, Eatonville, WA 98328						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/25/2031						17.7						17.7						15.3						—		%
Tiny's Gumbo Bar NYC LLC			(#)			275 Church St., New York, NY 10013						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/25/2032						36.3						36.3						32.1						0.01		%
Force3 Enterprises, LLLP			(#,^)			240 Hathway Dr, Stratford, CT 06615						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/25/2046						195.3						195.3						212.0						0.07		%
MA Allen LLC dba Premier Martial Arts			(#)			380 East Bethany Dr, Allen, TX 75002						Educational Services						Term Loan						Prime plus 2.75%						3/25/2031						9.3						9.3						7.9						—		%
CJNR LLC dba Parkhurst Motel			(#,^)			208 East Main St., Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/24/2046						39.9						39.9						45.1						0.01		%

196

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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%						8/20/2031						9.8						9.8						8.4						—		%
PCH Ventures, LLC dba Chop Stop			(#,^)			18515 Brookhurst St., Fountain valley, CA 92618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/20/2031						40.0						40.0						42.1						0.01		%
Power Enterprise LLC			(#,^)			119 East 710 South Circle, Ivins, UT 84738						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/20/2031						3.1						3.1						2.7						—		%
The Jar Circle, Inc dba Frida's Mexican Grill			(#)			3545 Merrick Rd, Seaford, NY 11783						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2031						13.9						13.9						12.1						—		%
Dallas MTV, LLC			(#,^)			2911 Turtle Creek Blvd, Ste 300, Dallas, TX 75219						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/20/2031						18.4						18.4						15.7						0.01		%
Royal Home Care and Staffing LLC			(#,^)			453 Oakton Rd, Odenton, MD 21113						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/20/2031						31.8						31.8						33.6						0.01		%
Kiwi Vision, LLC			(#,^)			27518 Portsmouth Ave, Hayward, CA 94545						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						8/19/2031						9.8						9.8						8.4						—		%
Elizabeth K. Little and dba Mrs. Little's Tea and Toys			(#,^)			108 North Davis St., Hamilton, MO 64644						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/19/2031						2.7						2.7						2.8						—		%
Vida Meat Company LLC			(#,^)			1370 West Cheyenne Ave, North Las Vegas, NV 89030						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/19/2031						46.7						46.7						43.7						0.01		%
Derheim, Inc dba My Aquatic Services			(#,^)			601 Main Ave.W, West Fargo, ND 58078						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/19/2046						162.7						162.7						170.4						0.06		%
Luxury Tree Services LLC			(#,^)			5925 SW 69th St., Miami, FL 33413						Forestry and Logging						Term Loan						Prime plus 2.75%						8/18/2031						98.3						98.3						84.8						0.03		%
Glorious Training Group Inc dba F45 Training Murabella			(#,^)			185 Murabella Pkwy, St. Augustine, FL 32092						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						8/18/2031						14.8						14.8						13.4						—		%
Cezary A. Lapa dba Globe Polska Ksiazka			(#,^)			5747 West Irving Park Rd, Chicago, IL 60634						Sporting Goods, Hobby, Musical Instrument, and Book Stores						Term Loan						Prime plus 2.75%						8/17/2031						6.9						6.9						5.9						—		%
Hartwood Inn			(#,^)			1312 GILBERT ST, CHARLES CITY, IA 50616						Accommodation						Term Loan						Prime plus 2.75%						8/17/2046						39.9						39.9						45.1						0.01		%
Transatlantic Translations Company, LLC			(#,^)			411 Theodore Fremd Ave, Rye, NY 10580						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/16/2031						24.6						24.6						21.1						0.01		%
Revive Aesthetics & Wellness, LLC			(#,^)			175 Main St., East Greenwich, RI 02818						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/13/2031						27.1						27.1						24.1						0.01		%
DTT ENTERPRISES, LLC			(#,^)			6565 Austin Hope Ave, Las Vegas, NV 89118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/13/2031						34.4						34.4						29.5						0.01		%
Baite Auto Sales LLC			(#,^)			2865 Suwanee Rd, Columbus, OH 43224						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/13/2046						11.5						11.5						13.0						—		%
Montauk Donut Group, Inc dba Dunkin Donuts			(#)			1669 Montauk Hwy, Bellport, NY 11713						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2031						81.8						81.8						86.2						0.03		%
Bird's Nest Florist & Gifts, LLC			(#,^)			549-E College Park Rd, Ladson, SC 29456						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						8/12/2031						5.8						5.8						5.0						—		%
Game Time Vending, LLC			(#,^)			10105 Amberwood Rd Stes #1 and #5, Fort Myers, FL 33913						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/11/2031						1,229.0						1,229.0						1,142.3						0.37		%
Lovely Moments Iowa Photography, LLC			(#,^)			313 South Logan St., Roland, IA 50236						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/11/2031						3.0						3.0						2.5						—		%

197

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

KBO Investment and Sterling HTS KBO Investments LLC			(#,^)			748 West Big Beaver Rd, Troy, MI 48084						Personal and Laundry Services						Term Loan						Prime plus 2.75%						8/10/2031						45.3						45.3						39.5						0.01		%
C4 Technologies Inc.			(#)			171 C Ave, Ste C, Coronado, CA 92118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/6/2031						6.2						6.2						6.1						—		%
The Hiccup Inc			(#,^)			158 Humphrey St., Swampscott, MA 01907						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						8/6/2031						20.4						20.4						17.4						0.01		%
Dara, Inc.			(#,^)			29 Old Planters Rd, Beverly, MA 01915						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/5/2031						32.5						32.5						27.8						0.01		%
Ronald L. McFarlain dba Cajun Connection			(#,^)			2958 IL-178, North Utica, IL 61373						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						8/5/2046						33.4						33.4						36.2						0.01		%
C&J General Engineering			(#,^)			3060 Thorntree Dr #10, Chico, CA 95973						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/4/2046						27.4						27.4						26.6						0.01		%
P.O.P Enterprises LLC			(#,^)			860 Constellation Dr, Decatur, GA 30033						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/3/2031						4.4						4.4						3.8						—		%
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%						7/30/2031						19.3						19.3						16.5						0.01		%
100% Permanent Inc.			(#,^)			1315 N. Larrabee St., Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/30/2046						32.8						32.8						35.5						0.01		%
Blue Water Dynamics, LLC dba Dougherty Manufacturing & Solace Boats, L			(#,^)			308 South Old County Rd, Edgewater, FL 32132						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						7/30/2046						1,153.9						1,153.9						1,302.7						0.42		%
GLH delivering services Inc and Paisley Logistics Inc			(#,^)			121 Pine Rd, Easley, SC 29642						Couriers and Messengers						Term Loan						Prime plus 2.75%						7/30/2031						268.9						268.9						230.2						0.07		%
Patriot Services Group Inc			(#,^)			108 Phillips Circle, Columbiana, AL 35051						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/30/2031						22.0						22.0						18.8						0.01		%
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%						12/30/2031						19.5						19.5						20.6						0.01		%
Kings Autoshow Inc and Grand Auto Group LLC			(#,^)			5815 Church Ave, Brooklyn, NY 11203						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						7/30/2031						113.5						113.5						99.7						0.03		%
Melissa S. Scharf			(#,^)			14313 Califa St., Sherman Oaks, CA 91401						Social Assistance						Term Loan						Prime plus 2.75%						7/30/2031						8.8						8.8						7.5						—		%
The Travel Society LLC;Religious Travel International LLC			(#,^)			650 S Cherry St., Denver, CO 80246						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/30/2031						85.0						85.0						72.8						0.02		%
AA Power Equipment, Inc			(#,^)			999 Mansell Rd, Ste B, C, & D, Roswell, GA 30076						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/30/2031						78.0						78.0						66.8						0.02		%
Charles P Carpenter dba All-Ways Pumping			(#,^)			5701 Beckford Ave, Tarzana, CA 91356						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/30/2031						109.6						109.6						107.8						0.03		%
CIRLABS, INC,Outcome Driven Innovation and Spracht Inc			(#,^)			974 Commercial St., Palo Alto, CA 94043						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/30/2031						50.7						50.7						43.4						0.01		%
Global Packaging Solutions, Inc			(#,^)			6259 Progressive Ave, San Diego, CA 92154						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						7/29/2031						219.4						219.4						195.0						0.06		%
GN Enterprises LLC			(#,^)			4507 SE Ramona St., Portland, OR 97206						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						7/29/2046						85.0						85.0						93.6						0.03		%

198

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Kamboj Investments Inc dba Chicago's Pizza with Twist			(#)			1156 South Main St., Manteca, CA 95337						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/29/2031						15.0						15.0						13.0						—		%
On Spot Techs Ltd dba Wi-Fi Surveyors			(#,^)			4732 Dixie Dr South, Dayton, OH 45439						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2046						17.0						17.0						18.2						0.01		%
Karson A Schepp			(#,^)			8715 Hwy 14, Kramer, ND 58748						Crop Production						Term Loan						Prime plus 2.75%						7/29/2031						34.1						34.1						30.7						0.01		%
Rocky Mountain Concrete, Inc			(#,^)			6674 MALTESE LN A, Bozeman, MT 59718						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/29/2031						244.2						244.2						226.2						0.07		%
Tiny Tots Kingdom Inc			(#,^)			4961 N Dixie Hwy Stes 2-6, Oakland Park, FL 33334						Social Assistance						Term Loan						Prime plus 2.75%						7/29/2031						19.5						19.5						16.7						0.01		%
Cherich Enterprises dba Yogasix Pasadena			(#,^)			277 W Green St. Ste 110, Pasadena, CA 91105						Educational Services						Term Loan						Prime plus 2.75%						10/29/2031						52.0						52.0						45.0						0.01		%
Dream Splash International LLC			(#,^)			650 S Cherry St., Denver, CO 80246						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/29/2031						82.9						82.9						71.2						0.02		%
Travis Construction Company, LLC			(#,^)			11258 Bayou Bernard Rd, Gulfport, MS 39503						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/28/2031						29.3						29.3						25.9						0.01		%
Five Rivers 1938 Enterprises, Inc dba The Hummus Republic			(#)			3032 W Jack London Blvd, Livermore, CA 94551						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2032						19.4						19.4						17.2						0.01		%
Clinically Speaking, LLC			(#,^)			207 N Davies Rd, Lake Stevens, WA 98258						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/27/2031						351.1						351.1						300.5						0.10		%
WLG Inc			(#,^)			6257 West Ave J9, Lancaster, CA 93536						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						7/27/2046						180.9						180.9						193.1						0.06		%
Jaime Gervasi & Associates LLC			(#,^)			3243 Eastern Ave, Baltimore, MD 21224						Real Estate						Term Loan						Prime plus 2.75%						7/27/2031						15.1						15.1						13.7						—		%
K Wallace, LLC dba Fit Learning Columbus			(#,^)			6631 Commerce Pkwy Ste G, Dublin, OH 43085						Educational Services						Term Loan						Prime plus 2.75%						7/26/2031						3.3						3.3						2.9						—		%
Tarun LLC, dba Signature Wine & Liquor			(#)			325 South Limestone, Lexington, KY 40508						Food and Beverage Stores						Term Loan						Prime plus 6.5%						7/23/2031						6.1						6.1						6.1						—		%
Mattress and Rug outlet LLC			(#,^)			1818 State St., Schenectady, NY 12304						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						7/23/2031						58.5						58.5						60.8						0.02		%
Premier Tech Security, LLC			(#,^)			1616 Westgate Circle, Ste 111, Brentwood, TN 37027						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/23/2031						16.7						16.7						14.3						—		%
GSK Industries Inc dba Quality One Pool Management			(#,^)			3217 W Tompkins Ave, Las Vegas, NV 89103						Administrative and Support Services						Term Loan						Prime plus 2.75%						7/23/2031						14.6						14.6						12.5						—		%
52 Tran, LLC			(#,^)			773 South MacArthur Blvd, Ste 205, Coppell, TX 75019						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/23/2031						17.2						17.2						14.7						—		%
L.A. Crescent LLC dba Aamco Car Care Center			(#,^)			1010 East 6th Ave, Stillwater, OK 74074						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/23/2031						29.3						29.3						25.8						0.01		%
Big Brand Management Ltd. Co.			(#,^)			512 East 11th St., Houston, TX 77008						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						7/23/2046						79.8						79.8						90.1						0.03		%
Delbello Enterprises LLC dba Il Portico			(#,^)			273 West Route 130 South, Burlington, NJ 08016						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/23/2031						47.6						47.6						50.3						0.02		%
All Regional Recyclers of Wood LLC and Superior Carting & Waste System			(#,^)			104 Wooster St., Bethel, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						7/22/2031						53.5						53.5						50.4						0.02		%

199

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Ever Prosperous Realty Inc			(#,^)			430 S Chandler Ave, Monterey Park, CA 91754						Real Estate						Term Loan						Prime plus 2.75%						7/22/2031						14.3						14.3						12.2						—		%
Basha Home Improvement LLC			(#)			41 Van Houten Ave, Jersey City, NJ 07305						Construction of Buildings						Term Loan						Prime plus 6.5%						7/21/2031						2.5						2.5						2.5						—		%
TDI Global Solutions Inc			(#,^)			1 Riverfront Plaza, Ste 12, Lawrence, KS 66044						Paper Manufacturing						Term Loan						Prime plus 2.75%						7/21/2031						195.0						195.0						174.5						0.06		%
Profit Stewards LLC dba AAMCO Transmissions of Phoenixville			(#,^)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/21/2031						5.2						5.2						4.5						—		%
Jeragardens Wedding Rentals LLC,			(#)			5842 South 1150 West, Ogden, UT 84405						Rental and Leasing Services						Term Loan						Prime plus 6.5%						7/20/2031						6.1						6.1						6.1						—		%
Sparta Athletic Campus, LLC			(#,^)			115 Sparta Ave, Sparta, NJ 07871						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/20/2046						212.9						212.9						240.4						0.08		%
110 Enterprises, LLC dba Boomerang Bar and Grill			(#,^)			110 Limekiln Rd, Unit 2, New Cumberland, PA 17070						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/20/2046						275.6						275.6						306.8						0.10		%
Ecos Consulting, LLC			(#,^)			1519 Roller Rd, Ocean Township, NJ 07712						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/20/2031						19.9						19.9						17.1						0.01		%
K-M-P Auto Group LLC			(#,^)			1788 Austin Hwy, San Antonio, TX 78218						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						7/19/2046						32.1						32.1						36.0						0.01		%
Colorado Travel Solutions LLC			(#,^)			2895 Queen St, Colorado Springs, CO 80904						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						7/16/2031						66.7						66.7						57.1						0.02		%
Monarch Construction and Roofing LLC			(#,^)			700 Corporate Circle, Golden, CO 80401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						7/16/2031						43.4						43.4						37.1						0.01		%
Rymax Electronics Inc			(#,^)			1805 5th Ave. Ste F, Bay Shore, NY 11706						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/8/2046						50.2						50.2						56.7						0.02		%
Accommodating Financial & Tax Services, LLC			(#,^)			5151 Monroe St., Toledo, OH 43623						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/8/2031						12.6						12.6						12.4						—		%
The Iron Smith LLC dba Anytime Fitness Nevada			(#,^)			1818 Fawcett Pkwy, Nevada, IA 50201						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/8/2031						28.8						28.8						24.7						0.01		%
156 W. Salon & Boutique, llc dba Shabby Shek Salon and Boutique			(#,^)			156 West Tioga St., Tunkhannock, PA 18657						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/2/2046						39.9						39.9						40.8						0.01		%
Jason M. Eberhart dba Stae Farm			(#,^)			600 Allegheny St., Jersey Shore, PA 17740						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						7/2/2046						25.6						25.6						26.5						0.01		%
Afrodisiac Enterprises LLC dba Afrodisiac Nola			(#,^)			5363 Franklin Ave, New Orleans, LA 70122						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/1/2046						29.8						29.8						32.4						0.01		%
Royal Restaurants, LLC			(#,^)			138 Griffin Rd, Ruston, LA 71270						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/30/2031						241.8						241.8						229.6						0.07		%
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						54.9						54.9						54.5						0.02		%

Craftwork Carpentry and Millwork Inc.			(#,^)			2777 S Financial Ct., Sanford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/30/2031						112.4						112.4						95.5						0.03		%
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						1,116.8						1,116.8						1,260.8						0.41		%
Zollner Enterprises, Inc			(#,^)			221 Hulls Chapel Rd, Fredericksburg, VA 22406						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						48.4						48.4						41.0						0.01		%

200

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

VILLELA CPA PLLC			(#,^)			3877 SE 5th Ave, Ocala, FL 34480						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/30/2031						14.5						14.5						12.3						—		%
Tidal Commerce Inc			(#,^)			2100 Clearwater Dr, Oak Brook, IL 60523						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/30/2031						317.3						317.3						268.4						0.09		%
Sheldon T Banks LLC			(#,^)			2340 W Carpenter Rd, Flint, MI 48505						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/30/2046						57.4						57.4						64.8						0.02		%
Holland Holdings LLC			(#,^)			1102 Blackbriar Cir Ne, Hartselle, AL 35640						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						6/30/2031						193.8						193.8						170.1						0.05		%
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						48.4						48.4						50.9						0.02		%
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						65.2						65.2						70.6						0.02		%
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						1,240.9						1,240.9						1,400.9						0.45		%
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						27.2						27.2						23.5						0.01		%
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						37.3						37.3						37.6						0.01		%
Superior Coach Interiors, Inc			(#,^)			211 Babb Dr, Lebanon, TN 37087						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						6/30/2031						370.9						370.9						389.7						0.13		%
360 Concepts Group, LLC dba Bowl 360 Astoria			(#,^)			19-45 49th St., Astoria, NY 11105						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/29/2031						113.4						113.4						95.7						0.03		%
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						28.0						28.0						24.3						0.01		%
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						141.0						141.0						159.1						0.05		%
O.P.P. Presents LLC			(#,^)			15927 Pioneer Blvd, Norwalk, CA 90650						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/29/2031						14.0						14.0						11.8						—		%
CALTEL, INC.			(#,^)			2309 Acie Ave, Conway, SC 29528						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						6/29/2031						87.6						87.6						83.3						0.03		%
Little Imaginations Learning Center Inc			(#,^)			189 toll Gate Rd,, Warwick, RI 02886						Social Assistance						Term Loan						Prime plus 2.75%						6/29/2046						113.6						113.6						118.1						0.04		%
La Favorita Radio Network			(#,^)			4043 Geer Rd, Hughson, CA 95326						Broadcasting (except Internet)						Term Loan						Prime plus 2.75%						6/29/2046						178.7						178.7						200.3						0.06		%
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						51.2						51.2						46.0						0.01		%
Troung Enterprises Inc			(#,^)			1305 SW 107th Ave, Miami, FL 33174						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/28/2031						9.7						9.7						8.2						—		%
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						691.8						691.8						607.3						0.20		%
J & J Rocket Fizz General Partnership			(#,^)			3155 Outlet Dr Space E020, Edinburgh, IN 46124						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/25/2031						14.5						14.5						12.3						—		%
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						43.6						43.6						45.7						0.01		%
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						75.8						75.8						85.6						0.03		%

201

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						183.7						183.7						198.2						0.06		%
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						539.4						539.4						568.4						0.18		%
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						28.1						28.1						23.7						0.01		%
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						48.4						48.4						41.7						0.01		%
Alpha Variance Solutions, LLC			(#,^)			48 Western Dr, Ardsley, NY 10502						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2031						72.7						72.7						62.3						0.02		%
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						52.2						52.2						58.6						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						90.2						90.2						82.0						0.03		%
Craftwork Carpentry and Millwork Inc			(#,^)			2777 S Financial Ct., Sandford, FL 32773						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/24/2046						178.7						178.7						191.2						0.06		%
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						208.3						208.3						227.6						0.07		%
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						33.9						33.9						28.7						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						48.2						48.2						48.5						0.02		%
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						49.6						49.6						54.8						0.02		%
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						20.3						20.3						17.2						0.01		%
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						50.0						50.0						52.5						0.02		%
Bluewater Laundry & Linen, llc			(#,^)			2315 Main St., Loris, SC 29569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2046						71.2						71.2						80.4						0.03		%
Vancole Investments, Inc			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/21/2031						69.2						69.2						58.4						0.02		%
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						14.5						14.5						12.3						—		%
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						45.1						45.1						42.1						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						19.7						19.7						16.7						0.01		%
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						11.2						11.2						9.9						—		%
Bluewater Laundry & Linen, LLC			(#,^)			2315 Main St., Loris, SC 29569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/21/2031						117.0						117.0						108.0						0.03		%

202

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						35.8						35.8						39.3						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						33.3						33.3						28.5						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						144.9						144.9						126.5						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						48.4						48.4						40.9						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						145.3						145.3						135.5						0.04		%
AAAK Investments LLC			(#,^)			19595 15 Mile Rd, Clinton Twp, MI 48035						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/14/2046						40.9						40.9						45.7						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						15.5						15.5						13.1						—		%
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						342.4						342.4						289.1						0.09		%
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						24.2						24.2						24.7						0.01		%
BearWaters Brewing Company			(#,^)			101 Park St., Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/11/2046						64.5						64.5						72.1						0.02		%
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						10.7						10.7						9.1						—		%
Dulceria NYC Inc			(#,^)			2220 Frederick Douglass Blvd, New York, NY 10026						Food Manufacturing						Term Loan						Prime plus 2.75%						6/10/2031						9.7						9.7						8.4						—		%
LVM Constructiion LLC			(#,^)			194 N Grove St., East Orange, NJ 07017						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/10/2031						14.5						14.5						12.5						—		%
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						19.4						19.4						20.3						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						30.0						30.0						29.8						0.01		%
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						43.6						43.6						45.0						0.01		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						6/8/2046						34.7						34.7						39.2						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						33.9						33.9						35.6						0.01		%
La Taqueria, Inc.			(#,^)			10 Greenwich Ave, Greenwich, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/3/2031						24.2						24.2						20.5						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						33.9						33.9						28.9						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						38.5						38.5						32.5						0.01		%

203

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						25.5						25.5						24.9						0.01		%
Neuline Health Management LLC			(#,^)			1402 S Custer Rd, McKinney, TX 75070						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/27/2031						77.5						77.5						65.4						0.02		%
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						4.8						4.8						4.1						—		%
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						24.1						24.1						20.3						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						185.4						185.4						192.1						0.06		%
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						46.7						46.7						41.5						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						64.5						64.5						54.5						0.02		%
MPI Automotive Corp			(#,^)			19925 Stevens Creek Blvd, Ste 100, Cupertino, CA 95014						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						5/26/2031						48.8						48.8						41.6						0.01		%
Eckles Generation Heating & Air Service, Inc			(#,^)			6000 Poplar Ave, Memphis, TN 38119						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/26/2031						13.1						13.1						11.7						—		%
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						10.9						10.9						9.2						—		%
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						26.5						26.5						22.4						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						33.7						33.7						28.4						0.01		%
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						7.2						7.2						6.1						—		%
Ecru Designs LLC			(#,^)			275 North Wyoming Ave, South Orange, NJ 07079						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/24/2031						60.6						60.6						51.2						0.02		%
Tropics LLC			(#,^)			6453 Chupp Rd, Lithonia, GA 30058						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/24/2031						10.9						10.9						9.2						—		%
LEX-MAR SERVICE INC			(#,^)			12278 NW 106th Court, Medley, FL 33178						Repair and Maintenance						Term Loan						Prime plus 2.75%						5/21/2046						19.8						19.8						21.5						0.01		%
League One Logistics, LLC			(#,^)			150 Hiram Industrial Dr, Hiram, GA 30141						Truck Transportation						Term Loan						Prime plus 2.75%						5/21/2046						74.3						74.3						81.2						0.03		%
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						20.3						20.3						22.9						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						18.3						18.3						15.4						—		%
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						22.6						22.6						23.7						0.01		%
Foreclosure Excess Proceeds, LLC			(#,^)			2415 E Camelback Rd, Ste 700, Phoenix, AZ 85016						Real Estate						Term Loan						Prime plus 2.75%						5/19/2031						33.7						33.7						28.4						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						15.2						15.2						12.9						—		%

204

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						179.7						179.7						199.2						0.06		%
Motor Messenger NYC Inc			(#,^)			81-36 Baxter Ave, Queens, NY 11373						Couriers and Messengers						Term Loan						Prime plus 2.75%						5/18/2031						169.3						169.3						149.2						0.05		%
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						14.4						14.4						12.2						—		%
Earth Analytical Sciences, Inc.			(#,^)			4825 Ward Dr, Beaumont, TX 77705						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/17/2031						91.2						91.2						82.2						0.03		%
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						24.7						24.7						20.9						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						33.7						33.7						30.4						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						18.3						18.3						15.4						—		%
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						8.2						8.2						7.0						—		%
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						6.1						6.1						5.9						—		%
Hank Thomas Performance			(#,^)			917 Dixie Club Rd, Winston-Salem, NC 27107						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/5/2031						33.7						33.7						33.5						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						89.2						89.2						99.8						0.03		%
Grover Jackson Engineering, LLC			(#,^)			1880 Campbellsville Rd, Pulaski, TN 38478						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/30/2046						53.4						53.4						57.2						0.02		%
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						13.8						13.8						11.9						—		%
NebulOS, Inc			(#,^)			5428 Twilight Way, Parker, CO 80237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2031						57.4						57.4						50.2						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						11.9						11.9						13.0						—		%
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						20.9						20.9						20.4						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						47.8						47.8						40.4						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						21.5						21.5						18.5						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						42.7						42.7						41.0						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						33.7						33.7						37.3						0.01		%
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						54.9						54.9						46.4						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						6.2						6.2						5.3						—		%

205

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Acra Cast, Inc.			(#,^)			1837 First St., Bay City, MI 48708						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						4/22/2031						20.2						20.2						19.6						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						33.5						33.5						28.9						0.01		%
Twenty Ten Agency, LLC			(#,^)			340 S Lemon Avnue, Walnut, CA 91789						Educational Services						Term Loan						Prime plus 2.75%						4/21/2031						3.8						3.8						3.2						—		%
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						16.5						16.5						14.0						—		%
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						33.5						33.5						28.3						0.01		%
Tierra Corrosion Control, Incorporated			(#,^)			1608 Schofield Lane, Farmington, NM 87401						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/16/2031						23.9						23.9						25.1						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						43.1						43.1						40.6						0.01		%
RV Solar LLC			(#)			3442 E Bulk Lane, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						6.0						6.0						5.8						—		%
Stephanie Ann Doty			(#)			82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						3.6						3.6						3.5						—		%
Lockett Trucking and Transport LLC			(#)			612 Colebridge Dr, Blacklick, OH 43004						Truck Transportation						Term Loan						Prime plus 6.5%						4/14/2031						6.0						6.0						5.8						—		%
College Economy Inc			(#,^)			679 Wedgewood Dr, Hanover Park, IL 60133						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/13/2031						33.5						33.5						28.3						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						32.5						32.5						36.7						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						103.5						103.5						113.0						0.04		%
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						157.8						157.8						137.5						0.04		%
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						44.0						44.0						42.8						0.01		%
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						101.6						101.6						107.3						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						66.7						66.7						75.3						0.02		%
Statewide Health Care, Inc			(#,^)			102 Oglethorpe Professional Court, Savannah, GA 31406						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/31/2031						58.9						58.9						50.0						0.02		%
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						109.3						109.3						110.2						0.04		%
Tober Building Company, LLC			(#,^)			3351 Brecksville Rd, Richfield, OH 44286						Construction of Buildings						Term Loan						Prime plus 2.75%						3/31/2031						610.4						610.4						534.5						0.17		%
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						91.8						91.8						96.0						0.03		%
Barrett Enterprises, LLC			(#,^)			920 N Columbia St, Milledgeville, GA 31061						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/31/2031						20.0						20.0						16.9						0.01		%

206

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						127.4						127.4						107.6						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						24.7						24.7						27.9						0.01		%
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						339.8						339.8						355.7						0.12		%
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						237.6						237.6						217.7						0.07		%
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						100.3						100.3						104.3						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%						3/31/2031						114.0						114.0						103.0						0.03		%
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						173.7						173.7						177.9						0.06		%
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						36.3						36.3						33.6						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						101.4						101.4						111.7						0.04		%
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						23.5						23.5						24.3						0.01		%
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						275.9						275.9						232.6						0.08		%
RH All Around Repair, LLC			(#,^)			2008 Coahuila Rd, Odessa, TX 79763						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/30/2046						51.2						51.2						54.2						0.02		%
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						136.4						136.4						145.5						0.05		%
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						76.1						76.1						74.2						0.02		%
QXC Communications, Inc			(#,^)			3785 North Federal Hwy, Ste 205, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						3/29/2031						99.8						99.8						88.2						0.03		%
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						1,098.3						1,098.3						993.0						0.32		%
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						199.7						199.7						168.3						0.05		%
Jason Watt Pictures, LLC			(#,^)			110 Broadway #507, Brooklyn, NY 11249						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						3/29/2031						17.6						17.6						14.8						—		%
Markell Construction Inc			(#,^)			6248 N Woodstock St., Philadelphia, PA 19138						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/29/2031						22.6						22.6						19.1						0.01		%
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						27.0						27.0						28.3						0.01		%

207

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						83.2						83.2						83.1						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						25.1						25.1						26.3						0.01		%
Diversified Electric, LLC			(#,^)			1571 Mapledale St, Ferndale, MI 48220						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/26/2031						22.9						22.9						19.3						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						14.3						14.3						13.3						—		%
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						23.8						23.8						20.0						0.01		%
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						33.6						33.6						38.0						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						18.6						18.6						15.9						0.01		%
Companion Plus Care, LLC			(#,^)			19849 Middlebelt Rd, Livonia, MI 48152						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						3/25/2046						130.6						130.6						131.8						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						91.3						91.3						95.7						0.03		%
Allan Gilbert dba Allan Gilbert Builders			(#,^)			50 Jodi Dr, Belmont, NH 03220						Construction of Buildings						Term Loan						Prime plus 2.75%						3/25/2031						23.8						23.8						20.4						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						14.1						14.1						11.9						—		%
Blasco Tire LLC			(#)			960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						6.0						6.0						5.8						—		%
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						171.3						171.3						146.9						0.05		%
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						33.3						33.3						32.3						0.01		%
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						10.0						10.0						8.6						—		%
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						83.3						83.3						82.9						0.03		%
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						140.1						140.1						121.4						0.04		%
Sundown Audio, LLC			(#,^)			514 W 21st St., Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/24/2031						95.2						95.2						80.5						0.03		%
S.B. Southern Welding, L.L.C			(#,^)			300 Howard Rd, Waxahachie, TX 75165						Machinery Manufacturing						Term Loan						Prime plus 2.75%						3/23/2031						268.0						268.0						235.3						0.08		%
Spartan Technology Solutions, Inc.			(#,^)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/22/2031						47.6						47.6						40.1						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						147.8						147.8						126.6						0.04		%
Tripark LLC			(#,^)			12630 Haynes Rd, Houston, TX 77066						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/19/2046						148.6						148.6						153.5						0.05		%

208

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						148.6						148.6						158.5						0.05		%
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						85.7						85.7						72.4						0.02		%
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						309.5						309.5						264.3						0.09		%
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						14.3						14.3						12.0						—		%
David Edwin Harries			(#,^)			5506 Riverside Dr, Chino, CA 91710						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						3/19/2031						14.3						14.3						12.0						—		%
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						47.6						47.6						40.2						0.01		%
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						30.5						30.5						27.3						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						119.1						119.1						116.2						0.04		%
WSCL, Inc			(#,^)			176 Rosa Court, Colton, CA 92324						Construction of Buildings						Term Loan						Prime plus 2.75%						3/18/2031						48.3						48.3						40.7						0.01		%
Northern Services Inc			(#,^)			2266 Central St., Ste6, Richmond, CA 94801						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/18/2031						47.6						47.6						40.1						0.01		%
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						318.9						318.9						268.8						0.09		%
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						14.3						14.3						13.1						—		%
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						54.7						54.7						51.0						0.02		%
EXAGEN SOLUTIONS INC			(#,^)			32 Waverly Cir, Waverly, NY 12189						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/16/2031						50.5						50.5						42.6						0.01		%
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						176.3						176.3						160.1						0.05		%
Crispeno Realty, Inc			(#,^)			9812 235th Pl SW, Edmonds, WA 98020						Real Estate						Term Loan						Prime plus 2.75%						3/16/2031						8.8						8.8						7.4						—		%
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						6.0						6.0						5.8						—		%
Pavesh, LLC			(#,^)			9576 Potranco Rd, San Antonio, TX 78251						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2046						166.0						166.0						175.9						0.06		%
INB Enterprise LLC			(#)			7761 Diamondback Dr, College Park, MD 20742						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						3/15/2031						6.0						6.0						5.8						—		%
DTJ Enterprises, Inc dba West Falmouth Market			(#,^)			623 W Falmouth hwy, Falmouth, MA 02540						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/15/2046						178.4						178.4						187.4						0.06		%
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						53.4						53.4						45.0						0.01		%
Swick & Son Enterprises, Inc.			(#,^)			108 Mashell Ave North, Eatonville, WA 98328						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/12/2031						68.9						68.9						58.7						0.02		%

209

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						223.1						223.1						251.9						0.08		%
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						687.8						687.8						720.3						0.23		%
Craftworks NW, LLC			(#,^)			12421 NE 117th Ave, Vancouver, WA 98662						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/12/2031						14.3						14.3						12.8						—		%
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						57.2						57.2						48.2						0.02		%
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						50.1						50.1						42.2						0.01		%
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						17.3						17.3						17.9						0.01		%
INTERNETZONE I, INC.			(#,^)			3131 Laurel Ave, Fullerton, CA 92835						Other Information Services						Term Loan						Prime plus 2.75%						3/10/2031						9.5						9.5						8.0						—		%
Monark, LLC			(#,^)			26050 Acero, Ste 411, Mission Viejo, CA 92691						Food Manufacturing						Term Loan						Prime plus 2.75%						3/10/2031						33.4						33.4						28.1						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						9.4						9.4						7.9						—		%
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						5.7						5.7						4.8						—		%
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						22.8						22.8						23.0						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						118.6						118.6						129.4						0.04		%
Nadal Company LLC			(#,^)			5923 Robindale Rd, Catonsville, MD 21228						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/5/2031						4.8						4.8						4.0						—		%
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						29.5						29.5						27.3						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						7.1						7.1						8.0						—		%
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						197.7						197.7						223.2						0.07		%
Metroguard Security & Risk Mgmt Inc.			(#,^)			338 Commerce Dr, Fairfield, CT 06825						Administrative and Support Services						Term Loan						Prime plus 2.75%						3/2/2031						196.5						196.5						165.6						0.05		%
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						9.4						9.4						8.0						—		%
Goodsell/Wilkins, Inc			(#,^)			28175 Bluebell Dr, Laguna Niguel, CA 92677						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/25/2031						94.4						94.4						79.6						0.03		%
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						16.8						16.8						14.1						—		%
Innovative Dental of Hannibal LLC			(#,^)			515 Clinic Rd., Hannibal, MO 63401						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/24/2031						47.3						47.3						39.8						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						7.3						7.3						8.3						—		%

210

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						7.1						7.1						6.0						—		%
TELAVERGE COMMUNICATIONS, LLC			(#,^)			8229 Foutain Ridge Dr, Plano, TX 75025						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/19/2031						33.1						33.1						27.9						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						44.8						44.8						38.4						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						86.3						86.3						97.5						0.03		%
Ben Anderson 365			(#,^)			1567 E Valley Rd, Montecito, CA 93108						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/18/2031						47.3						47.3						39.8						0.01		%
Commonwealth Warehouse, Inc.			(#,^)			400-500 Murray Rd, Cincinnati, OH 45217						Warehousing and Storage						Term Loan						Prime plus 2.75%						2/17/2031						54.3						54.3						45.8						0.01		%
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						18.9						18.9						16.2						0.01		%
Surgeon & Associates, Inc			(#,^)			733 Bargain St., Fayetteville, NC 28303						Administrative and Support Services						Term Loan						Prime plus 2.75%						2/17/2031						28.4						28.4						28.1						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						2.4						2.4						2.3						—		%
SBRnet, Inc			(#,^)			10185 Spyglass Way, Boca Raton, FL 33498						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2031						19.8						19.8						16.7						0.01		%
White Pine Logistics Inc			(#,^)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						2/16/2031						55.1						55.1						46.4						0.02		%
Design Moves LLC			(#,^)			3235 North Dixie Hwy, Oakland, FL 33334						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/16/2046						83.9						83.9						91.2						0.03		%
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						4.7						4.7						4.4						—		%
Little Swimmers Inc.			(#,^)			2395 Monument Blvd, Concord, CA 94520						Educational Services						Term Loan						Prime plus 2.75%						2/11/2031						47.2						47.2						40.4						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						6.0						6.0						5.8						—		%
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						286.2						286.2						307.5						0.10		%
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						156.2						156.2						137.9						0.04		%
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						14.2						14.2						12.0						—		%
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						21.9						21.9						23.6						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						86.0						86.0						85.7						0.03		%
Davis Laboratories, Inc.			(#,^)			611 Lunar Ave., Brea, CA 92821						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2031						59.0						59.0						54.8						0.02		%
TC3, LLC			(#,^)			1036 Country St. 2945, Tuttle, OK 73089						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/29/2031						5.0						5.0						4.8						—		%
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						17.7						17.7						20.0						0.01		%

211

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

CULTIVA Solutions, LLC			(#,^)			8000 Towers Crescent Dr,, Vienna, VA 22182						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/29/2031						3.8						3.8						3.2						—		%
Jazma Deaungilae Wise			(#)			110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						3.8						3.8						3.7						—		%
Payne's Environmental Services LLC			(#,^)			5617 Causeway Blvd., Tampa, FL 33619						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/28/2031						173.4						173.4						155.5						0.05		%
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						10.8						10.8						9.1						—		%
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						46.9						46.9						41.4						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						4.4						4.4						4.3						—		%
Skypie Studio & Crafts LLC			(#)			933 Mary Ave, Opelousas, LA 70570						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/22/2031						5.7						5.7						5.5						—		%

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						5.9						5.9						5.7						—		%
Andrew's Spotless Cleaning, LLC			(#)			1604 Marcella Dr, Covington, KY 41011						Administrative and Support Services						Term Loan						Prime plus 6.5%						1/22/2031						5.9						5.9						5.7						—		%
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						32.8						32.8						27.7						0.01		%
Greater Vision Healthcare Services, LLC			(#,^)			788 Montgomery Ave, Ocoee, FL 34761						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/22/2046						911.2						911.2						981.2						0.32		%
Wild Wellness LLC			(#)			151 Lake St., Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						2.6						2.6						2.5						—		%
LONDERPASS, INC.			(#)			108 N Fiore Pkwy, Vernon Hills, IL 60061						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						1/21/2031						5.9						5.9						5.7						—		%
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						5.9						5.9						5.7						—		%
R & L Timber, Inc			(#,^)			524 Callen Crabb Rd, Sagle, ID 83860						Forestry and Logging						Term Loan						Prime plus 2.75%						1/20/2031						223.0						223.0						199.1						0.06		%
Valley Towing & Sons, Inc			(#,^)			16 NY-6N, Mahopac, NY 10541						Support Activities for Transportation						Term Loan						Prime plus 2.75%						1/19/2031						11.0						11.0						9.3						—		%
Diamond Ridge Professionals LLC,			(#)			8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						5.9						5.9						5.7						—		%
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						11.9						11.9						11.4						—		%
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						185.8						185.8						156.6						0.05		%
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						242.0						242.0						250.9						0.08		%
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						121.9						121.9						112.6						0.04		%
SAS Integrated, LLC			(#,^)			4012 S Rainbow Blvd, Las Vegas, NV 89103						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/12/2031						21.1						21.1						17.8						0.01		%

212

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Silx LLC			(#,^)			4120 3rd Ave, Timnath, CO 80525						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/12/2031						4.2						4.2						3.6						—		%
White Pine Logistics, Inc.			(#,^)			1281 Cobble Pond Way, Vienna, VA 22182						Truck Transportation						Term Loan						Prime plus 2.75%						1/11/2031						371.9						371.9						318.2						0.10		%
Westby Grocery LLC			(#,^)			212 Main St., Westby, MT 59275						Food and Beverage Stores						Term Loan						Prime plus 2.75%						1/8/2046						43.1						43.1						43.4						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						14.1						14.1						11.9						—		%
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						200.2						200.2						168.7						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						17.2						17.2						18.7						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						346.4						346.4						391.1						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						69.8						69.8						71.7						0.02		%
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						643.9						643.9						542.8						0.18		%
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						86.1						86.1						90.5						0.03		%
Hawthorne Food Company dba Eastern Standard Provis			(#,^)			117 Beaver St., Waltham, MA 02452						Food Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						814.7						814.7						687.9						0.22		%
Seven C's Manufacturing, Inc			(#,^)			3895 Corsair St., Reno, NV 89502						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						512.1						512.1						475.7						0.15		%
M2 Lumber LLC			(#,^)			110 Brick House Rd, Laurens, SC 29360						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						12/31/2030						10.5						10.5						9.7						—		%
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						153.7						153.7						173.5						0.06		%
Performance Online, Inc			(#,^)			1550 Melissa Ct, Corona, CA 92879						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/30/2030						244.7						244.7						207.0						0.07		%
SDI Black 011, LLC			(#,^)			1091 YONKERS AVE, YONKERS, NY 10704						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/30/2030						931.1						931.1						799.9						0.26		%
Shlama Two LLC dba Village Park Daycare			(#,^)			7440 Broadway, Merrillville, IN 46410						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2045						245.9						245.9						266.0						0.09		%
NDRS Construction Inc.dba Disaster			(#,^)			18730 Cortez Blvd, Brooksville, FL 34601						Construction of Buildings						Term Loan						Prime plus 2.75%						12/30/2030						81.5						81.5						69.0						0.02		%
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						931.1						931.1						785.0						0.25		%
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						447.2						447.2						504.9						0.16		%
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						1,163.9						1,163.9						1,088.3						0.35		%
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						372.4						372.4						390.1						0.13		%

213

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						96.7						96.7						86.9						0.03		%
Lightstat Inc.			(#,^)			22 W West Hill Rd, Barkhamsted, CT 06063						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/30/2030						349.2						349.2						348.6						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						243.0						243.0						204.9						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						1,151.8						1,151.8						1,047.8						0.34		%
Bourque Sales and Service Inc.			(#,^)			9160 Linwood Ave, Shevport, LA 71106						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/30/2045						140.7						140.7						158.8						0.05		%
Educare Early Intervention, Corporation			(#,^)			4557 S Calumet Ave, Chicago, IL 60653						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/30/2030						41.2						41.2						34.7						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						143.4						143.4						161.9						0.05		%
Petroleum Equipment & Services, Inc.			(#,^)			5631 Silverado Way, Anchorage, AK 99518						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/30/2030						392.2						392.2						336.6						0.11		%
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						414.9						414.9						468.4						0.15		%
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						108.5						108.5						91.5						0.03		%
Khangri Sourcing Inc.			(#,^)			6021 129th. Ave SE, Bellevue, WA 98006						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/29/2030						173.3						173.3						145.9						0.05		%
Bojax Auto Collision Inc			(#,^)			4706 Fenlee Ave., Royal Oak, MI 48073						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2045						338.1						338.1						346.8						0.11		%
Litchy Electric L.L.C.			(#,^)			4035 E Post Rd, Las Vegas, NV 89120						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2030						93.1						93.1						80.1						0.03		%
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						133.8						133.8						117.6						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						7.0						7.0						7.0						—		%
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						11.8						11.8						11.3						—		%
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						15.1						15.1						13.1						—		%
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						11.8						11.8						11.3						—		%
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						541.7						541.7						481.9						0.16		%
UBIF 86 CO dba UBREAKIFIX			(#,^)			1539 Town Center Dr, Lakeland, FL 33803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						53.3						53.3						44.8						0.01		%
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						11.8						11.8						11.3						—		%
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						11.8						11.8						11.3						—		%

214

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

SLCP Transport, LLC			(#,^)			111 Brentwood Dr, College Station, TX 77840						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/23/2030						56.9						56.9						49.7						0.02		%
Title2Land,LLC			(#,^)			11851 Wentling Ave, Baton Rouge, LA 70816						Real Estate						Term Loan						Prime plus 2.75%						12/23/2045						110.7						110.7						124.9						0.04		%
Summerfield Farm, Inc			(#,^)			24 Baker Rd, Pittstown, NJ 08867						Support Activities for Agriculture and Forestry						Term Loan						Prime plus 2.75%						12/23/2045						57.8						57.8						65.2						0.02		%
US Dedicated LLC			(#,^)			13410 SE 26th Cir, Vancouver, WA 98683						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/22/2030						203.7						203.7						171.3						0.06		%
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						4.0						4.0						3.8						—		%
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						721.6						721.6						638.9						0.21		%
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						358.5						358.5						380.7						0.12		%
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						7.8						7.8						6.9						—		%
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						43.0						43.0						47.6						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						78.7						78.7						87.1						0.03		%
RJL Texas International Corporation			(#,^)			17401 Triton,, Schertz, TX 78154						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/18/2030						253.1						253.1						229.0						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						11.2						11.2						9.4						—		%
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						93.1						93.1						78.3						0.03		%
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						221.3						221.3						240.0						0.08		%
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						14.0						14.0						14.6						—		%
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						167.6						0.05		%
Tahzoo LLC			(#,^)			1015 7th St. NW, Washington, DC 20001						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/18/2030						722.5						722.5						609.3						0.20		%
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						1,163.9						1,163.9						979.0						0.32		%
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						50.9						50.9						57.5						0.02		%
People United of Louisiana LLC			(#,^)			1401 Hudson Lane, Monroe, LA 71201						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/18/2030						139.7						139.7						124.0						0.04		%

215

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						66.4						66.4						64.2						0.02		%
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						113.1						113.1						122.3						0.04		%
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						1,163.9						1,163.9						1,027.8						0.33		%
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						7.0						7.0						5.9						—		%
Code 3 Apps LLC.			(#,^)			843 Tempted Ways Dr, Longmont, CO 80504						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/18/2030						7.0						7.0						5.9						—		%
Carolina Roofing Siding Painting LLC			(#,^)			204 Depot St., Camponbello, SC 29322						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/17/2045						14.8						14.8						15.7						0.01		%
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						232.8						232.8						195.8						0.06		%
Savannah Area Language & Culture Exchange, LLC			(#)			6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						11.8						11.8						11.3						—		%
David M. Benson LLC			(#)			1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						11.8						11.8						11.3						—		%
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						20.9						20.9						17.6						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						11.8						11.8						11.3						—		%
McFarlin, LLP			(#,^)			4 Park Plz Ste 1025, Irvine, CA 92614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/16/2030						162.9						162.9						137.1						0.04		%
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						79.1						79.1						66.6						0.02		%
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						14.0						14.0						12.2						—		%
Vector Utilities LLC			(#,^)			8501 San Gabriel Dr, Laredo, TX 78045						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/14/2030						349.2						349.2						336.4						0.11		%
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						58.2						58.2						49.0						0.02		%
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						7.0						7.0						6.2						—		%
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						41.6						41.6						46.3						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						162.9						162.9						137.1						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						6.3						6.3						5.7						—		%
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						11.8						11.8						11.3						—		%
Shattered Prism LLC			(#,^)			3333 Broadway, New York, NY 10031						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 2.75%						12/11/2030						7.0						7.0						7.3						—		%
TJ Pant LLC and Tailored Cartage LLC			(#,^)			25993 US 12, Sturgis, MI 49091						Truck Transportation						Term Loan						Prime plus 2.75%						12/11/2030						80.3						80.3						79.0						0.03		%

216

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						11.8						11.8						11.3						—		%
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						20.9						20.9						18.1						0.01		%
LTD Broadband, LLC			(#,^)			69 Teahouse St, Las Vegas, NV 89138						Telecommunications						Term Loan						Prime plus 2.75%						12/10/2030						1,126.2						1,126.2						1,033.1						0.33		%
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						1,071.2						1,071.2						1,038.5						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						229.2						229.2						238.4						0.08		%
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						63.9						63.9						72.2						0.02		%
HWH Unlimited, Inc.			(#,^)			43386 Business Park Dr, Temecula, CA 92590						Real Estate						Term Loan						Prime plus 2.75%						12/9/2030						69.8						69.8						73.0						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						41.9						41.9						35.3						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						41.9						41.9						35.2						0.01		%
Tortuga Backpacks LLC			(#,^)			340 South Lemon Ave, Walnut, CA 91789						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/8/2030						46.6						46.6						39.2						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						11.2						11.2						9.4						—		%
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						158.3						158.3						165.5						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						4.7						4.7						4.5						—		%
Indecon Builders Inc			(#,^)			1382 Valencia Ave, Tustin, CA 92780						Construction of Buildings						Term Loan						Prime plus 2.75%						12/4/2030						46.6						46.6						39.2						0.01		%
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						66.4						66.4						75.0						0.02		%
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						5.2						5.2						5.0						—		%
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						6.4						6.4						5.4						—		%
Pacific Contours Corp			(#,^)			5340 E Hunter Ave, Anaheim, CA 92807						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/4/2030						665.1						665.1						695.4						0.22		%
SME Business Services LLC			(#,^)			930 Chesaco Ave, Rosedale, MD 21237						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						20.9						20.9						17.6						0.01		%
Moxie Marketing, LLC			(#,^)			51 Lee Dr, Palm Coast, FL 32137						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/3/2030						116.9						116.9						98.3						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						4.9						4.9						4.6						—		%
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						11.8						11.8						11.3						—		%

217

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

American Retail Properties, Inc.			(#,^)			125 Main St. 2nd Floor, Reading, MA 01867						Real Estate						Term Loan						Prime plus 2.75%						11/30/2030						20.8						20.8						17.6						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						20.8						20.8						18.7						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						17.3						17.3						14.7						—		%
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						37.0						37.0						31.4						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						69.3						69.3						58.3						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						10.4						10.4						10.9						—		%
Flex Beauty Labs, LLC			(#)			7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						11.7						11.7						11.2						—		%
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						6.9						6.9						5.8						—		%
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						11.7						11.7						11.2						—		%
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						85.7						85.7						72.6						0.02		%
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						13.6						13.6						11.4						—		%
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						11.7						11.7						11.2						—		%
Prosperity Tool, Inc			(#,^)			2006 National Guard Dr, Plant City, FL 33563						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/19/2045						294.6						294.6						332.6						0.11		%
The Number Masters			(#,^)			3325 Highland St., Grove City, OH 43123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/18/2030						16.1						16.1						13.5						—		%
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						72.8						72.8						61.3						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						101.2						101.2						85.2						0.03		%
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						197.3						197.3						216.9						0.07		%
Modutech Marine Inc			(#,^)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						11/9/2030						369.9						369.9						386.7						0.13		%
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						192.2						192.2						200.9						0.06		%
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						48.6						48.6						42.7						0.01		%
Supersonic Cleaning Services Inc			(#,^)			36 Seitz Terrace, Arlington, NY 12603						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/29/2030						35.6						35.6						30.5						0.01		%

218

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						10.3						10.3						11.1						—		%
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						88.3						88.3						95.7						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						17.5						17.5						14.9						—		%
KTF Consulting Corp			(#,^)			2471 N Geneva Terrace, Chicago, IL 60614						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						10/6/2030						68.9						68.9						72.0						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%						10/2/2031						671.1						671.1						572.6						0.19		%
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						73.4						73.4						82.9						0.03		%
Hazleton Oil & Environmental, Inc			(#,^)			300 Tamaqua St., Hazleton, PA 18201						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/25/2045						1,063.8						1,063.8						1,195.8						0.39		%
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						68.4						68.4						59.0						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						45.6						45.6						38.6						0.01		%
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						341.9						341.9						333.8						0.11		%
BulkMore LLC			(#,^)			12741 Ocean Gateway, Ocean City, MD 21842						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/18/2030						137.8						137.8						120.5						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						56.2						56.2						60.5						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						166.3						166.3						139.6						0.05		%
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						95.7						95.7						108.1						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						658.5						658.5						605.5						0.20		%
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						815.0						815.0						899.9						0.29		%
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						295.5						295.5						270.7						0.09		%
Profit Stewards, LLC			(#,^)			458 Schuylkill Rd, Phoenixville, PA 19460						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/2/2030						38.0						38.0						35.5						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						856.3						856.3						954.0						0.31		%
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						354.8						354.8						400.5						0.13		%
Blackwater Diving LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						3/30/2030						326.6						326.6						311.2						0.10		%
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						145.3						145.3						164.0						0.05		%

219

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						19.6						19.6						17.9						0.01		%
Dunaway and Hart, Inc			(#,^)			575 Harkrider St., Conway, AR 72032						Real Estate						Term Loan						Prime plus 2.75%						3/26/2030						43.6						43.6						39.8						0.01		%
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						11.8						11.8						10.8						—		%
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						464.6						464.6						490.0						0.16		%
Firefly Developement LLC dba Firefly Earthworks			(#,^)			4810 Vicksburg St., Dallas, TX 75207						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/19/2045						291.0						291.0						318.1						0.10		%
Coffeestamp LLC			(#,^)			2511 S Jefferson Ave, St. Louis, MO 63104						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/17/2030						3.9						3.9						3.8						—		%
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						222.3						222.3						250.9						0.08		%
Forest Scientific Corporation			(#,^)			668 Elm St., Tionesta, PA 16353						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/17/2030						65.3						65.3						68.9						0.02		%
Kanga Lean, Inc. dba F45 Training Trinity			(#,^)			8900 Strengh Ave, New Port Richie, FL 34655						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						6/16/2030						50.1						50.1						47.5						0.02		%
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						1,235.0						1,235.0						1,394.4						0.45		%
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						121.1						121.1						115.6						0.04		%
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						12.8						12.8						11.7						—		%
Rapid Trucking and			(#,^)			4225 W Capitol Ave, West Sacramento, CA 95691						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2045						738.6						738.6						833.9						0.27		%
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						512.9						512.9						568.2						0.18		%
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						330.4						0.11		%
Astoria-Pacific Inc			(#,^)			15130 SE 82nd Dr, Clackamas, OR 97015						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						3/13/2030						108.9						108.9						114.8						0.04		%
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						130.7						130.7						119.5						0.04		%
C3 Capital, Inc			(#,^)			10010 North Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/11/2030						493.3						493.3						508.0						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						93.1						93.1						104.1						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						49.0						49.0						44.8						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						31.9						31.9						29.2						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						122.0						122.0						124.9						0.04		%

220

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

KR Enterprises, Inc. dba Carriage Inn			(#,^)			1065 Tower Hill Rd, North Kingstown, RI 02852						Accommodation						Term Loan						Prime plus 2.75%						3/6/2045						310.0						310.0						344.1						0.11		%
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						337.5						337.5						308.5						0.10		%
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						108.9						108.9						99.5						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						57.8						57.8						57.6						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						65.3						65.3						60.4						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						20.2						20.2						21.4						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						257.9						257.9						274.1						0.09		%
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						44.9						44.9						41.3						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						441.0						441.0						497.9						0.16		%
LCSM Logistics Inc			(#,^)			15735 Spectrum Dr, Addison, TX 75001						Couriers and Messengers						Term Loan						Prime plus 2.75%						2/28/2030						73.2						73.2						67.0						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						9.1						9.1						8.3						—		%
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						78.3						78.3						88.3						0.03		%
GRSC, Inc.			(#,^)			1643 NW Dove Ct, Stuart, FL 34994						Construction of Buildings						Term Loan						Prime plus 2.75%						2/27/2030						17.9						17.9						17.3						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						52.2						52.2						49.1						0.02		%
M & L ENTERPRIZES, LLC			(#,^)			2401 Wrightsville Ave, Wilmington, NC 28403						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/26/2030						43.1						43.1						45.5						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						21.5						21.5						24.2						0.01		%
Bora Enterprises, LLC			(#,^)			44255-B Fremont Blvd,, Fremont, CA 94538						Truck Transportation						Term Loan						Prime plus 2.75%						2/21/2030						11.0						11.0						10.1						—		%
Skimino Enterprises LLC			(#,^)			197 Ewell Rd, Williamsburg, VA 23188						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/21/2030						64.7						64.7						59.2						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						406.7						0.13		%
Sherwood Sporthorses Inc.			(#,^)			20502 Forestview, Magnolia, TX 77355						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/21/2046						393.6						393.6						439.0						0.14		%
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						17.2						17.2						15.7						0.01		%

221

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Little Feet Academy of Jacksonville, LLC			(#,^)			10265 Normandy Blvd, Jacksonville, FL 32221						Social Assistance						Term Loan						Prime plus 2.75%						2/17/2045						45.7						45.7						50.3						0.02		%
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						431.2						431.2						394.2						0.13		%
All Modes Transportation & Logistics LLC			(#)			4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.0						11.0						11.4						—		%
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						52.4						52.4						49.8						0.02		%
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						22.5						22.5						23.7						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						43.1						43.1						39.4						0.01		%
Fortson Janitorial Inc			(#,^)			462-482 Chattahoochee St., Cornelia, GA 30531						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/5/2045						103.9						103.9						117.3						0.04		%
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						11.1						11.1						11.5						—		%
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						76.8						76.8						70.2						0.02		%
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						166.0						166.0						152.4						0.05		%
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						305.9						305.9						334.9						0.11		%
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						36.0						36.0						32.9						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						269.6						269.6						298.9						0.10		%
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						90.5						90.5						82.8						0.03		%
Havana Knights LLC			(#,^)			65 Lindsey Lane, Havana, FL 32333						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/27/2030						33.8						33.8						32.7						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						18.0						18.0						16.4						0.01		%
Affinity Integrated Solutions Inc.			(#,^)			115 Pomona Dr, Greensboro, NC 27402						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2045						289.5						289.5						320.7						0.10		%
Affinity Integrated Solutions Inc			(#,^)			115 Pomona Dr, Greensboro, NC 27407						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/23/2030						192.6						192.6						176.1						0.06		%
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						19.3						19.3						17.7						0.01		%
Emmalina LLC			(#,^)			3602 Rock Bay Dr, Louisville, KY 40245						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/21/2030						8.0						8.0						7.8						—		%
Motorsport Imagery, Inc			(#,^)			16362 Cherokee Rd, Brooksville, FL 34601						Apparel Manufacturing						Term Loan						Prime plus 2.75%						1/17/2030						19.3						19.3						18.4						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						162.0						162.0						179.8						0.06		%

222

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						31.3						31.3						28.6						0.01		%
VetMed LLC			(#,^)			908 4th Ave, Decatur, AL 35601						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						1/10/2030						74.9						74.9						68.5						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						53.5						53.5						48.9						0.02		%
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						4.1						4.1						3.9						—		%
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						482.1						482.1						440.7						0.14		%
Bearwaters Brewing Company			(#,^)			101 Park St, Canton, NC 28716						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/31/2044						247.8						247.8						279.7						0.09		%
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						277.1						277.1						310.5						0.10		%
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						109.4						109.4						115.4						0.04		%
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						42.0						42.0						40.5						0.01		%
Kiddie Garden Child Development Center, LLC			(#,^)			2809 W. Atkinson Ave, Milwaukee, WI 53209						Social Assistance						Term Loan						Prime plus 2.75%						12/30/2044						41.4						41.4						46.8						0.02		%
Spinnaker Vero Inc.			(#,^)			983 12th St., Vero Beach, FL 32960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						12/30/2044						760.1						760.1						826.4						0.27		%
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						221.1						221.1						220.4						0.07		%
Dilpreet Hundal dba Kwik Stop			(#,^)			1001 Sacramento Ave, West Sacramento, CA 95605						Gasoline Stations						Term Loan						Prime plus 2.75%						12/30/2044						233.2						233.2						257.4						0.08		%
Vance Ewing LLC			(#,^)			22940 Harlan Ln, St. Robert, MO 65584						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/30/2029						95.6						95.6						100.8						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						116.8						116.8						115.6						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						956.9						956.9						877.9						0.28		%
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						158.2						158.2						149.7						0.05		%
American Landscaping Company			(#,^)			6151 S St., Anchorage, AK 99518						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2029						261.4						261.4						266.4						0.09		%

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						216.7						216.7						244.7						0.08		%
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						137.6						137.6						132.3						0.04		%

223

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						623.2						623.2						703.6						0.23		%
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						53.1						53.1						53.6						0.02		%
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						129.2						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						39.7						39.7						36.2						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						137.3						137.3						155.0						0.05		%
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						96.4						96.4						108.8						0.04		%
QXC Communications, Inc			(#,^)			4541 N Dixie Hwy, Boca Raton, FL 33431						Telecommunications						Term Loan						Prime plus 2.75%						12/27/2029						445.2						445.2						406.1						0.13		%
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						404.7						404.7						383.0						0.12		%
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						95.7						95.7						89.0						0.03		%
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						225.7						225.7						221.8						0.07		%
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						6.4						6.4						5.8						—		%
Ink! Coffee Company			(#,^)			2851 Larimer St., Denver, CO 80205						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/24/2029						470.5						470.5						429.2						0.14		%
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						416.7						416.7						393.9						0.13		%
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						322.3						322.3						363.9						0.12		%
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						567.7						567.7						518.5						0.17		%
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						11.5						11.5						12.1						—		%
Shaddai Aesthetics Inc			(#,^)			706 W. 34th St., Austin, TX 78705						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/20/2029						16.1						16.1						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						959.9						0.31		%
ACC International LLC			(#,^)			200 N Furnace St, Birdsboro, PA 19508						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/20/2044						310.8						310.8						339.2						0.11		%
La Tradicion Cubana Inc			(#)			9357 S.W. 40th St., Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.0						11.0						11.3						—		%

224

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Macon Arts Center LLC			(#,^)			4570 Pio Nono Ave, Macon, GA 31206						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/20/2044						617.8						617.8						697.5						0.23		%
Kuros, LLC			(#,^)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						11/19/2045						83.8						83.8						94.6						0.03		%
Kuros, LLC			(#,^)			21221 Baron Lake Dr, Cedaredge, CO 81413						Accommodation						Term Loan						Prime plus 2.75%						12/19/2044						383.6						383.6						433.1						0.14		%
Nebulos, LLC			(#,^)			5428 Twilight Way, Parker, CO 80134						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2029						53.1						53.1						52.3						0.02		%
GDIM Enterprises Inc dba AAMCO			(#)			1657 Whiskey Rd., Aiken, SC 29803						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/19/2029						17.9						17.9						17.3						0.01		%
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						273.8						273.8						259.6						0.08		%
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						140.9						140.9						159.1						0.05		%
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						9.6						9.6						10.1						—		%
The Burlington Academy of Learning LLC			(#,^)			10 Covey Rd, Burlington, CT 06013						Social Assistance						Term Loan						Prime plus 2.75%						12/18/2029						45.4						45.4						47.8						0.02		%
HADD Corp			(#)			364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						10.9						10.9						11.2						—		%
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						302.0						302.0						340.9						0.11		%
Signco America LP & Sparkle corporation Inc.			(#,^)			7938 Wright Rd, Houston, TX 77041						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/16/2044						1,146.8						1,146.8						1,294.8						0.42		%
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						176.5						176.5						185.8						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						457.7						457.7						514.4						0.17		%
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						6.5						6.5						5.9						—		%
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						6.9						6.9						6.3						—		%
Math Enrichment, LLC			(#,^)			1009 E Capitol Expressway, San Jose, CA 95121						Educational Services						Term Loan						Prime plus 2.75%						12/13/2029						182.4						182.4						166.4						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						81.3						81.3						75.9						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						1,153.5						1,153.5						1,111.0						0.36		%
Dr Steven J Seidel			(#,^)			42 Campeau Place, Bergenfield, NJ 07621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/13/2029						69.0						69.0						63.1						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						66.9						66.9						64.5						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						231.3						231.3						261.1						0.08		%
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						19.1						19.1						17.4						0.01		%

225

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Stockton TRI Industries, LLC			(#,^)			2141 E Anderson St, Stockton, CA 95205						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/12/2044						1,067.5						1,067.5						1,203.3						0.39		%
Belle Properties Northwest, Inc.			(#,^)			223 Ave B, Snohomish, WA 98290						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/12/2044						126.5						126.5						142.8						0.05		%
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						92.8						92.8						95.0						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						35.2						35.2						32.2						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						289.1						289.1						326.4						0.11		%
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						108.4						108.4						121.7						0.04		%
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						14.0						14.0						13.2						—		%
SLCP Transport, LLC dba Aamco			(#,^)			1407 Lomaland Dr, El Paso, TX 79935						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/10/2029						53.1						53.1						52.3						0.02		%
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						37.6						37.6						42.4						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						275.8						275.8						273.9						0.09		%
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						10.9						10.9						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						116.2						116.2						111.5						0.04		%
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						0.06		%
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						198.9						198.9						190.4						0.06		%
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						935.5						935.5						864.6						0.28		%
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						15.9						15.9						15.3						—		%
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						193.9						193.9						184.0						0.06		%
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						57.3						57.3						52.7						0.02		%
Natalie Enterprise Inc			(#,^)			2500 Grand Ave, Billings, MT 59102						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/6/2029						17.2						17.2						18.1						0.01		%
Standard Capital Corp			(#)			2349 Wessington Dr, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.0						11.0						11.3						—		%

226

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Clearwater Engineering Inc			(#,^)			301 N River St., Derby, KS 67037						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/5/2029						501.2						501.2						480.8						0.16		%
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						73.3						73.3						69.1						0.02		%
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						19.1						19.1						18.5						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						53.4						53.4						48.8						0.02		%
Mega Sales Detergent Distributor, LLC			(#,^)			1 Ackerman Ave, Clifton, NJ 07011						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/29/2029						42.1						42.1						38.5						0.01		%
Codorado, Inc. dba Dentalmart			(#,^)			10 Glorieta Rd, Sante Fe, NM 87508						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/27/2029						8.9						8.9						8.1						—		%
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						42.1						42.1						44.3						0.01		%
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						248.7						248.7						229.5						0.07		%
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						66.8						66.8						61.8						0.02		%
Behind the Scenes Chicago, LLC dba Paramount Events			(#,^)			2744 W. Roscoe St., Chicago, IL 60618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/27/2029						292.3						292.3						281.2						0.09		%
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						142.4						142.4						131.2						0.04		%
Roots'n Shoots, LLC			(#,^)			86 Boston Rd, Chelmsford, MA 01824						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/27/2029						9.0						9.0						8.2						—		%
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						105.4						105.4						96.1						0.03		%
Fullmer's Landscaping, Inc.			(#,^)			9547 W Third St., Dayton, OH 45417						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/26/2029						160.9						160.9						151.8						0.05		%
Ultra Flow Dispense, LLC			(#,^)			820 Prospect Hill Rd, Windsor, CT 06095						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/26/2029						89.8						89.8						82.4						0.03		%
Ford Custom Renovation LLC			(#,^)			405 Broadway St., Muncy, PA 17756						Construction of Buildings						Term Loan						Prime plus 2.75%						11/26/2029						7.0						7.0						6.4						—		%
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						42.5						0.01		%
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						199.2						199.2						201.5						0.07		%
S&C Cookies, Inc			(#,^)			1969 Jericho Turnpike, East Northport, NY 11731						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						11/22/2029						47.4						47.4						43.4						0.01		%
Best Choice Meats, Inc,			(#,^)			12646 S Springfield Ave, Alsip, IL 60803						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/22/2044						1,294.1						1,294.1						1,461.0						0.47		%
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						10.1						10.1						10.6						—		%
Cum Laude Enterprises, LLC			(#,^)			15218 Penn Hills Lane, Houston, TX 77062						Nonstore Retailers						Term Loan						Prime plus 2.75%						11/22/2029						16.2						16.2						16.0						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						75.9						75.9						73.5						0.02		%

227

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						425.8						425.8						448.5						0.15		%
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						205.4						205.4						201.7						0.07		%
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						158.1						158.1						144.2						0.05		%
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						107.6						107.6						98.9						0.03		%
Weeping Willow Kennel Inc			(#,^)			6041 Hammond School Rd, Salisbury, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/21/2029						3.8						3.8						4.0						—		%
The Rollin' Trapp LLC			(#,^)			1731 Prevatt Rd, Dothan, AL 36301						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/21/2029						6.8						6.8						6.6						—		%
Cobb Roofing LLC			(#,^)			8101 NW 10th St, Oklahoma City, OK 73127						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/21/2029						49.0						49.0						44.7						0.01		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2044						264.6						264.6						298.8						0.10		%
AMH Construction, Inc.			(#,^)			30 South Ivey Lane, Orlando, FL 32811						Construction of Buildings						Term Loan						Prime plus 2.75%						11/20/2029						63.2						63.2						64.1						0.02		%
Cable Management LLC			(#,^)			290 Pratt St., Meriden, CT 06450						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/20/2029						115.9						115.9						110.7						0.04		%
AD Learning Group, LLC dba The Learning Experience & AD Learning NH			(#,^)			181 Shunpike Rd, Cromwell, CT 06416						Social Assistance						Term Loan						Prime plus 2.75%						11/18/2029						115.9						115.9						105.7						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						429.6						429.6						480.6						0.16		%
Lindsley Excavating LLC			(#,^)			92 Town Line Rd, Fulton, NY 13069						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/15/2029						162.3						162.3						161.9						0.05		%
Champions Of Diversity Media Inc dba Champions of Diversity			(#,^)			5100 Transamerica Dr, Columbus, OH 43228						Administrative and Support Services						Term Loan						Prime plus 2.75%						11/15/2044						69.8						69.8						78.8						0.03		%
MToxins Venom Lab LLC			(#,^)			717 Oregon St., Oshkosh, WI 54902						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/15/2044						97.5						97.5						107.3						0.03		%
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						37.6						37.6						34.4						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						57.8						57.8						54.1						0.02		%
Sean McNamara			(#)			5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						10.8						10.8						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						6.7						6.7						6.1						—		%
Winning Sales Plan Inc			(#,^)			17811 Fairhaven Gateway, Cypress, TX 77433						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						11/14/2029						42.2						42.2						44.4						0.01		%
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						10.8						10.8						11.1						—		%

228

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Ameen Enterprises, LLC dba Bargain Town			(#,^)			1111 E Washington St, Stephenville, TX 76401						Gasoline Stations						Term Loan						Prime plus 2.75%						11/12/2029						105.4						105.4						110.5						0.04		%
Potomac Nail Spa Corporation			(#,^)			14901 Potomac Town Place,, Woodbridge, VA 22191						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/12/2029						46.9						46.9						43.0						0.01		%
Two Roses Salon 1, Inc.dba National Fluid Power Institute			(#,^)			908 S Jefferson St., Amarillo, TX 79101						Educational Services						Term Loan						Prime plus 2.75%						11/12/2029						326.0						326.0						316.4						0.10		%
Adrienne's Gourmet Foods, Imagine Baking Inc			(#,^)			1034 Hancock St., Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2044						390.9						390.9						441.3						0.14		%
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						60.1						60.1						67.9						0.02		%
HH Wireless Connect LLC			(#,^)			48267 Deer Trail Dr, Canton, MI 48187						Electronics and Appliance Stores						Term Loan						Prime plus 2.75%						11/12/2029						7.0						7.0						6.3						—		%
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						105.1						105.1						116.4						0.04		%
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						274.0						274.0						309.3						0.10		%
SSD Designs LLC			(#,^)			486 Vance St, Forest City, NC 28043						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						1/12/2030						319.1						319.1						309.8						0.10		%
Adrienne's Gourmet Foods, Imagine Baking, Inc			(#,^)			1034 Hancock St., Sandusky, OH 44870						Food Manufacturing						Term Loan						Prime plus 2.75%						11/12/2029						446.3						446.3						453.9						0.15		%
East River Plumbing, LLC			(#,^)			997 E Loop, Priest River, ID 83856						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						11/8/2044						48.1						48.1						54.3						0.02		%
Integrated Vascular Services LLC			(#,^)			1452 Franklin Ave, Salem, OR 44460						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/8/2029						66.5						66.5						61.1						0.02		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2029						721.9						721.9						666.7						0.22		%
Link Recreational, Inc			(#,^)			304 Business Hwy 53, Minong, WI 54859						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/7/2044						378.9						378.9						427.8						0.14		%
Fave Realty, Inc.			(#,^)			217-84 Hempstead Ave, Jamaica, NY 11429						Real Estate						Term Loan						Prime plus 2.75%						10/31/2044						112.5						112.5						127.0						0.04		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2044						223.6						223.6						252.4						0.08		%
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						209.4						209.4						191.1						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						1,388.5						0.45		%
Kerzner Contracting Corp			(#,^)			1620 Ocean Ave, Bohemia, NY 11716						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/31/2029						94.1						94.1						85.9						0.03		%
L& F Gullo Service Corp			(#,^)			520 Main St, Westbury, NY 11590						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						10/31/2029						146.4						146.4						133.6						0.04		%
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						249.4						249.4						262.5						0.08		%
Guru Kirpa, Inc			(#,^)			3006 New Castle Ave, New Castle, DE 19720						Gasoline Stations						Term Loan						Prime plus 2.75%						10/31/2044						187.9						187.9						207.6						0.07		%

229

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Maine Service Corp			(#,^)			59-24 55th St., Maspeth, NY 11378						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						10/31/2029						104.6						104.6						110.1						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						122.4						122.4						138.2						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						17.8						17.8						16.3						0.01		%
D & H Construction Services, Inc.			(#,^)			711 Hospital St., Richmond, VA 23219						Construction of Buildings						Term Loan						Prime plus 2.75%						10/31/2029						117.1						117.1						110.7						0.04		%
Automotive Solutions, LLC			(#,^)			1910 W. Dupont Rd, Fort Wayne, IN 46818						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						290.9						290.9						328.1						0.11		%
Automotive Standard, LLC			(#,^)			4028 Coldwater Rd, Fort Wayne, IN 46805						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/31/2044						134.4						134.4						151.8						0.05		%
Sunburst Trout Farm, LLC			(#,^)			314 Industrial Park Dr, Waynesville, NC 28786						Fishing, Hunting and Trapping						Term Loan						Prime plus 2.75%						10/31/2029						56.5						56.5						59.4						0.02		%
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						970.5						970.5						939.6						0.30		%
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						60.9						60.9						56.4						0.02		%
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet			(#,^)			9912 Arizona Dr, Mohave Valley, AZ 86440						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						54.4						54.4						50.4						0.02		%
Plastic Depot, Inc			(#,^)			363 East Alondra Blvd, Gardena, CA 90248						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						10/30/2029						132.4						132.4						120.9						0.04		%
BGB Leasing Co.			(#,^)			50 Industrial Park Rd, Princeton, KY 42445						Truck Transportation						Term Loan						Prime plus 2.75%						10/30/2044						86.5						86.5						97.7						0.03		%
Paul Wintner dba P & R Props			(#,^)			23901 Calabasas Rd, Calabasas, CA 91302						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						10/30/2029						47.1						47.1						42.9						0.01		%
Corple Enterprises, Inc			(#,^)			17887 US-380, Ponder, TX 76259						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						10/28/2029						140.2						140.2						143.7						0.05		%
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						62.7						62.7						57.2						0.02		%
OWL Inc,			(#,^)			5300 S Orange Blossom Trail, Orlando, FL 32839						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						10/28/2029						177.8						177.8						162.2						0.05		%
Perisseia Physicians LLC			(#,^)			1644 Lebanon Rd, Lawrenceville, GA 30043						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						10/28/2044						384.5						384.5						423.0						0.14		%
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						6.6						6.6						6.5						—		%
Diamond Solutions LLC			(#,^)			7845 East Evans Rd . Ste A, Scottsdale, AZ 85260						Machinery Manufacturing						Term Loan						Prime plus 2.75%						10/25/2029						10.7						10.7						9.7						—		%
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						87.8						87.8						80.1						0.03		%
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						58.7						58.7						61.0						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						10.0						10.0						9.3						—		%

230

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						17.7						17.7						16.7						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						18.8						18.8						17.3						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						10.7						10.7						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						12.3						12.3						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						330.4						330.4						373.0						0.12		%
Roughcut LLC			(#,^)			41540 National Rd, Belmont, OH 43718						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						398.0						398.0						418.9						0.14		%
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						225.5						225.5						212.3						0.07		%
UNIQUE PAVER INSTALLATIONS, INC.			(#,^)			4930 Mars Hill Rd, Bogart, GA 30622						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						10/17/2029						19.5						19.5						18.6						0.01		%
Pine Mountain Residential LLC			(#)			10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						10.7						10.7						11.1						—		%
Powerlift Dumbwaiters, Inc			(#)			2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						10.4						10.4						10.7						—		%
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						283.8						283.8						270.1						0.09		%
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						10.7						10.7						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						141.5						141.5						130.8						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						148.5						148.5						153.6						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						13.8						13.8						12.8						—		%
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						169.7						169.7						155.3						0.05		%
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						743.4						743.4						809.6						0.26		%
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						55.1						55.1						50.3						0.02		%
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						199.8						0.06		%
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						233.8						233.8						225.9						0.07		%
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						599.7						599.7						661.9						0.21		%
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						68.5						68.5						69.6						0.02		%

231

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						64.3						64.3						59.4						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						41.5						41.5						40.0						0.01		%
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						7.3						7.3						6.7						—		%
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						407.2						407.2						459.8						0.15		%
Wagner & Sons Inc			(#,^)			22365 Alydar Dr, Lexington Park, MO 20653						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/27/2029						15.6						15.6						14.3						—		%
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						52.3						52.3						54.9						0.02		%
Hoagie Barmichaels Inc			(#,^)			1101 River Rd, New Windsor, NY 12553						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/27/2044						108.4						108.4						117.2						0.04		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2044						563.8						563.8						611.1						0.20		%
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						683.7						683.7						751.0						0.24		%
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						952.5						952.5						917.7						0.30		%
Titan Laser Screed Concrete Services, LLC			(#,^)			8908 Wildlife Lane, Sanford, FL 32771						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						41.5						41.5						38.8						0.01		%
Universe Appliance Repairs Inc.			(#,^)			3790 Merrick Rd, Seaford, NY 11783						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/27/2029						549.9						549.9						525.8						0.17		%
Stiegelbauer Associates Inc.			(#,^)			63 Flushing Ave Unit 342, Brooklyn, NY 11205						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2029						166.2						166.2						151.8						0.05		%
Zmetra Clearspan Structures LLC			(#,^)			2 Old Worcester Rd, Webster, MA 01571						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						9/27/2044						419.9						419.9						474.1						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						415.3						415.3						468.8						0.15		%
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						424.9						424.9						400.0						0.13		%
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						61.0						61.0						57.5						0.02		%
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						51.0						51.0						54.6						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						18.7						18.7						19.5						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						56.5						56.5						59.4						0.02		%
Flamingo Bowl, Inc			(#,^)			3301 N 23rd St., McAllen, TX 78501						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						9/24/2029						183.2						183.2						177.7						0.06		%
Unified Utility Services LLC			(#,^)			206 Frankie Lane, Ladson, SC 29456						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						9/20/2044						151.6						151.6						171.2						0.06		%

232

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						10.7						10.7						10.9						—		%
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						10.7						10.7						10.9						—		%
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						500.9						500.9						549.6						0.18		%
Vancole Investments, Inc. dba Smoothie King #913			(#,^)			876 Virginia Ave, Hapeville, GA 30354						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/17/2029						9.9						9.9						9.0						—		%
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						51.0						51.0						50.0						0.02		%
Win Health Institute, LLC			(#,^)			711 E Valley Rd, Basalt, CO 81621						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/17/2029						6.2						6.2						5.9						—		%
Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/16/2029						16.8						16.8						16.4						0.01		%
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						515.8						515.8						582.3						0.19		%
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						140.1						140.1						127.9						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						129.4						129.4						143.1						0.05		%
ACSS CPA, LLC			(#,^)			1016 S Texas Blvd, Weslaco, TX 78599						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/12/2044						38.4						38.4						42.8						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						296.9						0.10		%
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						9.8						9.8						10.2						—		%
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						189.7						0.06		%
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						95.9						95.9						92.0						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						37.4						37.4						34.5						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						51.7						51.7						47.4						0.02		%
Eco Electric LLC			(#,^)			5380 Cameron St, Las Vegas, NV 89118						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						54.5						54.5						49.7						0.02		%
SVT Masonry Limited Liability Company			(#,^)			1208 Houghton Lane, Bennington, VT 05201						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/5/2029						61.6						61.6						62.8						0.02		%
Dog House Sportfishing Charters Inc			(#)			83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						10.6						10.6						10.9						—		%
No Push Backs, LLC			(#)			5405 Neshaminy Blvd, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						10.3						10.3						10.5						—		%
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						74.4						74.4						78.5						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						12.4						12.4						11.7						—		%

233

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						92.7						92.7						103.2						0.03		%
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						32.9						32.9						34.6						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						42.2						42.2						42.3						0.01		%
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						1,038.5						0.34		%
Linsey Schwertdfeger,, Inc.			(#,^)			740 Dennery Rd, San Diego, CA 92154						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/28/2029						58.4						58.4						54.0						0.02		%
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/28/2029						402.8						402.8						380.4						0.12		%
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						57.6						57.6						65.0						0.02		%
DB Talak LLC			(#,^)			2018 SE 6th Ave, Portland, OR 97214						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/28/2029						78.2						78.2						82.1						0.03		%
HRS2, LLC			(#,^)			5410 Pipers Creek Court, Sugar Land, TX 77479						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/28/2029						190.7						190.7						193.6						0.06		%
The Hometown Welcome Program, Inc & Fredric Anthony			(#,^)			107 S Nottawa St, Sturgis, MI 49091						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/27/2029						80.2						80.2						77.8						0.03		%
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						44.2						44.2						49.9						0.02		%
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						18.5						18.5						16.9						0.01		%
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						2.8						2.8						2.8						—		%
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						73.2						73.2						76.9						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						9.3						9.3						8.6						—		%
PJT Logistics, Inc.			(#,^)			2-4 Commerce Way, Auburn, NY 13021						Truck Transportation						Term Loan						Prime plus 2.75%						8/23/2029						42.3						42.3						44.4						0.01		%
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						14.9						14.9						15.7						0.01		%
MS Integrated Psychotherapy & Counseling, LLC			(#,^)			1157 Main St., Clifton, NJ 07011						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						8/22/2029						61.2						61.2						59.4						0.02		%
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						159.6						159.6						159.7						0.05		%
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						77.5						77.5						81.4						0.03		%
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						19.0						19.0						17.7						0.01		%

234

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Auto Unique LLC			(#,^)			305 W Main St., Mayo, FL 32066						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						8/20/2044						11.8						11.8						13.3						—		%
Signature Rooms, Inc.			(#,^)			2066 Route 112, Medford, NY 11763						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						8/19/2029						139.0						139.0						146.0						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						84.5						84.5						84.0						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						111.4						111.4						103.5						0.03		%
American Healthy Vending, Inc			(#,^)			5420 NW 161 St., Palmetto Lakes, FL 33014						Nonstore Retailers						Term Loan						Prime plus 2.75%						8/15/2029						87.5						87.5						83.5						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						14.2						14.2						13.0						—		%
Ranson Excavating, Inc			(#,^)			8343 Kaula Dr, Fair Oaks, CA 95628						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/13/2029						12.1						12.1						11.0						—		%
Love Playing LLC			(#,^)			2200 Eastridge Loop, San Jose, CA 95122						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/9/2030						149.5						149.5						142.5						0.05		%
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						16.2						16.2						14.8						—		%

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						10.6						10.6						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						6.2						6.2						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						103.2						103.2						108.4						0.04		%
East Coast Flight Services, Inc and Aviation Consulting Enterprise			(#,^)			27603 Pkwy Rd, Easton, MD 21601						Air Transportation						Term Loan						Prime plus 2.75%						7/31/2029						447.4						447.4						424.9						0.14		%
Billy Auto Inc			(#,^)			632 N Broadway, Amityville, NY 11701						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/31/2044						311.1						311.1						338.2						0.11		%
Canyon Lake Kids Academy, LLC			(#,^)			130 Charter Oak Dr, Canyon Lake, TX 78133						Social Assistance						Term Loan						Prime plus 2.75%						7/31/2044						94.0						94.0						105.6						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						9.3						9.3						8.9						—		%
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						431.4						431.4						446.8						0.14		%
La Mount Group LLC			(#,^)			3111 Princeton Rd, Hamilton, OH 45011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/31/2029						208.4						208.4						189.7						0.06		%
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						61.3						61.3						55.8						0.02		%
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						659.8						659.8						655.8						0.21		%
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						110.4						110.4						107.1						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						195.7						195.7						182.2						0.06		%

235

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						15.9						15.9						14.7						—		%
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						754.7						754.7						819.7						0.27		%
Grad Street LLC			(#)			2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						6.1						6.1						6.3						—		%
Micheal Birch and Tracy M. Pierce			(#,^)			E 2947 H-44, Traunik, MI 49891						Gasoline Stations						Term Loan						Prime plus 2.75%						7/29/2044						52.0						52.0						58.8						0.02		%
Sou's LLC			(#,^)			739 NE MLK Blvd, Portland, OR 97221						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/26/2029						4.9						4.9						4.8						—		%
Power Associates Inc.			(#,^)			2766 West Good CT, Boise, ID 83702						Real Estate						Term Loan						Prime plus 2.75%						7/26/2029						12.3						12.3						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						391.4						391.4						441.9						0.14		%
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						7.5						7.5						7.8						—		%
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						44.3						44.3						46.6						0.02		%
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						95.7						95.7						108.1						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						12.9						12.9						12.0						—		%
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						6.1						6.1						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						8.5						8.5						8.7						—		%
JDM2 Water Station LLC			(#,^)			125 Chestnut Hill Dr, York, PA 17408						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/18/2029						171.0						171.0						167.6						0.05		%
Bonfire Hot Yoga LLC			(#,^)			3665 SW Hall Blvd, Beaverton, OR 97005						Educational Services						Term Loan						Prime plus 2.75%						7/18/2029						6.7						6.7						6.3						—		%
Ameritube, LLC			(#,^)			1000 North Hwy 77, Hillsboro, TX 76645						Primary Metal Manufacturing						Term Loan						Prime plus 2.75%						7/18/2029						102.2						102.2						107.3						0.03		%
Baton Rouge Cargo Services Inc			(#,^)			6013 McRaven Rd, Jackson, MS 39209						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/17/2044						280.4						280.4						310.5						0.10		%
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						955.1						955.1						1,044.7						0.34		%
Adam Family Bowl Inc			(#,^)			1504 Chestnut St., Mishawaka, IN 46545						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						7/16/2044						127.3						127.3						143.1						0.05		%
Bouquet Canyon Kennels			(#,^)			29973 Bouquet Canyon Rd, Santa Clarita, CA 91390						Personal and Laundry Services						Term Loan						Prime plus 2.75%						7/16/2044						288.3						288.3						312.2						0.10		%
Beacon Metal Fabricators, Inc.			(#,^)			5425-D Hamilton Ave, Cleveland, OH 44114						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						7/12/2029						57.2						57.2						56.5						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						97.3						97.3						106.8						0.03		%
Menskha Inc			(#)			88 High St., Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						10.5						10.5						10.8						—		%

236

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						64.8						64.8						60.1						0.02		%
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						12.1						12.1						12.1						—		%
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						239.0						239.0						269.8						0.09		%
5161 LLC			(#,^)			1478 E Mountain Dr, Santa Barbara, CA 93108						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/28/2029						513.7						513.7						546.3						0.18		%
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						250.1						0.08		%
Sundown Audio, LLC			(#,^)			514 West 21St St., Newton, NC 28658						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						6/28/2044						868.7						868.7						980.7						0.32		%
Balboa Fashion LLC			(#,^)			1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021						Apparel Manufacturing						Term Loan						Prime plus 2.75%						6/28/2029						6.1						6.1						6.0						—		%
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						1,190.5						1,190.5						1,344.0						0.43		%
Crestview Ridge Farms LLC			(#,^)			1172 Co Rd 956, Ashland, OH 44805						Crop Production						Term Loan						Prime plus 2.75%						6/28/2044						514.9						514.9						581.4						0.19		%
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						84.0						84.0						83.7						0.03		%
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						121.4						121.4						137.0						0.04		%
Southern Specialties Transportation LLC			(#,^)			116 Toledo Dr, Lafayette, LA 70506						Truck Transportation						Term Loan						Prime plus 2.75%						6/28/2029						23.0						23.0						24.5						0.01		%
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						97.4						97.4						96.9						0.03		%
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						210.1						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						12.2						12.2						12.1						—		%
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						842.2						0.27		%
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						0.06		%
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						387.8						0.13		%
Crescent Event Productions, Inc			(#,^)			1327 Wood Branch Dr, Charlotte, NC 28273						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/27/2029						283.8						283.8						286.1						0.09		%
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						192.6						192.6						217.4						0.07		%
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						39.5						39.5						39.3						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						8.4						8.4						8.4						—		%

237

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						327.8						327.8						339.7						0.11		%
Lynx Inspection Technologies LLC			(#,^)			8101 Miller Rd 2, Houston, TX 77049						Support Activities for Mining						Term Loan						Prime plus 2.75%						6/26/2044						553.6						553.6						625.0						0.20		%
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						141.0						141.0						159.2						0.05		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond St., Bangor, ME 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						6/26/2044						226.2						226.2						255.4						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						202.6						202.6						207.2						0.07		%
Tekoa Enterpises, Inc			(#,^)			1033 Cannon Bridge Rd, Cordova, SC 29039						Truck Transportation						Term Loan						Prime plus 2.75%						6/26/2029						46.6						46.6						47.4						0.02		%
Soft Touch Tissue & Paper LLC			(#,^)			1491 Hammond, Bangor, MA 04401						Paper Manufacturing						Term Loan						Prime plus 2.75%						12/26/2029						96.9						96.9						103.7						0.03		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						6/25/2029						35.3						35.3						36.2						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						70.1						70.1						79.2						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						88.0						88.0						91.5						0.03		%
Spartan Technology Solutions, Inc			(#,^)			125 Venture Blvd, Spartanburg, SC 29306						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/25/2044						467.0						467.0						527.2						0.17		%
Professional Tire Limited Liability Company			(#,^)			6655 Country Rd 32, Norwich, NY 13815						Repair and Maintenance						Term Loan						Prime plus 2.75%						6/25/2044						133.3						133.3						150.5						0.05		%
Sweets By Karla LLC			(#,^)			3273 South John Young Pkwy, Kissimmee, FL 34746						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2029						10.4						10.4						10.3						—		%
Krsto, LLC dba Italian Butter Breadsticks			(#,^)			34683 Nova Dr, Clinton Twp, MI 48035						Food Manufacturing						Term Loan						Prime plus 2.75%						6/24/2044						182.3						182.3						205.9						0.07		%
Scissor Kids Inc			(#,^)			63 Hebron Ave, Ste F, Glastonbury, CT 06033						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/24/2029						8.4						8.4						8.4						—		%
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						10.5						10.5						11.7						—		%
Peninsula Self Defense LLC			(#,^)			2766 Bay Rd, Redwood City, CA 94063						Educational Services						Term Loan						Prime plus 2.75%						6/21/2029						4.3						4.3						4.3						—		%
Campuscuts LLC			(#)			930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.3						6.3						7.1						—		%
William Rose Inc			(#,^)			1 Grace Cove Rd, New Shoreham, RI 02807						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2044						83.6						83.6						94.0						0.03		%
LuLuBelle's Mountain Banana Bread LLC			(#,^)			31621 Pleasant Dr., Running Springs, CA 92382						Food Manufacturing						Term Loan						Prime plus 2.75%						12/21/2045						247.5						247.5						279.4						0.09		%
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						50.5						50.5						50.2						0.02		%
Central Texas Hygiene, LLC.			(#,^)			10201 McKalla Place, Austin, TX 78758						Administrative and Support Services						Term Loan						Prime plus 2.75%						6/20/2029						70.1						70.1						69.6						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						5.6						5.6						5.6						—		%

238

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Zion Motors Inc			(#,^)			6949 Wall Triana Hwy, Madison, AL 35757						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						6/19/2044						58.1						58.1						65.6						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						6.1						6.1						6.5						—		%
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						66.9						66.9						75.5						0.02		%
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						185.4						0.06		%
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						251.5						251.5						257.8						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						87.5						87.5						88.4						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						43.0						43.0						48.6						0.02		%
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						4.2						4.2						4.7						—		%
Ivesters Transportation, Inc			(#,^)			4299 South 2675 West, Roy, UT 84067						Truck Transportation						Term Loan						Prime plus 2.75%						6/11/2029						200.6						200.6						202.2						0.07		%
Archer Cleaners Inc			(#)			1514 W. 33rd St., Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						10.5						10.5						11.7						—		%
J&A Elliott Company			(#,^)			1118 Thornberry Dr, Clarksville, TN 37043						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/7/2029						8.5						8.5						9.1						—		%
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						231.6						231.6						261.5						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						32.4						32.4						33.1						0.01		%
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						10.5						10.5						11.7						—		%
Skin Beauty Bar Inc			(#,^)			749 8th St., Washington, DC 20003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						6/6/2029						4.3						4.3						4.2						—		%
Jamestown Quick Stop LLC			(#,^)			3097 24th Ave, Hudsonville, MI 49426						Food and Beverage Stores						Term Loan						Prime plus 2.75%						6/5/2044						66.2						66.2						74.7						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						385.1						385.1						410.3						0.13		%
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						245.9						245.9						261.9						0.08		%
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						6.1						6.1						6.0						—		%
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodelin			(#,^)			1450 Oakbrook Dr, Norcross, GA 30093						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/31/2029						93.9						93.9						94.4						0.03		%
V & M Transportation LLC			(#,^)			1307 27th St. Apt B, North Bergen, NJ 07047						Truck Transportation						Term Loan						Prime plus 2.75%						5/31/2029						10.5						10.5						10.5						—		%

239

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						50.3						50.3						50.1						0.02		%
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						40.2						40.2						42.8						0.01		%
SSD Designs, LLC			(#,^)			486 Vance St., Forest City, NC 28043						Chemical Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						412.8						412.8						466.1						0.15		%
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						80.5						80.5						80.2						0.03		%
Aspen Welding LLC			(#,^)			28803 US-6, Rifle, CO 81650						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/30/2044						390.9						390.9						441.4						0.14		%
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						870.2						0.28		%
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						4.0						4.0						4.1						—		%
Canela Media Inc			(#,^)			2715 Palomino Circle, La Jolla, CA 92037						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/29/2029						95.5						95.5						96.6						0.03		%
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						34.2						34.2						38.6						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						74.9						74.9						74.6						0.02		%
Clowers Trucking By Faith LLC			(#)			705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						10.6						10.6						11.9						—		%
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						107.1						107.1						114.1						0.04		%
Top Notch Roofing, Inc			(#,^)			46 Cherry St., Milton, VT 05468						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/23/2029						97.0						97.0						97.7						0.03		%
MCM Design LLC			(#)			5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.1						8.1						9.0						—		%
McGuckin & Pyle Inc			(#,^)			120 Corporate Ln, New Bern, NC 28562						Machinery Manufacturing						Term Loan						Prime plus 2.75%						5/23/2044						294.6						294.6						332.6						0.11		%
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						90.5						90.5						90.3						0.03		%
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						16.3						16.3						16.7						0.01		%
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						205.4						205.4						218.8						0.07		%
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						348.9						348.9						347.2						0.11		%
Covalent Holding LLC			(#,^)			18 West Chestnut St.,Unit 2F, Chicago, IL 60610						Nonstore Retailers						Term Loan						Prime plus 2.75%						5/17/2029						212.3						212.3						218.7						0.07		%
AMP Trucking Inc			(#,^)			1030 Gettysburg Ave, Clovis, CA 93161						Truck Transportation						Term Loan						Prime plus 2.75%						5/16/2029						209.8						209.8						208.4						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						15.1						15.1						16.1						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						2.7						2.7						2.8						—		%

240

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						41.7						41.7						47.1						0.02		%
The Lobster Pot Inc			(#,^)			119 Hope St., Bristol, RI 02809						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/10/2044						353.3						353.3						398.9						0.13		%
Aloha To Go LLC			(#,^)			5903 Seminole Blvd, Seminole, FL 33772						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2029						12.4						12.4						12.4						—		%
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						10.4						10.4						11.6						—		%
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						4.1						4.1						4.0						—		%
EPIFAB,LLC			(#,^)			1341 Brooks St. Unit D, Ontario, CA 91762						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						5/3/2029						17.1						17.1						17.4						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						16.8						16.8						16.7						0.01		%
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						4.9						4.9						4.9						—		%
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						101.4						101.4						114.5						0.04		%
Art Amore Studios, LLC			(#,^)			6507 Jester Blvd, Ste #107, Austin, TX 78750						Educational Services						Term Loan						Prime plus 2.75%						5/3/2029						4.5						4.5						4.4						—		%
Modern Trousseau, LLC			(#,^)			125 Bradley Rd, Woodbridge, CT 06525						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 2.75%						5/1/2029						251.3						251.3						263.9						0.09		%
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						51.8						51.8						54.8						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						31.9						31.9						34.0						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						131.7						131.7						134.4						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						118.5						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						449.3						449.3						507.3						0.16		%
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						398.9						398.9						405.8						0.13		%
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						121.9						121.9						129.8						0.04		%
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						49.9						49.9						50.4						0.02		%
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						39.0						39.0						39.0						0.01		%
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						10.3						10.3						11.5						—		%

241

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Expert Building Services LLC			(#,^)			74 Roosevelt St., Pequannock Township, NJ 07440						Administrative and Support Services						Term Loan						Prime plus 2.75%						4/17/2029						16.3						16.3						16.2						0.01		%
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						99.7						99.7						99.7						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						5.0						5.0						5.5						—		%
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						45.0						45.0						50.9						0.02		%
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						7.2						7.2						7.1						—		%
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						35.1						35.1						35.4						0.01		%
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						79.8						79.8						79.3						0.03		%
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						63.9						63.9						64.3						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						88.7						88.7						92.6						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						7.8						7.8						7.7						—		%
Maxiflex LLC			(#,^)			512 Verret St., New Orleans, LA 70114						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/11/2029						49.9						49.9						53.1						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						50.6						50.6						50.3						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						10.2						10.2						10.3						—		%
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						488.7						488.7						522.7						0.17		%
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						49.2						49.2						52.4						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						3.8						3.8						3.8						—		%
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						633.6						633.6						633.3						0.20		%
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						613.8						613.8						693.0						0.22		%
EJ & James Transport LLC			(#,^)			3100 Drewsky Lane Unit 108, Fort Mills, SC 29715						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						7.5						7.5						7.6						—		%
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						41.1						41.1						40.8						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						44.1						44.1						44.1						0.01		%

242

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						41.5						41.5						41.2						0.01		%
Royalty Freight Inc.			(#,^)			3728 W McKinley Ave, Fresno, CA 93772						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						338.9						338.9						346.8						0.11		%
Pizzaplex L3C			(#,^)			4458 West Vernor Hwy, Detroit, MI 48209						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/29/2029						35.4						35.4						35.4						0.01		%
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						130.6						130.6						129.4						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						79.1						79.1						78.5						0.03		%
Bright Freight Solution, LLC			(#,^)			1112 N Main St, Manteca, CA 95336						Truck Transportation						Term Loan						Prime plus 2.75%						3/29/2029						752.5						752.5						767.9						0.25		%
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						501.1						0.16		%
Hamsons Inc.			(#,^)			4900 Hopyard Rd, Pleasanton, CA 94588						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/29/2029						148.3						148.3						147.0						0.05		%
Bayco Enterprises, Inc			(#,^)			128 Cowesett Ave, West Warwick, RI 02893						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2044						189.2						189.2						213.6						0.07		%
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						39.0						39.0						44.1						0.01		%
Stillwater Ventures, LLC			(#,^)			8272 W. Sunset Blvd, Los Angeles, CA 90048						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/29/2029						303.5						303.5						313.7						0.10		%
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						759.2						0.25		%
J.C. Pallet Company, Inc.			(#,^)			18427 New Kent Hwy, Barhamsville, VA 23011						Wood Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2029						356.0						356.0						369.1						0.12		%
GS Bath Inc			(#,^)			5335 E. Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						3/28/2029						250.8						250.8						255.8						0.08		%
Custom Vinyl Products LLC			(#,^)			260 Enterprise Dr, Newport News, VA 23603						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/28/2044						964.0						964.0						1,088.4						0.35		%
Skaggs RV Outlet ,LLC			(#,^)			301 Commerce Dr, Elizabethtown, KY 42701						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/28/2029						197.1						197.1						209.5						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						2.8						2.8						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						41.0						41.0						41.3						0.01		%
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						559.7						559.7						631.9						0.20		%
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						60.1						60.1						63.9						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						130.5						130.5						129.4						0.04		%
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC			(#,^)			1127 Auraria Pkwy, Ste 201, Denver, CO 80204						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/27/2029						4.5						4.5						4.5						—		%

243

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						1,377.9						0.45		%
District 5 Boutique LLC			(#,^)			317 N Farview Ave, Paramus, NJ 07652						Nonstore Retailers						Term Loan						Prime plus 2.75%						3/26/2029						98.9						98.9						98.0						0.03		%
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						1,081.8						1,081.8						1,221.3						0.39		%
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						0.11		%
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						4.7						4.7						4.9						—		%
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						233.4						233.4						248.1						0.08		%
American Trails Transport, LLC			(#,^)			8704 Grand Ave, Billings, MT 59106						Truck Transportation						Term Loan						Prime plus 2.75%						3/21/2029						44.0						44.0						44.8						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						143.4						143.4						142.4						0.05		%
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						316.2						316.2						325.1						0.11		%
Michigan Neurosurgical Institute, P.C., Optical Spine,LLC			(#,^)			9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/20/2044						338.0						338.0						381.6						0.12		%
Sound Manufacturing Inc			(#,^)			1 Williams Lane, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						3/20/2029						39.5						39.5						39.2						0.01		%
Game Station, Inc.			(#,^)			2917 1st Ave SE, Cedar Rapids, IA 52402						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/19/2029						207.7						207.7						211.1						0.07		%
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						2.7						2.7						2.6						—		%
Vanchoc Transport Inc			(#,^)			137 3rd St, Brooklyn, NY 11231						Rental and Leasing Services						Term Loan						Prime plus 2.75%						3/15/2029						69.0						69.0						68.4						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						45.5						45.5						48.4						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						74.0						74.0						74.3						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						235.5						235.5						236.1						0.08		%
Mill Creek Early Childhood Program LLC			(#,^)			510 South Batavia Ave, Batavia, IL 60510						Social Assistance						Term Loan						Prime plus 2.75%						8/11/2029						50.9						50.9						50.7						0.02		%
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						69.3						69.3						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						224.6						224.6						223.8						0.07		%
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						69.3						69.3						68.6						0.02		%

244

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

D & S Village Hardware LLC dba Cedar Mountain Country Store			(#,^)			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						191.9						191.9						216.7						0.07		%
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						21.4						21.4						24.2						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						124.5						124.5						123.4						0.04		%
Monkey Bones LLC			(#,^)			3361 Dayton Xenia Rd, Beavercreek, OH 45432						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2044						17.9						17.9						20.2						0.01		%
Wooter Apparel, Inc			(#,^)			727 Page Ave., Staten Island, NY 10307						Nonstore Retailers						Term Loan						Prime plus 2.75%						2/28/2029						39.2						39.2						39.2						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						3.9						3.9						4.1						—		%
Shah Medical Center SC & Heeena Shyamani			(#,^)			484 Summit St, Elgin, IL 60120						Hospitals						Term Loan						Prime plus 2.75%						2/28/2044						216.0						216.0						243.9						0.08		%
Woodard Electric Services, Inc.			(#,^)			1600 Carter Cove Rd, Hayesville, NC 28904						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2029						17.0						17.0						16.9						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						10.2						10.2						11.3						—		%
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						117.7						117.7						117.3						0.04		%
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						32.4						32.4						32.5						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						85.4						85.4						90.7						0.03		%
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						109.4						109.4						108.7						0.04		%
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						127.6						127.6						130.7						0.04		%
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						37.4						37.4						37.3						0.01		%
Integris Roofing, Inc			(#,^)			1174 Yellostone Dr, Lake Arrowhead, CA 92532						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/15/2029						17.6						17.6						17.5						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						91.4						91.4						91.8						0.03		%
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						49.1						49.1						48.9						0.02		%
KHSE Parks, Inc.			(#,^)			600 West Charles St., Matthews, NC 28105						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/14/2029						62.8						62.8						62.2						0.02		%
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						11.8						11.8						12.5						—		%

245

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						131.5						131.5						148.5						0.05		%
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						10.8						10.8						11.1						—		%
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						133.3						133.3						135.6						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						37.0						37.0						36.7						0.01		%
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						2.9						2.9						3.0						—		%
Creative Counseling Nashville PLLC			(#,^)			4119 Gallatin Pike, Nashville, TN 37216						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						2/7/2029						0.8						0.8						0.8						—		%
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						11.8						11.8						12.5						—		%
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						45.1						45.1						45.3						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						28.0						28.0						27.8						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						71.3						71.3						80.5						0.03		%
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						192.6						192.6						191.0						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						64.2						64.2						63.6						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						69.5						69.5						69.6						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						65.4						65.4						73.9						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						48.7						48.7						49.6						0.02		%
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						70.8						70.8						70.8						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						43.7						43.7						43.4						0.01		%
Rashed and Shabila LLC			(#,^)			14865 Hwy 92, Woodstock, GA 30188						Gasoline Stations						Term Loan						Prime plus 2.75%						1/4/2029						17.5						17.5						17.9						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						204.8						204.8						203.0						0.07		%
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						529.8						529.8						598.1						0.19		%

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						99.6						99.6						100.6						0.03		%

246

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						552.6						552.6						623.8						0.20		%
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						561.6						0.18		%
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						17.8						17.8						20.1						0.01		%
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						324.1						324.1						365.9						0.12		%
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						374.8						0.12		%
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						121.8						121.8						137.5						0.04		%
Medworxs Inc.			(#,^)			6857 Timbers Dr, Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/27/2028						8.1						8.1						8.0						—		%
Fave Realty Inc.			(#,^)			74 Larkfield Rd, East Northport, NY 11731						Real Estate						Term Loan						Prime plus 2.75%						12/27/2043						117.3						117.3						132.4						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						440.8						440.8						497.7						0.16		%
Reservations Unlimited LLC			(#,^)			312 W Main St., Red River, NM 87558						Real Estate						Term Loan						Prime plus 2.75%						12/26/2043						85.5						85.5						96.5						0.03		%
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						472.8						472.8						533.8						0.17		%
RM Hawkins LLC			(#,^)			5141 Topaz Dr, Colorado Springs, CO 80918						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/24/2028						231.5						231.5						235.6						0.08		%
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						683.7						683.7						771.9						0.25		%
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						79.5						79.5						78.6						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						57.9						57.9						57.2						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						183.5						183.5						185.3						0.06		%
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						8.7						8.7						8.6						—		%
Royalty Freight Inc			(#,^)			3728 W McKinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/21/2028						75.5						75.5						74.6						0.02		%
LP Industries, Inc and Playground Packages, LLC			(#,^)			2040 Norwood, Lenoir, NC 28645						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						81.2						81.2						80.4						0.03		%
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						165.9						165.9						187.3						0.06		%
Cammarata Associates LLC			(#,^)			5 Greentree Center, Marlton, NJ 08053						Credit Intermediation and Related Activities						Term Loan						Prime plus 2.75%						12/21/2028						57.9						57.9						57.2						0.02		%

247

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

C&D Trucking & Equipment Service, Inc.			(#,^)			4015 Jennings Rd, Cleveland, OH 44109						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2043						111.1						111.1						125.5						0.04		%
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						100.3						100.3						99.2						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						91.8						91.8						91.7						0.03		%
Sesolinc GRP, Inc.			(#,^)			806 Randy Lowery Rd, Statesboro, GA 30461						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/21/2028						289.5						289.5						296.4						0.10		%
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						183.4						183.4						186.8						0.06		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						12/20/2028						232.1						232.1						237.7						0.08		%
Graff Excavating, Inc			(#,^)			803 E State St., Toledo, IA 52342						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/20/2028						150.9						150.9						150.3						0.05		%
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						147.4						147.4						166.5						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						304.6						304.6						323.0						0.10		%
Flashii App, Inc.			(#,^)			3031 Tisch Way, 1st Floor, San Jose, CA 95128						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2028						48.2						48.2						51.2						0.02		%
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						35.6						35.6						35.9						0.01		%
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						41.7						41.7						41.6						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						148.5						148.5						152.8						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						48.2						48.2						47.7						0.02		%
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						53.1						53.1						52.7						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						403.6						403.6						455.6						0.15		%
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						58.2						58.2						59.5						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						420.9						420.9						416.8						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						93.8						93.8						105.9						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%						12/14/2028						193.0						193.0						190.8						0.06		%
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						12.2						12.2						12.1						—		%

248

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Alpha Landscape Contractors, Inc			(#,^)			2823 Fllintstone Rd, Millers, MD 21102						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/14/2029						250.6						250.6						254.6						0.08		%
Alpha Omega Trucking LLC			(#,^)			14432-14452 Stateline Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2028						54.1						54.1						57.3						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						245.1						245.1						247.8						0.08		%
Healthy Human, LLC			(#,^)			1007 Johnnie Dodds Blvd., Ste 123, Mount Pleasant, SC 29464						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2028						96.4						96.4						95.3						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						212.4						212.4						214.4						0.07		%
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						190.0						190.0						214.5						0.07		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Construction of Buildings						Term Loan						Prime plus 2.75%						12/14/2028						33.3						33.3						34.0						0.01		%
Sound Contracting LLC			(#,^)			148 Holmgren Place, Girdwood, AK 99587						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/14/2043						187.7						187.7						212.0						0.07		%
OC Helicopters LLC			(#,^)			19711 Campus Dr Ste 260, Santa Ana, CA 92707						Air Transportation						Term Loan						Prime plus 2.75%						12/13/2028						68.0						68.0						72.1						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						427.0						0.14		%
Plan B Burger LLC			(#,^)			484 Farmington Ave, Hartford, CT 06105						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/13/2029						812.9						812.9						823.8						0.27		%
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						173.5						173.5						171.5						0.06		%
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						928.0						928.0						1,047.8						0.34		%
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						114.0						114.0						128.7						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						8.2						8.2						8.1						—		%
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						987.3						987.3						1,015.3						0.33		%
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						205.0						205.0						231.4						0.07		%
Behind The Scenes Chicago, LLC dba Paramount Events			(#,^)			2744 W. Roscoe St., Chicago, IL 60618						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/12/2029						124.0						124.0						131.8						0.04		%
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						52.5						52.5						53.3						0.02		%
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						46.4						46.4						46.0						0.01		%
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						192.8						192.8						217.7						0.07		%

249

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						121.6						121.6						137.3						0.04		%
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						31.0						31.0						30.7						0.01		%
TFE Resources ,LTD			(#,^)			11 Easter Court Ste G, Owings Mills, MD 21117						Utilities						Term Loan						Prime plus 2.75%						1/11/2029						449.8						449.8						452.8						0.15		%
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						33.6						33.6						34.3						0.01		%
EMES Supply, LLC			(#,^)			35622 Vine St., EastLake, OH 44095						General Merchandise Stores						Term Loan						Prime plus 2.75%						1/11/2029						97.0						97.0						97.2						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						40.4						40.4						45.6						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						371.6						371.6						419.5						0.14		%
ZLM Services LLC			(#,^)			51343 Oro Rd, Shelby Township, MI 33444						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/10/2029						31.0						31.0						30.7						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						55.4						55.4						55.0						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						900.4						900.4						910.3						0.29		%
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						160.6						160.6						170.7						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						197.5						197.5						210.0						0.07		%
Levine Daycare Inc dba Kids R Kids			(#,^)			415 Woodbury Rd, Orlando, FL 32828						Social Assistance						Term Loan						Prime plus 2.75%						1/5/2029						209.0						209.0						212.7						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						108.8						108.8						108.1						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						150.4						150.4						149.0						0.05		%
York Concrete Corp			(#,^)			1 Plumb CT., Huntington Station, NY 11746						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/3/2043						187.5						187.5						211.6						0.07		%
Swantown Inn and Spa, LLC			(#,^)			1431 11th Ave SE, Olympia, WA 98501						Accommodation						Term Loan						Prime plus 2.75%						1/3/2029						10.5						10.5						11.1						—		%
Cabrera's Auto Services LLC			(#,^)			2206 N Central Ave, Chicago, IL 60639						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/30/2043						76.9						76.9						86.8						0.03		%
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						213.4						213.4						240.9						0.08		%
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						96.0						96.0						100.9						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						126.6						126.6						125.5						0.04		%
Water Station Holdings LLC			(#,^)			1104 N Keystone Ave, Indianapolis, IN 46201						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/30/2028						506.5						506.5						523.4						0.17		%

250

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						0.15		%
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						61.7						61.7						69.7						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%						12/29/2028						67.2						67.2						69.2						0.02		%
JJB Production LLC			(#,^)			458 N 7th St., Newark, NJ 07107						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/29/2028						5.6						5.6						5.6						—		%
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						85.4						85.4						96.4						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						39.8						39.8						45.0						0.01		%
Extreme Granite Corp			(#,^)			251 NW 1st St., Deerfield Beach, FL 33441						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2043						177.9						177.9						200.8						0.06		%
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						474.0						0.15		%
Thames Aquatic Club, LLC			(#,^)			14 Iron St., Ledyard, CT 06339						Educational Services						Term Loan						Prime plus 2.75%						10/21/2029						36.1						36.1						38.6						0.01		%
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						29.7						29.7						29.3						0.01		%
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC			(#,^)			12930 Worldgate Dr, Herndon, VA 20170						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/21/2028						977.5						977.5						1,036.6						0.34		%
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						17.3						17.3						17.6						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						623.3						623.3						703.7						0.23		%
Commonwealth Warehouse Inc			(#,^)			11013 Kenwood Rd., Cincinnati, OH 45242						Warehousing and Storage						Term Loan						Prime plus 2.75%						12/20/2028						324.7						324.7						332.8						0.11		%
K & A Automotive Inc			(#,^)			2070 Nooseneck Hill Rd, Coventry, RI 02816						Gasoline Stations						Term Loan						Prime plus 2.75%						11/19/2043						115.9						115.9						130.8						0.04		%
High Desert Transport, Inc.			(#,^)			2973 Via Meridiana, Henderson, NV 89012						Truck Transportation						Term Loan						Prime plus 2.75%						12/19/2028						57.3						57.3						57.7						0.02		%
Cali Fit Meals			(#,^)			3450 East Orangethrope Ave, Anaheim, CA 92806						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/16/2028						48.0						48.0						47.5						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						—		%
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						31.0						31.0						32.9						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						33.1						33.1						34.8						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						66.5						66.5						75.0						0.02		%
Schafer Fisheries Inc.			(#,^)			21985 Waller Rd, Fulton, IL 61252						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						11/14/2028						41.2						41.2						43.7						0.01		%

251

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						360.8						360.8						359.5						0.12		%
Salon Femi LLC			(#,^)			1107 Broad St., Bloomfield, NJ 07003						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/9/2028						5.8						5.8						6.0						—		%
McNeill Stokes			(#,^)			5372 Whitehall Pl SE, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/8/2028						5.3						5.3						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						397.1						397.1						448.3						0.14		%
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						249.4						249.4						246.5						0.08		%
Modutech Marine Inc			(#,^)			2218 Marine View Dr, Tacoma, WA 98422						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/1/2028						287.9						287.9						305.4						0.10		%
Abington Caregivers, LLC			(#,^)			7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027						Social Assistance						Term Loan						Prime plus 2.75%						11/30/2043						119.5						119.5						134.9						0.04		%
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						83.6						83.6						83.2						0.03		%
C.A.T.I. Armor, LLC			(#,^)			435 Packard Hwy, Charlotte, MI 48813						Apparel Manufacturing						Term Loan						Prime plus 2.75%						10/30/2043						199.4						199.4						225.1						0.07		%
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						48.0						48.0						48.2						0.02		%
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						63.0						63.0						63.0						0.02		%
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						111.6						111.6						118.3						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						7.6						7.6						7.6						—		%
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						65.7						65.7						74.2						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						72.5						72.5						81.9						0.03		%
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						134.1						134.1						134.6						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						21.3						21.3						24.1						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						57.0						57.0						60.5						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						36.3						36.3						41.0						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						11.4						11.4						11.2						—		%
Apps Inc and Market Share Inc.			(#,^)			80 Main St., Old Saybrook, CT 06475						Telecommunications						Term Loan						Prime plus 2.75%						10/5/2028						69.9						69.9						69.1						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						39.4						39.4						39.0						0.01		%

252

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						0.33		%
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						313.0						313.0						353.3						0.11		%
Throop Family Holdings, Inc			(#,^)			7130 Crater Lake, White City, OR 97603						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/28/2043						607.7						607.7						686.1						0.22		%
Burd Brothers Inc.			(#,^)			4005 Borman Dr, Batavia, OH 45103						Truck Transportation						Term Loan						Prime plus 2.75%						9/28/2028						385.1						385.1						397.8						0.13		%
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						80.1						80.1						83.4						0.03		%
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						768.2						0.25		%
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						135.3						135.3						134.1						0.04		%
Blackwater Diving, LLC			(#,^)			112 Forrest Rd, Morgan City, LA 70380						Support Activities for Mining						Term Loan						Prime plus 2.75%						9/27/2028						599.8						599.8						600.2						0.19		%
Blue Seven, LLC			(#,^)			11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/27/2029						43.8						43.8						44.3						0.01		%
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.			(#,^)			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						93.7						93.7						95.9						0.03		%
Quality Electric & Data			(#,^)			85 Franklin Rd Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2028						74.6						74.6						77.1						0.02		%
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						11.2						11.2						11.3						—		%
Quality Electric & Data Inc.			(#,^)			85 Franklin RD Unit 9B, Dover, NJ 07801						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/27/2043						122.5						122.5						138.3						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						228.8						228.8						236.8						0.08		%
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						11.2						11.2						11.2						—		%
US Shipping Trans Inc, Esteem Trucking Inc			(#,^)			16102 Sweetwater Court, Lathrop, CA 95330						Truck Transportation						Term Loan						Prime plus 2.75%						9/26/2028						610.4						610.4						638.7						0.21		%
Ace Auto Recovery, Inc.			(#,^)			1209 North Lane Ave, Jacksonville, FL 32254						Administrative and Support Services						Term Loan						Prime plus 2.75%						9/26/2043						150.8						150.8						170.3						0.06		%
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						521.9						521.9						589.3						0.19		%
LTS School, Inc.			(#,^)			3731 NW 9th Ave, Deerfield Beach, FL 33064						Educational Services						Term Loan						Prime plus 2.75%						9/26/2043						95.5						95.5						107.8						0.03		%
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						93.7						93.7						94.2						0.03		%
Phillip Ramos Upholstery Inc.			(#,^)			3835 Elm St., Denver, CO 80207						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/24/2028						11.6						11.6						11.5						—		%
DC Lofty, LLC,			(#,^)			301 I St. NW, Washington, DC 20001						Accommodation						Term Loan						Prime plus 2.75%						9/21/2028						16.9						16.9						16.7						0.01		%

253

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 Garden Club, LLC			(#,^)			125 South DuBuque St., Iowa City, IA 52240						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/21/2028						5.0						5.0						4.9						—		%
MillClem Corporation & Monticello Corporation			(#,^)			16660 Oak St., Dillwyn, VA 22936						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						9/21/2043						312.4						312.4						352.7						0.11		%
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						226.1						0.07		%
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						325.7						325.7						335.0						0.11		%
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						16.9						16.9						16.7						0.01		%
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara			(#,^)			35000 Pacific Hwy, Federal Way, WA 98003						Truck Transportation						Term Loan						Prime plus 2.75%						9/19/2028						406.5						406.5						401.0						0.13		%
Super Station Inc			(#,^)			8855 N Country Rd 25A, Pique, OH 45356						Gasoline Stations						Term Loan						Prime plus 2.75%						9/19/2043						197.6						197.6						223.1						0.07		%
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						100.1						100.1						113.1						0.04		%
C3 Capital, Inc			(#,^)			10010 N. Hampton Cove Lane, Indianapolis, IN 46236						Nonstore Retailers						Term Loan						Prime plus 2.75%						9/19/2028						475.0						475.0						493.8						0.16		%
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						4.5						4.5						4.4						—		%
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						4.6						4.6						4.6						—		%
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						165.1						165.1						186.4						0.06		%
Culmination Motorsports, Inc.			(#,^)			160 W 91st Ave, Unit B, Anchorage, AK 99515						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/17/2043						527.8						527.8						595.9						0.19		%
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						37.5						37.5						38.3						0.01		%
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						1,179.2						1,179.2						1,331.3						0.43		%
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						60.9						60.9						60.4						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						55.5						55.5						55.4						0.02		%
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						82.5						82.5						81.3						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						93.2						93.2						105.2						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						94.2						94.2						94.3						0.03		%
Rancho Paving, Inc			(#,^)			339 Cypress Lane, El Cajon, CA 92020						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/10/2028						146.2						146.2						153.0						0.05		%

254

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						84.7						84.7						95.6						0.03		%
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						11.7						11.7						11.7						—		%
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						259.1						0.08		%
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						16.8						16.8						16.7						0.01		%
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						397.6						397.6						448.9						0.15		%
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						423.8						423.8						478.5						0.15		%
Extreme Engineering, Inc.			(#,^)			598 Oliver Dr, Troy, MI 48084						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/29/2028						92.8						92.8						91.9						0.03		%
Kotyark LLC dba Gibsonton Motel			(#,^)			11545 US Hwy 41S, Gibsonton, FL 33534						Accommodation						Term Loan						Prime plus 2.75%						8/29/2043						77.7						77.7						87.7						0.03		%
Greenfield Hill Wines & Spirits, LLC			(#,^)			65 Hillside Rd, Fairfield, CT 06824						Food and Beverage Stores						Term Loan						Prime plus 2.75%						8/29/2028						68.3						68.3						67.8						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						1.8						1.8						1.8						—		%
Graphish Studio, Inc.			(#,^)			231 Main St., Stamford, CT 06901						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/28/2028						5.6						5.6						5.5						—		%
Atlas Geo-Constructors LLC			(#,^)			3466 Thomasville Rd Winston, Winston-Salem, NC 27107						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/24/2028						60.0						60.0						62.9						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						92.6						92.6						91.3						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						5.6						5.6						5.5						—		%
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						16.7						16.7						16.6						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						31.3						31.3						31.8						0.01		%
Buffalo Biodiesel Inc.			(#,^)			225 Sawyer Ave, Tonawanda, NY 14150						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						8/21/2028						994.6						994.6						1,040.7						0.34		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/17/2044						120.4						120.4						135.9						0.04		%
ATI Jet, Inc.			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						8/16/2028						148.7						148.7						154.0						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						13.4						13.4						13.2						—		%
GS Bath Inc			(#,^)			5335 E Kaviland Ave, Fresno, CA 93725						Truck Transportation						Term Loan						Prime plus 2.75%						8/15/2028						423.2						423.2						444.8						0.14		%

255

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						33.8						33.8						34.2						0.01		%
David D. Sullivan dba DMS Construction			(#,^)			6400 Charwood Place, Bakersfield, CA 93306						Specialty Trade Contractors						Term Loan						6%						8/9/2028						10.3						10.3						9.4						—		%
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						16.6						16.6						16.7						0.01		%
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						76.1						76.1						75.4						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						95.2						95.2						95.5						0.03		%
CJNR, LLC			(#,^)			208 East Main St., Elma, WA 98541						Accommodation						Term Loan						Prime plus 2.75%						8/7/2043						114.7						114.7						129.5						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						2.8						2.8						2.7						—		%
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						44.7						44.7						44.5						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						87.1						87.1						90.7						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						5.6						5.6						5.5						—		%
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						287.8						287.8						324.9						0.11		%
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						359.7						359.7						372.9						0.12		%
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						72.2						72.2						71.2						0.02		%
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						402.7						402.7						409.8						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						5.0						5.0						4.9						—		%
Relevant Elephant ,LLC			(#,^)			ON320 Woodvale St, Winfield, IL 60190						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/25/2028						4.0						4.0						4.0						—		%
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						45.9						45.9						45.3						0.01		%
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						0.09		%
ZA Trucking LLC			(#,^)			5945 York Way, East Lansing, MI 48823						Truck Transportation						Term Loan						Prime plus 2.75%						7/17/2028						3.8						3.8						4.1						—		%
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						15.5						15.5						16.4						0.01		%
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						50.6						50.6						50.3						0.02		%
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						46.0						46.0						45.3						0.01		%

256

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						7.8						7.8						8.3						—		%
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						228.9						228.9						237.3						0.08		%
US Cargo Express, LLC			(#,^)			4735 22 Mile Rd, Utica, MI 48317						Support Activities for Transportation						Term Loan						Prime plus 2.75%						7/2/2043						79.4						79.4						89.6						0.03		%
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						16.7						16.7						17.4						0.01		%
Bio-Haz Solutions, Inc.			(#,^)			23 Tonoli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/29/2044						350.6						350.6						395.8						0.13		%
Bio-Haz Solutions, Inc			(#,^)			23 Tonolli Rd, Nesquehoning, PA 18240						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/29/2029						196.0						196.0						209.0						0.07		%
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						49.0						49.0						50.4						0.02		%
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						34.6						34.6						35.5						0.01		%
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						16.4						16.4						16.9						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						99.8						99.8						112.6						0.04		%
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						673.8						673.8						697.6						0.23		%
Sun Pools, Inc			(#,^)			130 Holiday LN, Albany, KY 42602						Plastics and Rubber Products Manufacturing						Term Loan						Prime plus 2.75%						6/25/2043						287.3						287.3						324.4						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						569.2						569.2						590.3						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						49.6						49.6						51.3						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						130.7						130.7						147.6						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						201.8						201.8						210.5						0.07		%
The Desert House Assisted Living ,LLC			(#,^)			11055 E Grove St, Mesa, AZ 85208						Nursing and Residential Care Facilities						Term Loan						Prime plus 2.75%						6/22/2043						73.9						73.9						83.4						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						228.6						228.6						258.1						0.08		%
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						13.5						13.5						13.9						—		%
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						103.8						103.8						109.6						0.04		%
Colovic Hackettstown Dairy LLC			(#,^)			22 Route 57, Hackettstown, NJ 07840						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/19/2043						258.0						258.0						291.3						0.09		%
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						266.9						266.9						301.3						0.10		%

257

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						345.5						345.5						367.6						0.12		%
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						118.3						118.3						133.6						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						109.4						109.4						116.4						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						642.2						642.2						662.1						0.21		%
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						43.4						43.4						49.0						0.02		%
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						136.6						136.6						154.2						0.05		%
Venzix Ventures Inc. dba Venzix			(#,^)			750 Legend Oak Dr, Fountain, CO 80817						Nonstore Retailers						Term Loan						Prime plus 2.75%						6/15/2028						8.1						8.1						8.6						—		%
Tele Tax Express Inc			(#,^)			166 Getty Ave, Paterson, NJ 07503						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/14/2028						16.4						16.4						17.3						0.01		%
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						36.4						36.4						37.7						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						91.5						91.5						103.3						0.03		%
Mastiff Studios LLC			(#,^)			2919 West Colorado Ave, Colorado Springs, CO 80904						Educational Services						Term Loan						Prime plus 2.75%						6/13/2043						40.1						40.1						45.3						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						6.0						6.0						6.2						—		%
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						631.9						631.9						652.2						0.21		%
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						40.4						40.4						45.6						0.01		%
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						234.2						234.2						240.5						0.08		%
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						16.7						16.7						17.2						0.01		%
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						206.6						206.6						212.2						0.07		%
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						59.1						59.1						60.8						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						45.6						45.6						48.5						0.02		%
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						32.9						32.9						33.8						0.01		%
Awan Business Management Group LLC, Awan Sign Company LLC			(#,^)			14429 South Wallin Dr, Plainfield, IL 60544						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/31/2043						258.8						258.8						292.1						0.09		%

258

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Crowley Ventures, LLC			(#,^)			665 Worthington Rd, Westerville, OH 43082						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2028						53.8						53.8						55.5						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						92.4						92.4						104.3						0.03		%
Adow Pools LLC			(#,^)			393 Glenbrook Rd, Stamford, CT 06906						Personal and Laundry Services						Term Loan						Prime plus 2.75%						5/25/2028						125.4						125.4						129.7						0.04		%
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze			(#,^)			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						0.45		%
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						191.2						191.2						215.9						0.07		%
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						78.2						78.2						80.6						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						0.09		%
Chem-Flotronics, Inc.			(#,^)			195 Paterson Ave, Little Falls, NJ 07424						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						5/22/2028						72.1						72.1						74.5						0.02		%
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						45.5						45.5						46.7						0.02		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						5/16/2028						107.9						107.9						112.6						0.04		%
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						301.0						301.0						339.8						0.11		%
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						5.4						5.4						5.8						—		%
Fireplace Outlet Inc			(#,^)			8216 Main St., Williamsville, NY 14221						Furniture and Home Furnishings Stores						Term Loan						Prime plus 2.75%						5/15/2028						13.1						13.1						13.9						—		%
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						24.5						24.5						25.1						0.01		%
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						33.2						33.2						34.1						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						8.1						8.1						8.3						—		%
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC			(#,^)			310 Arlington Ave Unit 329, Charlotte, NC 28203						Educational Services						Term Loan						Prime plus 2.75%						5/9/2043						680.4						680.4						768.2						0.25		%
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						43.3						43.3						45.5						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						36.1						36.1						37.0						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						173.1						173.1						183.1						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						182.0						182.0						189.6						0.06		%

259

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Brenden Kehren Development LLC			(#,^)			14689 Gemara Rd, Sparta, WI 54656						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						2.1						2.1						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						165.9						165.9						187.3						0.06		%
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						8.4						8.4						8.6						—		%
Saltamontes Tire Company, LLC			(#,^)			1955 Boston Ave, Brodgeport, CT 06604						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/30/2043						95.9						95.9						108.3						0.04		%
Sunlinc Inc			(#,^)			170 Canterbury Court, East Windsor, NJ 08520						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/30/2028						7.0						7.0						7.1						—		%
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						150.4						150.4						169.8						0.05		%
Rory James Contracting LLC			(#,^)			33 Bennett Place, Amityville, NY 11701						Construction of Buildings						Term Loan						Prime plus 2.75%						4/27/2028						11.5						11.5						11.8						—		%
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						10.7						10.7						11.0						—		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 06443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2043						199.3						199.3						225.0						0.07		%
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						35.7						35.7						36.7						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						16.1						16.1						16.5						0.01		%
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						10.1						10.1						10.3						—		%
RWT Corporation dba Welding Works			(#,^)			32 New Rd, Madison, CT 06443						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						4/26/2028						304.8						304.8						317.8						0.10		%
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						69.0						0.02		%
Joe & Sons Service, Inc			(#,^)			855 Atwood Ave, Cranston, RI 02920						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/24/2028						73.8						73.8						78.5						0.03		%
Spitnale's Garage LLC			(#,^)			3761 Mahoning Ave, Youngstown, OH 44515						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						56.5						56.5						63.8						0.02		%
Just for Boats LLC			(#,^)			459 Dupre Rd, McClellanville, SC 29458						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/20/2043						16.5						16.5						18.6						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						10.7						10.7						11.0						—		%
Veterinary Preventive Care, LLC			(#,^)			945 Riverview Ct, Xenia, OH 45385						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/18/2028						33.4						33.4						34.7						0.01		%
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						81.9						81.9						92.5						0.03		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AZ 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2043						21.1						21.1						23.8						0.01		%
Southern HVAC LLC			(#,^)			119 Ouachita 212, Camden, AR 71701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						4/17/2028						28.2						28.2						29.6						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						343.3						343.3						387.6						0.13		%

260

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						39.1						39.1						44.2						0.01		%
Precision Components Group Inc			(#,^)			190 Doty Circle, West Springfield, MA 01089						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						4/11/2028						16.0						16.0						16.9						0.01		%
Sexy Nails Center LLC			(#,^)			57 Passaic St., Garfield, NJ 07026						Personal and Laundry Services						Term Loan						Prime plus 2.75%						4/10/2043						189.5						189.5						214.0						0.07		%
Mark Baker			(#,^)			1653 Evalie Dr, Fairfield, OH 45014						Truck Transportation						Term Loan						Prime plus 2.75%						4/9/2028						7.0						7.0						7.3						—		%
Innovation Transport LLC			(#,^)			1 International Blvd, Ste 400, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						4/6/2028						37.1						37.1						39.0						0.01		%
Shree Lakshminarayyn Grocery Stores LLC			(#,^)			3307 Charles St., Rockford, IL 61108						Gasoline Stations						Term Loan						Prime plus 2.75%						4/5/2043						112.3						112.3						126.8						0.04		%
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						3.7						3.7						3.8						—		%
Master Roofing and Siding Inc.			(#,^)			1 Paragon Dr # 122, Montvale, NJ 07645						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2028						187.2						187.2						191.8						0.06		%
Romancing the Stone			(#,^)			140 Centre of New England Blvd, Coventry, RI 02816						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						3/30/2043						325.9						325.9						368.0						0.12		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd, Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2028						88.1						88.1						93.6						0.03		%
Fifth Wheel Truck Stop 001			(#,^)			3767 S Golden State Blvd, Fresno, CA 93725						Gasoline Stations						Term Loan						Prime plus 2.75%						3/30/2043						1,074.2						1,074.2						1,212.8						0.39		%
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						68.7						68.7						70.4						0.02		%
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						21.0						21.0						23.7						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						160.1						160.1						167.7						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						972.8						972.8						923.5						0.30		%
Alaska Industrial Paint LLC			(#,^)			229 Whitney Rd Unit B, Anchorage, AK 99501						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/30/2043						208.4						208.4						235.2						0.08		%
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						148.7						148.7						153.3						0.05		%
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						11.2						11.2						11.7						—		%
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						101.9						101.9						115.0						0.04		%
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						119.6						119.6						125.0						0.04		%
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						61.8						61.8						65.6						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						231.7						0.07		%

261

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						1,167.9						1,167.9						1,318.5						0.43		%
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						157.7						157.7						165.1						0.05		%
K.C. Communications, Inc.			(#,^)			2715 Saturn St., Brea, CA 92821						Telecommunications						Term Loan						Prime plus 2.75%						3/27/2028						44.1						44.1						46.9						0.02		%
Aque Investment Group LLC			(#,^)			3838 N. Sam Houston Pkwy E, Houston, TX 77032						Real Estate						Term Loan						Prime plus 2.75%						3/23/2028						187.6						187.6						199.1						0.06		%
Cable Management, LLC			(#,^)			200 Pratt St., Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						3/23/2028						56.8						56.8						59.9						0.02		%
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						92.7						92.7						97.3						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						68.2						68.2						71.0						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						43.9						43.9						46.6						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%						3/23/2028						52.1						52.1						55.3						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						15.9						15.9						16.4						0.01		%
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						0.44		%
Sofasco, Inc			(#,^)			182 Garber Lane, Winchester, VA 22602						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						3/23/2043						93.4						93.4						105.5						0.03		%
GeoTek Alaska, Inc			(#,^)			2756 Commercial Dr, Anchorage, AK 99501						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						3/21/2043						607.2						607.2						685.5						0.22		%
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						902.6						902.6						945.1						0.31		%
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						30.0						30.0						30.8						0.01		%
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						7.9						7.9						8.2						—		%
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						176.9						176.9						187.7						0.06		%
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						10.6						10.6						10.9						—		%
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						47.6						47.6						49.2						0.02		%
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						484.9						484.9						547.4						0.18		%
Rojenco II,Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						9/15/2043						72.2						72.2						81.5						0.03		%
Rojenco II, Inc.			(#,^)			4357 Shore Dr, Virginia Beach, VA 23455						Repair and Maintenance						Term Loan						Prime plus 2.75%						3/15/2043						376.0						376.0						424.5						0.14		%

262

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						72.2						72.2						81.5						0.03		%
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						6.9						6.9						7.0						—		%
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						23.4						23.4						24.0						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						7.2						7.2						7.5						—		%
SRG Waterfront LLC			(#,^)			88 District Square SW, Washington, DC 20005						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/9/2028						205.4						205.4						211.3						0.07		%
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						98.0						98.0						110.7						0.04		%
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						5.6						5.6						5.8						—		%
Merciful Heavenly Homes, LLC			(#,^)			401 Dillar's Mill Rd, Tyner, NC 27980						Nursing and Residential Care Facilities						Term Loan						8%						2/28/2043						62.1						62.1						60.7						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						156.6						156.6						166.2						0.05		%
Connie Engelbrecht			(#,^)			20640 Raven Dr, Eagle River, AK 99577						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2028						2.1						2.1						2.2						—		%
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						111.0						111.0						125.3						0.04		%
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						330.5						330.5						373.2						0.12		%
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						25.9						25.9						27.5						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						29.7						29.7						30.7						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						10.5						10.5						10.7						—		%
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						46.1						46.1						48.9						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						99.2						99.2						112.0						0.04		%
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						2.9						2.9						3.0						—		%
JumboMarkets, Inc.			(#,^)			15500 SW Trail Dr, Indiantown, FL 34956						Food and Beverage Stores						Term Loan						Prime plus 2.75%						2/13/2028						145.1						145.1						150.1						0.05		%
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						5.8						5.8						6.1						—		%
Start UP Dreams, Inc dba SDC Concrete			(#,^)			30521 134th St SE, Sultan, WA 98294						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/9/2028						51.4						51.4						53.6						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						1,002.4						1,002.4						1,050.5						0.34		%

263

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						378.3						378.3						387.5						0.13		%
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						35.8						35.8						37.3						0.01		%
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						8.4						8.4						8.9						—		%
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						10.5						10.5						11.1						—		%
Rocco'sLandscaping LLC			(#,^)			151 Kitts Lane, Newington, CT 06111						Administrative and Support Services						Term Loan						Prime plus 2.75%						1/31/2043						69.8						69.8						78.8						0.03		%
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						10.4						10.4						10.7						—		%
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						44.2						44.2						49.9						0.02		%
New Phaze Packaging Inc			(#,^)			9533 Irondale Ave, Los Angeles, CA 91311						Paper Manufacturing						Term Loan						Prime plus 2.75%						1/26/2043						893.1						893.1						1,008.4						0.33		%
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						69.1						69.1						72.1						0.02		%
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						95.1						95.1						100.9						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						5.4						5.4						5.5						—		%
Lavish Specs Inc			(#,^)			262 Glen St., Glen Cove, NY 11542						Machinery Manufacturing						Term Loan						Prime plus 2.75%						1/19/2028						5.2						5.2						5.3						—		%
Weeping Willow Kennels, Inc.			(#,^)			6041 Hammond School Rd, Salisbury,, MD 21804						Personal and Laundry Services						Term Loan						Prime plus 2.75%						1/19/2028						7.3						7.3						7.7						—		%
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						107.3						107.3						121.2						0.04		%
MedWorxs Inc.			(#,^)			6857 Timbers Dr., Evergreen, CO 80439						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						1/18/2028						54.5						54.5						55.8						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						45.0						45.0						46.1						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						4.0						4.0						3.8						—		%
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						10.7						10.7						11.3						—		%
Sandfree Systems LLC			(#,^)			116 Cricket Ave Ste B, Ardmore, PA 19003						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/5/2028						5.2						5.2						5.5						—		%
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						42.5						42.5						43.6						0.01		%
Social Link LLC			(#,^)			41Peabody St., Nashville, TN 37210						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2027						7.7						7.7						7.9						—		%

264

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						234.8						0.08		%
Anderson Farms Inc			(#)			271 West Hwy 30, Burley, ID 83318						Truck Transportation						Term Loan						7.5%						12/22/2027						4,208.4						4,208.4						4,001.5						1.29		%
Muckamuck Trucks, Inc.			(#,^)			510 S Spring St., Ukiah, CA 95482						Truck Transportation						Term Loan						Prime plus 2.75%						12/22/2027						9.4						9.4						9.8						—		%
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						13.5						13.5						13.8						—		%
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						2.6						2.6						2.8						—		%
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						42.8						42.8						43.7						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						8.2						8.2						8.4						—		%
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						175.3						175.3						198.0						0.06		%
CT Auto Spa LLC			(#,^)			39 Albany Turnpike, West Simsbury, CT 06092						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/21/2027						149.6						149.6						158.4						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						15.9						15.9						16.5						0.01		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St.- Units 1F/1P, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/20/2027						54.3						54.3						56.9						0.02		%
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						98.8						98.8						111.5						0.04		%
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						15.4						15.4						15.8						0.01		%
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						307.5						307.5						347.2						0.11		%
Ocean Trans LLC & Dehal Trucking LLC			(#,^)			1415 W. Anderson St., Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						12/15/2042						583.9						583.9						659.2						0.21		%
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						153.9						153.9						157.3						0.05		%
KR Calvert & Co, LLC			(#,^)			1620 Westgate Circle Ste 100, Brentwood, TN 37027						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/14/2027						357.7						357.7						365.9						0.12		%
Royalty Freight Inc			(#,^)			3728 W Mckinley Ave, Fresno, CA 93722						Truck Transportation						Term Loan						Prime plus 2.75%						12/14/2027						454.8						454.8						464.7						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						229.0						229.0						240.2						0.08		%
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						168.5						168.5						190.2						0.06		%
Heung Kyun Im			(#,^)			6235 Conlan Bay Dr, Houston, TX 77041						Nonstore Retailers						Term Loan						Prime plus 2.75%						12/14/2027						10.6						10.6						10.8						—		%
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						58.3						58.3						61.2						0.02		%

265

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Nichols Fire and Security LLC			(#,^)			1906 Vanderhorn Dr, Memphis, TN 38134						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/13/2042						81.3						81.3						91.8						0.03		%
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						524.9						524.9						536.3						0.17		%
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						31.2						31.2						35.2						0.01		%
Clore Construction LLC			(#,^)			21220 FM 1420, Harlingen, TX 78550						Heavy and Civil Engineering Construction						Term Loan						Prime plus 2.75%						12/12/2027						315.1						315.1						330.5						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						502.5						502.5						528.1						0.17		%
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						33.7						33.7						34.4						0.01		%
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						333.7						333.7						347.2						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						2.6						2.6						2.6						—		%
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						635.0						0.21		%
ODS Inc			(#,^)			626 N Delsea Dr, Glassboro, NJ 08028						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/6/2027						33.6						33.6						34.9						0.01		%
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightstar			(#,^)			5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/4/2027						10.3						10.3						10.5						—		%
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						0.35		%
PS Camping Inc.			(#,^)			43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						12/1/2027						17.3						17.3						17.0						0.01		%
Utara LLC			(#,^)			214 Pine St, Sandpoint, ID 83864						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/1/2027						15.9						15.9						16.5						0.01		%
Square1 Partners, LLC			(#,^)			1088 Greenbriar Lane, Northbrook, IL 60062						Publishing Industries (except Internet)						Term Loan						Prime plus 2.75%						12/1/2027						42.6						42.6						43.6						0.01		%
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						19.5						19.5						22.0						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						38.5						38.5						39.4						0.01		%
WTI Distribution Inc			(#,^)			5491 E Francis St, Ontario, CA 91761						Support Activities for Transportation						Term Loan						Prime plus 2.75%						11/30/2027						27.1						27.1						28.3						0.01		%
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						8.4						8.4						8.9						—		%
OPH Lexington, Inc			(#,^)			235 Walton Ave, Lexington, KY 40502						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						176.9						176.9						199.8						0.06		%
Our Playhouse Preschool, LLC			(#,^)			3501 NC Hwy 54 W, Chapel hill, NC 27516						Social Assistance						Term Loan						Prime plus 2.75%						11/29/2042						217.5						217.5						245.6						0.08		%

266

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						117.8						117.8						133.0						0.04		%
Webtez Inc dba Mod Vans			(#,^)			920 Graves Ave, Oxnard, CA 93003						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						11/22/2027						47.3						47.3						48.5						0.02		%
Step Up Academy of the Arts, LLC			(#,^)			2258A Wigwam Pkwy, Henderson, NV 89074						Educational Services						Term Loan						Prime plus 2.75%						11/22/2027						10.7						10.7						10.9						—		%
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						12.6						12.6						13.2						—		%
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						48.1						48.1						49.2						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						15.2						15.2						15.9						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						73.4						73.4						75.0						0.02		%
B Lam LLC			(#,^)			9419 Kenwood Rd, Cincinnati, OH 45242						Personal and Laundry Services						Term Loan						Prime plus 2.75%						11/20/2042						168.2						168.2						189.9						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						52.9						52.9						59.7						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						35.8						35.8						36.7						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						47.3						47.3						49.0						0.02		%
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						182.1						182.1						205.6						0.07		%
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						12.5						12.5						14.1						—		%
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						0.18		%
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						438.6						438.6						495.1						0.16		%
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						6.6						6.6						6.7						—		%
JNP Delivery Inc			(#,^)			4500 North Providence # 7, Appleton, WI 54913						Couriers and Messengers						Term Loan						6%						11/7/2027						6.5						6.5						6.4						—		%
His Loving Hands Christian Academy, Inc.			(#,^)			15020 Harrison St., Miami, FL 33176						Social Assistance						Term Loan						Prime plus 2.75%						11/6/2042						85.1						85.1						96.1						0.03		%
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						5.1						5.1						5.2						—		%
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						69.9						69.9						78.9						0.03		%
Top Quality Dent Service LLC			(#,^)			1541 Vapor Trail, Colorado Springs, CO 80905						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/2/2027						4.1						4.1						4.2						—		%
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						5.0						5.0						5.1						—		%

267

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						52.3						52.3						59.1						0.02		%
The Five Lakes LLC			(#,^)			13705 Holmes Rd, Kansas City, MO 64154						Educational Services						Term Loan						Prime plus 2.75%						10/30/2042						440.0						440.0						496.7						0.16		%
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle			(#,^)			377 Boston Post Rd Unit B, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						10/27/2027						27.7						27.7						28.5						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						6.7						6.7						6.9						—		%
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						9.7						9.7						10.0						—		%
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						81.0						81.0						91.5						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						10.0						10.0						10.6						—		%
Schafer Fisheries Inc			(#,^)			21985 Waller Rd, Fulton, IL 61252						Food Manufacturing						Term Loan						Prime plus 2.75%						10/25/2027						25.7						25.7						27.3						0.01		%
The Jig, LLC			(#,^)			3115 Camp Phillips Rd, Wausau, WI 54403						Food Services and Drinking Places						Term Loan						8.25%						10/24/2042						23.4						23.4						22.8						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						122.7						122.7						138.6						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						5.5						5.5						5.8						—		%
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry			(#,^)			1227 Burnside Ave, East Hartford, CT 06108						Electronics and Appliance Stores						Term Loan						7.5%						10/17/2042						60.0						60.0						58.6						0.02		%
Cortez Landscaping, LLC			(#,^)			4 Powder Rd, Norwalk, CT 06854						Administrative and Support Services						Term Loan						Prime plus 2.75%						10/13/2027						12.8						12.8						13.3						—		%
On Call Services LLC			(#,^)			15060 281St Ave NW, Zimmerman, MN 55398						Construction of Buildings						Term Loan						Prime plus 2.75%						10/13/2027						12.2						12.2						12.9						—		%
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						36.2						36.2						37.1						0.01		%
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						60.7						60.7						63.3						0.02		%
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						67.6						67.6						69.5						0.02		%
Dan Cline Transport Inc.			(#,^)			501 State Dr, Mount Vernon, MO 65712						Truck Transportation						Term Loan						Prime plus 2.75%						9/29/2030						758.8						758.8						803.6						0.26		%
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						455.4						455.4						514.2						0.17		%
Sashshel Corporation			(#,^)			676 Franklin Blvd, Somerset, NJ 08873						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/29/2042						196.6						196.6						221.9						0.07		%
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						127.1						127.1						143.5						0.05		%
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						183.5						183.5						207.2						0.07		%

268

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						519.7						519.7						586.7						0.19		%
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						164.8						164.8						178.8						0.06		%
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						361.9						361.9						408.5						0.13		%
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						9.7						9.7						9.9						—		%
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						163.7						163.7						172.8						0.06		%
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						430.1						430.1						485.5						0.16		%
KB Waterjet Cutting LLC			(#,^)			4330 Parker Lane, Addis, LA 70710						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/22/2027						6.7						6.7						7.0						—		%
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						14.8						14.8						15.2						—		%
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						5.9						5.9						6.3						—		%
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						679.4						679.4						714.5						0.23		%
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						5.0						5.0						5.2						—		%
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						218.7						218.7						225.5						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						131.6						131.6						138.1						0.04		%
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						25.3						25.3						26.5						0.01		%
Montessori Community School			(#,^)			123 South Navarra Dr, Scotts Valley, CA 95066						Social Assistance						Term Loan						Prime plus 2.75%						9/20/2042						252.2						252.2						284.7						0.09		%
Stone's Construction and Remodeling, LLC			(#,^)			5210 Kaylin Dr, Akron, OH 44319						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						9/19/2027						3.4						3.4						3.5						—		%
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						355.5						355.5						401.4						0.13		%
Alaska Motor Home Inc			(#,^)			6633 Brayton Dr, Anchorage, AK 99507						Rental and Leasing Services						Term Loan						Prime plus 2.75%						9/13/2027						221.1						221.1						225.3						0.07		%
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						9.4						9.4						9.9						—		%
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						358.7						358.7						405.0						0.13		%
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						155.9						155.9						176.0						0.06		%

269

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Health & Performance Center, LLC			(#,^)			1862 Craigshire Rd, Saint Louis, MO 63146						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						9/11/2027						13.5						13.5						13.7						—		%

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						5.0						5.0						5.2						—		%
Foxtail, LLC and Tottly New Services Corp			(#,^)			1481 Highland Ave, Cheshire, CT 06410						Social Assistance						Term Loan						Prime plus 2.75%						9/8/2042						269.3						269.3						304.0						0.10		%
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						3.6						3.6						3.8						—		%
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						92.5						92.5						104.4						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						351.3						351.3						396.6						0.13		%
Big Coop's Trucking LLC			(#,^)			3066 Misty Creek Dr., Swartz, MI 48473						Truck Transportation						Term Loan						Prime plus 2.75%						9/1/2027						66.1						66.1						69.1						0.02		%
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle			(#,^)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/31/2027						277.3						277.3						284.9						0.09		%
Lake County Tow LLC			(#,^)			15409 Country Rd 565A, Clermont, FL 34711						Support Activities for Transportation						Term Loan						Prime plus 2.75%						8/25/2042						80.7						80.7						91.2						0.03		%
Parlay Disributors LLC			(#,^)			20 Medford Ave, Ste 104, Patchogue, NY 11772						Educational Services						Term Loan						Prime plus 2.75%						8/25/2027						72.5						72.5						74.3						0.02		%
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						457.2						457.2						488.7						0.16		%
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						129.7						129.7						136.9						0.04		%
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						11.8						11.8						12.4						—		%
Damiano Global Corp			(#,^)			333 Birch Hills Dr, Rochester, NY 14622						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						8/21/2027						14.7						14.7						15.4						—		%
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						12.7						12.7						13.1						—		%
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						4.9						4.9						5.0						—		%
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						14.7						14.7						15.2						—		%
D'Amato & Sons Construction, Inc.			(#,^)			117 Oak St., Amityville, NY 11701						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						8/11/2027						5.4						5.4						5.6						—		%
Roundhay Partners LLC and Roundhay Farming LLC			(#,^)			6160 Granite Spring Rd, Somerset, CA 95684						Crop Production						Term Loan						8.25%						8/8/2042						831.4						831.4						783.2						0.25		%
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						3.7						3.7						3.7						—		%
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						33.0						33.0						31.4						0.01		%
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						12.0						12.0						12.2						—		%

270

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						14.5						14.5						14.8						—		%
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						141.2						141.2						146.6						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						39.8						39.8						40.6						0.01		%
Obok LLC			(#,^)			2720 S. Havana St., Unit H, Aurora, CO 80014						Food Manufacturing						Term Loan						Prime plus 2.75%						7/21/2027						7.7						7.7						8.1						—		%
Lil Tots' Learning Center LLC			(#,^)			3042 S 78th St, Tampa, FL 33619						Social Assistance						Term Loan						Prime plus 2.75%						7/21/2042						25.5						25.5						28.8						0.01		%
Ocean Trans LLC			(#,^)			1415 W Andersonr Way, Stockton, CA 95206						Truck Transportation						Term Loan						Prime plus 2.75%						7/21/2027						25.6						25.6						26.1						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						5.5						5.5						5.9						—		%
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						532.3						532.3						543.6						0.18		%
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						14.5						14.5						15.3						—		%
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						300.8						300.8						339.6						0.11		%
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						9.5						9.5						9.8						—		%
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						69.4						69.4						71.7						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						49.7						49.7						56.1						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						9.6						9.6						10.0						—		%
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						68.4						68.4						71.2						0.02		%
BQRS, Inc. DBA Gresham Meineke Car Care Center			(#,^)			18081 SE Division St., Portland, OR 97236						Repair and Maintenance						Term Loan						0%						6/30/2027						50.3						50.3						48.9						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						10.6						10.6						11.2						—		%
Best Bees Company			(#,^)			839 Albany St., Boston, MA 02119						Animal Production and Aquaculture						Term Loan						Prime plus 2.75%						6/29/2027						14.3						14.3						14.9						—		%
Oakhill Farms, LLC			(#,^)			15 Carl St., Johnston, RI 02919						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/29/2030						75.1						75.1						82.1						0.03		%
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						196.5						196.5						208.1						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						2.4						2.4						2.5						—		%
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						383.0						383.0						399.0						0.13		%

271

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						57.9						57.9						60.4						0.02		%
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						799.4						0.26		%
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						184.6						184.6						201.8						0.07		%
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						818.3						818.3						855.0						0.28		%
Northern Industries, LLC			(#,^)			W 5585 Dehart Dr, Tomahawk, WI 54484						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/23/2042						53.6						53.6						60.6						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						14.3						14.3						14.9						—		%
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						31.9						31.9						33.2						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						10.0						10.0						10.6						—		%
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						369.9						369.9						417.6						0.14		%
JAM Media Solutions, LLC			(#,^)			4744 Tackawanna St., Philadelphia, PA 19124						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/15/2027						23.3						23.3						24.3						0.01		%
All Regional Recyclers of Wood LLC dba ARROW, Superior Carting, LLC			(#,^)			104 Wooster St., Bethel, CT 06801						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						6/15/2042						285.5						285.5						322.3						0.10		%
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						20.7						20.7						23.3						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						56.7						56.7						64.0						0.02		%
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		%
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						85.0						85.0						96.0						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						2.2						2.2						2.3						—		%
Skydive California, LLC			(#,^)			25001 S Kasson Rd, Tracy, CA 95301						Educational Services						Term Loan						Prime plus 2.75%						6/2/2027						34.9						34.9						37.0						0.01		%
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						134.2						134.2						151.5						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						41.9						41.9						47.4						0.02		%
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						48.3						48.3						50.5						0.02		%
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						9.5						9.5						9.9						—		%

272

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Haroon Baig,Inc.dba US1 Petrol			(#,^)			1280-1290 Dixwell Ave, Hamden, CT 06514						Gasoline Stations						Term Loan						Prime plus 2.75%						5/31/2042						242.2						242.2						273.5						0.09		%
Sage Oil LLC			(#,^)			8913 Egyptian Ave, Las Vegas, NV 89143						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						5/31/2027						14.2						14.2						14.8						—		%
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						728.3						728.3						822.2						0.27		%
Swantown Inn & Spa LLC			(#,^)			1431 11th Ave SE, Olympia, WI 98501						Accommodation						Term Loan						Prime plus 2.75%						5/26/2042						116.6						116.6						131.7						0.04		%
Eagle Wood Works LLC			(#,^)			1448 Horsehead Rd, Lugoff, SC 29078						Furniture and Related Product Manufacturing						Term Loan						Prime plus 2.75%						5/26/2027						7.5						7.5						7.9						—		%
Hurricane Group, Inc.			(#,^)			312 West Fourth St., Carson City, NV 89703						Other Information Services						Term Loan						Prime plus 2.75%						5/26/2027						54.5						54.5						56.7						0.02		%
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						2.9						2.9						3.0						—		%
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						31.4						31.4						32.9						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						0.14		%
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						182.5						182.5						190.1						0.06		%
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						534.5						534.5						603.4						0.20		%
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						5.2						5.2						5.5						—		%
Hayden Trucking LLC			(#,^)			11540 Eagle Vista Dr, Fort Worth, TX 76179						Truck Transportation						Term Loan						Prime plus 2.75%						5/19/2027						92.5						92.5						98.0						0.03		%
PS Camping, Inc. dba Prospectors RV Resort			(#,^)			43659&43595 US Hwy 50, Canon City, CO 81212						Accommodation						Term Loan						8.25%						5/19/2042						891.0						891.0						871.8						0.28		%
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						134.6						134.6						152.0						0.05		%
Waterford Plumbing Co, Inc.			(#,^)			2425 W. Cuyler Ave, Chicago, IL 60618						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						5/18/2027						31.5						31.5						32.9						0.01		%
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						111.7						111.7						126.1						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						31.5						31.5						32.8						0.01		%
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						231.3						231.3						243.3						0.08		%
5 Stars Learning Center Inc			(#,^)			14 Paine Ave, Irvington, NJ 07111						Social Assistance						Term Loan						Prime plus 2.75%						5/16/2042						56.7						56.7						64.0						0.02		%
Sanderson Distribution Inc.			(#,^)			100 Daniel Dr, Alamo, CA 94507						Truck Transportation						Term Loan						Prime plus 2.75%						5/12/2027						6.6						6.6						6.9						—		%

273

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						4.7						4.7						5.0						—		%
Estelle Finkel Educational Associates,LLC			(#,^)			125 West Mount Pleasant Ave, Livingston, NJ 07039						Educational Services						Term Loan						Prime plus 2.75%						5/11/2027						76.7						76.7						79.9						0.03		%
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						55.7						55.7						58.4						0.02		%
Innovation Transport, LLC			(#,^)			1 International Blvd, Mahwah, NJ 07495						Truck Transportation						Term Loan						Prime plus 2.75%						5/9/2027						49.3						49.3						52.1						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						20.1						20.1						22.7						0.01		%
Benchmark Building, Inc.			(#,^)			1439 Stargazer Terrace, Sanford, FL 32771						Construction of Buildings						Term Loan						Prime plus 2.75%						5/5/2027						14.2						14.2						14.8						—		%
Cable Management LLC			(#,^)			290 Pratt St., Meriden, CT 06450						Waste Management and Remediation Services						Term Loan						Prime plus 2.75%						5/3/2027						36.1						36.1						38.1						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						109.5						109.5						123.7						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						71.4						71.4						80.6						0.03		%
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						598.3						598.3						675.5						0.22		%
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						203.1						203.1						229.3						0.07		%
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						45.8						45.8						51.7						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						4.7						4.7						4.9						—		%
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						74.4						74.4						78.0						0.03		%
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						26.9						26.9						27.9						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						589.3						0.19		%
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						115.3						115.3						119.7						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						39.8						39.8						41.4						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						506.4						506.4						571.8						0.18		%
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						0.09		%
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						216.7						216.7						244.7						0.08		%

274

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						968.2						968.2						1,093.1						0.35		%
Discount Price, LLC dba Robert's Market			(#,^)			2 Hill Rd, Franklin, NH 03235						Gasoline Stations						Term Loan						Prime plus 2.75%						3/29/2042						189.0						189.0						213.4						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						61.5						61.5						64.3						0.02		%
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						58.3						58.3						62.5						0.02		%
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						345.9						345.9						390.5						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						851.2						851.2						961.0						0.31		%
Color Graphic Press, Inc.			(#,^)			42 Main St., Nyack, NY 10960						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						3/23/2027						73.8						73.8						77.9						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						81.3						81.3						91.8						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						40.0						40.0						41.9						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						12.4						12.4						13.1						—		%
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						585.2						585.2						660.6						0.21		%
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						65.2						65.2						73.6						0.02		%
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc.			(#,^)			5880 US Hwy6, Portage, IN 46368						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/16/2027						203.6						203.6						215.0						0.07		%
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa			(#,^)			6510 North Broadway, Saint Louis, MO 63147						Truck Transportation						Term Loan						Prime plus 2.75%						3/13/2027						385.2						385.2						400.1						0.13		%
Dwayne Bernard Tate			(#,^)			1238 Woodcliff Court SW, Lilburn, GA 30047						Truck Transportation						Term Loan						Prime plus 2.75%						3/10/2027						6.4						6.4						6.8						—		%
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						0.20		%
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						105.7						105.7						119.3						0.04		%
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						83.2						83.2						93.9						0.03		%
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						128.1						128.1						144.6						0.05		%
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						58.4						58.4						61.1						0.02		%

275

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

McNally Enterprises Inc.			(#,^)			1010 N. Grove St., Anaheim, CA 92806						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/27/2027						39.1						39.1						40.8						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						99.3						99.3						103.2						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						3.8						3.8						4.0						—		%
3W Enterprises LLC			(#,^)			2727 Industrial Pkwy, Elkhart, IN 46516						Textile Product Mills						Term Loan						Prime plus 2.75%						2/24/2042						59.3						59.3						66.9						0.02		%
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						45.6						45.6						48.2						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						171.2						171.2						193.3						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						226.8						226.8						256.0						0.08		%
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						200.4						200.4						226.2						0.07		%
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						126.0						126.0						142.2						0.05		%
Harrison Logging Company LLC			(#,^)			127 Legate Rd, Indian Mound, TN 37079						Forestry and Logging						Term Loan						Prime plus 2.75%						2/9/2027						65.8						65.8						68.9						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						299.8						299.8						338.5						0.11		%
DBMS Consulting, Inc.			(#,^)			164 West 83rd St. Units 1F/1P, New York, NY 10024						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/1/2042						172.3						172.3						194.6						0.06		%
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						293.4						293.4						331.3						0.11		%
Fave Realty Inc.			(#,^)			1875 Grand Ave, Baldwin, NY 11510						Real Estate						Term Loan						Prime plus 2.75%						1/30/2042						49.8						49.8						56.2						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						13.5						13.5						14.0						—		%
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						203.5						203.5						198.5						0.06		%
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						6.3						6.3						6.6						—		%
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						59.6						59.6						63.0						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						13.5						13.5						14.2						—		%
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						29.3						29.3						30.9						0.01		%

276

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Metropolitan Solutions Group Inc.			(#,^)			1420 Chestnut St., Portsmouth, VA 23704						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/19/2041						250.4						250.4						282.7						0.09		%
Techni-Pro Institute LLC			(#,^)			414 NW 35th St., Boca Raton, FL 33431						Educational Services						Term Loan						Prime plus 2.75%						12/15/2026						111.9						111.9						116.4						0.04		%
Sempco, Inc.			(#,^)			51 -55 Lake St. Unit #2-6, Nashua, NH 03060						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/15/2041						38.2						38.2						43.2						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						481.0						0.16		%
Allied Welding Inc.			(#,^)			1820 N. Santa Fe Ave, Chillicothe, IL 61523						Fabricated Metal Product Manufacturing						Term Loan						5.25%						12/15/2041						711.0						711.0						690.8						0.22		%
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						0.24		%
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						371.1						371.1						418.9						0.14		%
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						84.2						84.2						95.1						0.03		%
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						125.2						125.2						131.8						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						12.0						12.0						12.6						—		%
eCommerce Direct, LLC			(#,^)			3440 Gannett Ave, Des Moines, IA 50321						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/9/2026						457.5						457.5						477.0						0.15		%
Recycling Revolution,LLC			(#,^)			4190 Collins Rd, Unadilla, GA 31091						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						12/9/2041						81.9						81.9						92.4						0.03		%
New Life Hospital LLC			(#)			17400 Red Oak Dr, Houston, TX 77090						Hospitals						Term Loan						Prime plus 2.75%						12/8/2041						1,110.7						1,110.7						1,254.0						0.41		%
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						6.6						6.6						7.0						—		%
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites			(#)			29291 Amerihost Dr, Dowagiac, MI 49047						Accommodation						Term Loan						8.25%						12/5/2041						329.5						329.5						322.0						0.10		%
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		%
Quick Ship, LLC			(#)			448 W. 19th St, Houston, TX 77008						Couriers and Messengers						Term Loan						Prime plus 2.75%						11/30/2026						6.1						6.1						6.3						—		%
Imaginarium Foods LLC,			(#,^)			751 N. Cable Rd, Lima, OH 45805						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2042						340.1						340.1						384.0						0.12		%
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						717.8						717.8						743.6						0.24		%
Usman Jalil, LLC dba Food Mart			(#)			147 N Washington St., Plainville, CT 06062						Gasoline Stations						Term Loan						Prime plus 2.75%						11/29/2041						212.3						212.3						239.7						0.08		%
WPN Recycling Company LLC			(#,^)			5101 Andard Ave, Baltimore, MD 21226						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						11/23/2026						13.1						13.1						13.8						—		%
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						61.6						61.6						64.0						0.02		%

277

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						72.5						72.5						75.1						0.02		%
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						377.4						377.4						426.1						0.14		%
Bouquet Restaurant LLC			(#,^)			519 Main St., Covington, KY 41011						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/22/2041						88.2						88.2						99.5						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						58.2						58.2						61.3						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						10.9						10.9						11.3						—		%
Hoosier Health Plus, LLC			(#,^)			520 East 8th St., Anderson, IN 46012						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/15/2026						50.8						50.8						53.5						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						129.7						129.7						134.6						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						218.8						218.8						247.0						0.08		%
Fine Line Interiors, Inc.			(#)			2530 SW 30th Ave, Hallandale Beach, FL 33009						Repair and Maintenance						Term Loan						Prime plus 2.75%						11/4/2041						56.7						56.7						64.0						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						104.0						104.0						117.4						0.04		%
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						107.9						107.9						121.8						0.04		%
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						43.6						43.6						45.9						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						6.3						6.3						6.6						—		%
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						80.5						80.5						90.9						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						160.8						160.8						174.7						0.06		%
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						243.8						243.8						256.7						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						203.5						203.5						229.8						0.07		%
Gold Wind Logistics LLC			(#)			2830 Beech Daly Rd, Inkster, MI 48141						Truck Transportation						Term Loan						Prime plus 2.75%						10/20/2041						161.6						161.6						182.4						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						113.4						113.4						128.0						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						94.1						94.1						99.1						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						11.2						11.2						11.6						—		%
Reliable Recovery Services LLC			(#)			2401 West Mcdowell Rd, Phoenix, AZ 85009						Support Activities for Transportation						Term Loan						Prime plus 2.75%						10/7/2026						64.5						64.5						67.5						0.02		%

278

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						20.6						20.6						21.4						0.01		%
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						135.9						135.9						141.4						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						26.8						26.8						27.8						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						124.1						124.1						140.1						0.05		%
CNC Precision Machine, Inc.			(#)			18360 Industrial Circle, Burton, OH 44021						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/28/2041						1,157.4						1,157.4						1,306.7						0.42		%
CD Game Exchange Inc.			(#)			3719 N Mississippi, Portland, OR 97227						Merchant Wholesalers, Durable Goods						Term Loan						8.25%						9/28/2026						3.5						3.5						3.4						—		%
Beadon Inc			(#)			2601 Old Ocean City Rd, Salisbury, MD 21804						Food and Beverage Stores						Term Loan						Prime plus 2.75%						9/28/2026						12.7						12.7						13.3						—		%
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						5.1						5.1						5.3						—		%
TPFC,LLC dbaThe Picture Frame Company			(#)			5957 Glenway Ave, Cincinnati, OH 45238						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/26/2041						53.0						53.0						59.9						0.02		%
Cuppiecakes LLC			(#)			313 S Main St., McGregor, TX 76557						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						9/21/2041						20.3						20.3						22.9						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						16.0						16.0						16.6						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						98.6						98.6						111.3						0.04		%
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter			(#)			1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050						Administrative and Support Services						Term Loan						Prime plus 2.75%						8/30/2026						76.0						76.0						78.8						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						65.3						65.3						73.7						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						91.2						91.2						103.0						0.03		%
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						27.5						27.5						28.4						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						11.7						11.7						12.1						—		%
Avery Management Inc. dba Whetstone Upholstery			(#)			1122 N Bloulevard, Richmond, VA 23230						Repair and Maintenance						Term Loan						Prime plus 2.75%						8/25/2026						5.7						5.7						5.9						—		%
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						39.9						39.9						41.2						0.01		%
Grayson O Company			(#)			6509 Newell Ave, Kannapolis, NC 28082						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						8/10/2041						563.0						563.0						635.6						0.21		%
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						8.3						8.3						8.6						—		%
The Hungry Rhino LLC			(#)			47 South Main St., Windsor Locks, CT 06096						Real Estate						Term Loan						Prime plus 2.75%						7/29/2041						68.5						68.5						77.4						0.03		%

279

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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%						7/29/2026						12.3						12.3						12.8						—		%
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						125.8						125.8						142.1						0.05		%
303 Tower Drive LLC			(#)			303 Tower Dr, Ste A, Middletown, NY 10941						Repair and Maintenance						Term Loan						Prime plus 2.75%						7/29/2041						359.8						359.8						406.2						0.13		%
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						0.23		%
Intrepid Trinity LLC			(#)			680 Douglas Ave, Providence, RI 02908						Nonstore Retailers						Term Loan						Prime plus 2.75%						7/28/2041						56.2						56.2						63.4						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						45.7						45.7						47.2						0.02		%
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						72.8						72.8						75.2						0.02		%
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						0.10		%
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						12.3						12.3						12.7						—		%
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop			(#)			1502 Hwy 157, Mansfield, TX 76063						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						7/18/2026						8.6						8.6						8.9						—		%
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						41.2						41.2						46.5						0.02		%
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						13.3						13.3						14.0						—		%
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						86.2						86.2						90.5						0.03		%
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						54.6						54.6						57.3						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						12.1						12.1						12.6						—		%
Corning Lumber Company Inc and Frank R Close and Son Inc			(#)			1314 Sixth St., Orland, CA 95963						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 2.75%						6/30/2029						133.6						133.6						145.4						0.05		%
WGI, LLC dba Williams Grant Inn			(#)			154 High St., Bristol, RI 02809						Accommodation						Term Loan						Prime plus 2.75%						6/29/2041						110.3						110.3						124.6						0.04		%
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						75.5						75.5						78.8						0.03		%
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						90.8						90.8						102.5						0.03		%
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						81.8						81.8						92.4						0.03		%

280

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						0.06		%
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						447.0						447.0						504.6						0.16		%
Bagelicious, LLC			(#)			945 S Main St, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/17/2026						29.4						29.4						30.6						0.01		%
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle			(#)			377 Boston Post Rd, Milford, CT 06460						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/16/2026						273.7						273.7						285.3						0.09		%
Jai-Alexia Consulting, Inc.			(#)			14660 Paddock Dr, Wellington, FL 33414						Couriers and Messengers						Term Loan						Prime plus 2.75%						6/15/2026						6.4						6.4						6.6						—		%
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						457.4						457.4						516.3						0.17		%
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						40.0						40.0						42.0						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						46.5						46.5						48.5						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						12.1						12.1						12.6						—		%
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						173.8						173.8						196.2						0.06		%
ATI Jet Inc			(#)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						5/31/2026						307.3						307.3						321.3						0.10		%
Angelo Faia dba AVF Construction			(#,^)			55 Arbour Lane, Sewell, NJ 08080						Construction of Buildings						Term Loan						Prime plus 2.75%						5/27/2041						89.8						89.8						101.4						0.03		%
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						46.4						46.4						48.7						0.02		%
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						4.4						4.4						4.6						—		%
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						184.6						184.6						208.4						0.07		%
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						125.4						0.04		%
Island Life Graphics Inc dba FASTSIGNS #576			(#)			1410 E. Oak St., Fernandina Beach, FL 32034						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						5/24/2026						11.9						11.9						12.4						—		%
Powerspec Inc			(#)			1 Linsley Place, Metuchen, NJ 08840						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						5/24/2026						46.1						46.1						48.0						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						5.1						5.1						5.5						—		%
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						6.8						6.8						7.0						—		%
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						10.3						10.3						10.7						—		%

281

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Dedicated Incorporated			(#)			2916 North 39th St., Phoenix, AZ 85019						Administrative and Support Services						Term Loan						Prime plus 2.75%						5/18/2041						41.6						41.6						47.0						0.02		%
FJN Catering Inc			(#)			106 Main St., Mineola, NY 11951						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/13/2041						234.1						234.1						264.3						0.09		%
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						118.6						118.6						133.9						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						110.8						110.8						125.1						0.04		%
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						11.7						11.7						12.2						—		%
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						73.7						73.7						83.2						0.03		%
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						21.2						21.2						22.1						0.01		%
Alpha Omega Trucking LLC			(#)			14432-52 State Line Rd, Brookings, OR 97415						Truck Transportation						Term Loan						Prime plus 2.75%						4/29/2041						157.1						157.1						177.4						0.06		%
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						135.7						135.7						153.2						0.05		%
Loriet LLC			(#)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						4/29/2026						3.9						3.9						4.1						—		%
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						0.42		%
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						46.9						46.9						48.9						0.02		%
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						223.3						223.3						252.1						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						4.1						4.1						4.3						—		%
KNS Early Learning Academy LLC			(#)			57 Merritt St. SE, Marietta, GA 30060						Social Assistance						Term Loan						Prime plus 2.75%						4/6/2041						45.6						45.6						51.5						0.02		%
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						245.9						245.9						277.6						0.09		%
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						11.5						11.5						12.0						—		%
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						57.5						57.5						64.9						0.02		%
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						50.6						50.6						57.1						0.02		%
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						38.4						38.4						40.0						0.01		%
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						5.4						5.4						5.6						—		%

282

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						11.7						11.7						12.2						—		%
Wyldewood Cellars, Inc.			(#)			951 East 119th St, Mulvane, KS 67120						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						3/30/2041						932.5						932.5						1,052.8						0.34		%
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						9.6						9.6						10.0						—		%
Marathon Engineering Corporation			(#)			5615 2nd St. W, Lehigh Acres, FL 33971						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/28/2041						40.1						40.1						45.3						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						11.7						11.7						12.2						—		%
ActKnowledge, Inc			(#)			365 5th Ave, New York, NY 10016						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/24/2026						64.1						64.1						67.1						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						272.6						272.6						283.5						0.09		%
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						25.4						25.4						26.4						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						72.2						72.2						81.5						0.03		%
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						0.9						0.9						1.0						—		%
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						25.6						25.6						26.6						0.01		%
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						66.7						66.7						75.4						0.02		%
Dupre Capital LLC dba Fastsigns			(#)			215 Quartermaster Court, Jeffersonville, IN 47130						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						3/11/2026						29.9						29.9						31.1						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						4.1						4.1						4.3						—		%
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						11.5						11.5						12.1						—		%
Swerve Salon LLC			(#)			1419 N Wells St., Chicago, IL 60610						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2026						40.5						40.5						42.1						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						3.8						3.8						4.0						—		%
Living Essentials HVAC Corp			(#)			42 West St., Apt 24, Randolph, MA 02368						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						2/28/2026						7.6						7.6						7.9						—		%
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						120.3						120.3						135.8						0.04		%
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						10.0						10.0						10.4						—		%
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						39.0						39.0						40.6						0.01		%
Ei3 Corporation			(#)			136 Summit Ave, Montvale, NJ 07645						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						2/12/2026						164.7						164.7						172.5						0.06		%

283

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						204.8						204.8						221.1						0.07		%
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						384.0						384.0						433.6						0.14		%
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						31.0						31.0						32.4						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						60.1						60.1						67.9						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						54.7						54.7						56.9						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						9.1						9.1						9.5						—		%
Panditos LLC dba White Lotus Home			(#)			431 Raritan Ave, Highland Park, NJ 08904						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						12/28/2025						7.7						7.7						8.0						—		%
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						0.08		%
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						90.7						90.7						102.4						0.03		%
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						266.7						266.7						301.1						0.10		%
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						570.8						570.8						616.5						0.20		%
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						8.8						8.8						9.1						—		%
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						586.6						586.6						662.2						0.21		%
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						80.8						80.8						83.8						0.03		%
Sourceco Limited Liability Company			(#)			17 Palmer Ave, West Long Branch, NJ 07764						Merchant Wholesalers, Nondurable Goods						Term Loan						6.5%						12/17/2025						21.8						21.8						21.5						0.01		%
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						26.8						26.8						27.0						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						130.3						130.3						135.1						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						360.0						360.0						352.6						0.11		%
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						45.3						45.3						47.2						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						496.4						496.4						518.3						0.17		%
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						303.0						303.0						342.1						0.11		%

284

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						10.9						10.9						11.4						—		%
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						444.7						444.7						502.0						0.16		%
DWeb Studio, Inc.			(#)			10800 E. Bethany Dr, Ste 275, Aurora, CO 80014						Educational Services						Term Loan						Prime plus 2.75%						11/25/2025						5.4						5.4						5.6						—		%
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy			(#)			3105 NW 107 Ave Ste 102, Doral, FL 33172						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						11/20/2025						42.7						42.7						44.3						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						95.8						95.8						108.1						0.03		%
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						18.8						18.8						19.4						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						10.5						10.5						10.9						—		%
R.H. Hummer Jr., Inc.			(#,^)			2141 P Ave, Williamsburg, IA 52361						Truck Transportation						Term Loan						Prime plus 2.75%						9/30/2025						187.1						187.1						195.4						0.06		%
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						80.3						80.3						90.6						0.03		%
Binky's Vapes LLC			(#,^)			10539 Greenbelt Rd Ste 102, Lanham, MD 20706						Miscellaneous Store Retailers						Term Loan						Prime plus 2.75%						9/30/2025						10.3						10.3						10.7						—		%
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						77.6						77.6						87.6						0.03		%
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						350.5						350.5						395.7						0.13		%
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						11.9						11.9						13.4						—		%
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						4.5						4.5						4.7						—		%
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						549.1						549.1						619.9						0.20		%
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						23.0						23.0						23.7						0.01		%
Sound Manufacturing Inc			(#,^)			51 Donnelley Rd, Old Saybrook, CT 06475						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						9/21/2025						22.8						22.8						23.6						0.01		%
Vanderhoof LLC dba Soxfords			(#,^)			11 Sellecks Walk, Pound Ridge, NY 10576						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/18/2025						4.7						4.7						4.9						—		%
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						3.8						3.8						3.9						—		%
Naeem Khan LTD			(#,^)			260 West 36h St., New York, NY 10018						Apparel Manufacturing						Term Loan						Prime plus 2.75%						9/17/2025						57.5						57.5						59.4						0.02		%
FirstVitals Health and Wellness Inc			(#,^)			521 Ala Moana Blvd. Ste 261, Honolulu, HI 96813						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						9/15/2025						79.6						79.6						82.3						0.03		%

285

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						123.1						123.1						139.0						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						601.8						601.8						679.4						0.22		%
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						6.8						6.8						7.1						—		%
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						23.9						23.9						24.7						0.01		%
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						127.0						127.0						143.4						0.05		%
Gold Jet Corp.			(#,^)			2472 Broadway, New York, NY 10025						Couriers and Messengers						Term Loan						Prime plus 2.75%						8/14/2025						34.7						34.7						36.0						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						41.7						41.7						43.2						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						66.3						66.3						69.0						0.02		%
Free Ion Advisors LLC			(#,^)			322 Evandale Rd, Scarsdale, NY 10583						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						7/21/2025						28.4						28.4						29.3						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						319.9						319.9						361.1						0.12		%
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						32.4						32.4						33.7						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						193.0						193.0						212.3						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						201.9						201.9						222.3						0.07		%
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						9.7						9.7						10.1						—		%
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						34.4						34.4						35.6						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						13.4						13.4						14.6						—		%
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						331.4						331.4						374.2						0.12		%
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						118.2						118.2						133.4						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						215.0						215.0						242.7						0.08		%
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						1,070.0						1,070.0						1,048.1						0.34		%
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						10.0						10.0						10.4						—		%
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						9.7						9.7						10.1						—		%

286

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						23.0						23.0						23.9						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						59.2						59.2						61.5						0.02		%
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare			(#,^)			111 N Pompano Beach Blvd., Pompano Beach, FL 33062						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/18/2025						20.1						20.1						20.9						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						75.7						75.7						85.5						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						121.0						121.0						136.6						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						$	49.1					$	49.1					$	55.4					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						$	26.8					$	26.8					$	27.8					0.01		%
Medworxs LLC			(#,^)			10901 W. Toller Dr, Littleton, CO 80127						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						6/3/2025						$	54.0					$	54.0					$	56.0					0.02		%
DTM Parts Supply Inc.			(#)			31 Sageman St, Mount Vernon, NY 10550						Merchant Wholesalers, Durable Goods						Term Loan						7%						6/2/2025						$	35.4					$	35.4					$	35.0					0.01		%
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						$	3.5					$	3.5					$	3.6					—		%
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						$	3.8					$	3.8					$	3.9					—		%
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						$	151.5					$	151.5					$	171.1					0.06		%
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						$	160.3					$	160.3					$	180.9					0.06		%
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						$	41.6					$	41.6					$	46.9					0.02		%
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						$	87.5					$	87.5					$	98.8					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						$	70.5					$	70.5					$	79.6					0.03		%
Diamond Solutions LLC			(#,^)			7845 East Evans Rd. Ste A, Scottsdale, AZ 85260						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 2.75%						4/21/2025						$	8.0					$	8.0					$	8.3					—		%
Faramarz Nikourazm dba Car Clinic Center			(#,^)			10707 Shady Trail, Dallas, TX 75220						Repair and Maintenance						Term Loan						Prime plus 2.75%						4/3/2040						$	63.8					$	63.8					$	72.0					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						$	50.6					$	50.6					$	52.4					0.02		%
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						$	261.3					$	261.3					$	295.0					0.10		%
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						$	43.1					$	43.1					$	44.7					0.01		%

287

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						$	423.2					$	423.2					$	477.8					0.15		%
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						$	512.3					$	512.3					$	529.5					0.17		%
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						$	46.7					$	46.7					$	52.8					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						$	9.1					$	9.1					$	9.4					—		%
Loriet LLC			(#,^)			5001 Vivienda Way, Sarasota, FL 34235						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						3/24/2025						$	4.9					$	4.9					$	5.0					—		%
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						$	97.4					$	97.4					$	110.0					0.04		%
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						$	37.3					$	37.3					$	42.2					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						$	73.8					$	73.8					$	83.4					0.03		%
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						$	132.9					$	132.9					$	150.0					0.05		%
Royal Crest Motors LLC			(#,^)			769 Amesbury Rd, Haverhill, MA 01830						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						3/16/2040						$	79.0					$	79.0					$	89.2					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						$	4.6					$	4.6					$	4.7					—		%
Pace Motor Lines, Inc.			(#,^)			1425 Honeyspot Rd Extension, Stratford, CT 06615						Truck Transportation						Term Loan						Prime plus 2.75%						2/26/2025						$	25.8					$	25.8					$	26.8					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						$	1,103.9					$	1,103.9					$	1,246.3					0.40		%
Kiddie Steps 4 You Inc.			(#,^)			1700 West 63rd St., Chicago, IL 60636						Social Assistance						Term Loan						Prime plus 2.75%						2/19/2040						$	53.8					$	53.8					$	60.8					0.02		%
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						$	114.3					$	114.3					$	129.0					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						$	100.7					$	100.7					$	104.1					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					0.39		%
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					$	534.4					0.17		%
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						$	429.7					$	429.7					$	485.1					0.16		%
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						$	46.2					$	46.2					$	52.1					0.02		%
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						$	36.5					$	36.5					$	36.1					0.01		%

288

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 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						$	466.1					$	466.1					$	480.5					0.16		%
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						$	136.7					$	136.7					$	154.4					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						$	119.0					$	119.0					$	134.3					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						$	101.7					$	101.7					$	114.8					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						$	15.4					$	15.4					$	15.9					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						$	102.8					$	102.8					$	116.1					0.04		%
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						$	409.1					$	409.1					$	461.8					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						$	87.0					$	87.0					$	98.2					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						$	65.4					$	65.4					$	67.5					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						$	2.3					$	2.3					$	2.4					—		%
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						$	104.9					$	104.9					$	118.4					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						$	19.0					$	19.0					$	19.6					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						$	218.1					$	218.1					$	246.3					0.08		%
Gordon E Rogers dba Stonehouse Motor Inn			(#,^)			162 Danielson Pike, Foster, RI 02825						Accommodation						Term Loan						Prime plus 2.75%						9/26/2039						$	49.0					$	49.0					$	55.4					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						$	5.4					$	5.4					$	5.6					—		%
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						$	124.1					$	124.1					$	140.1					0.05		%
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						$	106.1					$	106.1					$	109.2					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						$	365.3					$	365.3					$	412.4					0.13		%
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						$	27.8					$	27.8					$	28.6					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						$	43.8					$	43.8					$	49.5					0.02		%

289

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						$	36.0					$	36.0					$	37.0					0.01		%
Alpha Preparatory Academy LLC			(#,^)			4462 Mink Livsey Rd, Snellville, GA 30039						Social Assistance						Term Loan						Prime plus 2.75%						8/15/2039						$	124.0					$	124.0					$	140.0					0.05		%
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						$	117.5					$	117.5					$	115.1					0.04		%
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					0.20		%
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						$	17.3					$	17.3					$	19.5					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						$	127.0					$	127.0					$	143.4					0.05		%
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						$	173.9					$	173.9					$	196.4					0.06		%
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						$	740.4					$	740.4					$	835.9					0.27		%
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						$	31.5					$	31.5					$	32.4					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						$	434.2					$	434.2					$	490.3					0.16		%
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						$	197.5					$	197.5					$	223.0					0.07		%
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						$	78.2					$	78.2					$	88.3					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						$	5.3					$	5.3					$	5.4					—		%
Long Island Barber Institute Inc			(#,^)			266 Greenwich St., Hempstead, NY 11550						Educational Services						Term Loan						Prime plus 2.75%						6/2/2039						$	47.0					$	47.0					$	53.0					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						$	7.0					$	7.0					$	7.1					—		%
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						$	19.6					$	19.6					$	20.1					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						$	76.2					$	76.2					$	86.0					0.03		%
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						$	91.6					$	91.6					$	103.4					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						$	44.6					$	44.6					$	47.5					0.02		%

290

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Island Wide Realty LLC and Long Island Partners, Inc.			(#,^)			201-203-205 West Merrick Rd, Valley Stream, NY 11580						Real Estate						Term Loan						Prime plus 2.75%						4/22/2039						$	87.3					$	87.3					$	98.5					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						$	54.5					$	54.5					$	56.0					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						$	94.3					$	94.3					$	106.5					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						$	376.9					$	376.9					$	425.5					0.14		%
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						$	98.6					$	98.6					$	111.4					0.04		%
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						$	67.1					$	67.1					$	75.8					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						$	92.9					$	92.9					$	104.9					0.03		%
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						$	349.6					$	349.6					$	394.7					0.13		%
Summit Beverage Group LLC			(#,^)			211 Washington Ave, Marion, VA 24354						Beverage and Tobacco Product Manufacturing						Term Loan						Prime plus 2.75%						2/28/2024						$	98.1					$	98.1					$	100.5					0.03		%
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						$	173.2					$	173.2					$	195.6					0.06		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						2/28/2039						$	179.3					$	179.3					$	202.4					0.07		%
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						$	117.9					$	117.9					$	133.1					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						$	78.3					$	78.3					$	80.2					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						$	83.3					$	83.3					$	94.1					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						$	108.0					$	108.0					$	121.9					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						$	5.9					$	5.9					$	6.0					—		%
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						$	762.4					$	762.4					$	860.8					0.28		%
Amboy Woodbridge Realty LLC and United Premium Foods LLC			(#)			One Amboy Ave, Woodbridge, NJ 07095						Food Manufacturing						Term Loan						7%						6/14/2024						$	1,813.7					$	1,813.7					$	1,797.8					0.58		%
KK International Trading Corporation			(#,^)			219 Lafayette Dr, Syosset, NY 11791						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						12/23/2028						$	112.1					$	112.1					$	121.4					0.04		%

291

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						$	74.0					$	74.0					$	83.5					0.03		%
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						$	348.4					$	348.4					$	393.3					0.13		%
DKB Transport Corp			(#,^)			555 Water Works Rd, Old Bridge, NJ 08857						Truck Transportation						Term Loan						Prime plus 2.75%						12/5/2038						$	115.5					$	115.5					$	130.4					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						$	85.7					$	85.7					$	96.8					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						$	63.5					$	63.5					$	71.7					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						$	4.0					$	4.0					$	4.1					—		%
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						$	11.2					$	11.2					$	11.5					—		%
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						$	53.0					$	53.0					$	59.8					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						$	114.6					$	114.6					$	129.3					0.04		%
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						$	494.7					$	494.7					$	558.5					0.18		%
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						$	174.0					$	174.0					$	196.4					0.06		%
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						$	10.3					$	10.3					$	10.6					—		%
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						$	121.5					$	121.5					$	137.2					0.04		%
Greenbrier Technical Services, Inc			(#,^)			407 E. Edgar Ave, Ronceverte, WV 24970						Repair and Maintenance						Term Loan						Prime plus 2.75%						10/24/2023						$	29.8					$	29.8					$	30.4					0.01		%
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					0.09		%
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					0.04		%
Cencon Properties LLC and Central Connecticut Warehousing Company, Inc			(#,^)			37 Commons Court, Waterbury, CT 06704						Warehousing and Storage						Term Loan						Prime plus 2.75%						9/30/2038						$	284.6					$	284.6					$	321.4					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						$	276.4					$	276.4					$	312.1					0.10		%
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						$	82.5					$	82.5					$	93.1					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						$	75.4					$	75.4					$	85.1					0.03		%

292

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						$	10.7					$	10.7					$	10.9					—		%
Faith Memorial Chapel LLC			(#,^)			600 9th Ave North, Bessemer, AL 35020						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/20/2038						$	221.1					$	221.1					$	249.6					0.08		%
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						$	3.7					$	3.7					$	3.8					—		%
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						$	38.1					$	38.1					$	38.8					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						$	132.8					$	132.8					$	135.3					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						$	31.2					$	31.2					$	33.7					0.01		%
Prospect Kids Academy Inc			(#,^)			532 St Johns Place, Brooklyn, NY 11238						Educational Services						Term Loan						Prime plus 2.75%						9/11/2038						$	102.5					$	102.5					$	115.7					0.04		%
Schmaltz Holdings, LLC and Schmaltz Operations, LLC			(#,^)			3408 Castle Rock Farm Rd, Pittsboro, NC 27312						Personal and Laundry Services						Term Loan						Prime plus 2.75%						9/4/2038						$	183.8					$	183.8					$	207.5					0.07		%
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						$	9.5					$	9.5					$	9.7					—		%
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						$	4.9					$	4.9					$	4.9					—		%
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						$	2.5					$	2.5					$	2.5					—		%
Angkor Restaurant Inc			(#,^)			10 Traverse St., Providence, RI 02903						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/19/2038						$	76.3					$	76.3					$	86.1					0.03		%
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						$	1.9					$	1.9					$	2.2					—		%
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						$	18.1					$	18.1					$	18.5					0.01		%
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						$	11.2					$	11.2					$	11.4					—		%
Maxiflex LLC			(#,^)			512 Verret St., New Orleans, LA 70114						Miscellaneous Manufacturing						Term Loan						Prime plus 2.75%						6/28/2023						$	8.8					$	8.8					$	8.9					—		%
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						$	79.6					$	79.6					$	89.8					0.03		%
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						$	236.0					$	236.0					$	248.5					0.08		%
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						$	486.4					$	486.4					$	524.2					0.17		%
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						$	68.3					$	68.3					$	69.4					0.02		%

293

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Elite Structures Inc			(#,^)			401 Old Quitman Rd, Adel, GA 31620						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						6/12/2038						684.5						684.5						772.8						0.25		%
Absolute Desire LLC and Mark H. Szierer and Sophisticated Smile			(#,^)			85 Reaville Ave, Flemington, NJ 08822						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						6/5/2038						154.2						154.2						174.1						0.06		%
Gregory P Jellenek OD and Associates PC			(#,^)			4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/28/2023						11.6						11.6						11.8						—		%
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						8.2						8.2						8.3						—		%
Peanut Butter & Co., Inc.			(#,^)			250 West 54th St., New York, NY 10019						Food Manufacturing						Term Loan						Prime plus 2.75%						4/30/2023						17.7						17.7						18.0						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						101.0						101.0						114.1						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						151.2						151.2						162.4						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						263.5						263.5						297.5						0.10		%
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						0.17		%
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						54.7						54.7						61.8						0.02		%
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						77.8						77.8						78.9						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						69.7						69.7						78.7						0.03		%
Retain Loyalty LLC			(#,^)			1250 Sanders Ave SW, Massillon, OH 44647						Printing and Related Support Activities						Term Loan						Prime plus 2.75%						2/15/2038						93.6						93.6						105.7						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						0.14		%
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						403.9						403.9						456.0						0.15		%
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%						12/27/2037						426.5						426.5						481.5						0.16		%
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						183.3						183.3						206.9						0.07		%
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						148.2						148.2						167.3						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						7.6						7.6						7.6						—		%
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						77.1						77.1						87.0						0.03		%
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						144.2						144.2						162.8						0.05		%

294

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 Judes Physical Therapy P.C.			(#,^)			7712 Fourth Ave, Brooklyn, NY 11209						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						11/19/2022						2.5						2.5						2.6						—		%
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						2.8						2.8						2.8						—		%
Reidville Hydraulics Mfg Inc dba Summit			(#,^)			175 Industrial Lane, Torrington, CT 06790						Machinery Manufacturing						Term Loan						Prime plus 2.75%						11/2/2037						210.1						210.1						237.2						0.08		%
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						52.9						52.9						59.8						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						1.2						1.2						1.3						—		%
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						286.3						286.3						323.2						0.10		%
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						227.2						227.2						256.6						0.08		%
KIND-ER-ZZ Inc dba Kidville			(#,^)			30 Maple St., Summit, NJ 07901						Educational Services						Term Loan						Prime plus 2.75%						6/15/2022						3.5						3.5						3.5						—		%
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						1.3						1.3						1.3						—		%
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						1.3						1.3						1.4						—		%
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						7.9						7.9						7.9						—		%
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						53.2						53.2						57.2						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						604.4						604.4						642.2						0.21		%
ATI Jet, Inc.			(#,^)			7007 Boeing Dr, El Paso, TX 79925						Air Transportation						Term Loan						Prime plus 2.75%						12/28/2026						250.8						250.8						265.7						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						130.8						130.8						147.6						0.05		%
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						20.1						20.1						22.7						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						59.2						59.2						66.8						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						12.5						12.5						14.1						—		%
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						32.3						32.3						36.4						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						58.6						58.6						66.2						0.02		%

295

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						33.9						33.9						38.3						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						265.0						265.0						299.1						0.10		%
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						95.5						95.5						107.8						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						107.8						107.8						121.7						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						11.5						11.5						13.0						—		%
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						84.1						84.1						95.0						0.03		%
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						25.3						25.3						28.5						0.01		%
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						36.5						36.5						41.2						0.01		%
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						64.5						64.5						72.9						0.02		%
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						12.0						12.0						12.3						—		%
D & D's Divine Beauty School of Esther, LLC			(#,^)			5524 Germantown Ave, Philadelphia, PA 19144						Educational Services						Term Loan						6%						8/1/2031						38.3						38.3						37.8						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						57.5						57.5						57.1						0.02		%
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						8.8						8.8						9.9						—		%
Water Works Laundromat, LLC			(#,^)			968-970 Bergen St., Newark, NJ 07104						Personal and Laundry Services						Term Loan						Prime plus 2.25%						9/7/2027						109.5						109.5						115.4						0.04		%
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						15.1						15.1						15.9						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						6.6						6.6						7.4						—		%
Moonlight Multi Media Production, Inc.			(#,^)			2700 West Cypress Creek Rd, Fort Lauderdale, FL 33309						Other Information Services						Term Loan						5.3%						2/1/2025						0.4						0.4						0.4						—		%
David M. Goens dba Superior Auto Paint & Body, Inc.			(#)			1912 Manhattan Ave, Harvey, LA 70058						Repair and Maintenance						Term Loan						6%						8/26/2024						7.2						7.2						7.2						—		%
Whirlwind Car Wash, Inc.			(#,^)			1370 Le Anne Marie Circle, Columbus, OH 43026						Repair and Maintenance						Term Loan						Prime plus 2%						4/9/2029						10.6						10.6						11.3						—		%
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						8.0						8.0						8.6						—		%

296

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						11.2						11.2						12.0						—		%
Auto Sales, Inc.			(#,^)			1925 State St., Hamden, CT 06417						Motor Vehicle and Parts Dealers						Term Loan						6%						8/17/2023						2.2						2.2						2.2						—		%
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						15.0						15.0						14.9						—		%
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						2.4						2.4						2.5						—		%
Deesha Corporation, Inc. dba Best Inn & Suites			(#,^)			9225 Pkwy East, Birmingham, AL 35206						Accommodation						Term Loan						Prime plus 2.25%						2/14/2025						12.3						12.3						12.6						—		%
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						1.7						1.7						1.7						—		%
Naseeb Corporation			(#,^)			1696 North Broad St., Meriden, CT 06450						Accommodation						Term Loan						Prime plus 2.25%						3/31/2024						10.7						10.7						10.9						—		%
Stillwell Ave Prep School			(#,^)			1990 Stillwell Ave, Brooklyn, NY 11214						Social Assistance						Term Loan						Prime plus 2.75%						1/14/2023						5.7						5.7						5.8						—		%
Alyssa Corp dba Knights Inn			(#,^)			1105 Columbus Pkwy, Opelika, AL 36801						Accommodation						Term Loan						Prime plus 2.25%						9/30/2023						24.9						24.9						25.3						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						0.4						0.4						0.4						—		%
Pegasus Automotive, Inc.			(#,^)			3981 Hylan Blvd, Staten Island, NY 10308						Gasoline Stations						Term Loan						Prime plus 2.75%						12/23/2022						1.0						1.0						1.0						—		%
Total SBA Unguaranteed Accrual Investments																																				$	377,844.5					$	377,844.5					$	393,910.1					127.36		%

297

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

D & D Optics Inc dba Sterling Optical			(*,#,^)			1487 East LaSalle Dr, Bismark, ND 58503						Ambulatory Health Care Services						Term Loan						Prime plus 0%						12/21/2028						$	41.1					$	41.1					$	20.0					0.01		%
Edge Studios Inc Radiant Yoga LLC			(*,#,^)			448 Howe Ave, Sacramento, CA 95825						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						11/1/2027						49.1						49.1						47.9						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						48.0						0.02		%
ABC Sandblasting, LLC			(*,#,^)			14029 56th St. NW, Williston, ND 58801						Specialty Trade Contractors						Term Loan						Prime plus 0%						10/31/2029						145.0						145.0						26.2						0.01		%
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						39.3						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						12.1						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						8.7						8.7						8.3						0.00		%
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						81.6						0.03		%
Amboy Group, LLC dba Tommy Moloney's			(*,#)			1 Amboy Ave, Woodbridge, NJ 07095						Food Manufacturing						Term Loan						7%						6/14/2024						1,458.1						1,458.1						1,292.6						0.42		%
Anderson Companies LLC			(*,#,^)			3015 S White Horse Pike, Hammonton, NJ 08037						Administrative and Support Services						Term Loan						Prime plus 0%						6/28/2044						191.8						191.8						184.5						0.06		%
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						170.7						0.06		%
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						185.8						185.8						158.2						0.05		%
Anurag, LLC dba Oakwood Package Store			(*,#,^)			191-195 Oakwood Ave, West Hartford, CT 06107						Food and Beverage Stores						Term Loan						Prime plus 0%						6/6/2043						127.6						127.6						61.4						0.02		%
Apple Tree NC Inc dba Williams Farm & Garden Center			(*,#)			109 Barkside Lane, New Bern, NC 28562						Building Material and Garden Equipment and Supplies Dealers						Term Loan						Prime plus 0%						7/28/2041						316.1						316.1						301.3						0.10		%
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		%
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						0.01		%
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						1.6						0.00		%
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						37.8						0.01		%
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						19.5						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						31.3						0.01		%

298

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						179.7						0.06		%
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						169.3						0.05		%
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						247.0						0.08		%
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						12.3						12.3						11.1						0.00		%
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						91.2						0.03		%
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						24.4						0.01		%
Baobab Asset Management LLC			(*,#,^)			2 Greenwich Office Park, Ste 260, Greenwich, CT 06831						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 0%						6/28/2029						42.1						42.1						41.1						0.01		%
BB Services, LLC			(*,#,^)			580 39 Rd, Palisade, CO 81526						Truck Transportation						Term Loan						Prime plus 0%						6/27/2029						95.1						95.1						92.3						0.03		%
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						123.4						0.04		%
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						82.4						0.03		%
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						4.7						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						177.7						0.06		%
Big Picture Group LLC			(*,#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						12/12/2027						286.8						286.8						276.6						0.09		%
Big Picture Group LLC			(*,#,^)			935 N La Jolla, Los Angeles, CA 90046						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						6/28/2029						132.1						132.1						127.4						0.04		%
Bloomquist Communications Inc.			(*,#)			131 East Trinity Place, Decatur, GA 30030						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						10/31/2026						36.5						36.5						35.6						0.01		%
Bone Bar & Grill LLC			(*,#)			3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878						Food Services and Drinking Places						Term Loan						7%						6/30/2042						34.7						34.7						18.1						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						191.7						0.06		%
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						143.9						0.05		%
Calhoun Satellite Communications, Inc.			(*,#)			1914 Tigertail Blvd, Dania Beach, FL 33004						Telecommunications						Term Loan						7%						12/2/2026						333.8						333.8						239.1						0.08		%
Capital Containers LLC			(*,#,^)			7610 Auburn Blvd #4B, Citrus Heights, CA 95610						Truck Transportation						Term Loan						Prime plus 0%						12/15/2027						10.4						10.4						10.2						0.00		%
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						132.9						0.04		%

299

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						13.2						13.2						12.9						0.00		%
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						57.6						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						57.5						0.02		%
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						46.7						46.7						44.5						0.01		%
Clark Realty LLC			(*,#)			4 Walker Way, Albany, NY 12205						Real Estate						Term Loan						8%						8/29/2041						73.3						73.3						30.5						0.01		%
Cleland Pharmacy LLC			(*,#,^)			202 S First St., Wakeeney, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 0%						3/28/2029						18.8						18.8						11.9						0.00		%
Royal Blue Investments, Inc. and Cleland Pharmacy LLC			(*,#,^)			202 S. 1st St., Wakeeny, KS 67672						Health and Personal Care Stores						Term Loan						Prime plus 0%						7/31/2042						49.3						49.3						47.6						0.02		%
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						411.1						0.13		%
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 0%						9/20/2027						951.0						951.0						906.3						0.29		%
Conference Services International ETC LLC			(*,#,^)			4802 West Van Buren St., Phoenix, AZ 85007						Administrative and Support Services						Term Loan						8%						8/14/2028						517.4						517.4						8.8						0.00		%
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%						11/30/2024						177.4						177.4						75.2						0.02		%
CZAR Industries, Inc.			(*,#,^)			1424 Heath Ave, Ewing, NJ 08638						Machinery Manufacturing						Term Loan						8.25%						12/19/2027						141.3						141.3						54.3						0.02		%
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						42.7						42.7						10.7						0.00		%
D.A.F.S Transport, LLC			(*,#,^)			207 S. Teresa St., Monahans, TX 79756						Truck Transportation						Term Loan						Prime plus 0%						12/21/2028						560.6						560.6						540.7						0.17		%
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In			(*,#,^)			299 Utica Ave, Brooklyn, NY 11203						Food Manufacturing						Term Loan						Prime plus 0%						6/27/2043						337.0						337.0						321.1						0.10		%
Dean 1021 LLC dba Pure Pita			(*,#,^)			106 Central Ave, Westfield, NJ 07090						Food Services and Drinking Places						Term Loan						Prime plus 0%						4/29/2025						37.1						37.1						24.0						0.01		%
Dependable Lawn Care, Inc.			(*,#,^)			2320 138TH ST, Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 0%						3/21/2029						461.9						461.9						223.3						0.07		%
Dependable Lawn Care, Inc.			(*,#,^)			2320 138th St., Blue Island, IL 60406						Administrative and Support Services						Term Loan						Prime plus 0%						3/21/2044						185.7						185.7						108.8						0.04		%
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						24.3						24.3						24.0						0.01		%
DG Business Solutions, Inc			(*,#,^)			11008 Rene St., Lenexa, KS 66215						Professional, Scientific, and Technical Services						Term Loan						Prime plus 0%						9/30/2029						200.8						200.8						191.3						0.06		%

300

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						622.9						0.20		%
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						80.6						80.6						78.7						0.03		%
Driven Warehouse/Distribution LLC			(*,#)			271 East North Ave, Glendale, IL 60139						Truck Transportation						Term Loan						8%						12/22/2027						726.2						726.2						328.0						0.11		%
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						59.0						0.02		%
E & I Holdings, LP & PA Farm Products, LLC			(*,#)			1095 Mt Airy Rd, Stevens, PA 17578						Food Manufacturing						Term Loan						6%						4/30/2030						4,705.7						4,705.7						3,495.2						1.13		%
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						155.4						155.4						21.0						0.01		%
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						311.1						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						—						0.00		%
Ericon, Inc.			(*,#)			740 Davenport Ave, Fremont, NE 68025						Gasoline Stations						Term Loan						8.25%						12/1/2041						705.6						705.6						570.4						0.18		%
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						694.9						694.9						390.6						0.13		%
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						835.5						835.5						282.6						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						176.5						176.5						32.9						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						452.2						0.15		%
Excel RP Inc			(*,#,^)			6531 Park Ave, Allen Park, MI 48101						Machinery Manufacturing						Term Loan						8.25%						8/30/2023						66.8						66.8						66.0						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						24.3						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						32.1						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						134.2						134.2						34.7						0.01		%
Flower City Customs Inc.			(*,#,^)			1805 Tebor Rd, Unit 4, Webster, NY 14580						Repair and Maintenance						Term Loan						Prime plus 0%						12/17/2030						10.0						10.0						9.6						0.00		%
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 0%						6/26/2042						208.4						208.4						189.4						0.06		%
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 0%						3/28/2029						12.2						12.2						—						0.00		%
Freedom Enterprises, Inc			(*,#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 0%						12/20/2029						290.0						290.0						211.5						0.07		%

301

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Freedom Enterprises, Inc - New RE company to be formed			(*,#)			2431 14th Ave SE, Watertown, SD 57201						Truck Transportation						Term Loan						Prime plus 0%						12/20/2044						203.3						203.3						193.8						0.06		%
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						239.7						0.08		%
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						59.2						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						18.5						0.01		%
Greensboro Plastic Surgical Associates, PA			(*,#,^)			2716 Henry St., Greensboro, NC 27405						Ambulatory Health Care Services						Term Loan						6%						6/29/2042						535.0						535.0						501.4						0.16		%
GT Performance Plus Inc			(*,#,^)			4210 College St., Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						6/11/2044						96.3						96.3						92.9						0.03		%
GT Performance Plus Inc			(*,#,^)			4210 College St., Beaumont, TX 77707						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 0%						6/11/2029						66.8						66.8						64.4						0.02		%
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						53.2						0.02		%
Hackensack Steel Corporation and Luzerne Ironworks Inc			(*,#,^)			300 Sly St., Swoyersville, PA 18709						Specialty Trade Contractors						Term Loan						6%						11/10/2026						170.1						170.1						166.1						0.05		%
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						28.4						0.01		%
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						371.7						0.12		%
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						86.1						0.03		%
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 0%						1/31/2030						124.6						124.6						121.6						0.04		%
iFood, Inc. dba Steak N Shake			(*,#,^)			2840 E Millbrook Rd, Raleigh, NC 27604						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/30/2039						541.9						541.9						516.4						0.17		%
iFood, Inc. dba Steak N Shake			(*,#,^)			5900 Duraleigh Rd, Raleigh, NC 27612						Food Services and Drinking Places						Term Loan						Prime plus 0%						7/31/2024						148.5						148.5						141.5						0.05		%
IHC Hardware Inc.			(*,#,^)			614 Broad St., Story City, IA 50248						Building Material and Garden Equipment and Supplies Dealers						Term Loan						6%						12/6/2042						95.1						95.1						61.1						0.02		%
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						967.7						967.7						217.5						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						6%						3/29/2044						820.8						820.8						668.3						0.22		%
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						14.3						0.00		%
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						32.3						0.01		%

302

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						416.3						0.13		%
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 0%						11/30/2025						72.3						72.3						42.8						0.01		%
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						25.7						0.01		%
Jessie's Radiator and Automotive			(*,#,^)			1777 N Ventura Ave, Ventura, CA 93001						Repair and Maintenance						Term Loan						Prime plus 0%						10/31/2029						14.7						14.7						14.3						0.00		%
JMD Aviation Holdings, LLC			(*,#,^)			8050 North West 90th St., Medley, FL 33166						Rental and Leasing Services						Term Loan						Prime plus 0%						12/15/2027						397.5						397.5						388.1						0.13		%
Johnny's Boy LLC			(*,#,^)			127 East King St., Martinsburg, WV 25401						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/7/2044						97.3						97.3						92.7						0.03		%
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						1.4						0.00		%
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						17.8						17.8						16.5						0.01		%
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						44.3						0.01		%
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						34.8						34.8						17.7						0.01		%
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						63.5						0.02		%
LAN Doctors Inc			(*,#)			14 Pierson Court, Mahwah, NJ 07430						Professional, Scientific, and Technical Services						Term Loan						8.25%						8/28/2025						52.6						52.6						50.7						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						41.9						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						192.9						0.06		%
Linqserv Inc.			(*,#,^)			1555 Lyell Ave, Rochester, NY 14606						Transit and Ground Passenger Transportation						Term Loan						7.5%						11/9/2027						261.2						261.2						15.9						0.01		%
Luv 2 Play Nor Cal, LLC			(*,#,^)			82 Clarksville Rd, Folsom, CA 95682						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						9/25/2029						101.8						101.8						67.0						0.02		%
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 0%						9/27/2026						34.4						34.4						33.6						0.01		%
Luv 2 Play Temecula, LLC			(*,#)			26469 Ynez Rd, Temecula, CA 92591						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 0%						8/15/2026						33.4						33.4						32.6						0.01		%
Malhame & Company Publishers & Importers Inc.			(*,#,^)			180 Orville Rd, Bohemia, NY 11780						Merchant Wholesalers, Durable Goods						Term Loan						Prime plus 0%						6/29/2027						63.7						63.7						61.4						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						3.8						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						78.3						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						118.8						118.8						26.8						0.01		%

303

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						6.6						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						68.8						0.02		%
Mojo Brands Media, LLC			(*,#)			3260 University Blvd., Ste 100, Winter Park, FL 32792						Broadcasting (except Internet)						Term Loan						6%						8/28/2023						673.2						673.2						114.5						0.04		%
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						1,083.3						1,083.3						961.9						0.31		%
Morris Glass and Construction Inc			(*,#)			40058 Hwy 30, Astoria, OR 97103						Specialty Trade Contractors						Term Loan						15%						10/1/2023						319.6						319.6						145.9						0.05		%
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						623.7						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						69.3						0.02		%
Murf & Sons LLC			(*,#,^)			3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746						Food Services and Drinking Places						Term Loan						6%						11/16/2027						44.9						44.9						43.9						0.01		%
N Transport LLC			(*,#,^)			5348 W Brown Ave, Fresno, CA 93722						Truck Transportation						Term Loan						8%						11/20/2027						365.8						365.8						31.8						0.01		%
National Dredging Services of North Florida, Inc.			(*,#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 0%						6/27/2028						40.1						40.1						38.3						0.01		%
National Dredging Services of North Florida, Inc.			(*,#,^)			1537 Northwest Main Blvd., Lake City, FL 32055						Repair and Maintenance						Term Loan						Prime plus 0%						6/27/2043						27.2						27.2						26.0						0.01		%
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC			(*,#,^)			2520 Pennsylvania Ave, Ogden, UT 84401						Truck Transportation						Term Loan						8.25%						6/20/2028						505.7						505.7						31.2						0.01		%
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						83.1						0.03		%
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						558.1						558.1						28.3						0.01		%
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						30.0						0.01		%
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 0%						3/27/2042						388.0						388.0						369.7						0.12		%
Pecos Entertainment LLC dba State Theater			(*,#,^)			421 South Oak St, Pecos, TX 79772						Motion Picture and Sound Recording Industries						Term Loan						Prime plus 0%						12/31/2029						123.4						123.4						120.5						0.04		%
Pecos Inn LLC dba Econo Lodge			(*,#)			2207 W Third St., Pecos, TX 79772						Accommodation						Term Loan						Prime plus 0%						4/28/2041						621.9						621.9						592.7						0.19		%
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						785.3						0.25		%
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						372.0						0.12		%
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						102.9						0.03		%

304

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						144.6						0.05		%
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						431.8						431.8						160.7						0.05		%
Prestige Construction of Florida, LLC			(*,#,^)			1404 Yorktown St. Ste E, Deland, FL 34944						Construction of Buildings						Term Loan						6%						5/23/2042						105.1						105.1						101.3						0.03		%
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						70.0						70.0						68.3						0.02		%
R & K Contracting Inc			(*,#)			3605 NW 31st Ave, Fort Lauderdale, FL 33309						Specialty Trade Contractors						Term Loan						Prime plus 0%						2/18/2026						8.3						8.3						8.1						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						322.0						322.0						99.4						0.03		%
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						104.8						104.8						0.5						0.00		%
RG Productions LLC			(*,#,^)			2414 W Battlefield Ste H, Springfield, MO 65807						Rental and Leasing Services						Term Loan						6%						3/28/2029						76.1						76.1						7.7						0.00		%
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						41.6						0.01		%
Rihahn Inc. dba RDBL, Inc			(*,#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						6%						9/14/2028						115.0						115.0						44.9						0.01		%
RIHAHN INC dba RDBL, INC.			(*,#,^)			1397 McGuire Rd, Lamar, AR 72846						Forestry and Logging						Term Loan						Prime plus 0%						2/5/2029						5.4						5.4						—						0.00		%
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						45.8						0.01		%
RWBB LLC			(*,#,^)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 0%						6/26/2044						74.3						74.3						49.0						0.02		%
RWBB LLC			(*,#)			4120 7th Ave, Kenosha, WI 53140						Food Services and Drinking Places						Term Loan						Prime plus 0%						12/19/2029						15.2						15.2						14.5						0.00		%
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						657.2						0.21		%
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						480.3						0.16		%
Sanabi Investment, LLC dba Oscar's Moving and Storage			(*,#,^)			11421 N W 107th St., #13, Miami, FL 33178						Truck Transportation						Term Loan						0%						3/5/2027						83.4						83.4						68.9						0.02		%
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						59.3						0.02		%
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						521.6						521.6						34.6						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						73.6						0.02		%
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 0%						4/27/2030						169.9						169.9						136.0						0.04		%

305

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						417.4						417.4						397.8						0.13		%
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 0%						6/8/2043						365.3						365.3						348.1						0.11		%
Skyways, LTD			(*,#,^)			350 15th St. NW, Huron, SD 57350						Support Activities for Transportation						Term Loan						Prime plus 0%						3/22/2029						740.7						740.7						217.3						0.07		%
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						113.6						0.04		%
Space Express, LLC			(*,#,^)			2775 Burris Rd, Davie, FL 33314						Truck Transportation						Term Loan						6%						3/12/2029						123.5						123.5						39.7						0.01		%
Specialty Surgery Center, Inc.			(*,#,^)			5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342						Ambulatory Health Care Services						Term Loan						6%						6/28/2029						1,007.9						1,007.9						146.4						0.05		%
SSI Refrigerated Express Inc. and Robert M Stallone			(*,#,^)			1001 E. Cooley Dr Ste 102, Colton, CA 92324						Truck Transportation						Term Loan						Prime plus 0%						11/17/2027						43.9						43.9						—						0.00		%
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 0%						2/28/2027						149.8						149.8						106.7						0.03		%
Stat Constructor L.P			(*,#,^)			9573 US Hwy 220, Stoneville, NC 27048						Specialty Trade Contractors						Term Loan						Prime plus 0%						8/30/2028						88.1						88.1						83.9						0.03		%
StillBasi Holdings, Inc. dba Buxton Auto Transport			(*,#,^)			9371 Jackson Rd, Sacramento, CA 95826						Truck Transportation						Term Loan						6%						3/29/2029						263.6						263.6						227.2						0.07		%
Suncrest Stone Products LLC			(*,#)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.25%						8/29/2041						429.2						429.2						—						0.00		%
Suncrest Stone Products LLC			(*,#)			341 County Farm Rd, Ashburn, GA 31714						Nonmetallic Mineral Product Manufacturing						Term Loan						7.5%						8/29/2026						529.5						529.5						99.9						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						371.6						0.12		%
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						38.4						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						0.1						0.1						0.1						0.00		%
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 0%						6/30/2042						47.3						47.3						42.7						0.01		%
Victorian Restaurant and Tavern, LLC			(*,#,^)			226 Maple Ave, Cheshire, CT 06410						Food Services and Drinking Places						Term Loan						8.25%						2/22/2042						80.0						80.0						64.0						0.02		%
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 0%						6/4/2040						59.9						59.9						58.5						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						59.1						0.02		%
Wilban LLC			(*,#)			454 US Hwy 22, Whitehouse Station, NJ 08889						Food Services and Drinking Places						Term Loan						7.5%						3/11/2026						9.0						9.0						8.7						0.00		%

306

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						80.5						0.03		%
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						72.2						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						313.9						313.9						213.9						0.07		%
Total Unguaranteed Non-Accrual SBA Investments																																				54,125.5						54,125.5						$	30,506.8					9.86		%
Total Unguaranteed SBA Investments																																				$	431,970.0					$	431,970.0					$	424,416.9					137.22		%

307

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

The Hall at the Yard						1412 Alden Rd, Orlando, FL 32803						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/2/2031						$	2,013.2					$	2,013.2					$	2,219.6					0.72		%
Little Angels Daycare						4551 Summit Blvd, West Palm Beach, FL 33415						Social Assistance						Term Loan						Prime plus 2.75%						10/3/2046						258.1						258.1						292.0						0.09		%
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						155.4						155.4						174.1						0.06		%
Woodzzy LLC						1133 Clarkson Ave, Brooklyn, NY 11212						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/19/2046						1,617.4						1,617.4						1,833.7						0.59		%
Five Rivers 1938 Enterprise Inc.						3032 W Jack London Blvd, Livermore, CA 94551						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						1/28/2032						174.7						174.7						195.7						0.06		%
Kamboj Investments Inc. dba Chicago's Pizza						1156 South Main St., Manteca, CA 95337						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						7/29/2031						135.4						135.4						151.7						0.05		%
Crux Solutions, LLC						6938 Westover St., Houston, TX 77087						Personal and Laundry Services						Term Loan						Prime plus 2.75%						12/30/2031						175.3						175.3						196.4						0.06		%
Montauk Donut Group Inc.						1669 Montauk Hwy, Bellport, NY 11713						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/12/2031						736.1						736.1						819.9						0.27		%
THE JAR CIRCLE INC						3545 Merrick Rd, Seaford, NY 11783						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/20/2031						125.0						125.0						139.2						0.05		%
MA Allen LLC dba Premier Martial Arts						380 East Bethany Dr, Allen, TX 75002						Educational Services						Term Loan						Prime plus 2.75%						3/25/2031						83.5						83.5						93.0						0.03		%
Tiny's Gumbo Bar NYC LLC						275 Church St., New York, NY 10013						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/25/2032						326.4						326.4						365.6						0.12		%
Shrijee LLC						908 Washington St., Manitowoc, WI 54220						Accommodation						Term Loan						Prime plus 2.75%						12/31/2046						1,072.4						1,072.4						1,221.2						0.39		%
LAOR						7900 S. Orange Blossom Trail, Unit 1, Orlando, FL 32809						Health and Personal Care Stores						Term Loan						Prime plus 2.75%						5/26/2047						1,546.2						1,546.2						1,743.3						0.56		%
RGV Poke LLC						5401 North 10 St. Unit 126, McAllen, TX 78504						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/2/2032						123.1						123.1						137.9						0.04		%
Alaska Industrial Paint LLC						1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						1/8/2032						193.8						193.8						217.0						0.07		%
B & W Towing LLC						701 Addison Rd, Painted Post, NY 14870						Support Activities for Transportation						Term Loan						Prime plus 2.75%						2/9/2047						646.9						646.9						737.5						0.24		%
Black Market Restaurant Group Inc						29941 Aventura, Ste K, Rancho Santa Margarita, CA 92688						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						3/24/2032						265.5						265.5						297.3						0.10		%
C.D.A. Serviceability Trust Inc.						4501 6th Ave, Tacoma, WA 98406						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						9/27/2046						622.5						622.5						709.7						0.23		%
CJ REAL ESTATE PARTNERS LLC						1800 E Palm Ave, Tampa, FL 33605						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/28/2047						2,078.0						2,078.0						2,345.5						0.76		%
Jafar & Jamal Inc.						11 Highland Ave, Malden, MA 02148						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/29/2032						177.1						177.1						198.4						0.06		%
Metro of Livernois						17149 Livernois, Detroit, MI 48221						Telecommunications						Term Loan						Prime plus 2.75%						1/29/2047						1,822.1						1,822.1						2,059.0						0.67		%
Mitchell Authentic, Inc. dba Rock Box Fitness						4880 Lower Roswell Rd, Marietta, GA 30068						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/12/2032						356.5						356.5						396.1						0.13		%

308

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Balanced Health & Fitness LLC						5110 Mae Anne Dr, Ste 702, Reno, NV 89521						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						2/19/2032						155.0						155.0						173.6						0.06		%
Kynytyx Inc.						990A Station Rd, Bellport, NY 11713						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						5/22/2032						641.8						641.8						717.2						0.23		%
M&P_CAL, LLC						8086 East Santa Canyon Rd, Anaheim, CA 92808						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/22/2032						127.8						127.8						143.1						0.05		%
Kedai Indonesian Café						110 S Mountain Ave, Upland, CA 91786						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/27/2032						85.8						85.8						96.1						0.03		%
Potato Bros LLC dba Crumbl Cookies						1435 N Wells St., Chicago, IL 60610						Food and Beverage Stores						Term Loan						Prime plus 2.75%						3/28/2032						129.5						129.5						145.1						0.05		%
INE Incorporated						1040-1100 S. Mt. Vernon Ave, Riverside, CA 92507						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/3/2032						102.0						102.0						114.2						0.04		%
Square One Step LLC						10710 Barker Cypress Rd, Ste B, Cypress, TX 77433						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						4/4/2032						151.4						151.4						169.5						0.05		%
Bofill's Barbeque LLC						15159 South Cicero Ave, Oak Forest, IL 60452						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						2/10/2047						270.0						270.0						307.8						0.10		%
Fyzical Therapy & Balance Center						3780 Riverchase Village, Ste 900, Hoover, AL 35244						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						3/19/2032						78.7						78.7						88.1						0.03		%
Gerland Investments, Inc.						12611 I-10 West, Ste 102, San Antonio, TX 78230						Educational Services						Term Loan						Prime plus 2.75%						4/22/2032						72.0						72.0						80.7						0.03		%
LR Greenview LLC						2977 Ygnacio Valley Rd, Unit 2977, Pleasant Hill, CA 94523						Food and Beverage Stores						Term Loan						Prime plus 2.75%						4/24/2032						48.2						48.2						53.9						0.02		%
Hotworxs Studio						13435 University Ave, Clive, IA 50325						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						3/30/2032						137.2						137.2						153.7						0.05		%
Foster the Community LLC						13451 and 13453 Fishhawk Blvd, Riverview, FL 33569						Personal and Laundry Services						Term Loan						Prime plus 2.75%						3/8/2032						74.4						74.4						83.3						0.03		%
Suha Signs LLC						8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/9/2032						183.6						183.6						205.6						0.07		%
Suha Promotions LLC						8211 Byron Center Ave SW, Byron Center, MI 49315						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						4/9/2032						170.1						170.1						190.5						0.06		%
Suha Restaurants						8211 Byron Center Ave SW, Byron Center, MI 49315						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/9/2032						423.8						423.8						474.6						0.15		%
IV Therapy Management						2 Sears Dr, Paramus, NJ 07652						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						5/13/2032						42.3						42.3						47.4						0.02		%
Momentum Metal Finishing						1286 Anvilwood Ave, Sunnyvale, CA 94089						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/13/2047						253.9						253.9						288.1						0.09		%
BGF Bobby Q’s Inc						365 W Sunrise Hwy, Freeport, NY 11520						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						10/13/2047						444.0						444.0						504.0						0.16		%
La Taqueria Inc						10 Greenwich Ave, GREENWICH, CT 06830						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						4/17/2032						109.5						109.5						121.6						0.04		%
Yours II Cosmetology Academy Inc.						1416 W Columbia Ave, Battle Creek, MI 49015						Educational Services						Term Loan						Prime plus 2.75%						12/21/2047						2,471.3						2,471.3						2,783.2						0.90		%
Alaska Industrial Paint LLC						1301 North Post Rd, Anchorage, AK 99501						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						6/21/2047						75.0						75.0						85.1						0.03		%
Colorado Avocado LLC						11590 Ridgeline Dr, Colorado Springs, CO 80921						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						6/27/2032						26.3						26.3						29.2						0.01		%

309

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

3 Generations LLC						2800 Baton Rouge Rd, Williamstown, KY 41097						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						5/29/2032						27.5						27.5						30.5						0.01		%
Clean Pro 1, LLC						385 Boston Post Rd, Orange, CT 06477						Construction of Buildings						Term Loan						Prime plus 2.75%						5/29/2047						294.1						294.1						333.9						0.11		%
Ride4U						747 N State Rd 7, Plantation, FL 33317						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2046						3,656.3						3,656.3						4,085.9						1.32		%
Northcomm LLC						213 Cascade View Court, East Wenatchee, WA 98802						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						225.0						225.0						252.0						0.08		%
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						99.2						99.2						106.1						0.03		%
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						822.0						822.0						914.5						0.30		%
Vendall Ventures LLC						25027 South Interstate, WaKeeney, KS 67672						Accommodation						Term Loan						Prime plus 2.75%						12/17/2046						823.5						823.5						934.7						0.30		%
Maxwell Hendry & Simmons LLC						1619 Jackson St., Fort Myers, FL 33901						Real Estate						Term Loan						Prime plus 2.75%						12/17/2031						457.5						457.5						508.4						0.16		%
Regal Express Corporation						4122 County Rd 516, Matawan, NJ 07747						Truck Transportation						Term Loan						Prime plus 2.75%						12/20/2031						402.5						402.5						447.3						0.14		%
Vidya Technologies LLC						2509 George Mason Dr, Virginia Beach, VA 23456						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/20/2031						45.1						45.1						50.5						0.02		%
The Handyman Clarksville LLC						2727 Union Hall Rd, Clarksville, TN 37040						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/22/2031						562.5						562.5						625.1						0.20		%
LDI Energy Services LLC						6519 103 West Ave, Tioga, ND 58852						Support Activities for Mining						Term Loan						Prime plus 2.75%						12/22/2046						819.8						819.8						930.4						0.30		%
Rana N Hassan MD PC						71 Franklin Ave, Franklin Square, NY 11010						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/22/2031						342.0						342.0						380.0						0.12		%
BYC LaQuinta LLC						78430 CA-111, La Quinta, CA 92253						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/22/2046						1,711.1						1,711.1						1,937.8						0.63		%
Outdoor Equipment Manufacturer LLC						3520 NW 51st St., Miami, FL 33142						Textile Product Mills						Term Loan						Prime plus 2.75%						12/23/2031						281.3						281.3						312.5						0.10		%
CNJ Services LLC						5519 Ironhorse Rd, North Chesterfield, VA 23234						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/23/2031						72.3						72.3						80.9						0.03		%
Riaz & Son, Inc.						100-15 94th Ave, Ozone Park, NY 11416						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/23/2046						443.3						443.3						503.1						0.16		%
Sk8 House Virginia Beach LLC						600 Lynnhaven Pkwy, Virginia Beach, VA 23452						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/23/2031						89.3						89.3						100.0						0.03		%
Alaska Demolition LLC						2817 Rampart Dr, Anchorage, AK 99501						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/27/2046						3,750.0						3,750.0						4,190.6						1.35		%
Freedom Construction LLC						2897 E Massengale Rd, Shelbyville, IN 46176						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/28/2031						61.2						61.2						68.5						0.02		%
Shieldcoat Technologies Inc.						308 Ellen Trout Dr, Lufkin, TX 75904						Computer and Electronic Product Manufacturing						Term Loan						Prime plus 2.75%						12/28/2046						2,212.5						2,212.5						2,483.5						0.80		%
Lotus Care LLC						14000 Sunfish Lake Blvd, NW, MN 55303						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/28/2031						127.5						127.5						142.8						0.05		%
Unique Surveillance LLC						925 South 21st Ave, Hollywood, FL 33020						Administrative and Support Services						Term Loan						Prime plus 2.75%						12/28/2031						3,678.0						3,678.0						4,045.8						1.31		%

310

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

CS Concept Holdings LLC						4350 Canada Rd, :, Lakeland, TN 38002						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/28/2031						432.0						432.0						483.8						0.16		%
Monticello Corporation						600 Preston Ave, Charlottesville, VA 22903						Food and Beverage Stores						Term Loan						Prime plus 2.75%						12/29/2031						630.0						630.0						705.6						0.23		%
Beyond The Numbers CPAs Inc.						1004 Lewis Ave, Billings, MT 59102						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2046						1,260.0						1,260.0						1,438.0						0.46		%
Oh Crumb On!						57 East 3rd Ave, Spring Grove, PA 17362						Couriers and Messengers						Term Loan						Prime plus 2.75%						12/29/2031						42.5						42.5						47.6						0.02		%
Altitude Roofing LLC						2909 N Tindle Blvd, Flagstaff, AZ 86004						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						240.0						240.0						268.8						0.09		%
The Dance Affair, Inc.						850 N Winchester Blvd, San Jose, CA 95128						Educational Services						Term Loan						Prime plus 2.75%						12/29/2031						45.9						45.9						51.4						0.02		%
Belcher's Electric LLC						138 Dorchester St., Greenwood, SC 29646						Specialty Trade Contractors						Term Loan						Prime plus 2.75%						12/29/2031						114.8						114.8						128.5						0.04		%
Nova Engineering Inc.						4373 Viewridge Ave, Ste A, San Diego, CA 92123						Professional, Scientific, and Technical Services						Term Loan						Prime plus 2.75%						12/29/2031						150.0						150.0						168.0						0.05		%
Lillie Mae's Place, LLC						57 Main St., East Haven, CT 06512						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2046						891.0						891.0						1,019.1						0.33		%
Bright Horizons Preschool, LLC						275 Enterprise Dr, Valdosta, GA 31601						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						660.8						660.8						750.0						0.24		%
Arclight Industries LLC						340 Quail Run Rd,, Venetia, PA 15367						Fabricated Metal Product Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						337.5						337.5						386.0						0.12		%
Champion Volleyball Club of Houston LLC						19418 Pinehurst Trail Dr, Humble, TX 77346						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2046						484.5						484.5						549.9						0.18		%
Eastern Aero Marine, Inc.						5502 NW 37th Ave, Miami, FL 33142						Transportation Equipment Manufacturing						Term Loan						Prime plus 2.75%						12/29/2046						3,750.0						3,750.0						4,190.6						1.35		%
Hacienda Car Wash Inc.						2400 S Goliad St., Rockwall, TX 75087						Repair and Maintenance						Term Loan						Prime plus 2.75%						12/29/2031						90.0						90.0						100.8						0.03		%
Happy Wheels Charter LLC						4 Old Elm St., Salusbury, MA 01952						Transit and Ground Passenger Transportation						Term Loan						Prime plus 2.75%						12/29/2046						540.0						540.0						612.9						0.20		%
Kosovar Corporation						355 Smith Ridge Rd, South Salem, NY 10590						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2046						1,020.0						1,020.0						1,156.4						0.37		%
Pole Dance Carolinas LLC						9826 Gilead Rd, C -200, Hunterville, NC 28078						Amusement, Gambling, and Recreation Industries						Term Loan						Prime plus 2.75%						12/29/2031						123.8						123.8						138.6						0.04		%
Henry J. Fishman						2021 K St. Ste 400 NW, Washington, DC 20006						Ambulatory Health Care Services						Term Loan						Prime plus 2.75%						12/29/2031						1,012.5						1,012.5						1,123.9						0.36		%
Inspired Education 2 LLC						221 Edinburg Rd, Mercerville, NJ 08619						Social Assistance						Term Loan						Prime plus 2.75%						12/29/2046						2,250.0						2,250.0						2,542.5						0.82		%
RV Liquidation Center						984 W Shaw Ave, Clovis, CA 93612						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 2.75%						12/29/2031						1,038.8						1,038.8						1,151.7						0.37		%
CPH Milpitas LLC						1806 Milmont Dr, Milpitas, CA 95035						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						12/29/2031						262.5						262.5						294.0						0.10		%
3815 Media Inc.						3201 Peachtree Corners Circle, Peachtree Corners, GA 30092						Performing Arts, Spectator Sports, and Related Industries						Term Loan						Prime plus 2.75%						12/30/2031						1,125.0						1,125.0						1,247.3						0.40		%
Calderon Insurance Agency						5127 Franklin Blvd, #3, Sacramento, CA 95820						Insurance Carriers and Related Activities						Term Loan						Prime plus 2.75%						12/29/2046						543.5						543.5						616.8						0.20		%

311

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

899 Toscanini LLC						899 Main St., Cambridge, MA 02139						Food Services and Drinking Places						Term Loan						Prime plus 2.75%						11/9/2031						270.0						270.0						302.4						0.10		%
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						60.6						60.6						60.6						0.02		%
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						402.2						402.2						402.2						0.13		%
Matrix Z LLC						800 SW 21st Terrace, Ft Lauderdale, FL 33312						Nonmetallic Mineral Product Manufacturing						Term Loan						Prime plus 6.5%						2/27/2029						10.2						10.2						10.2						—		%

Rello Inc.						8063 Jericho Turnpike, Woodbury, NY 11797						Personal and Laundry Services						Term Loan						Prime plus 6.5%						4/17/2029						5.0						5.0						5.0						—		%
2Choice2Friends LLC						901 W Braker Lane, Austin, TX 78758						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						4/17/2029						10.3						10.3						10.3						—		%
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						10.4						10.4						10.4						—		%
Clowers Trucking by Faith LLC						705 E Brookwood PL, Valdosta, GA 31601						Truck Transportation						Term Loan						Prime plus 6.5%						5/23/2029						10.6						10.6						10.6						—		%
MCM Design LLC						5926 Vinings Vintage Way, Mableton, GA 30126						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						5/23/2029						8.1						8.1						8.1						—		%
Still Photography						195 Terrace Place, Apt. 2, Brooklyn, NY 11218						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						6/6/2029						10.5						10.5						10.5						—		%
Archer Cleaners Inc.						1514 W. 33rd St., Chicago, IL 60608						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/10/2029						10.5						10.5						10.5						—		%
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						4.2						4.2						4.2						—		%
Campuscuts LLC						930 Robtrice Ct, Edmond, OK 73430						Personal and Laundry Services						Term Loan						Prime plus 6.5%						6/21/2029						6.3						6.3						6.3						—		%
Port Diesel LLC						3212 Alex Trask Dr, Castle Hayne, NC 28429						Repair and Maintenance						Term Loan						Prime plus 6.5%						6/21/2029						10.5						10.5						10.5						—		%
Menshka Inc.						88 High St., Mountclair, NJ 07042						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						7/10/2029						10.5						10.5						10.5						—		%
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						8.5						8.5						8.5						—		%
Gradstreet LLC						2437 Corinth Ave Apt 130, Los Angeles, CA 90064						Nonstore Retailers						Term Loan						Prime plus 6.5%						7/30/2029						6.1						6.1						6.1						—		%
A&S Services LLC						3888 Lightner Rd, Vandalia, OH 45377						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						8/7/2029						10.6						10.6						10.6						—		%
Crystal Clear Accounting						34099 Tuscan Creek Way, Temecula, CA 92592						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/26/2029						2.8						2.8						2.8						—		%
Doghouse Sport Fishing Charters Inc.						83413 Overseas Hwy, Islamorada, FL 33036						Scenic and Sightseeing Transportation						Term Loan						Prime plus 6.5%						8/30/2029						10.6						10.6						10.6						—		%
No Push Back LLC						5405 Neshaminy Blvd, Bensalem, PA 19020						Personal and Laundry Services						Term Loan						Prime plus 6.5%						8/30/2029						10.3						10.3						10.3						—		%
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						10.7						10.7						10.7						—		%
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						10.7						10.7						10.7						—		%

312

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Bargain Store						107 Tabernacle Church Rd, Candor, NC 27229						General Merchandise Stores						Term Loan						Prime plus 6.5%						10/11/2029						10.7						10.7						10.7						—		%
Powerlift Dumbwaiters Inc.						2444 Georgia Slide Rd, Georgetown, CA 95634						Machinery Manufacturing						Term Loan						Prime plus 6.5%						10/16/2029						10.4						10.4						10.4						—		%
Pine Mountain Residential LLC						10240 Cosmopolitan Circle, Parker, CO 80134						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						10/16/2029						10.7						10.7						10.7						—		%
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						10.7						10.7						10.7						—		%
Sean McNamara						5639 Wood Lane, Allentown, PA 18106						Nonstore Retailers						Term Loan						Prime plus 6.5%						11/14/2029						10.8						10.8						10.8						—		%
The Pinnacle Group						105 Springside Dr, Akron, OH 44333						Social Assistance						Term Loan						Prime plus 6.5%						11/14/2029						10.8						10.8						10.8						—		%
Standard Capital Corp.						2349 Wessington Dr, Virginia Beach, VA 23456						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						12/5/2029						11.0						11.0						11.0						—		%
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						10.9						10.9						10.9						—		%
HADD Corp						364 Rugby Rd, Cedarhurst, NY 11516						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/17/2029						10.9						10.9						10.9						—		%
La Tradicion Cubana Inc.						9357 S.W. 40th St., Miami, FL 33165						Miscellaneous Store Retailers						Term Loan						Prime plus 6.5%						12/20/2029						11.0						11.0						11.0						—		%
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						11.1						11.1						11.1						—		%
All Modes Transportation and Logistics						4313 Collingtree Dr, Rockledge, FL 32955						Support Activities for Transportation						Term Loan						Prime plus 6.5%						2/14/2030						11.0						11.0						11.0						—		%
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						11.7						11.7						11.7						—		%
Flex Beauty Labs LLC						7512 Dr. Phillip Blvd, Orlando, FL 32819						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 6.5%						11/24/2030						11.7						11.7						11.7						—		%
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						11.7						11.7						11.7						—		%
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						11.8						11.8						11.8						—		%
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						5.2						5.2						5.2						—		%
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						4.7						4.7						4.7						—		%
Jamali LLC						2741 Raceway Fairfield West, Pensacola, FL 32503						Food Services and Drinking Places						Term Loan						Prime plus 6.5%						12/11/2030						11.8						11.8						11.8						—		%
Donald W. Harris						1625 US-59 N, Linden, TX 75563						Warehousing and Storage						Term Loan						Prime plus 6.5%						12/11/2030						11.8						11.8						11.8						—		%
David Benson LLC						1422 Euclid Ave, Cleveland, OH 44115						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/16/2030						11.8						11.8						11.8						—		%
Savannah Area Language & Culture Exchange, LLC						6 Dovetail Crossing, Savannah, GA 31419						Educational Services						Term Loan						Prime plus 6.5%						12/16/2030						11.8						11.8						11.8						—		%

313

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Vege Investments, LLC						26400 SW 177th Ave, Homestead, FL 33031						Gasoline Stations						Term Loan						Prime plus 6.5%						12/16/2030						11.8						11.8						11.8						—		%
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						4.0						4.0						4.0						—		%
SPECTRUM DYNAMICS, INC						27727 Dalton Bluff Court, Katy, TX 77494						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						12/23/2030						11.8						11.8						11.8						—		%
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						11.8						11.8						11.8						—		%
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						11.8						11.8						11.8						—		%
Tiki Torch Liquors						101 Dallas St., Talihima, OK 74571						Food and Beverage Stores						Term Loan						Prime plus 6.5%						12/23/2030						11.8						11.8						11.8						—		%
Austen Felder Holdings						23642 Hwy 25, Franklinton, LA 70438						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/18/2031						11.9						11.9						11.9						—		%
Diamond Ridge Professionals						8629 Mesquite Circle, Magna, UT 84044						Construction of Buildings						Term Loan						Prime plus 6.5%						1/19/2031						17.8						17.8						17.8						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						17.8						17.8						17.8						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						17.8						17.8						17.8						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						17.8						17.8						17.8						0.01		%
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						17.8						17.8						17.8						0.01		%
Wild Wellness LLC						151 Lake St., Lancaster, OH 43130						Ambulatory Health Care Services						Term Loan						Prime plus 6.5%						1/22/2031						7.8						7.8						7.8						—		%
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						13.2						13.2						13.2						—		%
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						17.1						17.1						17.1						0.01		%
Jazma Wise						110 Golden Pine Rd SW, Austell, GA 30168						Personal and Laundry Services						Term Loan						Prime plus 6.5%						1/28/2031						11.4						11.4						11.4						—		%
uniguide Media LLC						105 Pearl St., Sausalito, CA 94965						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						2/11/2031						17.9						17.9						17.9						0.01		%
Alima Mandiang						242 E. Claremont Rd, Philadelphia, PA 19120						Personal and Laundry Services						Term Loan						Prime plus 6.5%						2/17/2031						7.2						7.2						7.2						—		%
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						18.1						18.1						18.1						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						18.1						18.1						18.1						0.01		%
Blasco Tire						960 Memorial Dr, Griffin, GA 30223						Motor Vehicle and Parts Dealers						Term Loan						Prime plus 6.5%						3/24/2031						18.0						18.0						18.0						0.01		%
Stephanie Doty						82 Diggins Dr, Folsom, CA 95630						Insurance Carriers and Related Activities						Term Loan						Prime plus 6.5%						4/14/2031						10.7						10.7						10.7						—		%

314

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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						18.1						18.1						18.1						0.01		%
RV Solar LLC						3442 E Bulk Lane, Oak Creek, WI 53154						Specialty Trade Contractors						Term Loan						Prime plus 6.5%						4/14/2031						18.1						18.1						18.1						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						18.2						18.2						18.2						0.01		%
JERAGARDENS WEDDING RENTALS LLC						5842 South 1150 West, Ogden, UT 84405						Rental and Leasing Services						Term Loan						Prime plus 6.5%						7/20/2031						18.4						18.4						18.4						0.01		%
Basha Home Improvements LLC						41 Van Houten Ave, Jersey City, NJ 07305						Construction of Buildings						Term Loan						Prime plus 6.5%						7/21/2031						7.5						7.5						7.5						—		%
Tarun LLC DBA signature wine and liquor						325 South Limestone, Lexington, KY 40508						Food and Beverage Stores						Term Loan						Prime plus 6.5%						7/23/2031						18.4						18.4						18.4						0.01		%
C4 Technologies Inc						171 C Ave, Ste C, Coronado, CA 92118						Professional, Scientific, and Technical Services						Term Loan						Prime plus 6.5%						8/6/2031						18.5						18.5						18.5						0.01		%
Dennis Hair Studio Inc.						1566 Union Turnpike, New Hyde Park, NY 11040						Personal and Laundry Services						Term Loan						Prime plus 6.5%						9/13/2031						18.6						18.6						18.6						0.01		%
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						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						—		%
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		%
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						—		%
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		%
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		%
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						25.7						25.7						25.7						0.01		%
Carrie Risatti						307 Montana Ave, #201, Santa Monica, CA 90403						PPP						Term Loan						1.0%						5/21/2022						1.7						1.7						1.7						—		%
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						—		%
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						—		%
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		%
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		%

315

See accompanying notes to consolidated financial statements.

---

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

Frenchy's						1460 3rd St S, Jacksonville Beach, FL 32250						PPP						Term Loan						1.0%						5/28/2022						8.6						8.6						8.6						—		%
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						—		%
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		%
Hawk Management LLC						2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052						PPP						Term Loan						1.0%						5/29/2022						1.8						1.8						1.8						—		%
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		%
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						—		%
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						0.02		%
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						0.3						0.3						0.3						—		%
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						—		%
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						0.08		%
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						—		%
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						0.01		%
Seattle Ventures LLC						2215 3rd Ave W, Seattle, WA 98119						PPP						Term Loan						1.0%						6/5/2022						2.1						2.1						2.1						—		%
Andrew S. Gaffney Foundation						245 South St, Morristown, NJ 07960						PPP						Term Loan						1.0%						6/5/2022						1.4						1.4						1.4						—		%
LaFlower Construction, Inc.						23888 Madison St, Torrance, CA 90505						PPP						Term Loan						1.0%						6/5/2022						0.1						0.1						0.1						—		%
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		%
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		%
OCC installations						12102 Manley St, Garden Grove, CA 92845						PPP						Term Loan						1.0%						6/9/2022						0.7						0.7						0.7						—		%
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						—		%
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						—		%
Dan Counts & Associates, Inc.						1780 Prescott Ave, Monterey, CA 93940						PPP						Term Loan						1.0%						6/12/2022						1.1						1.1						1.1						—		%

316

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						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		%
Montalban Featherstone						13513 7 Mile Rd, Detroit, MI 48205						PPP						Term Loan						1.0%						5/24/2026						20.8						20.8						20.8						0.01		%
Total SBA Guaranteed Accrual Investments																																				$	61,474.1					$	61,474.1					$	68,716.1					22.22		%

317

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

This is a Fly Closet LLC			(*)			12408 Kingsview St., Bowie, MD 20721						Clothing and Clothing Accessories Stores						Term Loan						Prime plus 9.75%						1/30/2030						11.5						11.5						11.5						—		%
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 6.00%						12/15/2042						707.1						707.1						707.1						0.23		%
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						—		%
Crystal Cleaning Service			(*)			26 Cooper Rd, Byhalia, MS 38611						Administrative and Support Services						Term Loan						Prime plus 0%						5/9/2029						8.6						8.6						8.6						—		%
R. JOHNSON CRAFTSMANSHIP			(*)			346 Spring Garden Rd, Milford, NJ 08848						Specialty Trade Contractors						Term Loan						Prime plus 0%						12/4/2030						10.0						10.0						10.0						—		%
Moon Group, Inc.			(*)			145 Moon Rd, Chesapeake City, MD 21915						Merchant Wholesalers, Nondurable Goods						Term Loan						Prime plus 2.75%						6/27/2029						3,249.8						3,249.8						3,249.8						1.05		%
Total SBA Guaranteed Non-Accrual Investments																																				$	4,254.2					$	4,254.2					$	4,254.2					0.32		%
Total SBA Guaranteed Investments																																				$	65,728.3					$	65,728.3					$	72,970.3					23.59		%
Total SBA Unguaranteed and Guaranteed Investments																																				$	497,698.3					$	497,698.3					$	497,387.2					160.82		%

318

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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)

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						5.5%						Dec 2023						20,000.0						20,000.0						7,300.0						2.36		%
Newtek Technology Solutions, Inc.			(#) (24)			1904 W. Parkside Lane Phoenix, AZ 85027						Data processing, Hosting, and Related Services						100% Common Stock						—%						—						—						19,503.7						36,000.0						11.64		%
																		Line of Credit						10%						Nov 2028						10,540.0						11,000.0						11,000.0						3.56		%
																		Line of Credit						Prime plus 0.5%						April 2022						750.0						—						—						—		%
																		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						—%						—						—						2,035.0						2,300.0						0.74		%
PMTWorks Payroll, LLC			(*,#) (9)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						5,128.1						—						—		%
																		Term Loan						10%						Sept 2022						435.0						435.0						324.0						0.10		%
																		Term Loan						10%						May 2022						750.0						750.0						558.6						0.18		%
																		Term Loan						12%						May 2022						500.0						500.0						372.4						0.12		%
																		Term Loan						10%						July 2022						1,000.0						1,000.0						745.0						0.24		%
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						1.29		%
																		Term Loan						10%						June 2023						400.0						400.0						400.0						0.13		%
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						114,500.0						37.02		%
Mobil Money, LLC			(#) (17)			1981 Marcus Ave., Lake Success, NY 11042						Data processing, Hosting, and Related Services						100% Membership Interest						—%						—						—						2,980.0						3,900.0						1.26		%
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						—%						—						—						36,406.4						47,406.4						15.33		%

319

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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 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						—%						—						—						26,903.0						29,463.6						9.53		%
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						603.3						0.20		%
																		100% Membership Interest						—%						—						—						—						—						—		%
Excel WebSolutions, LLC			(*,#) (15)			888 East Brighton Ave. Syracuse, NY 13205						Data processing, Hosting, and Related Services						Term Loan						10%						June 2023						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						1,300.0						1,300.0						1,300.0						0.42		%
																		50.14% Membership Interest						—						—						—						—						—						—		%
Total Controlled Investments																																				$	36,834.2					$	157,289.0					$	260,398.3					84.19		%

320

See accompanying notes to consolidated financial statements.

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NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES

CONSOLIDATED SCHEDULE OF INVESTMENTS

DECEMBER 31, 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					0.32		%
Total Non-Control Investments																																				$	—					$	1,000.0					$	1,000.0					0.32		%
Total Investments																																				$	534,532.5					$	655,987.3					$	758,785.5					245.33		%

^ 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 December 31, 2021 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.10125%, 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 year ended December 31, 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.

321

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 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 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 and loan origination services to other parts of the Company’s business finance platform; 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.

322

See accompanying notes to consolidated financial statements.

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(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, 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. In July 2021, IPM merged with and into NTS, with NTS as the surviving entity. The Schedule of Investments shows SIDCO under NTS.

As of December 31, 2021, the federal tax cost of investments was $656.0 million resulting in estimated gross unrealized gains and losses of $173.8 million and $62.7 million, respectively.

323

See accompanying notes to consolidated financial statements.

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Table of Contents

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 (the “Acquisition”). Subject to certain regulatory approvals (the “Regulatory Approvals”), the Acquisition is part of the Company's plan to reposition itself as a bank holding company that intends to elect financial holding company status. In connection with this plan, on June 1, 2022, at a special meeting of Company shareholders, the Company received its shareholders’ approval to discontinue the Company's election as a business development company, as required under the 1940; however, the Company’s Board will not seek to discontinue the Company’s election as a BDC under the 1940 Act until after the Company receives the required regulatory approvals for the Acquisition and after certain of the Acquisition closing conditions are met. The final decision on the timing of the Company’s discontinuance from regulation as a BDC will be made by the Board based on such factors deemed appropriate by the Board, including the then current status of the Acquisition and discussions with applicable regulatory authorities. After the Company’s discontinuance from regulation as a BDC, the Company will no longer be subject to the regulatory provisions of the 1940 Act applicable to BDCs, will no longer qualify as a RIC, and therefore will be treated differently from both a tax and regulatory perspective. Newtek currently estimates that it will maintain its status as a BDC and RIC in the near term, and therefore expects to maintain its current dividend policy with the objective of making quarterly distributions in an amount that approximates 90 - 100% of the Company's annual taxable income. See "Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations— Executive Summary."

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.1
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.1
Newtek Commercial Lending, Inc.1
Newtek LSP Holdco, LLC
NBSH Holdings, LLC
Newtek Business Services Holdco 1, Inc.1 (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, Inc.)
Newtek Business Services Holdco 3, Inc.1
Newtek Business Services Holdco 4, Inc.1
Newtek Business Services Holdco 5, Inc.1 (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.1

(1) Taxable Subsidiaries

324

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

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, 2021, filed on March 1, 2022. 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, 2021 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—FAIR VALUE MEASUREMENTS.

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.

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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.

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, 2022, cash deposits in excess of insured amounts totaled $39.1 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, 2022.

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, 2022, total restricted cash was $121.9 million.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2022 and 2021 and December 31, 2021 and 2020:

			June 30, 2022						June 30, 2021						December 31, 2021						December 31, 2020
Cash			$	4,165					18,798						2,397						$	2,073
Restricted cash			121,861						129,765						184,463						49,352
Cash and restricted cash			$	126,026					$	148,563					$	186,860					$	51,425

Broker Receivable

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

Transfers of Financial Assets

For a transfer of financial assets to be considered a sale, the transfer must meet the sale criteria of ASC 860, which, at the time of the transfer, require that the transferred assets qualify as recognized financial assets and the Company surrender control over the assets. Such surrender requires that the assets be isolated from the Company, even in bankruptcy or other receivership, the purchaser have the right to pledge or sell the assets transferred and the Company not have an option or obligation to reacquire the assets. If the sale criteria are not met, the transfer is considered to be a secured borrowing, the assets remain on the Company’s consolidated balance sheets and the sale proceeds are recognized as a liability.

Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. A securitization 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. The Company therefore consolidates the entities using the carrying amounts of the Trust’s assets and liabilities and 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.

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Servicing Assets

The Company accounts for servicing assets in accordance with ASC Topic 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.

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

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 2018 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. If the Company obtains the required Regulatory Approvals and subsequently discontinues 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. 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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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, 2022 and 2021, 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 $12.8 million and $12.7 million at June 30, 2022 and December 31, 2021, 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.

Stock Repurchase Program

On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. Unless extended or terminated by the Company's board of directors, the Company expects the termination date for the repurchase program will be on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the six months ended June 30, 2022.

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.

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, which PPP was extended through May 31, 2021, with PPP lenders allowed to continue to close PPP loans approved by the SBA prior to May 31, 2021. Pursuant to the PPP, the SBA reimbursed NSBF 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 participations were sold to one of the banks which had entered into PPP loan participation agreements with NSBF. Refer to NOTE 3—INVESTMENTS. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources to funding SBA 7(a) loans.

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.

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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. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates, however, the impact of the adoption is not expected to be material. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

New Accounting Standards

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit

the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.

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, 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.

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.

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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, 2022												December 31, 2021
						Cost						Fair Value						Cost						Fair Value
Non-affiliate debt investments						$	496,994					$	488,173					$	497,698					$	497,387
Non-control investments:
Equity						1,000						1,000						1,000						1,000
Controlled investments:
Equity						111,567						228,506						93,717						208,106
Equity interest in NCL (Joint Venture)						17,162						17,390						26,903						29,464
Debt						36,544						22,028						36,669						22,828
Total investments						$	663,267					$	757,097					$	655,987					$	758,785

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

						June 30, 2022												December 31, 2021
						Cost						Fair Value						Cost						Fair Value
Accrual						$	419,825					$	434,538					$	377,845					$	393,910
Non-Accrual						50,574						25,443						54,126						30,507
Total SBA unguaranteed investments						$	470,399					$	459,981					$	431,971					$	424,417

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

						June 30, 2022												December 31, 2021
						Cost						Fair Value						Cost						Fair Value
Accrual						$	21,375					$	22,972					$	61,474					$	68,716
Non-Accrual						5,220						5,220						4,254						4,254
Total SBA guaranteed investments						$	26,595					$	28,192					$	65,728					$	72,970

Beginning in March 2020, as a result of the uncertain economic impact to U.S. small businesses at the onset of 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. During the duration of the PPP through the end of July 2021, NSBF funded approximately 26,200 PPP loans totaling $1.9 billion. Beginning in July 2021, NSBF redeployed resources to 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 participation interests 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, 2022. NSBF continues to hold the PPP loan notes and the PPP loan documents for PPP loans yet to be forgiven by the SBA, in order to service the loans and facilitate the PPP loan forgiveness process. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees was recognized as interest income on sale of PPP loan participations. Income earned in connection with the PPP should not be viewed as recurring. NSBF funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources to funding SBA 7(a) loans.

In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating

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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, 2022												December 31, 2021
						Cost						Fair Value						Cost						Fair Value
7(a)						$	21,300					$	22,897					$	60,610					$	67,852
PPP						75						75						864						864
Accrual SBA guaranteed investments						$	21,375					$	22,972					$	61,474					$	68,716

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

						June 30, 2022												December 31, 2021
						Cost						Fair Value						Cost						Fair Value
Data Processing, Hosting, and Related Services						$	59,806					$	168,597					$	59,552					$	169,043
Securities, Commodity Contracts, and Other Financial Investments and Related Activities						87,087						79,853						69,473						60,553
Food Services and Drinking Places						45,199						46,766						48,782						51,840
Professional, Scientific, and Technical Services						32,128						31,853						27,374						27,213
Specialty Trade Contractors						32,354						30,472						25,250						24,745
Amusement, Gambling, and Recreation Industries						27,172						27,426						28,806						29,578
Ambulatory Health Care Services						25,258						24,107						23,078						21,483
Truck Transportation						24,100						21,569						24,929						21,937
Administrative and Support Services						21,085						20,126						25,320						25,036
Repair and Maintenance						18,683						19,151						18,301						18,752
Merchant Wholesalers, Durable Goods						18,214						18,300						14,725						15,107
Merchant Wholesalers, Nondurable Goods						14,317						13,776						12,649						12,115
Fabricated Metal Product Manufacturing						12,409						12,950						15,138						16,104
Personal and Laundry Services						11,690						12,336						11,218						11,935
Social Assistance						9,490						10,429						12,967						14,401
Accommodation						10,712						9,663						13,795						13,529
Rental and Leasing Services						8,829						9,169						8,529						8,505
Motor Vehicle and Parts Dealers						8,641						8,605						12,760						11,427
Construction of Buildings						9,327						8,577						6,404						5,909
Support Activities for Mining						9,403						8,570						7,102						6,496
Educational Services						7,642						8,118						7,511						8,107
Nonstore Retailers						8,275						8,105						7,364						7,308
Building Material and Garden Equipment and Supplies Dealers						7,394						7,658						6,504						6,845
Food Manufacturing						9,340						7,649						12,760						11,427
NCL (Joint Venture)						17,162						17,390						26,903						29,464
Other						127,550						125,882						128,793						129,927
Total						$	663,267					$	757,097					$	655,987					$	758,786

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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. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million of Class A Notes, NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the JV partners. The Company anticipates relaunching its non-conforming conventional commercial loan program through new joint venture partnerships.

The following table shows NCL’s individual investments as of June 30, 2022:

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

$

2,203

$

2,159

$

2,134

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

1,240

1,212

1,201

Cocoa Beach Office LLC

Other Activities Related to Credit Intermediation

Term Loan

2 Yr Libor plus 5.70%

8/1/2044

418

404

425

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

10,241

10,037

10,233

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

5,990

5,871

5,985

The Camera Division, LLC

Commercial & Industrial Machinery & Equipment

Term Loan

5 Yr Libor plus 7.25%

9/1/2029

10,675

10,370

10,858

The Emerald Green Group, LLC

Full-Service Restaurant

Term Loan

2 Yr Libor plus 5.65%

8/1/2029

5,182

5,023

4,910

XL Soccer World Orlando II LLC

Fitness and Recreational Sport Centers

Term Loan

Prime plus 3.25%

11/1/2045

4,916

4,767

4,902

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

5,239

5,088

5,214

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

4,649

4,533

4,591

Tricare Unlimited LLC and Geron Enterprises LLC

Nursing Care Facilities(Skilled Nursing Facilities)

Term Loan

2 Yr Treasury plus 6.51%

1/1/2045

5,572

5,419

5,662

E Entities LLC

Exterminating & Pest Control Services

Term Loan

5 Yr Treasury plus 7.71%

1/1/2030

5,023

4,897

5,164

Trinity MCC Realty, LLC

Motor Vehicle and Parts Dealers

Term Loan

5 Yr Treasury plus 6.58%

2/1/2045

5,040

4,899

4,881

Jaffe Real Estate LLC

Full-Service Restaurant

Term Loan

5 Yr Treasury plus 7.93%

4/1/2045

2,214

2,153

2,358

ARC Metal Stamping, LLC

Industrial Mold Manufacturing

Term Loan

5 Yr Treasury plus 7.43%

1/1/2045

5,352

5,352

5,438

McNeill Properties V, LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Treasury plus 8.00%

9/1/2046

10,234

10,234

10,707

Total

$

84,188

$

82,418

$

84,663

(1) Fair value determined using significant unobservable inputs.

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

$

2,225

$

2,181

$

2,117

10 28th Ave SW Associates LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Libor plus 5.50%

4/1/2045

1,253

1,225

1,192

Cocoa Beach Office LLC

Other Activities Related to Credit Intermediation

Term Loan

2 Yr Libor plus 5.70%

8/1/2044

422

407

415

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

10,321

10,115

10,447

Foxhall Hospitality, LLC

Hotels (except Casino Hotels) and Motels

Term Loan

5 Yr Libor plus 6.00%

11/1/2044

6,037

5,917

6,110

The Camera Division, LLC

Commercial & Industrial Machinery & Equipment

Term Loan

5 Yr Libor plus 7.25%

9/1/2029

11,050

10,734

11,203

The Emerald Green Group, LLC

Full-Service Restaurant

Term Loan

2 Yr Libor plus 5.65%

8/1/2029

5,510

5,344

5,173

XL Soccer World Orlando II LLC

Fitness and Recreational Sport Centers

Term Loan

Prime plus 3.25%

11/1/2045

4,986

4,836

4,907

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

6,094

5,943

6,241

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

4,686

4,570

4,738

Tricare Unlimited LLC and Geron Enterprises LLC

Nursing Care Facilities(Skilled Nursing Facilities)

Term Loan

2 Yr Treasury plus 6.51%

1/1/2045

5,617

5,463

5,838

E Entities LLC

Exterminating & Pest Control Services

Term Loan

5 Yr Treasury plus 7.71%

1/1/2030

5,244

5,113

5,526

Trinity MCC Realty, LLC

Motor Vehicle and Parts Dealers

Term Loan

5 Yr Treasury plus 6.58%

2/1/2045

5,092

4,950

5,260

Jaffe Real Estate LLC

Full-Service Restaurant

Term Loan

5 Yr Treasury plus 7.93%

4/1/2045

2,228

2,167

2,453

Berry Ventures Inc

Painting & Wall Covering Contractors

Term Loan

5 Yr Treasury plus 7.25%

4/1/2045

212

199

225

ARC Metal Stamping, LLC

Industrial Mold Manufacturing

Term Loan

5 Yr Treasury plus 7.43%

1/1/2045

5,383

5,383

5,809

McNeill Properties V, LLC

Fitness and Recreational Sport Centers

Term Loan

5 Yr Treasury plus 8.00%

9/1/2046

10,277

10,277

11,472

Total

$

86,637

$

84,824

$

89,126

(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, 2022						December 31, 2021
			(Unaudited)
Cash			$	1,478					$	1,845
Restricted cash			1,408						—
Investments in loans, at fair value (amortized cost of $82,418 and $84,824, respectively)			84,663						89,126
Other assets			1,874						595
Total assets			$	89,423					$	91,566
Bank notes payable			$	—					$	32,341
Securitization notes payable			53,521						—
Other liabilities			1,122						297
Total liabilities			54,643						32,638
Net assets			34,780						58,928
Total liabilities and net assets			$	89,423					$	91,566

Selected Statements of Operations Information			Three Months Ended June 30,												Six Months Ended June 30,
			2022						2021						2022						2021
Interest and other income			$	1,753					$	1,486					$	3,514					$	3,056
Total expenses			745						611						1,486						1,264
Net investment income			1,008						875						2,028						1,792
Unrealized depreciation on investments			(37)						(27)						(2,046)						(429)
Net increase (decrease) in net assets resulting from operations			$	971					$	848					$	(18)					$	1,363

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, 2022 were as follows:

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Portfolio Company						Fair Value at December 31, 2021						Purchases (Cost)						Principal Received						Net Realized Gains/(Losses)						Net Unrealized Gains/(Losses)						Fair Value at June 30, 2022						Interest and Other Income						Dividend Income
Controlled Investments
Newtek Merchant Solutions, LLC						$	114,500					$	—					$	—					$	—					$	(1,000)					$	113,500					$	—					$	7,600
Mobil Money, LLC						3,900						—						—						—						3,100						7,000						—						150
Newtek Technology Solutions, Inc.						47,225						400						(225)						—						(3,400)						44,000						555						1,500
CDS Business Services, Inc.						7,300						1,900						(1,600)						—						(1,058)						6,542						554						—
Small Business Lending, LLC						4,400						3,565						—						—						(1,265)						6,700						20						—
Newtek Insurance Agency, LLC						2,300						—						—						—						1,200						3,500						—						—
PMTWorks Payroll, LLC						2,000						85						—						—						600						2,685						140						—
Titanium Asset Management LLC						603						—						(200)						—						(302)						101						—						—
POS on Cloud, LLC						1,300						—						—						—						—						1,300						65						—
Newtek Conventional Lending, LLC						29,464						—						(9,741)						—						(2,333)						17,390						—						1,659
Newtek Business Lending, LLC						47,406						13,800						—						—						4,000						65,206						—						1,875
Total Controlled Investments						$	260,398					$	19,750					$	(11,766)					$	—					$	(458)					$	267,924					$	1,334					$	12,784
Non-Control Investments
EMCAP Loan Holdings, LLC						$	1,000					$	—					$	—					$	—					$	—					$	1,000					$	—					$	43
Total Affiliate Investments						$	261,398					$	19,750					$	(11,766)					$	—					$	(458)					$	268,924					$	1,334					$	12,827

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, 2022, the Related Party RLOC interest rate was 2.85%. The Related Party RLOC has a maturity date of November 8, 2023. There was $0.2 million in outstanding borrowings from NMS at June 30, 2022 under the Related Party RLOC.

For the three months ended June 30, 2022 and 2021, interest expense was $0.1 million and $0.1 million respectively.

For the six months ended June 30, 2022 and 2021, interest expense was $0.2 million and $0.2 million, 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, 2022						June 30, 2021						June 30, 2022						June 30, 2021
Managed technology services						$	509					$	484					$	1,042					$	943
Origination and loan processing						3,495						4,518						6,257						7,669
Loan servicing						—						14						—						27
Payroll processing fees						7						8						15						17
Total						$	4,011					$	5,024					$	7,314					$	8,656

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

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						Three Months Ended												Six Months Ended
Portfolio Company						June 30, 2022						June 30, 2021						June 30, 2022						June 30, 2021
Newtek Merchant Solutions, LLC						$	75					$	62					$	151					$	124
Newtek Technology Solutions, Inc.						4						3						6						6
Small Business Lending, LLC						90						81						191						150
Newtek Insurance Agency, LLC						12						17						31						35
CDS Business Services, Inc.						15						19						37						38
PMTWorks Payroll, LLC						1						3						4						11
Newtek Business Lending, LLC						2						2						4						3
Total						$	199					$	187					$	424					$	367

Amounts due from related parties were $0.8 million and $4.4 million at June 30, 2022 and December 31, 2021, respectively. Amounts due to related parties were $0.9 million and $1.5 million at June 30, 2022 and December 31, 2021, 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, 2022						June 30, 2021						June 30, 2022						June 30, 2021
Newtek Merchant Solutions, LLC						$	118					$	119					$	237					$	232
Newtek Technology Solutions, Inc. (NTS)						103						127						206						251
PMTWorks Payroll, LLC						27						21						49						41
Newtek Insurance Agency, LLC						38						32						70						63
Newtek Conventional Lending, LLC						3						—						9						—
CDS Business Services, Inc.						78						42						147						84
Mobil Money, LLC						21						29						43						58
Newtek Business Lending, LLC						51						37						105						75
Small Business Lending, LLC						135						127						280						253
Total						$	574					$	534					$	1,146					$	1,057

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, 2022 and December 31, 2021:

						Servicing Assets												Weighted						Range
Date						Fair Value						Unobservable Input						Average						Minimum						Maximum
June 30, 2022						$	31,820					Discount factor1						12.60		%				12.60		%				12.60		%
												Cumulative prepayment rate						25.00		%				25.00		%				25.00		%
												Average cumulative default rate						25.00		%				25.00		%				25.00		%
December 31, 2021						$	28,008					Discount factor1						12.60		%				12.60		%				12.60		%
												Cumulative prepayment rate						25.00		%				25.00		%				25.00		%
												Average cumulative default rate						25.00		%				25.00		%				25.00		%

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

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Servicing fee income earned for the three months ended June 30, 2022 and 2021 was $3.2 million and $2.8 million, respectively. Servicing fee income earned for the six months ended June 30, 2022 and 2021 was $6.4 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 1Quoted 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 2Observable 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 3Unobservable 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, 2022 or 2021.

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.

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. In addition, the ongoing COVID-19 pandemic, recent changes in inflation and base interest rates, supply chain disruptions, significant market volatility and the ongoing conflict between Russia and Ukraine could further negatively impact the fair value of the Company’s investments after June 30, 2022, in addition to other 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, 2022 and December 31, 2021:

			Fair Value Measurements at June 30, 2022
			Total						Level 1						Level 2						Level 3
Assets:
SBA unguaranteed non-affiliate investments			$	459,981					$	—					$	—					$	459,981
SBA guaranteed non-affiliate investments			28,192						—						28,192						—
Controlled investments			250,534						—						—						250,534
Other real estate owned1			1,718						—						—						1,718
Non-control investments			1,000						—						—						1,000
Servicing assets			31,820						—						—						31,820
Controlled investments measured at NAV2			17,390						—						—						—
Total assets			$	790,635					$	—					$	28,192					$	745,053

(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 change in unrealized appreciation (depreciation) included in the consolidated statements of operations attributable to Level 3 investments held at June 30, 2022 includes $2.9 million in unrealized depreciation on SBA unguaranteed non-affiliate investments, $1.9 million in unrealized appreciation on controlled investments and $2.3 million in unrealized depreciation on servicing assets.

			Fair Value Measurements at December 31, 2021
			Total						Level 1						Level 2						Level 3
Assets:
SBA unguaranteed non-affiliate investments			$	424,417					$	—					$	—					$	424,417
SBA guaranteed non-affiliate investments			72,970						—						72,970						—
Controlled investments			230,934						—						—						230,934
Other real estate owned1			2,354						—						—						2,354
Non-control investments			1,000						—						—						1,000
Servicing assets			28,008						—						—						28,008
Controlled investments measured at NAV2			29,464						—						—						—
Total assets			$	789,147					$	—					$	72,970					$	686,713
Liabilities:
Derivative instruments3			$	183					$	—					$	183					$	—

(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.

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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, 2022 and 2021:

			Six Months Ended June 30, 2022
			SBA Unguaranteed Investments						Controlled Investments						Servicing Assets						Non-Control Investments												Other Real Estate Owned1
Fair value, December 31, 2021			$	424,417					$	230,935					$	28,008					$	1,000											$	2,354
Net change in unrealized appreciation (depreciation) on investments			(2,862)						1,875						—						—												(74)
Change in net unrealized depreciation on servicing assets due to factors other than changes in valuation inputs or assumptions			—						—						(2,340)						—												—
Realized loss			(3,270)						—						—						—												(205)
SBA unguaranteed non-affiliate investments, funded			88,053						—						—						—												—
Foreclosed real estate acquired			(676)						—						—						—												676
Purchase of investments			—						19,750						—						—												—
Sale of investment			—						—						—						—												(1,033)
Principal payments received on debt investments			(45,680)						(2,025)						—						—												—
Additions to servicing assets			—						—						6,152						—												—
Fair value, June 30, 2022			$	459,981					$	250,535					$	31,820					$	1,000											$	1,718

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

			Six Months Ended June 30, 2021
			SBA Unguaranteed Investments						Controlled Investments						Servicing Assets						Non-Control Investments												Other Real Estate Owned1
Fair value, December 31, 2020			$	407,748					$	219,143					$	26,061					$	6,447											$	2,717
Net change in unrealized appreciation (depreciation) on investments			1,585						(5,776)						—						527												96
Change in net unrealized appreciation on servicing assets due to changes in valuation inputs or assumptions			—						—						(281)						—												—
Change in net unrealized depreciation on servicing assets due to factors other than changes in valuation inputs or adjustments			—						—						(1,425)						—												—
Realized loss			(4,132)						—						—						—												(247)
SBA unguaranteed non-affiliate investments, funded			34,989						—						—						—												—
Foreclosed real estate acquired			(987)						—						—						—												987
Purchase of investments			—						20,350						—						—												—
Purchase of loans from SBA			5,181						—						—						—												—
Sale of investment			—						—						—						—												(1,265)
Principal payments received on debt investments			(30,655)						—						—						(32)												—
Additions to servicing assets			—						—						3,025						—												—
Fair value, June 30, 2021			$	413,729					$	233,717					$	27,380					$	6,942											$	2,288

(1) Included in Other Assets 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, 2022 and December 31, 2021. 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, 2022 and December 31, 2021.

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						Fair Value as of																		Weighted						Range
						June 30, 2022												Unobservable Input						Average1						Minimum						Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans						$	434,538											Market yields						6.88		%				6.88		%				6.88		%
																		Cumulative prepayment rate						25.00		%				25.00		%				25.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%
SBA unguaranteed non-affiliate investments - non-accrual loans						$	25,443											Market yields						8.88		%				8.88		%				8.88		%
																		Average cumulative default rate						30.00		%				30.00		%				30.00		%
Controlled equity investments1						$	228,506											EBITDA multiples-TTM2						7.5x						7.00x						8.00x
																		EBITDA multiples-NTM2						6.9x						5.75x						7.50x
																		Revenue multiples2						2.33x						0.90x						3.10x
																		Book value multiples2						1.00x						0.80x						1.20x
																		Earnings-NTM2						6.50x						6.00x						7.00x
																		Weighted average cost of capital2						12.64		%				11.50		%				19.10		%
Controlled debt investments						$	22,028											Market yields						8.66		%				5.50		%				10.00		%
Non-control equity investments						$	1,000											Market yields						12.50		%				10.50		%				14.50		%
Servicing assets						$	31,820											Market yields						12.60		%				12.60		%				12.60		%
																		Cumulative prepayment rate						25.00		%				25.00		%				25.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%
Other real estate owned						$	1,718											Appraised value						N/A						N/A						N/A

(1) Weighted by relative fair value.

(2) The Company valued $150.0 million of investments using a combination of EBITDA, both trailing twelve months (“TTM”) and next twelve months (“NTM”), revenue, book value, and earnings multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $78.5 million of investments using only discounted cash flows.

						Fair Value as of																		Weighted						Range
						December 31, 2021												Unobservable Input						Average1						Minimum						Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans						$	393,910											Market yields						4.50		%				4.50		%				4.50		%
																		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						$	30,507											Market yields						4.85		%				4.85		%				4.85		%
																		Average cumulative default rate						30.00		%				30.00		%				30.00		%
Controlled equity investments1						$	208,106											EBITDA multiples-TTM2						8.30x						7.50x						9.00x
																		EBITDA multiples-NTM2						7.50x						6.30x						8.25x
																		Revenue multiples2						2.67x						1.10x						3.50x
																		Weighted average cost of capital2						12.34		%				11.00		%				18.50		%
Controlled debt investments						$	22,828											Market yields						8.52		%				3.80		%				12.00		%
Non-control equity investments						$	1,000											Net asset value						9.50		%				8.00		%				12.00		%
Servicing assets						$	28,008											Market yields						12.60		%				12.60		%				12.60		%
																		Cumulative prepayment rate						25.00		%				25.00		%				25.00		%
																		Average cumulative default rate						25.00		%				25.00		%				25.00		%
Other real estate owned						$	2,354											Appraised value						N/A						N/A						N/A

(1) Weighted by relative fair value.

(2) The Company valued $152.8 million of investments using a combination of EBITDA, both training twelve months (“TTM”) and next twelve months (“NTM”), and revenue multiples in the overall valuation approach, which included the use of market comparable companies. The Company valued $55.3 million of investments using only discounted cash flows.

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NOTE 7—BORROWINGS:

At June 30, 2022 and December 31, 2021, the Company had borrowings comprised of the following:

			June 30, 2022																		December 31, 2021
			Commitments						Borrowings Outstanding						Weighted Average Interest Rate						Commitments						Borrowings Outstanding						Weighted Average Interest Rate
Capital One line of credit - guaranteed1			$	150,000					$	76,000					4.00		%				$	150,000					$	50,000					2.50		%
Capital One line of credit - unguaranteed1			—						51,414						5.00		%				—						—						3.50		%
2024 Notes			38,250						37,790						5.75		%				38,250						37,679						5.75		%
2025 6.85% Notes2			—						—						6.85		%				15,000						14,545						6.85		%
2025 5.00% Notes2			30,000						29,187						5.00		%				—						—						—		%
2026 Notes			115,000						112,487						5.50		%				115,000						112,128						5.50		%
Notes payable - related parties			50,000						200						2.85		%				50,000						11,450						2.60		%
Notes payable - Securitization Trusts			207,582						204,690						2.96		%				249,750						246,250						2.05		%
Total			$	590,832					$	511,768					4.20		%				$	618,000					$	472,052					3.38		%

(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150.0 million at June 30, 2022 and December 31, 2021.

(2) On March 31, 2022, the Company completed a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended of $15.0 million aggregate principal amount of its 2025 5.00% Notes to a single purchaser and caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the 2025 6.85% Notes on May 2, 2022. The Company also issued an addition $15.0 million in aggregate principal amount of 2025 5.00% Notes to the purchaser on May 2, 2022.

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, 2022, our asset coverage was 176%.

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

						June 30, 2022																								December 31, 2021
						2024 Notes						2025 5.00% Notes						2026 Notes						Notes Payable- Securitization Trusts						2024 Notes						2025 6.85% Notes						2026 Notes						Notes Payable- Securitization Trusts
Principal balance						$	38,250					$	30,000					$	115,000					$	207,582					$	38,250					$	15,000					$	115,000					$	249,750
Unamortized deferred financing costs						(460)						(813)						(2,513)						(2,892)						(571)						(455)						(2,872)						(3,500)
Net carrying amount						$	37,790					$	29,187					$	112,487					$	204,690					$	37,679					$	14,545					$	112,128					$	246,250

At June 30, 2022 and December 31, 2021, 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, 2022, the closing price of the 2026 Notes was $25.15 per note, or $115.7 million. On December 31, 2021, the closing price of the 2026 Notes was $25.77 per note, or $118.5 million. On June 30, 2022, the closing price of the 2024 Notes was $25.13 per note, or $38.4 million. On December 31, 2021, the closing price of the 2024 Notes was $25.40 per note, or $38.9 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, 2022 and December 31, 2021.

Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2022 and 2021 was $10.5 million and $10.0 million, respectively.

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NOTE 8—DERIVATIVE INSTRUMENTS:

The Company historically used 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, 2022 and December 31, 2021:

						June 30, 2022																								December 31, 2021
												Fair Value												Remaining												Fair Value												Remaining
Contract Type						Notional						Asset1						Liability1						Maturity (years)						Notional						Asset1						Liability1						Maturity (years)
5-year Swap Futures						$	—					$	—					$	—					—						$	43,247					—						$	183					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, 2022 and 2021:

						Three Months Ended																								Six Months Ended
						June 30, 2022												June 30, 2021												June 30, 2022												June 30, 2021
Contract Type						Unrealized Appreciation/(Depreciation)						Realized Gain/(Loss)						Unrealized Appreciation/(Depreciation)						Realized Gain/(Loss)						Unrealized Appreciation/(Depreciation)						Realized Gain/(Loss)						Unrealized Appreciation/(Depreciation)						Realized Gain/(Loss)
5-year Swap Futures						$	—					$	—					$	(37)					$	—					$	183					$	445					$	(37)					$	—

Collateral posted with our futures counterparty is segregated in the Company’s books and records. Historically, the Company’s counterparty held cash margin as collateral for derivatives, 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, 2022 for future minimum cash payments required under operating lease and employment agreements:

Year			Operating Leases						Employment Agreements1						Total
2022			$	944					$	1,204					$	2,148
2023			1,928						417						2,345
2024			1,981						—						1,981
2025			2,035						—						2,035
2026			1,915						—						1,915
Thereafter			469						—						469
Total			$	9,272					$	1,621					$	10,893

(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. 

For example, the Company closed on its $5.4 million investment in BSP in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 million by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Holdco 5 obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. Holdco 5 has not recorded any gain contingency relating to this litigation.

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 Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $35.0 million. The Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2022, total principal owed by NBC was $9.5 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At June 30, 2022, 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 Capital One 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, 2022, total principal owed by NBL was $32.8 million. At June 30, 2022, 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 Deutsche Bank Facility. Maximum borrowings under the NBL Deutsche Bank Facility are $100.0 million. The Deutsche Bank Facility matures in March 2023. At June 30, 2022, total principal owed by NBL was $5.3 million. At June 30, 2022, 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 One Florida Bank Facility. Maximum borrowings under the NBL One Florida Bank Facility are $20.0 million. The Deutsche Bank Facility matures in September 2023. At June 30, 2022, total principal owed by NBL was $6.3 million. At June 30, 2022, 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, 2022, total principal outstanding was $23.2 million. At June 30, 2022, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2022, the Company had $22.3 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,
						2022						2021
Per share data¹
Net asset value at beginning of period						$	16.72					$	15.45
Net investment (loss) income						(0.06)						1.38
Net realized gain on investments						1.46						0.84
Net realized gain on derivative transactions						0.02						—
Net unrealized depreciation on investments						(0.37)						(0.05)
Net unrealized depreciation on servicing assets						(0.10)						(0.08)
Net unrealized appreciation on derivative transactions						0.01						—
Change in deferred taxes						—						0.03
Net increase in net assets resulting from operations						0.96						2.12
Distributions to common stockholders						(1.40)						(1.20)
Stock-based compensation expense						0.05						0.05
Accretive effect of stock offerings (issuing shares above NAV per share)						—						0.09
Dilutive effect of purchase of vested stock for employee payroll tax withholding (purchase of shares above NAV)						(0.01)						(0.03)
Dilutive effect of restricted stock awards						(0.02)						(0.13)
Other⁴						0.01						0.02
Net asset value at end of period						$	16.31					$	16.38
Per share market value at end of period						$	18.93					$	34.92
Total return based on market value² ⁷						(26.15)		%				83.76		%
Total return based on change in NAV³ ⁷						5.92		%				13.79		%
Shares outstanding at end of period (in thousands)						24,187						22,530
Ratios/Supplemental Data:
Net assets at end of period						$	394,532					$	369,002
Ratio of expenses to average net assets⁸						20.38		%				22.36		%
Ratio of net investment (loss) income to average net assets⁸						(0.54)		%				17.42		%
Portfolio turnover6						46.68		%				125.95		%
Average debt outstanding						$	487,917					$	460,106
Average debt outstanding per share						$	20.17					$	20.42
Asset coverage ratio⁵						176		%				181		%
Senior securities outstanding						$	518,446					$	455,783

(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 in 2021.

(7) Not annualized.

(8) Annualized for the six months ended June 30, 2022. 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, 2022.

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
Year ended December 31, 2021						(214,654)
Six months ended June 30, 2022						(19,102)
Restricted stock available for issuance as of June 30, 2022						1,043,090

(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, 2022, there was $2.5 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 1 year as of June 30, 2022.

For the three months ended June 30, 2022 and 2021 the Company recognized total stock-based compensation expense of $0.5 million and $0.5 million, respectively. For the six months ended June 30, 2022 and 2021 the Company recognized total stock-based compensation expense of $1.2 million and $1.2 million, respectively.

NOTE 12—COMMON STOCK:

ATM Program

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. As of June 30, 2022, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provides that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. As of August 5, 2022, there were 3,437,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement, as amended.

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

						Six Months Ended June 30, 2022						Year Ended December 31, 2021
Shares sold						—						1,939,760
Net weighted average price per share						$	—					$	25.91
Net proceeds						$	—					$	50,261

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

Stock Repurchase Program

On June 21, 2022, the Company's Board of Directors approved a repurchase program under which the Company may repurchase up to 500,000 shares of the Company’s common stock, par value $0.02 per share, through open market purchases, including block purchases, in such manner as will comply with the provisions of the Investment Company Act of 1940 and the Securities Exchange Act of 1934, as amended. Unless extended or terminated by the Company's board of directors, the Company expects the termination date for the repurchase program will be on December 21, 2022. The Company has not repurchased any common shares under the repurchase program during the six months ended June 30, 2022.

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, 2022 and 2021:

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
Net increase in net assets resulting from operations						$	13,519					$	17,374					$	23,171					$	47,498
Weighted average shares outstanding						24,157						22,524						24,156						22,431
Net increase in net assets resulting from operations per share						$	0.56					$	0.77					$	0.96					$	2.12

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 5 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,
						2022						2021						2022						2021
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)						$	471					$	385					$	932					$	783
Weighted-average remaining lease term - operating leases						4.66 years						5.80 years						4.66 years						5.80 years
Weighted-average discount rate - operating leases						4.55		%				4.56		%				4.55		%				4.76		%
Total lease costs (included in other general and administrative costs on the consolidated statements of operations)						$	236					244						$	476					$	440

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The following table represents the maturity of the Company’s operating lease liabilities as of June 30, 2022:

Maturity of Lease Liabilities
2022			944
2023			1,928
2024			1,981
2025			2,035
2026			1,915
Thereafter			469
Total future minimum lease payments			$	9,272
Less: Imputed interest			$	(949)
Present value of future minimum lease payments			$	8,323

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, 2022 and 2021.

Date Declared						Record Date						Payment Date						Amount Per Share						Cash Distribution						DRIP Shares Issued						DRIP Shares Value
Six months ended June 30, 2022
December 20, 2021						March 21, 2022						March 31, 2022						$	0.65					$	15,361					9						$	225
April 20, 2022						June 20, 2022						June 30, 2022						$	0.75					$	17,634					21						$	374
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

During the six months ended June 30, 2022 and 2021, an additional 9,400 and 6,500 shares valued at $0.2 million and $0.2 million, 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.

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

Balance Sheets - Newtek Merchant Solutions, LLC						As of June 30, 2022						As of December 31, 2021
Current assets						$	16,045					$	10,165
Noncurrent assets						16,120						27,000
Total assets						$	32,165					$	37,165
Current liabilities						9,369						8,953
Noncurrent liabilities						17,938						20,291
Total liabilities						$	27,307					$	29,244
Total member’s equity						$	4,858					$	7,921

						Three Months Ended June 30,												Six Months Ended June 30,
Statements of Income - Newtek Merchant Solutions, LLC						2022						2021						2022						2021
Revenue						$	6,780					$	5,491					$	12,250					$	10,328
Expenses						2,443						2,302						4,866						4,646
Income from operations						$	4,337					$	3,189					$	7,384					$	5,682
Interest expense, net						(136)						(146)						(256)						(304)
Income before tax						$	4,201					$	3,043					$	7,128					$	5,378

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

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
Dividend income						$	3,100					$	—					$	7,600					$	—
Unrealized depreciation						$	(1,000)					$	—					$	(1,000)					$	—

Newtek Business Lending, LLC

NBL originates, purchases and sells commercial loans under the SBA’s 504 loans program. The summarized financial information of our unconsolidated subsidiary is as follows:

Newtek Business Lending, LLC Balance Sheets						As of June 30, 2022						As of December 31, 2021
						(unaudited)
Current assets						$	100,740					$	77,776
Noncurrent assets						1,683						2,012
Total assets						$	102,423					$	79,788
Current liabilities						8,013						8,392
Noncurrent liabilities						44,391						35,241
Total liabilities						$	52,404					$	43,633
Total member’s equity						$	50,019					$	36,155

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						Three Months Ended June 30,												Six Months Ended June 30,
Newtek Business Lending, LLC Statements of Income						2022						2021						2022						2021
Revenue						$	2,902					$	3,257					$	5,285					$	5,405
Expenses						1,051						823						3,274						2,626
Income from operations						$	1,851					$	2,434					$	2,011					$	2,779
Interest expense, net						995						1,025						492						646
Operating income						857						1,409						1,519						2,133
Net unrealized depreciation on loans receivable - held for sale, at fair value						$	(99)					$	(81)					$	(28)					$	(282)
Realized gain on derivative transactions						801						—						1,074						—
Unrealized (loss) gain on derivative transactions						(432)						113						61						113
Net Income						$	1,127					$	1,441					$	2,626					$	1,964

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

						Three Months Ended June 30,												Six Months Ended June 30,
						2022						2021						2022						2021
Dividend income						$	1,350					$	—					$	1,875					$	—
Unrealized appreciation						$	4,000					$	—					$	4,000					$	1,370

NOTE 17—SUBSEQUENT EVENTS:

ATM

On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The purpose of the amendment was to increase the maximum number of shares of common stock, par value $0.02 per share, available for sale under the Equity Distribution Agreement from 3,000,000 shares to 6,400,000 shares, which number includes all shares previously sold pursuant to the Equity Distribution Agreement. As of August 5, 2022, there were 3,437,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement, as amended.

Joint Venture Agreement

On August 5, 2022, NCL and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO II Conventional Credit Partners, LP (the “JV”), governed by the Amended and Restated Limited Partnership Agreement for the JV. NCL and TSO II each committed to contribute an equal share of equity funding to the JV and each will have equal voting rights on all material matters. The JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of the JV will be to originate commercial loans to middle-market companies as well as small businesses.

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Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Six Months Ended June 30, 2022

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, 2021						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2022
Automated Merchant Services, Inc.						100% Common Stock2						—						—						—						—						—						—						—
CDS Business Services, Inc.						100% Common Stock2						—						—						—						—						—						—						—
						Line of Credit (10%)						—						(1,058)						554						7,300						1,900						(2,658)						6,542
Newtek Technology Solutions, Inc.						100% Common Stock2						—						(3,400)						—						36,000						400						(3,400)						33,000
						Line of Credit (10%)						—						—						2,055						11,000						—						—						11,000
						Line of Credit (Prime + 0.5%)6						—						—						1						225						—						(225)						—
Newtek Insurance Agency, LLC						100% Membership Interest2						—						1,200						—						2,300						1,200						—						3,500
PMTWorks Payroll, LLC						100% Membership Interest2						—						600						—						—						85						(85)						—
						Term Loans (10%-12%)2						—						—						140						2,000						685						—						2,685
Small Business Lending, LLC						100% Membership Interest2						—						(1,265)						—						4,000						3,565						(1,265)						6,300
						Term Loan (10%)						—						—						20						400						—						—						400
banc-serv Partners, LLC						100% Membership Interest2						—						—						—						—						—						—						—
Newtek Merchant Solutions, LLC						100% Membership Interest						—						(1,000)						7,600						114,500						—						(1,000)						113,500
Titanium Asset Management, LLC						100% Membership Interest2						—						—						—						—						—						—						—
						Term Loan (10%)2						—						(302)						—						603						1						(503)						101
Newtek Business Lending, LLC						100% Membership Interest						—						4,000						1,875						47,406						17,800						—						65,206
Newtek Conventional Lending, LLC						50% Membership Interest						—						(2,333)						1,659						29,464						—						(12,074)						17,390
Mobil Money, LLC						100% Membership Interest						—						3,100						150						3,900						3,100						—						7,000
POS on Cloud, LLC						50.1% Membership Interest2						—						—						—						—						—						—						—
						Term Loan (10%)						—						—						65						1,300						—						—						1,300

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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, 2021						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2022
Excel WebSolutions LLC						Term Loans (10%)2						—						—						—						—						—						—						—
						100% Membership Interest2						—						—						—						—						—						—						—
Total Controlled Investments												$	—					$	(458)					$	14,119					$	260,398					$	28,736					$	(21,210)					$	267,924
Non-Control Investments
EMCAP Loan Holdings, LLC						4.67% Membership Interest						—						—						43						1,000						—						—						1,000
Total Affiliate Investments												$	—					$	(458)					$	14,162					$	261,398					$	28,736					$	(21,210)					$	268,924

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, dividends, and other income 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, 2022, the Prime rate in effect was 3.50%.

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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 ongoing COVID-19 pandemic, changes in base interest rates, rising inflation, significant market volatility, and supply chain disruptions;

•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 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 if we convert to a bank holding company;

•the decrease in our dividend payout due to no longer operating as a BDC and RIC if we discontinue 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;

•the timing of the discontinuance of our election to be a BDC and our status as 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 and implementation of alternatives to LIBOR;

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

•the impact of the ongoing conflict between Russia and Ukraine;

•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 effect of legal, tax and regulatory changes;

•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 and/or maintain joint ventures or other financing arrangements.

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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 for the year ended December 31, 2021, filed with the SEC on March 1, 2022, and under “Forward-Looking Statements” of this Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, and non-conforming (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 believe that 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 enabled business model that allows 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, the Company entered into the Stock Purchase Agreement to acquire all of the issued and outstanding stock of NBNYC (the Acquisition). This Acquisition is part of a plan to reposition the Company as a bank holding company that intends to elect financial holding company status, and is subject to Regulatory Approvals. In connection with this plan, on June 1, 2022, the Company held a special meeting of shareholders, at which the Company's shareholders approved a proposal to authorize the Company’s Board of Directors to discontinue the Company’s election to be regulated under the Investment Company Act of 1940, subject to Regulatory Approvals and other conditions described in the proxy statement filed with the SEC on May 2, 2022. Subsequent to the approval of this proposal, which was required under the 1940 Act, the Company may choose to discontinue its election as a BDC; however, the Company’s Board of Directors will not seek to discontinue the Company’s election as a BDC until after the Company receives the required Regulatory Approvals and after certain of the Acquisition closing conditions are met. The final decision on the timing of the Company’s discontinuance from regulation as a BDC will be made by the Board of Directors based on such factors deemed appropriate by the Board of Directors, including the then current status of the Acquisition and discussions with applicable regulatory authorities; the Company currently intends to maintain its status as a BDC and RIC in the near term. The consideration payable by the Company at closing of the Acquisition 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. We anticipate receiving the required Regulatory Approvals during the third or early fourth quarter of 2022. If the Stock Purchase Agreement is terminated in certain circumstances specified therein, the Company may be required to pay NBNYC a fee of $0.2 million.

Following the closing of the Acquisition, the Company intends to operate as a bank holding company, subject to certain Regulatory Approvals. Specifically, the Company intends to contribute certain of its wholly-owned lending portfolio companies to NBNYC, and to provide a centralized lending operations through NBNYC. The Company intends to further develop the Company’s current patented technology, which the Company intends to complement its proposed banking offerings, subject to Regulatory Approvals. 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 Acquisition, receive the required Regulatory Approvals, or that the Company will be able to successfully operate as a bank holding company.

If the Company obtains the required Regulatory Approvals and subsequently discontinues 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

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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.”

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.1
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.1
Newtek Commercial Lending, Inc.1
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.1 (surviving entity of January 2021 merger with Newtek Business Services Holdco 2, Inc.)
Newtek Business Services Holdco 3, Inc.1
Newtek Business Services Holdco 4, Inc.1
Newtek Business Services Holdco 5, Inc.1 (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.1

(1) Taxable Subsidiaries

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 intends to elect financial holding company status, if we discontinue the Company's election as a business development company 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

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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. 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. NSBF participated in the PPP and funded the balance of its PPP loans by the end of July 2021. NSBF has redeployed resources used to originate PPP loans to the origination of SBA 7(a) loans. Income earned in connection with the PPP should not be viewed as recurring.

COVID-19 and Economic 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 was deemed safe to return to the office. Management implemented a hybrid work schedule beginning in April of 2022.

We have and continue to assess the impact of COVID-19 on our portfolio companies and our operations. 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. In addition, while economic activity has improved from the beginning of the COVID-19 pandemic, we continue to observe supply chain interruptions, labor difficulties, commodity inflation, rising interest rates, economic sanctions as a result of the ongoing conflict between Russia and Ukraine and elements of economic and financial market instability both globally and in the United States. In the event that the U.S. economy enters into a protracted recession, it is possible that the results of some of the companies similar to those in which we invest could experience deterioration, which could ultimately lead to difficulty in meeting debt service requirements and an

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increase in defaults. While we are not seeing signs of an overall, broad deterioration in our portfolio company results at this time, there can be no assurance that the performance of certain of our portfolio companies will not be negatively impacted by economic conditions, which could have a negative impact on our future results.

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 or economic conditions 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
2020
First Quarter			$23.09						$7.59						$15.31						51%						(50)%
Second Quarter			$18.84						$9.03						$15.33						23%						(41)%
Third Quarter			$20.50						$16.73						$15.41						33%						9%
Fourth Quarter			$19.82						$16.24						$15.70						26%						3%
2021
First Quarter			$28.63						$18.77						$16.28						76%						15%
Second Quarter			$38.78						$26.41						$16.38						137%						61%
Third Quarter			$36.41						$24.07						$16.23						124%						48%
Fourth Quarter			$32.38						$25.63						$16.72						94%						53%
2022
First Quarter			$28.70						$24.00						$16.49						74%						46%
Second Quarter			$27.18						$17.65						$16.31						67%						8%

(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 and concluded during the third quarter of 2021, the SBA reimbursed the

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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. 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.

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 Receivable and Inventory Facility at NBC. Maximum borrowings under the Receivable and Inventory Facility are $35.0 million. The Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2022, total principal owed by NBC was $9.5 million. In addition, the Company deposited $0.75 million to collateralize the guarantee. At June 30, 2022, 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 Capital One Facility, NBL Deutsche Bank Facility and NBL One Florida Bank Facility. Maximum borrowings under the NBL Capital One 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 Capital One Facility maturing in November 2023. Maximum borrowings under the NBL Deutsche Bank facility $100.0 million with a maturity date in March 2023. Maximum borrowings under the NBL One Florida Bank facility are $20.0 million with a maturity date in September 2023. At June 30, 2022, total principal owed by NBL under these facilities was $44.4 million. At June 30, 2022, the Company determined that it is not probable that payments would be required to be made under these guarantees.

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, 2022, total principal outstanding was $23.2 million. At June 30, 2022, 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. On January 28, 2022, NCL closed a conventional commercial loan securitization with the sale of $56.3 million Class A Notes , NCL Business Loan Trust 2022-1, Business Loan-Backed Notes, Series 2022-1, secured by a segregated asset pool consisting primarily of conventional commercial business loans, including loans secured by liens on commercial or residential mortgaged properties, originated by NCL and NBL. The Notes were rated “A” (sf) by DBRS Morningstar. The Notes were priced at a yield of 3.209%. The proceeds of the securitization were used, in part, to repay the Deutsche Bank credit facility and return capital to the JV partners. Refer to NOTE 3—INVESTMENTS for selected financial information and a schedule of investments of NCL as of June 30, 2022. The Company anticipates relaunching its non-conforming conventional commercial loan program through new joint venture partnerships.

Unfunded Commitments

At June 30, 2022, the Company had $22.3 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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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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021 is $12.7 million and $18.5 million, respectively.

Distribution by Business Type

As of June 30, 2022
Business Type						# of Loans						Balance						Average Balance						% of Balance
Existing Business						2,453						$	379,576					$	155					80.7		%
Business Acquisition						361						64,362						207						13.7		%
Start-Up Business						301						26,459						96						5.6		%
Total						3,115						$	470,396					$	151					100.0		%

As of December 31, 2021
Business Type						# of Loans						Balance						Average Balance						% of Balance
Existing Business						2,162						$	349,999					$	162					81.1		%
Business Acquisition						333						59,794						207						13.8		%
Start-Up Business						266						22,176						96						5.1		%
Total						2,761						$	431,970					$	156					100.0		%

Distribution by Borrower Credit Score

June 30, 2022
Credit Score						# of Loans						Balance						Average Balance						% of Balance
500 to 550						12						$	3,367					$	281					0.7		%
551 to 600						57						14,573						256						3.1		%
601 to 650						294						58,102						198						12.4		%
651 to 700						831						131,022						158						27.8		%
701 to 750						1,068						151,697						142						32.2		%
751 to 800						750						100,905						135						21.5		%
801 to 850						101						10,684						106						2.3		%
Not available						2						46						23						0.0		%
Total						3,115						$	470,396					$	151					100.0		%

December 31, 2021
Credit Score						# of Loans						Balance						Average Balance						% of Balance
500 to 550						15						$	3,562					$	237					0.8		%
551 to 600						59						15,322						260						3.6		%
601 to 650						299						59,139						198						13.7		%
651 to 700						754						118,150						157						27.4		%
701 to 750						914						140,720						154						32.6		%
751 to 800						632						85,479						135						19.8		%
801 to 850						86						9,548						111						2.2		%
Not available						2						49						25						0.0		%
Total						2,761						$	431,970					$	179					100.0		%

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Distribution by Primary Collateral Type

June 30, 2022
Collateral Type						# of Loans						Balance						Average Balance						% of Balance
Commercial Real Estate						1,039						$	226,885					$	218					48.1		%
Machinery and Equipment						460						81,357						177						17.3		%
Residential Real Estate						877						69,962						80						14.9		%
Accts Receivable and Inventory						367						59,103						161						12.6		%
Other						98						25,782						263						5.5		%
Unsecured						227						4,296						19						0.9		%
Furniture and Fixtures						34						2,133						63						0.5		%
Liquid Assets						13						878						68						0.2		%
Total						3,115						$	470,396					$	151					100.0		%

December 31, 2021
Collateral Type						# of Loans						Balance						Average Balance						% of Balance
Commercial Real Estate						1,016						$	228,381					$	225					53.0		%
Machinery and Equipment						430						73,433						171						17.0		%
Accounts Receivable and Inventory						312						50,692						162						11.7		%
Residential Real Estate						707						47,240						67						10.9		%
Other						93						26,509						285						6.1		%
Unsecured						161						2,984						19						0.7		%
Furniture and Fixtures						28						1,797						64						0.4		%
Liquid Assets						14						936						67						0.2		%
Total						2,761						$	431,970					$	156					100.0		%

Distribution by Days Delinquent

June 30, 2022
Delinquency Status						# of Loans						Balance						Average Balance						% of Balance
Accrual
Current						2,890						$	408,129					$	141					86.7		%
31 to 60 days						35						11,694						—						2.5		%
61 to 90 days						—						—						—						—		%
91 days or greater						—						—						—						—		%
Non-accrual						190						50,574						266						10.8		%
Total						3,115						$	470,397					$	151					100.0		%

December 31, 2021
Delinquency Status						# of Loans						Balance						Average Balance						% of Balance
Accrual
Current						2,512						365,198						$	145					84.6		%
31 to 60 days						59						12,646						214						2.9		%
61 to 90 days						—						—						—						—		%
91 days or greater						—						—						—						—		%
Non-accrual						190						54,126						285						12.5		%
Total						2,761						$	431,970					$	156					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, 2022 and 2021

Investment Income

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Investment income:
Interest income - PPP loans			$	—					$	25,512					$	(25,512)
Interest income - SBA 7(a) loans			8,702						6,824						1,878
Interest income - non-control investments			—						124						(124)
Dividend income			4,981						72						4,909
Servicing income			3,175						2,787						388
Other income			2,368						1,269						1,099
Total investment income			$	19,226					$	36,588					$	(17,362)

Interest Income

The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. By July 2021, NSBF funded the balance of its PPP loans and therefore the Company did not earn any PPP interest income during 2022. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.

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 $502.2 million from $406.5 million for the three months ended June 30, 2022 and 2021, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.

In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began recording unrealized results on non-control/non-affiliate investments. In November 2021, the Company sold the loan to NCL and therefore the Company does not have any unrealized results from non-control/non-affiliate investments during 2022.

Dividend Income

Dividend income was earned from the following portfolio companies for the three months ended June 30, 2022 and 2021:

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Newtek Merchant Solutions, LLC (NMS)			$	3,100					$	—					$	3,100
Mobil Money, LLC			150						—						150
Newtek Conventional Lending, LLC			360						51						309
Newtek Business Lending, LLC			1,350						—						1,350
EMCAP Loan Holdings, LLC			21						21						—
Total dividend income			$	4,981					$	72					$	4,909

Dividend income is dependent on portfolio company earnings and portfolio company 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 ongoing COVID-19 pandemic and current economic conditions. See “COVID-19 and Economic Developments.”

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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, 2022 and 2021:

(in thousands):			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Total NSBF originated servicing portfolio			$	2,007,474					$	1,768,292					$	239,182
Total average NSBF originated portfolio earning servicing income			$	1,332,524					$	1,122,511					$	210,013
Total servicing income earned			$	3,175					$	2,787					$	388

The increase in servicing income is related to an increase 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 $200.6 million compared to $94.3 million for the three months ended June 30, 2022 and 2021, respectively. As a result of the uncertain economic impact to U.S. small businesses at the onset of the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020 through July 2021, when NSBF funded the balance of its PPP loans. NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.

Expenses:

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Salaries and benefits			$	4,499					$	5,926					$	(1,427)
Interest			5,828						4,968						860
Depreciation and amortization			60						79						(19)
Professional fees			1,512						859						653
Origination and loan processing			1,882						2,998						(1,116)
Origination and loan processing - related party			5,239						4,510						729
Other general and administrative costs			2,043						1,706						337
Total expenses			$	21,480					$	21,046					$	434

Salaries and Benefits

The decrease in salaries and benefits was attributable to a decrease in salaries and bonuses and related accruals during the second quarter of 2022 as compared to 2021.

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Interest Expense

The following is a summary of interest expense by facility for the three months ended June 30, 2022 and 2021:

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Notes payable - Securitization Trusts			$	1,918					$	1,307					$	611
Bank notes payable			939						333						607
2024 Notes			606						1,200						(594)
2025 6.85% Notes			149						286						(137)
2025 5.00% Notes			375						—						375
2026 Notes			1,761						1,761						—
Notes payable - related parties			80						82						(2)
Total interest expense			$	5,828					$	4,969					$	859

The increase in interest expense period over period is primarily from additional interest on the 2025 6.85% Notes of $0.4 million as well as additional interest expense on the Notes payable - Securitization Trusts and Bank notes payable related to an increase in the average outstanding balance and interest rates period over period. The increase was partially offset by the redemption of the 2025 6.85% Notes and partial redemption of the 2024 Notes, which resulted in a reduction of $0.1 million and $0.6 million of interest expense, respectively.

Professional Fees

The increase in professional fees period over period is attributable to fees related to the implementation of a new general ledger system as well as fees related to the Company's plan to reposition itself as a bank holding company.

Origination and Loan Processing

The change in origination and loan processing expenses was due to transferring from a third party to a related party service for underwriting, origination, closing and compliance fees related to SBA 7(a) loan fundings period over period.

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.

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, 2022 and 2021 were a net realized gain of $19.9 million and net realized gain of $11.4 million, respectively. This included realized losses of $1.4 million and $2.7 million, respectively.

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

			Three Months Ended
			June 30, 2022												June 30, 2021
			# of Debt Investments						$ Amount (in thousands)						# of Debt Investments						$ Amount (in thousands)
SBA non-affiliate investments originated during the quarter			330						$	200,563					128						$	94,255
SBA guaranteed non-affiliate investments sold during the quarter			338						$	190,487					142						$	87,492
Realized gains recognized on sale of SBA guaranteed non-affiliate investments			—						$	21,275					—						$	14,081
Average sale price as a percent of principal balance1			—						109.21		%				—						114.00		%

(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.

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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 in March 2020, resulting in a higher volume of SBA 7(a) loans for the three months ended June 30, 2022 compared to 2021 as NSBF has redeployed resources used to generate PPP loans to the origination of SBA 7(a) loans.

For the three months ended June 30, 2022, the average sale price as a percent of principal balance was 109.21% compared to 114.00% for the prior period. The decrease reflects the lagging prime rate adjustments and the quarterly reset of interest rates on our loan portfolio.

Net Unrealized Appreciation (Depreciation)

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments			$	(4,917)					$	(1,983)					$	(2,934)
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments			(872)						198						(1,070)
Net unrealized appreciation (depreciation) on controlled investments			1,566						(7,920)						9,486
Change in deferred taxes			886						1,356						(470)
Net unrealized depreciation on non-control investments			—						(3)						3
Net unrealized depreciation on servicing assets			(781)						(1,193)						412
Net unrealized depreciation on derivative instruments			—						(37)						37
Total net unrealized depreciation			$	(4,118)					$	(9,582)					$	5,464

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 amount of the unrealized appreciation (depreciation) is determined by the quantity of guaranteed loans held for sale at quarter end as well as the change in secondary market pricing conditions. During the quarter ended June 30, 2022, there was a reduction in the gain-on-sale pricing as compared to the prior period.

The net unrealized depreciation on SBA unguaranteed non-affiliate investments was driven primarily by an increase in the discount rate valuation assumption year over year. See “COVID-19 and Economic Developments” for additional information.

In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began recording unrealized results on non-control/non-affiliate investments. In November 2021, the Company sold the loan to NCL and therefore the Company does not have any unrealized results from non-control/non-affiliate investments during 2022.

Unrealized depreciation on servicing assets relates to the amortization of the Company’s servicing assets. The decrease in unrealized depreciation is due to an increase in the assumed prepayment rate from 22% as of June 30, 2021 to 25% as of June 30, 2022.

The net unrealized depreciation on derivative instruments is attributable to interest rate movement on interest rate futures contracts. The Company does not hold any derivative instruments as of June 30, 2022 and therefore the Company does not have any unrealized depreciation on derivative instruments for the period.

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Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the three months ended June 30, 2022 and 2021:

(in thousands)			Three Months Ended June 30, 2022						Three Months Ended June 30, 2021						Change
Newtek Merchant Solutions, LLC (NMS)			$	(1,000)					$	—					$	(1,000)
Mobil Money, LLC			2,500						—						2,500
Newtek Technology Solutions, Inc.			(1,900)						—						(1,900)
CDS Business Services, Inc.			(369)						(3,000)						2,631
PMTWorks Payroll, LLC			(85)						—						(85)
Small Business Lending, LLC			(1,265)						(5,348)						4,083
Newtek Business Lending, LLC			4,000						—						4,000
Newtek Conventional Lending, LLC			(12)						424						(436)
Titanium Asset Management LLC			(303)						4						(307)
Total net unrealized appreciation (depreciation) on controlled investments			$	1,566					$	(7,920)					$	9,486

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, 2022 and 2021, we recognized a provision for deferred taxes of $0.9 million and $1.36 million, respectively, related to the net unrealized appreciation and depreciation of controlled portfolio company investments.

Comparison of the six months ended June 30, 2022 and 2021

Investment Income

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Investment income:
Interest income - PPP loans			$	—					$	49,720					$	(49,720)
Interest income - SBA 7(a) loans			16,445						13,306						3,139
Interest income - non-control investments			—						248						(248)
Dividend income			12,827						98						12,729
Servicing income			6,356						5,527						829
Other income			3,947						2,383						1,564
Total investment income			$	39,575					$	71,282					$	(31,707)

Interest Income

The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act. By July 2021, NSBF funded the balance of its PPP loans and therefore the Company did not earn any PPP interest income during 2022. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.

The increase in interest income from SBA 7(a) loans was attributable to the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $479.1 million from $400.7 million for the six months ended June 30, 2022 and 2021, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.

In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began

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earning interest income from non-control investments. In November 2021, the Company sold the loan to NCL and therefore the Company did not earn any interest income from non-control investments during 2022.

Dividend Income

Dividend income was earned from the following portfolio companies for the six months ended June 30, 2022 and 2021:

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Newtek Merchant Solutions, LLC (NMS)			$	7,600					$	—					$	7,600
Newtek Technology Solutions, Inc.			1,500						—						1,500
Mobil Money, LLC			150						—						150
Newtek Conventional Lending, LLC			1,659						51						1,608
Newtek Business Lending, LLC			1,875						—						1,875
EMCAP Loan Holdings, LLC			43						47						(4)
Total dividend income			$	12,827					$	98					$	12,729

Dividend income is dependent on portfolio company earnings and portfolio company 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 ongoing COVID-19 pandemic and current economic conditions. See “COVID-19 and Economic 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, 2022 and 2021:

(in thousands):			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Total NSBF originated servicing portfolio			$	2,007,474					$	1,768,292					$	239,182
Total average NSBF originated portfolio earning servicing income			$	1,307,514					$	1,112,818					$	194,696
Total servicing income earned			$	6,356					$	5,527					$	829

The increase in servicing income related to an increase 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 $363.9 million compared to $198.6 million for the six months ended June 30, 2022 and 2021, respectively. As a result of the uncertain economic impact to U.S. small businesses at the onset of the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans in March 2020. NSBF funded the balance of its PPP loans by July 2021 and redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.

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Expenses:

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Salaries and benefits			$	9,608					$	10,376					$	(768)
Interest			10,495						10,040						455
Depreciation and amortization			123						164						(41)
Professional fees			2,813						2,047						766
Origination and loan processing			4,336						5,969						(1,633)
Origination and loan processing - related party			9,268						7,653						1,615
Loss on extinguishment of debt			417						955						(538)
Other general and administrative costs			3,796						3,341						455
Total expenses			$	40,856					$	40,545					$	311

Salaries and Benefits

The decrease in salaries and benefits was attributable to a decrease in salaries and bonuses and related accruals period over period.

Interest Expense

The following is a summary of interest expense by facility for the six months ended June 30, 2022 and 2021:

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Notes payable - Securitization Trusts			$	3,408					$	2,704					$	704
Bank notes payable			1,364						656						708
2023 Notes1			—						549						(549)
2024 Notes2			1,211						2,250						(1,039)
2025 6.85% Notes3			430						562						(132)
2025 5.00% Notes			375						—						375
2026 Notes			3,521						3,153						368
Notes payable - related parties			186						166						20
Total interest expense			$	10,495					$	10,040					$	455

(1) On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes on the redemption date at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2020 through, but excluding, the redemption date.

(2) On December 29, 2021, the Company partially redeemed $40.0 million in aggregate principal amount of the $78.25 million principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date.

(3) On May 2, 2022, the Company redeemed all $15.0 million in aggregate principal amount of the 2025 6.85% Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, the redemption date.

The increase in interest expense period over period is primarily from additional interest expense on the 2026 Notes of $0.4 million and 2025 5.00% Notes of $0.4 million. In addition, there was additional interest expense on the Notes payable - Securitization Trusts, Bank notes payable, and Notes payable - related parties related to an increase in the average outstanding balance and interest rates period over period. The increase was partially offset by the redemption of the 2023 Notes, 2025 6.85% Notes, and partial redemption of the 2024 Notes, which resulted in a reduction of $0.5 million, $0.1 million and $1.0 million of interest expense, respectively.

Professional Fees

The increase in professional fees period over period is attributable to fees related to the implementation of a new general ledger system as well as fees related to the Company's plan to reposition itself as a bank holding company.

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Origination and Loan Processing

The change in origination and loan processing expenses was due to transferring from a third party to a related party service for underwriting, origination, closing and compliance fees related to SBA 7(a) loan fundings period over period.

Loss on extinguishment of debt

On February 22, 2021, the Company redeemed all $57.5 million in aggregate principal amount of the 2023 Notes. As a result of the redemption of the 2023 Notes, the Company recorded a $1.0 million loss on extinguishment of debt during the six months ended June 30, 2021, equivalent to the balance of unamortized deferred financing costs as of the redemption date.

On May 2022, the Company redeemed the remaining $15.0 million in aggregate principal amount of the 2025 6.85% Notes and as a result, the Company recorded a $0.4 million loss on extinguishment of debt during the six months ended June 30, 2022, equivalent to the balance of unamortized deferred financing costs as of the redemption date.

Net Realized Gains and Net Unrealized Appreciation (Depreciation)

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2022 and 2021 were $35.2 million and $18.8 million, respectively, which included realized losses of $3.3 million and $4.1 million, respectively.

Net Realized Gains on SBA Non-Affiliate Investments

			Six Months Ended
			June 30, 2022												June 30, 2021
			# of Debt Investments						$ Amount (in thousands)						# of Debt Investments						$ Amount (in thousands)
SBA non-affiliate investments originated			576						$	363,904					281						$	198,633
SBA guaranteed non-affiliate investments sold			559						$	313,205					249						$	144,465
Realized gains recognized on sale of SBA guaranteed non-affiliate investments			—						$	38,457					—						$	22,939
Average sale price as a percent of principal balance1			—						110.32		%				—						113.71		%

(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 at the onset of 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 in March 2020 through July 2021, resulting in a higher volume of SBA 7(a) loans for the six months ended June 30, 2022 compared to 2021. NSBF redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans in 2021.

For the six months ended June 30, 2022, the average sale price as a percent of principal balance was 110.32% compared to 113.71% for the prior period. The decrease reflects the lagging prime rate adjustments and the quarterly reset of interest rates on our loan portfolio.

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Net Unrealized Appreciation (Depreciation)

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Net unrealized (depreciation) appreciation on SBA guaranteed non-affiliate investments			$	(5,645)					$	2,410					$	(8,055)
Net unrealized (depreciation) appreciation on SBA unguaranteed non-affiliate investments			(2,862)						1,585						(4,447)
Net unrealized depreciation on controlled investments			(458)						(5,545)						5,087
Change in deferred taxes			(57)						723						(780)
Net unrealized appreciation on non-control investments			—						524						(524)
Net unrealized depreciation on servicing assets			(2,340)						(1,706)						(634)
Net unrealized appreciation (depreciation) on derivative transactions			183						(37)						220
Total net unrealized depreciation			$	(11,179)					$	(2,046)					$	(9,133)

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 amount of the unrealized appreciation (depreciation) is determined by the quantity of guaranteed loans held for sale at quarter end as well as the change in secondary market pricing conditions. During the six months ended June 30, 2022, there was a reduction in the gain-on-sale pricing as compared to the prior period.

Unrealized depreciation on servicing assets relates to the amortization of the Company’s servicing assets. The increase in unrealized depreciation is due to the increase in the total portfolio of investments for which we earn servicing income period over period.

In September 2020, the Company purchased one loan from NBL, a wholly-owned controlled portfolio company and began recording unrealized results on non-control/non-affiliate investments. In November 2021, the Company sold the loan to NCL and therefore the Company does not have any unrealized results from non-control/non-affiliate investments during 2022.

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

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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, 2022 and 2021:

(in thousands)			Six Months Ended June 30, 2022						Six Months Ended June 30, 2021						Change
Newtek Merchant Solutions, LLC (NMS)			$	(1,000)					$	—					$	(1,000)
Newtek Technology Solutions, Inc. (NTS)			(3,400)						1,500						(4,900)
CDS Business Services, Inc.			(1,058)						(3,000)						1,942
PMTWorks Payroll, LLC			600						—						600
Small Business Lending, LLC			(1,265)						(5,650)						4,385
Newtek Insurance Agency, LLC			1,200						—						1,200
Newtek Business Lending, LLC			4,000						1,370						2,630
Newtek Conventional Lending, LLC			(2,333)						231						(2,564)
Titanium Asset Management LLC			(302)						4						(306)
Mobil Money, LLC			3,100						—						3,100
Total net unrealized depreciation on controlled investments			$	(458)					$	(5,545)					$	5,087

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, 2022 and 2021, we recognized a provision for deferred taxes of $0.1 million and $0.7 million related to the net unrealized (depreciation) 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 5.00% 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. 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, 2022, our asset coverage was 176% based on $518.4 million of aggregate principal amount of senior securities outstanding.

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. From inception through June 30, 2022, we sold 2,962,339 shares of our common stock at a weighted average price of $23.16 per share. Proceeds, net of offering costs and expenses were $68.6 million. The Company paid the placement agents $1.4 million in compensation. As of June 30, 2022, there were 37,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement. On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement, as amended, provides that the Company may offer and sell up to 6,400,000 shares of common stock from time to time through the placement agents. As of August 5, 2022, there were 3,437,661 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% 2026 Notes, 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, 2022, 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 6.85% Notes. The offering was consummated pursuant to the terms of a purchase agreement among the Company and an accredited investor, which provided for the 2025 6.85% 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 Company exercised its option to issue up to $10.0 million of additional 2025 6.85% Notes to the purchaser, and issued $10.0 million in additional 2025 6.85% Notes to the purchaser in an exempt offering in January 2021.

On March 31, 2022, the Company caused notices to be issued to the holder of its 2025 6.85% Notes regarding the Company’s exercise of its option to redeem all $15.0 million in aggregate principal amount of the Notes on May 2, 2022. The Notes were redeemed on May 2, 2022 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from February 28, 2022 through, but excluding, May 2, 2022.

On March 31, 2022, the Company completed a private placement of $15.0 million aggregate principal amount of its 5.00% notes due 2025 (2025 5.00% Notes). The offering was consummated pursuant to the terms of a purchase agreement dated March 31, 2022 among the Company and an accredited investor, which provided for the 2025 5.00% Notes to be issued to the purchaser in a transaction that relied on Section 4(a)(2) of the Securities Act to be exempt from registration under the Securities Act. The net proceeds from the sale of the notes were approximately $14.5 million, after deducting structuring fees and estimated offering expenses, each payable by the Company. The Company intends to use the net proceeds from the sale of the notes to fund investments in debt and equity in accordance with its investment objectives and strategies. The 2025 5.00% 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

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2025 5.00% 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. Under the purchase agreement, the Company also issued an additional $15.0 million in aggregate principal amount of the 2025 5.0% Notes to the purchaser on May 2, 2022. The 2025 5.00% Notes were issued under the Base Indenture and the Tenth Supplemental Indenture, dated as of March 31, 2022. The 2025 5.00% Notes will mature on March 31, 2025, and under the terms of the Indenture, the Notes are redeemable at any time, at the option of the Company, at a redemption price of 100% of the outstanding principal amount thereof. The Tenth Supplemental Indenture contains certain covenants, including covenants requiring the Company to (i) comply with the asset coverage requirements of the 1940 Act as long as the Company remains subject to the provisions.

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% 2024 Notes. 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 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, 2022, 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.

On December 29, 2021, the Company redeemed $40.0 million in aggregate principal amount of the $78.25 million of principal amount of 2024 Notes outstanding at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from November 1, 2021 through, but excluding, the redemption date. As of December 31, 2021, the outstanding principal balance of the 2024 Notes was $78.25 million.

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% 2023 Notes. 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

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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.

The Base Indenture, and each supplemental indenture thereto, contains certain covenants. 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 and payable upon the occurrence of any event of default after expiration of any applicable grace period. Each supplemental indenture (except for the Tenth Supplemental Indenture) includes 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. At June 30, 2022, 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. 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, 2022, there was $76.0 million and $51.4 million outstanding under the guaranteed and unguaranteed lines of credit, respectively. At June 30, 2022, 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 at 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 June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50.0 million. 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, 2022, the Related Party RLOC interest rate was 2.85%. The Related Party RLOC has a maturity date of November 8, 2023. At June 30, 2022, there was $0.2 million of outstanding borrowings due to NMS.

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.

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In December 2021, NSBF completed its eleventh securitization which resulted in the transfer of $103.4 million of unguaranteed portions of SBA loans to the 2021-1 Trust, The 2021-1 Trust in turn issued securitization notes for the par amount of $103.4 million, consisting of $79.7 million of Class A notes and $23.8 million Class B notes, against the 2021-1 Trust 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 2048. The Class A and Class B notes bear interest at an average rate of LIBOR plus 1.92% 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 2021-1 securitization transaction documents.

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 2019-1 Trust 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.

In November 2018, NSBF completed its ninth securitization which resulted in the transfer of $108.6 million 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 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 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.

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 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, 2022. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans and facilitate the PPP loan forgiveness process. 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

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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 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. On March 25, 2021, Congress passed the PPP Extension Act of 2021, which extended the PPP through May 31, 2021. During the duration of the PPP through the end of July 2021, NSBF funded approximately 26,200 PPP loans totaling $1.9 billion. For more information, see “Management’s Discussion and Analysis of Financial Conditions and Results of Operations - Executive Summary.” NSBF has redeployed the resources used to generate PPP loans to the origination of SBA 7(a) loans.

Cash Flows and Liquidity

As of June 30, 2022, the Company’s unused sources of liquidity consisted of $27.9 million available through the Capital One facility; $19.6 million available through notes payable with related parties; and $4.2 million in unrestricted cash.

Restricted cash of $121.9 million as of June 30, 2022 is primarily held by NSBF. The majority, or $121.1 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, 2022						Six Months Ended June 30, 2021
Net cash provided by (used in) operating activities			$	(65,181)					$	122,309
Net cash used in investing activities			(11)						—
Net cash provided by (used in) financing activities			4,358						(25,171)
Net (decrease) increase in cash and restricted cash			(60,834)						97,138
Cash and restricted cash, beginning of period			186,860						51,425
Cash and restricted cash, end of period			$	126,026					$	148,563

During the six months ended June 30, 2022, operating activities used cash of $65.2 million, consisting primarily of (i) $363.9 million of SBA 7(a) loan investments funded; (ii) $19.8 million of investments in controlled portfolio companies; (iii) a $63.2 million decrease in due to participants which arises when loan payments are received in the current period but not processed in time to have funds remitted to the participant during the current period; the amount varies depending on payment volume and timing at quarter end; and (iv) a $34.2 million increase in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded in the period but did not settle 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 uses of cash were offset by (i) $345.5 million of proceeds from the sale of SBA 7(a) guaranteed loan investments and (ii) $47.5 million of principal payments received from SBA non-affiliate investments.

Net cash provided by financing activities was $4.4 million consisting primarily of and (i) $77.4 million of net borrowings under our bank notes payable and (ii) $30.0 million of issuances of the 2025 5.0% Notes. These sources of cash were offset by (i) $42.2 million of principal payments related to securitization notes payable, (ii) a redemption of $15.0 million of the 2025 6.85% Notes, (iii) net repayments under the Related Party RLOC of $11.3 million and (iv) $33.0 million of dividend payments.

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Contractual Obligations

The following table represents the Company’s obligations and commitments as of June 30, 2022:

(in thousands)			Payments due by period
Contractual Obligations			Total						2022						2023						2024						2025						2026						Thereafter
Bank notes payable			$	127,414					$	—					$	127,414											$	—					$	—					$	—
Securitization notes payable1			207,582						—						—						—						—						—						207,582
2024 Notes1			38,250						—						—						38,250						—						—						—
2025 Notes1			30,000						—						—						—						30,000						—						—
2026 Notes1			115,000						—						—						—						—						115,000						—
Employment agreements			1,621						1,204						417						—						—						—						—
Operating leases			9,272						944						1,928						1,981						2,035						1,915						469
Totals			$	529,339					$	2,148					$	129,959					$	40,231					$	32,035					$	116,915					$	208,051

(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, 2022 and December 31, 2021 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 reimbursed 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 was sold to one of our Participants. Income earned in connection with the PPP should not be viewed as recurring. 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.

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 2018 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, 2022 and 2021, 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 $12.8 million and $12.7 million at June 30, 2022 and December 31, 2021, 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. In January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848),” which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are effective as of March 12, 2020 through December 31, 2022. ASU No. 2021-01 provides increased clarity as the Company continues to evaluate the transition of reference rates, however, the impact of the adoption is not expected to be material. The adoption of ASU 2020-04 did not have a material impact on the Company’s consolidated financial statements.

New Accounting Standards

In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820),” which clarifies the guidance in

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Topic 820 when measuring the fair value of an equity security subject to contractual restrictions that prohibit

the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The amendments affect all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. ASU 2022-03 is effective for public business entities for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. An entity that qualifies as an investment company under Topic 946 should apply the amendments in ASU No. 2022-03 to an investment in an equity security subject to a contractual sale restriction that is executed or modified on or after the date of adoption. The Company is currently evaluating the impact of adopting ASU No. 2022-03 on the consolidated financial statements.

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, 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.

Off Balance Sheet Arrangements

There were no off balance sheet arrangements as of June 30, 2022.

Recent Developments

ATM

On July 20, 2022, the Company entered into Amendment No. 1 to the 2020 ATM Equity Distribution Agreement. The purpose of the amendment was to increase the maximum number of shares of common stock, par value $0.02 per share, available for sale under the Equity Distribution Agreement from 3,000,000 shares to 6,400,000 shares, which number includes all shares previously sold pursuant to the Equity Distribution Agreement. As of August 5, 2022, there were 3,437,661 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement, as amended.

Joint Venture Agreement

On August 5, 2022, NCL and TSO II Booster Aggregator, L.P. (“TSO II”) entered into a joint venture, Newtek-TSO II Conventional Credit Partners, LP (the “JV”), governed by the Amended and Restated Limited Partnership Agreement for the JV. NCL and TSO II each committed to contribute an equal share of equity funding to the JV and each will have equal voting rights on all material matters. The JV intends to deploy capital over the course of time with additional leverage supported by a warehouse line of credit. The intended purpose of the JV will be to originate commercial loans to middle-market companies as well as small businesses.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Uncertainty with respect to the economic effects of the ongoing COVID-19 pandemic, the ongoing conflict between Russia and Ukraine, and rising inflation and increasing interest rates 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 calendar 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. On June 30, 2022, SBA published final rules, effective August 1, 2022, revising various regulations governing the SBA’s business loan programs. As part of these rule changes, the SBA amended 13 CFR 1201.214(d), to require the use of loan amounts as the basis upon which the variable interest rate is set on SBA 7(a) loans, instead of loan maturities. To implement this change, SBA revised 13 CFR 1201.214(d) to reflect the maximum variable interest rates for all SBA 7(a) loans, as follows: (1) For all 7(a) loans of $50,000 and less, the interest rate shall not exceed six and a half (6.5) percentage points over the base rate; (2) For all 7(a) loans of more than $50,000 and up to and including $250,000, the maximum interest rate shall not exceed six (6.0) percentage points over the base rate; (3) For all 7(a) loans of more than $250,000 and up to and including $350,000, the maximum interest rate shall not exceed four and a half (4.5) percentage points over the base rate; and (4) For all 7(a) loans of more than $350,000, the maximum interest rate shall not exceed three (3.0) percentage points over the base rate. The Company is evaluating these rule changes and the potential impacts.

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 portions of SBA 7(a) loans could negatively impact our business. During the second quarter of 2022, the weighted average net gain-on-sale price for the guaranteed portions of SBA 7(a) loans sold decreased over the first quarter of 2022, which we believe reflects the rising interest rate environment, other capital market pressures and the fact that increases in prime rate, which is base rate for our SBA 7(a) loans, have lagged other base rate interest rate increases and further, that the interest rates on our SBA 7(a) loans reset on a calendar quarterly basis.

We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $126.0 million at June 30, 2022. 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, 2022, cash deposits in excess of insured amounts totaled approximately $39.1 million.

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ITEM 4. CONTROLS AND PROCEDURES.

(a) Evaluation of Disclosure Controls and Procedures:

As of June 30, 2022 (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, 2021, filed on March 1, 2022.

For example, the Company closed on its $5.4 million investment in BSP in June 2016. Subsequently, as previously disclosed, the Company invested $1.7 million in additional capital and recorded $7.1 million in unrealized losses on the BSP investment to write down the fair value of the investment to $0.0 million by June 30, 2019. The BSP investment resulted in protracted litigation with Kerri Agee, the former owner and President of BSP, who filed for bankruptcy and was indicted in 2019 for, and convicted in 2021 of, defrauding the SBA. The Agee litigation concluded with Holdco 5 obtaining a nondischargeable judgment against Agee in the amount of $6.2 million in January 2022. Holdco 5 intends to vigorously pursue all of its rights relating to this matter, though there can be no assurances of the possibility of recovering some or substantially all of the assets referred to in the judgement. Holdco 5 has not recorded any gain contingency relating to this litigation.

In addition, 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, 2021, filed on March 1, 2022, and in Part II, "Item 1A. Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed on May 9, 2022, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K and in our Quarterly Report on Form 10-Q are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Other than the risks described below, there have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.

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

On June 21, 2022, the Company’s Board of Directors approved a repurchase program which allows the Company to repurchase up to 500,000 of the Company’s outstanding common shares on the open market. Under the program, purchases may be made at management’s discretion from time to time in open-market transactions, in accordance with all applicable securities laws and regulations. Unless extended or terminated by the Board, the Company expects the termination date of for this new repurchase program will be on December 21, 2022. The Company did not make any repurchases of its common stock during the period ended June 30, 2022. If we were to repurchase shares at a price above net asset value, such repurchases would result in an immediate dilution to existing common stockholders due to a reduction in our earnings and assets due to the repurchase that is greater than the reduction in total shares outstanding.

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, 2022 and June 30, 2021 we issued 29,600 and 12,000 shares of common stock, respectively, valued at $0.6 million and $0.4 million, 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 ended June 30, 2022 and June 30, 2021 we issued an additional 9,400 and 6,500 shares, respectively, valued at $0.2 million and $0.2 million, respectively, related to dividends on unvested restricted stock awards.

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ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

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).
4.1*						First Amendment to Stock Purchase Agreement, dated as of July 1, 2022, by and between the Company and Richard Gelman, filed herewith.
10.1						Amendment No. 1 to the Equity Distribution Agreement, dated as of July 20, 2022, by and among the Company and the several Placement Agents named in Schedule 1 to the Equity Distribution Agreement (incorporated by reference to the Company's Current Report on Form 8-K, filed on July 20, 2022).
10.2*						Amendment to Employment Agreement by and between Newtek Business Services Corp. and Nicolas Young dated as of August 2, 2022, filed herewith.
31.1*						Certification by Principal Executive Officer required by Rules 13a-14 and 15d-14(a) under the Securities Exchange Act of 1934, as amended, filed herewith.
31.2*						Certification by Principal Financial Officer required by Rules 13a-14 and 15d-14(a) 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 8, 2022			By:			/S/    BARRY SLOANE
						Barry Sloane
						Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer)
Date: August 8, 2022			By:			/S/    NICHOLAS LEGER
						Nicholas Leger
						Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

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