NEWT 10-Q Quarterly Report June 30, 2015 | Alphaminr
Newtek Business Services Corp.
ALPHAMINR

NEWT 10-Q Quarter ended June 30, 2015

Balance Sheet
Cash Flow
Income Statement
NEWTEK BUSINESS SERVICES CORP.
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10-Q 1 newt-63015x10q.htm 10-Q NEWT-6.30.15-10Q
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, 2015

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.)
212 West 35 th Street, 2 nd Floor New York, New York
10001
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
____________________________________________

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (all as defined in Rule 12b-2 of the Exchange Act).
Large accelerated filer
¨
Accelerated filer
¨
Non-accelerated filer
x
Smaller reporting company
¨
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 July 31, 2015 there were 10,353,334 shares issued and outstanding of the registrant’s Common Stock, par value $0.02 per share.


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



NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
June 30, 2015
December 31, 2014
ASSETS
(Unaudited)
(Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $147,654 and $131,093, respectively; includes $119,287 and $120,990, respectively, related to securitization trust VIE)
$
136,924

$
121,477

Controlled investments (cost of $13,172 and $18,065, respectively)
86,618

77,499

SBA guaranteed non-affiliate investments (cost of $2,253 and $28,057, respectively)
2,521

31,486

Investments in money market funds (cost of $226 and $3,000, respectively)
226

3,000

Total investments at fair value
226,289

233,462

Cash and cash equivalents
6,092

17,813

Restricted cash
18,498

15,389

Broker receivable
24,772

—

Due from related parties
3,992

3,190

Servicing assets, at fair value
11,275

9,483

Credits in lieu of cash
1,542

2,229

Other assets (includes $2,299 and $2,550, respectively, related to securitization trust VIE)
14,869

20,266

Total assets
$
307,329

$
301,832

LIABILITIES AND NET ASSETS
Liabilities:
Notes payable
$
26,322

$
43,023

Notes payable - Securitization trust VIE
72,312

79,520

Dividends payable
4,802

—

Notes payable - related parties
19,119

—

Due to related parties
3,204

2,867

Notes payable in credits in lieu of cash
1,542

2,229

Accounts payable, accrued expenses and other liabilities
10,404

7,775

Total liabilities
137,705

135,414

Commitments and contingencies (Note 8)
Net Assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding)
—

—

Common stock (par value $0.02 per share; authorized 54,000 shares, 10,206 issued and outstanding at June 30, 2015 and December 31, 2014, not including 17 shares held in escrow)
205

205

Additional paid-in capital
162,646

165,532

Distributions in excess of net investment income
(7,294
)
(2,523
)
Net unrealized appreciation on investments
7,220

2,609

Net realized gains on investments
6,847

595

Total net assets
169,624

166,418

Total liabilities and net assets
$
307,329

$
301,832

Net asset value per common share
$
16.62

$
16.31

See accompanying notes to unaudited condensed consolidated financial statements.

1

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
As a Business Development Company
Prior to becoming a Business Development Company
As a Business Development Company
Prior to becoming a Business Development Company
Three Months Ended June 30, 2015
Three Months Ended June 30, 2014
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Investment income:
From non-affiliate investments
Interest income
$
2,231

$
—

$
4,356

$
—

Servicing income
1,068

—

2,111

—

Other income
464

—

859

—

Total investment income from non-affiliate investments
3,763

—

7,326

—

From controlled investments
Interest income
56

—

144

—

Dividend income
1,787

—

2,874

—

Other income
—

—

12

—

Total investment income from controlled investments
1,843

—

3,030

—

Total investment income
5,606

—

10,356

—

Operating revenues:
Electronic payment processing
—

23,163

—

44,690

Web hosting and design
—

4,114

—

8,101

Premium income
—

4,992

—

10,129

Interest income
—

1,568

—

3,129

Servicing fee income – NSBF portfolio
—

915

—

1,746

Servicing fee income – external portfolios
—

1,743

—

3,537

Income from tax credits
—

15

—

28

Insurance commissions
—

416

—

801

Other income
—

1,202

—

2,054

Total operating revenues
—

38,128

—

74,215

Net change in fair value of:
SBA loans
—

118

—

(1,147
)
Credits in lieu of cash and notes payable in credits in lieu of cash
—

(1
)
—

—

Total net change in fair value
—

117

—

(1,147
)
Expenses:
Electronic payment processing costs
—

19,575

—

37,937

Salaries and benefits
3,133

6,823

6,156

13,301

Interest
1,728

3,589

3,084

5,225

Depreciation and amortization
85

896

170

1,751

Provision for loan losses
—

139

—

(66
)
Other general and administrative costs
2,955

4,934

5,717

10,415

Total expenses
7,901

35,956

15,127

68,563

Net investment loss
(2,295
)
—

(4,771
)
—

Net realized and unrealized gain (loss):

2

As a Business Development Company
Prior to becoming a Business Development Company
As a Business Development Company
Prior to becoming a Business Development Company
Three Months Ended June 30, 2015
Three Months Ended June 30, 2014
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Net realized gain on non-affiliate investments
7,340

—

15,039

—

Net unrealized depreciation on SBA guaranteed non-affiliate investments
(1,464
)
—

(3,162
)
—

Net unrealized depreciation on SBA unguaranteed non-affiliate investments
(470
)
—

(1,136
)
—

Net unrealized appreciation on controlled investments
2,019

—

9,519

—

Net unrealized depreciation on servicing assets
(256
)
—

(612
)
—

Net unrealized appreciation on credits in lieu of cash and notes payable in credits in lieu of cash
2

—

2

—

Net realized and unrealized gains
7,171

—

19,650

—

Income before income taxes
—

2,289

4,505

Net increase in net assets
$
4,876

$
—

$
14,879

$
—

Provision for income taxes
—

911

—

1,760

Net income
—

1,378

—

2,745

Net loss attributable to non-controlling interests
—

16

—

40

Net income attributable to Newtek Business Services Corp.
$
—

$
1,394

$
—

$
2,785

Weighted average common shares outstanding:
Basic
—

7,106

—

7,096

Diluted
—

7,695

—

7,692

Basic income per share
$
—

$
0.20

$
—

$
0.39

Diluted income per share
$
—

$
0.18

$
—

$
0.36

Net increase in net assets per share
$
0.48

$
—

$
1.46

$
—

Net investment loss per share
$
(0.22
)
$
—

$
(0.47
)
$
—

Dividends and distributions declared per common share
$
0.47

$
—

$
0.86

$
—

Weighted average shares outstanding
10,206

—

10,206

—

See accompanying notes to unaudited condensed consolidated financial statements.

3

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
Number of
Shares of
Common
Stock
Common
Stock
Additional
Paid-in
Capital
Distributions in Excess of Net Investment Income
Net Unrealized Appreciation
Net Realized Gains
Total
Balance at December 31, 2014
10,206

$
205

$
165,532

$
(2,523
)
$
2,609

$
595

$
166,418

Net increase in net assets
—

—

—

(4,771
)
4,611

15,039

14,879

Distributions to stockholders
—

—

—

—

—

(8,787
)
(8,787
)
Consolidation of Texas Whitestone Group, LLC and CCC Real Estate Holdings Co., LLC (1)
—

—

(33
)
—

—

—

(33
)
Adjustment to 2014 offering costs
—

—

17

—

—

—

17

Reversal of deferred tax asset
—

—

(2,870
)
—

—

—

(2,870
)
Balance at June 30, 2015
10,206

$
205

$
162,646

$
(7,294
)
$
7,220

$
6,847

$
169,624


(1) During the quarter ended June 30, 2015 it was determined that Texas Whitestone Group, LLC and CCC Real Estate Holdings Co., LLC are controlled operating companies whose businesses consist of providing services to the Company.
See accompanying notes to unaudited condensed consolidated financial statements.

4

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
As a Business Development Company
Prior to becoming a Business Development Company
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Cash flows from operating activities:
Net increase in net assets/net income
$
14,879

$
2,745

Adjustments to reconcile net increase in net assets/net income to net cash provided by operating activities:
Net unrealized appreciation on controlled investments
(9,519
)
—

Net unrealized depreciation on non-affiliate investments
4,298

—

Net unrealized depreciation on servicing assets
612

—

Realized gains on non-affiliate investments
(15,439
)
—

Realized losses on non-affiliate investments
400

—

Income from tax credits
(6
)
(28
)
Amortization of deferred financing costs and debt discount related to debt refinancing
—

1,905

Accretion of interest expense
9

28

Fair value adjustments on SBA loans
—

1,147

Deferred income taxes
—

(565
)
Depreciation and amortization
170

1,751

Purchase of loan from SBA
(703
)
—

Funding of controlled investments
(200
)
—

Originations of SBA guaranteed non-affiliate investments
(79,070
)
—

Principal payments received from controlled investments
600

—

Proceeds from sale of SBA guaranteed non-affiliate investments
119,969

—

Originations of SBA unguaranteed non-affiliate investments
(24,441
)
—

Payments received on SBA unguaranteed non-affiliate investments
7,792

—

Loss on sale of other real estate owned
(244
)
—

Accretion of discount
101

285

Provision for loan losses
—

(66
)
Other, net
688

1,091

Changes in operating assets and liabilities:
Net decrease in investments in money market funds
2,774

—

Originations of SBA loans held for sale
—

(67,037
)
Proceeds from sale of SBA loans held for sale
—

68,322

Broker receivable
(24,772
)
4,126

Due to/from related parties
(465
)
—

Accounts receivable
121

700

Prepaid expenses, accrued interest receivable and other assets
2,773

4,132

Accounts payable, accrued expenses, other liabilities and deferred revenue
2,675

2,837

Change in restricted cash
2,835

(8,351
)

5

As a Business Development Company
Prior to becoming a Business Development Company
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Capitalized servicing assets
(2,404
)
(1,670
)
Net cash provided by operating activities
3,433

11,352

Cash flows from investing activities:
Investments in qualified businesses
—

(72
)
Purchase of fixed assets and customer accounts
(70
)
(895
)
SBA loans originated for investment, net
—

(21,158
)
Payments received on SBA loans
—

5,095

Proceeds from sale of loan held for investment
—

500

Net cash used in investing activities
(70
)
(16,530
)
Cash flows from financing activities:
Net borrowings/(repayments) on bank lines of credit
(7,534
)
1,635

Proceeds from term loan
—

10,000

Proceeds from related party line of credit
19,119

—

Payments on bank term note payable
(9,167
)
(10,590
)
Dividends paid
(3,985
)
—

Payments on senior notes
(7,309
)
(5,329
)
Change in restricted cash related to securitization
(5,944
)
6,412

Additions to deferred financing costs
(253
)
(303
)
Other, net
(11
)
(154
)
Net cash (used in) provided by financing activities
(15,084
)
1,671

Net decrease in cash and cash equivalents
(11,721
)
(3,507
)
Cash and cash equivalents—beginning of period
17,813

12,508

Cash and cash equivalents—end of period
$
6,092

$
9,001

Supplemental disclosure of cash flow activities:
Non-cash operating, investing and financing activities:
Reduction of credits in lieu of cash and notes payable in credits in lieu of cash balances due to delivery of tax credits to Certified Investors
$
696

$
765

Increase in additional paid in capital attributable to deferred tax adjustment on vested stock
$
—

$
166

Foreclosed real estate acquired
$
713

$
—

Dividends declared
$
4,802

$
—

Reversal of deferred tax asset
$
2,870

$
—

See accompanying notes to unaudited condensed consolidated financial statements.



6

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) JUNE 30, 2015
(In Thousands)

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Performing SBA Unguaranteed Investments (1)
Advanced Medical Centers P.C. dba Advanced Skincare Medcenter
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/30/2025

$
337.5

$
337.5

$
275.1

0.16
%
The Smiles Place LLC dba The Smile Place
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/30/2040

283.9

283.9

272.3

0.16
%
Anglin Cultured Stone Products, LLC dba Anglin Construction
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/30/2025

281.8

281.8

239.4

0.14
%
Thrifty Market, Inc.
Food and Beverage Stores
Term Loan
Prime plus 2.75%
6/30/2030

262.5

262.5

223.1

0.13
%
All About Smiles P A
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/30/2040

237.7

237.7

228.0

0.13
%
BJ's Tavern, LLC and BJ's Cabana Bar Inc
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2040

212.5

212.5

203.0

0.12
%
Jonathan E Nichols and Nichols Fire and Security, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
6/30/2025

75.0

75.0

68.6

0.04
%
Home Again Restaurant, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2040

59.0

59.0

57.2

0.03
%
Danny V, LLC dba Hugo's Taproom
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2040

54.0

54.0

47.9

0.03
%
Summit Beverage Group, LLC
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
6/29/2030

291.9

291.9

254.4

0.15
%
R2 Tape Inc. dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/29/2025

176.3

176.3

161.8

0.10
%
North Atlanta RV Rentals, LLC
Rental and Leasing Services
Term Loan
Prime plus 2.75%
6/29/2025

144.3

144.3

115.0

0.07
%
Myclean Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/29/2025

15.9

15.9

12.7

0.01
%
Jihan Inc, dba ARCO AM/PM and Diana Inc dba Diana's Recycling
Gasoline Stations
Term Loan
Prime plus 2.75%
6/26/2040

380.0

380.0

359.4

0.21
%
CEM Autobody, LLC dba Dawn's Autobody
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/26/2040

135.5

135.5

126.4

0.07
%
SofRep, Inc. dba Force 12 Media
Other Information Services
Term Loan
Prime plus 2.75%
6/26/2025

66.3

66.3

52.8

0.03
%
E & G Enterprises, LLC dba Comfort Keepers
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/26/2025

22.5

22.5

18.0

0.01
%
TJU-DGT, Inc. dba The Lorenz Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/26/2029

20.6

20.6

20.1

0.01
%
Ohs Auto Body, Inc. dba Ohs Body Shop
Repair and Maintenance
Term Loan
7.62%
6/25/2040

1,207.5

1,207.5

1,120.9

0.66
%

7

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Wolf Enviro Interests, LLC and Enviromax Services Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
6/25/2040

246.5

246.5

217.9

0.13
%
Amboy Group, LLC dba Tommy's Moloney's
Food Manufacturing
Term Loan
Prime plus 2.75%
6/24/2025

454.0

454.0

447.7

0.26
%
Evinger PA One, Inc. dba Postal Annex, Falcon
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
6/24/2025

22.5

22.5

19.3

0.01
%
Northeast Arkansas Pizza, Inc. dba Domino’s Pizza
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/23/2025

608.0

608.0

488.8

0.29
%
Richards Plumbing and Heating Co., Inc. dba Richards Mechanical
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/23/2040

551.8

551.8

553.4

0.33
%
RJI Services, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/23/2025

37.5

37.5

29.9

0.02
%
Real Help, LLC dba Real Help Decorative Concrete
Administrative and Support Services
Term Loan
Prime plus 2.75%
6/22/2025

53.1

53.1

50.1

0.03
%
Balthazar Management Virgin Islands, LLC dba The Beach Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/22/2025

15.8

15.8

15.5

0.01
%
KRN Logistics, LLC, Newsome Trucking, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
6/19/2025

543.5

543.5

473.8

0.28
%
New Paltz Dental Care, PLLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/19/2025

100.0

100.0

92.8

0.05
%
PM Cassidy Enterprises, Inc. dba Junk King
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
6/19/2025

14.9

14.9

11.9

0.01
%
Inverted Healthcare Staffing of Florida, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/18/2025

61.3

61.3

48.8

0.03
%
Square Deal Siding Company, LLC dba Square Deal Siding Company
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/18/2025

22.5

22.5

22.2

0.01
%
Flooring Liquidators Co Borrowers Flooring Liquidators of Mt Kisco LL
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/17/2025

437.5

437.5

416.6

0.25
%
AM PM Properties, LLC and AM PM Willington, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/17/2040

87.1

87.1

85.4

0.05
%
Nelson Sargsyan dba HDA Trucking
Support Activities for Transportation
Term Loan
Prime plus 2.75%
6/16/2025

130.5

130.5

104.0

0.06
%
Mirage Plastering Inc and Mpire LLC and Mpire II LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/12/2040

338.8

338.8

279.5

0.16
%
Anturio Marketing Inc dba Logic Consulting
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/12/2040

290.3

290.3

291.1

0.17
%
Bizzare Foods Inc dba Trooper Foods
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/12/2025

125.0

125.0

99.6

0.06
%
Eldredge Tavern LLC dba Gonyea's Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/8/2040

56.3

56.3

56.4

0.03
%
ViAr Visual Communications, Inc. dba Fastsigns 281701
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
6/5/2025

62.0

62.0

50.9

0.03
%

8

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/5/2025

16.1

16.1

12.8

0.01
%
Nicor LLC dba Fibrenew Sacramento
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/5/2022

13.8

13.8

11.0

0.01
%
Video Vault & Tanning LLC and Mosaic Salon LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/4/2040

90.5

90.5

90.4

0.05
%
Medworxs LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/3/2025

125.0

125.0

100.7

0.06
%
DTM Parts Supply Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
6/2/2025

62.8

62.8

50.0

0.03
%
XCESSIVE THROTTLE, INC dba Jake's Roadhouse
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/29/2025

8.3

8.3

6.6

—
%
God is Good LLC dba BurgerFi
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/27/2025

67.3

67.3

58.3

0.03
%
Villela CPA PL
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
5/27/2025

9.0

9.0

7.4

—
%
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse
Accommodation
Term Loan
Prime plus 2.75%
5/20/2040

174.1

174.1

168.7

0.10
%
Pen Tex Inc dba The UPS Store
Administrative and Support Services
Term Loan
Prime plus 2.75%
5/20/2025

22.0

22.0

17.6

0.01
%
Opes Campitor Corporation dba Frux Documents
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
5/20/2025

16.5

16.5

13.4

0.01
%
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/15/2025

717.3

717.3

584.7

0.34
%
15 McArdle LLC and No Other Impressions Inc
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/15/2040

257.1

257.1

233.6

0.14
%
E-Z Box Storage, Inc.
Real Estate
Term Loan
Prime plus 2.75%
5/11/2025

89.3

89.3

88.0

0.05
%
Guard Dogs MFS LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/8/2025

65.0

65.0

52.4

0.03
%
Homegrown For Good LLC
Apparel Manufacturing
Term Loan
Prime plus 2.75%
5/8/2025

60.0

60.0

50.7

0.03
%
George S Cochran DDS Inc
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/7/2025

130.0

130.0

104.0

0.06
%
South Park Properties LLC and Midlothian Hardware LLC dba Gril
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
5/6/2040

170.2

170.2

169.5

0.10
%
200 North 8th Street Associates LLC and Enchanted Acres Fa
Food Manufacturing
Term Loan
Prime plus 2.75%
5/4/2028

494.6

494.6

490.4

0.29
%
Matthew Taylor and Landon Farm LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
5/4/2040

23.6

23.6

23.5

0.01
%
Cares Inc dba Dumpling Grounds Day Care Center
Social Assistance
Term Loan
Prime plus 2.75%
5/1/2040

79.7

79.7

79.9

0.05
%

9

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Eastern Energy Systems Inc and Solar Town LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
4/30/2025

74.5

74.5

60.1

0.04
%
Capitol Compliance Associates Inc
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
4/30/2025

15.8

15.8

12.6

0.01
%
RDRhonehouse ENT. LLC dba Chill Skinz
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
4/29/2025

88.3

88.3

70.4

0.04
%
Orchid Enterprises Inc dba Assisting Hands of Sussex County
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/24/2025

14.9

14.9

11.9

0.01
%
Ragazza Restaurant Group, Inc. dba Bambolina
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/21/2025

22.4

22.4

18.9

0.01
%
Diamond Solutions LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
4/21/2025

22.4

22.4

17.8

0.01
%
Giacchino Maritime Consultants Inc
Personal and Laundry Services
Term Loan
Prime plus 2.75%
4/17/2025

22.4

22.4

17.8

0.01
%
Sound Coaching Inc
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
4/14/2025

44.2

44.2

35.2

0.02
%
Carolina Beefs, LLC dba Beef O'Brady's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/13/2025

19.4

19.4

15.4

0.01
%
Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/3/2029

135.6

135.6

113.3

0.07
%
Faramarz Nikourazm dba Car Clinic Center
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/3/2040

73.6

73.6

69.4

0.04
%
T and B Boots Inc dba Takkens
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
3/31/2025

797.9

797.9

730.2

0.43
%
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/31/2040

758.3

758.3

679.7

0.40
%
Mid-South Lumber Co. of Northwest Florida, Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
3/31/2040

427.5

427.5

380.4

0.22
%
HAVANA CENTRAL NJ1, LLC dba Havana Central
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/31/2025

250.0

250.0

239.5

0.14
%
Quest Logic Investments LLC and Kleiner Investments LLC dba Dairy Quee
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/31/2025

22.2

22.2

21.9

0.01
%
Jatcoia 60056, LLC dba Style Encore
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
3/31/2025

21.7

21.7

19.7

0.01
%
Copper Beech Financial Group LLC
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
3/30/2025

123.5

123.5

108.2

0.06
%
Delta Aggrigate LLC
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
3/30/2025

90.0

90.0

88.7

0.05
%
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC
Real Estate
Term Loan
Prime plus 2.75%
3/27/2025

1,222.9

1,222.9

975.0

0.57
%

10

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Shellhorn and Hill Inc dba Total Fleet Service
Nonstore Retailers
Term Loan
Prime plus 2.75%
3/27/2040

1,037.2

1,037.2

923.0

0.54
%
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac
Accommodation
Term Loan
Prime plus 2.75%
3/27/2040

300.9

300.9

301.7

0.18
%
South Florida Air Conditioning and Refrigeration Corp.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
3/27/2040

155.1

155.1

151.9

0.09
%
Balthazar Management Virgin Islands LLC dba The Beach Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/27/2025

121.7

121.7

120.0

0.07
%
Shorr Enterprises Inc dba New Design Furniture Manufacturers
Furniture and Related Product Manufacturing
Term Loan
Prime plus 2.75%
3/27/2025

105.2

105.2

93.8

0.06
%
Geo Los Angeles LLC dba Geo Film Group
Rental and Leasing Services
Term Loan
Prime plus 2.75%
3/26/2025

128.4

128.4

113.6

0.07
%
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
3/26/2040

53.8

53.8

53.8

0.03
%
Carpet Exchange of North Texas Inc and Clyde E. Cumbie Jr
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
3/25/2040

807.6

807.6

798.9

0.47
%
Zero-In Media Inc
Data Processing, Hosting, and Related Services
Term Loan
Prime plus 2.75%
3/25/2025

22.2

22.2

17.7

0.01
%
Loriet LLC
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/24/2025

11.9

11.9

9.4

0.01
%
CML RW Security, LLC
Construction of Buildings
Term Loan
Prime plus 2.75%
3/20/2025

567.9

567.9

452.7

0.27
%
Shelton Incorporated dba Mrs. Winners
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/20/2040

112.2

112.2

111.0

0.07
%
Jaymie Hazard dba Indigo Hair Studio and Day Spa
Personal and Laundry Services
Term Loan
Prime plus 2.75%
3/20/2040

42.8

42.8

40.1

0.02
%
R & R Security and Investigations Inc dba Pardners Lake Buchanan
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/19/2040

85.2

85.2

85.4

0.05
%
MMS Realty, LLC and Molecular MS Diagnostics LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
3/18/2040

160.3

160.3

148.8

0.09
%
Gurtej Singh and Ranjit Kaur dba Food Fair Market
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/18/2025

22.2

22.2

17.7

0.01
%
BND Sebastian Limited Liability Company and Sebastian Fitness L
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/16/2040

172.0

172.0

166.4

0.10
%
Royal Crest Motors LLC
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
3/16/2040

91.0

91.0

86.4

0.05
%
Firm Foundations Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
3/13/2025

80.2

80.2

78.6

0.05
%
Summit Treatment Services Inc
Social Assistance
Term Loan
Prime plus 2.75%
3/11/2025

22.2

22.2

18.5

0.01
%
Douglas Printy Motorsports, Inc. dba Blackburn Trike
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
3/9/2040

191.2

191.2

177.5

0.10
%

11

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Luigi's on Main LLC and Luigi's Main Street Pizza Inc
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/4/2025

11.1

11.1

10.9

0.01
%
Calhoun Satellite Communications Inc and Transmission Solutions Group
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
2/27/2025

934.4

934.4

786.5

0.46
%
J&M Concessions Inc dba A 1 Liquors
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/27/2025

85.7

85.7

73.9

0.04
%
Baystate Firearms and Training, LLC
Educational Services
Term Loan
Prime plus 2.75%
2/27/2025

62.1

62.1

50.1

0.03
%
Road to Sedona Inc dba Thirteen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/27/2025

55.6

55.6

45.2

0.03
%
Kingseal LLC dba Desoto Health and Rehab Center
Nursing and Residential Care Facilities
Term Loan
Prime plus 2.75%
2/26/2040

1,244.5

1,244.5

1,248.0

0.74
%
Pace Motor Lines, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
2/26/2025

65.1

65.1

63.4

0.04
%
Nelson Financial Services LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
2/24/2025

12.2

12.2

9.7

0.01
%
Kiddie Steps 4 You Inc.
Social Assistance
Term Loan
Prime plus 2.75%
2/19/2040

61.7

61.7

56.8

0.03
%
Triangle Trash LLC dba Bin There Dump That
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
2/18/2025

73.0

73.0

63.4

0.04
%
Silva Realty Holdings, LLC and MF-Silva Enterprises, Inc. dba T
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/11/2040

170.8

170.8

157.7

0.09
%
740 Barry Street Realty LLC and Wild Edibles Inc
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
2/10/2040

490.3

490.3

491.7

0.29
%
Kostekos Inc dba New York Style Pizza
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/6/2040

66.0

66.0

62.2

0.04
%
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty
Wood Product Manufacturing
Term Loan
Prime plus 2.75%
2/2/2040

224.1

224.1

203.9

0.12
%
Dean 1021 LLC dba Pure Pita
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/29/2025

80.0

80.0

65.1

0.04
%
Limameno LLC dba Sal's Italian Ristorante
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/23/2025

81.2

81.2

67.1

0.04
%
DocMagnet Inc
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
1/23/2025

21.9

21.9

18.2

0.01
%
Palmabak Inc dba Mami Nora's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/22/2025

20.9

20.9

20.2

0.01
%
Jung Design Inc
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
1/20/2022

8.1

8.1

6.5

—
%
FHJE Ventures LLC and Eisenreich II Inc dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/31/2039

245.3

245.3

219.3

0.13
%
Grand Blanc Lanes, Inc. and H, H and H, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/31/2039

132.0

132.0

129.4

0.08
%

12

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
First Prevention and Dialysis Center LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/30/2024

273.2

273.2

248.1

0.15
%
Evans and Paul LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/30/2024

216.8

216.8

201.2

0.12
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
Accommodation
Term Loan
Prime plus 2.75%
12/30/2024

102.9

102.9

101.3

0.06
%
Bowlerama Inc
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/24/2039

1,195.4

1,195.4

1,192.9

0.70
%
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/23/2039

526.4

526.4

465.9

0.27
%
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
12/23/2039

496.3

496.3

496.5

0.29
%
401 JJS Corporation and G. Randazzo Corporation
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/23/2039

473.5

473.5

456.2

0.27
%
Atlantis of Daytona LLC and Ocean Club Sportswear Inc
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/23/2039

237.3

237.3

237.3

0.14
%
Carolina Flicks Inc dba The Howell Theater
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
12/23/2032

161.1

161.1

147.4

0.09
%
Winter Ventures Inc dba Qualitybargainbooks and Qualitybargainmall
Nonstore Retailers
Term Loan
Prime plus 2.75%
12/23/2024

151.2

151.2

127.2

0.07
%
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/22/2024

181.7

181.7

152.5

0.09
%
The Jewelers Inc. dba The Jewelers of Las Vegas
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/19/2024

1,212.5

1,212.5

964.4

0.57
%
B.S. Ventures LLC dba Dink's Market
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/19/2039

53.4

53.4

53.0

0.03
%
Will Zac Management LLC dba Papa John's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/19/2024

47.2

47.2

46.5

0.03
%
MM and M Management Inc dba Pizza Artista
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/19/2025

45.7

45.7

36.9

0.02
%
B & W Towing, LLC and Boychucks Fuel LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/17/2039

163.3

163.3

149.4

0.09
%
All American Games, LLC and Sportslink - The Game, LLC
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/10/2024

387.5

387.5

328.2

0.19
%
The Conibear Corporation and Conibear Trucking, LLC
Truck Transportation
Term Loan
Prime plus 2.75%
12/5/2024

11.8

11.8

10.1

0.01
%
Kemmer LLC and Apples Tree Top Liquors LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/4/2039

137.4

137.4

123.4

0.07
%
Homegrown For Good LLC
Apparel Manufacturing
Term Loan
Prime plus 2.75%
11/26/2024

224.3

224.3

196.0

0.12
%

13

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
The Red Pill Management, Inc. dba UFC Gym Matthews
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
11/26/2024

52.8

52.8

44.3

0.03
%
Trading Group 3, Inc.
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
11/26/2024

21.7

21.7

17.0

0.01
%
Meridian Hotels, LLC dba Best Western Jonesboro
Accommodation
Term Loan
Prime plus 2.75%
11/25/2039

227.0

227.0

226.4

0.13
%
Modern Manhattan LLC
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
11/25/2024

211.8

211.8

169.3

0.10
%
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/25/2039

147.4

147.4

136.7

0.08
%
Stormrider Inc dba Shirley's Stormrider, Inc
Truck Transportation
Term Loan
Prime plus 2.75%
11/25/2024

144.4

144.4

113.3

0.07
%
DeRidder Chiropractic LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/25/2024

12.7

12.7

12.1

0.01
%
J&D Resources, LLC dba Aqua Science
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/21/2024

739.4

739.4

589.9

0.35
%
Legacy Estate Planning Inc dba American Casket Enterprises
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/21/2024

40.4

40.4

31.7

0.02
%
DC Real LLC and DC Enterprises LTD dba Lakeview True Value
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
11/20/2039

118.9

118.9

114.6

0.07
%
MLM Enterprises LLC and Demand Printing Solutions Inc
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
11/18/2024

67.9

67.9

60.7

0.04
%
JEJE Realty LLC and La Familia Inc
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/10/2039

203.9

203.9

188.8

0.11
%
Joey O's LLC and Jennifer Olszewski
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/7/2024

8.7

8.7

6.8

—
%
Laura L. Smith dba Lisa Smith Studio
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/3/2024

14.4

14.4

11.3

0.01
%
Frontier Bulk Solution LLC
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
10/31/2024

1,195.2

1,195.2

994.3

0.59
%
Heartland American Properties LLC and Skaggs RV Outlet LLC
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/31/2039

474.1

474.1

454.3

0.27
%
M and C Renovations Inc
Construction of Buildings
Term Loan
Prime plus 2.75%
10/31/2024

19.4

19.4

15.1

0.01
%
Golden Transaction Corporation dba Bleh Sunoco
Gasoline Stations
Term Loan
Prime plus 2.75%
10/30/2039

155.1

155.1

151.0

0.09
%
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/29/2039

67.4

67.4

64.3

0.04
%
Seelan Inc dba Candleridge Market
Gasoline Stations
Term Loan
Prime plus 2.75%
10/27/2039

89.6

89.6

82.9

0.05
%

14

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
185 Summerfield Inc and Valcon Contracting Corp
Construction of Buildings
Term Loan
Prime plus 2.75%
10/24/2039

160.6

160.6

155.5

0.09
%
Navdeep B Martins and Busy Bubbles LLC dba Wishy Washy
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/24/2039

88.2

88.2

79.3

0.05
%
3 F Management LLC and ATC Port Charlotte LLC dba Around The Clock Fit
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/17/2024

125.5

125.5

105.9

0.06
%
One Hour Jewelry Repair Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/14/2024

19.6

19.6

15.4

0.01
%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/10/2039

1,243.2

1,243.2

1,243.6

0.73
%
Capitol Waste and Recycling Services LLC
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
10/10/2024

246.4

246.4

208.3

0.12
%
Sound Manufacturing Inc
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
10/10/2024

179.6

179.6

149.9

0.09
%
DNT Storage and Properties LLC
Real Estate
Term Loan
Prime plus 2.75%
10/10/2039

100.7

100.7

97.9

0.06
%
Boilermaker Industries LLC dba PostNet
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/9/2024

18.2

18.2

16.2

0.01
%
Doctors Express Management of Central Texas LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/8/2024

88.8

88.8

81.8

0.05
%
Smith Spinal Care Center P.C. and James C. Smith
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/8/2039

59.4

59.4

56.3

0.03
%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/3/2039

125.2

125.2

120.8

0.07
%
Sumad LLC dba BrightStar Care of Encinitas
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/2/2024

89.0

89.0

86.4

0.05
%
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/30/2039

538.8

538.8

491.0

0.29
%
Roccos LLC and Sullo Pantalone Inc dba Rocco's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/30/2039

252.7

252.7

231.6

0.14
%
Keller Holdings LLC and David H Keller III and Carie C Keller
Scenic and Sightseeing Transportation
Term Loan
Prime plus 2.75%
9/30/2039

98.8

98.8

97.5

0.06
%
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The
Accommodation
Term Loan
Prime plus 2.75%
9/29/2039

508.0

508.0

508.0

0.30
%
Orange County Insurance Brokerage Inc dba Beaty Insurance Agency
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
9/29/2039

322.2

322.2

322.3

0.19
%
Keys Phase One LLC dba The Grand Guesthouse
Accommodation
Term Loan
Prime plus 2.75%
9/26/2039

727.5

727.5

702.0

0.41
%
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/26/2039

594.6

594.6

570.5

0.34
%
Gordon E Rogers dba Stonehouse Motor Inn
Accommodation
Term Loan
Prime plus 2.75%
9/26/2039

56.8

56.8

56.8

0.03
%

15

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud
Gasoline Stations
Term Loan
Prime plus 2.75%
9/26/2024

21.4

21.4

17.7

0.01
%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/24/2039

447.1

447.1

388.7

0.23
%
North Columbia LLC and Loop Liquor and Convenience Store LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/24/2039

157.4

157.4

151.4

0.09
%
R A Johnson Inc dba Rick Johnson Auto and Tire
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/23/2039

297.7

297.7

296.8

0.17
%
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/23/2024

36.0

36.0

28.4

0.02
%
Utek Corporation dba Arcade Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/22/2039

402.6

402.6

398.1

0.23
%
Play and Stay LLC dba Zoom Room Tinton Falls
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/18/2024

40.5

40.5

31.8

0.02
%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/17/2039

143.8

143.8

143.8

0.08
%
Modern Leather Goods Repair Shop Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/17/2024

55.4

55.4

43.4

0.03
%
Tavern Properties LLC and Wildwood Tavern LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/15/2039

422.8

422.8

404.8

0.24
%
Animal Intrusion Prevention Systems Holding Company, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/15/2024

259.1

259.1

219.7

0.13
%
RDT Enterprises LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
9/15/2027

157.1

157.1

148.3

0.09
%
KW Zion, LLC and Key West Gallery Inc
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
9/12/2039

1,235.2

1,235.2

1,190.6

0.70
%
Indy East Smiles Youth Dentistry LLC dba Prime Smile East
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/11/2024

598.5

598.5

473.2

0.28
%
B&P Diners LLC dba Engine House Restaurant
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/10/2024

76.0

76.0

58.9

0.03
%
Feel The World Inc dba Xero Shoes and Invisible Shoes
Leather and Allied Product Manufacturing
Term Loan
Prime plus 2.75%
9/5/2024

49.3

49.3

40.1

0.02
%
Delta Aggrigate LLC
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
8/28/2039

892.7

892.7

892.8

0.53
%
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC)
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
8/27/2024

126.4

126.4

124.3

0.07
%
Orange County Cleaning Inc
Administrative and Support Services
Term Loan
Prime plus 2.75%
8/27/2024

38.9

38.9

30.5

0.02
%
Qycell Corporation
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
8/26/2024

114.3

114.3

99.2

0.06
%
Atlas Auto Body Inc dba Atlas Auto Sales
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/22/2039

50.9

50.9

47.1

0.03
%
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc (OC)
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
8/21/2039

1,209.7

1,209.7

1,151.3

0.68
%

16

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach db
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
8/15/2039

427.1

427.1

427.1

0.25
%
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D
Gasoline Stations
Term Loan
Prime plus 2.75%
8/15/2039

148.7

148.7

126.7

0.07
%
Alpha Preparatory Academy LLC
Social Assistance
Term Loan
Prime plus 2.75%
8/15/2039

143.9

143.9

143.9

0.08
%
Katie Senior Care LLC dba Home Instead Senior Care
Social Assistance
Term Loan
Prime plus 2.75%
8/15/2024

117.2

117.2

91.9

0.05
%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
8/8/2039

186.2

186.2

185.6

0.11
%
Almost Home Property LLC and Almost Home Daycare LLC
Social Assistance
Term Loan
Prime plus 2.75%
8/7/2039

707.2

707.2

692.2

0.41
%
iFood, Inc. dba Steak N Shake
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2024

368.8

368.8

318.7

0.19
%
AGV Enterprises LLC dba Jet's Pizza #42
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2024

51.4

51.4

41.6

0.02
%
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/30/2039

22.2

22.2

22.2

0.01
%
L&S Insurance & Financial Services Inc
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/25/2024

21.1

21.1

16.9

0.01
%
Honeyspot Investors LLP and Pace Motor Lines Inc
Truck Transportation
Term Loan
Prime plus 2.75%
7/24/2039

148.0

148.0

146.5

0.09
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/17/2039

99.1

99.1

94.5

0.06
%
Wired LLC and Moulison North Corporation
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/3/2024

143.5

143.5

124.3

0.07
%
Honeyspot Investors LLP and Pace Motor Lines Inc
Truck Transportation
Term Loan
Prime plus 2.75%
6/30/2039

863.6

863.6

854.6

0.50
%
iFood, Inc. dba Steak N Shake
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2039

619.5

619.5

544.4

0.32
%
Wired LLC and Moulison North Corporation
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/30/2024

474.9

474.9

411.4

0.24
%
AMG Holding, LLC and Stetson Automotive, Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/30/2039

204.6

204.6

204.0

0.12
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/30/2024

93.0

93.0

89.5

0.05
%
Highway Striping Inc
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
6/30/2024

49.4

49.4

41.4

0.02
%
FHJE Ventures LLC and Eisenreich II Inc. dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/27/2039

316.6

316.6

301.2

0.18
%
JPM Investments LLC and Carolina Family Foot Care P.A.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/26/2039

134.1

134.1

129.5

0.08
%

17

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Zinger Hardware and General Merchant Inc
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
6/26/2024

102.8

102.8

91.5

0.05
%
Nikobella Properties LLC and JPO Inc dba Village Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/25/2039

468.4

468.4

448.5

0.26
%
RDJ Maayaa Inc dba RDJ Distributors
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/23/2024

8.0

8.0

6.4

—
%
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
6/20/2039

229.6

229.6

218.5

0.13
%
510 ROK Realty LLC dba ROK Health and Fitness and Robert N. D'urso
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/19/2024

309.4

309.4

294.3

0.17
%
Nirvi Enterprises LLC dba Howard Johnson / Knights Inn
Accommodation
Term Loan
Prime plus 2.75%
6/17/2039

905.2

905.2

905.1

0.53
%
Hotels of North Georgia LLC dba Comfort Inn and Suites
Accommodation
Term Loan
Prime plus 2.75%
6/17/2039

823.8

823.8

820.2

0.48
%
Global Educational Delivery Services LLC
Educational Services
Term Loan
Prime plus 2.75%
6/16/2024

56.2

56.2

55.2

0.03
%
Rainbow Dry Cleaners
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/13/2024

114.0

114.0

96.4

0.06
%
NVR Corporation dba Discount Food Mart
Food and Beverage Stores
Term Loan
Prime plus 2.75%
6/11/2039

66.5

66.5

66.5

0.04
%
Sico & Walsh Insurance Agency Inc and The AMS Trust
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
6/6/2039

247.5

247.5

231.7

0.14
%
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel
Food and Beverage Stores
Term Loan
Prime plus 2.75%
6/3/2024

20.9

20.9

17.3

0.01
%
Long Island Barber + Beauty LLC
Educational Services
Term Loan
Prime plus 2.75%
6/2/2039

54.6

54.6

51.2

0.03
%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/30/2024

49.0

49.0

45.0

0.03
%
Pocono Coated Products, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/30/2024

20.8

20.8

19.2

0.01
%
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
5/29/2039

927.2

927.2

927.1

0.55
%
Wilton Dental Care P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/29/2024

120.8

120.8

96.5

0.06
%
EGM Food Services Inc dba Gold Star Chili
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/29/2024

17.7

17.7

14.8

0.01
%
Jonesboro Health Food Center LLC
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
5/27/2024

55.4

55.4

43.9

0.03
%
USI Properties LLC dba U Store It
Real Estate
Term Loan
Prime plus 2.75%
5/23/2039

142.0

142.0

140.0

0.08
%

18

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc(OC)
Personal and Laundry Services
Term Loan
Prime plus 2.75%
5/21/2039

132.9

132.9

132.8

0.08
%
Hae M. and Jin S. Park dba Buford Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/15/2039

162.8

162.8

149.9

0.09
%
Moochie's LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/13/2024

94.0

94.0

76.1

0.04
%
The River Beas LLC and Punam Singh
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/8/2039

88.6

88.6

84.2

0.05
%
AS Boyals LLC dba Towne Liquors
Food and Beverage Stores
Term Loan
Prime plus 2.75%
4/29/2039

115.2

115.2

115.2

0.07
%
Winter Ventures Inc and 214 N Franklin LLC
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/29/2024

57.4

57.4

51.1

0.03
%
ENI Inc, Event Networks Inc, ENI Worldwide LLC and Spot Shop Inc
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
4/25/2024

458.7

458.7

361.1

0.21
%
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/23/2027

74.2

74.2

71.8

0.04
%
Complete Body & Paint, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/23/2039

20.4

20.4

20.4

0.01
%
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu
Real Estate
Term Loan
Prime plus 2.75%
4/22/2039

101.9

101.9

101.8

0.06
%
Aiello's Pizzeria LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/18/2024

39.2

39.2

32.6

0.02
%
Wilshire Media Systems Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
4/17/2024

170.9

170.9

139.6

0.08
%
Family Ties Supply Corp dba Best Cookies & More dba Cookie Factory Out
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
4/16/2024

49.5

49.5

38.8

0.02
%
R2 Tape Inc dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
4/10/2024

72.2

72.2

71.0

0.04
%
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/9/2039

133.9

133.9

129.8

0.08
%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC
Truck Transportation
Term Loan
Prime plus 2.75%
3/31/2024

683.1

683.1

666.8

0.39
%
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
3/31/2039

439.6

439.6

424.6

0.25
%
Dantanna's Tavern LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2024

151.3

151.3

127.7

0.08
%
RDT Enterprises, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/31/2028

133.9

133.9

132.6

0.08
%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/31/2039

115.2

115.2

98.8

0.06
%
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC)
Social Assistance
Term Loan
Prime plus 2.75%
3/31/2039

100.4

100.4

90.7

0.05
%

19

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC)
Social Assistance
Term Loan
Prime plus 2.75%
3/31/2039

91.0

91.0

82.2

0.05
%
Wilban LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/28/2039

419.2

419.2

401.5

0.24
%
Lake Area Autosound LLC and Ryan H. Whittington
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
7/28/2039

124.1

124.1

116.1

0.07
%
TC Business Enterprises LLC dba Sky Zone Indoor Trampoline Park
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/27/2024

269.3

269.3

219.8

0.13
%
Sapienzo Properties LLC (EPC) CNS Self-Storage Inc (OC)
Real Estate
Term Loan
Prime plus 2.75%
3/27/2039

188.8

188.8

188.8

0.11
%
Hascher Gabelstapler Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/26/2024

130.5

130.5

118.1

0.07
%
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox
Social Assistance
Term Loan
Prime plus 2.75%
3/21/2039

142.2

142.2

131.2

0.08
%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co
Primary Metal Manufacturing
Term Loan
Prime plus 2.75%
3/20/2039

487.0

487.0

486.8

0.29
%
Cormac Enterprises and Wyoming Valley Beverage Incorporated
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/20/2039

108.6

108.6

108.6

0.06
%
Kinisi, Inc. dba The River North UPS Store
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/18/2024

35.5

35.5

31.6

0.02
%
Tortilla King, Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
3/14/2029

999.2

999.2

894.0

0.53
%
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park LLC
Social Assistance
Term Loan
Prime plus 2.75%
3/14/2039

400.6

400.6

397.9

0.23
%
Tortilla King Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
3/14/2039

213.3

213.3

192.5

0.11
%
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/13/2039

218.8

218.8

218.7

0.13
%
Avayaan2 LLC dba Island Cove
Gasoline Stations
Term Loan
Prime plus 2.75%
3/7/2039

154.2

154.2

147.5

0.09
%
Onofrio's Fresh Cut Inc
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/6/2024

68.4

68.4

63.4

0.04
%
J&M Concessions, Inc.dba A-1 Liquors
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/3/2039

132.7

132.7

119.8

0.07
%
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/28/2039

408.2

408.2

383.3

0.23
%
Summit Beverage Group LLC
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
2/28/2024

317.1

317.1

282.9

0.17
%
Faith Memorial Chapel LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
2/28/2039

209.7

209.7

193.3

0.11
%
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International
Personal and Laundry Services
Term Loan
Prime plus 2.75%
2/28/2039

206.3

206.3

190.8

0.11
%

20

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Choe Trade Group Inc dba Rapid Printers of Monterey
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
2/28/2024

144.0

144.0

138.3

0.08
%
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/12/2039

138.1

138.1

138.0

0.08
%
JWB Industries, Inc. dba Carteret Die Casting
Primary Metal Manufacturing
Term Loan
Prime plus 2.75%
2/11/2024

253.2

253.2

208.8

0.12
%
Sovereign Communications LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
2/7/2024

820.7

820.7

660.5

0.39
%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/7/2039

97.3

97.3

92.8

0.05
%
Awesome Pets II Inc dba Mellisa's Pet Depot
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
2/7/2024

76.1

76.1

63.5

0.04
%
Robert Star Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
2/5/2024

42.3

42.3

41.6

0.02
%
Atlas Mountain Construction LLC
Construction of Buildings
Term Loan
Prime plus 2.75%
1/28/2024

14.8

14.8

14.4

0.01
%
Sarah Sibadan dba Sibadan Agency
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
1/27/2039

126.3

126.3

123.5

0.07
%
3Fmanagement LLC and ATC Fitness Cape Coral, LLC dba Around the Cloc
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
1/24/2024

381.4

381.4

320.9

0.19
%
JDR Industries Inc dba CST-The Composites Store, JetCat USA
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
1/21/2024

125.9

125.9

108.0

0.06
%
Icore Enterprises Inc dba Air Flow Filters Inc
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
1/15/2024

19.5

19.5

19.4

0.01
%
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc
Construction of Buildings
Term Loan
Prime plus 2.75%
12/31/2038

883.1

883.1

847.2

0.50
%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
9/30/2027

674.5

674.5

670.2

0.40
%
S.Drake LLC dba Express Employment Professionals of Ann Arbor, Michiga
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/31/2023

17.0

17.0

14.8

0.01
%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's
Food Manufacturing
Term Loan
Prime plus 2.75%
12/27/2023

592.9

592.9

588.0

0.35
%
Shane M. Howell and Buck Hardware and Garden Center, LLC
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
12/27/2038

314.2

314.2

299.6

0.18
%
Superior Disposal Service, Inc.
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
12/26/2023

214.2

214.2

204.7

0.12
%
KK International Trading Corporation
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/23/2028

178.3

178.3

171.7

0.10
%
AIP Enterprises LLC and Spider's Web Inc dba Black Widow Harley-Davids
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
12/20/2038

937.8

937.8

943.7

0.56
%

21

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Mosley Auto Group LLC dba America's Automotive
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/20/2038

215.8

215.8

214.9

0.13
%
Kurtis Sniezek dba Wolfe's Foreign Auto
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/20/2038

86.6

86.6

87.6

0.05
%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/19/2038

541.0

541.0

522.5

0.31
%
Lefont Theaters Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/19/2023

12.8

12.8

11.7

0.01
%
TAK Properties LLC and Kinderland Inc
Social Assistance
Term Loan
Prime plus 2.75%
12/18/2038

394.7

394.7

383.1

0.23
%
Any Garment Cleaner-East Brunswick, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/18/2023

47.9

47.9

45.7

0.03
%
TOL LLC dba Wild Birds Unlimited
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
12/13/2023

16.6

16.6

15.1

0.01
%
8 Minute Oil Change of Springfield Corporation and John Nino
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/12/2038

190.5

190.5

190.1

0.11
%
920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC)
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
12/10/2038

407.4

407.4

410.4

0.24
%
DKB Transport Corp
Truck Transportation
Term Loan
Prime plus 2.75%
12/5/2038

135.2

135.2

136.7

0.08
%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/3/2023

486.1

486.1

446.2

0.26
%
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/3/2038

101.5

101.5

94.6

0.06
%
Spectrum Development LLC and Solvit Inc & Solvit North, Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/2/2023

345.0

345.0

316.6

0.19
%
BVIP Limousine Service LTD
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
11/27/2038

74.4

74.4

73.6

0.04
%
Eco-Green Reprocessing LLC and Denali Medical Concepts, LLC
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
11/27/2023

59.4

59.4

52.3

0.03
%
TNDV: Television LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
11/26/2038

246.8

246.8

240.4

0.14
%
Veterinary Imaging Specialists of Alaska, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/26/2023

148.3

148.3

142.7

0.08
%
Wallace Holdings LLC (EPC) GFA International Inc (OC)
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.5%
11/25/2023

110.3

110.3

96.0

0.06
%
AcuCall LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/21/2023

14.0

14.0

12.0

0.01
%
Seven Peaks Mining Inc and Cornerstone Industrial Minerals Corporation
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
11/18/2038

1,216.1

1,216.1

1,121.3

0.66
%

22

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
11/18/2023

40.5

40.5

35.6

0.02
%
Kup's Auto Spa Inc
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/15/2038

385.9

385.9

386.2

0.23
%
Yousef Khatib dba Y&M Enterprises
Wholesale Electronic Markets and Agents and Brokers
Term Loan
Prime plus 2.75%
11/15/2023

66.3

66.3

58.5

0.03
%
Howell Gun Works LLC
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
11/14/2023

7.4

7.4

6.4

—
%
Armin and Kian Inc dba The UPS Store 3714
Couriers and Messengers
Term Loan
Prime plus 2.75%
11/13/2023

50.0

50.0

42.9

0.03
%
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC)
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/6/2038

61.1

61.1

61.8

0.04
%
Twinsburg Hospitality Group LLC dba Comfort Suites
Accommodation
Term Loan
Prime plus 2.75%
10/31/2038

920.5

920.5

888.2

0.52
%
Master CNC Inc & Master Properties LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
10/31/2038

579.4

579.4

545.9

0.32
%
1 North Restaurant Corp dba 1 North Steakhouse
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
10/31/2038

206.4

206.4

205.1

0.12
%
Mid-Land Sheet Metal Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
10/31/2038

133.7

133.7

132.1

0.08
%
Janice B. McShan and The Metropolitan Day School, LLC
Social Assistance
Term Loan
Prime plus 2.75%
10/31/2023

38.7

38.7

37.8

0.02
%
Meridian Hotels LLC dba Best Western Jonesboro
Accommodation
Term Loan
Prime plus 2.75%
10/29/2038

644.0

644.0

648.7

0.38
%
New Image Building Services Inc. dba New Image Repair Services; The Ma
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/29/2023

290.6

290.6

260.0

0.15
%
A-1 Quality Services Corporation
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/29/2023

7.8

7.8

6.7

—
%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
10/24/2038

239.1

239.1

228.5

0.13
%
Greenbrier Technical Services, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/24/2023

211.9

211.9

205.4

0.12
%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/18/2023

76.8

76.8

68.7

0.04
%
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
10/18/2023

22.6

22.6

21.3

0.01
%
Shepher Distr's and Sales Corp and The Lederer Industries Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/30/2023

908.2

908.2

900.2

0.53
%
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B
Gasoline Stations
Term Loan
Prime plus 2.75%
9/30/2038

667.1

667.1

628.6

0.37
%
Cencon Properties LLC and Central Connecticut Warehousing Company, In
Warehousing and Storage
Term Loan
Prime plus 2.75%
9/30/2038

334.4

334.4

335.9

0.20
%

23

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

314.4

314.4

308.3

0.18
%
Onofrios Enterprises LLC (EPC) Onofrios Fresh Cut, Inc
Food Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

304.6

304.6

300.1

0.18
%
Discount Wheel and Tire
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
9/30/2038

216.9

216.9

209.7

0.12
%
Top Properties LLC and LP Industries, Inc dba Childforms
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

116.7

116.7

118.0

0.07
%
AGS Talcott Partners, Inc.
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
9/30/2023

102.5

102.5

88.0

0.05
%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool -
Social Assistance
Term Loan
Prime plus 2.75%
9/30/2038

94.6

94.6

89.9

0.05
%
Gabrielle Realty, LLC
Gasoline Stations
Term Loan
Prime plus 2.75%
9/27/2038

734.2

734.2

708.3

0.42
%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/27/2038

324.7

324.7

317.5

0.19
%
Handy 6391 LLC dba The UPS Store #6391
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/27/2023

55.4

55.4

54.9

0.03
%
Eastside Soccer Dome, Inc .
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2038

449.4

449.4

454.3

0.27
%
HJ & Edward Enterprises,LLC dba Sky Zone
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2023

236.0

236.0

222.1

0.13
%
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Home
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/26/2038

97.0

97.0

98.1

0.06
%
Southeast Chicago Soccer, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2038

49.7

49.7

50.2

0.03
%
Kiddie Steps 4 You Inc.
Social Assistance
Term Loan
Prime plus 2.75%
9/25/2038

87.4

87.4

83.5

0.05
%
Diamond Memorials Incorporated
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/25/2023

12.1

12.1

10.3

0.01
%
Faith Memorial Chapel LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/20/2038

260.5

260.5

254.6

0.15
%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
Educational Services
Term Loan
Prime plus 2.75%
9/20/2023

40.5

40.5

35.8

0.02
%
Westville Seafood LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/19/2038

108.8

108.8

105.4

0.06
%
Maynard Enterprises Inc dba Fastsigns of Texarkana
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
9/18/2023

14.2

14.2

12.6

0.01
%
Grafio Inc dba Omega Learning Center-Acworth
Educational Services
Term Loan
Prime plus 2.75%
9/13/2023

136.1

136.1

121.5

0.07
%
The Berlerro Group, LLC dba Sky Zone
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/12/2023

378.5

378.5

335.4

0.20
%

24

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Sound Manufacturing Inc
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
9/12/2028

50.9

50.9

47.6

0.03
%
Prospect Kids Academy Inc
Educational Services
Term Loan
Prime plus 2.75%
9/11/2038

120.4

120.4

118.7

0.07
%
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center, I
Social Assistance
Term Loan
Prime plus 2.75%
9/11/2038

38.3

38.3

38.7

0.02
%
B for Brunette dba Blo
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/10/2023

47.1

47.1

40.7

0.02
%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/4/2038

216.0

216.0

208.7

0.12
%
IlOKA Inc dba Microtech Tel and NewCloud Networks
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/30/2023

593.9

593.9

536.9

0.32
%
ACI Northwest Inc.
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
8/30/2023

593.6

593.6

563.6

0.33
%
Spectrum Radio Fairmont, LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
8/30/2023

167.3

167.3

162.2

0.10
%
Excel RP Inc
Machinery Manufacturing
Term Loan
Prime plus 2.75%
8/30/2023

112.5

112.5

108.5

0.06
%
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis
Social Assistance
Term Loan
Prime plus 2.75%
8/30/2023

37.4

37.4

35.8

0.02
%
Ramard Inc and Advanced Health Sciences Inc
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/28/2023

162.0

162.0

139.0

0.08
%
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins
Nonstore Retailers
Term Loan
Prime plus 2.75%
8/26/2023

70.3

70.3

69.7

0.04
%
JSIL LLC dba Blackstones Hairdressing
Personal and Laundry Services
Term Loan
Prime plus 2.75%
8/16/2023

16.9

16.9

15.1

0.01
%
Jatcoia, LLC dba Plato's Closet
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
8/15/2023

49.3

49.3

48.2

0.03
%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
8/14/2038

336.7

336.7

320.8

0.19
%
Caribbean Concepts, Inc. dba Quick Bleach
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/12/2023

19.6

19.6

17.2

0.01
%
Blacknorange2 LLC dba Popeyes Louisiana Kitchen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2023

152.0

152.0

131.0

0.08
%
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc (OC)
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/29/2038

81.0

81.0

79.6

0.05
%
Majestic Contracting Services, Inc. dba Majestic Electric and Majestic
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/26/2038

183.5

183.5

176.4

0.10
%
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
7/24/2023

9.6

9.6

9.6

0.01
%
Angkor Restaurant Inc
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/19/2038

89.8

89.8

89.4

0.05
%

25

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Tri County Heating and Cooling Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/19/2023

75.2

75.2

72.6

0.04
%
Harbor Ventilation Inc and Estes Investment, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/19/2038

33.1

33.1

33.5

0.02
%
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC
Truck Transportation
Term Loan
Prime plus 2.75%
7/17/2023

46.1

46.1

38.9

0.02
%
Maxiflex LLC
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
6/28/2023

130.6

130.6

129.4

0.08
%
JRA Holdings LLC (EPC) Jasper County Cleaners Inc dba Superior Cleaner
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/28/2038

116.7

116.7

117.9

0.07
%
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/28/2038

94.1

94.1

95.1

0.06
%
Emerald Ironworks Inc
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/27/2023

61.5

61.5

54.5

0.03
%
Contract Packaging Services Inc dba Superior Pack Group
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
6/21/2023

729.5

729.5

666.0

0.39
%
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower)
Truck Transportation
Term Loan
Prime plus 2.75%
6/19/2026

881.2

881.2

878.5

0.52
%
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
6/18/2028

801.2

801.2

800.8

0.47
%
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/14/2023

292.3

292.3

254.7

0.15
%
Elite Structures Inc
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
6/12/2038

883.4

883.4

888.2

0.52
%
(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/5/2038

182.0

182.0

172.2

0.10
%
(EPC) Willowbrook Properties LLC (OC) Grove Gardens Landscaping Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
6/5/2038

179.6

179.6

177.1

0.10
%
Maciver Corporation dba Indie Rentals and Division Camera
Rental and Leasing Services
Term Loan
Prime plus 2.75%
5/31/2023

372.0

372.0

349.4

0.21
%
RKP Service dba Rainbow Carwash
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/31/2023

255.8

255.8

224.7

0.13
%
Europlast Ltd
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
5/31/2023

155.6

155.6

150.0

0.09
%
RXSB, Inc dba Medicine Shoppe
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
5/30/2023

157.8

157.8

135.3

0.08
%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/28/2023

53.6

53.6

49.3

0.03
%
Ryan D. Thornton and Thornton & Associates LLC
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
5/24/2023

52.4

52.4

44.9

0.03
%
Insurance Problem Solvers LLC
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
5/20/2023

14.4

14.4

12.4

0.01
%

26

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Hybrid Racing LLC.
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
5/15/2023

100.3

100.3

91.0

0.05
%
Atlas Mountain Construction, LLC
Construction of Buildings
Term Loan
Prime plus 2.75%
5/13/2038

122.5

122.5

123.8

0.07
%
PowerWash Plus, Inc. and CJR, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/30/2038

528.6

528.6

510.3

0.30
%
Peanut Butter & Co., Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
4/30/2023

82.8

82.8

71.8

0.04
%
Brothers International Desserts
Food Manufacturing
Term Loan
Prime plus 2.75%
4/26/2023

192.4

192.4

178.3

0.11
%
Kidrose, LLC dba Kidville Riverdale
Educational Services
Term Loan
Prime plus 2.75%
4/22/2023

66.7

66.7

60.0

0.04
%
SFAM Parsippany LLC dba Cups Frozen Yogurt
Food Services and Drinking Places
Term Loan
6%
4/19/2023

30.5

30.5

28.9

0.02
%
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc.
Educational Services
Term Loan
Prime plus 2.75%
4/18/2038

145.2

145.2

146.7

0.09
%
Capital Scrap Metal, LLC and Powerline Investment, LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
3/29/2038

458.4

458.4

463.2

0.27
%
MRM Supermarkets Inc dba Constantins Breads; Dallas Gourmet Breads;
Food Manufacturing
Term Loan
Prime plus 2.75%
3/29/2038

322.4

322.4

302.6

0.18
%
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC)
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
3/29/2038

119.6

119.6

113.9

0.07
%
A & M Commerce, Inc. dba Cranberry Sunoco
Gasoline Stations
Term Loan
Prime plus 2.75%
3/27/2038

316.7

316.7

312.4

0.18
%
Xela Pack, Inc. and Aliseo and Catherine Gentile
Paper Manufacturing
Term Loan
Prime plus 2.75%
3/27/2028

245.8

245.8

245.6

0.14
%
Neyra Industries, Inc. and Edward Neyra
Nonmetallic Mineral Product Manufacturing
Term Loan
Prime plus 2.75%
3/27/2023

180.4

180.4

177.9

0.10
%
Gator Communications Group, LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
3/27/2023

14.4

14.4

13.3

0.01
%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/25/2038

515.8

515.8

496.1

0.29
%
Michael A.and HeatherR. Welsch dba Art & FrameEtc.
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
3/22/2038

64.8

64.8

63.6

0.04
%
M & H Pine Straw Inc and Harris L. Maloy
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/21/2023

240.0

240.0

227.3

0.13
%
Truth Technologies Inc dba Truth Technologies Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
3/21/2023

65.9

65.9

57.9

0.03
%
J. Kinderman & Sons Inc., dba BriteStar Inc.
Electrical Equipment, Appliance, and Component Manufacturing
Term Loan
Prime plus 2.75%
3/20/2023

150.4

150.4

149.0

0.09
%
Stellar Environmental LLC
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
3/18/2023

46.7

46.7

44.9

0.03
%

27

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Sound Manufacturing, Inc. and Monster Power Equipment Inc.
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
3/15/2023

434.0

434.0

401.6

0.24
%
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates
Food Manufacturing
Term Loan
Prime plus 2.75%
3/15/2038

124.2

124.2

125.5

0.07
%
Golden Gate Lodging LLC (OC)
Accommodation
Term Loan
Prime plus 2.75%
3/12/2038

110.4

110.4

108.4

0.06
%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel
Personal and Laundry Services
Term Loan
Prime plus 2.75%
3/8/2038

24.2

24.2

24.5

0.01
%
River Club Golf Course Inc dba The River Club
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2038

455.1

455.1

443.9

0.26
%
Bakhtar Group LLC dba Malmaison
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/28/2023

86.1

86.1

73.8

0.04
%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)
Machinery Manufacturing
Term Loan
Prime plus 2.75%
2/20/2038

82.6

82.6

81.1

0.05
%
Java Warung, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/19/2038

48.9

48.9

48.3

0.03
%
Nancy & Karl Schmidt(EPC) Moments to Remember USA, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
2/15/2038

101.8

101.8

100.1

0.06
%
Orient Express, Inc. dba Spracht, Celltek, ODI
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
2/12/2023

69.0

69.0

58.1

0.03
%
Knits R Us, Inc. dba NYC Sports / Mingle
Textile Mills
Term Loan
Prime plus 2.75%
2/11/2038

119.7

119.7

121.0

0.07
%
North Country Transport, LLC
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
2/6/2023

12.3

12.3

12.2

0.01
%
MJD Investments, LLC dba The Community Day School
Social Assistance
Term Loan
Prime plus 2.75%
1/31/2038

247.0

247.0

238.7

0.14
%
EZ Towing, Inc.
Support Activities for Transportation
Term Loan
Prime plus 2.75%
1/31/2023

123.5

123.5

110.5

0.07
%
Sherill Universal City dba Golden Corral
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/28/2038

422.9

422.9

410.0

0.24
%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai
Food Manufacturing
Term Loan
Prime plus 2.75%
12/31/2037

479.6

479.6

491.2

0.29
%
WI130, LLC (EPC) & Lakeland Group, Inc (OC) dba Lakeland Electrical
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/31/2028

245.0

245.0

235.6

0.14
%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/31/2022

79.0

79.0

73.4

0.04
%
John Duffy Fuel Co., Inc.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/28/2022

416.0

416.0

415.8

0.25
%
Babie Bunnie Enterprises Inc dba Triangle Mothercare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/28/2022

37.4

37.4

34.6

0.02
%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/27/2037

495.7

495.7

507.6

0.30
%

28

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Trailer One, Inc. and Trailer One Storage, Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/27/2022

135.1

135.1

135.1

0.08
%
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/21/2022

53.4

53.4

50.7

0.03
%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/20/2027

347.8

347.8

331.7

0.20
%
Pioneer Window Holdings, Inc and Subsidiaries dba Pioneer Windows
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/20/2022

182.9

182.9

175.6

0.10
%
The Amendments Group LLC dba Brightstar
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/17/2022

18.2

18.2

18.2

0.01
%
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen and D
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/11/2022

103.0

103.0

97.0

0.06
%
Color By Number 123 Designs, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
12/11/2022

34.1

34.1

34.1

0.02
%
Aegis Creative Communications, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/30/2022

300.0

300.0

278.0

0.16
%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/30/2037

273.6

273.6

276.7

0.16
%
Summit Treatment Services, Inc. dba Summit Treatment Services
Social Assistance
Term Loan
Prime plus 2.75%
11/30/2037

130.3

130.3

126.1

0.07
%
214 North Franklin, LLC and Winter Ventures, Inc.
Nonstore Retailers
Term Loan
Prime plus 2.75%
11/29/2037

146.7

146.7

145.8

0.09
%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
11/28/2037

213.4

213.4

217.7

0.13
%
Richmond Hill Mini Market, LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/27/2037

176.7

176.7

177.5

0.10
%
D&L Rescources, Inc. dba The UPS Store
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
11/27/2022

7.8

7.8

7.2

—
%
DRV Enterprise, Inc. dba Cici's Pizza # 339
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/26/2022

51.0

51.0

51.0

0.03
%
Pioneer Windows Manufacturing Corp, Pioneer Windows
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
11/21/2022

221.7

221.7

212.6

0.13
%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart
Gasoline Stations
Term Loan
Prime plus 2.75%
11/21/2037

91.7

91.7

93.9

0.06
%
Clean Brothers Company Inc dba ServPro of North Washington County
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/21/2022

13.6

13.6

12.9

0.01
%
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC)
Gasoline Stations
Term Loan
Prime plus 2.75%
11/20/2037

171.5

171.5

174.0

0.10
%
PGH Groceries LLC DBA The Great American Super
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/19/2037

65.6

65.6

66.2

0.04
%
St Judes Physical Therapy P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/19/2022

16.8

16.8

16.8

0.01
%

29

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Hi-Def Imaging, Inc. dba SpeedPro Imaging
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
11/9/2022

17.8

17.8

16.8

0.01
%
Reidville Hydraulics & Mfg Inc dba Summit Farms LLC
Machinery Manufacturing
Term Loan
Prime plus 2.75%
11/2/2037

253.4

253.4

248.8

0.15
%
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/26/2022

146.5

146.5

135.7

0.08
%
Chickamauga Properties, Inc. and MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/19/2022

47.5

47.5

47.5

0.03
%
LA Diner Inc dba Loukas L A Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/28/2037

647.1

647.1

662.5

0.39
%
Spire Investment Partners, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
9/28/2022

204.0

204.0

189.0

0.11
%
ATC Fitness LLC dba Around the Clock Fitness
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/28/2022

146.0

146.0

142.2

0.08
%
University Park Retreat, LLC dba Massage Heights
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/27/2022

59.8

59.8

59.8

0.04
%
Europlast Ltd
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/26/2022

674.0

674.0

665.3

0.39
%
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/26/2037

175.8

175.8

176.0

0.10
%
LaSalle Market and Deli EOK Inc and Rugen Realty LLC dba LaSalle Mark
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/21/2037

239.5

239.5

239.2

0.14
%
O'Rourkes Diner LLC dba O'Rourke's Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/19/2037

62.2

62.2

61.8

0.04
%
AdLarge Media LLC dba AdLarge Media LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/13/2022

196.8

196.8

182.3

0.11
%
Vision Network Solutions, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/12/2022

15.3

15.3

14.2

0.01
%
Michael J. Speeney & Joyce Speeney and R2 Tape, Inc.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/31/2037

348.3

348.3

356.6

0.21
%
R2 Tape Inc dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/31/2022

120.9

120.9

120.8

0.07
%
AJK Enterprise LLC dba AJK Enterprise LLC
Truck Transportation
Term Loan
Prime plus 2.75%
8/27/2022

12.9

12.9

12.7

0.01
%
New Image Building Services, Inc. dba New Image Repair Services
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/23/2037

270.8

270.8

265.3

0.16
%
Suncoast Aluminum Furniture, Inc
Furniture and Related Product Manufacturing
Term Loan
Prime plus 2.75%
8/17/2037

341.3

341.3

348.7

0.21
%

30

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Matchless Transportation LLC dba First Class Limo
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
8/3/2022

145.1

145.1

139.8

0.08
%
Hofgard & Co., Inc. dba HofgardBenefits
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/27/2022

82.8

82.8

80.8

0.05
%
Georgia Safe Sidewalks LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/27/2022

11.4

11.4

11.0

0.01
%
Scoville Plumbing & Heating Inc and Thomas P. Scoville
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/25/2022

40.6

40.6

40.5

0.02
%
Havana Central (NY) 5, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/29/2022

932.4

932.4

913.3

0.54
%
Central Tire, Inc. dba Cooper Tire & Auto Services
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/29/2037

272.2

272.2

272.0

0.16
%
WPI, LLC
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
6/29/2024

105.8

105.8

101.7

0.06
%
Karykion, Corporation dba Karykion Corporation
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/28/2022

148.1

148.1

148.0

0.09
%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/27/2037

65.8

65.8

66.5

0.04
%
KIND-ER-ZZ Inc dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
6/15/2022

37.9

37.9

35.2

0.02
%
Graphish Studio, Inc. and Scott Fishoff
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/14/2022

15.5

15.5

14.4

0.01
%
TNDV: Television LLC
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
6/13/2022

97.7

97.7

94.5

0.06
%
Spectrumit, Inc, (OC) dba LANformation
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
5/31/2030

138.8

138.8

138.1

0.08
%
5091 LLC and TR/AL LLC d/b/a Cafe Africana
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/31/2037

114.5

114.5

115.8

0.07
%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
5/31/2037

59.3

59.3

59.7

0.04
%
Craig R Freehauf d/b/a Lincoln Theatre
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
5/31/2022

27.4

27.4

27.4

0.02
%
Lefont Theaters, Inc.
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
5/30/2022

104.0

104.0

100.1

0.06
%
Christou Real Estate Holdings LLC dba Tops American Grill
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/17/2037

267.3

267.3

271.8

0.16
%
Tracey Vita-Morris dba Tracey Vita's School of Dance
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
5/10/2022

17.1

17.1

15.8

0.01
%
Bisson Transportation, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
5/7/2037

563.6

563.6

558.5

0.33
%

31

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Bisson Moving & Storage Company Bisson Transportation Inc and BTG Real
Truck Transportation
Term Loan
Prime plus 2.75%
5/7/2022

416.3

416.3

406.6

0.24
%
Fair Deal Food Mart Inc dba Neighbors Market
Gasoline Stations
Term Loan
Prime plus 2.75%
5/3/2037

359.0

359.0

367.4

0.22
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
4/30/2022

99.1

99.1

98.2

0.06
%
Tanner Optical, Inc. dba Murphy Eye Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/27/2022

6.2

6.2

6.0

—
%
Gator Communications Group LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
4/25/2022

172.2

172.2

163.6

0.10
%
Zane Filippone Co Inc dba Culligan Water Conditioning
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/12/2022

422.7

422.7

409.8

0.24
%
Indoor Playgrounds Limited Liability Company dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
4/5/2022

12.2

12.2

11.8

0.01
%
Gator Communications Group LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
3/30/2022

345.7

345.7

320.7

0.19
%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/30/2031

208.6

208.6

211.8

0.12
%
Access Staffing, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/30/2022

139.5

139.5

129.2

0.08
%
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/29/2037

716.5

716.5

733.0

0.43
%
Manuel P. Barrera and Accura Electrical Contractor, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
3/23/2028

90.1

90.1

86.5

0.05
%
Shweiki Media, Inc. dba Study Breaks Magazine
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
3/22/2027

1,007.8

1,007.8

979.3

0.58
%
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
3/2/2022

324.7

324.7

302.9

0.18
%
ATC Fitness, LLC d/b/a Around the C
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2022

7.5

7.5

7.1

—
%
ATI Jet, Inc.
Air Transportation
Term Loan
Prime plus 2.75%
12/28/2026

708.9

708.9

708.3

0.42
%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
12/22/2036

463.8

463.8

477.9

0.28
%
K's Salon 1, LLC d/b/a K's Salon
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/20/2021

53.1

53.1

51.2

0.03
%
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/16/2021

180.0

180.0

180.6

0.11
%
GP Enterprises LLC and Gibson Performance Corporation
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/15/2036

678.5

678.5

699.1

0.41
%
GP Enterprises, LLC and Gibson Performance Corporation
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/15/2036

487.3

487.3

502.2

0.30
%

32

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
M & H Pinestraw, Inc. and Harris L. Maloy
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/15/2021

172.7

172.7

169.2

0.10
%
Maciver Corporation dba Indie Rentals & Division Camera
Rental and Leasing Services
Term Loan
Prime plus 2.75%
12/15/2021

94.0

94.0

93.6

0.06
%
Taylor Transport, Inc
Truck Transportation
Term Loan
Prime plus 2.75%
12/8/2021

349.6

349.6

347.3

0.20
%
City Sign Service, Incorporated
Electrical Equipment, Appliance, and Component Manufacturing
Term Loan
Prime plus 2.75%
11/30/2025

137.2

137.2

138.1

0.08
%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.
Textile Product Mills
Term Loan
Prime plus 2.75%
11/21/2021

268.8

268.8

269.8

0.16
%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/16/2021

44.6

44.6

44.7

0.03
%
MRM Supermarkets, Inc. dba Constantin's Breads
Food Manufacturing
Term Loan
Prime plus 2.75%
11/10/2021

98.3

98.3

95.1

0.06
%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
10/26/2021

41.5

41.5

40.2

0.02
%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
10/25/2021

15.9

15.9

15.9

0.01
%
C & G Engines Corp.
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
9/30/2021

726.1

726.1

709.3

0.42
%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/30/2021

211.1

211.1

211.3

0.12
%
PTK, Incorporated dba Night N Day 24 HR Convenience Store
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/30/2036

127.6

127.6

130.8

0.08
%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/30/2036

77.2

77.2

79.5

0.05
%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/30/2036

26.3

26.3

27.1

0.02
%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/28/2021

743.3

743.3

715.8

0.42
%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/28/2036

392.1

392.1

403.4

0.24
%
Equity National Capital LLC & Chadbourne Road Capital, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
9/26/2021

43.7

43.7

42.6

0.03
%
Bryan Bantry Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
9/8/2021

190.9

190.9

183.8

0.11
%
SBR Technologies d/b/a Color Graphics
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/31/2021

549.6

549.6

547.3

0.32
%

33

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Gator Communications Group LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
8/31/2021

397.1

397.1

394.5

0.23
%
Michael S. Decker & Janet Decker dba The Hen House Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/30/2036

15.2

15.2

15.6

0.01
%
Trademark Equipment Company Inc and David A. Daniel
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
8/19/2036

123.7

123.7

126.2

0.07
%
Qycell Corporation
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
8/19/2021

122.4

122.4

122.8

0.07
%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/12/2036

93.6

93.6

96.2

0.06
%
Valiev Ballet Academy, Inc
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
8/12/2036

39.2

39.2

40.4

0.02
%
LaHoBa, LLC d/b/a Papa John's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/3/2036

71.2

71.2

73.4

0.04
%
Kelly Chon LLC dba Shi-Golf
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
7/29/2021

8.8

8.8

8.8

0.01
%
MTV Bowl, Inc. dba Legend Lanes
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/30/2036

229.2

229.2

232.8

0.14
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/29/2036

323.6

323.6

333.2

0.20
%
Lavertue Properties LLP dba Lavertue Properties
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/29/2036

41.5

41.5

42.6

0.03
%
Spire Investment Partners, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/22/2021

169.2

169.2

162.8

0.10
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/17/2021

305.5

305.5

306.3

0.18
%
Red Star Incorporated dba Pro Import Company
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/15/2036

170.7

170.7

174.5

0.10
%
Pierce Developments, Inc. dba Southside Granite
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
6/13/2036

236.3

236.3

238.8

0.14
%
Major Queens Body & Fender Corp
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/10/2021

19.3

19.3

19.4

0.01
%
J&K Fitness, LLC dba Physiques Womens Fitness Center
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/8/2036

415.5

415.5

424.8

0.25
%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/3/2021

42.3

42.3

40.8

0.02
%

34

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/27/2021

11.1

11.1

11.1

0.01
%
Modern on the Mile, LLC dba Ligne Roset
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
5/25/2021

141.3

141.3

139.3

0.08
%
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/26/2021

30.3

30.3

29.2

0.02
%
Music Mountain Water Company, LLC
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
4/25/2036

126.7

126.7

130.4

0.08
%
Profile Performance, Inc. and Eidak Real Estate, L.L.C.
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/20/2036

117.1

117.1

120.6

0.07
%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/18/2036

118.9

118.9

122.5

0.07
%
3 A Realty, LLC dba Interior Climate Solutions, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
4/13/2036

155.7

155.7

157.5

0.09
%
Maciver Corporation dba Indie Rentals
Rental and Leasing Services
Term Loan
Prime plus 2.75%
4/4/2021

411.0

411.0

410.3

0.24
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/30/2021

2.5

2.5

2.5

—
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/29/2023

67.7

67.7

67.4

0.04
%
Michael S. Korfe dba North Valley Auto Repair
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/24/2036

14.2

14.2

14.6

0.01
%
Actknowledge,Inc dba Actknowledge
Personal and Laundry Services
Term Loan
Prime plus 2.75%
3/21/2021

37.4

37.4

36.0

0.02
%
Stamford Car Wash d/b/a Stamford Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/11/2036

18.1

18.1

18.6

0.01
%
Food & Beverage Associates Of N.J. Inc
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/11/2021

6.2

6.2

6.2

—
%
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/10/2021

99.9

99.9

97.0

0.06
%
Stephen Frank, Patricia Frank and Suds Express LLC dba Frank Chiropra
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
2/25/2023

43.5

43.5

43.8

0.03
%
SuzyQue’s LLC dba Suzy Que’s
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/11/2036

56.0

56.0

57.5

0.03
%
Little People’s Village, LLC dba Little People’s Village
Social Assistance
Term Loan
Prime plus 2.75%
1/31/2036

28.4

28.4

29.2

0.02
%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
Support Activities for Transportation
Term Loan
Prime plus 2.75%
1/28/2036

103.4

103.4

106.4

0.06
%
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
1/28/2021

7.9

7.9

7.6

—
%
Nicholas Dugger dba TNDV: Television LLC.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
1/24/2021

64.8

64.8

62.4

0.04
%
Metro Used Cars Inc. dba Metro Auto Center
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
1/14/2027

95.6

95.6

96.8

0.06
%

35

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/29/2020

4.7

4.7

4.6

—
%
Chickamauga Properties,Inc., MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/22/2035

172.7

172.7

178.4

0.11
%
Chickamauga Properties, Inc., MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/22/2035

68.0

68.0

70.2

0.04
%
Shree OM Lodging, LLC dba Royal Inn
Accommodation
Term Loan
Prime plus 2.75%
12/17/2035

25.2

25.2

25.9

0.02
%
Lodin Medical Imaging, LLC dba Watson Imaging Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/1/2020

40.4

40.4

40.6

0.02
%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/30/2035

30.9

30.9

31.9

0.02
%
Justforfungames, Inc.
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
11/19/2035

44.7

44.7

46.1

0.03
%
Any Garment Cleaner-East Brunswick, Inc dba Any Garment Cleaner
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/18/2020

21.9

21.9

21.2

0.01
%
West Cobb Enterprises, Inc and Advanced Eye Associates, L.L.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/12/2035

135.2

135.2

138.4

0.08
%
R2 Tape, Inc. dba Presto Tape and Michael J.and Joyce Speeney
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
10/20/2020

137.5

137.5

137.0

0.08
%
Lincoln Park Physical Therapy
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/20/2020

26.5

26.5

26.7

0.02
%
Jade Automotive d/b/a Sears Hometown Store
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
10/6/2035

133.3

133.3

137.7

0.08
%
Stamford Property Holdings, LLC & Stamford Car Wash,LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/4/2035

111.8

111.8

115.4

0.07
%
Wise Forklift Inc
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/1/2020

178.2

178.2

179.0

0.11
%
Elan Realty, LLC and Albert Basse Asociates, Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
9/30/2035

206.4

204.3

213.0

0.13
%
K9 Bytes, Inc & Epazz, Inc
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
9/30/2020

11.1

11.1

10.9

0.01
%
Success Express,Inc. dba Success Express
Couriers and Messengers
Term Loan
Prime plus 2.75%
9/29/2020

55.1

55.1

51.9

0.03
%
Adams & Hancock LLC dba Brightstar Overland Park & Jordon & Pippen, LL
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/27/2020

7.4

7.4

7.5

—
%
Modern Manhattan, LLC
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
9/20/2020

123.4

123.4

121.2

0.07
%
Dirk's Trucking, L.L.C. dba Dirk's Trucking
Truck Transportation
Term Loan
Prime plus 2.75%
9/17/2020

10.7

10.7

10.6

0.01
%
Newsome Trucking Inc and Kevin Newsome
Truck Transportation
Term Loan
Prime plus 2.75%
9/2/2035

382.8

382.8

389.1

0.23
%

36

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
California College of Communications, Inc.
Educational Services
Term Loan
Prime plus 2.75%
11/2/2020

105.7

105.7

103.6

0.06
%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/2/2035

45.3

45.3

46.7

0.03
%
DDLK Investments LLC d/b/a Smoothie King
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/30/2020

4.0

4.0

4.0

—
%
Kino Oil of Texas, LLC dba Kino Oil
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/27/2020

35.6

35.6

34.9

0.02
%
Kino Oil of Texas LLC dba Kino Company and B&D Oil
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/27/2035

10.7

10.7

11.0

0.01
%
Planet Verte,LLC d/b/a Audio Unlimited
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/20/2020

23.9

23.9

23.4

0.01
%
Sunmar, Inc. dba Creative Cooking
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/19/2035

47.0

47.0

48.5

0.03
%
Members Only Software
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/30/2020

23.8

23.8

23.6

0.01
%
New Life Holdings, LLC and Certified Collision Services, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
7/29/2035

68.0

68.0

69.8

0.04
%
Quest Logic Investments, LLC dba Dairy Queen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2035

94.5

94.5

97.5

0.06
%
ActKnowledge,Inc dba ActKnowledge
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/30/2020

29.0

29.0

27.9

0.02
%
I-90 RV & Auto Supercenter
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
6/29/2035

67.3

67.3

69.5

0.04
%
WeaverVentures, Inc dba The UPS Store
Postal Service
Term Loan
Prime plus 2.75%
7/28/2020

13.9

13.9

13.7

0.01
%
Zouk, Ltd. dba Palma
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/25/2020

16.4

16.4

16.4

0.01
%
CJ Park Inc. dba Kidville Midtown West
Educational Services
Term Loan
Prime plus 2.75%
6/25/2020

12.2

12.2

12.0

0.01
%
Emotion in Motion Dance Center Limited Liability Company dba Emotio
Personal and Laundry Services
Term Loan
Prime plus 2.75%
7/25/2020

2.4

2.4

2.4

—
%
H.H. Leonards Trust and Potomac Fund LLC and The 2020 O Street Corpora
Accommodation
Term Loan
Prime plus 2.75%
7/23/2020

22.1

22.1

22.2

0.01
%
B&B Fitness and Barbell, Inc. dba Elevations Health Club
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/22/2035

218.4

218.4

223.9

0.13
%
Tanner Optical Inc. dba Murphy Eye Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/22/2035

85.0

85.0

86.7

0.05
%
M & H Pine Straw, Inc.and Harris Maloy
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
7/10/2020

39.7

39.7

39.4

0.02
%
Excel RP, Inc./Kevin and Joann Foley
Machinery Manufacturing
Term Loan
Prime plus 2.75%
7/8/2028

41.1

41.1

41.9

0.02
%

37

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
ValleyStar, Inc. dba BrightStar Healthcare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/28/2020

4.3

4.3

4.2

—
%
ValleyStar, Inc. dba BrightStar HealthCare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/28/2020

3.5

3.5

3.4

—
%
Atlanta Vascular Research Organization, Inc dba Atlanta Vascular Found
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/6/2020

14.4

14.4

14.5

0.01
%
Diag, LLC dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
6/21/2020

21.3

21.3

20.9

0.01
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/31/2035

182.8

182.8

187.1

0.11
%
M & H Pine Straw, Inc and Harris L. Maloy
Support Activities for Agriculture and Forestry
Term Loan
6%
4/30/2020

102.9

102.9

102.0

0.06
%
Clearbay Enterprises,Inc dba First Class Kennels
Personal and Laundry Services
Term Loan
Prime plus 2.75%
4/30/2034

53.1

53.1

54.7

0.03
%
New Economic Methods LLC dba Rita's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/15/2020

1.0

1.0

1.0

—
%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
4/26/2020

3.5

3.5

3.4

—
%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/23/2020

8.4

8.4

8.2

—
%
Caring Hands Pediatrics,P.C. dba Caring Hands Pediatrics
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/9/2020

8.1

8.1

8.0

—
%
Vortex Automotive LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/5/2035

68.5

68.5

70.3

0.04
%
Adams and Hancock,LLC dba BrightStar Overland Park
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/31/2020

19.8

19.8

19.8

0.01
%
ATC Fitness LLC dba Around the Clock Fitness
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2019

7.2

7.2

7.1

—
%
Lahoba,LLC dba Papa John's Pizza
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/30/2034

37.8

37.8

39.0

0.02
%
Music Mountain Water Company,LLC dba Music Mountain Water Co.
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
12/29/2019

98.4

98.4

98.8

0.06
%
Animal Intrusion Prevention Systems Holding Company, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/29/2024

89.8

89.8

90.6

0.05
%
CMA Consulting dba Construction Management Associates
Construction of Buildings
Term Loan
Prime plus 2.75%
12/11/2019

31.3

31.3

31.1

0.02
%
David A. Nusblatt, D.M.D, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/11/2019

4.7

4.7

4.8

—
%
KMC RE, LLC & B&B Kennels
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/19/2034

51.7

51.7

53.3

0.03
%
Demand Printing Solutions, Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
12/12/2019

5.2

5.2

5.2

—
%

38

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Planet Verte, LLC dba Audio Unlimited of Oceanside
Administrative and Support Services
Term Loan
Prime plus 2.75%
11/28/2019

29.4

29.4

29.2

0.02
%
Demand Printing Solutions, Inc
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
10/29/2034

130.6

130.6

134.9

0.08
%
Supreme Screw Products, Inc. and Misha Migdal
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
4/17/2019

134.6

134.6

135.1

0.08
%
Gray Tree Service, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/18/2018

20.5

20.5

20.5

0.01
%
Healthcare Interventions, Inc. dba Brightstar HealthCare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/15/2016

0.9

0.9

0.9

—
%
Envy Salon & Spa LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/4/2018

8.3

8.3

8.3

—
%
Gourmet to You, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/28/2019

5.1

5.1

5.1

—
%
Carnagron LLC dba GearBling
Apparel Manufacturing
Term Loan
Prime plus 2.75%
11/1/2018

2.8

2.8

2.8

—
%
Grapevine Professional Services, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
1/22/2019

3.3

3.3

3.3

—
%
Inflate World Corporation
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/30/2018

2.3

2.3

2.3

—
%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning
Specialty Trade Contractors
Term Loan
Prime plus 2%
12/27/2018

168.7

168.7

166.2

0.10
%
Peter Thomas Roth Labs LL
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/26/2018

166.1

166.1

165.8

0.10
%
Dream Envy, Ltd. d/b/a Massage Envy
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/9/2018

35.2

35.2

35.2

0.02
%
K & D Family and Associates, Inc. dba Philly Pretzel Factory
Food and Beverage Stores
Term Loan
Prime plus 2.75%
8/5/2018

30.8

30.8

28.7

0.02
%
Seven Stars Enterprises, Inc. dba Atlanta Bread Company
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2018

31.3

31.3

31.3

0.02
%
CBA D&A Pope, LLC dba Christian Brothers Automotive
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/14/2018

53.7

53.7

53.6

0.03
%
Gilbert Chiropractic Clinic, Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/7/2018

8.0

8.0

7.9

—
%
Beer Table, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/8/2018

3.0

3.0

3.0

—
%
D & D's Divine Beauty School of Esther, LLC
Educational Services
Term Loan
6%
8/1/2031

53.9

53.9

55.5

0.03
%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Ser
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/29/2018

3.2

3.2

3.2

—
%
Burks & Sons Development LLC dba Tropical Smoothie Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/22/2018

16.8

16.8

16.8

0.01
%
Shivsakti, LLC dba Knights Inn
Accommodation
Term Loan
Prime plus 2.75%
12/20/2032

77.6

77.6

80.1

0.05
%

39

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Bliss Coffee and Wine Bar, LLC
Food Services and Drinking Places
Term Loan
6%
3/19/2018

72.2

72.2

72.3

0.04
%
Zog Inc.
Other Information Services
Term Loan
6%
3/17/2018

77.3

77.3

77.3

0.05
%
Saan M.Saelee dba Saelee's Delivery Service
Truck Transportation
Term Loan
Prime plus 2.75%
3/12/2018

3.3

3.3

3.3

—
%
A & A Acquisition, Inc. dba A & A International
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
2/15/2018

32.4

32.4

32.4

0.02
%
Enewhere Custom Canvas, LLC
Textile Product Mills
Term Loan
Prime plus 2.75%
2/15/2018

3.9

3.9

3.9

—
%
All American Printing
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
10/26/2032

39.3

39.3

40.2

0.02
%
Seo's Paradise Cleaners, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/19/2018

2.6

2.6

2.4

—
%
Signs of Fortune, LLC dba FastSigns
Miscellaneous Manufacturing
Term Loan
Prime plus 2.5%
4/3/2023

341.5

341.5

342.4

0.20
%
Margab, Inc. dba Smoothie King
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/28/2017

13.6

13.6

13.6

0.01
%
Ameritocracy, Inc dba Ben and Jerry's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/18/2017

48.5

48.5

48.6

0.03
%
RCB Enterprises, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/18/2017

8.4

8.4

8.4

—
%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Servi
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/17/2017

2.1

2.1

2.1

—
%
Parties By Pat, Inc. and Jose M. Martinez Jr.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/11/2017

28.2

28.2

28.2

0.02
%
Tammy's Bakery, Inc. dba Tammy's Bakery
Food Manufacturing
Term Loan
Prime plus 2.75%
12/10/2017

22.6

22.6

22.7

0.01
%
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/28/2017

5.6

5.6

5.6

—
%
The Design Shop, LLC
Textile Mills
Term Loan
Prime plus 2.75%
11/27/2027

186.9

186.9

191.3

0.11
%
MJ Mortgage & Tax Services, Inc.
Credit Intermediation and Related Activities
Term Loan
Prime plus 2.75%
11/14/2017

1.9

1.9

1.7

—
%
Kings Laundry,LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/30/2017

19.2

19.2

19.2

0.01
%
Quality Engraving Services Inc. and Ian M. Schnaitman
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
10/17/2017

4.2

4.2

4.2

—
%
Flourishing Fruits, LLC dba Edible Arrangements
Food Manufacturing
Term Loan
Prime plus 2.75%
12/29/2017

4.1

4.1

4.2

—
%
Louis B. Smith dba LAQ Funeral Coach
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
9/15/2017

3.5

3.5

3.5

—
%
Flint Batteries LLC dba Batteries Plus of Flint
General Merchandise Stores
Term Loan
Prime plus 2.75%
8/29/2017

2.1

2.1

2.1

—
%

40

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
1911 East Main Street Holdings, Corp
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/18/2032

13.0

13.0

13.3

0.01
%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC
Rental and Leasing Services
Term Loan
Prime plus 2.75%
8/17/2017

72.4

72.4

64.9

0.04
%
Mala Iyer, MD dba Child and Family Wellness Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/11/2017

13.9

13.9

13.9

0.01
%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest
Administrative and Support Services
Term Loan
Prime plus 2.75%
8/10/2016

7.5

7.5

7.5

—
%
Twietmeyer Dentistry PA
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/30/2017

38.1

38.1

38.1

0.02
%
Lynden Evans Clarke, Jr.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/16/2017

2.3

2.3

2.3

—
%
Water Works Laundromat, L.L.C.
Personal and Laundry Services
Term Loan
Prime plus 2.25%
9/7/2027

198.3

198.3

197.2

0.12
%
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
5/27/2017

2.6

2.6

2.6

—
%
Dave Kris, and MDK Ram Corp.
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/5/2026

36.6

36.6

37.3

0.02
%
Saul A. Ramirez and Norma L. Trujillo
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/31/2017

1.3

1.3

1.3

—
%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/30/2017

1.0

1.0

0.8

—
%
No Thirst Software LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
4/26/2017

1.2

1.2

1.2

—
%
Zeroln Media LLC,
Data Processing, Hosting, and Related Services
Term Loan
Prime plus 2.75%
4/25/2017

1.8

1.8

1.8

—
%
CCIPTA, LLC
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
1/17/2017

2.2

2.2

2.2

—
%
Gill Express Inc. dba American Eagle Truck Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
1/5/2027

206.8

206.8

211.5

0.12
%
Kyoshi Enterprises, LLC
Educational Services
Term Loan
Prime plus 2.75%
12/29/2016

4.5

4.5

4.5

—
%
Spain Street LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/29/2017

3.7

3.7

3.7

—
%
Aillaud Enterprises, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/29/2017

0.3

0.3

0.3

—
%
Nora A. Palma and Julio O Villcas
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/27/2017

2.3

2.3

2.3

—
%
Jojan, Inc
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.25%
12/18/2031

40.2

40.2

40.0

0.02
%
Misri Liquors, Inc.
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/18/2016

13.4

13.4

13.4

0.01
%

41

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Contractors Pumping Service, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/3/2016

0.6

0.6

0.6

—
%
Vincent Allen Fleece dba Living Well Accessories and Water Camel
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
11/1/2016

0.7

0.7

0.7

—
%
Smooth Grounds, Inc.
Food Services and Drinking Places
Term Loan
7.75%
10/11/2016

36.6

36.6

36.6

0.02
%
Nelson Financial Services, LLC
Scenic and Sightseeing Transportation
Term Loan
Prime plus 2.75%
9/2/2016

2.1

2.1

2.1

—
%
A + Quality Home Health Care, Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/1/2016

1.3

1.3

1.3

—
%
Flint Batteries, LLC
General Merchandise Stores
Term Loan
Prime plus 2.75%
7/21/2016

5.2

5.2

5.2

—
%
Tesserah Tile Design, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/29/2016

0.8

0.8

0.8

—
%
It's A Buffalo
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/26/2016

26.4

26.4

26.3

0.02
%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College of India Sug
Educational Services
Term Loan
Prime plus 2.75%
5/12/2016

2.0

2.0

2.0

—
%
Cocoa Beach Parasail Corp.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
5/5/2016

1.1

1.1

1.1

—
%
Maynard Enterprises, Inc.
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
3/22/2016

0.9

0.9

0.6

—
%
Fran-Car Corporation dba Horizon Landscape Management
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/3/2028

175.2

175.2

179.5

0.11
%
Head To Toe Personalized Pampering, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/27/2031

9.6

9.6

9.9

0.01
%
Olympia Fields Eyecare, Ltd.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
1/12/2016

0.9

0.9

0.9

—
%
Spencer Fitness, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/11/2016

0.2

0.2

0.2

—
%
Maxwell Place, LLC
Nursing and Residential Care Facilities
Term Loan
6%
12/1/2015

831.2

831.2

831.9

0.49
%
Tuan D. Dang, OD, PA
Ambulatory Health Care Services
Term Loan
Prime plus 2.25%
12/7/2015

5.8

5.8

5.8

—
%
Christopher F. Bohon & Pamela D. Bohon
Social Assistance
Term Loan
Prime plus 2.75%
10/28/2026

3.6

3.6

3.7

—
%
Champion Pest Control Systems, Inc.
Administrative and Support Services
Term Loan
6%
1/15/2016

3.5

3.5

3.5

—
%
Polaris Press, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
9/29/2015

0.1

0.1

0.1

—
%
Shree Om Lodging, LLC dba Royal Inn
Accommodation
Term Loan
Prime plus 2.75%
5/2/2030

66.3

66.3

68.2

0.04
%

42

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Jenchad, Inc and Chadjen, Inc
Repair and Maintenance
Term Loan
Prime plus 2.125%
4/7/2025

41.8

41.8

41.4

0.02
%
Pedzik's Pets, LLC
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
3/31/2030

9.6

9.6

9.9

0.01
%
Nancy Carapelluci & A & M Seasonal Corner Inc.
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
3/1/2025

16.5

16.5

16.8

0.01
%
Moonlight Multi Media Production, Inc.
Other Information Services
Term Loan
5.3%
2/1/2025

4.2

4.2

4.3

—
%
McCallister Venture Group, LLC and Maw's Vittles, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/30/2029

12.5

12.5

12.8

0.01
%
Computer Renaissance dba Dante IT Services, Inc.
Electronics and Appliance Stores
Term Loan
Prime plus 3.75%
3/1/2018

3.3

3.3

3.3

—
%
Chong Hun Im dba Kim's Market
Food and Beverage Stores
Term Loan
Prime plus 2.5%
2/27/2024

10.9

10.9

11.0

0.01
%
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/19/2028

13.4

13.4

13.7

0.01
%
West Experience,Inc/West Mountain Equipment Rental,Inc/Ski West Lodge
Amusement, Gambling, and Recreation Industries
Term Loan
6%
6/5/2026

870.1

870.1

888.8

0.52
%
Center-Mark Car Wash, Ltd
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
5/18/2024

32.1

32.1

32.7

0.02
%
Shuttle Car Wash, Inc. dba Shuttle Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.25%
11/10/2028

18.6

18.6

18.6

0.01
%
Akshar Group, LLC
Accommodation
Term Loan
6%
11/5/2028

52.5

52.5

53.9

0.03
%
Min Hui Lin
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/30/2028

19.0

19.0

19.5

0.01
%
Delta Partners, LLC dba Delta Carwash
Repair and Maintenance
Term Loan
Prime plus 2.5%
4/5/2029

46.0

46.0

46.5

0.03
%
Oz B. Zamir dba Zamir Marble & Granite
Specialty Trade Contractors
Term Loan
Prime plus 2.5%
8/6/2028

9.0

9.0

9.1

0.01
%
Rama, Inc. dba Staybridge Suites
Accommodation
Term Loan
Prime plus 2%
4/18/2026

431.3

431.3

424.2

0.25
%
B & J Manufacturing Corporation and Benson Realty Trust
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2%
3/30/2021

24.4

24.4

24.2

0.01
%
RAB Services, Inc. & Professional Floor Installations
Specialty Trade Contractors
Term Loan
Prime plus 2.5%
1/31/2023

8.4

8.4

8.4

—
%
Taste of Inverness, Inc. dba China Garden
Food Services and Drinking Places
Term Loan
Prime plus 2%
6/29/2025

10.0

10.0

9.8

0.01
%
Ralph Werner dba Werner Transmissions
Gasoline Stations
Term Loan
Prime plus 2.75%
12/29/2021

2.9

2.9

2.9

—
%
M. Krishna, Inc. dba Super 8 Motel
Accommodation
Term Loan
Prime plus 2%
3/20/2025

10.7

10.7

10.6

0.01
%
OrthoQuest, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2%
3/12/2022

5.6

5.6

5.5

—
%
CPN Motel, L.L.C. dba American Motor Lodge
Accommodation
Term Loan
Prime plus 2.25%
4/30/2024

35.6

35.6

34.7

0.02
%

43

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Track Side Collision & Tire, Inc.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
6/16/2025

5.5

5.5

5.6

—
%
Duttakrupa, LLC dba Birmingham Motor Court
Accommodation
Term Loan
Prime plus 2.25%
9/8/2023

14.0

14.0

14.0

0.01
%
Deesha Corporation, Inc. dba Best Inn & Suites
Accommodation
Term Loan
Prime plus 2.25%
2/14/2025

31.3

31.3

31.1

0.02
%
Maruti, Inc
Accommodation
Term Loan
Prime plus 2.25%
11/25/2024

29.1

29.1

29.0

0.02
%
Willington Hills Equestrian Center LLC
Animal Production and Aquaculture
Term Loan
Prime plus 2.75%
10/19/2022

13.4

13.4

13.6

0.01
%
LABH, Inc. t/a Ramada Ltd.
Accommodation
Term Loan
Prime plus 2.25%
9/27/2024

46.8

46.8

46.7

0.03
%
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
3/13/2023

8.3

8.3

8.4

—
%
Gain Laxmi, Inc. dba Super 8 Motel
Accommodation
Term Loan
Prime plus 2.25%
5/31/2023

23.7

23.7

23.6

0.01
%
Naseeb Corporation
Accommodation
Term Loan
Prime plus 2.25%
3/31/2024

34.7

34.7

34.5

0.02
%
La Granja Live Poultry Corp.
Food Manufacturing
Term Loan
Prime plus 2.75%
8/26/2018

3.3

3.3

3.3

—
%
Stillwell Ave Prep School
Social Assistance
Term Loan
Prime plus 2.75%
1/14/2023

7.6

7.6

7.5

—
%
Karis, Inc.
Accommodation
Term Loan
Prime plus 2%
12/22/2023

15.8

15.8

15.6

0.01
%
Five Corners, Ltd.
Gasoline Stations
Term Loan
Prime plus 2.75%
12/11/2019

6.8

6.8

6.8

—
%
Alyssa Corp dba Knights Inn
Accommodation
Term Loan
Prime plus 2.25%
9/30/2023

45.2

45.2

45.1

0.03
%
Bhailal Patel dba New Falls Motel
Accommodation
Term Loan
Prime plus 2.75%
3/27/2023

5.0

5.0

5.1

—
%
Pegasus Automotive, Inc.
Gasoline Stations
Term Loan
Prime plus 2.75%
12/23/2022

13.1

13.1

13.3

0.01
%
Delyannis Iron Works
Fabricated Metal Product Manufacturing
Term Loan
6%
12/8/2022

1.6

1.6

1.6

—
%
P. Agrino, Inc. dba Andover Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/18/2021

13.4

13.4

13.5

0.01
%
Golden Elevator Co., Inc.
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
1/31/2022

2.1

2.1

2.1

—
%
Mohamed Live Poultry Inc.
Animal Production and Aquaculture
Term Loan
Prime plus 2.75%
12/6/2021

3.8

3.8

3.8

—
%
RJS Service Corporation
Gasoline Stations
Term Loan
Prime plus 2.75%
8/20/2021

7.9

7.9

7.9

—
%
Chez RuRene Bakery
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/20/2017

150.0

39.3

45.2

0.03
%

44

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Total Performing SBA Unguaranteed Investments
$
138,801.3

$
138,688.5

$
131,803.2

77.70
%
Non-Performing SBA Unguaranteed Investments (3)
*E & I Holdings, LP & PA Farm Products, LLC
Food Manufacturing
Term Loan
6%
4/30/2013

1,248.8

1,237.1

478.1

0.28
%
*Mojo Brands Media LLC
Broadcasting (except Internet)
Term Loan
6%
6/5/2026

784.0

733.7

601.2

0.35
%
*DC Realty, LLC dba FOGO Data Centers
Professional, Scientific, and Technical Services
Term Loan
6%
6/20/2023

783.5

725.6

695.8

0.41
%
*J Olson Enterprises LLC and Olson Trucking Direct, Inc.
Truck Transportation
Term Loan
6%
6/10/2036

748.8

669.7

485.7

0.29
%
*AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.
Ambulatory Health Care Services
Term Loan
6%
12/29/2035

618.7

603.9

368.0

0.22
%
*Harrelson Materials Management,Inc
Waste Management and Remediation Services
Term Loan
6%
7/29/2015

537.5

470.0

130.7

0.08
%
*Stormwise South Florida dba Stormwise Shutters
Specialty Trade Contractors
Term Loan
6%
4/9/2029

427.5

407.6

363.5

0.21
%
*BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool
Fabricated Metal Product Manufacturing
Term Loan
6%
10/15/2015

521.3

290.9

85.7

0.05
%
*Feinman Mechanical, LLC
Specialty Trade Contractors
Term Loan
6%
1/30/2016

323.0

305.2

71.3

0.04
%
*Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1 LLC
Food Services and Drinking Places
Term Loan
6%
12/17/2023

400.0

250.2

20.6

0.01
%
*DC Realty, LLC dba FOGO Data Centers
Professional, Scientific, and Technical Services
Term Loan
6%
9/14/2023

385.0

227.4

213.5

0.13
%
Guzman Group,LLC
Rental and Leasing Services
Term Loan
6%
12/28/2035

252.0

204.2

191.2

0.11
%
*Stormwise South Florida dba Stormwise Shutters
Specialty Trade Contractors
Term Loan
6%
8/26/2024

204.0

201.6

—

—
%
*Baker Sales, Inc. d/b/a Baker Sales, Inc.
Nonstore Retailers
Term Loan
6%
11/7/2036

490.0

182.0

49.8

0.03
%
Lamson and Goodnow Manufacturing Co and Lamson and Goodnow LLC dba Lam
Fabricated Metal Product Manufacturing
Term Loan
6%
11/7/2036

205.5

168.2

127.0

0.07
%
*Our Two Daughters L.L.C. dba Washington's Restaurant
Food Services and Drinking Places
Term Loan
6%
8/17/2023

225.0

170.3

12.7

0.01
%
Milliken and Milliken, Inc. dba Milliken Wholesale Distribution
Merchant Wholesalers, Durable Goods
Term Loan
6%
7/7/2027

191.0

154.6

131.3

0.08
%
*Jenny's Wunderland, Inc.
Social Assistance
Term Loan
6%
3/6/2018

160.5

150.1

95.7

0.06
%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
Support Activities for Transportation
Term Loan
5.25%
9/8/2014

145.9

142.5

79.6

0.05
%
*Professional Systems, LLC and Professional Cleaning
Administrative and Support Services
Term Loan
6%
5/8/2017

160.0

132.1

57.0

0.03
%
*Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen
Food Services and Drinking Places
Term Loan
6%
10/30/2015

141.3

131.5

90.1

0.05
%
*STK Ventures Inc dba JP Dock Service & Supply
Specialty Trade Contractors
Term Loan
6%
4/10/2023

131.8

125.5

104.4

0.06
%
*Harry B Gould dba Lake Athens Marina Restaurant
Accommodation
Term Loan
6%
11/18/2026

132.9

114.4

1.8

—
%

45

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.
Furniture and Home Furnishings Stores
Term Loan
6%
3/14/2038

131.0

115.4

104.8

0.06
%
*Dill Street Bar and Grill Inc and WO Entertainment, Inc
Food Services and Drinking Places
Term Loan
6%
12/12/2023

122.9

112.3

25.6

0.02
%
Groundworks Unlimited LLC
Specialty Trade Contractors
Term Loan
6%
4/30/2025

120.0

92.7

77.4

0.05
%
E.W. Ventures, Inc. dba Swift Cleaners & Laundry
Personal and Laundry Services
Term Loan
0%
3/29/2036

213.8

92.0

79.0

0.05
%
Bwms Management, LLC
Food Services and Drinking Places
Term Loan
6%
6/22/2026

109.1

78.9

31.3

0.02
%
*LRCSL, LLC dba Daybreak Fruit and Vegetable Company
Food and Beverage Stores
Term Loan
6%
9/26/2023

75.1

53.0

14.4

0.01
%
*Las Torres Development LLC dba Houston Event Centers
Real Estate
Term Loan
6%
9/27/2027

405.8

51.0

47.5

0.03
%
*Sheikh M Tariq dba Selbyville Foodrite
Gasoline Stations
Term Loan
6%
8/9/2015

69.0

48.4

32.7

0.02
%
*Morris Glass and Construction
Specialty Trade Contractors
Term Loan
6%
4/30/2030

51.7

44.8

0.8

—
%
*Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
6%
4/18/2017

333.3

40.4

—

—
%
*Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton
Accommodation
Term Loan
5.25%
1/24/2032

333.3

38.3

15.9

0.01
%
*AWA Fabrication & Construction, L.L.C.
Fabricated Metal Product Manufacturing
Term Loan
6%
9/28/2028

153.1

34.8

8.0

—
%
*Lucil Chhor dba Baja Fresh #159
Food Services and Drinking Places
Term Loan
6%
10/25/2017

49.8

30.0

15.3

0.01
%
*Hot Buckles, Inc.
Apparel Manufacturing
Term Loan
6%
2/20/2023

57.6

26.8

26.3

0.02
%
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC
Amusement, Gambling, and Recreation Industries
Term Loan
6%
5/29/2023

185.8

19.6

17.2

0.01
%
*Grand Manor Realty, Inc. & Kevin LaRoe
Real Estate
Term Loan
6%
6/24/2021

21.8

19.0

17.8

0.01
%
Whirlwind Car Wash, Inc.
Repair and Maintenance
Term Loan
5.25%
12/28/2025

333.3

14.5

12.2

0.01
%
**Tequila Beaches, LLC dba Fresco Restaurant
Food Services and Drinking Places
Term Loan
6%
6/27/2018

21.0

15.8

11.7

0.01
%
Integrity Sports Group, LLC
Performing Arts, Spectator Sports, and Related Industries
Term Loan
6%
10/27/2019

75.0

14.7

11.5

0.01
%
*D'Elia Auto Repair Inc dba D'Elia Auto Body
Repair and Maintenance
Term Loan
6%
6/28/2025

15.0

13.9

—

—
%
Event Mecca LLC
Other Information Services
Term Loan
6%
6/29/2036

14.3

13.3

5.6

—
%
*United Woodworking, Inc
Wood Product Manufacturing
Term Loan
6%
2/20/2032

17.3

13.2

12.4

0.01
%
LJ Parker, LLC
Administrative and Support Services
Term Loan
7%
8/27/2028

103.5

12.6

12.5

0.01
%
The Lucky Coyote, LLC
Miscellaneous Manufacturing
Term Loan
6%
2/28/2021

53.1

12.3

6.9

—
%

46

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
*DUCO Energy Services, a Limited Liability Company
Professional, Scientific, and Technical Services
Term Loan
6%
12/28/2022

12.0

10.8

—

—
%
*Krishna of Orangeburg, Inc.
Accommodation
Term Loan
6%
12/19/2029

181.3

10.3

5.6

—
%
Barnum Printing & Publishing, Co.
Printing and Related Support Activities
Term Loan
6%
9/30/2015

193.8

9.8

9.7

0.01
%
*Pyramid Real Estate Holdings, LLC dba Hoteps
Food Services and Drinking Places
Term Loan
6%
3/7/2021

62.5

8.9

8.6

0.01
%
*Houk Enterprises, Inc. d/b/a Max Muscle
Health and Personal Care Stores
Term Loan
6%
6/18/2026

46.3

7.7

7.3

—
%
*The Alba Financial Group, Inc.
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
6%
10/3/2028

22.5

7.4

3.1

—
%
Auto Sales, Inc.
Motor Vehicle and Parts Dealers
Term Loan
6%
7/30/2020

75.0

5.2

4.6

—
%
*Shamrock Jewelers, Inc.
Clothing and Clothing Accessories Stores
Term Loan
6%
9/6/2016

117.1

5.1

4.9

—
%
Almeria Marketing 1, Inc.
Personal and Laundry Services
Term Loan
7.75%
10/7/2022

50.0

4.8

2.0

—
%
Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing
Educational Services
Term Loan
6%
12/14/2016

15.8

3.7

0.5

—
%
David M. Goens dba Superior Auto Paint & Body, Inc.
Repair and Maintenance
Term Loan
6%
3/13/2023

250.0

3.0

2.7

—
%
Goetzke Chiropractic, Inc.
Ambulatory Health Care Services
Term Loan
6%
9/16/2021

7.5

3.0

2.4

—
%
*Dr. Francis E. Anders, DVM
Professional, Scientific, and Technical Services
Term Loan
6%
11/13/2015

21.0

1.6

1.5

—
%
*Top Class, Inc.
Personal and Laundry Services
Term Loan
6%
6/28/2016

15.0

1.3

0.1

—
%
Furniture Company, LLC
Furniture and Home Furnishings Stores
Term Loan
7%
12/20/2022

57.5

1.3

0.2

—
%
*Alberti and Cardoni, LLC dba Menchie's
Health and Personal Care Stores
Term Loan
6%
8/29/2024

74.3

25.3

0.01
%
*Pure Water Innovations, LLC
Ambulatory Health Care Services
Term Loan
6%
3/23/2037

9.8

1.0

0.9

—
%
TechPlayZone, Inc.
Social Assistance
Term Loan
6%
3/23/2022

9.9

—

—

—
%
Total Non-Performing SBA Unguaranteed Investments
$
13,430.6

$
8,965.2

$
5,120.9

3.02
%
Total SBA Unguaranteed Investments
$
152,231.9

$
147,653.7

$
136,924.1

80.72
%
Performing SBA Guaranteed Investments (4)
TJU-DGT Lorenz Café
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/26/2029

116.9

116.9

129.7

0.08
%

47

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
E & G Enterprises, LLC
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/24/2025

127.5

127.5

142.5

0.08
%
North Atlanta RV Rentals
Data Processing, Hosting, and Related Services
Term Loan
Prime plus 2.75%
3/25/2025

432.8

432.8

483.6

0.29
%
Myclean Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/27/2025

90.1

90.1

100.7

0.06
%
Advanced Skincare Med Center
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
3/30/2025

1,012.5

1,012.5

1,131.5

0.67
%
Home Again Restaurant
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
3/30/2025

177.0

177.0

200.9

0.12
%
Nichols Fire & Security
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
3/31/2025

225.0

225.0

251.4

0.15
%
Landon Farm, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
5/4/2040

94.5

70.9

80.5

0.05
%
Total SBA Guaranteed Performing Investments
$
2,276.3

$
2,252.7

$
2,520.8

1.49
%
Total SBA Unguaranteed and Guaranteed Investments
$
154,508.2

$
149,906.4

$
139,444.9

82.21
%
Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Controlled Investments (5)
Advanced Cyber Security Systems, LLC (6), (13)
Data processing, hosting and related services.
50% Membership Interest
—
%
—

—

—

—

—
%
Term Loan
3
%
December 2014
1,120.0

381.0

—

—
%
*Automated Merchant Services, Inc. (7), (13)
Data processing, hosting and related services.
100% Common Stock
—
%
—

—

—

—

—
%
*Business Connect, LLC (8), (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
CDS Business Services, Inc. (9), (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

1,979.0

1.17
%
CrystalTech Web Hosting, Inc.
Data processing, hosting and related services.
100% Common Stock
—
%
—

—

9,256.0

21,130.0

12.46
%
*OnLAN, LLC (15) (17)
Professional, Scientific, and Technical Services
49% Membership Interests
—
%
—

—

800.0

—

—
%
*Exponential Business Development Co. Inc. (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

—

—
%
*First Bankcard Alliance of Alabama, LLC (10), (13)
Data processing, hosting and related services.
95% Membership Interests
—
%
—

—

—

—

—
%

48

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
*Fortress Data Management, LLC (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
Newtek Insurance Agency, LLC (13)
Insurance Carriers and Related Activities
100% Membership Interests
—
%
—

—

—

2,300.0

1.36
%
PMTWorks Payroll, LLC (11), (13)
Data processing, hosting and related services.
80% Membership Interests
—
%
—

—

—

920.0

0.54
%
Term Loan
10%-12%

Various maturities through September 2016
935.0

935.0

—

—
%
Secure CyberGateway Services, LLC (12), (13)
Data processing, hosting and related services.
66.7% Membership Interests
—
%
—

—

—

—

—
%
Term Loan
7
%
December 2016
2,400.0

1,800.0

1,800.0

1.06
%
Small Business Lending, Inc. (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

8,250.0

4.86
%
*Summit Systems and Designs, LLC (8), (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
Universal Processing Services of Wisconsin, LLC (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

50,239.0

29.62
%
*Where Eagles Fly, LLC (13), (14)
Theatrical productions
95% Membership Interest
—
%
—

—

—

—

—
%
Total Controlled Investments
$
4,455.0

$
13,172.0

$
86,618.0

51.06
%
Investments in Money Market Funds
$
—

$
226.0

$
226.0

0.13
%
Total Investments
$
158,963.2

$
163,304.4

$
226,288.9

133.41
%
See accompanying notes to unaudited condensed consolidated financial statements.

* Denotes non-income producing security.
(1) Newtek values each unguaranteed portion of SBA 7(a) performing loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of June 30, 2015.
(3) Newtek values non-performing SBA 7(a) loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.

49

(4) Newtek values guaranteed performing SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells performing SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company. See Note 4 in the accompanying notes to the condensed consolidated financial statements for transactions during the six months ended June 30, 2015 in which the Company is deemed to control.
(6) 50% owned by Exponential of New York, LLC (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 100% owned by Wilshire Texas Partners I, LLC (a subsidiary of Newtek Business Services Corp.).
(9) 26.15% owned by Wilshire New York Partners IV, LLC (a subsidiary of Newtek Business Services Corp.), 6.17% owned by Exponential of New York, LLC (a subsidiary of Newtek Business Services Corp.), 23.83% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.) and 43.85% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC (a subsidiary of Newtek Business Services Corp.), 5% owned by non-affiliate.
(11) 50% owned by Wilshire New York Partners V, LLC (a subsidiary of Newtek Business Services Corp.), 30% owned by Wilshire Holdings II, Inc. (a subsidiary of Newtek Business Services Corp.), and 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC (a subsidiary of Newtek Business Services Corp.), 33.3% owned by non-affiliate.
(13) 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.
(14) 95% owned by Wilshire DC Partners, LLC (a subsidiary of Newtek Business Services Corp.), 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC (a subsidiary of Newtek Business Services Corp.), 51% owned by non-affiliate.
(16) 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.
(17) Denotes a non-controlled entity.
(18) 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, 2015, 4.2% of total assets are non qualifying assets.

50


NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS DECEMBER 31, 2014
(In Thousands)

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Performing SBA Unguaranteed Investments (1)
MLM Enterprises, LLC and Demand Printing Solutions Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
11/18/2024

$
70.5

$
70.5

$
63.3

0.04
%
DC Real, LLC and DC Enterprises, LTD dba Lakeview True Value
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
11/20/2039

119.4

93.9

94.0

0.06
%
Legacy Estate Planning Inc. dba American Casket Enterprises
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/21/2024

42.0

42.0

33.5

0.02
%
J&D Resources, LLC dba Aqua Science
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/21/2024

767.9

767.9

627.3

0.38
%
Teamnewman Enterprises, LLC dba Newmans at 988
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/25/2039

148.8

148.8

138.5

0.08
%
DeRidder Chiropractic, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/25/2024

13.2

13.2

12.5

0.01
%
Stormrider Inc. dba Shirley's Stormrider, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
11/25/2024

150.0

150.0

119.5

0.07
%
Modern Manhattan, LLC
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
11/25/2024

220.0

220.0

178.3

0.11
%
Meridian Hotels, LLC dba Best Western Jonesboro
Accommodation
Term Loan
Prime plus 2.75%
11/25/2039

228.0

228.0

228.3

0.14
%
Trading Group 3, Inc.
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
11/26/2024

22.5

22.5

17.9

0.01
%
The Red Pill Management Inc. dba UFC Gym Matthews
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
11/26/2024

54.3

28.7

24.6

0.01
%
Homegrown For Good, LLC
Apparel Manufacturing
Term Loan
Prime plus 2.75%
11/26/2024

230.0

230.0

202.1

0.12
%
Kemmer, LLC and Apples Tree Top Liquors, LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/4/2039

138.4

138.4

125.1

0.08
%
The Conibear Corporation and Conibear Trucking, LLC
Truck Transportation
Term Loan
Prime plus 2.75%
12/5/2024

12.0

12.0

10.5

0.01
%
All American Games, LLC and Sportslink - The Game, LLC
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/10/2024

400.0

400.0

341.6

0.21
%
B & W Towing, LLC and Boychucks Fuel, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/17/2039

164.5

164.5

151.3

0.09
%
MM and M Management Inc. dba Pizza Artista
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/19/2025

46.3

46.3

37.8

0.02
%

51

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
B.S. Ventures, LLC dba Dink's Market
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/19/2039

53.8

53.8

53.4

0.03
%
Will Zac Management, LLC dba Papa John's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/19/2024

48.8

48.8

47.9

0.03
%
The Jewelers Inc. dba The Jewelers of Las Vegas
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/19/2024

1,250.0

1,250.0

1,008.4

0.61
%
Beale Street Blues Company-West Palm Beach, LLC
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/22/2024

187.5

187.5

158.8

0.10
%
401 JJS Corporation and G Randazzo's Trattoria Corporation
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/23/2039

473.5

378.8

379.2

0.23
%
The Lodin Group, LLC and Lodin Health Imaging Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/23/2039

530.3

530.3

472.9

0.28
%
Thermoplastic Services Inc. and Paragon Plastic Sheet, Inc
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
12/23/2039

500.0

500.0

500.6

0.30
%
Winter Ventures Inc. dba Qualitybargainbooks and Qualitybargainmall
Nonstore Retailers
Term Loan
Prime plus 2.75%
12/23/2024

156.1

156.1

132.5

0.08
%
Carolina Flicks Inc. dba The Howell Theater
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
12/23/2032

163.3

163.3

149.9

0.09
%
Atlantis of Daytona. LLC and Ocean Club Sportswear Inc.
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/23/2039

240.0

240.0

240.3

0.14
%
Bowlerama, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/24/2039

1,202.5

1,202.5

1,199.9

0.72
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
Accommodation
Term Loan
Prime plus 2.75%
12/30/2024

106.3

106.3

104.6

0.06
%
Evans and Paul, LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/30/2024

223.8

223.8

207.6

0.12
%
First Prevention and Dialysis Center, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/30/2024

238.3

78.1

76.9

0.05
%
Grand Blanc Lanes, Inc. and H, H and H, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/31/2039

133.0

133.0

130.5

0.08
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/31/2039

245.5

161.6

161.8

0.10
%
JEJE Realty, LLC and La Familia Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/10/2039

205.8

205.8

191.9

0.12
%
Joey O's, LLC and Jennifer Olszewski
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/7/2024

13.1

13.0

10.3

0.01
%
Laura L. Smith dba Lisa Smith Studio
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/3/2024

15.0

14.9

11.9

0.01
%

52

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Frontier Bulk Solutions, LLC
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
10/31/2024

1,250.0

1,242.3

1,043.3

0.63
%
Heartland American Properties, LLC and Skaggs RV Outlet, LLC
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/31/2039

479.0

478.3

459.3

0.28
%
M and C Renovations Inc.
Construction of Buildings
Term Loan
Prime plus 2.75%
10/31/2024

20.3

20.1

16.2

0.01
%
Golden Transaction Corporation dba Bleh Sunoco
Gasoline Stations
Term Loan
Prime plus 2.75%
10/30/2039

156.7

156.5

152.5

0.09
%
Kantz, LLC and Kantz Auto, LLC dba Kantz's Hometown Auto
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/29/2039

68.1

68.0

65.0

0.04
%
Seelan Inc. dba Candleridge Market
Gasoline Stations
Term Loan
Prime plus 2.75%
10/27/2039

90.5

90.4

84.0

0.05
%
185 Summerfield Inc. and Valcon Contracting Corp.
Construction of Buildings
Term Loan
Prime plus 2.75%
10/24/2039

162.3

162.0

157.1

0.09
%
Navdeep B Martins and Busy Bubbles, LLC dba Wishy Washy
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/24/2039

89.0

88.9

80.5

0.05
%
3 F Management, LLC and ATC Port Charlotte, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/17/2024

131.3

130.4

110.9

0.07
%
One Hour Jewelry Repair Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/14/2024

20.6

20.4

16.3

0.01
%
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/10/2039

1,250.0

1,249.0

1,250.5

0.75
%
Capitol Waste and Recycling Services, LLC
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
10/10/2024

257.8

256.2

220.3

0.13
%
Sound Manufacturing Inc.
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
10/10/2024

187.5

186.5

157.1

0.09
%
DNT Storage and Properties, LLC
Real Estate
Term Loan
Prime plus 2.75%
10/10/2039

101.8

101.6

99.2

0.06
%
Boilermaker Industries, LLC dba PostNet
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/9/2024

18.8

18.8

16.8

0.01
%
Doctors Express Management of Central Texas, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/8/2024

105.0

92.4

85.0

0.05
%
Smith Spinal Care Center P.C. and James C. Smith
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/8/2039

60.0

59.9

57.2

0.03
%
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/3/2039

126.9

126.4

122.2

0.07
%
Sumad, LLC dba BrightStar Care of Encinitas
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/2/2024

92.5

92.5

90.1

0.05
%
Route 130 SCPI Holdings LLC, (EPC) Route 130 SCPI Operations, LLC (OC)
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/30/2039

538.8

538.8

494.2

0.30
%
Roccos, LLC and Sullo Pantalone Inc. dba Rocco's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/30/2039

255.8

255.0

234.8

0.14
%

53

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Keller Holdings, LLC and David H Keller III and Carie C Keller
Scenic and Sightseeing Transportation
Term Loan
Prime plus 2.75%
9/30/2039

100.0

99.7

98.4

0.06
%
The Woods at Bear Creek, LLC and Bear Creek Entertainment, LLC
Accommodation
Term Loan
Prime plus 2.75%
9/29/2039

513.3

512.5

513.0

0.31
%
Orange County Insurance Brokerage Inc. dba Beaty Insurance Agency
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
9/29/2039

325.1

324.6

324.7

0.20
%
Keys Phase One, LLC dba The Grand Guesthouse
Accommodation
Term Loan
Prime plus 2.75%
9/26/2039

736.3

734.1

709.4

0.43
%
Colts V, LLC and Nowatzke Service Center, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/26/2039

601.8

600.0

576.8

0.35
%
Gordon E Rogers dba Stonehouse Motor Inn
Accommodation
Term Loan
Prime plus 2.75%
9/26/2039

57.5

57.3

57.4

0.03
%
Auto Shine Carwash Inc. and AKM R. Hossain and Jessica F. Masud
Gasoline Stations
Term Loan
Prime plus 2.75%
9/26/2024

22.5

22.2

18.6

0.01
%
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/24/2039

452.5

451.2

395.7

0.24
%
North Columbia, LLC and Loop Liquor and Convenience Store, LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/24/2039

159.3

158.8

153.0

0.09
%
R A Johnson Inc. dba Rick Johnson Auto and Tire
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/23/2039

301.3

300.4

300.7

0.18
%
Andrene's, LLC dba Andrene's Caribbean Soul Food Carry Out
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/23/2024

37.8

37.6

30.1

0.02
%
Utek Corporation dba Arcade Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/22/2039

405.5

405.0

400.6

0.24
%
Play and Stay, LLC dba Zoom Room Tinton Falls
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/18/2024

42.1

42.1

33.6

0.02
%
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/17/2039

145.5

145.1

145.2

0.09
%
Modern Leather Goods Repair Shop Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/17/2024

58.8

57.6

45.9

0.03
%
Animal Intrusion Prevention Systems Holding Company, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/15/2024

272.5

269.1

230.1

0.14
%
Tavern Properties, LLC and Wildwood Tavern, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/15/2039

425.0

312.0

312.3

0.19
%
RDT Enterprises, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
9/15/2027

162.8

161.4

152.3

0.09
%
KW Zion, LLC and Key West Gallery Inc.
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
9/12/2039

1,250.0

1,246.4

1,203.3

0.72
%
Indy East Smiles Youth Dentistry, LLC dba Prime Smile East
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/11/2024

630.2

622.4

499.6

0.30
%
B&P Diners, LLC dba Engine House Restaurant
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/10/2024

80.0

79.0

63.0

0.04
%
Feel The World Inc. dba Xero Shoes and Invisible Shoes
Leather and Allied Product Manufacturing
Term Loan
Prime plus 2.75%
9/5/2024

51.9

51.3

42.2

0.03
%

54

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Alberti and Cardoni, LLC dba Menchie's
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
8/29/2024

77.3

77.3

64.3

0.04
%
Delta Aggrigate, LLC
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
8/28/2039

911.3

911.3

912.1

0.55
%
Lamjam, LLC (EPC) Goldsmith Lambros Inc. (OC)
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
8/27/2024

133.8

131.3

129.3

0.08
%
Orange County Cleaning Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
8/27/2024

41.3

40.5

32.3

0.02
%
Qycell Corporation
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
8/26/2024

121.0

118.9

103.7

0.06
%
Atlas Auto Body Inc. dba Atlas Auto Sales
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/22/2039

51.6

51.3

47.9

0.03
%
Grey Light Realty, LLC (EPC) NH Precision Metal Fabricators Inc. (OC)
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
8/21/2039

1,226.0

1,220.6

1,160.5

0.70
%
S&P Holdings of Daytona LLC (EPC) S&P Corporation of Daytona Beach
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
8/15/2039

433.5

431.6

432.0

0.26
%
Barber Investments, LLC and Fieldstone Quickstop, LLC
Gasoline Stations
Term Loan
Prime plus 2.75%
8/15/2039

150.0

149.3

128.6

0.08
%
Katie Senior Care, LLC dba Home Instead Senior Care
Social Assistance
Term Loan
Prime plus 2.75%
8/15/2024

124.3

121.9

97.2

0.06
%
Alpha Preparatory Academy, LLC
Social Assistance
Term Loan
Prime plus 2.75%
8/15/2039

145.2

109.2

109.4

0.07
%
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
8/8/2039

188.4

187.6

187.8

0.11
%
Almost Home Property, LLC and Almost Home Daycare, LLC
Social Assistance
Term Loan
Prime plus 2.75%
8/7/2039

715.8

713.6

698.8

0.42
%
iFood, Inc. dba Steak N Shake
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2024

379.1

290.5

259.3

0.16
%
AGV Enterprises, LLC dba Jet's Pizza #42
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2024

54.8

53.5

43.9

0.03
%
575 Columbus Avenue Holding Company, LLC and LA-ZE, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/30/2039

22.5

22.4

22.4

0.01
%
L&S Insurance & Financial Services Inc.
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/25/2024

22.5

21.9

17.8

0.01
%
Honeyspot Investors, LLP and Pace Motor Lines Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
7/24/2039

150.0

149.1

147.6

0.09
%
Miss Cranston Diner II, LLC and Miss Cranston II Realty, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/17/2039

91.3

91.3

88.4

0.05
%
Wired, LLC and Moulison North Corporation
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/3/2024

150.1

146.4

126.6

0.08
%
Honeyspot Investors, LLP and Pace Motor Lines Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
6/30/2039

875.3

870.1

859.1

0.52
%
iFood, Inc. dba Steak N Shake
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2039

629.8

625.2

549.0

0.33
%

55

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Wired, LLC and Moulison North Corporation
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/30/2024

500.0

484.4

419.1

0.25
%
AMG Holding, LLC and Stetson Automotive, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/30/2039

208.0

206.5

206.3

0.12
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/30/2024

100.0

96.9

92.5

0.06
%
Highway Striping Inc.
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
6/30/2024

53.1

51.5

43.1

0.03
%
FHJE Ventures, LLC and Eisenreich II Inc. dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/27/2039

321.8

319.6

303.4

0.18
%
JPM Investments, LLC and Carolina Family Foot Care P.A.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/26/2039

136.1

135.5

130.5

0.08
%
Zinger Hardware and General Merchant Inc.
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
6/26/2024

110.5

107.1

94.9

0.06
%
Nikobella Properties, LLC and JPO Inc. dba Village Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/25/2039

476.3

472.8

451.7

0.27
%
RDJ Maayaa Inc. dba RDJ Distributors
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/23/2024

8.7

8.3

6.7

—
%
Big Sky Plaza, LLC and Strickland, Incorporated
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
6/20/2039

233.4

231.7

220.0

0.13
%
510 ROK Realty, LLC dba ROK Health and Fitness
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/19/2024

332.0

322.2

304.3

0.18
%
Nirvi Enterprises, LLC dba Howard Johnson / Knights Inn
Accommodation
Term Loan
Prime plus 2.75%
6/17/2039

920.3

913.5

912.5

0.55
%
Hotels of North Georgia, LLC dba Comfort Inn and Suites
Accommodation
Term Loan
Prime plus 2.75%
6/17/2039

837.5

831.4

825.4

0.50
%
Global Educational Delivery Services, LLC
Educational Services
Term Loan
Prime plus 2.75%
6/16/2024

60.0

58.3

57.3

0.03
%
GPG Real Estate Holdings, LLC and GPG Enterprises Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/13/2039

322.1

319.7

299.2

0.18
%
Rainbow Dry Cleaners
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/13/2024

122.5

118.7

100.1

0.06
%
GPG Real Estate Holdings, LLC (OC) GPG Enterprises Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/13/2039

162.5

40.4

40.4

0.02
%
NVR Corporation dba Discount Food Mart
Food and Beverage Stores
Term Loan
Prime plus 2.75%
6/11/2039

68.3

67.5

67.4

0.04
%
Sico & Walsh Insurance Agency Inc. and The AMS Trust
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
6/6/2039

250.0

249.2

232.9

0.14
%

56

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Sujata Inc. dba Stop N Save Food Mart
Food and Beverage Stores
Term Loan
Prime plus 2.75%
6/3/2024

22.5

21.8

18.0

0.01
%
Long Island Barber Institute Inc.
Educational Services
Term Loan
Prime plus 2.75%
6/2/2039

55.5

55.1

51.5

0.03
%
CJR LLC (EPC) and PowerWash Plus, Inc. (OC)
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/30/2024

53.0

51.0

46.6

0.03
%
Pocono Coated Products, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/30/2024

22.5

21.7

19.9

0.01
%
R. A. Johnson, Inc. dba Rick Johnson Auto & Tire
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
5/29/2039

943.8

935.8

934.7

0.56
%
Wilton Dental Care P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/29/2024

128.1

125.6

100.4

0.06
%
EGM Food Services Inc. dba Gold Star Chili
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/29/2024

19.2

18.5

15.4

0.01
%
Jonesboro Health Food Center, LLC
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
5/27/2024

60.0

57.8

45.7

0.03
%
USI Properties, LLC dba U Store It
Real Estate
Term Loan
Prime plus 2.75%
5/23/2039

144.6

143.4

141.0

0.08
%
Bay State Funeral Services, LLC (EPC) and Riley Funeral Home Inc.(OC)
Personal and Laundry Services
Term Loan
Prime plus 2.75%
5/21/2039

134.9

134.1

133.9

0.08
%
Hae M. and Jin S. Park dba Buford Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/15/2039

166.5

164.3

151.0

0.09
%
Moochie's, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/13/2024

100.5

97.9

79.3

0.05
%
The River Beas, LLC and Punam Singh
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/8/2039

90.3

89.5

84.8

0.05
%
AS Boyals, LLC dba Towne Liquors
Food and Beverage Stores
Term Loan
Prime plus 2.75%
4/29/2039

117.5

116.3

116.2

0.07
%
Winter Ventures Inc. and 214 N Franklin LLC
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/29/2024

62.6

59.9

53.0

0.03
%
ENI Inc., Event Networks Inc., ENI Worldwide, LLC and Spot Shop Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
4/25/2024

500.0

478.1

376.8

0.23
%
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/23/2027

78.8

76.4

73.4

0.04
%
Complete Body & Paint, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/23/2039

20.8

20.6

20.5

0.01
%
Island Wide Realty, LLC and Long Island Partners, Inc.
Real Estate
Term Loan
Prime plus 2.75%
4/22/2039

103.8

102.7

102.6

0.06
%
Aiello's Pizzeria, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/18/2024

42.8

40.9

34.0

0.02
%
Wilshire Media Systems Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
4/17/2024

186.3

178.1

145.5

0.09
%
Family Ties Supply Corp. dba Best Cookies & More dba Cookie Factory Out
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
4/16/2024

53.1

50.8

39.8

0.02
%

57

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
R2 Tape Inc. dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
4/10/2024

78.8

75.3

74.0

0.04
%
1899 Tavern & Tap, LLC and Ale House Tavern & Tap, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/9/2039

137.5

135.2

130.7

0.08
%
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport, LLC
Truck Transportation
Term Loan
Prime plus 2.75%
3/31/2024

1,250.0

712.3

689.3

0.41
%
Hodges Properties, LLC and Echelon Enterprises Inc. dba Treads Bicycle
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
3/31/2039

449.0

443.7

427.6

0.26
%
Dantanna's Tavern, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2024

164.3

158.2

133.2

0.08
%
RDT Enterprises, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/31/2028

141.2

137.1

135.6

0.08
%
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC)
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/31/2039

117.5

116.3

99.7

0.06
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
Social Assistance
Term Loan
Prime plus 2.75%
3/31/2039

101.5

100.9

91.1

0.05
%
Little People's Village II, LLC (OC) and Iliopoulos Realty, LLC (EPC)
Social Assistance
Term Loan
Prime plus 2.75%
3/31/2039

92.1

91.5

82.6

0.05
%
Wilban, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/28/2039

427.5

422.5

403.8

0.24
%
Lake Area Autosound, LLC and Ryan H. Whittington
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
7/28/2039

125.0

125.0

116.8

0.07
%
TC Business Enterprises, LLC dba Sky Zone Indoor Trampoline Park
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/27/2024

290.1

280.8

229.0

0.14
%
Sapienzo Properties, LLC (EPC) CNS Self-Storage Inc. (OC)
Real Estate
Term Loan
Prime plus 2.75%
3/27/2039

193.8

190.6

190.4

0.11
%
Hascher Gabelstapler Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/26/2024

143.3

136.1

122.5

0.07
%
Knowledge First Inc. dba Magic Years of Learning and Kimberly Knox
Social Assistance
Term Loan
Prime plus 2.75%
3/21/2039

145.0

143.5

132.2

0.08
%
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co.
Primary Metal Manufacturing
Term Loan
Prime plus 2.75%
3/20/2039

497.5

491.5

490.9

0.29
%
Cormac Enterprises and Wyoming Valley Beverage Incorporated
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/20/2039

110.8

109.6

109.5

0.07
%
Kinisi, Inc. dba The River North UPS Store
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/18/2024

41.3

38.4

33.8

0.02
%
Tortilla King, Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
3/14/2029

1,033.1

1,011.0

903.2

0.54
%
SE Properties 39 Old Route 146, LLC (EPC) SmartEarly Clifton Park, LLC
Social Assistance
Term Loan
Prime plus 2.75%
3/14/2039

408.0

404.4

400.5

0.24
%
Tortilla King Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
3/14/2039

216.9

214.3

193.3

0.12
%

58

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Bowl Mor, LLC dba Bowl Mor Lanes and Spare Lounge, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/13/2039

223.5

220.9

220.6

0.13
%
Avayaan2, LLC dba Island Cove
Gasoline Stations
Term Loan
Prime plus 2.75%
3/7/2039

157.5

155.6

148.6

0.09
%
Onofrio's Fresh Cut Inc.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/6/2024

75.0

71.4

65.7

0.04
%
J&M Concessions, Inc.dba A-1 Liquors
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/3/2039

135.6

134.0

120.8

0.07
%
R & R Boyal, LLC dba Cap N Cat Clam Bar and Little Ease Tavern
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/28/2039

417.5

412.1

386.2

0.23
%
Summit Beverage Group, LLC
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
2/28/2024

350.6

330.8

293.6

0.18
%
Faith Memorial Chapel, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
2/28/2039

214.2

211.4

194.6

0.12
%
952 Boston Post Road Realty, LLC and HNA, LLC dba Styles International
Personal and Laundry Services
Term Loan
Prime plus 2.75%
2/28/2039

211.0

208.3

192.3

0.12
%
Choe Trade Group Inc. dba Rapid Printers of Monterey
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
2/28/2024

159.3

150.3

143.1

0.09
%
Pindar Associates, LLC, Pidar Vineyards, LLC, Duck Walk Vineyards Inc.
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
2/25/2024

712.3

672.0

659.9

0.40
%
96 Mill Street, LLC, Central Pizza, LLC and Jason Bikakis George Bikaki
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/12/2039

141.3

139.4

139.2

0.08
%
JWB Industries, Inc. dba Carteret Die Casting
Primary Metal Manufacturing
Term Loan
Prime plus 2.75%
2/11/2024

280.0

264.1

217.5

0.13
%
Sovereign Communications, LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
2/7/2024

907.8

856.3

688.8

0.41
%
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/7/2039

99.1

98.2

93.5

0.06
%
Awesome Pets II Inc. dba Mellisa's Pet Depot
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
2/7/2024

83.2

79.5

66.1

0.04
%
Robert Star Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
2/5/2024

46.8

44.2

43.4

0.03
%
Atlas Mountain Construction, LLC
Construction of Buildings
Term Loan
Prime plus 2.75%
1/28/2024

16.5

15.5

15.2

0.01
%
Sarah Sibadan dba Sibadan Agency
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
1/27/2039

129.4

127.5

124.3

0.07
%
3Fmanagement, LLC and ATC Fitness Cape Coral, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
1/24/2024

425.0

398.2

334.1

0.20
%
JDR Industries Inc dba CST-The Composites Store
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
1/21/2024

140.3

131.4

112.4

0.07
%
Icore Enterprises Inc. dba Air Flow Filters Inc.
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
1/15/2024

21.8

20.4

20.0

0.01
%

59

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Nutmeg North Associates, LLC (OC) Steeltech Building Products Inc.
Construction of Buildings
Term Loan
Prime plus 2.75%
12/31/2038

897.8

883.5

814.7

0.49
%
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
9/30/2027

712.5

692.9

675.7

0.41
%
S.Drake, LLC dba Express Employment Professionals of Ann Arbor, Michigan
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/31/2023

18.8

17.8

14.2

0.01
%
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's
Food Manufacturing
Term Loan
Prime plus 2.75%
12/27/2023

656.3

620.0

608.6

0.37
%
Shane M. Howell and Buck Hardware and Garden Center, LLC
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
12/27/2038

322.5

317.2

289.5

0.17
%
Superior Disposal Service, Inc.
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
12/26/2023

240.5

223.8

206.3

0.12
%
KK International Trading Corporation
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/23/2028

190.0

182.6

169.9

0.10
%
AIP Enterprises, LLC and Spider's Web Inc dba Black Widow Harley-Davidson
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
12/20/2038

962.5

946.7

936.7

0.56
%
JackRabbit Sports Inc.
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/20/2023

581.3

535.9

526.0

0.32
%
Mosley Auto Group, LLC dba America's Automotive
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/20/2038

221.5

217.9

212.2

0.13
%
Kurtis Sniezek dba Wolfe's Foreign Auto
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/20/2038

88.9

87.4

87.3

0.05
%
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/19/2038

555.3

546.2

508.3

0.31
%
Lefont Theaters Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/19/2023

14.4

13.4

11.6

0.01
%
TAK Properties, LLC and Kinderland Inc.
Social Assistance
Term Loan
Prime plus 2.75%
12/18/2038

405.0

398.4

373.6

0.22
%
Any Garment Cleaner-East Brunswick, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/18/2023

53.8

50.0

46.0

0.03
%
TOL, LLC dba Wild Birds Unlimited
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
12/13/2023

18.0

17.3

14.8

0.01
%
8 Minute Oil Change of Springfield Corporation and John Nino
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/12/2038

196.8

193.1

188.5

0.11
%
920 CHR Realty, LLC (EPC) V. Garofalo Carting Inc (OC)
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
12/10/2038

418.1

411.3

410.6

0.25
%
DKB Transport Corp.
Truck Transportation
Term Loan
Prime plus 2.75%
12/5/2038

138.8

136.5

136.3

0.08
%
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/3/2023

545.8

507.7

441.3

0.27
%

60

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Firm Foundations Inc. David S Gaitan Jr and Christopher K Daigle
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/3/2038

104.3

102.5

90.3

0.05
%
Spectrum Development, LLC and Solvit Inc & Solvit North, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/2/2023

387.3

360.3

313.0

0.19
%
BVIP Limousine Service, LTD
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
11/27/2038

76.5

75.1

72.4

0.04
%
Eco-Green Reprocessing, LLC and Denali Medical Concepts, LLC
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
11/27/2023

67.2

62.1

50.6

0.03
%
TNDV: Television, LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
11/26/2038

253.8

249.2

234.9

0.14
%
Veterinary Imaging Specialists of Alaska, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/26/2023

162.6

155.0

144.4

0.09
%
Wallace Holdings, LLC (EPC) GFA International Inc. (OC)
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.5%
11/25/2023

125.0

115.4

92.8

0.06
%
AcuCall, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/21/2023

15.8

14.7

11.6

0.01
%
Seven Peaks Mining Inc. and Cornerstone Industrial Minerals Corporation
Mining (except Oil and Gas)
Term Loan
Prime plus 2.75%
11/18/2038

1,250.0

1,227.8

1,064.3

0.64
%
Kids in Motion of Springfield, LLC dba The Little Gym of Springfield, IL
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
11/18/2023

45.0

42.3

34.5

0.02
%
Kup's Auto Spa Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/15/2038

396.7

390.0

382.7

0.23
%
Yousef Khatib dba Y&M Enterprises
Wholesale Electronic Markets and Agents and Brokers
Term Loan
Prime plus 2.75%
11/15/2023

75.0

69.3

56.7

0.03
%
River Run Personnel, LLC dba Express Employment Professionals
Administrative and Support Services
Term Loan
Prime plus 2.75%
11/15/2023

20.0

1.2

1.2

—
%
Howell Gun Works, LLC
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
11/14/2023

8.3

7.7

6.1

—
%
Armin and Kian Inc. dba The UPS Store 3714
Couriers and Messengers
Term Loan
Prime plus 2.75%
11/13/2023

56.5

52.2

41.0

0.02
%
Polpo Realty, LLC (EPC) Polpo Restaurant, LLC (OC)
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/6/2038

62.5

61.6

61.5

0.04
%
Twinsburg Hospitality Group, LLC dba Comfort Suites
Accommodation
Term Loan
Prime plus 2.75%
10/31/2038

945.0

928.1

862.6

0.52
%
Master CNC Inc. & Master Properties, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
10/31/2038

596.6

585.0

524.2

0.31
%
1 North Restaurant Corp. dba 1 North Steakhouse
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
10/31/2038

212.5

208.4

202.4

0.12
%
Mid-Land Sheet Metal Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
10/31/2038

137.5

135.0

129.9

0.08
%

61

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Logistics Business Solutions Inc. dba The UPS Store
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/31/2023

50.0

46.5

41.8

0.03
%
Janice B. McShan and The Metropolitan Day School, LLC
Social Assistance
Term Loan
Prime plus 2.75%
10/31/2023

42.8

40.4

38.5

0.02
%
Meridian Hotels, LLC dba Best Western Jonesboro
Accommodation
Term Loan
Prime plus 2.75%
10/29/2038

664.5

650.4

644.4

0.39
%
New Image Building Services Inc. dba New Image Repair Services
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/29/2023

331.3

303.9

254.1

0.15
%
A-1 Quality Services Corporation
Administrative and Support Services
Term Loan
Prime plus 2.75%
10/29/2023

8.9

8.1

6.4

—
%
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
10/24/2038

246.3

241.5

221.1

0.13
%
Greenbrier Technical Services, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/24/2023

240.1

221.6

208.6

0.13
%
Kelly Auto Care LLC dba Shoreline Quick Lube and Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
10/18/2023

87.5

80.3

67.2

0.04
%
KenBro Enterprises LLC dba Hearing Aids by Zounds-Cherry Hill
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
10/18/2023

25.8

23.6

21.3

0.01
%
Shepher Distr's and Sales Corp and The Lederer Industries Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/30/2023

1,050.0

956.4

938.7

0.56
%
Fieldstone Quick Stop, LLC (OC) Barber Investments, LLC (EPC)
Gasoline Stations
Term Loan
Prime plus 2.75%
9/30/2038

676.3

667.1

598.7

0.36
%
Cencon Properties, LLC and Central Connecticut Warehousing Company
Warehousing and Storage
Term Loan
Prime plus 2.75%
9/30/2038

344.5

337.8

333.3

0.20
%
Lenoir Business Partners, LLC (EPC) LP Industries, Inc. dba Childforms
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

322.7

317.7

302.4

0.18
%
Onofrios Enterprises, LLC (EPC) Onofrios Fresh Cut, Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

312.5

306.8

294.3

0.18
%
Discount Wheel and Tire
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
9/30/2038

223.8

219.0

204.2

0.12
%
Top Properties, LLC and LP Industries, Inc dba Childforms
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/30/2038

120.0

117.9

117.7

0.07
%
AGS Talcott Partners, Inc.
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
9/30/2023

117.8

107.3

84.2

0.05
%
First Steps Real Estate Company, LLC (EPC) and First Steps Preschool
Social Assistance
Term Loan
Prime plus 2.75%
9/30/2038

97.6

95.6

86.8

0.05
%
Gabrielle Realty, LLC
Gasoline Stations
Term Loan
Prime plus 2.75%
9/27/2038

757.6

741.6

688.8

0.41
%
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman, DDS, PC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/27/2038

335.1

328.0

310.9

0.19
%
Handy 6391, LLC dba The UPS Store #6391
Administrative and Support Services
Term Loan
Prime plus 2.75%
9/27/2023

62.5

58.3

57.3

0.03
%
Eastside Soccer Dome, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2038

463.8

453.9

453.1

0.27
%

62

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
HJ & Edward Enterprises, LLC dba Sky Zone
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2023

262.5

246.8

222.6

0.13
%
Anthony C Dinoto and Susan S P Dinoto
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/26/2038

100.0

98.0

97.8

0.06
%
Southeast Chicago Soccer Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/26/2038

51.3

50.2

50.1

0.03
%
Kiddie Steps 4 You Inc.
Social Assistance
Term Loan
Prime plus 2.75%
9/25/2038

89.3

83.9

78.4

0.05
%
Diamond Memorials Incorporated
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/25/2023

14.3

12.8

10.0

0.01
%
Faith Memorial Chapel, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/20/2038

268.4

262.7

249.0

0.15
%
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta
Educational Services
Term Loan
Prime plus 2.75%
9/20/2023

46.3

42.3

34.8

0.02
%
Westville Seafood, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/19/2038

112.3

109.9

102.7

0.06
%
Maynard Enterprises Inc. dba Fastsigns of Texarkana
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
9/18/2023

16.1

14.8

12.3

0.01
%
Grafio Inc. dba Omega Learning Center-Acworth
Educational Services
Term Loan
Prime plus 2.75%
9/13/2023

156.3

142.3

118.8

0.07
%
The Berlerro Group, LLC dba Sky Zone
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/12/2023

421.3

395.8

326.4

0.20
%
Sound Manufacturing Inc.
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
9/12/2028

54.8

52.1

46.6

0.03
%
Prospect Kids Academy Inc.
Educational Services
Term Loan
Prime plus 2.75%
9/11/2038

124.3

121.6

116.6

0.07
%
Alma J. and William R. Walton (EPC) and Almas Child Day Care Center
Social Assistance
Term Loan
Prime plus 2.75%
9/11/2038

39.5

38.7

38.6

0.02
%
B for Brunette, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/10/2023

53.4

49.3

39.1

0.02
%
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/4/2038

224.2

217.8

202.8

0.12
%
ACI Northwest Inc.
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
8/30/2023

906.3

680.0

613.9

0.37
%
IlOKA Inc. dba Microtech Tel and NewCloud Networks
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/30/2023

687.5

621.5

528.2

0.32
%
Spectrum Radio Fairmont, LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
8/30/2023

187.5

169.5

163.9

0.10
%
Excel RP Inc.
Machinery Manufacturing
Term Loan
Prime plus 2.75%
8/30/2023

130.3

117.8

110.1

0.07
%
Gulfport Academy Child Care and Learning Center, Inc.
Social Assistance
Term Loan
Prime plus 2.75%
8/30/2023

43.3

39.1

36.3

0.02
%

63

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Mojo Brands Media, LLC
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
8/28/2023

784.0

750.1

603.7

0.36
%
Ramard Inc and Advanced Health Sciences Inc.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/28/2023

187.5

169.5

133.0

0.08
%
RM Hawkins, LLC dba Pure Water Tech West and Robert M Hawkins
Nonstore Retailers
Term Loan
Prime plus 2.75%
8/26/2023

85.8

73.6

72.3

0.04
%
JSIL LLC dba Blackstones Hairdressing
Personal and Laundry Services
Term Loan
Prime plus 2.75%
8/16/2023

19.5

17.7

14.8

0.01
%
Jatcoia, LLC dba Plato's Closet
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
8/15/2023

65.0

52.3

51.0

0.03
%
Island Nautical Enterprises, Inc. (OC) and Ingwall Holdings, LLC (EPC)
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
8/14/2038

445.0

343.0

312.3

0.19
%
Caribbean Concepts, Inc. dba Quick Bleach
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/12/2023

22.5

20.5

16.7

0.01
%
VesperGroup, LLC dba The Wine Cellar
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/5/2023

45.0

40.7

33.9

0.02
%
Blacknorange2, LLC dba Popeyes Louisiana Kitchen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2023

175.0

159.1

128.9

0.08
%
209 North 3rd Street, LLC (EPC) Yuster Insurance Group Inc. (OC)
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/29/2038

83.9

81.8

78.2

0.05
%
Majestic Contracting Services, Inc. dba Majestic Electric
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/26/2038

190.0

185.4

171.3

0.10
%
Daniel W. and Erin H. Gordon and Silver Lining Stables CT, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
7/24/2023

11.3

10.1

9.9

0.01
%
Angkor Restaurant Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/19/2038

93.0

90.8

88.3

0.05
%
Harbor Ventilation Inc. and Estes Investment, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/19/2038

92.1

90.0

84.5

0.05
%
Tri County Heating and Cooling Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/19/2023

87.8

78.8

73.7

0.04
%
Morning Star Trucking. LLC and Morning Star Equipment and Leasing, LLC
Truck Transportation
Term Loan
Prime plus 2.75%
7/17/2023

53.8

48.2

37.9

0.02
%
Maxiflex, LLC
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
6/28/2023

153.5

136.9

135.5

0.08
%
JRA Holdings, LLC (EPC) Jasper County Cleaners Inc. dba Superior Cleaner
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/28/2038

121.0

117.9

118.9

0.07
%
GIA Realty, LLC and VRAJ GIA, LLC dba Lakeview Laundromat
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/28/2038

97.5

95.0

95.8

0.06
%
Emerald Ironworks Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/27/2023

72.0

64.4

56.4

0.03
%
Contract Packaging Services Inc. dba Superior Pack Group
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
6/21/2023

851.8

764.3

690.4

0.41
%

64

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
2161 Highway 6 Trail, LLC (EPC)
Truck Transportation
Term Loan
Prime plus 2.75%
6/19/2026

1,250.0

912.6

903.4

0.54
%
CBlakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services
Heavy and Civil Engineering Construction
Term Loan
Prime plus 2.75%
6/18/2028

875.0

821.3

819.1

0.49
%
KDP, LLC and KDP Investment Advisors, Inc. and KDP Asset Management, Inc.
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/14/2023

343.8

306.2

263.6

0.16
%
Elite Structures Inc.
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
6/12/2038

932.8

901.3

901.2

0.54
%
(EPC) Absolute Desire, LLC and Mark H. Szierer (OC) Sophisticated Smile
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/5/2038

188.3

183.7

172.4

0.10
%
(EPC) Willowbrook Properties, LLC (OC) Grove Gardens Landscaping Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
6/5/2038

186.3

181.5

177.9

0.11
%
Maciver Corporation dba Indie Rentals and Division Camera
Rental and Leasing Services
Term Loan
Prime plus 2.75%
5/31/2023

440.8

390.3

363.0

0.22
%
RKP Service dba Rainbow Carwash
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/31/2023

300.0

268.2

232.8

0.14
%
Europlast Ltd.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
5/31/2023

162.0

157.4

151.0

0.09
%
RXSB, Inc. dba Medicine Shoppe
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
5/30/2023

186.3

165.5

140.1

0.08
%
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
5/28/2023

63.5

56.2

51.2

0.03
%
Ryan D. Thornton and Thornton & Associates, LLC
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
5/24/2023

68.8

58.7

49.7

0.03
%
Insurance Problem Solvers, LLC
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
5/20/2023

17.1

15.1

12.8

0.01
%
Hybrid Racing, LLC.
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
5/15/2023

116.3

103.4

92.8

0.06
%
Atlas Mountain Construction, LLC
Construction of Buildings
Term Loan
Prime plus 2.75%
5/13/2038

127.3

123.8

124.8

0.07
%
PowerWash Plus, Inc. and CJR, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/30/2038

550.0

534.1

512.2

0.31
%
Peanut Butter & Co., Inc.
Food Manufacturing
Term Loan
Prime plus 2.75%
4/30/2023

100.0

87.7

75.1

0.05
%
Brothers International Desserts
Food Manufacturing
Term Loan
Prime plus 2.75%
4/26/2023

230.0

201.8

185.1

0.11
%
Kidrose, LLC dba Kidville Riverdale
Educational Services
Term Loan
Prime plus 2.75%
4/22/2023

78.8

69.9

62.3

0.04
%
SFAM Parsippany LLC dba Cups Frozen Yogurt
Food Services and Drinking Places
Term Loan
6%
4/19/2023

121.3

46.3

45.8

0.03
%
Vernon & Stephanie Scott and Little Stars Day Care Center, Inc.
Educational Services
Term Loan
Prime plus 2.75%
4/18/2038

151.0

146.7

147.9

0.09
%

65

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Capital Scrap Metal, LLC and Powerline Investment, LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
3/29/2038

500.0

463.9

467.5

0.28
%
MRM Supermarkets Inc. dba Constantins Breads; Dallas Gourmet Breads
Food Manufacturing
Term Loan
Prime plus 2.75%
3/29/2038

336.0

325.8

303.2

0.18
%
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc. (OC)
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
3/29/2038

124.6

120.8

114.3

0.07
%
A & M Commerce, Inc. dba Cranberry Sunoco
Gasoline Stations
Term Loan
Prime plus 2.75%
3/27/2038

330.3

320.0

313.9

0.19
%
Xela Pack, Inc. and Aliseo and Catherine Gentile
Paper Manufacturing
Term Loan
Prime plus 2.75%
3/27/2028

271.8

252.1

250.6

0.15
%
Neyra Industries, Inc. and Edward Neyra
Nonmetallic Mineral Product Manufacturing
Term Loan
Prime plus 2.75%
3/27/2023

217.5

189.4

185.0

0.11
%
Gator Communications Group, LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
3/27/2023

17.3

15.5

14.2

0.01
%
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/25/2038

537.5

521.1

497.8

0.30
%
Michael A. and Heather R. Welsch dba Art & Frame Etc.
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
3/22/2038

67.5

65.4

63.9

0.04
%
M & H Pine Straw Inc. and Harris L. Maloy
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
3/21/2023

288.8

251.6

235.9

0.14
%
Truth Technologies Inc. dba Truth Technologies Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
3/21/2023

79.5

69.2

60.1

0.04
%
J. Kinderman & Sons Inc., dba BriteStar Inc.
Electrical Equipment, Appliance, and Component Manufacturing
Term Loan
Prime plus 2.75%
3/20/2023

181.3

157.8

156.0

0.09
%
Stellar Environmental, LLC
Waste Management and Remediation Services
Term Loan
Prime plus 2.75%
3/18/2023

56.3

49.0

46.7

0.03
%
Sound Manufacturing, Inc. and Monster Power Equipment Inc.
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
3/15/2023

523.0

455.9

417.3

0.25
%
N.S and Z, Inc. dba Panos Pastry and Bakery and Jovinar's Chocolates
Food Manufacturing
Term Loan
Prime plus 2.75%
3/15/2038

129.3

125.5

126.5

0.08
%
Golden Gate Lodging, LLC (OC)
Accommodation
Term Loan
Prime plus 2.75%
3/12/2038

115.0

111.5

108.9

0.07
%
Aldine Funeral Chapel, LLC dba Aldine Funeral Chapel
Personal and Laundry Services
Term Loan
Prime plus 2.75%
3/8/2038

73.8

35.5

35.8

0.02
%
River Club Golf Course Inc. dba The River Club
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2038

475.2

459.9

445.9

0.27
%
Bakhtar Group, LLC dba Malmaison
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/28/2023

103.8

90.4

76.6

0.05
%
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC)
Machinery Manufacturing
Term Loan
Prime plus 2.75%
2/20/2038

86.3

83.5

81.5

0.05
%
Grand Manor Realty, Inc. & Kevin LaRoe
Real Estate
Term Loan
Prime plus 2.75%
2/20/2023

21.8

19.0

16.1

0.01
%

66

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Java Warung, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/19/2038

51.0

49.5

48.5

0.03
%
Pacheco Investments, LLC (EPC) Pacheco Brothers Gardening Inc. (OC)
Administrative and Support Services
Term Loan
Prime plus 2.75%
2/15/2038

425.0

410.0

403.5

0.24
%
Nancy & Karl Schmidt (EPC) Moments to Remember USA, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
2/15/2038

106.3

102.9

100.6

0.06
%
Orient Express, Inc. dba Spracht, Celltek, ODI
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
2/12/2023

84.9

72.4

61.3

0.04
%
Knits R Us, Inc. dba NYC Sports/Mingle
Textile Mills
Term Loan
Prime plus 2.75%
2/11/2038

125.0

121.0

122.0

0.07
%
North Country Transport, LLC
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
2/6/2023

15.0

13.0

12.8

0.01
%
MJD Investments, LLC dba The Community Day School
Social Assistance
Term Loan
Prime plus 2.75%
1/31/2038

258.3

249.6

239.6

0.14
%
EZ Towing, Inc.
Support Activities for Transportation
Term Loan
Prime plus 2.75%
1/31/2023

145.0

124.5

110.3

0.07
%
Sherill Universal City dba Golden Corral
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/28/2038

440.5

427.4

411.7

0.25
%
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai
Food Manufacturing
Term Loan
Prime plus 2.75%
12/31/2037

500.0

484.6

488.3

0.29
%
WI130, LLC (EPC) & Lakeland Group, Inc. (OC) dba Lakeland Electrical
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/31/2028

271.5

250.9

226.0

0.14
%
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
12/31/2022

97.5

83.0

70.8

0.04
%
John Duffy Fuel Co., Inc.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/28/2022

513.8

437.5

428.7

0.26
%
Babie Bunnie Enterprises Inc. dba Triangle Mothercare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/28/2022

46.3

39.3

33.3

0.02
%
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC)
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/27/2037

517.5

500.9

504.8

0.30
%
Trailer One, Inc. and Trailer One Storage, Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/27/2022

166.8

142.0

140.3

0.08
%
Martin L Hopp, MD PHD, A Medical Corp (OC)
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/21/2022

66.3

56.2

50.0

0.03
%
Ezzo Properties, LLC and Great Lakes Cleaning, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/20/2027

389.6

357.0

317.0

0.19
%
Pioneer Window Holdings, Inc. and Subsidiaries dba Pioneer Windows
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/20/2022

225.0

195.2

176.8

0.11
%
The Amendments Group, LLC dba Brightstar
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/17/2022

22.5

19.1

18.9

0.01
%
G.M. Pop's, Inc. & S.D. Food, Inc. dba Popeyes Louisiana Kitchen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/11/2022

127.1

108.2

94.4

0.06
%

67

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Color By Number 123 Designs, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
12/11/2022

42.5

35.9

35.4

0.02
%
Aegis Creative Communications, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
11/30/2022

387.5

302.5

256.0

0.15
%
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/30/2037

286.5

277.1

272.1

0.16
%
Summit Treatment Services, Inc. dba Summit Treatment Services
Social Assistance
Term Loan
Prime plus 2.75%
11/30/2037

136.5

131.9

118.7

0.07
%
214 North Franklin, LLC and Winter Ventures, Inc.
Nonstore Retailers
Term Loan
Prime plus 2.75%
11/29/2037

153.9

148.2

140.7

0.08
%
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
11/28/2037

223.8

215.7

215.4

0.13
%
Richmond Hill Mini Market, LLC
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/27/2037

185.3

178.6

174.8

0.11
%
D&L Rescources, Inc. dba The UPS Store
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
11/27/2022

9.8

8.2

7.0

—
%
DRV Enterprise, Inc. dba Cici's Pizza # 339
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
11/26/2022

65.0

53.6

53.0

0.03
%
Pioneer Windows Manufacturing Corp, Pioneer Windows
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
11/21/2022

275.0

236.7

214.2

0.13
%
U & A Food and Fuel, Inc. dba Express Gas & Food Mart
Gasoline Stations
Term Loan
Prime plus 2.75%
11/21/2037

96.3

92.7

93.4

0.06
%
Clean Brothers Company Inc. dba ServPro of North Washington County
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/21/2022

17.0

14.3

12.7

0.01
%
R & J Petroleum, LLC (EPC) Manar USA, Inc. (OC)
Gasoline Stations
Term Loan
Prime plus 2.75%
11/20/2037

180.0

173.3

171.3

0.10
%
PGH Groceries, LLC DBA The Great American Super
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/19/2037

68.8

66.3

64.9

0.04
%
St Judes Physical Therapy P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/19/2022

21.0

17.7

17.5

0.01
%
Hi-Def Imaging, Inc. dba SpeedPro Imaging
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
11/9/2022

22.2

18.7

16.5

0.01
%
Reidville Hydraulics & Mfg Inc. dba Summit Farms, LLC
Machinery Manufacturing
Term Loan
Prime plus 2.75%
11/2/2037

265.9

256.2

237.4

0.14
%
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/26/2022

180.0

154.2

130.5

0.08
%
Chickamauga Properties, Inc. and MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
10/19/2022

59.8

50.0

49.4

0.03
%
LA Diner Inc. dba Loukas L A Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/28/2037

677.5

652.1

657.0

0.39
%

68

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Spire Investment Partners, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
9/28/2022

258.8

215.0

181.9

0.11
%
ATC Fitness, LLC dba Around the Clock Fitness
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/28/2022

180.0

154.0

143.8

0.09
%
University Park Retreat, LLC dba Massage Heights
Personal and Laundry Services
Term Loan
Prime plus 2.75%
9/27/2022

76.0

63.0

62.3

0.04
%
Europlast Ltd.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/26/2022

743.9

680.4

655.1

0.39
%
Forno Italiano Di Nonna Randazzo, LLC dba Nonna Randazzo's Bakery
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/26/2037

183.8

177.7

171.1

0.10
%
LaSalle Market and Deli EOK Inc. and Rugen Realty, LLC dba LaSalle Mark
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/21/2037

252.3

242.1

232.1

0.14
%
O'Rourkes Diner, LLC dba O'Rourke's Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/19/2037

65.5

62.9

59.7

0.04
%
AdLarge Media, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/13/2022

250.0

207.7

175.7

0.11
%
Vision Network Solutions, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/12/2022

19.5

16.2

13.7

0.01
%
R2 Tape, Inc. dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/31/2037

367.5

352.1

354.7

0.21
%
R2 Tape Inc. dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/31/2022

155.0

127.5

125.9

0.08
%
AJK Enterprise, LLC dba AJK Enterprise, LLC
Truck Transportation
Term Loan
Prime plus 2.75%
8/27/2022

16.5

13.6

13.1

0.01
%
New Image Building Services, Inc. dba New Image Repair Services
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/23/2037

285.7

273.7

252.7

0.15
%
Suncoast Aluminum Furniture, Inc.
Furniture and Related Product Manufacturing
Term Loan
Prime plus 2.75%
8/17/2037

360.0

344.9

345.7

0.21
%
Matchless Transportation, LLC dba First Class Limo
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
8/3/2022

185.0

153.1

139.8

0.08
%
Hofgard & Co., Inc. dba HofgardBenefits
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
7/27/2022

107.3

87.4

81.8

0.05
%
Georgia Safe Sidewalks, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/27/2022

15.0

12.1

11.1

0.01
%
Scoville Plumbing & Heating Inc. and Thomas P. Scoville
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/25/2022

50.0

42.9

41.9

0.03
%
Havana Central (NY) 5, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/29/2022

1,166.8

984.7

956.2

0.57
%

69

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Central Tire, Inc. dba Cooper Tire & Auto Services
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/29/2037

288.5

275.2

272.9

0.16
%
WPI, LLC
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
6/29/2024

129.5

110.1

104.7

0.06
%
Karykion, Corporation dba Karykion Corporation
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/28/2022

194.0

157.3

156.9

0.09
%
Jenkins-Pavia Corporation dba Victory Lane Quick Oil Change
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/27/2037

69.8

66.5

66.9

0.04
%
KIND-ER-ZZ Inc. dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
6/15/2022

50.0

40.1

36.6

0.02
%
Graphish Studio, Inc. and Scott Fishoff
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/14/2022

20.3

16.4

14.9

0.01
%
TNDV: Television, LLC
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
6/13/2022

127.5

103.2

98.8

0.06
%
Spectrumit, Inc, (OC) dba LANformation
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
5/31/2030

154.9

141.7

140.0

0.08
%
5091, LLC and TR/AL, LLC d/b/a Cafe Africana
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/31/2037

121.3

115.8

116.4

0.07
%
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC)
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
5/31/2037

62.9

59.9

59.9

0.04
%
Craig R Freehauf d/b/a Lincoln Theatre
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
5/31/2022

47.9

31.8

31.7

0.02
%
Lefont Theaters, Inc.
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
5/30/2022

137.0

109.9

104.7

0.06
%
Christou Real Estate Holdings, LLC dba Tops American Grill
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/17/2037

284.0

270.3

273.5

0.16
%
Tracey Vita-Morris dba Tracey Vita's School of Dance
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
5/10/2022

22.5

18.1

16.5

0.01
%
STK Ventures Inc. dba JP Dock Service & Supply
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
5/9/2037

131.8

126.1

125.3

0.08
%
Bisson Transportation, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
5/7/2037

588.1

570.2

560.0

0.34
%
Bisson Moving & Storage Company Bisson Transportation Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
5/7/2022

528.8

440.8

426.5

0.26
%
Fair Deal Food Mart Inc. dba Neighbors Market
Gasoline Stations
Term Loan
Prime plus 2.75%
5/3/2037

381.3

363.0

370.4

0.22
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
Broadcasting (except Internet)
Term Loan
Prime plus 2.75%
4/30/2022

125.0

103.1

101.7

0.06
%
Tanner Optical, Inc. dba Murphy Eye Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/27/2022

8.3

6.6

6.4

—
%

70

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Gator Communications Group, LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
4/25/2022

228.8

187.7

176.1

0.11
%
Zane Filippone Co Inc. dba Culligan Water Conditioning
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/12/2022

558.2

447.7

429.7

0.26
%
Indoor Playgrounds Limited Liability Company dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
4/5/2022

19.5

12.9

12.4

0.01
%
Gator Communications Group, LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
3/30/2022

466.3

378.5

355.0

0.21
%
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/30/2031

231.5

212.5

215.1

0.13
%
Access Staffing, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/30/2022

187.5

147.7

134.6

0.08
%
Willow Springs Golf Course, Inc. & JC Lindsey Family Limited Partners
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/29/2037

755.4

721.9

736.3

0.44
%
Manuel P. Barrera and Accura Electrical Contractor, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
3/23/2028

103.7

92.4

87.6

0.05
%
Shweiki Media, Inc. dba Study Breaks Magazine
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
3/22/2027

1,178.8

1,036.8

997.5

0.60
%
BCD Holdings, LLC and H-MA, LLC d/b/a/ Hawaii Mainland Administrators
Insurance Carriers and Related Activities
Term Loan
Prime plus 2.75%
3/2/2022

451.3

343.7

315.9

0.19
%
ATC Fitness, LLC d/b/a Around the C
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2022

10.2

8.0

7.7

—
%
ATI Jet, Inc.
Air Transportation
Term Loan
Prime plus 2.75%
12/28/2026

852.8

738.5

717.5

0.43
%
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
12/22/2036

495.0

469.1

478.4

0.29
%
K's Salon 1, LLC d/b/a K's Salon
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/20/2021

73.6

56.4

51.4

0.03
%
15 Frederick Place, LLC & Pioneer Windows Holdings Inc. & Subs
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/16/2021

250.0

194.1

193.3

0.12
%
GP Enterprises, LLC and Gibson Performance Corporation
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/15/2036

727.5

686.5

700.0

0.42
%
GP Enterprises, LLC and Gibson Performance Corporation
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/15/2036

522.5

493.1

502.8

0.30
%
M & H Pinestraw, Inc. and Harris L. Maloy
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/15/2021

238.3

183.0

172.7

0.10
%
Maciver Corporation dba Indie Rentals & Division Camera
Rental and Leasing Services
Term Loan
Prime plus 2.75%
12/15/2021

130.8

99.9

97.5

0.06
%
Taylor Transport, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
12/8/2021

515.5

387.6

375.2

0.23
%

71

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
City Sign Service, Incorporated
Electrical Equipment, Appliance, and Component Manufacturing
Term Loan
Prime plus 2.75%
11/30/2025

165.8

142.0

140.3

0.08
%
Scent-Sation, Inc. d/b/a Scent-Sation, Inc.
Textile Product Mills
Term Loan
Prime plus 2.75%
11/21/2021

337.5

285.2

284.0

0.17
%
Thomas P. Scoville dba Scoville Plumbing & Heating, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/16/2021

62.5

47.4

47.2

0.03
%
MRM Supermarkets, Inc. dba Constantin's Breads
Food Manufacturing
Term Loan
Prime plus 2.75%
11/10/2021

137.5

104.4

96.1

0.06
%
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc.
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
10/26/2021

58.8

44.2

40.7

0.02
%
Keans Korner, LLC d/b/a MobiMart
Gasoline Stations
Term Loan
Prime plus 2.75%
10/25/2036

938.3

881.9

888.7

0.53
%
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
10/25/2021

22.5

16.9

16.8

0.01
%
C & G Engines Corp.
Transportation Equipment Manufacturing
Term Loan
Prime plus 2.75%
9/30/2021

1,041.5

773.8

726.5

0.44
%
Robert E. Caves, Sr. and American Plank dba Caves Enterprises
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/30/2021

302.5

224.8

221.6

0.13
%
PTK, Incorporated dba Night N Day 24 HR Convenience Store
Food and Beverage Stores
Term Loan
Prime plus 2.75%
9/30/2036

137.5

129.0

130.2

0.08
%
39581 Garfield, LLC and Tri County Neurological Associates, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/30/2036

83.3

78.1

79.5

0.05
%
39581 Garfield, LLC and Tricounty Neurological Associates, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/30/2036

28.5

26.6

27.1

0.02
%
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/28/2021

1,070.0

792.3

721.8

0.43
%
Polymer Sciences, Inc. dba Polymer Sciences, Inc.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
9/28/2036

422.6

396.8

403.0

0.24
%
Equity National Capital LLC & Chadbourne Road Capital, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
9/26/2021

62.5

46.5

43.4

0.03
%
Bryan Bantry Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
9/8/2021

400.0

203.3

185.3

0.11
%
SBR Technologies d/b/a Color Graphics
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/31/2021

806.2

586.2

572.0

0.34
%
Gator Communications Group, LLC dba Harvard Printing Group
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
8/31/2021

575.0

437.3

423.9

0.25
%
Michael S. Decker & Janet Decker dba The Hen House Cafe
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/30/2036

16.4

15.4

15.4

0.01
%
Qycell Corporation
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
8/19/2021

187.5

130.4

129.9

0.08
%

72

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Trademark Equipment Company Inc. and David A. Daniel
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
8/19/2036

133.6

125.1

125.1

0.08
%
A & A Auto Care, LLC d/b/a A & A Auto Care, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/12/2036

101.0

94.8

96.2

0.06
%
Valiev Ballet Academy, Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
8/12/2036

91.5

85.7

85.2

0.05
%
LaHoBa, LLC d/b/a Papa John's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/3/2036

77.5

72.1

73.5

0.04
%
Kelly Chon, LLC dba Shi-Golf
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
7/29/2021

17.5

9.4

9.4

0.01
%
MTV Bowl, Inc. dba Legend Lanes
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/30/2036

248.5

232.3

234.7

0.14
%
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/29/2036

338.1

326.7

335.6

0.20
%
Jenny's Wunderland, Inc.
Social Assistance
Term Loan
Prime plus 2.75%
6/29/2036

160.5

150.4

151.2

0.09
%
Lavertue Properties, LLP dba Lavertue Properties
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/29/2036

44.8

42.0

43.1

0.03
%
Spire Investment Partners, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/22/2021

250.0

180.6

172.4

0.10
%
Custom Software, Inc. a Colorado Corporation dba M-33 Access
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/17/2021

426.0

320.4

320.1

0.19
%
Red Star Incorporated dba Pro Import Company
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/15/2036

184.8

172.8

175.9

0.11
%
Pierce Developments, Inc. dba Southside Granite
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
6/13/2036

256.1

239.1

240.4

0.14
%
Major Queens Body & Fender Corp.
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/10/2021

28.6

20.9

20.9

0.01
%
J&K Fitness, LLC dba Physiques Womens Fitness Center
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/8/2036

449.3

421.0

428.6

0.26
%
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co.
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
6/3/2021

65.5

45.8

43.8

0.03
%
Fleming Marketing, LLC dba Instant Imprints of Longmont
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/31/2021

7.5

5.4

5.3

—
%
Demand Printing Solutions, Inc. and MLM Enterprises, LLC d/b/a Demand
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
5/27/2021

16.5

11.8

11.9

0.01
%

73

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Modern on the Mile, LLC dba Ligne Roset
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
5/25/2021

212.5

151.2

148.2

0.09
%
MSM Healthcare Solutions, Inc. d/b/a BrightStar Care of Tinley Park
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/26/2021

46.0

32.5

31.0

0.02
%
Music Mountain Water Company, LLC
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
4/25/2036

138.1

128.2

131.7

0.08
%
Profile Performance, Inc. and Eidak Real Estate, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
4/20/2036

127.5

118.6

121.8

0.07
%
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store
Nonstore Retailers
Term Loan
Prime plus 2.75%
4/18/2036

129.5

120.4

123.7

0.07
%
3 A Realty, LLC dba Interior Climate Solutions, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
4/13/2036

170.0

157.6

158.6

0.10
%
Maciver Corporation dba Indie Rentals
Rental and Leasing Services
Term Loan
Prime plus 2.75%
4/4/2021

625.0

440.3

437.5

0.26
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/30/2021

3.8

2.7

2.7

—
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/29/2023

93.0

71.0

70.6

0.04
%
Michael S. Korfe dba North Valley Auto Repair
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/24/2036

15.5

14.4

14.8

0.01
%
Actknowledge, Inc. dba Actknowledge
Personal and Laundry Services
Term Loan
Prime plus 2.75%
3/21/2021

57.3

40.1

38.2

0.02
%
Stamford Car Wash d/b/a Stamford Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/11/2036

19.7

18.3

18.8

0.01
%
Food & Beverage Associates Of N.J. Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/11/2021

10.0

6.8

6.8

—
%
Key Products I&II, Inc. dba Dunkin' Donuts/Baskin-Robbins
Food and Beverage Stores
Term Loan
Prime plus 2.75%
3/10/2021

153.0

107.0

103.1

0.06
%
Stephen Frank, Patricia Frank and Suds Express, LLC dba Frank Chiropra
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
2/25/2023

63.0

45.9

46.1

0.03
%
SuzyQue’s, LLC dba Suzy Que’s
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/11/2036

61.0

56.7

58.0

0.03
%
Little People’s Village, LLC dba Little People’s Village
Social Assistance
Term Loan
Prime plus 2.75%
1/31/2036

31.1

28.7

29.5

0.02
%
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc.
Support Activities for Transportation
Term Loan
Prime plus 2.75%
1/28/2036

113.4

104.7

107.5

0.06
%
Joseph the Worker, Inc. d/b/a BrightStar of Plymouth County
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
1/28/2021

12.5

8.6

8.2

—
%
Nicholas Dugger dba TNDV: Television LLC.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
1/24/2021

100.8

70.5

67.3

0.04
%
Metro Used Cars Inc. dba Metro Auto Center
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
1/14/2027

117.6

98.5

98.6

0.06
%
Patrageous Enterprises, LLC dba Incredibly Edible Delites of Laurel
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/29/2020

7.6

5.1

4.8

—
%

74

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Chickamauga Properties, Inc., MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/22/2035

189.5

174.9

179.6

0.11
%
Chickamauga Properties, Inc., MSW Enterprises, LLP
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/22/2035

74.3

68.9

70.7

0.04
%
Marine Container Services, Inc. & Management Consulting Brokerage, Inc
Truck Transportation
Term Loan
Prime plus 2.75%
12/21/2020

50.3

33.8

33.8

0.02
%
Shree OM Lodging, LLC dba Royal Inn
Accommodation
Term Loan
Prime plus 2.75%
12/17/2035

27.7

25.5

26.0

0.02
%
Svetavots Corporation dba Brightstar Healthcare of Montgomery County
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/13/2020

20.5

13.8

13.1

0.01
%
Lodin Medical Imaging, LLC dba Watson Imaging Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/1/2020

66.4

43.5

43.4

0.03
%
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center
Repair and Maintenance
Term Loan
Prime plus 2.75%
11/30/2035

34.0

31.3

32.1

0.02
%
Justforfungames, Inc.
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
11/19/2035

50.0

45.3

46.4

0.03
%
Any Garment Cleaner-East Brunswick, Inc. dba Any Garment Cleaner
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/18/2020

42.5

23.7

23.7

0.01
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
11/16/2020

200.0

133.4

127.2

0.08
%
West Cobb Enterprises, Inc. and Advanced Eye Associates, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
11/12/2035

148.7

136.9

138.2

0.08
%
R2 Tape, Inc. dba Presto Tape
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
10/20/2020

224.4

148.2

147.4

0.09
%
Lincoln Park Physical Therapy
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
10/20/2020

43.5

28.6

28.6

0.02
%
Jade Automotive d/b/a Sears Hometown Store
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
10/6/2035

146.6

135.0

138.6

0.08
%
Stamford Property Holdings, LLC & Stamford Car Wash, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/4/2035

122.5

113.2

116.2

0.07
%
Wise Forklift Inc.
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
10/1/2020

296.9

190.2

190.2

0.11
%
Elan Realty, LLC and Albert Basse Asociates, Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
9/30/2035

228.2

209.1

214.5

0.13
%
K9 Bytes, Inc. & Epazz, Inc. dba K9 Bytes, Inc.
Publishing Industries (except Internet)
Term Loan
Prime plus 2.75%
9/30/2020

18.5

12.0

11.5

0.01
%
Success Express, Inc. dba Success Express
Couriers and Messengers
Term Loan
Prime plus 2.75%
9/29/2020

91.8

59.6

56.8

0.03
%
Adams & Hancock, LLC dba Brightstar Overland Park & Jordon & Pippen, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/27/2020

19.8

8.0

8.0

—
%

75

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Modern Manhattan, LLC
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
9/20/2020

204.0

133.1

127.6

0.08
%
Dirk's Trucking, LLC dba Dirk's Trucking
Truck Transportation
Term Loan
Prime plus 2.75%
9/17/2020

17.7

11.4

11.1

0.01
%
Newsome Trucking Inc. and Kevin Newsome
Truck Transportation
Term Loan
Prime plus 2.75%
9/2/2035

423.1

387.7

397.9

0.24
%
California College of Communications, Inc.
Educational Services
Term Loan
Prime plus 2.75%
11/2/2020

172.5

113.9

108.6

0.07
%
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/2/2035

50.1

45.9

47.1

0.03
%
DDLK Investments, LLC d/b/a Smoothie King
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/30/2020

7.5

4.5

4.5

—
%
Kino Oil of Texas, LLC dba Kino Oil
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/27/2020

60.0

38.5

36.7

0.02
%
Kino Oil of Texas, LLC dba Kino Company
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
8/27/2035

12.0

10.8

11.1

0.01
%
Planet Verte, LLC d/b/a Audio Unlimited
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
9/20/2020

40.0

25.8

24.7

0.01
%
Sunmar, Inc. dba Creative Cooking
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/19/2035

51.7

47.4

48.6

0.03
%
Members Only Software
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/30/2020

40.3

25.7

25.1

0.02
%
New Life Holdings, LLC and Certified Collision Services, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
7/29/2035

76.2

68.7

69.8

0.04
%
Quest Logic Investments, LLC dba Dairy Queen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2035

105.0

95.8

98.6

0.06
%
ActKnowledge, Inc dba ActKnowledge
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/30/2020

50.0

31.4

31.5

0.02
%
I-90 RV & Auto Supercenter
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
6/29/2035

74.9

68.2

70.3

0.04
%
WeaverVentures, Inc. dba The UPS Store
Postal Service
Term Loan
Prime plus 2.75%
7/28/2020

23.8

15.1

14.7

0.01
%
Zouk, Ltd. dba Palma
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
8/25/2020

27.5

17.7

17.7

0.01
%
CJ Park Inc. dba Kidville Midtown West
Educational Services
Term Loan
Prime plus 2.75%
6/25/2020

26.4

13.3

12.9

0.01
%
Emotion in Motion Dance Center Limited Liability Company
Personal and Laundry Services
Term Loan
Prime plus 2.75%
7/25/2020

5.4

2.7

2.7

—
%
H.H. Leonards Trust and Potomac Fund, LLC
Accommodation
Term Loan
Prime plus 2.75%
7/23/2020

62.0

24.0

24.0

0.01
%
B&B Fitness and Barbell, Inc. dba Elevations Health Club
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
6/22/2035

242.1

221.5

226.4

0.14
%

76

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Tanner Optical Inc. dba Murphy Eye Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/22/2035

94.6

86.6

88.0

0.05
%
M & H Pine Straw, Inc. and Harris Maloy
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
7/10/2020

67.5

42.8

42.3

0.03
%
Excel RP, Inc./Kevin and Joann Foley
Machinery Manufacturing
Term Loan
Prime plus 2.75%
7/8/2028

50.0

42.1

42.8

0.03
%
ValleyStar, Inc. dba BrightStar Healthcare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/28/2020

7.5

4.7

4.6

—
%
ValleyStar, Inc. dba BrightStar HealthCare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/28/2020

0.6

3.8

3.7

—
%
Atlanta Vascular Research Organization, Inc. dba Atlanta Vascular Found
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
8/6/2020

24.3

15.6

15.6

0.01
%
Diag, LLC dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
6/21/2020

37.5

23.1

22.5

0.01
%
Danjam Enterprises, LLC dba Ariel Dental Care
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/31/2035

204.0

185.2

188.7

0.11
%
M & H Pine Straw, Inc. and Harris L. Maloy
Support Activities for Agriculture and Forestry
Term Loan
6%
4/30/2020

183.3

111.8

110.5

0.07
%
Clearbay Enterprises, Inc. dba First Class Kennels
Personal and Laundry Services
Term Loan
Prime plus 2.75%
4/30/2034

60.0

53.9

55.4

0.03
%
New Economic Methods, LLC dba Rita's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/15/2020

24.8

1.1

1.1

—
%
Cocoa Beach Parasail Corp. dba Cocoa Beach Parasail
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
4/26/2020

6.3

3.8

3.7

—
%
Marine Container Services, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
4/25/2020

142.6

76.4

76.4

0.05
%
JRJG, Inc. dba BrightStar HealthCare-Naperville/Oak Brook
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/23/2020

15.0

9.1

8.9

0.01
%
Caring Hands Pediatrics, P.C. dba Caring Hands Pediatrics
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/9/2020

14.5

8.9

8.6

0.01
%
Vortex Automotive, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/5/2035

76.6

69.4

71.0

0.04
%
Adams and Hancock, LLC dba BrightStar Overland Park
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/31/2020

43.6

21.6

21.1

0.01
%
ATC Fitness, LLC dba Around the Clock Fitness
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
2/28/2019

15.0

8.0

8.0

—
%
Lahoba, LLC dba Papa John's Pizza
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/30/2034

42.5

38.4

39.2

0.02
%
Music Mountain Water Company, LLC dba Music Mountain Water Co.
Beverage and Tobacco Product Manufacturing
Term Loan
Prime plus 2.75%
12/29/2019

185.4

107.6

107.7

0.06
%
Animal Intrusion Prevention Systems Holding Company, LLC
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/29/2024

126.5

94.9

94.4

0.06
%

77

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Bonet Kidz Inc. dba Kidville
Educational Services
Term Loan
Prime plus 2.75%
3/16/2020

15.5

6.4

6.3

—
%
CMA Consulting dba Construction Management Associates
Construction of Buildings
Term Loan
Prime plus 2.75%
12/11/2019

58.5

32.9

32.0

0.02
%
David A. Nusblatt, D.M.D, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/11/2019

9.0

5.2

5.2

—
%
KMC RE, LLC & B&B Kennels
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/19/2034

58.3

52.4

53.5

0.03
%
Demand Printing Solutions, Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
12/12/2019

10.0

5.7

5.7

—
%
Planet Verte, LLC dba Audio Unlimited of Oceanside
Administrative and Support Services
Term Loan
Prime plus 2.75%
11/28/2019

57.0

32.2

31.4

0.02
%
Demand Printing Solutions, Inc.
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
10/29/2034

147.5

132.4

136.1

0.08
%
Lebenthal Holdings, LLC and Lebenthal & Co., LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
6/29/2019

500.0

53.0

52.5

0.03
%
Supreme Screw Products, Inc. and Misha Migdal
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
4/17/2019

308.2

152.5

152.5

0.09
%
Gray Tree Service, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/18/2018

50.0

23.7

23.7

0.01
%
Healthcare Interventions, Inc. dba Brightstar HealthCare
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/15/2016

8.3

1.4

1.4

—
%
Envy Salon & Spa, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/4/2018

20.3

9.4

9.3

0.01
%
Gourmet to You, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
2/28/2019

12.1

5.7

5.7

—
%
Carnagron, LLC dba GearBling
Apparel Manufacturing
Term Loan
Prime plus 2.75%
11/1/2018

6.9

3.1

3.1

—
%
Grapevine Professional Services, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
1/22/2019

8.2

3.8

3.7

—
%
Inflate World Corporation
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
9/30/2018

7.5

2.6

2.6

—
%
Cool Air Solutions, Inc. dba Graham Heating & Air Conditioning
Specialty Trade Contractors
Term Loan
Prime plus 2%
12/27/2018

411.5

190.3

187.0

0.11
%
Peter Thomas Roth Labs, LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
9/26/2018

425.0

189.0

188.5

0.11
%
Dream Envy, Ltd. d/b/a Massage Envy
Personal and Laundry Services
Term Loan
Prime plus 2.75%
11/9/2018

88.0

39.8

39.7

0.02
%
K & D Family and Associates, Inc. dba Philly Pretzel Factory
Food and Beverage Stores
Term Loan
Prime plus 2.75%
8/5/2018

81.3

35.2

35.2

0.02
%
Seven Stars Enterprises, Inc. dba Atlanta Bread Company
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/30/2018

86.3

36.0

36.0

0.02
%

78

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
CBA D&A Pope, LLC dba Christian Brothers Automotive
Repair and Maintenance
Term Loan
Prime plus 2.75%
6/14/2018

144.9

61.5

61.3

0.04
%
Gilbert Chiropractic Clinic, Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/7/2018

22.5

9.1

9.1

0.01
%
Beer Table, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/8/2018

10.5

3.7

3.7

—
%
D & D's Divine Beauty School of Esther, LLC
Educational Services
Term Loan
6%
8/1/2031

57.7

53.9

55.4

0.03
%
Daniel S. Fitzpatrick dba Danny's Mobile Appearance Reconditioning Service
Repair and Maintenance
Term Loan
Prime plus 2.75%
3/29/2018

9.4

3.7

3.7

—
%
Burks & Sons Development, LLC dba Tropical Smoothie Café
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/22/2018

49.8

19.6

19.7

0.01
%
Shivsakti, LLC dba Knights Inn
Accommodation
Term Loan
Prime plus 2.75%
12/20/2032

92.5

78.9

81.2

0.05
%
Bliss Coffee and Wine Bar, LLC
Food Services and Drinking Places
Term Loan
6%
3/19/2018

87.5

73.0

72.8

0.04
%
Zog Inc.
Other Information Services
Term Loan
6%
3/17/2018

97.5

81.9

81.6

0.05
%
Saan M.Saelee dba Saelee's Delivery Service
Truck Transportation
Term Loan
Prime plus 2.75%
3/12/2018

9.8

3.9

3.9

—
%
A & A Acquisition, Inc. dba A & A International
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
2/15/2018

100.0

37.7

37.7

0.02
%
Enewhere Custom Canvas, LLC
Textile Product Mills
Term Loan
Prime plus 2.75%
2/15/2018

12.0

4.7

4.7

—
%
All American Printing
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
10/26/2032

69.8

40.1

41.3

0.02
%
Seo's Paradise Cleaners, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/19/2018

9.8

3.2

3.2

—
%
Signs of Fortune, LLC dba FastSigns
Miscellaneous Manufacturing
Term Loan
Prime plus 2.5%
4/3/2023

434.4

349.6

348.7

0.21
%
Margab, Inc. dba Smoothie King
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/28/2017

44.0

16.2

16.1

0.01
%
Ameritocracy, Inc dba Ben and Jerry's
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/18/2017

168.8

59.7

59.7

0.04
%
RCB Enterprises, Inc.
Administrative and Support Services
Term Loan
Prime plus 2.75%
12/18/2017

21.2

9.6

9.5

0.01
%
Timothy S. Strange dba Strange's Mobile Apperance Reconditioning Service
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/17/2017

8.5

2.4

2.4

—
%
Parties By Pat, Inc. and Jose M. Martinez Jr.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/11/2017

93.1

33.4

33.2

0.02
%
Tammy's Bakery, Inc. dba Tammy's Bakery
Food Manufacturing
Term Loan
Prime plus 2.75%
12/10/2017

71.8

26.7

26.5

0.02
%
Maria C. Sathre and David N. Sathre dba Black Forest Liquor Store
Food and Beverage Stores
Term Loan
Prime plus 2.75%
11/28/2017

18.6

6.6

6.6

—
%
The Design Shop, LLC
Textile Mills
Term Loan
Prime plus 2.75%
11/27/2027

247.5

191.9

196.0

0.12
%

79

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
MJ Mortgage & Tax Services, Inc.
Credit Intermediation and Related Activities
Term Loan
Prime plus 2.75%
11/14/2017

6.9

2.3

2.3

—
%
Kings Laundry, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.75%
10/30/2017

64.5

23.0

23.0

0.01
%
Quality Engraving Services Inc. and Ian M. Schnaitman
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
10/17/2017

15.0

5.3

5.3

—
%
Flourishing Fruits, LLC dba Edible Arrangements
Food Manufacturing
Term Loan
Prime plus 2.75%
12/29/2017

21.1

5.6

5.6

—
%
Louis B. Smith dba LAQ Funeral Coach
Transit and Ground Passenger Transportation
Term Loan
Prime plus 2.75%
9/15/2017

12.6

4.3

4.3

—
%
Flint Batteries, LLC dba Batteries Plus of Flint
General Merchandise Stores
Term Loan
Prime plus 2.75%
8/29/2017

9.0

2.6

2.6

—
%
1911 East Main Street Holdings, Corp.
Repair and Maintenance
Term Loan
Prime plus 2.75%
5/18/2032

15.8

13.3

13.7

0.01
%
Metano IBC Services, Inc. and Stone Brook Leasing, LLC
Rental and Leasing Services
Term Loan
Prime plus 2.75%
8/17/2017

315.0

87.2

87.3

0.05
%
Mala Iyer, MD dba Child and Family Wellness Center
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/11/2017

50.0

16.8

16.8

0.01
%
South Dade Restoration Corp. dba Servpro of Kendall/Pinecrest
Administrative and Support Services
Term Loan
Prime plus 2.75%
8/10/2016

61.8

11.5

11.5

0.01
%
Twietmeyer Dentistry PA
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
6/30/2017

148.9

47.1

47.1

0.03
%
Lynden Evans Clarke, Jr.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
3/16/2017

10.0

2.9

2.9

—
%
Water Works Laundromat, LLC
Personal and Laundry Services
Term Loan
Prime plus 2.25%
9/7/2027

267.3

204.5

203.0

0.12
%
L.C.N. Investments, L.L.C. dba Max Muscle Sports Nutrition
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
5/27/2017

12.8

3.3

3.3

—
%
Dave Kris, and MDK Ram Corp.
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/5/2026

221.0

37.6

38.3

0.02
%
Saul A. Ramirez and Norma L. Trujillo
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/31/2017

6.0

1.6

1.6

—
%
Eric R. Wise, D.C. dba Jamacha-Chase Chiropractic
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
4/30/2017

15.6

1.2

1.2

—
%
No Thirst Software, LLC
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
4/26/2017

6.8

1.5

1.5

—
%
Zeroln Media, LLC
Data Processing, Hosting, and Related Services
Term Loan
Prime plus 2.75%
4/25/2017

7.5

2.2

2.2

—
%
CCIPTA, LLC
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
1/17/2017

47.0

3.0

3.0

—
%
Gill Express Inc. dba American Eagle Truck Wash
Repair and Maintenance
Term Loan
Prime plus 2.75%
1/5/2027

286.9

213.1

217.6

0.13
%

80

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Kyoshi Enterprises, LLC
Educational Services
Term Loan
Prime plus 2.75%
12/29/2016

22.5

5.8

5.8

—
%
Spain Street, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/29/2017

63.0

4.5

4.5

—
%
Aillaud Enterprises, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
3/29/2017

13.8

0.9

0.9

—
%
Nora A. Palma and Julio O Villcas
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/27/2017

56.3

3.1

3.1

—
%
Jojan, Inc.
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.25%
12/18/2031

204.8

41.0

40.7

0.02
%
Misri Liquors, Inc.
Food and Beverage Stores
Term Loan
Prime plus 2.75%
12/18/2016

67.5

16.7

16.7

0.01
%
Contractors Pumping Service, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
11/3/2016

9.9

0.9

0.9

—
%
Vincent Allen Fleece dba Living Well Accessories and Water Camel
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
11/1/2016

3.8

0.8

0.8

—
%
Houk Enterprises, Inc. d/b/a Max Muscle
Health and Personal Care Stores
Term Loan
Prime plus 2.75%
10/27/2019

46.3

8.1

8.2

—
%
Smooth Grounds, Inc.
Food Services and Drinking Places
Term Loan
8%
10/11/2016

64.5

39.3

39.3

0.02
%
Barr-None Coating Applicators, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
9/20/2016

113.8

5.3

5.3

—
%
Nelson Financial Services, LLC
Scenic and Sightseeing Transportation
Term Loan
Prime plus 2.75%
9/2/2016

57.0

3.0

3.0

—
%
A + Quality Home Health Care, Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
8/1/2016

22.5

1.7

1.7

—
%
Flint Batteries, LLC
General Merchandise Stores
Term Loan
Prime plus 2.75%
7/21/2016

46.9

7.9

7.9

—
%
Tesserah Tile Design, Inc.
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
6/29/2016

7.1

1.1

1.1

—
%
It's A Buffalo
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/26/2016

219.8

39.6

39.6

0.02
%
Pro Levin Yoga, Incorporated d.b.a. Bikram's Yoga College
Educational Services
Term Loan
Prime plus 2.75%
5/12/2016

16.4

3.1

3.1

—
%
Cocoa Beach Parasail Corp.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
5/5/2016

8.9

1.6

1.6

—
%
Maynard Enterprises, Inc.
Miscellaneous Manufacturing
Term Loan
Prime plus 2.75%
3/22/2016

22.5

1.4

1.4

—
%
Fran-Car Corporation dba Horizon Landscape Management
Administrative and Support Services
Term Loan
Prime plus 2.75%
3/3/2028

407.8

179.8

184.0

0.11
%
Head To Toe Personalized Pampering, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/27/2031

52.0

9.8

10.0

0.01
%

81

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Olympia Fields Eyecare, Ltd.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
1/12/2016

15.0

1.9

1.9

—
%
Spencer Fitness, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
1/11/2016

6.0

0.3

0.3

—
%
Maxwell Place, LLC
Nursing and Residential Care Facilities
Term Loan
6%
12/1/2015

1,076.8

861.1

860.1

0.52
%
Hillside Fence Company, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.25%
2/1/2020

206.5

61.5

61.2

0.04
%
The K Dreyer Company
General Merchandise Stores
Term Loan
Prime plus 2.75%
12/20/2015

62.5

2.0

2.0

—
%
Tuan D. Dang, OD, PA
Ambulatory Health Care Services
Term Loan
Prime plus 2.25%
12/7/2015

77.0

11.4

11.4

0.01
%
Christopher F. Bohon & Pamela D. Bohon
Social Assistance
Term Loan
Prime plus 2.75%
10/28/2026

14.2

3.7

3.8

—
%
Champion Pest Control Systems, Inc.
Administrative and Support Services
Term Loan
6%
10/20/2015

39.0

4.0

4.0

—
%
JackRabbit Sports, Inc.
Sporting Goods, Hobby, Musical Instrument, and Book Stores
Term Loan
Prime plus 2.75%
10/13/2015

125.0

14.1

14.0

0.01
%
Polaris Press, LLC
Printing and Related Support Activities
Term Loan
Prime plus 2.75%
9/29/2015

21.5

0.7

0.7

—
%
Shree Om Lodging, LLC dba Royal Inn
Accommodation
Term Loan
Prime plus 2.75%
5/2/2030

333.3

67.1

68.9

0.04
%
Jenchad, Inc and Chadjen, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.125%
4/7/2025

462.5

55.9

55.2

0.03
%
Pedzik's Pets, LLC
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
3/31/2030

53.5

9.9

10.1

0.01
%
Nancy Carapelluci & A & M Seasonal Corner Inc.
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
3/1/2025

106.9

17.1

17.4

0.01
%
Saralar Corporated dba The UPS Store #5232
Miscellaneous Store Retailers
Term Loan
Prime plus 2.75%
1/21/2015

40.3

0.1

0.1

—
%
Major Queens Body & Fender Corp.
Repair and Maintenance
Term Loan
Prime plus 3.75%
12/17/2014

71.1

0.1

—

—
%
Moonlight Multi Media Production, Inc.
Other Information Services
Term Loan
5%
2/1/2025

19.7

4.5

4.6

—
%
McCallister Venture Group, LLC and Maw's Vittles, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/30/2029

75.0

12.8

13.1

0.01
%
Computer Renaissance dba Dante IT Services, Inc.
Electronics and Appliance Stores
Term Loan
Prime plus 3.75%
3/1/2018

100.0

3.8

3.9

—
%
Prince Co., Inc.
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 1.5%
3/18/2029

187.5

31.7

30.0

0.02
%
Chong Hun Im dba Kim's Market
Food and Beverage Stores
Term Loan
Prime plus 2.5%
2/27/2024

80.0

11.4

11.5

0.01
%

82

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
H & G Investments, L.C. dba Kwick Kar Josey Lane
Repair and Maintenance
Term Loan
5%
12/22/2028

317.5

92.1

88.7

0.05
%
John B. Houston Funeral Home, Inc. dba George E. Cushnie Funeral Home
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/19/2028

78.8

13.7

14.0

0.01
%
Center-Mark Car Wash, Ltd
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
5/18/2024

221.3

33.5

34.0

0.02
%
Shuttle Car Wash, Inc. dba Shuttle Car Wash
Repair and Maintenance
Term Loan
Prime plus 2.25%
11/10/2028

109.8

19.1

19.0

0.01
%
Akshar Group, LLC
Accommodation
Term Loan
6%
11/5/2028

321.3

54.2

55.6

0.03
%
Min Hui Lin
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/30/2028

134.3

19.5

20.0

0.01
%
Delta Partners, LLC dba Delta Carwash
Repair and Maintenance
Term Loan
Prime plus 2.5%
4/5/2029

280.9

47.1

47.5

0.03
%
Oz B. Zamir dba Zamir Marble & Granite
Specialty Trade Contractors
Term Loan
Prime plus 2.5%
8/6/2028

54.0

9.2

9.3

0.01
%
D & M Seafood, LLC d/b/a Rick's Seafood
Food Manufacturing
Term Loan
Prime plus 2.75%
10/10/2015

400.0

1.5

1.5

—
%
Rama, Inc. dba Staybridge Suites
Accommodation
Term Loan
Prime plus 2%
4/18/2026

750.0

445.9

437.4

0.26
%
B & J Manufacturing Corporation and Benson Realty Trust
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2%
3/30/2021

250.0

26.2

25.9

0.02
%
RAB Services, Inc. & Professional Floor Installations
Specialty Trade Contractors
Term Loan
Prime plus 2.5%
1/31/2023

62.5

8.8

8.9

0.01
%
Taste of Inverness, Inc. dba China Garden
Food Services and Drinking Places
Term Loan
Prime plus 2%
6/29/2025

73.8

10.4

10.2

0.01
%
Ralph Werner dba Werner Transmissions
Gasoline Stations
Term Loan
Prime plus 2.75%
12/29/2021

26.6

3.1

3.1

—
%
M. Krishna, Inc. dba Super 8 Motel
Accommodation
Term Loan
Prime plus 2%
3/20/2025

250.0

11.1

11.0

0.01
%
OrthoQuest, P.C.
Ambulatory Health Care Services
Term Loan
Prime plus 2%
3/12/2022

56.8

6.0

5.9

—
%
CPN Motel, LLC dba American Motor Lodge
Accommodation
Term Loan
Prime plus 2.25%
4/30/2024

379.0

37.1

36.9

0.02
%
Track Side Collision & Tire, Inc.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
6/16/2025

44.8

5.7

5.8

—
%
Duttakrupa, LLC dba Birmingham Motor Court
Accommodation
Term Loan
Prime plus 2.25%
9/8/2023

98.8

14.4

14.3

0.01
%
Deesha Corporation, Inc. dba Best Inn & Suites
Accommodation
Term Loan
Prime plus 2.25%
2/14/2025

250.0

32.5

32.3

0.02
%
Maruti, Inc.
Accommodation
Term Loan
Prime plus 2.25%
11/25/2024

220.0

30.3

30.1

0.02
%
Willington Hills Equestrian Center, LLC
Animal Production and Aquaculture
Term Loan
Prime plus 2.75%
10/19/2022

85.0

13.7

13.8

0.01
%
LABH, Inc. t/a Ramada Ltd.
Accommodation
Term Loan
Prime plus 2.25%
9/27/2024

555.0

48.8

48.5

0.03
%

83

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz
Furniture and Home Furnishings Stores
Term Loan
Prime plus 2.75%
3/13/2023

68.8

8.7

8.9

0.01
%
Gain Laxmi, Inc. dba Super 8 Motel
Accommodation
Term Loan
Prime plus 2.25%
5/31/2023

202.5

24.9

24.8

0.01
%
Naseeb Corporation
Accommodation
Term Loan
Prime plus 2.25%
3/31/2024

402.5

36.2

36.0

0.02
%
La Granja Live Poultry Corp.
Food Manufacturing
Term Loan
Prime plus 2.75%
8/26/2018

54.0

3.8

3.8

—
%
Stillwell Ave Prep School
Social Assistance
Term Loan
Prime plus 2.75%
1/14/2023

72.0

8.0

8.1

—
%
Karis, Inc.
Accommodation
Term Loan
Prime plus 2%
12/22/2023

148.8

16.6

16.3

0.01
%
Five Corners, Ltd.
Gasoline Stations
Term Loan
Prime plus 2.75%
12/11/2019

85.0

7.4

7.5

—
%
Mimoza LLC, dba Tally Ho Inn
Food Services and Drinking Places
Term Loan
Prime plus 2.25%
10/7/2023

105.0

13.4

13.3

0.01
%
Alyssa Corp dba Knights Inn
Accommodation
Term Loan
Prime plus 2.25%
9/30/2023

350.0

46.1

45.8

0.03
%
Bhailal Patel dba New Falls Motel
Accommodation
Term Loan
Prime plus 2.75%
3/27/2023

100.0

5.4

5.4

—
%
Pegasus Automotive, Inc.
Gasoline Stations
Term Loan
Prime plus 2.75%
12/23/2022

112.5

13.8

14.0

0.01
%
Delyannis Iron Works
Fabricated Metal Product Manufacturing
Term Loan
6%
12/8/2022

16.0

1.8

1.8

—
%
P. Agrino, Inc. dba Andover Diner
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/18/2021

150.0

14.6

14.8

0.01
%
Golden Elevator Co., Inc.
Support Activities for Agriculture and Forestry
Term Loan
Prime plus 2.75%
1/31/2022

50.0

2.6

2.7

—
%
Mohamed Live Poultry Inc.
Animal Production and Aquaculture
Term Loan
Prime plus 2.75%
12/6/2021

36.8

4.0

4.0

—
%
RJS Service Corporation
Gasoline Stations
Term Loan
Prime plus 2.75%
8/20/2021

79.0

8.4

8.5

0.01
%
Chez RuRene Bakery
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/20/2017

150.0

49.4

51.0

0.03
%
Total SBA Unguaranteed Performing Investments
$
144,082.5

$
121,505.9

$
115,175.0

69.21
%
SBA Unguaranteed Non-Performing Investments (3)
United Woodworking, Inc.
Wood Product Manufacturing
Term Loan
6%
12/20/2022

17.3

13.6

13.2

0.01
%
Top Class, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
12/29/2020

4.7

3.3

—

—
%
Top Class, Inc.
Personal and Laundry Services
Term Loan
Prime plus 2.75%
6/28/2016

5.0

1.3

0.4

—
%

84

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Tequila Beaches, LLC dba Fresco Restaurant
Food Services and Drinking Places
Term Loan
6%
9/16/2021

21.0

15.8

11.8

0.01
%
* Stormwise South Florida dba Stormwise Shutters
Specialty Trade Contractors
Term Loan
6%
11/7/2036

427.5

412.0

347.8

0.21
%
* Stormwise South Florida dba Stormwise Shutters
Specialty Trade Contractors
Term Loan
6%
11/7/2036

204.0

201.6

172.2

0.10
%
Sheikh M Tariq dba Selbyville Foodrite
Gasoline Stations
Term Loan
Prime plus 2.75%
3/13/2023

63.1

48.4

36.3

0.02
%
Shamrock Jewelers, Inc.
Clothing and Clothing Accessories Stores
Term Loan
6%
12/14/2016

90.5

23.6

22.8

0.01
%
Pyramid Real Estate Holdings, LLC dba Hoteps
Food Services and Drinking Places
Term Loan
6%
10/7/2022

12.7

8.9

8.8

0.01
%
Pure Water Innovations, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
9/6/2016

3.4

1.0

1.0

—
%
Professional Systems, LLC and Professional Cleaning
Administrative and Support Services
Term Loan
6%
7/30/2020

159.4

132.1

58.4

0.04
%
Parth Dev, Ltd dba Amerihost Inn Hotel-Kenton
Accommodation
Term Loan
5%
10/3/2028

54.9

38.3

18.7

0.01
%
Our Two Daughters LLC dba Washington's Restaurant
Food Services and Drinking Places
Term Loan
6%
6/18/2026

225.0

170.3

13.8

0.01
%
Morris Glass and Construction
Specialty Trade Contractors
Term Loan
6%
3/7/2021

49.8

44.8

0.8

—
%
Momentum Medical Group, Inc.
Ambulatory Health Care Services
Term Loan
8%
9/30/2015

244.2

159.7

5.0

—
%
Midway Plaza 6, LLC & Adventure World Family Fun Center, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
6%
12/19/2029

200.0

167.6

134.0

0.08
%
Lucil Chhor dba Baja Fresh #159
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/28/2022

49.1

30.0

15.4

0.01
%
Las Torres Development, LLC dba Houston Event Centers
Real Estate
Term Loan
Prime plus 2.75%
8/27/2028

405.8

391.6

378.2

0.23
%
Lamson and Goodnow Manufacturing Co. and Lamson and Goodnow, LLC
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
12/28/2037

197.1

187.0

116.1

0.07
%
Krishna of Orangeburg, Inc.
Accommodation
Term Loan
6%
2/20/2032

41.8

10.3

10.0

0.01
%
J Olson Enterprises LLC and Olson Trucking Direct, Inc.
Truck Transportation
Term Loan
Prime plus 2.75%
6/28/2025

737.6

704.5

692.4

0.42
%
Hot Buckles, Inc.
Apparel Manufacturing
Term Loan
Prime plus 2.75%
6/27/2018

57.6

26.9

25.9

0.02
%
Harrelson Materials Management, Inc.
Waste Management and Remediation Services
Term Loan
6%
6/24/2021

537.5

470.0

108.1

0.06
%
Hampton's Restaurant Holding Company, LLC/Hampton's Restaurant #1, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
5/29/2023

398.0

255.7

20.4

0.01
%
Goetzke Chiropractic, Inc.
Ambulatory Health Care Services
Term Loan
6%
10/25/2017

7.3

3.1

0.6

—
%
Franvest, Inc. dba Texas Hydro-Equipment Co.
Chemical Manufacturing
Term Loan
6%
8/23/2018

125.0

119.3

99.5

0.06
%
Feinman Mechanical, LLC
Specialty Trade Contractors
Term Loan
6%
9/28/2028

323.0

305.2

70.6

0.04
%

85

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
E & I Holdings, LP & PA Farm Products, LLC
Food Manufacturing
Term Loan
6%
4/30/2030

1,248.8

1,238.0

481.4

0.29
%
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown
Support Activities for Transportation
Term Loan
5%
12/28/2035

145.9

144.6

53.1

0.03
%
Dill Street Bar and Grill, Inc. and WO Entertainment, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/27/2027

122.9

112.3

41.7

0.03
%
Design Video Communciations, Inc.
Professional, Scientific, and Technical Services
Term Loan
6%
2/18/2036

92.4

19.0

6.8

—
%
D'Elia Auto Repair Inc. dba D'Elia Auto Body
Repair and Maintenance
Term Loan
Prime plus 2.75%
9/26/2023

15.0

13.9

2.2

—
%
DC Realty, LLC dba FOGO Data Centers
Professional, Scientific, and Technical Services
Term Loan
6%
3/23/2037

778.0

757.0

718.6

0.43
%
DC Realty, LLC dba FOGO Data Centers
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
3/23/2022

376.0

258.5

245.4

0.15
%
Crystal K. Bruens dba Howards Restaurant
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
10/20/2020

6.2

2.8

2.8

—
%
Bamboo Palace, Inc.
Food Services and Drinking Places
Term Loan
6%
11/20/2022

56.7

40.2

38.9

0.02
%
Baker Sales, Inc. d/b/a Baker Sales, Inc.
Nonstore Retailers
Term Loan
6%
3/29/2036

490.0

467.0

406.5

0.24
%
AWA Fabrication & Construction, LLC
Fabricated Metal Product Manufacturing
Term Loan
6%
4/30/2025

152.2

34.8

7.2

—
%
AUM Estates, LLC and Sculpted Figures Plastic Surgery, Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/12/2023

87.5

83.7

—

—
%
AUM Estates, LLC and Sculpted Figures Plastic Surgery Inc.
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
3/14/2038

618.7

603.9

355.2

0.21
%
Dr. Francis E. Anders, DVM
Professional, Scientific, and Technical Services
Term Loan
6%
8/9/2015

4.6

1.6

1.6

—
%
Elite Treats Enterprises, Inc. dba Rochelle Dairy Queen
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
1/24/2032

141.3

131.5

122.7

0.07
%
LRCSL, LLC dba Daybreak Fruit and Vegetable Company
Food and Beverage Stores
Term Loan
Prime plus 2.75%
2/28/2021

75.1

53.0

32.6

0.02
%
Harry B Gould dba Lake Athens Marina and Bait Shop
Accommodation
Term Loan
Prime plus 2.75%
12/28/2025

132.9

116.2

112.3

0.07
%
* The Alba Financial Group, Inc.
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
Term Loan
Prime plus 2.75%
11/13/2015

16.2

8.0

7.7

—
%
* Milliken and Milliken, Inc. dba Milliken Wholesale Distribution
Merchant Wholesalers, Durable Goods
Term Loan
6%
6/10/2036

191.0

157.1

135.3

0.08
%
* Almeria Marketing 1, Inc.
Personal and Laundry Services
Term Loan
8%
10/15/2015

10.2

5.0

4.8

—
%
* Whirlwind Car Wash, Inc.
Repair and Maintenance
Term Loan
Prime plus 2%
4/9/2029

31.5

24.0

20.0

0.01
%

86

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
* West Experience, Inc., West Mountain Equipment Rental, Inc., Ski West Lodge
Amusement, Gambling, and Recreation Industries
Term Loan
6%
6/5/2026

68.9

50.2

43.8

0.03
%
* The Lucky Coyote, LLC
Miscellaneous Manufacturing
Term Loan
6%
5/8/2017

44.9

14.4

11.8

0.01
%
* TechPlayZone, Inc.
Social Assistance
Term Loan
Prime plus 2.75%
1/27/2016

7.6

1.0

0.9

—
%
* Stokes Floor Covering Company Inc. and Robert E. Rainey, Jr.
Furniture and Home Furnishings Stores
Term Loan
6%
12/29/2035

122.0

110.4

94.1

0.06
%
* Robin C. & Charles E. Taylor & Brigantine Aquatic Center, LLC
Amusement, Gambling, and Recreation Industries
Term Loan
6%
9/14/2023

33.1

22.8

20.1

0.01
%
* LJ Parker, LLC dba Kwik Kopy Business Center 120
Administrative and Support Services
Term Loan
7%
9/8/2014

61.8

33.2

26.6

0.02
%
* Integrity Sports Group, LLC
Performing Arts, Spectator Sports, and Related Industries
Term Loan
6%
3/6/2018

62.1

17.3

13.4

0.01
%
* Guzman Group, LLC
Rental and Leasing Services
Term Loan
6%
1/30/2016

251.7

211.7

195.1

0.12
%
* Groundworks Unlimited, LLC
Specialty Trade Contractors
Term Loan
6%
12/17/2023

116.1

97.1

85.0

0.05
%
* Gotta Dance Studio, Inc. dba Gotta Dance Studio Academy of Performing
Educational Services
Term Loan
Prime plus 2.75%
11/16/2016

10.3

4.0

3.5

—
%
* Furniture Company, LLC
Furniture and Home Furnishings Stores
Term Loan
7%
10/30/2015

6.4

1.4

1.3

—
%
* Event Mecca, LLC
Other Information Services
Term Loan
6%
4/10/2023

14.3

13.3

8.9

0.01
%
* E.W. Ventures, Inc. dba Swift Cleaners & Laundry
Personal and Laundry Services
Term Loan
—%
4/18/2017

209.1

92.7

76.0

0.05
%
* DUCO Energy Services, a Limited Liability Company
Professional, Scientific, and Technical Services
Term Loan
Prime plus 2.75%
6/20/2023

11.8

10.8

7.3

—
%
* David M. Goens dba Superior Auto Paint & Body, Inc.
Repair and Maintenance
Term Loan
Prime plus 2.75%
8/26/2024

11.5

6.6

6.0

—
%
* CCS, Services, Inc.
Administrative and Support Services
Term Loan
6%
2/28/2015

2.3

0.1

0.1

—
%
* Camilles of Washington Inc.
Food Services and Drinking Places
Term Loan
6%
10/28/2015

16.4

1.5

1.5

—
%
* Bwms Management, LLC
Food Services and Drinking Places
Term Loan
6%
7/7/2027

109.1

82.5

66.4

0.04
%
* BCD Enterprises, LLC dba Progressive Tool and Nutmeg Tool
Fabricated Metal Product Manufacturing
Term Loan
Prime plus 2.75%
6/22/2026

506.9

418.3

333.1

0.20
%
* Barnum Printing & Publishing, Co.
Printing and Related Support Activities
Term Loan
6%
7/29/2015

44.7

11.9

11.7

0.01
%
* Auto Sales, Inc.
Motor Vehicle and Parts Dealers
Term Loan
6%
8/17/2023

13.9

6.7

6.2

—
%
* Anmor Machining Company, LLC dba Anmor Machining Company
Fabricated Metal Product Manufacturing
Term Loan
6%
11/18/2026

192.5

146.5

110.5

0.07
%

87

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
KroBro Inc. d/b/a Village Coffee
Food Services and Drinking Places
Term Loan
6%
3/12/2020

200.0

10.0

—

—
%
Konversashens Coffee LLC
Food Services and Drinking Places
Term Loan
6%
6/28/2016

64.4

4.9

—

—
%
Total SBA Unguaranteed Non-Performing Investments
$
11,637.2

$
9,587.3

$
6,302.3

3.79
%
Total SBA Unguaranteed Investments
$
155,719.7

$
131,093.2

$
121,477.3

73.00
%
SBA Guaranteed Performing Investments (4)
BS Ventures, LLC dba Dink's Market
Merchant Wholesalers, Nondurable Goods
Term Loan
Prime plus 2.75%
12/19/2039

161.3

161.3

182.9

0.11
%
M & MM Management
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
4/19/2025

138.8

138.8

155.0

0.09
%
The Jeweler's Inc.
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/19/2024

3,750.0

3,750.0

4,157.8

2.50
%
Will Zak Management, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/19/2024

146.3

146.3

163.3

0.10
%
Winter Ventures, Inc.
Nonstore Retailers
Term Loan
Prime plus 2.75%
12/23/2024

1,404.9

1,404.9

1,564.7

0.94
%
Atlantis of Daytona, LLC
Clothing and Clothing Accessories Stores
Term Loan
Prime plus 2.75%
12/23/2039

720.0

720.0

816.3

0.49
%
Thermoplastic Services, Inc.
Plastics and Rubber Products Manufacturing
Term Loan
Prime plus 2.75%
12/23/2039

4,500.0

4,500.0

5,060.5

3.04
%
The Lodin Group, LLC and Lodin Health
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/23/2039

1,590.8

1,590.8

1,797.6

1.08
%
Bowlerama Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/24/2039

3,607.5

3,607.5

4,058.4

2.44
%
Beale Street Blues Company
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
12/22/2024

562.5

562.5

628.2

0.38
%
Bear Creek Entertainment, LLC dba The Woods at Bear Creek
Accommodation
Term Loan
Prime plus 2.75%
12/30/2024

318.8

318.8

361.6

0.22
%
Evans & Paul, LLC
Merchant Wholesalers, Durable Goods
Term Loan
Prime plus 2.75%
12/30/2024

671.3

671.3

749.6

0.45
%
B & W Towing, LLC & Boychuck's Fuel, LLC
Repair and Maintenance
Term Loan
Prime plus 2.75%
12/17/2039

493.5

493.5

559.9

0.34
%
Grand Blanc Lanes, Inc.
Amusement, Gambling, and Recreation Industries
Term Loan
Prime plus 2.75%
12/31/2039

399.0

399.0

452.7

0.27
%
Homegrown for Good, LLC
Apparel Manufacturing
Term Loan
Prime plus 2.75%
11/26/2024

2,070.0

2,070.0

2,297.1

1.38
%

88

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Lake Area Autosound, LLC
Motor Vehicle and Parts Dealers
Term Loan
Prime plus 2.75%
7/28/2039

375.0

375.0

425.4

0.26
%
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
6/27/2039

962.3

965.3

1,084.6

0.65
%
Meridian Hotels, LLC
Accommodation
Term Loan
Prime plus 2.75%
11/25/2039

684.0

684.0

776.0

0.47
%
Carolina Flicks dba The Howell Theatre
Motion Picture and Sound Recording Industries
Term Loan
Prime plus 2.75%
12/23/2032

489.8

489.8

538.7

0.32
%
Kiddie Steps for You, Inc.
Social Assistance
Term Loan
Prime plus 2.75%
9/25/2038

267.8

254.8

286.7

0.17
%
401 JJS Corp. and G Randazzo Trattoria Corp.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/23/2039

1,136.3

1,136.3

1,285.4

0.77
%
FHJE Ventures, LLC and Eisenreich II, Inc. dba Breakneck Tavern
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
12/31/2039

736.5

484.8

545.7

0.33
%
Miss Cranston Diner II, LLC
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/17/2039

273.8

273.8

308.8

0.19
%
Wildwood Tavern dba Tavern Properties
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
9/15/2039

1,275.0

936.0

1,058.9

0.64
%
iFood, Inc.
Food Services and Drinking Places
Term Loan
Prime plus 2.75%
7/31/2024

1,137.3

871.6

973.4

0.58
%
Alpha Prepatory Academy, LLC
Social Assistance
Term Loan
Prime plus 2.75%
8/15/2039

435.7

327.7

371.8

0.22
%
GPG Real Estate Holdings, LLC
Specialty Trade Contractors
Term Loan
Prime plus 2.75%
7/3/2024

487.5

121.6

137.9

0.08
%
First Prevention & Dialysis Center, LLC
Ambulatory Health Care Services
Term Loan
Prime plus 2.75%
12/30/2024

714.8

234.2

261.5

0.16
%
The Red Pill Management, Inc.
Performing Arts, Spectator Sports, and Related Industries
Term Loan
Prime plus 2.75%
11/26/2024

162.8

86.1

96.2

0.06
%
DC Real, LLC and DC Enterprises LTD
Building Material and Garden Equipment and Supplies Dealers
Term Loan
Prime plus 2.75%
11/20/2039

358.1

281.7

329.5

0.20
%
Total SBA Guaranteed Performing Investments
$
30,031.4

$
28,057.4

$
31,486.1

18.92
%
Total SBA Unguaranteed and Guaranteed Investments
$
185,751.1

$
159,150.6

$
152,963.4

91.92
%
Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
Controlled Investments (5)
Advanced Cyber Security Systems, LLC (6) (13)
Data processing, hosting and related services.
50% Membership Interest
—
%
—

—

—

—

—
%
Term Loan
3
%
December 2014
1,120.0

381.0

—

—
%
* Automated Merchant Services, Inc. (7) (13)
Data processing, hosting and related services.
100% Common Stock
—
%
—

—

—

—

—
%

89

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
* Business Connect, LLC (8) (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
Term Loan
10
%
December 2015
—

—

—

—
%
* CCC Real Estate Holdings Co., LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Membership Interest
—
%
—

—

—

—

—
%
CDS Business Services, Inc. (9) (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

496.0

0.30
%
Term Loan
1
%
Various maturities through August 2016
4,228.0

4,228.0

1,483.0

0.89
%
CrystalTech Web Hosting, Inc.
Data processing, hosting and related services.
100% Common Stock
—
%
—

—

9,256.0

21,500.0

12.92
%
* OnLAN, LLC (15) (17)
Professional, Scientific, and Technical Services
49% Membership Interests
—
%
—

—

800.0

—

—
%
* Exponential Business Development Co. Inc. (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

—

—
%
* Bankcard Alliance of Alabama, LLC (10) (13)
Data processing, hosting and related services.
95% Membership Interests
—
%
—

—

—

—

—
%
* Fortress Data Management, LLC (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
Newtek Insurance Agency, LLC (13)
Insurance Carriers and Related Activities
100% Membership Interests
—
%
—

—

—

2,300.0

1.38
%
PMTWorks Payroll, LLC (11) (13)
Data processing, hosting and related services.
80% Membership Interests
—
%
—

—

—

920.0

0.55
%
Term Loan
12
%
August 2015
935.0

935.0

—

—
%
Secure CyberGateway Services, LLC (12) (13)
Data processing, hosting and related services.
66.7% Membership Interests
—
%
—

—

—

—

—
%
Term Loan
7
%
December 2016
2,400.0

2,400.0

2,400.0

1.44
%
Small Business Lending, Inc. (13)
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Common Stock
—
%
—

—

—

2,900.0

1.74
%
* Summit Systems and Designs, LLC (8) (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

—

—
%
Term Loan
10
%
December 2007
—

—

—

—
%

90

Portfolio Company
Industry
Type of Investment
Interest Rate (2)
Maturity
Principal
Cost
Fair Value
% of Net Assets
* Texas Whitestone Group, LLC
Securities, Commodity Contracts, and Other Financial Investments and Related Activities
100% Membership Interest
—
%
—

—

65.0

—

—
%
Universal Processing Services of Wisconsin, LLC (13)
Data processing, hosting and related services.
100% Membership Interest
—
%
—

—

—

45,500.0

27.34
%
* Where Eagles Fly, LLC (13) (14)
Theatrical productions
95% Membership Interest
—
%
—

—

—

—

—
%
Total Controlled Investments
$
8,683.0

$
18,065.0

$
77,499.0

46.57
%
Investment in Money Market Funds
$
—

$
3,000.0

$
3,000.0

1.80
%
Total Investments
$
194,434.1

$
180,215.6

$
233,462.4

140.29
%


* Denotes non-income producing security.
(1) Newtek values each SBA 7(a) performing unguaranteed loan using a discounted cash flow analysis which projects future cash flows and incorporates projections for loan pre-payments and loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on loan age. The recovery assumption for each loan is specific to the discounted valuation of the collateral supporting that loan. Each loan's cash flow is discounted at a rate which approximates a market yield. The loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded Preferred Lender Program (“PLP”) status from the SBA. The loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) Prime Rate is equal to 3.25% as of December 31, 2014.
(3) Newtek values SBA 7(a) non-performing loans using a discounted cash flow analysis of the underlying collateral which supports the loan. Net recovery of collateral, (fair value less cost to liquidate) is applied to the discounted cash flow analysis based upon a time to liquidate estimate. Modified loans are valued based upon current payment streams and are re-amortized at the end of the modification period.
(4) Newtek values guaranteed SBA 7(a) performing loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells into this secondary market. Guaranteed portions, partially funded as of the valuation date are valued using level two inputs as disclosed in Note 6.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. owns more than 25% of the voting securities of such company.
(6) 100% wholly-owned by Exponential of New York, LLC.
(7) 95% owned by Wilshire Partners, LLC., 5% owned by non-affiliate.
(8) 100% owned by Wilshire Texas Partners I, LLC.
(9) 49.482% owned by Wilshire New York Partners IV, LLC, 24.611% owned by Exponential of New York, LLC and 25.907% owned by Newtek Business Services Corp.
(10) 95% owned by Wilshire Alabama Partners, LLC., 5% owned by non-affiliate.
(11) 80% owned by Wilshire New York Partners IV, LLC, 20% owned by non-affiliate.
(12) 66.7% owned by Wilshire Texas Partners I, LLC, 33.3% owned by non-affiliate.
(13) 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.
(14) 95% owned by Wilshire DC Partners, LLC, 5% owned by non-affiliate.
(15) 49% owned by Wilshire Colorado Partners, LLC, 51% owned by non-affiliate
(16) 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.
(17) Denotes a non-controlled entity.

91

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

On November 12, 2014, Newtek Business Services, Inc. merged with and into Newtek Business Services Corp. ("NBS”), a newly-formed Maryland corporation, for the purpose of reincorporating in Maryland (the “Merger”), and thereafter filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended ("1940 Act"). This transaction is referred to as the “Conversion” or “BDC Conversion”. All subsidiaries and controlled portfolio companies became the property of Newtek Business Services Corp. as part of the Merger. Except as otherwise noted, the terms “we,” “us,” “our,” “Company” and “Newtek” refer to Newtek Business Services, Inc. prior to the Conversion and its successor, Newtek Business Services Corp. following the Conversion.
Description of Business and Basis of Presentation for the Six Months Ended June 30, 2014 (Prior to BDC Conversion)
Prior to the Conversion, Newtek Business Services, Inc . was a holding company for several wholly and majority-owned subsidiaries, including twelve certified capital companies which are referred to as Capcos, and several portfolio companies in which the Capcos own non-controlling or minority interests. The Company provides a “one-stop-shop” for business services to the small and medium-sized business market and uses state of the art web-based proprietary technology to be a low cost acquirer and provider of products and services. The Company partners with companies, credit unions, and associations to offer its services.
The Company’s principal business segments were:
Electronic Payment Processing: Marketing third party credit card processing and check approval services to the small and medium-sized business market under the name of Newtek Merchant Solutions.
Managed Technology Solutions: CrystalTech Web Hosting, Inc., d/b/a Newtek Technology Services (“NTS”), offers shared and dedicated web hosting, data storage and backup services, cloud computing plans and related services to the small and medium-sized business market.
Small Business Finance: The segment was comprised of Small Business Lending, Inc., (“SBL”) a lender service provider for third-parties that primarily services government guaranteed U.S. Small Business Administration (“SBA”) loans and non-SBA loans; Newtek Small Business Finance, LLC (“NSBF”), a nationally licensed, SBA lender that originates, sells and services loans to qualifying small businesses, which are partially guaranteed by the SBA, and CDS Business Services, Inc. d/b/a Newtek Business Credit (“NBC”) which provides receivable financing and management services.
All Other: Businesses formed from investments made through Capco programs and others which could not be aggregated with other operating segments, including insurance and payroll processing.
Corporate Activities: Corporate implements business strategy, directs marketing, provides technology oversight and guidance, coordinates and integrates activities of the segments, contracts with alliance partners, acquires customer opportunities, and owns our proprietary NewTracker ® referral system. This segment includes revenue and expenses not allocated to other segments, including interest income, Capco management fee income and corporate operations expenses.
Capco: Twelve certified capital companies which invest in small and medium-sized businesses. They generate non-cash income from tax credits and non-cash interest expense and insurance expenses in addition to cash management fees.
The condensed consolidated financial statements of Newtek Business Services Corp., its subsidiaries and consolidated entities have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include all wholly and majority-owned subsidiaries, and several portfolio companies in which the Capcos own non-controlling interest, or those variable interest entities of which Newtek is considered to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Non-controlling interests are reported below net income (loss) under the heading “Net loss attributable to non-controlling interests” in the unaudited condensed consolidated statements of income prior to the BDC Conversion.
Description of Business and Basis of Presentation for the Six Months Ended June 30, 2015 (Post BDC Conversion)

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Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed-end investment company. The Company's investment strategy is to maximize the investment portfolio's return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.
The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:
•
Newtek Small Business Finance, LLC
•
The Whitestone Group, LLC
•
Wilshire Alabama Partners, LLC
•
Wilshire Colorado Partners, LLC
•
Wilshire DC Partners, LLC
•
Wilshire Holdings I, Inc.
•
Wilshire Holdings II, Inc.
•
Wilshire Louisiana Bidco, LLC
•
Wilshire Louisiana Partners II, LLC
•
Wilshire Louisiana Partners III, LLC
•
Wilshire Louisiana Partners IV, LLC
•
Wilshire New York Advisers II, LLC
•
Wilshire New York Partners III, LLC
•
Wilshire New York Partners IV, LLC
•
Wilshire New York Partners V, LLC
•
Wilshire Partners, LLC
•
Wilshire Texas Partners, LLC
•
CCC Real Estate Holdings Co., LLC
•
The Texas Whitestone Group, LLC
•
Newtek Business Services Holdco 1, Inc.
In addition to the wholly owned entities consolidated above, Exponential of New York, LLC is consolidated as the Company is determined to be the primary beneficiary.

The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s 2014 Annual Report on Form 10-K. The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. GAAP and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X and, therefore, omit or condense certain footnotes and other information normally included in financial statements prepared in accordance with U.S. GAAP. In the opinion of management, the condensed consolidated financial statements reflect all adjustments and reclassifications that are necessary for the fair presentation of financial results as of and for the periods presented. The results of operations for an interim period may not give a true indication of the results for the entire year. The December 31, 2014 consolidated balance sheet has been derived from the audited financial statements as of

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that date. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation.
All financial information included in the tables in the following footnotes is stated in thousands, except per share data.
NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value

The Company applies fair value to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurements and Disclosures (“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 Company’s board of directors (the “Board”) to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation

As provided under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.
Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s 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.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2015 , cash deposits in excess of FDIC deposit insurance and Securities Investor Protection Corporation (“SIPC”) insurance totaled approximately $8,714,000 .

94

Restricted Cash
Restricted cash includes cash collateral relating to a letter of credit; monies due on SBA loan-related remittances due to third parties; and cash reserves associated with securitization transactions.

Broker Receivable

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

The Company will elect to be treated as a regulated investment company (“RIC”) beginning with the 2015 tax year under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and will operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, among other things, the Company will be 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 all income distributed to its stockholders.

As a result of the Company’s conversion to a BDC and its intention to elect RIC status when it files its 2015 tax return, the Company reversed the balance of its deferred tax asset as of December 31, 2014, through additional paid-in capital on January 1, 2015.
Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions, and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the three and six months ended June 30, 2015 , no U.S. federal excise taxes were accrued.
Dividends and Distributions

Dividends and distributions to the Company's common stockholders are recorded on the record date. The timing and amount to be paid out as a dividend or distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are distributed at least annually, although the Company may decide to retain such capital gains for investment.

Investment Income

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

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 daily and recorded when earned. 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, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as "one time" fees in connection with the origination of new debt investments with non-affiliates.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or

95

losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the condensed consolidated statements of operations.
New Accounting Standards

In May 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The update changes the requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and make a separate disclosure. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect this guidance to have a material impact on our condensed consolidated financial statements and disclosures.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to its condensed consolidated financial statements and disclosures.

Segments

As a BDC, the Company has determined that it has a single reporting segment and operating unit structure. The Company lends to and makes 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 loan and investment relationships has similar business and economic characteristics, they have been aggregated into a single lending and investment segment.
Reclassifications
Certain prior period amounts have been reclassified to conform to the current year presentation.
NOTE 3—INVESTMENTS:

Investments, all of which are with portfolio companies in the United States, consisted of the following at:
June 30, 2015
December 31, 2014
Cost
Fair Value
Cost
Fair Value
Money market funds
$
226

$
226

$
3,000

$
3,000

Non-affiliate debt investments
149,907

139,445

159,151

152,963

Controlled investments
Equity
11,372

84,818

10,120

73,616

Debt
1,800

1,800

7,944

3,883

Total investments
$
163,305

$
226,289

$
180,215

$
233,462

The following table shows the Company's portfolio investments by industry at June 30, 2015 and December 31, 2014 :

96

June 30, 2015
December 31, 2014
Cost
Fair Value
Cost
Fair Value
Data processing, hosting and related services.
$
12,829

$
74,592

$
13,772

$
70,322

Food Services and Drinking Establishments
13,419

12,171

15,816

15,442

Amusement, Gambling, and Recreation Industries
10,147

9,909

13,495

13,621

Securities, Commodity Contracts, and Other Financial Investments and Related Activities
802

10,959

5,278

5,771

Plastics and Rubber Products Manufacturing
3,121

3,035

7,690

8,120

Accommodation
6,631

6,423

7,240

7,240

Repair and Maintenance
8,774

8,368

7,250

7,023

Clothing and Clothing Accessories Stores
2,680

2,385

6,709

6,958

Ambulatory Health Care Services
6,685

5,893

6,777

6,225

Truck Transportation
5,931

5,596

5,621

5,494

Specialty Trade Contractors
7,831

6,723

6,298

5,414

Fabricated Metal Product Manufacturing
5,195

4,823

5,627

5,258

Professional, Scientific, and Technical Services
6,385

5,205

5,438

4,939

Food Manufacturing
5,625

4,686

4,757

3,793

Motor Vehicle and Parts Dealers
3,622

3,574

3,759

3,755

Merchant Wholesalers, Durable Goods
3,448

3,306

3,763

3,729

Gasoline Stations
3,368

3,233

3,895

3,727

Insurance Carriers and Related Activities
1,675

3,912

1,417

3,622

Social Assistance
3,124

2,955

3,537

3,474

Nonstore Retailers
2,322

2,012

2,878

2,923

Personal and Laundry Services
2,949

2,831

2,759

2,609

Apparel Manufacturing
314

276

2,330

2,528

Merchant Wholesalers, Nondurable Goods
3,218

3,136

2,541

2,459

Administrative and Support Services
2,514

2,254

2,663

2,400

Other
40,470

37,806

35,905

33,616

Total
$
163,079

$
226,063

$
177,215

$
230,462


NOTE 4—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 companies for the six months ended June 30, 2015 were as follows:

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Portfolio Company
Fair Value at December 31, 2014
Purchases (cost)
Principal received (cost)
Net realized gains/(losses)
Net unrealized gains/(losses)
Fair Value at June 30, 2015
Interest and other income
Dividend income
Controlled Investments
Small Business Lending, Inc.
$
2,900

$
—

$
—

$
—

$
5,350

$
8,250

$
—

$
148

PMTWorks Payroll, LLC
920

—

—

—

—

920

52

—

Universal Processing Services of Wisconsin, LLC
45,500

—

—

—

4,739

50,239

5

2,300

CrystalTech Web Hosting, Inc
21,500

—

—

—

(370
)
21,130

—

400

CDS Business Services, Inc. (1)
1,979

200

—

—

(200
)
1,979

7

—

Advanced Cyber Security Systems, LLC
—

—

—

—

—

—

14

—

Secure CyberGateway Services, LLC
2,400

—

(600
)
—

—

1,800

75

26

Business Connect, LLC
—

—

—

—

—

—

3

—

Total Controlled Investments
$
75,199

$
200

$
(600
)
$
—

$
9,519

$
84,318

$
156

$
2,874


(1) During the quarter ended June 30, 2015 , the Company converted all of its debt investments in CDS Business Services, Inc. to equity.

The table above includes only those controlled investments for which the Company had transactions for the six months ended June 30, 2015 .

In addition to the transactions above, the Company incurs expenses from certain controlled portfolio companies. For the three months ended June 30, 2015 , the Company incurred $144,000 in managed technology services, $62,000 in loan processing and closing expenses, and $6,000 in payroll processing fees from certain of its controlled portfolio companies. For the six months ended June 30, 2015 , the Company incurred $289,000 in managed technology services, $186,000 loan processing and closing expenses, and $11,000 in payroll processing fees from certain of its controlled portfolio companies. For the three and six months ended June 30, 2015 , the Company earned $33,000 in consulting fee income from certain controlled portfolio companies. Amounts due from and due to related parties are $3,992,000 and $3,204,000, respectively at June 30, 2015 .

The Company allocates portions of salaries for management and certain other employees that perform services for certain controlled portfolio companies. Amounts are allocated based on estimates of time and effort spent by certain employees performing services for certain controlled portfolio companies. Allocations are generally recorded on a quarterly basis and are recurring in nature. Amounts allocated for the three and six months ended June 30, 2015 were $475,000 and $940,000, respectively. No amounts were allocated for the three and six months ended June 30, 2014 as the controlled portfolio companies were consolidated subsidiaries.
NOTE 5—SERVICING ASSETS:
For the three months ended June 30, 2015 and 2014 , servicing fees received on the Company’s SBA non-affiliate investments totaled $1,068,000 and $915,000 , respectively. For the six months ended June 30, 2015 and 2014 , servicing fees received on the Company’s SBA non-affiliate investments totaled $2,111,000 and $1,746,000 , respectively. The total servicing fee income recognized for loans serviced for others for the three and six months ended June 30, 2014 was $1,743,000 and $3,537,000 . As a result of the BDC Conversion, no servicing fee income was recognized for loans serviced for others for the three and six months ended June 30, 2015 . This revenue, which was previously included in consolidated results prior to the BDC Conversion, is recognized and earned by one of the Company's controlled portfolio companies, Small Business Lending, Inc.
The estimated fair values of capitalized servicing assets were $11,275,000 and $9,483,000 at June 30, 2015 and December 31, 2014 , respectively. Inherent risks related to the fair value of servicing assets include prepayment and default risks. An increase in either of these factors could have a negative impact on the fair value of servicing assets on the condensed consolidated statement of assets and liabilities. Additionally, a decrease in servicing spread would also have a negative impact on the fair value of servicing assets.
The estimated fair value of servicing assets at June 30, 2015 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.57% , prepayment speed of 19% , and an average cumulative default rate of 25% . The estimated fair value of servicing assets at December 31, 2014 was determined using a discount factor that is a blended approach of the weighted average cost of capital and the weighted average servicing spread of 11.58% , prepayment speed of 19% , and an average cumulative default rate of 25% . Changes in the fair value of

98

servicing assets are included on the condensed consolidated statements of operations under the caption "net unrealized depreciation on servicing assets."
NOTE 6—FAIR VALUE MEASUREMENTS:

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

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

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfers. There were no transfers among Level 1, 2 and 3 of the fair value hierarchy for assets and liabilities during the three and six months ended June 30, 2015 and 2014. The following section describes the valuation techniques used by the Company to measure different assets and liabilities at fair value and includes the level within the fair value hierarchy in which the assets and liabilities are categorized.

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary method for

99

determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

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 value as of June 30, 2015 and December 31, 2014 :
Fair Value Measurements at June 30, 2015 Using:
Total
Level 1
Level 2
Level 3
Total Gains
and (Losses)
Assets
Investments in money markets funds
$
226

$
226

$
—

$
—

$
—

Credits in lieu of cash
1,542

—

1,542

—

2

SBA unguaranteed investments
136,924

—

—

136,924

(10,734
)
SBA guaranteed investments
2,521

—

2,521

—

274

Controlled investments
86,618

—

—

86,618

9,519

Servicing assets
11,275

—

—

11,275

228

Total assets
$
239,106

$
226

$
4,063

$
234,817

$
(711
)
Liabilities
Notes payable in credits in lieu of cash
$
1,542

$
—

$
1,542

$
—

$
—


Fair Value Measurements at December 31, 2014 Using:
Total
Level 1
Level 2
Level 3
Total Gains
and (Losses)
Assets
Investments in money markets funds
$
3,000

$
3,000

$
—

$
—

$
—

Credits in lieu of cash
2,229

—

2,229

—

(13
)
SBA unguaranteed investments
121,477

—

—

121,477

(9,605
)
SBA guaranteed investments
31,486

—

31,486

—

3,429

Controlled investments
77,499

—

—

77,499

—

Servicing assets
9,483

—

—

9,483

(120
)
Total assets
$
245,174

$
3,000

$
33,715

$
208,459

$
(6,309
)
Liabilities
Notes payable in credits in lieu of cash
$
2,229

$
—

$
2,229

$
—

$
5



The following table presents the changes in investments and other assets measured at fair value using Level 3 inputs for the six months ended June 30, 2015 :

100


Six Months Ended June 30, 2015
SBA Unguaranteed Investments
Controlled Investments
Servicing Assets
Fair value, beginning of period
$
121,477

$
77,499

$
9,483

Net change in unrealized appreciation (depreciation)
(1,136
)
9,519

(612
)
Realized loss
(400
)
—

—

SBA unguaranteed non-affiliate investments, originated
24,441

—

—

Foreclosed real estate acquired
(713
)
—

—

Funding of controlled investments
—

200

—

Purchase of loan from SBA
703

—

—

Principal payments received
(7,448
)
(600
)
—

Additions to servicing assets
—

—

2,404

Fair value, end of period
$
136,924

$
86,618

$
11,275


In June 2015, two controlled portfolio companies, Universal Processing Services of Wisconsin, LLC ("UPS") and CrystalTech Web Hosting, Inc. ("NTS"), closed a $38,000,000 term loan facility with Goldman Sachs Bank USA. UPS and NTS drew $20,000,000 at close, of which $19,119,000 of the proceeds were sent to the Company and recorded as a note payable to related parties by the Company.

The following table presents changes in SBA Unguaranteed Investments measured at fair value using Level 3 inputs for the six months ended June 30, 2014 :
Six months ended June 30, 2014
Fair value, beginning of period
$
78,951

Realized loss
(1,003
)
SBA unguaranteed investments, originated
21,128

Proceeds from principal payments
(4,348
)
Fair value, end of period
$
94,728


Prior to the Company's conversion to a BDC, the Company did not account for its controlled investments and servicing assets at fair value.

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2015 and December 31, 2014 . In addition to the techniques and inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2015 and December 31, 2014 .


101

Range
Fair Value as of June 30, 2015
Valuation Techniques
Unobservable Input
Weighted Average
Minimum
Maximum
Assets:
Performing SBA Unguaranteed Investments
$
131,803

Discounted cash flow
Market yields
5.38
%
5.38
%
5.38
%
Non-Performing SBA Unguaranteed Investments
$
5,121

Discounted cash flow
Market yields
8.50
%
8.50
%
8.50
%
Controlled Investments (A)
$
86,618

Market comparable companies
EBITDA multiples
5.60x

3.00x

6.20x

Market comparable companies
Revenue multiples
0.83x

0.50x

3.00x

Discounted cash flow
Weighted average cost of capital
12.90
%
12.00
%
16.50
%
Discounted cash flow
Market yields
5.38
%
5.38
%
5.38
%
Servicing Assets
$
11,275

Discounted cash flow
Market yields
11.57
%
11.57
%
11.57
%

(A) In determining the fair value of the Company's controlled investments as of June 30, 2015, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 55.8% and 44.2%, respectively, on a weighted average basis. Includes $12,029,000 of equity interests and debt investments valued using discounted cash flows. Includes $74,589,000 of equity interests valued using a combination of discounted cash flows and market comparable companies.

Range
Fair Value as of December 31, 2014
Valuation Techniques
Unobservable Input
Weighted Average
Minimum
Maximum
Assets:
Performing SBA Unguaranteed Investments
$
115,175

Discounted cash flow
Market yields
5.38
%
5.38
%
5.38
%
Non-Performing SBA Unguaranteed Investments
$
6,302

Discounted cash flow
Market yields
7.00
%
7.00
%
7.00
%
Controlled Investments (A)
$
77,499

Market comparable companies
EBITDA multiples
5.50x

3.00x

9.00x

Market comparable companies
Revenue multiples
0.80x

0.40x

3.00x

Discounted cash flow
Weighted average cost of capital
12.60
%
10.70
%
16.00
%
Servicing Assets
$
9,483

Discounted cash flow
Market yields
11.58
%
11.58
%
11.58
%

(A) In determining the fair value of the Company's controlled investments as of December 31, 2014, the proportion of the market comparable companies valuation technique and the discounted cash flow valuation technique were 48.1% and 51.9%, respectively, on a weighted average basis.
NOTE 7—NOTES PAYABLE AND NOTES PAYABLE - RELATED PARTIES:
At June 30, 2015 and December 31, 2014 , the Company had notes payable comprised of the following :

102

June 30, 2015
December 31, 2014
Notes payable:
Capital One lines of credit (NSBF)
Guaranteed line
$
23,552

$
28,722

Unguaranteed line
2,770

5,134

Capital One line of credit and term loan (NBS)
Revolving line of credit
—

—

Term loan
—

9,167

Total notes payable
26,322

43,023

Note payable – related parties
19,119

—

Note payable – Securitization trust VIE
72,312

79,520

Total notes payable
$
117,753

$
122,543

In June 2015, the Company received $19,119,000 under an unsecured revolving line of credit extended by UPS and NTS. Maximum borrowings under the line of credit are $38,000,000. The outstanding balance shall bear interest at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% or at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The interest rate in effect is equal to the interest rate on the term loan between UPS, NTS, and Goldman Sachs Bank USA as discussed in Note 8. At June 30, 2015 , the interest rate on the $19,119,000 is 7.5%. The revolving line of credit has a maturity date of June 21, 2019. Interest expense for the three and six months ended June 30, 2015 was approximately $30,000 which is included in total interest expenses in the condensed consolidated statements of operations. No interest expense was incurred in 2014.
In June 2015, the Company paid off and retired the Capital One term loan and revolving line of credit. The proceeds used to pay down the Capital One term loan and accrued interest of $8,879,000 as of June 23, 2015 were received from two controlled portfolio companies (see above). There was no amount due on the revolving line or credit with Capital One.
Total interest expense for the three months ended June 30, 2015 and 2014 was $1,728,000 and $3,589,000 , respectively. Total interest expense for the six months ended June 30, 2015 and 2014 was $3,084,000 and $5,225,000 , respectively.
NOTE 8—COMMITMENTS AND CONTINGENCIES:
Legal Matters

In the ordinary course of business, the Company 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 currently involved in various litigation matters.

On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.

As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of June 30, 2015. On May 19, 2015, the Court entered an equitable monetary judgment against NMS for approximately $1,735,000.


103

Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.
Management has determined that, in the aggregate, all pending legal actions should not have a material adverse effect on our consolidated results of operations, cash flows or financial condition. In addition, we believe that any amount that could be reasonably estimated of potential loss or range of potential loss is not material.
Guarantees
The Company is a guarantor on a bank line of credit at NBC, a controlled portfolio company. Maximum borrowings under the line of credit are $10,000,000 with a maturity date of February 2016. At June 30, 2015 , total principal and accrued interest owed by NBC was $3,796,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2015 , the Company determined that it is not probable that payments would be required to be made under the guarantee.

On June 23, 2015, UPS and NTS (together, the “Borrowers”), each a controlled portfolio company of the Company, entered into a Credit and Guaranty Agreement (the “Agreement”), dated June 23, 2015, with Goldman Sachs Bank USA (“GS Bank”), as Administrative Agent, Collateral Agent and Lead Arranger, pursuant to which GS Bank agreed to extend the Borrowers a term loan facility up to an aggregate principal amount of $38,000,000 (the “Facility” and each term loan made thereunder, a “Term Loan”). The Company, Newtek Business Services Holdco 1, Inc., a wholly-owned subsidiary of the Company (“Intermediate Holdings”), and certain subsidiaries of Intermediate Holdings party to the Agreement from time to time, including UPS, NTS, and Solar Processing Solutions, LLC, have agreed to guarantee the repayment of the Facility and are parties to the Agreement as “Guarantors” thereunder. At June 30, 2015 , the Company determined that it is not probable that payments would be required to be made under the guarantee.
NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:


104

Six months ended June 30, 2015
Per share data (2)
Net asset value at beginning of period
$
16.31

Dividends from capital gains
(0.86
)
Net investment loss
(0.47
)
Net realized gain on investments
1.47

Net unrealized appreciation on investments
0.52

Net unrealized loss on servicing assets
(0.06
)
Reversal of deferred tax asset
(0.29
)
Net asset value at end of period
$
16.62

Per share market value at end of period
$
17.72

Total return based on market value (4)
25.88
%
Total return based on average net asset value (3)
3.75
%
Shares outstanding at end of period
10,206

Ratios/Supplemental Data:
Ratio of expenses to average net assets (3)
18.01
%
Ratio of net investment loss to average net assets
(2.84
)%
Net assets at end of period
$
169,624

Average debt outstanding
$
120,148

Average debt outstanding per share
$
11.77

Asset coverage ratio
248
%
Portfolio turnover
61.09
%

(1) Years prior to becoming a business development company are not presented in the financial highlights as the information would not be meaningful.
(2) 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.
(3) Annualized.
(4) Assumes dividends are reinvested.
NOTE 10—EARNINGS PER SHARE:

The following table summarizes the calculations for the net increase in net assets per common share for the three and six months ended June 30, 2015 and income per share for the three and six months ended June 30, 2014 :
Three months ended June 30, 2015
Six months ended June 30, 2015
Net increase in net assets
$
4,876

$
14,879

Weighted average shares outstanding
10,206

10,206

Net increase in net assets per common share
$
0.48

$
1.46



105

Three months ended June 30, 2014
Six months ended June 30, 2014
Numerator for basic and diluted EPS - income available to common stockholders
$
1,394

$
2,785

Denominator for basic EPS - weighted average shares
7,106

7,096

Effect of dilutive securities
589

596

Denominator for diluted EPS - weighted average shares
7,695

7,692

Basic earnings per share
$
0.20

$
0.39

Diluted earnings per share
$
0.18

$
0.36

The amount of anti-dilutive shares/units excluded from above is as follows:
Contingently issuable shares
17

17

NOTE 11—DIVIDENDS AND DISTRIBUTIONS:

The Company's dividends and distributions are recorded on the record date. The following table summarizes the Company's dividend declarations and distributions during the six months ended June 30, 2015 . There were no dividend declarations or distributions for the six months ended June 30, 2014 .

Date Declared
Record Date
Payment Date
Amount Per Share
Total Amount
March 19, 2015
March 30, 2015
April 13, 2015
$
0.39

$
3,985

June 15, 2015
June 29, 2015
July 15, 2015
$
0.47

$
4,802


On July 15, 2015, in connection with the June 15, 2015 dividend declaration, 4,655 shares valued at $87,000 were issued as part of the Company's Dividend Reinvestment Plan ("DRIP").
NOTE 12—STOCK OPTIONS AND RESTRICTED STOCK:

The Company had one and three share-based compensation plans as of June 30, 2015 and 2014, respectively. For the six months ended June 30, 2014 , share-based compensation expense was $532,000 of which $445,000 is included in salaries and benefits, and $87,000 is included in other general and administrative costs. During the six months ended June 30, 2014 , approximately 14,300 shares awarded under the plans were forfeited due to early termination or resignation by certain employees. The total forfeiture credit recognized for the six months ended June 30, 2014 was approximately $69,000 and is included in share-based compensation expense. There were no share-based awards outstanding as of June 30, 2015 therefore no share-based compensation expense was recorded for the three and six months ended June 30, 2015 .
NOTE 13—SEGMENT REPORTING:
Operating segments are organized internally primarily by the type of services provided. Prior to converting to a BDC, the Company aggregated similar operating segments into six reportable segments: Electronic payment processing, Managed technology solutions, Small business finance, All other, Corporate and Capcos.
The Electronic payment processing segment is a processor of credit card transactions, as well as a marketer of credit card and check approval services to the small and medium-sized business market. Expenses include direct costs (included in a separate line captioned electronic payment processing costs), professional fees, salaries and benefits, and other general and administrative costs, all of which are included in the respective caption on the consolidated statements of operations.
The Small business finance segment consists of Small Business Lending, Inc., a lender service provider for third-parties that primarily services government guaranteed SBA loans and non-SBA loans; Texas Whitestone Group which manages the Company’s Texas Capco; Newtek Small Business Finance, LLC, a nationally licensed SBA lender that originates, sells and services loans to qualifying small businesses; and Newtek Business Credit which provides accounts receivable financing, billing and accounts receivable maintenance services to businesses. NSBF generates revenues from sales of loans, servicing

106

income for those loans retained and interest income earned on the loans themselves. The lender generates expenses for interest, professional fees, salaries and benefits, depreciation and amortization, and provision for loan losses, all of which are included in the respective caption on the consolidated statements of operations. NSBF also has expenses such as loan recovery expenses, loan processing costs, and other expenses that are all included in the other general and administrative costs caption on the consolidated statements of operations.
The Managed technology solutions segment consists of NTS which was acquired in July 2004. NTS’s revenues are derived primarily from web hosting services and consist of web hosting and set up fees. NTS generates expenses such as professional fees, payroll and benefits, and depreciation and amortization, which are included in the respective caption on the accompanying consolidated statements of operations, as well as licenses and fees, rent, and general office expenses, all of which are included in other general and administrative costs in the respective caption on the consolidated statements of operations.
The All other segment includes revenues and expenses primarily from qualified businesses that received investments made through the Company’s Capcos which cannot be aggregated with other operating segments. The three largest entities in the segment are Newtek Insurance Agency, LLC, an insurance sales operation, PMTWorks Payroll, LLC, a provider of payroll processing services and Business Connect, LLC, a provider of sales and processing services.
Corporate activities represent revenue and expenses not allocated to our segments. Revenue includes interest income and management fees earned from Capcos (and included in expenses in the Capco segment). Expenses primarily include corporate operations related to broad-based sales and marketing, legal, finance, information technology, corporate development and additional costs associated with administering the Capcos.
The Capco segment, which consists of the twelve Capcos, generates non-cash income from tax credits, interest income and gains from investments in qualified businesses which are included in other income. Expenses primarily include non-cash interest and insurance expense, management fees paid to Newtek (and included in Corporate activities revenues), legal, and audit fees and losses from investments in qualified businesses.
Management had considered the following characteristics when making its determination of its operating and reportable segments:
•
the nature of the product and services;
•
the type or class of customer for their products and services;
•
the methods used to distribute their products or provide their services; and
•
the nature of the regulatory environment (for example, banking, insurance, or public utilities).
The accounting policies of the segments are the same as those described in the summary of significant accounting policies.
The Company no longer has six reportable segments after November 11, 2014 as a result of the Conversion. The segment information presented below represents results for the three and six months ended June 30, 2014 . For the three and six months ended June 30, 2015 , there is only one reportable segment.
The following table presents the Company’s segment information for the three and six months ended June 30, 2014 , (in thousands):

107

For the three months ended June 30, 2014
For the six months ended June 30, 2014
Third Party Revenue
Electronic payment processing
$
23,163

$
44,691

Small business finance
10,236

20,273

Managed technology solutions
4,193

8,249

All Other
630

1,207

Corporate activities
202

402

Capcos
106

210

Total reportable segments
38,530

75,032

Eliminations
(402
)
(817
)
Consolidated Total
$
38,128

$
74,215

Inter Segment Revenue
Electronic payment processing
$
1,137

$
2,044

Small business finance
130

285

Managed technology solutions
149

294

All Other
413

841

Corporate activities
982

1,983

Capco
196

388

Total reportable segments
3,007

5,835

Eliminations
(3,007
)
(5,835
)
Consolidated Total
$
—

$
—

Income (loss) before income taxes
Electronic payment processing
$
2,162

$
3,880

Small business finance
3,874

6,565

Managed technology solutions
921

1,672

All Other
(301
)
(699
)
Corporate activities
(4,091
)
(6,279
)
Capco
(189
)
(459
)
Total reportable segments
2,376

4,680

Eliminations
(87
)
(175
)
Totals
$
2,289

$
4,505

Depreciation and Amortization
Electronic payment processing
$
59

$
120

Small business finance
418

787

Managed technology solutions
330

667

All Other
51

103

Corporate activities
37

74

Capco
1

—

Totals
$
896

$
1,751


NOTE 14—SUPPLEMENTAL FINANCIAL DATA:
Summarized Financial Information of Our Unconsolidated Subsidiaries

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

108

company that is 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 as of June 30, 2015 .

Universal Processing Services of Wisconsin, LLC

Universal Processing Services of Wisconsin, LLC ("UPS") markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment. The Company generated $1,500,000 and $2,300,000 in dividend income from UPS and recorded $2,139,000 and $4,739,000 in unrealized appreciation on investment for the three and six months ended June 30, 2015 , respectively.

The summarized financial information of our unconsolidated subsidiary was as follows:
Balance Sheets - Universal Processing Services of Wisconsin, LLC
As of June 30, 2015
As of December 31, 2014
Current assets
$
24,329

$
7,330

Noncurrent assets
2,639

2,636

Total assets
$
26,968

$
9,966

Current liabilities
5,959

5,424

Noncurrent liabilities
16,432

1,005

Total liabilities
$
22,391

$
6,429

Total equity
$
4,577

$
3,537

Statements of Income - Universal Processing Services of Wisconsin, LLC
Three Months Ended June 30, 2015
Three Months Ended June 30, 2014
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Revenue
$
25,268

$
22,983

$
48,355

$
44,368

Expenses
23,370

21,108

45,041

41,041

Income from operations
$
1,898

$
1,875

$
3,314

$
3,327

Interest income
25

980

27

1,710

Net income
$
1,923

$
2,855

$
3,341

$
5,037

NOTE 15—SUBSEQUENT EVENTS:

On July 23, 2015, the Company acquired Premier Payments LLC (“Premier”), as a new wholly owned, controlled portfolio company.  Premier was owned 100% by a related party of the Company.  The total purchase price was approximately $16,483,000, of which $14,011,000 was paid in cash and $2,472,000 was paid in newly issued restricted shares of Newtek common stock. A total of 130,959 shares were issued which may not be sold or transferred for six months. Premier is one of the Country’s leading merchant services providers, which processes billions of dollars of credit card and debit card transactions on an annual basis.  It is anticipated that this acquisition will expand the Company’s presence in the merchant processing space. The Company’s board of directors, including a majority of independent directors, approved the transaction.


109


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

We are an internally-managed, closed-end, investment company that has elected to be regulated as a business development company under the the 1940 Act. In addition, for U.S. federal income tax purposes, we have elected to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986 as amended (the “Code”). As a business development company (“BDC”) and a regulated invested company (“RIC”), we are also subject to certain constraints, including limitations imposed by the 1940 Act and the Code. We converted to a BDC in November 2014. As a result, previously consolidated subsidiaries are now recorded as investments in controlled portfolio companies, at fair value. Newtek Small Business Finance, LLC is a consolidated subsidiary and originates loans under the SBA's 7(a) program.
Our shares are currently listed on The NASDAQ Capital Market under the symbol “NEWT”.

We target our debt investments, which are principally made through our small business finance platform under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of loans in the secondary market, producing gains with a yield on investment in excess of 30%. 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.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise in excess of 95% 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 businesses or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to immediate return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational business of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise as another means of supporting their development and that of the integrated whole.

In Capco investments, we often make debt investments in conjunction with being granted equity in the company in the same class of security as the business owner receives upon funding. We generally seek to structure our equity investments to provide us with minority rights provisions and event-driven put rights. We also seek to obtain limited registration rights in connection with these investments, which may include “piggyback” registration rights.

In May 2015, Exponential of New York, LLC (“Exponential”) received notice from the state of New York that the Company's request to be decertified as a Capco had been granted. The State of New York acknowledged that the Company had met the required level of qualified investments and satisfied all investment obligations.

In June 2015, Wilshire Texas Partners, LLC (“Wilshire Texas”) received notice from the state of Texas that the Company's request to be decertified as a Capco had been granted. The State of Texas acknowledged that the Company had met the required level of qualified investments and satisfied all investment obligations.

On June 23, 2015, Universal Processing Services of Wisconsin, LLC and CrystalTech Web Hosting, Inc. (the "Borrowers") entered into a four year credit agreement with Goldman Sachs Bank USA (“Goldman Sachs”) where Goldman Sachs agreed to extend a term loan facility up to an aggregate principal amount of $38,000,000. A portion of the proceeds or $19,119,000 was disbursed to the Company under a revolving line of credit. The Company used a portion of the proceeds from the line to repay the outstanding balance of the Company's term loan and accrued interest with Capital One in the amount of $8,879,000. The remainder of the proceeds are to be used to finance future growth and for general corporate purposes. The term loan provides

110

for monthly payments of interest with a balloon payment at the end of the term. Each term loan shall either be a "Base Rate Loan" or "LIBOR Rate Loan" at the Borrowers' election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The credit agreement has a maturity date of June 21, 2019. As of June 30, 2015 , outstanding principal is $20,000,000.

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 a term 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 guaranteed investments which we sell into the secondary market. These recurring fees are earned monthly and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment and late fees. We record prepayment fees on 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. Dividends on common equity securities are recorded as dividend income on the record date for private portfolio companies.

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 in the condensed consolidated statements of operations.
Expenses
Our primary operating expenses are salaries and benefits, interest expense and other general and administrative fees, such as professional fees, marketing, loan related 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.

Loan Portfolio Asset Quality and Composition
The following tables set forth distribution by business type of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014 , respectively (in thousands):
As of June 30, 2015
Distribution by Business Type
Business Type
# of Loans
Balance
Average Balance
% of Balance
Existing Business
592

$
114,576

$
194

77.6
%
Business Acquisition
132

24,279

184

16.4
%
Start-Up Business
130

8,799

68

6.0
%
Total
854

$
147,654

$
173

100.00
%
As of December 31, 2014
Distribution by Business Type
Business Type
# of Loans
Balance
Average Balance
% of Balance
Existing Business
529

$
104,673

$
198

79.8
%
Business Acquisition
112

17,969

160

13.7
%
Start-Up Business
130

8,448

65

6.5
%
Total
771

$
131,090

$
170

100.00
%

111

The following tables set forth distribution by borrower’s credit score of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
Distribution by Borrower Credit Score
Credit Score
# of Loans
Balance
Average Balance
% of Balance
500 to 550
12

$
1,439

$
120

1.0
%
551 to 600
29

3,688

127

2.5
%
601 to 650
107

22,780

213

15.4
%
651 to 700
226

37,226

165

25.2
%
701 to 750
258

48,956

190

33.2
%
751 to 800
185

27,604

149

18.7
%
801 to 850
31

3,757

121

2.5
%
Not available
6

2,204

367

1.5
%
Total
854

$
147,654

$
173

100.0
%
As of December 31, 2014
Distribution by Borrower Credit Score
Credit Score
# of Loans
Balance
Average Balance
% of Balance
500 to 550
11

$
1,454

$
132

1.1
%
551 to 600
27

3,336

124

2.5
%
601 to 650
96

21,186

221

16.2
%
651 to 700
202

34,389

170

26.2
%
701 to 750
231

40,952

177

31.2
%
751 to 800
169

25,003

148

19.1
%
801 to 850
29

3,676

127

2.8
%
Not available
6

1,094

182

0.8
%
Total
771

$
131,090

$
170

100.0
%

The following tables set forth distribution by primary collateral type of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015

112

Distribution by Primary Collateral Type
Collateral Type
# of Loans
Balance
Average Balance
% of Balance
Commercial Real Estate
406

$
84,026

$
207

56.9
%
Machinery and Equipment
152

28,212

186

19.2
%
Residential Real Estate
181

14,589

81

9.9
%
Other
38

10,349

272

7.0
%
Accounts Receivable and Inventory
59

9,946

169

6.7
%
Liquid Assets
8

276

35

0.2
%
Furniture and Fixtures
8

217

27

—

Unsecured
2

39

20

—

Total
854

$
147,654

$
173

100.0
%
As of December 31, 2014
Distribution by Primary Collateral Type
Collateral Type
# of Loans
Balance
Average Balance
% of Balance
Commercial Real Estate
370

$
76,796

$
208

58.6
%
Machinery and Equipment
136

25,446

187

19.4
%
Residential Real Estate
175

13,648

78

10.4
%
Other
34

8,458

249

6.5
%
Accounts Receivable and Inventory
38

5,691

150

4.3
%
Liquid Assets
11

838

76

0.6
%
Furniture and Fixtures
7

213

30

0.2
%
Total
771

$
131,090

$
170

100.0
%
The following tables set forth distribution by days delinquent of the Company’s SBA 7(a) loan portfolio at June 30, 2015 and December 31, 2014, respectively (in thousands):
As of June 30, 2015
Distribution by Days Delinquent
Delinquency Status
# of Loans
Balance
Average Balance
% of Balance
Current
777

$
135,103

$
174

91.5
%
1 to 30 days
20

2,982

149

2.0
%
31 to 60 days
4

1,424

356

1.0
%
61 to 90 days
3

751

250

0.5
%
91 days or greater
50

7,394

148

5.0
%
Total
854

$
147,654

$
173

100.0
%

As of December 31, 2014

113

Distribution by Days Delinquent
Delinquency Status
# of Loans
Balance
Average Balance
% of Balance
Current
676

$
117,517

$
174

89.6
%
1 to 30 days
24

3,002

125

2.3
%
31 to 60 days
15

2,127

142

1.6
%
61 to 90 days
2

58

29

—
%
91 days or greater
54

8,386

155

6.4
%
Total
771

$
131,090

$
170

100.0
%
Consolidated Results of Operations

The consolidated results below show the Company's results as a business development company for the three and six months ended June 30, 2015 and as an operating company for the three and six months ended June 30, 2014 . The consolidated results for 2014 include the operations of subsidiaries which are reflected as investments in controlled portfolio companies in 2015. As such, their results of operations are not included in the consolidated results of operations for the three and six months ended June 30, 2015 .

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. The condensed consolidated results of operations described below may not be indicative of the results we report in future periods.

The condensed consolidated results of operations for the three and six months ended June 30, 2015 and 2014 were as follows:
Three Months Ended June 30, 2015
Three Months Ended June 30, 2014
Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Interest income
$
2,287

$
—

$
4,500

$
—

Dividend income
1,787

—

2,874

—

Servicing income
1,068

—

2,111

—

Other income
464

—

871

—

Electronic payment processing
—

23,163

—

44,690

Web hosting and design
—

4,114

—

8,101

Premium income
—

4,992

—

10,129

Interest income
—

1,568

—

3,129

Servicing fee income – NSBF portfolio
—

915

—

1,746

Servicing fee income – external portfolios
—

1,743

—

3,537

Income from tax credits
—

15

—

28

Insurance commissions
—

416

—

801

Other income
—

1,202

—

2,054

Total investment income/operating revenues
5,606

38,128

10,356

74,215

Net change in fair value of:
SBA loans
—

118

—

(1,147
)
Credits in lieu of cash and notes payable in credits in lieu of cash
—

(1
)
—

—

Total net change in fair value
—

117

—

(1,147
)
Electronic payment processing costs
—

19,575

—

37,937

Salaries and benefits
3,133

6,823

6,156

13,301

Interest
1,728

3,589

3,084

5,225

Depreciation and amortization
85

896

170

1,751


114

Provision for loan losses
—

139

—

(66
)
Other general and administrative costs
2,955

4,934

5,717

10,415

Total expenses
7,901

35,956

15,127

68,563

Net investment loss
(2,295
)
—

(4,771
)
—

Net realized gains on non-affiliate investments
7,340

—

15,039

—

Net unrealized depreciation on SBA guaranteed non-affiliate investments
(1,464
)
—

(3,162
)
—

Net unrealized depreciation on SBA unguaranteed non-affiliate investments
(470
)
—

(1,136
)
—

Net unrealized appreciation on controlled investments
2,019

—

9,519

—

Net unrealized depreciation on servicing assets
(256
)
—

(612
)
—

Net unrealized appreciation on credits in lieu of cash and notes payable in credits in lieu of cash
2

—

2

—

Net realized and unrealized gains
7,171

—

19,650

—

Income before income taxes
—

2,289

—

4,505

Net increase in net assets
$
4,876

$
—

$
14,879

$
—

Provision for income taxes
—

911

—

1,760

Net income
—

1,378

—

2,745

Net loss attributable to non-controlling interests
—

16

—

40

Net income attributable to Newtek Business Services Corp.
$
—

$
1,394

$
—

$
2,785

Comparison for the three months ended June 30, 2015 and 2014
Investment Income
Investment income for the three months ended June 30, 2015 was $5,606,000 compared with total operating revenues of $38,128,000 for the three months ended June 30, 2014 . As a result of the BDC Conversion, there is no electronic payment processing revenue, web hosting and design revenue, servicing fee income from external portfolios, insurance commission revenue, and other income related to our payroll processing and accounts receivable financing and billing services included in the results for the three months ended June 30, 2015 .
Substantially all interest income for the three months ended June 30, 2015 and 2014 was derived from SBA non-affiliate investments/loans. Interest income derived from SBA non-affiliate investments/loans was $2,224,000 and $1,565,000 for the three months ended June 30, 2015 and 2014, respectively. The increase is attributed to the average outstanding performing portfolio of SBA non-affiliate investments/loans increasing to $132,577,000 from $100,204,000 for the three months ended June 30, 2015 and 2014, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Servicing fee income from NSBF originated portfolio investments increased $153,000 for the three months ended June 30, 2015 compared to 2014. The increase was attributed to the increase in total portfolio investments for which we earn servicing income. The portfolio increased $144,195,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2014 to 2015. No servicing fee income was recognized for loans serviced for third parties for the three months ended June 30, 2015 . This revenue, which was previously included in consolidated results, is recognized and earned by one of the Company's controlled portfolio companies.

115

Three months ended June 30,
(In thousands):
2015
2014
$ Change
% Change
Total NSBF originated servicing portfolio
$
694,163

$
549,968

$
144,195

26
%
Total servicing income earned
$
1,068

$
915

$
153

17
%
Dividend income was $1,787,000 for the three months ended June 30, 2015 and represents $1,500,000, $200,000, and $74,000 in dividends from controlled portfolio companies, Universal Processing Services of Wisconsin, LLC, CrystalTech Web Hosting, Inc., and Small Business Lending, Inc., respectively.
Adjusted Net Investment Income

We utilize adjusted net investment income as one way to measure our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles investment loss to adjusted net investment income.
Three months ended June 30, 2015
Net investment loss
$
(2,295
)
Net realized gain on investments
7,340

Adjusted net investment income
$
5,045


For the three months ended June 30, 2014, the Company did not operate as a business development company and therefore did not have net investment or adjusted net investment income. We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on investments as they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market.
Expenses
Total expenses decreased from $35,956,000 to $7,901,000 for the three months ended June 30, 2014 to 2015 as a result of the conversion to a business development company. Electronic payment processing costs, salaries and benefits, depreciation and amortization, and other general and administrative expenses related to certain subsidiaries in 2014 are not included in 2015 results. As previously discussed, certain consolidated subsidiaries in 2014 are now reflected as investments in controlled portfolio companies and their results of operations are not included in 2015.
Interest expense decreased by $1,861,000 for the three months ended June 30, 2015 compared to 2014. The following table highlights the components of interest expense for each period:
Three months ended
June 30, 2015
June 30, 2014
Variance
Securitization Trust VIE (NSBF)
$
943

$
767

$
176

Summit Partners Credit Advisors, L.P. (NBS)
—

2,431

(2,431
)
Capital One Lines of Credit (NSBF)
324

241

83

Capital One Term Loan and Line of Credit (NBS)
402

6

396

Sterling Line of Credit (NBC)
—

98

(98
)
Capco
15

23

(8
)
Other
44

23

21

Total
$
1,728

$
3,589

$
(1,861
)
Interest expense related to securitizations increased as a result of an additional securitization transaction completed in December 2014. In June 2014,  the Company entered into a four year $20,000,000 credit agreement with Capital One, N.A. ("Capital One") consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The term loan

116

proceeds were used to pay off the Summit Partners debt which carried a higher interest rate resulting in a net reduction in interest expense of $2,035,000. The Capital One term loan and line of credit were paid in full and extinguished in June 2015. For the three months ended June 30, 2015 , the Company did not incur interest expense related to the Sterling line of credit as it relates to Newtek Business Credit, a non-consolidated controlled portfolio company. Prior to the BDC Conversion Newtek Business Credit was a consolidated subsidiary.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

For the three months ended June 30,
2015
2014
(In thousands):
# Investments/Loans
$ Amount
# Investments/Loans
$ Amount
Investments/loans sold during the quarter
85

$
52,192

43

$
33,368

Investments/loans originated during the quarter
80

$
53,882

49

$
42,557

Net realized gains/premium income recognized
—

$
7,340

—

$
4,992

Average sale price as a percent of principal balance (1)
112.46
%
112.57
%

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

Net realized gains for the three months ended June 30, 2015 were $7,340,000 compared to no realized gains for the three months ended June 30, 2014. Net realized gains in 2015 are comparable to premium income in 2014. Premium income of $4,992,000 in 2014 relates to premium income earned from the sale of SBA loans. As a result of the BDC Conversion, the income related to these sales are recorded as realized gains in 2015. The increase is attributed to the increase in investments/ loans sold. The increase was offset by a nominal decrease in average sale premium from 112.57% in 2014 compared to 112.46% in 2015.

Unrealized appreciation on SBA guaranteed non-affiliate investments for the three months ended June 30, 2015 was $2,365,000. This appreciation relates to guaranteed portions of SBA debt investments made for which the Company sells into a secondary market. Unrealized depreciation of SBA guaranteed investments was $3,829,000 which represents the reversal of the unrealized appreciation of SBA guaranteed non-affiliate investments sold during the quarter. Net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from fair value adjustments on new investments.

Net unrealized appreciation on controlled investments was $2,019,000 for the three months ended June 30, 2015 . This consisted primarily of $2,139,000 and $250,000 of unrealized appreciation on the Company's investments in Universal Processing Services of Wisconsin, LLC ("UPS") and Small Business Lending, Inc. ("SBL"), respectively. Unrealized appreciation was offset by unrealized depreciation of $370,000 on the Company's investment in CrystalTech Web Hosting, Inc. ("NTS"). The primary driver of the increase in UPS and SBL was better than projected financial performance and the addition of a new third-party servicing contract which was approved by the SBA and provides a longer-term stable revenue stream. The primary driver of the decrease in NTS was weaker than projected financial performance.

The unrealized loss on servicing assets was $256,000 for the three months ended June 30, 2015 . In 2014, servicing assets were recorded using the amortization method. As a result of the BDC Conversion, servicing assets are recorded at fair value at June 30, 2015 . Amortization expense related to servicing assets was $396,000 for the three months ended June 30, 2014 and is included in depreciation and amortization expense in the condensed unaudited consolidated statements of operations.
Comparison for the six months ended June 30, 2015 and 2014
Investment Income

117

Investment income for the six months ended June 30, 2015 was $10,356,000 compared with total operating revenues of $74,215,000 for the six months ended June 30, 2014 . As a result of the BDC Conversion, there is no electronic payment processing revenue, web hosting and design revenue, servicing fee income from external portfolios, insurance commission revenue, and other income related to our payroll processing and accounts receivable financing and billing services included in the results for the six months ended June 30, 2015 .
Substantially all interest income for the six months ended June 30, 2015 and 2014 was derived from SBA non-affiliate investments/loans. Interest income derived from SBA non-affiliate investments/loans was $4,349,000 and $3,122,000 for the six months ended June 30, 2015 and 2014, respectively. The increase is attributed to the average outstanding performing portfolio of SBA non-affiliate investments/loans increasing to $128,786,000 from $97,222,000 for the six months ended June 30, 2015 and 2014, respectively. The increase in the average outstanding performing portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Six months ended June 30,
(In thousands):
2015
2014
$ Change
% Change
Total NSBF originated servicing portfolio
$
694,163

$
549,968

$
144,195

26
%
Total servicing income earned NSBF portfolio
$
2,111

$
1,746

$
365

21
%
Servicing fee income from NSBF originated portfolio investments increased $365,000 for the six months ended June 30, 2015 compared to 2014. The increase was attributed to the increase in total portfolio investments for which we earn servicing income. The portfolio increased $144,195,000 period over period. The increase was a direct result of increased investments in SBA non-affiliate investments from 2014 to 2015. No servicing fee income was recognized for loans serviced for third parties for the six months ended June 30, 2015 . This revenue, which was previously included in consolidated results, is recognized and earned by one of the Company's controlled portfolio companies.
Dividend income was $2,874,000 for the six months ended June 30, 2015 and represents $2,300,000, $400,000, and $148,000 in dividends from controlled portfolio companies, Universal Processing Services of Wisconsin, LLC, CrystalTech Web Hosting, Inc., and Small Business Lending, Inc., respectively.
Adjusted Net Investment Income

We utilize adjusted net investment income as one way to measure our current and future financial performance. Adjusted net investment income is a non-GAAP financial measure and is not intended as an alternative measure of investment income as determined in accordance with GAAP. In addition, our calculation of adjusted net investment income is not necessarily comparable to similar measures as calculated by other companies that do not use the same definition or implementation guidelines. The table below reconciles investment loss to adjusted net investment income.
Six months ended June 30, 2015
Net investment loss
$
(4,771
)
Net realized gain on investments
15,039

Adjusted net investment income
$
10,268


For the six months ended June 30, 2014, the Company did not operate as a BDC and therefore did not have net investment or adjusted net investment income. We believe this is a useful measure as it depicts the current income generated from our investment activities during the period. We include net realized gains on investments as they are recurring income related to the sale of SBA guaranteed non-affiliate investments in the secondary market.
Expenses
Total expenses decreased from $68,563,000 to $15,127,000 for the six months ended June 30, 2014 to 2015 as a result of the conversion to a BDC. Electronic payment processing costs, salaries and benefits, depreciation and amortization, and other general and administrative expenses related to certain subsidiaries in 2014 are not included in 2015 results. As previously discussed, certain consolidated subsidiaries in 2014 are now reflected as investments in controlled portfolio companies and their results of operations are not included in 2015.

118

Interest expense decreased by $2,141,000 for the six months ended June 30, 2015 compared to 2014. The following table highlights the components of interest expense for each period:
Six months ended
June 30, 2015
June 30, 2014
Variance
Securitization Trust VIE (NSBF)
$
1,833

$
1,523

$
310

Summit Partners Credit Advisors, L.P. (NBS)
—

2,953

(2,953
)
Capital One Lines of Credit (NSBF)
594

453

141

Capital One Term Loan and Line of Credit (NBS)
564

6

558

Sterling Line of Credit (NBC)
—

192

(192
)
Capco
37

47

(10
)
Other
56

51

5

Total
$
3,084

$
5,225

$
(2,141
)
Interest expense related to securitizations increased as a result of an additional securitization transaction completed in December 2014. In June 2014,  the Company entered into a four year $20,000,000 credit agreement with Capital One, N.A. ("Capital One") consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000. The term loan was obtained to pay off the Summit Partners debt which carried a higher interest rate. The net reduction in interest expense was $2,395,000. For the six months ended June 30, 2015 , the Company did not incur interest expense related to the Sterling line of credit as it relates to Newtek Business Credit, a controlled portfolio company. Prior to the BDC Conversion Newtek Business Credit was a consolidated subsidiary.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Realized gains or losses on investments are measured by the difference between the net proceeds from the repayment or sale and the cost basis of our investments without regard to unrealized appreciation or depreciation previously recognized and includes investments charged off during the period, net of recoveries. The net change in unrealized appreciation or depreciation on investments primarily reflects the change in portfolio investment fair values during the reporting period, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

For the six months ended June 30,
2015
2014
(In thousands):
# Investments/Loans
$ Amount
# Investments/Loans
$ Amount
Investments/loans sold during the period
143

$
104,542

86

$
68,322

Investments/loans originated during the period
133

$
103,511

92

$
88,166

Net realized gains/premium income recognized
—

$
15,039

—

$
10,129

Average sale price as a percent of principal balance (1)
112.45
%
112.40
%

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

Net realized gains for the six months ended June 30, 2015 were $15,039,000 compared to no realized gains for the six months ended June 30, 2014. Net realized gains in 2015 are comparable to premium income in 2014. Premium income of $10,129,000 in 2014 relates to premium income earned from the sale of SBA loans. As a result of the BDC Conversion, the income related to these sales are recorded as realized gains in 2015. The increase is attributed to the increase in investments/loans sold from 86 in 2014 to 143 in 2015. The increase is also attributed to the increase in average sale premium from 112.40% in 2014 to 112.45% in 2015.

Unrealized appreciation on SBA guaranteed non-affiliate investments for the six months ended June 30, 2015 was $4,096,000. This appreciation relates to guaranteed portions of SBA investments made for which the Company sells into a secondary market. Unrealized depreciation of SBA guaranteed investments was $7,258,000 which represents the reversal of the unrealized appreciation of SBA guaranteed non-affiliate investments sold during the quarter. Net unrealized depreciation on SBA unguaranteed non-affiliate investments resulted from fair value adjustments on new investments.

119


Net unrealized appreciation on controlled investments was $9,519,000 for the six months ended June 30, 2015 . This consisted primarily of $5,350,000 of unrealized appreciation on the Company's investment in Small Business Lending, Inc. ("SBL") and $4,739,000 of unrealized appreciation on the Company's investment in Universal Processing Services of Wisconsin, LLC ("UPS") offset by unrealized depreciation of approximately $370,000 on the Company's investment in CrystalTech Web Hosting, Inc.. The primary driver for the increase in SBL was the addition of a new third-party servicing contract which was approved by the SBA and provides a longer-term stable revenue stream. The primary driver of the increase in UPS was better than projected financial performance.

The unrealized loss on servicing assets was $612,000 for the six months ended June 30, 2015 . In 2014, servicing assets were recorded using the amortization method. As a result of the BDC Conversion, servicing assets are recorded at fair value at June 30, 2015 . Amortization expense related to servicing assets was $744,000 for the six months ended June 30, 2014 and is included in depreciation and amortization expense in the condensed unaudited consolidated statements of operations.
Liquidity and Capital Resources
Overview
Cash requirements and liquidity needs over the next twelve months are anticipated to be funded primarily through operating results, available cash and cash equivalents, existing credit lines, proposed new credit lines, additional securitizations of the Company’s SBA lender’s unguaranteed loan portions and additional issuances of common stock.

On June 23, 2015, Universal Processing Services of Wisconsin, LLC and CrystalTech Web Hosting, Inc. (the "Borrowers") entered into a four year credit agreement with Goldman Sachs Bank USA (“Goldman Sachs”) where Goldman Sachs agreed to extend a term loan facility up to an aggregate principal amount up to $38,000,000. The proceeds were disbursed to the Company under a revolving line of credit between the Company and the Borrowers (see Note 7). The Company used the proceeds from the line to repay the outstanding balance of the Company's term loan with Capital One.  The remainder of the proceeds are to be used to finance future growth and for general corporate purposes of the Borrowers or the Company. The term loan provides for monthly payments of interest with a balloon payment at the end of the term.  Each term loan shall either be a "Base Rate Loan" or “LIBOR Rate Loan" at the Borrowers' election. Each LIBOR Rate Loan shall bear interest on the outstanding balance at a rate equal to (a) the greater of LIBOR or 50 basis points plus (b) 7% and each Base Rate Loan shall bear interest on the outstanding balance at a rate equal to (y) the greater of the Prime Rate or 350 basis points, plus (z) 6%. The credit agreement has a maturity date of June 21, 2019. As of June 30, 2015 , outstanding principal is $20,000,000.
In November 2014, the Company closed an underwritten offering of 2,530,000 shares of its common stock at a public offering price of $12.50 per share for total gross proceeds of $31,625,000.  The Company is using the proceeds to expand its financing activities and to primarily increase its activity in SBA 7(a) lending and make direct investments in portfolio companies in accordance with its investment objectives and strategies.
As more fully described below, the Company’s SBA lender (“NSBF”) will require additional funding sources to maintain current SBA loan originations under anticipated conditions; although the failure to find these sources may require the reduction in the Company’s SBA lending and related operations, it will not impair the Company’s overall ability to operate.
NSBF depends on the availability of licensed SBA lenders to purchase SBA loans held for sale transferred to the secondary markets and the premium earned therein to support its lending operations. At this time the secondary market for the SBA loans held for sale is robust. However, there can be no assurances that the market will continue in this manner.
NSBF has historically financed the operations of its lending business through loans or credit facilities from various lenders and will need to continue to do so in the future, as well as raise capital through the issuance of the Company’s common stock. Such lenders invariably require a security interest in the SBA loans as collateral which, under the applicable law, requires the prior approval of the SBA. If the Company should ever be unable to obtain the approval for its financing arrangements from the SBA, or if it were otherwise unable to raise capital, it would likely be unable to continue to make loans.
As an alternative to holding indefinitely the portions of SBA loans remaining after sale of the guaranteed portions in the SBA supervised secondary market, NSBF has undertaken to securitize these unguaranteed portions. In December 2010, the first such securitization trust established by NSBF issued notes to one investor in the amount of $16,000,000 which received an S&P rating of AA. A second securitization, an amendment to the original transaction, was completed in December 2011, and resulted in an additional $14,900,000 of notes issued to the same investor. NSBF used the cash generated from the first transaction to retire its outstanding term loan from Capital One and to fund a $3,000,000 account which during the first quarter of 2011

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purchased unguaranteed portions originated subsequent to the securitization transaction. Similarly, the proceeds from the second securitization in 2011 were used to pay down its outstanding term loan with Capital One and to fund a $5,000,000 account used to fund additional originations in the first quarter of 2012. Additional securitizations were completed in March 2013 and December 2013 resulting in the issuance of notes in the amount of $20,909,000 and $24,434,000, respectively. Similarly, the proceeds of both transactions were used to pay down the outstanding term loan with Capital One, and a combined total of $12,945,000 was used to fund an account used to purchase unguaranteed portions of loans throughout 2013, and during the first quarter of 2014. While this securitization process can provide a long-term funding source for the SBA lender, there is no certainty that it can be conducted on an economic basis. In addition, the securitization mechanism itself does not provide liquidity in the short term for funding SBA loans.  In December 2014, NSBF completed an additional securitization transaction which resulted in the transfer of $36,000,000 of unguaranteed portions of SBA loans and an additional $7,500,000 in loans which were issued subsequent to the transaction.  The Newtek Small Business Loan Trust 2014-1in turn issued securitization notes for the par amount of $31,700,000 against the assets in a private placement. The notes received an “A” rating by S&P, and the final maturity date of the notes is July 2039. The proceeds of the transaction have been and will be used to repay debt and originate new loans.

In June 2014, the Company entered into a four year $20,000,000 credit agreement with Capital One consisting of a $10,000,000 term loan and a revolving line of credit of up to $10,000,000.   Principal and interest on the term loan was payable quarterly in arrears and the interest rate is Prime plus 250 basis points.  The term loan was being amortized over a six year period with a final payment due on the maturity date.  The interest rate on the revolving line of credit is also Prime plus 250 basis points and is payable monthly in arrears with the principal due at maturity.  In addition, the revolving line accrued interest of 0.375% on the unused portion of the line which is payable quarterly in arrears.  All outstanding principal was repaid and the credit facility was retired in June 2015.

In July 2013 the SBA lender, received an extension on the maturity of its warehouse lines of credit, totaling $27,000,000 with Capital One from September 30, 2013 to May 31, 2015, at which time the outstanding balance would  be converted into a three-year term loan. The extension also enhanced the terms of the credit facilities by removing the $15,000,000 funding sublimit for the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and increasing the advance rate to 55% from 50% for the non-guaranteed portions of the SBA 7(a) loans.  As of June 30, 2015 and December 31, 2014, NSBF had $26,322,000 and $33,856,000 outstanding under the line of credit. The interest rate on the portion of the facility, collateralized by the government guaranteed portion of SBA 7(a) loans, is set at Prime plus 100 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, is set at Prime plus 187.5 basis points, and there is a quarterly facility fee equal to 25 basis points on the unused portion of the revolving credit calculated as of the end of each calendar quarter. On October 29, 2014, NSBF, closed an additional $23,000,000 in financing with Capital One which increased the existing revolving credit facility from $27,000,000 to $50,000,000.  The amendment also extended the term of the facility from May 31, 2015 to May 16, 2018. In June 2015, NSBF  amended its existing facility to eliminate the fixed charge coverage ratio in exchange for a debt service ratio, new EBITDA minimums, the elimination of restrictions on the Company’s ability to pay dividends to its stockholders, as well as the release of the guarantees of the Company’s former subsidiaries (now treated as portfolio companies). In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2016 to May 16, 2017 and extended the maturity date of the facility to May 16, 2019.  At June 30, 2015 , the Company was in full compliance with applicable loan covenants.
As of June 30, 2015 , the Company’s unused sources of liquidity consisted of $10,847,000 available through the combined Capital One facilities, $6,092,000 in unrestricted cash, and $226,000 in money market funds.

Restricted cash of $ 18,498,000 as of June 30, 2015 is primarily held in NSBF. The majority, or $17,330,000 of restricted cash, is related to NSBF, and includes amounts held in a prefunding account to be used to originate new loans, reserves in the event payments are insufficient to cover interest and/or principal with respect to the securitization, payments collected which are due to participants and amounts owed to the SBA.

In summary, Newtek generated and used cash as follows:

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Six Months Ended June 30, 2015
Six Months Ended June 30, 2014
Net cash provided by operating activities
$
3,433

$
11,352

Net cash used in investing activities
(70
)
(16,530
)
Net cash (used in) provided by financing activities
(15,084
)
1,671

Net decrease in cash and cash equivalents
(11,721
)
(3,507
)
Cash and cash equivalents, beginning of period
17,813

12,508

Cash and cash equivalents, end of period
$
6,092

$
9,001

The summary presented above is not comparable due to cash flow presentation changes required as a result of the conversion to a BDC. The most significant change relates to the presentation of cash flows related to SBA debt investments/loans which are included in investing activities for the six months ended June 30, 2014 and operating activities for the six months ended June 30, 2015 .
Net cash flows from operating activities decreased $7,919,000 for the six months ended June 30, 2015 . The decrease was primarily attributed to a decrease in broker receivables. The Company did not have any broker receivables at December 31, 2014 which caused the decrease in 2015. Broker receivables arise from investments/loans traded but not settled before period end and represent the amount of cash due from the purchasing broker; the amount varies depending on loan origination volume and timing of sales at period end. The decrease was offset by originations of SBA guaranteed and unguaranteed investments (net of repayments) of $95,719,000 offset by proceeds from the sale of SBA guaranteed investments of $119,969,000. As discussed below, originations and repayments were included in investing activities during the six months ended June 30, 2014 but are included in operating activities during the six months ended June 30, 2015 .
Net cash used in investing activities primarily includes the originations and repayments of the unguaranteed portions of SBA loans for the six months ended June 30, 2014. As a result of the BDC Conversion, originations and repayments of SBA debt investments are included in operating activities for the six months ended June 30, 2015 . Net cash used also includes the purchase of fixed assets. Net cash used in investing activities decreased by $16,460,000 to cash used of $70,000 for the six months ended June 30, 2015 compared to cash used of $16,530,000 for the six months ended June 30, 2014. The decrease was due primarily to originations and repayments of SBA debt investments being included in operating activities subsequent to the conversion to a BDC. SBA debt investments, net of repayments were $16,063,000 for the six months ended June 30, 2014.
Net cash (used in) provided by financing activities primarily includes the net borrowings and (repayments) on bank lines of credit and notes payable as well as securitization activities. Net cash provided by financing activities decreased by $16,755,000 to cash used of $15,084,000 for the six months ended June 30, 2015 . In 2014 net principal payments on term loans were $590,000 compared to principal payments of $9,167,000 in 2015 related to the pay down of the Capital One term loan. Payments related to securitizations increased $1,980,000 as a result of the additional securitization transaction completed in December 2014. Restricted cash related to securitizations increased $6,412,000 in 2014 compared to a decrease of $5,944,000 in 2015. The decrease is also attributed to $3,985,000 of dividends paid in 2015 compared to no dividends paid in 2014. The decreases were offset by the $19,119,000 in proceeds from the revolving line of credit with two controlled portfolio companies.
Contractual Obligations
The following chart represents Newtek’s significant obligations and commitments as of June 30, 2015 , (in thousands):
Payments due by period
Contractual Obligations
Total
Less than 1 year
1-3 years
3-5 years
More than 5 years
Bank Notes Payable (a)
$
26,322

$
23,552

(b)
$
—

$
—

$
2,770

(c)
Securitization Notes Payable (d)
72,312

—

—

—

72,312

Note payable - related party
19,119

$
—

$
—

$
19,119

$
—

Totals
$
117,753

$
23,552

$
—

$
19,119

$
75,082

(a)
Payable to Capital One: Interest rates range from 4.25% to 5.75%.
(b)
Includes:
The amount outstanding on the NSBF Capital One guaranteed line. Amount payable upon sale of the guaranteed portions of loans which generally occurs within 0-60 days.

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(c)
Includes:
$2,770,000 outstanding on the NSBF Capital One unguaranteed line, which converts to a three year term loan on May 16, 2017 maturing on May 16, 2019.
(d)
Includes:
$72,312,000 net of discount, of securitization notes with legal maturity of 30 years bearing interest at rates between London Interbank Offered Rate ("LIBOR") plus 3.45% to prime plus 0.75%; actual principal payments will be paid by cash flow in excess of that needed to pay various fees related to the operation of the Trust and interest on the debt.
Critical Accounting Policies
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could 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 of directors 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.
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 of directors 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 credits in lieu of cash, notes payable in credits in lieu of cash, and 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 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.
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 investment 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 method for determining enterprise value uses a multiple analysis whereby appropriate multiples are applied to the portfolio company’s net income before net interest expense, income tax expense, depreciation and amortization (“EBITDA”) or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.

In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.
Due to the inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If the Company were required to liquidate a portfolio investment in a forced or liquidation sale, the Company may realize significantly less than the value at which such investment had previously been recorded.
The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded.

Income Recognition


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

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

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

Income Taxes
We will elect to be treated as a RIC under Subchapter M of the Code and operate in a manner so as to qualify for the tax treatment applicable to RICs. In order to qualify as a RIC, we are required to meet certain source of income and asset diversification requirements, and timely distribute to our stockholders at least 90% of investment company taxable income, as defined by the Code, for each tax year. We have made and intend to continue to make the requisite distributions to our stockholders, which will generally relieve us from U.S. federal income taxes.
Depending on the level of taxable income earned in a tax year, we may choose to retain taxable income in excess of current year distributions into the next tax year in an amount less than what would trigger payments of federal income tax under Subchapter M of the Code. We would then pay a 4% excise tax on such income, as required. To the extent that we determine that our estimated current year annual taxable income may exceed estimated current year distributions, we accrue excise tax, if any, on estimated excess taxable income as taxable income is earned.
Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary. Permanent differences are reclassified within capital accounts in the financial statements to reflect their tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future. Differences in classification may also result from the treatment of short-term gains as ordinary income for tax purposes.

New Accounting Standards

In May 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-07 "Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)." The update changes the requirements for the presentation of certain investments using the net asset value, providing a practical expedient to exclude such investments from categorization within the fair value hierarchy and make a separate disclosure. This ASU is effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect this guidance to have a material impact on its consolidated financial statements and disclosures.

In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs". This update requires that debt issuance costs be presented in the balance sheet as a direct deduction from the debt liability. This ASU is effective for interim and annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of this update to the consolidated financial statements.

Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of June 30, 2015 .
Recent Developments
On July 23, 2015, the Company acquired Premier Payments LLC (“Premier”), as a new wholly owned, controlled portfolio company.  Premier was owned 100% by a related party of the Company.  The total purchase price was approximately $16,483,000, of which $14,011,000 was paid in cash and $2,472,000 was paid in newly issued restricted shares of Newtek common stock. A total of 130,959 shares were issued which may not be sold or transferred for six months. The Company’s board of directors, including a majority of independent directors, approved the transaction.

125



126


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One term loan and revolver lines as well as the securitization notes are on a prime plus a fixed factor basis. 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 made; 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 interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.
NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. At this time the secondary market for the guaranteed portions of SBA loans is robust but during the 2008 and 2009 financial crisis the Company had difficulty selling it loans for a premium; although not expected at this time, if such conditions did recur NSBF would most likely cease making new loans and could experience a substantial reduction in profitability.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents, restricted cash and money market funds) which was approximately $24,816,000 at June 30, 2015 . We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.
We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. Invested cash is held almost exclusively at financial institutions of high credit quality. The Company invests cash not held in interest free checking accounts or bank money market accounts mainly in U.S. Treasury only money market instruments or funds and other investment-grade securities. As of June 30, 2015 , cash deposits in excess of FDIC and SIPC insurance totaled approximately $ 8,714,000 .
ITEM 4. CONTROLS AND PROCEDURES.

As 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) under the Securities Exchange Act of 1934, as amended, or the Exchange Act). Based on our evaluation, our management, including the chief executive officer and chief accounting officer, concluded that our disclosure controls and procedures were effective in timely alerting management, including the chief executive officer and chief accounting officer, of material information about us required to be included in our periodic SEC filings. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, are based upon certain assumptions about the likelihood of future events and can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.


127

PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company 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 currently involved in various litigation matters.

On January 21, 2014, NCMIC Finance Corporation (“NCMIC”) filed a complaint against Universal Processing Services of Wisconsin, LLC (“UPS”), the Company’s merchant processing portfolio company, in the United States District Court for the Southern District of Iowa. The complaint asserts claims against UPS for breach of the UPS and NCMIC agreement for the processing of credit card transactions, and seeks monetary relief. The Company believes that the claims asserted in the complaint are wholly without merit and intends to vigorously defend the action.

As previously disclosed, during the quarter ended June 30, 2013, the Federal Trade Commission (the “FTC”) amended an existing complaint in the matter Federal Trade Commission v. WV Universal Management, LLC et al., pending in the United States District Court for the Middle District of Florida (the “Court”), to add UPS as an additional defendant on one count of providing substantial assistance in violation of the Telemarketing Sales Rule. On November 18, 2014, the Court issued an Order granting the FTC’s motion for summary judgment against UPS on the single count. Subsequently, the FTC filed motions for a permanent injunction and equitable monetary relief against UPS and the other remaining defendants. Prior to the Court hearing on the motions, UPS and the FTC reached a settlement on the FTC’s motion for a permanent injunction, subject to final approval of the FTC. On February 11, 2015, the Court granted the FTC’s motion for equitable relief against UPS and the other remaining defendants, ordering that the remaining defendants pay $1,735,000 in equitable monetary relief. UPS has recorded a reserve for the full amount of the potential loss as of June 30, 2015. On May 19, 2015, the Court entered an equitable monetary judgment against NMS for approximately $1,735,000.
Management has reviewed all other legal claims against the Company with counsel and has taken into consideration the views of such counsel, as to the outcome of the claims. In management’s opinion, final disposition of all such claims will not have a material adverse effect on the results of operations, cash flows or financial position of the Company.

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, 2014, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.

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, 2014, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. There have been no material changes from the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2014.

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

In connection with the acquisition of Premier Payments LLC, the Company issued 130,959 restricted common shares to Jeffrey Rubin, a related party, in a private transaction as a portion of the consideration, as discussed herein.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.


128

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.
Number
Description
31.1
Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
31.2
Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith.
32.1
Certification by Principal Executive and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NEWTEK BUSINESS SERVICES CORP.
Date: August 4, 2015
By:
/ S /    B ARRY S LOANE
Barry Sloane
Chairman and Chief Executive Officer
(Principal Executive Officer)
Date: August 4, 2015
By:
/ S /    J ENNIFER E DDELSON
Jennifer Eddelson
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)



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