NEWT 10-Q Quarterly Report June 30, 2020 | Alphaminr
Newtek Business Services Corp.
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NEWT 10-Q Quarter ended June 30, 2020

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10-Q 1 newt6302010qnextgen.htm 10-Q Document


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, 2020

OR

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

For the transition period from _____to_____
Commission file number: 814-01035
NEWTEK BUSINESS SERVICES CORP.
(Exact name of registrant as specified in its charter)
Maryland 46-3755188
(State or other jurisdiction of
incorporation or organization) 		(I.R.S. Employer
Identification No.)
4800 T Rex Avenue, Suite 120, Boca Raton, Florida 33431
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (212) 356-9500
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.02 per share NEWT Nasdaq Global Market LLC
6.25% Notes due 2023 NEWTI Nasdaq Global Market LLC
5.75% Notes due 2024 NEWTL Nasdaq Global Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes ¨ No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o Accelerated filer o
Non-accelerated filer x Smaller reporting company o
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial or accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ¨ No x
As of August 6, 2020, there were 21,183,527 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.
PART II - OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.
Item 4.
Item 5.
Item 6.


Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to Newtek Business Services Corp. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:
Terms
1940 Act Investment Company Act of 1940, as amended
2010-1 Trust Newtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 Trust Newtek Small Business Loan Trust, Series 2013-1, terminated in October 2018
2014-1 Trust Newtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
2016-1 Trust Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust Newtek Small Business Loan Trust, Series 2017-1
2018-1 Trust Newtek Small Business Loan Trust, Series 2018-1
2019-1 Trust Newtek Small Business Loan Trust, Series 2019-1
2021 Notes 7.00% Notes due 2021, redeemed in March 2018
2022 Notes 7.50% Notes due 2022, redeemed in August 2019
2023 Notes 6.25% Notes due 2023
2024 Notes 5.75% Notes due 2024
Amended 2019 ATM Distribution Agreement First Amendment and Supplement to the Equity Distribution Agreement, dated as of February 28, 2020, by and among the Company and the placement agents
ASC Accounting Standards Codification, as issued by the FASB
ASU Accounting Standards Updates, as issued by the FASB
2017 ATM Equity Distribution Agreement Second Amended and Restated Equity Distribution Agreement, dated August 31, 2018 by and among the Company and the placement agents
2019 ATM Equity Distribution Agreement Equity Distribution Agreement, dated July 10, 2019 by and among the Company and the placement agents
2020 ATM Equity Distribution Agreement Equity Distribution Agreement, dated June 25, 2020 by and among the Company and the placement agents
BDC Business Development Company under the 1940 Act
Board The Company's board of directors
Capital One Capital One Bank, National Association
Code Internal Revenue Code of 1986, as amended
DRIP The Company's dividend reinvestment plan
EBITDA Earnings before interest, taxes, depreciation and amortization
Equity Incentive Plan The Company's 2015 Equity Incentive Plan
Exchange Act Securities and Exchange Act of 1934, as amended
FASB Financial Accounting Standards Board
LIBOR London Interbank Offered Rate
NAV Net Asset Value
NBL Facility Revolving Credit and Security Agreement between NBL SPV1, LLC, a wholly-owned subsidiary of NBL and Capital One
Related Party RLOC Unsecured revolving line of credit agreement between NMS as lender and Newtek as borrower
PLP Preferred Lender Program, as authorized by the SBA
PPP Paycheck Protection Program
RIC Regulated investment company under the Code
S&P Standard and Poor's
SBA United States Small Business Administration
SBLC Small Business Lending Company


SEC Securities and Exchange Commission
SMB Small-and-medium sized businesses
Sterling Sterling National Bank
Sterling Receivable and Inventory Facility Loan and Security Agreement between NBC and Sterling, as lender to fund accounts receivable and inventory financing arrangements
Taxable Subsidiaries Companies formed by Newtek which are taxed as corporations for income tax purposes
Trustee U.S. Bank, National Association
U.S. GAAP or GAAP Generally accepted accounting principles in the United States
Portfolio Companies and Subsidiaries
NSBF Newtek Small Business Finance, LLC, a consolidated subsidiary
NBL Newtek Business Lending, LLC, a wholly-owned controlled portfolio company
NCL Newtek Conventional Lending, LLC, a 50% owned portfolio company
Exponential Exponential Business Development Co., Inc., a Taxable Subsidiary
NMS Newtek Merchant Solutions, LLC (formerly Universal Processing Services of Wisconsin LLC), a wholly-owned controlled portfolio company
Premier Premier Payments LLC, a former wholly-owned controlled portfolio company which merged into NMS at December 31, 2018
Mobil Money Mobil Money, LLC, a wholly-owned controlled portfolio company
NTS Newtek Technology Solutions, Inc., a wholly-owned controlled portfolio company
IPM International Professional Marketing, Inc., a wholly-owned controlled portfolio company
SIDCO SIDCO, LLC dba Cloud Nine Services, a wholly-owned controlled portfolio company
EWS Excel WebSolutions, LLC, a wholly-owned controlled portfolio company
NBC CDS Business Services, Inc. dba Newtek Business Credit Solutions, a wholly-owned controlled portfolio company
SBL Small Business Lending, LLC, a wholly-owned controlled portfolio company
BSP ADR Partners, LLC dba banc-serv Partners, LLC, a wholly-owned controlled portfolio company
NPS or PMT PMTWorks Payroll, LLC dba Newtek Payroll and Benefits Solutions, a wholly-owned controlled portfolio company
NIA Newtek Insurance Agency, LLC, a wholly-owned controlled portfolio company
TAM Titanium Asset Management LLC, a wholly-owned controlled portfolio company
EMCAP EMCAP Loan Holdings, LLC
POS POS on Cloud, LLC, a controlled portfolio company



NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
(In Thousands, except for Per Share Data)
June 30, 2020 December 31, 2019
ASSETS (Unaudited) (Note 1)
Investments, at fair value
SBA unguaranteed non-affiliate investments (cost of $423,554 and $429,697, respectively; includes $341,707 and $364,063, respectively, related to securitization trusts) $ 404,937 $ 417,223
SBA guaranteed non-affiliate investments (cost of $19,881 and $23,345, respectively) 21,151 25,004
Controlled investments (cost of $123,705 and $107,300, respectively) 221,351 215,817
Non-control/affiliate investments (cost of $1,000 and $1,000, respectively) 1,000 1,000
Total investments at fair value 648,439 659,044
Cash 13,385 1,762
Restricted cash 40,213 31,445
Broker receivable — 51,173
Due from related parties 5,274 2,972
Servicing assets, at fair value 25,511 24,411
Right of use assets 7,454 7,990
Other assets 25,781 18,614
Total assets $ 766,057 $ 797,411
LIABILITIES AND NET ASSETS
Liabilities:
Bank notes payable $ 23,640 $ 30,000
Notes due 2023 (par: $57,500 as of June 30, 2020 and December 31, 2019, Note 7) 56,269 56,035
Notes due 2024 (par: $63,250 as of June 30, 2020 and December 31, 2019, Note 7) 61,563 61,354
Notes payable - Securitization trusts (par: $246,931 and $276,637 as of June 30, 2020 and December 31, 2019, Note 7) 243,126 272,376
Dividends payable 11,685 —
Notes payable - related parties — 12,163
Due to related parties 804 131
Lease liabilities 9,296 9,897
Deferred tax liabilities 9,465 12,405
Accounts payable, accrued expenses and other liabilities 22,763 20,824
Total liabilities 438,611 475,185
Commitment and contingencies (Note 8)
Net assets:
Preferred stock (par value $0.02 per share; authorized 1,000 shares, no shares issued and outstanding) — —
Common stock (par value $0.02 per share; authorized 200,000 shares, 20,905 and 20,530 issued and outstanding, respectively) 418 411
Additional paid-in capital 297,836 289,963
Accumulated undistributed earnings 29,192 31,852
Total net assets 327,446 322,226
Total liabilities and net assets $ 766,057 $ 797,411
Net asset value per common share $ 15.66 $ 15.70
1
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except for Per Share Data)
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Investment income
From non-affiliate investments:
Interest income - PPP loans $ 34,657 $ — $ 34,657 $ —
Interest income - SBA 7(a) loans 6,189 7,034 13,511 14,051
Servicing income 2,777 2,503 5,492 4,931
Other income 303 1,566 1,209 2,487
Total investment income from non-affiliate investments 43,926 11,103 54,869 21,469
From non-control/affiliate investments:
Dividend income 20 28 40 59
From controlled investments:
Interest income 480 218 937 435
Dividend income 2,268 2,800 6,650 5,950
Total investment income from controlled investments 2,748 3,018 7,587 6,385
Total investment income 46,694 14,149 62,496 27,913
Expenses:
Salaries and benefits 3,740 3,484 7,187 7,072
Interest 4,604 4,712 9,788 9,447
Depreciation and amortization 104 124 219 253
Professional fees 1,207 643 2,171 1,627
Origination and loan processing 2,722 2,128 4,546 3,781
Origination and loan processing - related party 3,095 2,471 5,733 4,659
Change in fair value of contingent consideration liabilities — 9 54 55
Other general and administrative costs 1,475 1,657 3,333 3,084
Total expenses 16,947 15,228 33,031 29,978
Net investment income (loss) 29,747 (1,079) 29,465 (2,065)
Net realized and unrealized gains (losses):
Net realized gain (loss) on non-affiliate investments - SBA 7(a) loans (1,214) 12,051 3,299 21,395
Net unrealized depreciation on SBA guaranteed non-affiliate investments (200) (382) (383) (312)
Net unrealized depreciation on SBA unguaranteed non-affiliate investments (1,633) (4,572) (6,144) (1,943)
Net unrealized (depreciation) appreciation on controlled investments (82) 4,865 (10,871) 2,918
Change in deferred taxes 29 (1,294) 2,940 (765)
Net unrealized depreciation on servicing assets (1,180) (911) (92) (1,467)
Net realized and unrealized gains (losses) $ (4,280) $ 9,757 $ (11,251) $ 19,826
Net increase in net assets resulting from operations $ 25,467 $ 8,678 $ 18,214 $ 17,761
Net increase in net assets resulting from operations per share $ 1.22 $ 0.45 $ 0.88 $ 0.93
Net investment income (loss) per share $ 1.42 $ (0.06) $ 1.42 $ (0.11)
Dividends and distributions declared per common share $ 0.56 $ 0.46 $ 1.00 $ 0.86
Weighted average number of shares outstanding 20,893 19,113 20,815 19,058
2
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)
(In Thousands)
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Increase in net assets:
Net investment income (loss) $ 29,747 $ (1,079) $ 29,465 $ (2,065)
Net realized gain (loss) on investments (1,214) 12,051 3,299 21,395
Net unrealized depreciation on investments (3,066) (2,294) (14,550) (1,569)
Net increase in net assets resulting from operations 25,467 8,678 18,214 17,761
Distributions to common stockholders (11,684) (8,741) (20,790) (16,315)
Capital share transactions:
Issuance of common stock under dividend reinvestment plan — 261 224 479
Stock-based compensation expense 139 118 310 278
Purchase of vested stock for employee payroll tax withholding (48) (76) (48) (76)
Issuance of common stock, net of offering costs 1,107 1,106 7,310 3,650
Net increase in net assets from capital share transactions 1,198 1,409 7,796 4,331
Impact of ASC 842 adoption — — — 130
Total (decrease) increase in net assets 14,981 1,346 5,220 5,907
Net assets at beginning of period 312,465 292,006 322,226 287,445
Net assets at end of period $ 327,446 $ 293,352 $ 327,446 $ 293,352
Common shares outstanding at end of period 20,905 19,137 20,905 19,137
Capital share activity:
Shares issued under dividend reinvestment plan — 12 18 24
Shares issued in connection with sales of common stock 70 53 360 188
Purchase of vested stock for employee payroll tax withholding (3) (4) (3) (4)
Restricted shares issued under Equity Incentive Plan, net of forfeitures — 2 — 10
Net increase in capital activity 67 63 375 218
3
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Six Months Ended June 30,
2020 2019
Cash flows from operating activities:
Net (decrease) increase in net assets resulting from operations $ 18,214 $ 17,761
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash used in operating activities:
Net unrealized depreciation (appreciation) on controlled investments 10,871 (2,918)
Net unrealized depreciation (appreciation) on non-affiliate investments 6,527 2,255
Net unrealized (appreciation) depreciation on servicing assets 92 1,467
Net realized gains on non-affiliate investments (3,298) (21,395)
Allowance for doubtful accounts — (60)
Change in fair value of contingent consideration liabilities 54 55
Amortization of deferred financing costs 969 902
Deferred income taxes (2,940) 765
Depreciation and amortization 218 253
Purchase of loans (5,522) —
Funding of guaranteed non-affiliate SBA loans (1,163,301) (163,933)
Funding of unguaranteed non-affiliate SBA loans (17,379) (56,447)
Funding of controlled investments (17,580) (6,198)
Proceeds from sale of non-affiliate SBA loans 1,167,376 192,830
Principal received on SBA non-affiliate investments 31,374 20,930
Principal received from controlled investments 475 1,485
Return of investment from controlled investments 700 500
Other, net (36) 46
Changes in operating assets and liabilities:
Broker receivable 51,173 (5,916)
Due to/from related parties (1,629) (272)
Other assets (6,109) (581)
Accounts payable, accrued expenses and other liabilities 1,820 (4,838)
Capitalized servicing asset (1,192) (3,506)
Other, net (43) 103
Net cash provided by (used in) operating activities 70,834 (26,712)
Cash flows from investing activities:
Purchase of fixed assets (10) (111)
Cash flows from financing activities:
Net borrowings on bank notes payable (6,360) 59,909
Proceeds from common shares sold, net of offering costs 7,310 3,650
Net (repayments) proceeds under related party line of credit (12,163) 7,223
Payments on Notes Payable - Securitization Trusts (29,706) (29,661)
Dividends paid (8,882) (15,836)
Additions to deferred financing costs (584) (55)
Purchase of vested stock for employee payroll tax withholding (48) (77)
Net cash provided by (used in) financing activities (50,433) 25,152
Net increase (decrease) in cash and restricted cash 20,391 (1,671)
4
See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Thousands)
Six Months Ended June 30,
2020 2019
Cash and restricted cash—beginning of period (Note 2) 33,207 31,350
Cash and restricted cash—end of period (Note 2) $ 53,598 $ 29,679
Non-cash operating, investing and financing activities:
Foreclosed real estate acquired $ 358 $ 489
Dividends declared but not paid during the period $ 11,685 $ —
Issuance of common shares under dividend reinvestment plan $ 224 $ 479


5
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Heriz Gallery Inc dba Pineville Rug Gallery (#) 312 Main St., Pineville, NC 28134 Textile Product Mills Term Loan Prime plus 2.75% 4/6/2045 $ 99.9 $ 99.9 $ 107.1 0.03 %
Alliance Heating & Air Conditioning, Inc. (#) 570 W Olive Ave,, Merced, CA 95348 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/6/2030 754.5 754.5 607.2 0.19 %
Terry and Tammy Jacobsen, Inc dba Appliance Recycling (#) 112 Forrest Rd, Morgan City, LA 70380 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2030 338.1 338.1 270.5 0.08 %
Terry & Tammy Jacobsen, Inc.dba Appliance Recycling Outlet (#) 1714 E Oakton St, Des Plaines, IL 60018 Electronics and Appliance Stores Term Loan Prime plus 2.75% 4/3/2045 849.0 849.0 866.9 0.26 %
Profit Stewards, LLC (#) 6470 State St., Saginaw, MI 48603 Repair and Maintenance Term Loan Prime plus 2.75% 4/2/2030 43.5 43.5 36.0 0.01 %
AOC Key Solutions, Inc (#) 575 Harkrider St., Conway, AR 72032 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/2/2030 805.4 805.4 723.5 0.22 %
Caplan Home Care, LLC (#) 56 New County Rd, Rockland, ME 04841 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/1/2045 880.2 880.2 914.7 0.28 %
Montana Custom Log Homes, Inc. (#) 2741 West 76th St., Hialeah, FL 33016 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/31/2045 365.2 365.2 402.5 0.12 %
JS Randhawa, Inc. dba Deli Delicious 34, SK Randhawa Inc. HSR Inc & R (#) 831 Richie Highway, Severna Park, MD 21146 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2030 98.8 98.8 86.4 0.03 %
Blackwater Diving LLC (#) 18121 Tuckerton Rd, Ste 130, Cypress, TX 77433 Support Activities for Mining Term Loan Prime plus 2.75% 3/30/2030 370.4 370.4 317.7 0.10 %
Suburban Transmission of Northern Illinois, Inc. (#) 4810 Vicksburg St., Dallas, TX 75207 Repair and Maintenance Term Loan Prime plus 2.75% 3/27/2045 149.6 149.6 165.7 0.05 %
Tomco Inc. dba Rental City dba Tomco Equiptment Sales (#) 2511 S Jefferson Ave, St. Louis, MO 63104 Rental and Leasing Services Term Loan Prime plus 2.75% 3/27/2030 22.2 22.2 17.7 0.01 %
Dunaway and Hart, Inc (#) 668 Elm St., Tionesta, PA 16353 Real Estate Term Loan Prime plus 2.75% 3/26/2030 49.4 49.4 39.4 0.01 %
Yachting Solutions, LLC (#) 192 E Main St, Mansfield, OH 44904 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/24/2030 180.3 180.3 165.5 0.05 %
Supermarket Source, Inc (#) 8900 Strength Ave, New Port Richie, FL 34655 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/24/2030 209.9 209.9 217.5 0.07 %
Kris-Leigh Catered Living at Severna Park,LLC (#) 5701 Brittmoore Rd, Houston, TX 77041 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/20/2030 523.5 523.5 542.5 0.17 %
Patoruzu Inc dba Sharkey's Cuts for Kids (#) 73 Taylor Rd, Warton, NJ 07885 Personal and Laundry Services Term Loan Prime plus 2.75% 6/20/2030 13.5 13.5 10.8 — %
Firefly Developement LLC dba Firefly Earthworks (#) 4225 W Capitol Ave, West Sacramento, CA 95691 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/19/2045 299.6 299.6 301.2 0.09 %
Mid Ohio Hospitality, LLC dba Bucks Bar and Grill (#) 630 S 1st St, San Jose, CA 95113 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/17/2045 228.6 228.6 256.9 0.08 %
Forest Scientific Corporation (#) 15130 SE 82nd Dr, Clackamas, OR 97015 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/17/2030 74.1 74.1 76.8 0.02 %
Coffeestamp LLC (#) 1430 Towne Lake Pkwy, Woodstock, GA 30189 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/17/2030 4.4 4.4 4.0 — %
Kanga Lean, Inc. dba F45 Training Trinity (#) 20 & 68 Westfield Rd, Nicholls, GA 31554 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/16/2030 58.8 58.8 49.7 0.02 %
6
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Integrated Equipment Inc; Intergrated Elastomers Inc (#) 5772 Miami Lakes Drive, Miami Lakes, FL 33014 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/13/2045 1,246.3 1,246.3 1,400.9 0.43 %
Stretch of NW Georgia, LLC dba Stretch Zone (#) 10010 North Hampton Cove Lane, Indianapolis, IN 46236 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/13/2030 14.5 14.5 11.6 — %
Signet Media dba Signet Media inc. (#) 1740 September Ave, Memphis, TN 38116 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2030 339.5 339.5 351.5 0.11 %
Astoria-Pacific Inc (#) 3100 NW 72nd Ave, Miami, FL 33122 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 3/13/2030 123.5 123.5 127.9 0.04 %
Mark Allen Taylor dba Taylor Auction (#) 1390 Broadway Ste C, Placerville, CA 95667 Personal and Laundry Services Term Loan Prime plus 2.75% 3/13/2030 137.3 137.3 117.9 0.04 %
Rapid Trucking and (#) 2342 NY- 37, Port Covington, NY 12937 Truck Transportation Term Loan Prime plus 2.75% 3/13/2045 760.2 760.2 854.5 0.26 %
Native Fields Landscaping LLC and My Two Girls LLC (#) 1065 Tower Hill Rd, North Kingstown, RI 2852 Administrative and Support Services Term Loan Prime plus 2.75% 11/13/2045 387.6 387.6 416.0 0.13 %
GQ Investments LLC (#) 512 E 11th St, Houston, TX 77008 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/12/2030 148.2 148.2 118.3 0.04 %
C3 Capital, Inc (#) 65 Boston Post Rd W Ste 390, Marlborough, MA 01752 Nonstore Retailers Term Loan Prime plus 2.75% 3/11/2030 559.3 559.3 543.2 0.17 %
Quarles Service Systems, Inc. (#) 974 Commercial St, Palo Alto, CA 94303 Administrative and Support Services Term Loan Prime plus 2.75% 3/10/2045 95.9 95.9 100.3 0.03 %
Blue Dot Trading Inc (#) 10624 South Eastern Ave Stes R & S, Hendersen, NV 89502 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/10/2030 55.6 55.6 44.4 0.01 %
The Ugly Mug's Coffee and Tea Inc. (#) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2030 37.7 37.7 30.1 0.01 %
Peter & Suzanne Scott, Inc., Phillip Showen & Bryan Phelan (#) 1544 Lane Park Cut off, Tavares, FL 32778 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/6/2030 138.3 138.3 133.1 0.04 %
KR Enterprises, Inc. dba Carriage Inn (#) 1 Market Pl #10, Essex Junction, VA 5452 Accommodation Term Loan Prime plus 2.75% 3/6/2045 319.0 319.0 329.7 0.10 %
Advans IT Services, Inc. (#) 1622-1624 N. Mannheim Rd, Stone Park, IL 60165 Other Information Services Term Loan Prime plus 2.75% 3/6/2030 123.5 123.5 98.6 0.03 %
Outcome Driven Innovation dba Spracht; Celltek, ODI, ODI Security (#) 110 2nd Ave South, Pacheco, CA 94553 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/6/2030 382.7 382.7 305.6 0.09 %
Big Brand Management LTD. CO. dba Ivox Media (#) 15735 Spectrum Drive, Addison, TX 75001 Real Estate Term Loan Prime plus 2.75% 3/6/2030 65.4 65.4 60.3 0.02 %
Minifox Inc. dba Pho Hoa and Jazen Tea (#) 6938 Westover St., Houston, TX 77087 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/5/2030 74.1 74.1 60.3 0.02 %
Jones Roger Sherman Inn, Inc. dba Jones Roger Sherman Inn (#) 13600 Mustang Drive, Mead, CO 80542 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/4/2030 28.8 28.8 29.8 0.01 %
Chet Lemon Enterprises, Inc. dba All American Sports (#) 1643 NW Dove Ct, Stuart, FL 34994 Personal and Laundry Services Term Loan Prime plus 2.75% 9/3/2030 106.7 106.7 111.0 0.03 %
7
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
14th State Learning, LLC dba Sylvan Learning, LLC (#) 2401 Wrightsville Ave, Wilmington, NC 28403 Educational Services Term Loan Prime plus 2.75% 3/2/2030 50.9 50.9 41.1 0.01 %
Toju Bay Inc. dba Fiesta Americana Restaurand and Club (#) 8809 N Grove Ave, Rancho Cucamonga, CA 91730 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2045 454.3 454.3 494.6 0.15 %
Custom Garages (#) 4001 S Wayne Rd, Wayne, MI 48154 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2030 136.2 136.2 114.4 0.03 %
LCSM Logistics Inc (#) 1921 Las Plumas Ave Ste B, San Jose, CA 95133 Couriers and Messengers Term Loan Prime plus 2.75% 2/28/2030 83.6 83.6 66.7 0.02 %
Breakers Electric, LLC dba Merrill Sports (#) 197 Ewell Rd, Williamsburg, VA 23188 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/27/2030 10.3 10.3 8.2 — %
GRSC, Inc. (#) 20502 Forestview, Magnolia, TX 77355 Construction of Buildings Term Loan Prime plus 2.75% 2/27/2030 22.1 22.1 19.2 0.01 %
Crux Solutions LLC dba Waddell's Riverside Funeral Directors (#) 7215 Waelti Drive, Melbourne, FL 32940 Personal and Laundry Services Term Loan Prime plus 2.75% 2/27/2045 80.7 80.7 85.7 0.03 %
Feras Alshadaida dba Allura Dairy (#) 55 Northern Blvd, Ste 103, Great Neck, NY 11021 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 59.4 59.4 49.8 0.02 %
M & L ENTERPRIZES, LLC (#) 10265 Normandy Blvd, Jacksonville, FL 32221 Food and Beverage Stores Term Loan Prime plus 2.75% 2/26/2030 49.1 49.1 50.9 0.02 %
Abe Chahrour Investment, LLC (#) 285 W Central Pkwy, Altamonte Springs, FL 32714 Administrative and Support Services Term Loan Prime plus 2.75% 2/25/2045 22.1 22.1 24.8 0.01 %
Bora Enterprises, LLC (#) 4313 Collingtree Drive, Rockledge, FL 32955 Truck Transportation Term Loan Prime plus 2.75% 2/21/2030 12.5 12.5 10.0 — %
Skimino Enterprises LLC (#) 3453 North Panam Expressway, San Antonio, TX 78219 Support Activities for Transportation Term Loan Prime plus 2.75% 2/21/2030 73.6 73.6 58.8 0.02 %
Sherwood Sporthorses Inc. (#) 116 North Austin St., Oak Grove, MO 64075 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2045 137.8 137.8 154.9 0.05 %
Bell Oak LLC dba Bell Oak Academy & Paradise Strategics LLC (#) 45240 Business Court, Sterling, VA 20166 Social Assistance Term Loan Prime plus 2.75% 2/21/2045 375.9 375.9 375.3 0.11 %
Alex Roit Chiropractic, P. C (#) 54-58 Glocker Way, Pottstown, PA 19465 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/19/2030 19.6 19.6 15.6 — %
Little Feet Academy of Jacksonville, LLC (#) 333 Birch Hills Dr, Rochester, NY 14622 Social Assistance Term Loan Prime plus 2.75% 2/17/2045 47.1 47.1 48.0 0.01 %
Romo Medical Equiptment LLC (#) 462-482 Chattahoochee St., Cornelia, GA 30531 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/14/2030 490.9 490.9 391.9 0.12 %
E Center Marketing LLC (#) 1300 Ridenour Blvd, Kennesaw, GA 30152 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/14/2030 22.1 22.1 17.7 0.01 %
All Modes Transportation & Logistics LLC (#) 9980 Dell Rd, Eden Prairie, MN 55347 Support Activities for Transportation Term Loan Prime plus 6.5% 2/14/2030 12.3 12.3 11.6 — %
Red Rock Government Serviice, LLC (#) 12408 Kingsview St., Bowie, MD 20721 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/13/2030 168.1 168.1 151.2 0.05 %
8
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lesher Transportation and Shipping, LLC (#) 321 White Dogwood Lane, Ocoee, FL 34761 Truck Transportation Term Loan Prime plus 2.75% 2/13/2030 14.0 14.0 13.0 — %
Shaw, Ltd dba Fitness 1440 North Coventry (#) 6967 Hancock Drive, Port St Lucie, FL 34952 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/13/2030 59.6 59.6 50.7 0.02 %
Damiano Global Corp. (#) 6110 W Capitol Drive, Milwaukee, WI 53216 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/10/2030 49.1 49.1 39.2 0.01 %
Fortson Janitorial Inc (#) 2001 S County Rd 400 W, Greencastle, IN 46135 Nonstore Retailers Term Loan Prime plus 2.75% 2/5/2045 107.0 107.0 120.3 0.04 %
2'N1 Home and lawn LLC dba N1 Home an Lawn LLC (#) 8 Campus Drive. Ste 105, Parsippany, NJ 07054 Administrative and Support Services Term Loan Prime plus 6.5% 2/3/2030 12.3 12.3 11.6 — %
A1 Radon Services, LLC (#) 1547 Main St., Dunedin, FL 34698 Waste Management and Remediation Services Term Loan Prime plus 2.75% 1/31/2030 87.6 87.6 69.9 0.02 %
Thisaflycloset, LC (#) 65 Lindsey Lane, Havana, FL 32333 Clothing and Clothing Accessories Stores Term Loan Prime plus 6.5% 1/30/2030 12.3 12.3 11.6 — %
Adorable Home Heath Care LLC (#) 1433 Chestnut St., Macon, GA 31201 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/30/2030 41.0 41.0 32.7 0.01 %
3 Fat Labs Inc. and Energy Conservation Solution Inc. (#) 115 Pomona Drive, Greensboro, NC 27402 Rental and Leasing Services Term Loan Prime plus 2.75% 1/30/2045 279.7 279.7 288.2 0.09 %
AA WST LLC (#) 115 Pomona Drive, Greensboro, NC 27407 Nonstore Retailers Term Loan Prime plus 2.75% 1/30/2030 21.7 21.7 19.4 0.01 %
Daftarnow Inc dba Venture X Parsippany (#) 15822 Caminito Cantaras, Del Mar, CA 92014 Real Estate Term Loan Prime plus 2.75% 7/30/2030 84.0 84.0 67.3 0.02 %
Spinnaker PSL Inc., Spinnaker Subs- N-Shine& Spinnaker Vero Inc (#) 3602 Rock Bay Drive, Louisville, KY 40245 Printing and Related Support Activities Term Loan Prime plus 2.75% 1/30/2045 314.8 314.8 317.4 0.10 %
Codame Enterprises LLC dba Firehouse Subs (#) 16362 Cherokee Rd, Brooksville, FL 34601 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 103.2 103.2 82.4 0.03 %
Havana Knights LLC (#) 357 Dayton Valley Rd, Dayton, NV 89403 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/27/2030 38.6 38.6 33.8 0.01 %
Amina Financial Solutions LLC dba Expat Tax Solutions (#) 9200 SE 91st Ave STE 340, Happy Valley, OR 97086 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/24/2030 20.5 20.5 16.4 0.01 %
Affinity Integrated Solutions Inc. (#) 908 4th Ave, Decatur, AL 35601 Administrative and Support Services Term Loan Prime plus 2.75% 1/23/2045 298.4 298.4 307.1 0.09 %
Affinity Integrated Solutions Inc (#) 18801 North Thompson Peak Pkwy, Ste 240, Scottsdale, AZ 85255 Administrative and Support Services Term Loan Prime plus 2.75% 1/23/2030 219.6 219.6 175.3 0.05 %
Align Sports Management, LLC (#) 2140 E Southlake Blvd L-503, Southlake, TX 76092 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 1/22/2030 22.0 22.0 17.7 0.01 %
Emmalina LLC (#) 1 Cragwood Rd, Ste 101, South Plainfield, NJ 07080 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/21/2030 6.7 6.7 6.1 — %
Motorsport Imagery, Inc (#) 421 South Oak St, Pecos, TX 79772 Apparel Manufacturing Term Loan Prime plus 2.75% 1/17/2030 22.0 22.0 19.0 0.01 %
Lyon Cubs LLC dba Dayton Valley Learning Center (#) 101 Park St, Canton, NC 28716 Social Assistance Term Loan Prime plus 2.75% 1/16/2045 166.9 166.9 172.4 0.05 %
9
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
VetMed LLC (#) 3 Flanders Rd, Bethlehem, CT 06751 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/10/2030 85.4 85.4 68.2 0.02 %
Jordi X Kellogg, M.D.,P.C (#) 3332 W Mulberry Drive, Mequon, WI 53092 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/10/2030 61.0 61.0 48.7 0.01 %
Luster Custom Homes LLC (#) 983 12th St., Vero Beach, FL 32960 Construction of Buildings Term Loan Prime plus 2.75% 1/10/2030 45.1 45.1 36.0 0.01 %
CV Flores LLC dba A All Animal Control (#) 2809 W. Atkinson Ave, Milwaukee, WI 53209 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/9/2030 5.9 5.9 4.9 — %
Global Information Technology, Inc (#) 1001 Sacramento Ave, West Sacramento, CA 95605 Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2029 550.5 550.5 439.5 0.13 %
Bearwaters Brewing Company (#) 524 Sackett St., Brooklyn, NY 11217 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 255.8 255.8 275.7 0.08 %
Nick's Country Kitchen, LLC (#) 8780 Pershall Rd, Hazelwood, MO 63042 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 285.5 285.5 300.0 0.09 %
Pecos Entertainment LLC dba State Theater (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/31/2029 126.1 126.1 130.7 0.04 %
VIP Construction Group Inc. (#) 157571 E Wausau Ave, Wausau, WI 54403 Construction of Buildings Term Loan Prime plus 2.75% 12/30/2029 60.6 60.6 62.6 0.02 %
Kwik Stop dba Dilpreet Hundai (#) 22940 Harlan Ln, St. Robert, MO 65584 Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 240.4 240.4 248.7 0.08 %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 266.8 266.8 246.6 0.08 %
Kiddie Garden Child Development Center, LLC (#) 2579 Fairview Ave North, Roseville, MN 55113 Social Assistance Term Loan Prime plus 2.75% 12/30/2044 42.7 42.7 46.3 0.01 %
Spinnaker Vero Inc. (#) 25150 W Warren Ave., Dearborn Heights, MI 48127 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 782.2 782.2 789.6 0.24 %
Larry J. Frick dba L & S Trucking (#) 6151 S St., Anchorage, AK 99518 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 48.0 48.0 42.5 0.01 %
Destination Hope, Inc. and The Academy for Addiction Professionals, In (#) 25150 W Warren Ave., Dearborn Heights, MI 48127 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2044 372.4 372.4 388.3 0.12 %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress (#) 8712 60th Terrace South, Lake Worth, FL 33467 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 958.2 958.2 815.4 0.25 %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc, The Ac (#) 6151 A St., Anchorage, AK 99518 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2029 352.8 352.8 292.1 0.09 %
Vance Ewing LLC (#) 7302 Kirby Ave, Lubbock, TX 79424 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 109.1 109.1 112.6 0.03 %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC (#) 73 Memorial Pkwy, Atlantic Highlands, NJ 07716 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 133.4 133.4 122.9 0.04 %
Irony LLC dba Mulberry’s Garment Care (#) 4541 N Dixie Hwy, Boca Raton, FL 33431 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 1,011.3 1,011.3 831.3 0.25 %
10
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation (#) 1865 Wayzata Blvd, Long Lake, MN 55356 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 180.7 180.7 155.6 0.05 %
American Landscaping Company and Ground Effects Landscaping, LLC (#) 8712 60TH TER South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 642.3 642.3 707.8 0.22 %
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge (#) 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 248.3 248.3 265.4 0.08 %
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge (#) 11788 Sample Rd, Coral Springs, FL 33065 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 157.2 157.2 138.7 0.04 %
American Landscaping Company (#) 219 NE 3rd St., Hallendale Beach, FL 33009 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 314.4 314.4 300.2 0.09 %
Tatoo Tony's Under My Skin LLC (#) 1451 Coral Ridge Ave, Coralville, IA 52241 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 99.3 99.3 112.1 0.03 %
QXC Communications, Inc (#) 2851 Larimer St., Denver, CO 80205 Telecommunications Term Loan Prime plus 2.75% 12/27/2029 509.3 509.3 414.7 0.13 %
Watearth Inc (#) 2564 Branch St., Middleton, WI 53562 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2029 45.4 45.4 36.9 0.01 %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation (#) 493 Wilson Mill Rd, New Wilmington, PA 16142 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 141.5 141.5 156.2 0.05 %
A Family Member Homecare Group Inc, A Family Member Homecare Holdings, (#) 512 E 11th St., Houston, TX 77008 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2044 117.9 117.9 122.6 0.04 %
K&S Hardware LLC dba Gopher Ace (#) 2301 N Marginal Rd, Cleveland, OH 44114 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2029 60.6 60.6 57.5 0.02 %
Icebox Cafe L.C. and Icebox Pantry, LLC (#) 512 E 11th St, Houston, TX 77008 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 430.8 430.8 371.6 0.11 %
Bhatti LLC 2, Bhatti LLC (#) 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/26/2029 109.1 109.1 91.6 0.03 %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport (#) 6487 Taft St., Hollywood, CA 33024 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 342.2 342.2 303.8 0.09 %
Ink! Coffee Company (#) 2431 14th Ave SE, Watertown, SD 57201 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2029 499.8 499.8 407.0 0.12 %
Synergistic-Designs, LLC (#) 706 W. 34th St., Austin, TX 78705 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2029 7.3 7.3 5.9 — %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. (#) 4570 Pio Nono Ave, Macon, GA 31206 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 511.7 511.7 438.5 0.13 %
Food Civilization Services LLC and 1701 W 15th St LLC (#) 2431 14th Ave SE, Watertown, SD 57201 Real Estate Term Loan Prime plus 2.75% 12/23/2044 149.0 149.0 166.5 0.05 %
11
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
512 E 11th Street LLC and Big Brand Management Ltd. Co. (#) 1336 SW 8th St., Miami, FL 33135 Real Estate Term Loan Prime plus 2.75% 12/23/2044 331.5 331.5 362.4 0.11 %
The Lamkin Group LLC and National Championship Enterprises LLC (#) 200 N Furnace St, Birdsboro, PA 19508 Rental and Leasing Services Term Loan Prime plus 2.75% 12/23/2029 647.6 647.6 528.1 0.16 %
Chris Farley DVM PA. dba Farley Veterinary Clinic (#) 215 S Persimmon St, Tomball, TX 77375 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2029 13.1 13.1 13.6 — %
Freedom Enterprises, Inc (#) 5428 Twilight Way, Parker, CO 80134 Truck Transportation Term Loan Prime plus 2.75% 12/20/2029 315.2 315.2 268.5 0.08 %
Macon Arts Center LLC (#) 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2044 620.8 620.8 677.5 0.21 %
La Tradicion Cubana Inc (#) 7928 S 70th Lane, Laveen, AZ 85339 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.2 12.2 11.6 — %
Freedom Enterprises, Inc - New RE company to be formed (#) 626 Trailwood Ct., Garland, TX 75043 Truck Transportation Term Loan Prime plus 2.75% 12/20/2044 206.1 206.1 223.2 0.07 %
ACC International LLC (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2044 320.3 320.3 325.8 0.10 %
Shaddai Aesthetics Inc (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2029 18.3 18.3 14.9 — %
Romain Tower Inc. (#) 1657 Whiskey Rd., Aiken, SC 29803 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2044 889.6 889.6 892.7 0.27 %
RWBB LLC (#) 23022 La Cadena Dr, Laguna Hills, CA 92653 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2029 16.2 16.2 14.3 — %
New Casa Technologies, LLC (#) 2705 US Highway 45 North, Henderson, TN 38340 Truck Transportation Term Loan Prime plus 2.75% 12/19/2029 7.9 7.9 6.6 — %
Nebulos, LLC (#) 17 South Grand Ave, Pasadena, CA 91105 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2029 60.6 60.6 55.5 0.02 %
MBK IT Services Inc. (#) 3909 Ambassador Caffrey Pkwy, Building 1, Lafayette, LA 70503 Nonstore Retailers Term Loan Prime plus 2.75% 12/19/2029 21.0 21.0 21.7 0.01 %
Kuros, LLC (#) 10 Covey Rd, Burlington, CT 06013 Accommodation Term Loan Prime plus 2.75% 3/19/2045 12.5 12.5 14.1 — %
Kuros, LLC (#) 364 Rugby Rd, Cedarhurst, NY 11516 Accommodation Term Loan Prime plus 2.75% 12/19/2044 394.8 394.8 445.0 0.14 %
GDIM Enterprises Inc dba AAMCO (#) 785 Woodfern Drive, Hampshire, IL 60140 Repair and Maintenance Term Loan Prime plus 2.75% 12/19/2029 18.9 18.9 17.0 0.01 %
United Capital Group LLC (#) 4370 Old US 25 Highway, Zirconia, NC 28790 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2029 312.3 312.3 269.9 0.08 %
Premier Gaming Solutions Inc (#) 350 Mc Donnell St, Lewisville, TX 75057 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2029 10.9 10.9 11.3 — %
Skyfall LLC dba EZ Self Storage (#) 7938 Wright Rd, Houston, TX 77041 Real Estate Term Loan Prime plus 2.75% 12/18/2044 145.3 145.3 163.8 0.05 %
12
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Louisiana Apple, LLC, Mountain Apple, LLC, Kentucky Apple, LLC (#) 461 G St., Los Banos, CA 93635 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/18/2029 873.1 873.1 710.9 0.22 %
The Burlington Academy of Learning LLC (#) 350 Mc Donnell St, Lewisville, TX 75057 Social Assistance Term Loan Prime plus 2.75% 12/18/2029 48.5 48.5 50.3 0.02 %
Sago Technologies Inc. dba Jak Ecig (#) 4100 W. Alameda Ave # 300, Burbank, CA 91505 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2029 228.0 228.0 236.3 0.07 %
Pamela Bruner Enterprises, LLC (#) 42 Campeau Place, Bergenfield, NJ 07621 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 60.6 60.6 52.7 0.02 %
HADD Corp (#) 4325 E. University Drive, Ste 40, Prosper, TX 75078 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.2 12.2 11.6 — %
Farain Saremi dba USA Produce (#) 1009 E Capitol Expressway, San Jose, CA 95121 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/16/2044 471.8 471.8 503.2 0.15 %
J and K Project Management Consultants dba A. C. T. Construction (#) 2301 NW Thurman St., Portland, OR 97210 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2029 201.5 201.5 206.2 0.06 %
J and K Project Management Consultants LLC (#) 14480 Alondra Blvd, La Mirada, CA 90638 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 311.2 311.2 348.5 0.11 %
Signco America LP & Sparkle corporation Inc. (#) 112 Orchard St., Stamford, CT 06902 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 1,241.6 1,241.6 1,400.1 0.43 %
Dr Steven J Seidel (#) 23 Saybrook Rd, Essex, CT 06426 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2029 78.8 78.8 64.3 0.02 %
Math Enrichment, LLC (#) 223 Ave B, Snohomish, WA 98290 Educational Services Term Loan Prime plus 2.75% 12/13/2029 194.0 194.0 158.0 0.05 %
Jen Macias LLC dba Duende (#) 1000 Settlers Landing Court, Wake Forest, NC 27587 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 7.9 7.9 6.4 — %
WURA LLC dba Dickey's Barbecue Pit (#) 2141 E Anderson St, Stockton, CA 95205 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2029 88.0 88.0 74.4 0.02 %
Essex Indoor Golf Center LLC (#) 7473 Reese Rd #2, Sacramento, CA 95828 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/13/2029 76.4 76.4 67.7 0.02 %
The Floor Covering Warehouse, Inc (#) 5801 Cleveland Ave, Riverdale, MD 20737 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/13/2044 238.4 238.4 268.8 0.08 %
Nulane Entertainment LLC (#) 10904 Baltimore St NE, Blaine, MN 55449 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 7.3 7.3 5.9 — %
The Crane Guys, LLC (#) 175 W Borgfeld Drive, San Antonio, TX 78260 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 1,211.0 1,211.0 1,078.9 0.33 %
Abylex, Inc and Worpex LLC (#) 99 Plum St, West Monroe, LA 71292 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2044 94.4 94.4 86.2 0.03 %
Joyner5, Inc.dba British Swim School (#) 134 Petaluma Blvd North, Petalumaca, CA 94952 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/12/2029 21.8 21.8 17.8 0.01 %
Belle Properties Northwest, Inc. (#) 10 Tremont Rd, Tremont, PA 17981 Personal and Laundry Services Term Loan Prime plus 2.75% 12/12/2044 130.4 130.4 140.9 0.04 %
Stockton TRI Industries, LLC (#) 1407 Lomaland Drive, El Paso, TX 79935 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/12/2044 1,100.2 1,100.2 1,179.2 0.36 %
13
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC (#) 16 Marble St., Worchester, MA 01603 Personal and Laundry Services Term Loan Prime plus 2.75% 12/11/2044 298.0 298.0 336.0 0.10 %
Professional Plumbing Services of Nela, LLC (#) 560 56th St SW, Grand Rapids, MI 49548 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2029 17.5 17.5 16.7 0.01 %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca (#) 510 -512 Stone Rd, Benicia, CA 94510 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 111.7 111.7 118.9 0.04 %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#) 10850 NW 138th St, Hialeah Gardens, FL 33018 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 40.3 40.3 32.9 0.01 %
Ciel Du Mel LLC dba Lala's Creamery (#) 2018 SE 6th Ave, Portland, OR 97214 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 16.0 16.0 13.7 — %
SLCP Transport, LLC dba Aamco (#) 200 Tuckerton Rd, Medford, NJ 08055 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2029 60.6 60.6 55.5 0.02 %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L (#) 14006 Riverside Drive, Store No. 9270, Sherman Oaks, CA 91423 Social Assistance Term Loan Prime plus 2.75% 12/10/2044 38.7 38.7 41.7 0.01 %
Elita 7, LLC and Behavioral Nutrition Inc. (#) 939 South 25th East, Ste. 115, Ammon, ID 83406 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/9/2029 291.0 291.0 272.3 0.08 %
DB Talak LLC (#) 413 Pond Meadow Rd, Westbrook, CT 06498 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/6/2044 152.5 152.5 171.9 0.05 %
Scott's Hardware, Inc., dba Medford Inc (#) 2500 Grand Ave, Billings, MT 59102 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.2 12.2 11.6 — %
Bay Area Metal Fabricarion LLC (#) 601 Portion Rd, Store #17, Lake Ronkonkoma, NY 11779 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/6/2029 132.7 132.7 116.8 0.04 %
Glen Lamb dba Lambs Tree And Plant Health Care (#) 437 N. Battlefield, Chesapeake, VA 23320 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 18.2 18.2 16.1 — %
Ohanyan LLC dba Nestle Toll House Caf'e By Chip (#) 301 N River St., Derby, KS 67037 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 41.1 41.1 36.2 0.01 %
The Stout Group LLC (#) 2377 Wessington Drive, Virginia Beach, VA 23456 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/6/2029 232.8 232.8 203.7 0.06 %
Wolf Pack, LLC (#) 400 West Village Way #3009, Smyrna, GA 30008 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 220.4 220.4 190.4 0.06 %
Natalie Enterprise Inc (#) 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 19.6 19.6 20.4 0.01 %
Mazhar Family, Inc dba Edible Arrangements (#) 1 Ackerman Ave, Clifton, NJ 07011 Nonstore Retailers Term Loan Prime plus 2.75% 12/6/2029 65.5 65.5 54.0 0.02 %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC (#) 1750 W Lake St., Chicago, IL 60612 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 1,067.1 1,067.1 886.5 0.27 %
Used Tire Express 1, Corp (#) 5401 Mitchelldale St., Ste B4, Houston, TX 77092 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/5/2029 83.7 83.7 71.7 0.02 %
14
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Standard Capital Corp (#) 2522 N Highway 287, Decatur, TX 76234 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.2 12.2 11.6 — %
Clearwater Engineering Inc (#) 22540 Foothill Blvd, Hayward, CA 94541 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/5/2029 572.3 572.3 503.4 0.15 %
Hook Line and Schooner Vinings LLC (#) 10 Glorieta Rd, Sante Fe, NM 87508 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/4/2029 21.8 21.8 19.4 0.01 %
Soto Injury Law Firm, PA and My Attorney Inc (#) 102 W 73rd St., New York, NY 10023 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/3/2029 60.6 60.6 49.5 0.02 %
Mega Sales Detergent Distributor, LLC (#,^) 101 S Tryon St., Charlotte, NC 28280 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/29/2029 48.2 48.2 39.3 0.01 %
Behind the Scenes Chicago, LLC dba Paramount Events (#) 86 Boston Rd, Chelmsford, MA 01824 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 448.0 448.0 387.9 0.12 %
Loading Arms Plus Inc (#) 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 76.4 76.4 63.5 0.02 %
Keith E Burks dba 3B's Chalk It Up (#) 77 Main St, Amesbury, MA 01913 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/27/2029 13.0 13.0 12.3 — %
Codorado, Inc. dba Dentalmart (#,^) 820 Prospect Hill Rd, Windsor, CT 06095 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/27/2029 10.1 10.1 8.3 — %
American Bio Source, LLC dba Dieselgreen Fuels (#) 405 Broadway St., Muncy, PA 17756 Waste Management and Remediation Services Term Loan Prime plus 2.75% 11/27/2029 55.2 55.2 57.2 0.02 %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC (#) 9547 W Third St., Dayton, OH 45417 Food Manufacturing Term Loan Prime plus 2.75% 11/27/2029 262.7 262.7 218.0 0.07 %
Haversack Holdings LLC (#) 3716 Garman Rd, Salem, VA 24153 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 120.5 120.5 98.1 0.03 %
Roots'n Shoots, LLC (#) 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 Administrative and Support Services Term Loan Prime plus 2.75% 11/27/2029 10.3 10.3 8.4 — %
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports (#) 15218 Penn Hills Lane, Houston, TX 77062 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 144.6 144.6 119.8 0.04 %
ADPM Inc. (#,^) 12646 S Springfield Ave, Alsip, IL 60803 Real Estate Term Loan Prime plus 2.75% 11/26/2029 45.8 45.8 37.3 0.01 %
Ford Custom Renovation LLC (#,^) 22 Cortlandt St., New York, NY 10007 Construction of Buildings Term Loan Prime plus 2.75% 11/26/2029 8.0 8.0 6.5 — %
Ultra Flow Dispense, LLC (#) 1537 W 79th St, Chicago, IL 60620 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/26/2029 98.8 98.8 81.2 0.02 %
Fullmer's Landscaping, Inc. (#) 1969 Jericho Turnpike, East Northport, NY 11731 Administrative and Support Services Term Loan Prime plus 2.75% 11/26/2029 187.9 187.9 161.0 0.05 %
B.S Carrier LLC and United Truck & Trailer Repair LLC (#) 308 Glenwood Rd, Swainsboro, GA 30401 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 227.8 227.8 217.0 0.07 %
Hurricane Group, Inc.dba Crate Club Group (#) 119 West 57th St., Ste 300, New York, NY 10019 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 48.2 48.2 39.3 0.01 %
ZUMI LLC dba Allstate Insurance (#,^) 610 East Main St., Swainsboro, GA 30401 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/22/2029 11.6 11.6 11.7 — %
Best Choice Meats, Inc, (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2044 1,334.0 1,334.0 1,436.3 0.44 %
15
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Cum Laude Enterprises, LLC (#) 504 Fairfax Ave, Nashville, TN 37212 Nonstore Retailers Term Loan Prime plus 2.75% 11/22/2029 18.5 18.5 17.0 0.01 %
A&N Design Studios Inc dba Door3 Business Application (#) 8101 NW 10th St, Oklahoma City, OK 73127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2029 118.1 118.1 102.9 0.03 %
S&C Cookies, Inc (#,^) 1731 Prevatt Rd, Dothan, AL 36301 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/22/2029 54.2 54.2 44.3 0.01 %
Peanut Butter & Co Inc (#,^) 209 N Main St., Breckenridge, CO 80424 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2029 180.8 180.8 147.2 0.04 %
Place Vendome Holding Co Inc.dba R&F Marketing (#) 2902 North University Drive, Coral Springs, FL 33065 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2029 227.8 227.8 208.2 0.06 %
Place Vendome Holding Co. Inc.dba R&F Marketing (#) 30 South Ivey Lane, Orlando, FL 32811 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2044 431.2 431.2 413.8 0.13 %
Cobb Roofing LLC (#,^) 30 South Ivey Lane, Orlando, FL 32811 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 51.8 51.8 42.1 0.01 %
The Rollin' Trapp LLC (#,^) 290 Pratt St., Meriden, CT 06450 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 7.7 7.7 6.9 — %
Pen's Electric Company (#) 1836 Kathleen Rd, Lakeland, FL 33805 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 12.1 12.1 11.6 — %
Weeping Willow Kennel Inc (#,^) 181 Shunpike Rd, Cromwell, CT 06416 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2029 4.3 4.3 4.5 — %
Coral Springs Family Wellness LLC (#) 717 Oregon St., Oshkosh, WI 54902 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 120.7 120.7 99.4 0.03 %
Semplice Cafe LLC (#,^) 92 Town Line Rd, Fulton, NY 13069 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 17.4 17.4 14.5 — %
AMH Construction, Inc. (#,^) 745 Alexander Rd, Ste 1-3, Princeton, NJ 08540 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 272.8 272.8 295.5 0.09 %
Cable Management LLC (#,^) 5100 Transamerica Drive, Columbus, OH 43228 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 132.6 132.6 115.8 0.04 %
AMH Construction, Inc. (#,^) 5639 Wood Lane, Allentown, PA 18106 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2029 72.3 72.3 69.1 0.02 %
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL (#,^) 17811 Fairhaven Gateway, Cypress, TX 77433 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 132.5 132.5 107.9 0.03 %
Ryan & Selena LLC dba Head of the Class Learning Center (#,^) Empire Mall, 5000 W Empire Place, Room 916, Sioux Falls, SD 57106 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 442.0 442.0 468.0 0.14 %
Lindsley Excavating LLC (#,^) 9029 Hwy 6, Ste 160, Missouri City, TX 77459 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/15/2029 185.7 185.7 173.0 0.05 %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics (#,^) 650 NE Holladay St. Ste 1600, Portland, OR 97232 Administrative and Support Services Term Loan Prime plus 2.75% 11/15/2044 71.9 71.9 78.5 0.02 %
MToxins Venom Lab LLC (#,^) 105 Springside Drive, Akron, OH 44333 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/15/2044 100.4 100.4 103.6 0.03 %
16
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton (#) 48267 Deer Trail Drive, Canton, MI 48187 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/15/2030 89.3 89.3 72.9 0.02 %
Sean McNamara (#) 486 Vance St, Forest City, NC 28043 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 11.6 — %
Ninth Avenue, LLC (#) 327 Route 202/206, Bedminster Township, NJ 07921 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/14/2030 61.0 61.0 51.6 0.02 %
Rockin Robin Music Lessons LLC (#,^) 8072 State Rd 46 East, Nashville, TN 47448 Educational Services Term Loan Prime plus 2.75% 11/14/2029 9.0 9.0 7.3 — %
Bucklin Sumner & Associates LLC dba Bucklin Sumner & Associates LLC (#) 14901 Potomac Town Place,, Woodbridge, VA 22191 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 11.6 — %
The Pinnacle Development Group Inc dba The Goddard School (#) 1101 Horizon Drive Ste 101, Fairfield, CA 94533 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 11.6 — %
Winning Sales Plan Inc (#,^) 908 S Jefferson St., Amarillo, TX 79101 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/14/2029 48.2 48.2 50.0 0.02 %
Ameen Enterprises, LLC dba Bargain Town (#,^) 1111 E Washington St, Stephenville, TX 76401 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 120.5 120.5 120.9 0.04 %
HH Wireless Connect LLC (#,^) 1034 Hancock St., Sandusky, OH 44870 Electronics and Appliance Stores Term Loan Prime plus 2.75% 11/12/2029 8.0 8.0 6.5 — %
NJ Floats, Inc (#) 1034 Hancock St., Sandusky, OH 44870 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 94.1 94.1 106.4 0.03 %
SSD Designs LLC (#,^) 1452 Franklin Ave, Salem, OR 44460 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 1/12/2030 339.6 339.6 305.6 0.09 %
Potomac Nail Spa Corporation (#,^) 997 E Loop, Priest River, ID 83856 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 50.2 50.2 41.2 0.01 %
Steven French dba French Woodworking (#,^) 5 N Station Plaza, Great Neck, NY 11021 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 62.0 62.0 69.9 0.02 %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI (#,^) 304 Business Highway 53, Minong, WI 54859 Educational Services Term Loan Prime plus 2.75% 11/12/2029 380.9 380.9 340.2 0.10 %
Adrienne's Gourmet Foods, Imagine Baking Inc (#,^) 6001-6201 France Rd, New Orleans, LA 70126 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 403.0 403.0 454.4 0.14 %
Adrienne's Gourmet Foods, Imagine Baking, Inc (#,^) 1380 Main St., Waltham, MA 2451 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 510.5 510.5 489.8 0.15 %
James Richard Farkas Jr. dba Lil Black Bear Inn (#,^) 304 Business Highway 53, Minong, WI 54859 Accommodation Term Loan Prime plus 2.75% 11/12/2044 108.4 108.4 112.8 0.03 %
East River Plumbing, LLC (#,^) 507 Bamboo Rd, Boone, NC 28607 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 49.6 49.6 53.6 0.02 %
Integrated Vascular Services LLC (#,^) 3650 NW 82 Ave, Doral, FL 33166 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 77.1 77.1 63.4 0.02 %
Airbar Inc (#,^) 950 Peninsula Corporate Circle, Boca Raton, FL 33487 Personal and Laundry Services Term Loan Prime plus 2.75% 11/8/2029 20.8 20.8 17.0 0.01 %
17
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Link Recreational, Inc (#,^) 314 Industrial Park Drive, Waynesville, NC 28786 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 390.6 390.6 426.6 0.13 %
Lake Pontchartrain Properties, LLC (#,^) 11900 S Marshfield Ave, Calumet Park, IL 60827 Accommodation Term Loan Prime plus 2.75% 11/7/2044 1,141.1 1,141.1 1,286.8 0.39 %
Link Recreational, Inc (#,^) 711 Hospital St., Richmond, VA 23219 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2029 825.7 825.7 685.3 0.21 %
WE MAKE DIFFERENCES, LLC (#,^) 314 Industrial Park Dr, Waynesville, NC 28786 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/7/2029 6.1 6.1 5.9 — %
Dear Valley Sports Shop LLC (#) 4028 Coldwater Rd, Fort Wayne, IN 46805 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.1 12.1 11.6 — %
21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC (#,^) 14029 56th St. NW, Williston, ND 58801 Air Transportation Term Loan Prime plus 2.75% 11/6/2029 988.5 988.5 804.9 0.25 %
Sunburst Trout Farm, LLC (#,^) 1910 W. Dupont Rd, Fort Wayne, IN 46818 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2044 230.4 230.4 255.7 0.08 %
Guru Kirpa, Inc (#,^) 5960 S Archer Ave, Chicago, IL 60638 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 193.7 193.7 201.0 0.06 %
Mariscos El Oceano, Inc. (#,^) 59-24 55th St., Maspeth, NY 11378 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2044 123.9 123.9 136.7 0.04 %
Maine Service Corp (#,^) 3006 New Castle Ave, New Castle, DE 19720 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/31/2029 119.8 119.8 124.2 0.04 %
Dub Industries LLC (#,^) 26691 Loma Verde, Mission Viejo, CA 92691 Nonstore Retailers Term Loan Prime plus 2.75% 10/31/2029 68.1 68.1 63.0 0.02 %
Fave Realty, Inc. (#,^) 28 West Park Place, Morristown, NJ 07090 Real Estate Term Loan Prime plus 2.75% 10/31/2044 116.0 116.0 130.8 0.04 %
Kerzner Contracting Corp (#,^) 4112 Veiled Falls Drive, Pflugerville, TX 78660 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 107.8 107.8 87.9 0.03 %
ABC Sandblasting, LLC (#,^) 217-84 Hempstead Ave, Jamaica, NY 11429 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 234.9 234.9 197.7 0.06 %
Jessie's Radiator and Automotive (#,^) 1620 Ocean Ave, Bohemia, NY 11716 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2029 15.1 15.1 13.8 — %
L& F Gullo Service Corp (#,^) 1777 N Ventura Ave, Ventura, CA 93001 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 167.8 167.8 136.6 0.04 %
The Committed Pig LLC (#,^) 520 Main St, Westbury, NY 11590 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2029 267.2 267.2 277.0 0.08 %
C&P Trading and Sales Inc (#,^) 905 Savoy Rd, Youngsville, LA 70592 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 239.6 239.6 195.2 0.06 %
11900 Marshfield Station Inc (#,^) 23901 Calabasas Rd, Calabasas, CA 91302 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 1,238.4 1,238.4 1,352.7 0.41 %
Automotive Solutions, LLC (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 294.8 294.8 317.1 0.10 %
Automotive Standard, LLC (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 136.2 136.2 147.9 0.05 %
Sunburst Trout Farm, LLC (#,^) 9912 Arizona Dr, Mohave Valley, AZ 86440 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 64.7 64.7 67.1 0.02 %
18
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
D & H Construction Services, Inc. (#,^) 363 East Alondra Blvd, Gardena, CA 90248 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 134.2 134.2 115.4 0.04 %
MJ Group, Inc (#,^) 5300 S Orange Blossom Trail, Orlando, FL 32839 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2029 20.4 20.4 16.8 0.01 %
BGB Leasing Inc and BGB Leasing Co. (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 1,112.0 1,112.0 991.4 0.30 %
BGB Leasing Co. (#,^) 17887 US-380, Ponder, TX 76259 Truck Transportation Term Loan Prime plus 2.75% 10/30/2044 89.2 89.2 100.6 0.03 %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac (#,^) 2500 Plaza 5, Jersey City, NJ 07311 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 62.3 62.3 52.0 0.02 %
Paul Wintner dba P & R Props (#,^) 1644 Lebanon Rd, Lawrenceville, GA 30043 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 53.9 53.9 43.9 0.01 %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu (#,^) 8321 E Gelding Drive, Scottsdale, AZ 85260 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 83.9 83.9 69.7 0.02 %
Plastic Depot, Inc (#,^) 3723 Far Niente Way, Sacramento, CA 95834 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/30/2029 151.7 151.7 123.7 0.04 %
Corple Enterprises, Inc (#,^) 475 Park Ave S, 25th Floor, New York, NY 10016 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/28/2029 150.3 150.3 147.4 0.05 %
Proximo Consulting Services Inc (#,^) 160 Inverness Drive W, Ste 150, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/28/2029 71.9 71.9 58.5 0.02 %
Perisseia Physicians LLC (#,^) 125 Westchester Ave, White Plains, NY 10601 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/28/2044 396.4 396.4 408.5 0.12 %
OWL Inc, (#,^) 1489 Fulton St., Brooklyn, NY 11216 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/28/2029 203.7 203.7 165.9 0.05 %
Marnon Vending LLC dba Naturals 2 Go San Antonio (#,^) 18463 Livernois Ave, Detroit, MI 48221 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 7.6 7.6 6.8 — %
IV Purpose Inc (#) 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 38.2 38.2 32.9 0.01 %
Jbang LLC, WM Bang LLC, Bang Investments LLC (#) 26300 La Alameda, Ste 200, Mission Viejo, CA 92691 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 71.1 71.1 69.8 0.02 %
Exclusive Physicians PLLC dba EPIC Primary Care,PLLC (#,^) 8860 S Sunnylane Rd, Oklahoma City, OK 73135 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/25/2029 119.8 119.8 98.8 0.03 %
Landmark Ventures USA, Inc (#,^) 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 10/25/2029 100.7 100.7 82.0 0.03 %
iLoka Inc. dba NewCloud Networks (#,^) 5505 Johnston St., Lafayette, LA 70506 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 10/25/2029 95.9 95.9 99.4 0.03 %
Four Ace Electrical Services Corporation (#,^) 403 E College St., Pulaski, TN 38478 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 11.5 11.5 9.5 — %
Diamond Solutions LLC (#,^) 4930 Mars Hill Rd, Bogart, GA 30622 Machinery Manufacturing Term Loan Prime plus 2.75% 10/25/2029 12.2 12.2 10.0 — %
19
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Sultan's Palace L.L.C. (#,^) 41540 National Rd, Belmont, OH 43718 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2029 20.2 20.2 17.5 0.01 %
Fimac Inc dba American Educational Services (#,^) 10240 Cosmopolitan Circle, Parker, CO 80134 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/23/2029 21.6 21.6 17.8 0.01 %
James Clark and Company, Inc. (#) 2444 Georgia Slide Rd, Georgetown, CA 95634 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 12.1 12.1 11.5 — %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) 1364 E Palma Vista Drive, Palmview, TX 78572 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 14.3 14.3 11.6 — %
Todd's Car Wash, LLC (#,^) 19 Scudder Ave, Northport, NY 11768 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 340.6 340.6 384.1 0.12 %
UNIQUE PAVER INSTALLATIONS, INC. (#,^) 107 Tabernacle Church Rd, Candor, NC 27229 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 21.6 21.6 18.7 0.01 %
Roughcut LLC (#,^) 5604 Slide Rd, Lubbock, TX 79414 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 451.7 451.7 468.3 0.14 %
Owens Family and Cosmetic Dentistry PLLC (#,^) 2805 W Arimo Rd, Arimo, ID 83214 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 260.3 260.3 222.4 0.07 %
Pine Mountain Residential LLC (#) 623 W Lake St., Chicago, IL 60661 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 12.1 12.1 11.5 — %
Powerlift Dumbwaiters, Inc (#) 2301 W. Buckeye Rd, Phoenix, AZ 85009 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 11.9 11.9 11.3 — %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co. (#) 725 Atlantic Blvd, Atlantic Beach, FL 32233 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 250.2 250.2 218.4 0.07 %
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b (#,^) 1117 L St., Modesto, CA 95354 Personal and Laundry Services Term Loan Prime plus 2.75% 10/11/2029 149.8 149.8 124.7 0.04 %
Glenda D Brewer dba Bargain Store (#) 9468 American Eagle Way Ste 100, Orlando, FL 32837 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 12.1 12.1 11.5 — %
Q2 Ventures, LLC (#,^) 77 N Centre Ave, Rockville Centre, NY 11570 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/8/2029 170.2 170.2 167.3 0.05 %
Paketo LLC dba West Loop UPS Store (#,^) 19539 Hess Rd Ste Ste #101, Parker, CO 80134 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 15.8 15.8 13.2 — %
Joseph P Fusco DDS PC (#,^) 1 Plainview Rd, Bethpage, NY 11714 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2029 63.1 63.1 51.5 0.02 %
MVE, Inc dba Mid-Valley Engineering (#,^) 3778 Highway 254, Cleveland, GA 30528 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 1,181.3 1,181.3 1,005.9 0.31 %
A Child's Dream Educational Center LLC (#,^) 74 S Main St., Woonsocket, RI 2895 Social Assistance Term Loan Prime plus 2.75% 9/30/2044 178.1 178.1 191.7 0.06 %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro (#,^) 4127 NW 34th St., Gainesville, FL 32605 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 9.0 9.0 7.3 — %
Meldi Maa, Inc dba The River Complex (#,^) 1440 Newport Rd, Colorado Springs, CO 80916 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2044 418.6 418.6 457.1 0.14 %
SPIRE Manufacturing Solutions LLC (#,^) 481 8th Ave Ste 1130, New York, NY 10001 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2044 1,005.9 1,005.9 1,134.3 0.35 %
20
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC (#,^) 17 David Blvd, Tampa, FL 33606 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2044 618.5 618.5 640.5 0.20 %
International Protection Group, LLC (#,^) 11008 Rene St., Lenexa, KS 66215 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2029 78.6 78.6 75.4 0.02 %
AV Strategy, Inc (#,^) 4127 NW 34th St., Gainsville, FL 32605 Rental and Leasing Services Term Loan Prime plus 2.75% 9/30/2029 247.7 247.7 221.7 0.07 %
DG Business Solutions, Inc (#,^) 1101 River Rd, New Windsor, NY 12553 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 214.3 214.3 176.6 0.05 %
A Child's Dream Educational Center LLC (#,^) 3790 Merrick Rd, Seaford, NY 11783 Social Assistance Term Loan Prime plus 2.75% 9/30/2029 179.5 179.5 146.9 0.04 %
Heart and Vascular Associates of Tampa, LLC (#,^) 1715 N 1st St, Bloomfield, NM 87413 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2044 766.6 766.6 776.8 0.24 %
50 Taps, LLC dba Colorado Taproom & Grill (#,^) 8908 Wildlife Lane, Sanford, FL 32771 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 73.8 73.8 61.2 0.02 %
Bev's Sweets LLC (#,^) 3721 North 162nd St., Garber, OK 73701 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2044 211.5 211.5 229.8 0.07 %
Crown Waste Corp (#,^) 22365 Alydar Drive, Lexington Park, MO 20653 Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/30/2029 47.6 47.6 42.1 0.01 %
Zima Dining Inc. dba Country Kitchen (#,^) 3029 South St., Long beach, CA 90805 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2029 60.0 60.0 62.1 0.02 %
Hoagie Barmichaels Inc (#,^) 1497 N Mt. Vernon Ave, Colton, CA 92324 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2044 111.8 111.8 111.8 0.03 %
Wagner & Sons Inc (#,^) 63 Flushing Ave Unit 342, Brooklyn, NY 11205 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 17.9 17.9 14.6 — %
Universe Appliance Repairs Inc. (#,^) 2 Old Worcester Rd, Webster, MA 01571 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 581.4 581.4 584.6 0.18 %
Cherry and Candlewood Inc dba Aamco (#,^) 3790 Merrick Rd, Seaford, NY 11783 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 426.2 426.2 480.7 0.15 %
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma (#,^) 2800 Swanee Ave, Buford, GA 30618 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 976.5 976.5 873.5 0.27 %
Aztec Machine & Repair Inc, Cranrd & Material (#,^) 3711 Paseo Del Norte NE, Albuquerque, NM 87113 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 705.1 705.1 724.5 0.22 %
Titan Laser Screed Concrete Services, LLC (#,^) 1401 Interstate Drive, Champaign, IL 61822 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 47.6 47.6 40.4 0.01 %
Total Pallet Consolidation LLC (#,^) 7808 N Custer Rd, Freesoil, MI 49411 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/27/2029 17.9 17.9 14.8 — %
Universe Appliance Repairs Inc. (#,^) 4060 SW County Rd 232, Bell, FL 32619 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 631.1 631.1 552.8 0.17 %
Zmetra Clearspan Structures LLC (#,^) 82 Clarksville Rd, Folsom, CA 95682 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 432.9 432.9 488.2 0.15 %
Stiegelbauer Associates Inc. (#,^) 360 East State St., Salem, OH 44460 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 190.5 190.5 155.5 0.05 %
Santa Fe Flooring LLC (#,^) 1040 4th Ave, Audubon, IA 50025 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/26/2029 475.2 475.2 407.1 0.12 %
21
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
MeShare Inc. (#,^) 3301 N 23rd St., McAllen, TX 78501 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/26/2029 1,190.8 1,190.8 1,059.3 0.32 %
Adam's Construction & General Contracting LLC (#,^) 206 Frankie Lane, Ladson, SC 29456 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2029 65.1 65.1 56.0 0.02 %
Anderson's Outdoor Adventures, LLC (#,^) 500 West Silver Spring Drive, Ste K 200,, Glendale, WI 53217 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 21.4 21.4 21.3 0.01 %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc (#,^) 5617 Causeway Blvd, Tampa, FL 33619 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2044 52.9 52.9 52.1 0.02 %
luv 2 Play Nor Cal, LLC (#,^) 206 Bell Lane, Ste B, West Monroe, LA 71291 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 107.2 107.2 89.7 0.03 %
Quality Machine of Iowa, Inc (#,^) 1702 Fawn Gate St, San Antonio, TX 78248 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/25/2029 64.3 64.3 66.5 0.02 %
Flamingo Bowl, Inc (#,^) 876 Virginia Ave, Hapeville, GA 30354 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/24/2029 194.1 194.1 175.1 0.05 %
Unified Utility Services LLC (#,^) 711 E Valley Rd, Basalt, CO 81621 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/20/2044 156.4 156.4 176.1 0.05 %
Standard Real Estate Services LLC (#) 2917 1st Ave SE, Cedar Rapids, IA 52402 Real Estate Term Loan Prime plus 6.5% 9/19/2029 12.0 12.0 11.4 — %
Payne's Enviromental Service, LLC dba Bamaco (#,^) 11093 Black Marble Way, Redding, CA 96003 Administrative and Support Services Term Loan Prime plus 2.75% 9/18/2044 515.8 515.8 529.7 0.16 %
Host Marketing, LLC (#) 14691 W 11 Mile Rd, Oak Park, MI 48237 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 12.0 12.0 11.4 — %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G (#,^) 250 Passaic Ave Ste 200, Fairfield, NJ 07004 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 11.4 11.4 9.3 — %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que (#) 6718 Katherin Ave, Van Nuys, CA 91405 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 53.8 53.8 49.4 0.02 %
Win Health Institute, LLC (#,^) 1016 S Texas Blvd, Weslaco, TX 78599 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 7.1 7.1 6.1 — %
Game Station, Inc. (#,^) 31-65 138th St. Apartment 3K, Flushing, NY 11354 Rental and Leasing Services Term Loan Prime plus 2.75% 9/16/2029 19.3 19.3 17.4 0.01 %
Bay Bowl Inc dba Shasta Lanes (#,^) 3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2044 531.9 531.9 599.1 0.18 %
The Steel Method LLC dba Sneeze It (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2029 160.8 160.8 131.3 0.04 %
Oak Park Social LLC (#) 18315 W. Dixie Highway, North Miami Beach, FL 33160 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/12/2045 135.9 135.9 140.5 0.04 %
New Flow Plumbing and Rooter Inc. (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/12/2029 47.1 47.1 38.8 0.01 %
ACSS CPA, LLC (#,^) 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2044 39.6 39.6 41.7 0.01 %
Covert Recordings LLC (#,^) 129 A Orpha Drive, Middlebury, IN 46840 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 11.3 11.3 11.2 — %
22
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Prime Precision Machining, LLC (#,^) 1914 S Power Rd. STE 101, Mesa, AZ 85206 Real Estate Term Loan Prime plus 2.75% 9/11/2044 267.9 267.9 280.7 0.09 %
Prime Precision Machining, LLC (#,^) 607-609 S 2nd St., Philadelphia, PA 19147 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 205.1 205.1 177.5 0.05 %
Miami Squeeze Inc dba Miami Squeeze, LLC (#,^) 5380 Cameron St, Las Vegas, NV 89118 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 110.0 110.0 96.9 0.03 %
Family Insight, P.C. (#,^) 1208 Houghton Lane, Bennington, VT 5201 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2029 238.2 238.2 235.1 0.07 %
Softcare247, LLC (#) 2223 Dungan Ave, Bensalem, PA 19020 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 12.0 12.0 11.4 — %
Body on Cue Health and Fitness LLC (#,^) 1110 Willow Glen Drive, Yuba City, CA 95991 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/6/2029 42.9 42.9 35.6 0.01 %
Eco Electric LLC (#,^) 83413 Overseas Highway, Islamorada, FL 33036 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 63.4 63.4 51.5 0.02 %
Philly Games Inc.dba Queen & Rock Game Cafe (#,^) 50 West 23rd St., 7th floor, New York, NY 10010 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 59.5 59.5 48.8 0.01 %
Smokin AZ, LLC dba Dickey's Barbecue Pit AZ (#,^) 361 Troy Ave, Brooklyn, NY 11213 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 63.1 63.1 52.5 0.02 %
SVT Masonry Limited Liability Company (#,^) 7676 Hillmont St., Ste 109, Houston, TX 77040 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 72.6 72.6 69.6 0.02 %
Thawk LLC (#,^) 2970 Stonecrest Pass, Lithonia, GA 30038 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2029 7.8 7.8 6.4 — %
No Push Backs, LLC (#) 5946 Meijer Drive, Cincinnati, OH 45150 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 11.6 11.6 11.0 — %
Dog House Sportfishing Charters Inc (#) 12595 S Somerton Ave, Yuma, AZ 85365 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 11.9 11.9 11.3 — %
Double Scoop Ice Cream, LLC (#,^) 27 Kings Hwy, Groton, CT 06340 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2044 95.6 95.6 100.5 0.03 %
3C Consumer Network & Designs LLC (#,^) 2018 SE 6th Ave, Portland, OR 97214 Real Estate Term Loan Prime plus 2.75% 8/29/2029 14.2 14.2 12.2 — %
Camror LTD dba Jersey Mike's (#,^) 5410 Pipers Creek Court, Sugar Land, TX 77479 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 84.8 84.8 87.8 0.03 %
The BMF Media Group LLC (#,^) 190 Minerva St., Tonawanda, NY 14150 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 355.1 355.1 288.5 0.09 %
Esquire Mini Mart LLC & Morgan Store Building LLC (#,^) 740 Dennery Rd, San Diego, CA 92154 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 48.5 48.5 45.5 0.01 %
Groton Bowling Center and Entertainment Inc (#,^) 377 Boston Post Rd, Milford, CT 06460 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2044 934.7 934.7 991.1 0.30 %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC (#,^) 107 S Nottawa St, Sturgis, MI 49091 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 37.9 37.9 39.2 0.01 %
Linsey Schwertdfeger,, Inc. (#,^) 9831 Greenbelt Rd Ste 208 (Unit H-2), Lanham, MD 20706 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 67.1 67.1 55.9 0.02 %
23
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor (#,^) 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 425.8 425.8 367.7 0.11 %
DB Talak LLC (#,^) 34099 Tuscan Creek Way, Temecula, CA 92592 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/28/2029 82.9 82.9 85.7 0.03 %
HRS2, LLC (#,^) 3294 Long Meadow Court, West Bloomfield Township, MI 48324 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 219.2 219.2 209.9 0.06 %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC (#,^) 2-4 Commerce Way, Auburn, NY 13021 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2044 59.3 59.3 66.8 0.02 %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa (#,^) 1046-1050 Orange Ave, West Haven, CT 06516 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 92.2 92.2 82.5 0.03 %
Maryland Urgent Care, Inc. (#,^) 106 South Washington St., Pleasantville, IA 50225 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/27/2044 45.6 45.6 49.1 0.01 %
ADA Internacional Inc (#,^) 8358 W Oakland Park Blvd #203E, Sunrise, FL 33351 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/26/2029 21.3 21.3 17.3 0.01 %
Crystal S. Prado dba Crystal Clear Accounting (#) 1157 Main St., Clifton, NJ 07011 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.1 3.1 2.9 — %
JLT Foods, LLC (#,^) 252 FM 3162, Sandia, TX 78383 Food Manufacturing Term Loan Prime plus 2.75% 8/23/2029 19.9 19.9 16.2 — %
PJT Logistics, Inc. (#,^) 15562 HWY-South, Whitehouse, TX 75791 Truck Transportation Term Loan Prime plus 2.75% 8/23/2029 47.3 47.3 49.0 0.01 %
The Pet Stop, LLC (#,^) 20 Universal Place, Carlstadt, NJ 07072 Personal and Laundry Services Term Loan Prime plus 2.75% 8/23/2029 7.1 7.1 6.0 — %
Elite Motors LLC (#,^) 305 W Main St., Mayo, FL 32066 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 82.9 82.9 85.7 0.03 %
SRJ construction Corp (#,^) 14101 Main St., Ste 4101, Hesperia, CA 92345 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 10.7 10.7 8.9 — %
MS Integrated Psychotherapy & Counseling, LLC (#,^) 2066 Route 112, Medford, NY 11763 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 70.3 70.3 63.0 0.02 %
The Roux Southern Kitchen, LLC (#,^) 5951 NW 151 St., Hialeah, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2029 17.2 17.2 17.5 0.01 %
MB Nursery LLC dba The Garden Center (#,^) 7748 Troost Ave, Kansas City, MO 64131 Administrative and Support Services Term Loan Prime plus 2.75% 8/21/2029 87.5 87.5 89.7 0.03 %
Metro R Services Inc. and Metal & Roof Supplies, Inc. (#,^) 6704 Main St., Miami Lakes, FL 33014 Repair and Maintenance Term Loan Prime plus 2.75% 8/21/2029 183.5 183.5 172.0 0.05 %
Auto Unique LLC (#,^) 135 Clove Branch Rd, Hopewell Junction, NY 12533 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/20/2044 12.2 12.2 13.7 — %
William Martinez dba Bad Ass Coffee of Hawaii (#) 8343 Kaula Drive, Fair Oaks, CA 95628 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2029 21.7 21.7 18.2 0.01 %
Signature Rooms, Inc. (#,^) 4348 Waialae Ave Unit 315, HONOLULU, HI 96816 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/19/2029 159.8 159.8 165.4 0.05 %
24
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 2200 Eastridge Loop, San Jose, CA 95122 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/15/2029 106.5 106.5 97.8 0.03 %
AJN Innovations LLC dba Burgerim (#) 637 Boston Post Rd, Guilford, CT 06437 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/15/2030 63.4 63.4 53.1 0.02 %
American Healthy Vending, Inc (#,^) 3888 Lightner Rd, Vandalia, OH 45377 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 100.6 100.6 87.9 0.03 %
Accelerate Educational Solutions, LLC dba Tutor My Success (#,^) 1410 Pine Ridge Rd, Ste 13, Naples, FL 34108 Educational Services Term Loan Prime plus 2.75% 8/14/2029 16.3 16.3 13.4 — %
Ranson Excavating, Inc (#,^) 82555 Grass Flat Lane, Indio, CA 92203 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/13/2029 14.2 14.2 11.5 — %
KM Electrical Services, Inc (#,^) 695 Independence DrIive, Napoleon, OH 43545 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/12/2029 73.4 73.4 59.9 0.02 %
Love Playing LLC (#) 6201 Centennial Blvd, Nashville, TN 37209 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 153.9 153.9 134.3 0.04 %
Elixir Enterprises, LLC dba Guilford Renee's (#,^) 27603 Pkwy Rd, Easton, MD 21601 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 18.5 18.5 15.1 — %
Suite Luxury, Inc (#,^) 632 N Broadway, Amityville, NY 11701 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/7/2029 17.8 17.8 14.5 — %
A & S Services LLC dba Kona Ice of Troy (#) 18350 Kedzie Ave Ste 204, Homewood, IL 60430 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 11.9 11.9 11.3 — %
Accord Law, APC (#,^) 1850 Rochester Rd, Canadaigua, NY 14424 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2029 7.1 7.1 5.8 — %
Leader Engineering-Fabrication, Inc. (#,^) 27720 Ave Scott, Santa Clarita, CA 91355 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/2/2029 118.5 118.5 122.6 0.04 %
Billy Auto Inc (#,^) 54 West Milton Rd, Milton, VT 5468 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 320.9 320.9 324.6 0.10 %
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL (#,^) 3111 N. University Drive, Coral Springs, FL 33065 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 541.2 541.2 467.7 0.14 %
Healthcare Holdings of America, LLC, Senior Market Advisors, Inc, CHA (#,^) 5246 SW 8th St 103B, Coral Gables, FL 33134 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/31/2029 417.7 417.7 397.7 0.12 %
Joseph Centonze dba Off Kilter Kilts (#,^) 3111 Princeton Rd, Hamilton, OH 45011 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/31/2029 7.7 7.7 6.3 — %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc. (#,^) 130 Charter Oak Drive, Canyon Lake, TX 78133 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/31/2029 724.6 724.6 676.2 0.21 %
Humd, LLC dba La Rosa Chicken and Grill (#) 28940 Golden Lantern, Laguna Niguel, CA 92677 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2030 130.9 130.9 111.9 0.03 %
Gray Rock Quarry, LLC and William E Dailey III (#,^) 13373 Highway 3235, Larose, LA 70373 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 7/31/2044 445.1 445.1 415.1 0.13 %
St. Francis Home Health Inc (#,^) 1436 Ayala Dr, Unit M, Rialto, CA 92376 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 70.6 70.6 57.4 0.02 %
Living Spring Home Health Inc. (#,^) 2565 E 17th St, Ammons, ID 83406 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 127.0 127.0 113.6 0.03 %
25
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
La Mount Group LLC (#,^) 288 North Industrial Park Drive, Liberty, MS 39645 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 240.0 240.0 195.0 0.06 %
Canyon Lake Kids Academy, LLC (#,^) 611 Greenville Blvd SE, Greenville, NC 27858 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 97.0 97.0 103.5 0.03 %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari (#,^) 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 10.7 10.7 9.4 — %
Dant A Sandras, D.D.S. LLC (#,^) 9027 Canoga Ave, Canoga Park, CA 91301 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/30/2029 202.9 202.9 171.2 0.05 %
Roman Tint Inc. (#,^) E 2947 H-44, Traunik, MI 49891 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/30/2029 7.8 7.8 6.6 — %
Jbelis Stop N' Go, LLC dba Planet Smoothie (#,^) 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 18.4 18.4 15.3 — %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL (#,^) 739 NE MLK Blvd, Portland, OR 97221 Apparel Manufacturing Term Loan Prime plus 2.75% 7/30/2044 55.5 55.5 61.2 0.02 %
Grad Street LLC (#) 2766 West Good CT, Boise, ID 83702 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 11.9 11.9 11.3 — %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC (#,^) 16465 MN-65, Ham Lake, MN 55304 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 777.4 777.4 785.1 0.24 %
Hodges Family Entertainment LLC dba Space Cadets Indoor Playground (#) 520 N Franklintown Rd, Baltimore, MD 21223 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/30/2029 14.7 14.7 13.2 — %
Micheal Birch and Tracy M. Pierce (#,^) 6600 Liberty Rd, Gwynn Oak, MD 21207 Gasoline Stations Term Loan Prime plus 2.75% 7/29/2044 53.9 53.9 58.6 0.02 %
Moore Chiropractic Center, P.A. (#,^) 209-34 112 Ave, Queens Village, NY 11429 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 8.6 8.6 8.6 — %
Power Associates Inc. (#,^) 5101 Stine Rd, Bakersfield, CA 93313 Real Estate Term Loan Prime plus 2.75% 7/26/2029 14.1 14.1 11.5 — %
Sou's LLC (#,^) 1201 N Goliad St., Rockwall, TX 75087 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/26/2029 5.6 5.6 5.1 — %
Dan Dahlin Inc. (#,^) 3665 SW Hall Blvd, Beaverton, OR 97005 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/26/2044 403.7 403.7 454.7 0.14 %
Franklin Care Pharmacy Incorporated (#,^) 125 Chestnut Hill Drive, York, PA 17408 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/25/2029 51.1 51.1 52.8 0.02 %
A&W ALF, LLC dba A & W Assisted Living Facility (#,^) 1000 North Highway 77, Hillsboro, TX 76645 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/24/2044 98.7 98.7 108.9 0.03 %
Hardrock Alpha Enterprises, LLC (#,^) 112 South Main St., Spring Hill, KS 66083 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/19/2029 14.8 14.8 12.5 — %
700 Services Inc.dba 700 Credit Repair (#,^) 6013 McRaven Rd, Jackson, MS 39209 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 7/19/2029 7.1 7.1 5.7 — %
Lawrence Adeyemo & Co LLC (#) 6701 West 23rd St., St. Louis Park, MN 55426 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.5 9.5 9.0 — %
Bonfire Hot Yoga LLC (#,^) 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 Educational Services Term Loan Prime plus 2.75% 7/18/2029 7.8 7.8 6.5 — %
26
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
JDM2 Water Station LLC (#,^) 1504 Chestnut St., Mishawaka, IN 46545 Nonstore Retailers Term Loan Prime plus 2.75% 7/18/2029 197.0 197.0 178.9 0.05 %
Ameritube, LLC (#,^) 5425-D Hamilton Ave, Cleveland, OH 44114 Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/18/2029 111.6 111.6 115.4 0.04 %
The Bean Coffee Co. LLC (#) 10401 S Belcher Rd, Largo, FL 33771 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 11.9 11.9 11.3 — %
Baton Rouge Cargo Services Inc (#,^) 1612 Jackson St., Spirit Lake, IA 51360 Support Activities for Transportation Term Loan Prime plus 2.75% 7/17/2044 288.8 288.8 301.1 0.09 %
Garage Floor Coating of MN.com,LLC (#,^) 4940 Merrick Rd, Massapequa Park, NY 11762 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/16/2044 983.4 983.4 1,004.8 0.31 %
Bouquet Canyon Kennels (#,^) 88 High St., Mountclair, NJ 07042 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 297.5 297.5 298.9 0.09 %
Adam Family Bowl Inc (#,^) 2135 Gallatin Pike N, Store 4, Madison, TN 37115 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/16/2044 131.3 131.3 140.2 0.04 %
Beacon Metal Fabricators, Inc. (#,^) 9130 Wayfarer Ln, Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/12/2029 65.9 65.9 60.6 0.02 %
VGI Medical LLC (#,^) 48 Horse Hill Rd, Cedar Knolls, NJ 07927 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 7/12/2044 322.2 322.2 362.9 0.11 %
Last Touch, LLC (#,^) 574-614 Tonnelle Ave, Jersey City, NJ 07307 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/11/2044 100.2 100.2 102.9 0.03 %
D DeGregoria LLC dba The UPS Store 4235 Massapequa (#,^) 1085 Telegraph St, Reno, NV 89502 Couriers and Messengers Term Loan Prime plus 2.75% 7/10/2029 74.6 74.6 62.4 0.02 %
Menskha Inc (#) 2 Greenwich Office Park, Ste 260, Greenwich, CT 06831 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 11.9 11.9 11.3 — %
Nash-Delphia LLC (#,^) 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/2/2029 14.0 14.0 11.4 — %
Anderson Companies LLC (#,^) 116 Toledo Drive, Lafayette, LA 70506 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 203.1 203.1 213.8 0.07 %
Advance Transit LLC (#,^) 6607 S Central Ave, Phoenix, AZ 85042 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 749.7 749.7 804.8 0.25 %
Sundown Audio, LLC (#,^) 514 West 21St St., Newton, NC 28658 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/28/2044 896.4 896.4 914.0 0.28 %
Specialty Surgery Center, Inc. (#,^) 1172 Co Rd 956, Ashland, OH 44805 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 1,167.7 1,167.7 1,036.6 0.32 %
Balboa Fashion LLC (#,^) 5505 Peachtree Dunwoody Rd Stes 640,645, Atlanta, GA 30342 Apparel Manufacturing Term Loan Prime plus 2.75% 6/28/2029 7.0 7.0 5.7 — %
Nevada Recycling and Salvage LTD, AMCB LLC (#,^) 200 E Chestnut St, Chicago, IL 60611 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,232.6 1,232.6 1,247.1 0.38 %
Upul's Travel Service & Tours Inc (#,^) 3015 S White Horse Pike, Hammonton, NJ 08037 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2029 257.3 257.3 208.6 0.06 %
Big Picture Group LLC (#,^) 1033 River St., Port Huron, MI 48060 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2029 140.2 140.2 113.7 0.03 %
5161 LLC (#,^) 694 Main St. South, Woodbury, CT 06798 Nonstore Retailers Term Loan Prime plus 2.75% 6/28/2029 1,110.6 1,110.6 1,011.6 0.31 %
27
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Kim Howard Corp dba NPN Machine Tools (#,^) 654 Shoppers Lane, Covina, CA 91723 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2029 198.7 198.7 205.2 0.06 %
Jian Yang and Kanger House LLC (#,^) 935 N La Jolla, Los Angeles, CA 90046 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/27/2029 112.2 112.2 91.5 0.03 %
Port Huron Ophthalmology, PLLC dba Black River Optical (#,^) 1478 E Mountain Drive, Santa Barbara, CA 93108 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 14.0 14.0 11.4 — %
Crestview Ridge Farms LLC (#,^) 654 Shopping Lane, Covina, CA 91723 Crop Production Term Loan Prime plus 2.75% 6/28/2044 530.5 530.5 562.1 0.17 %
Richmond Street Partners, LLC (#,^) 66 Twin Oaks Rd, Bridgewater, NJ 08807 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/28/2029 89.3 89.3 73.3 0.02 %
K & K Restaurant LLC (#,^) 904 Suncook Valley Hwy, Epsom, NH 3234 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 133.2 133.2 145.9 0.04 %
Baobab Asset Management LLC (#,^) 352 Bedford St., Lakeville, MA 2347 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2029 46.8 46.8 37.9 0.01 %
Southern Specialties Transportation LLC (#,^) 177 W Cottonwood Ln, Ste 12, Casa Grande, AZ 85122 Truck Transportation Term Loan Prime plus 2.75% 6/28/2029 160.2 160.2 154.3 0.05 %
Good News Cafe, LLC (#,^) 251 Little Falls Drive, Wilmington, DE 19807 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 246.6 246.6 251.2 0.08 %
NJ Floats Inc (#,^) 145 Moon Rd, Chesapeake City, MD 21915 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2044 173.5 173.5 195.4 0.06 %
Upul's Travel Service & Tours Inc (#,^) 2429 Iowa St. Stes B, C and D, Lawrence, KS 66046 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 345.2 345.2 334.5 0.10 %
Tim's Truck Capital & Auto Sales, Inc (#,^) 2300 Nooseneck Hill, Coventry, RI 2816 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/27/2029 198.8 198.8 205.3 0.06 %
Ailky Corporation & Wyspen (#,^) 580 39 Rd, Palisade, CO 81526 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 45.6 45.6 37.0 0.01 %
Pawfection Pet Services LLC (#,^) 1327 Wood Branch Drive, Charlotte, NC 28273 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 9.8 9.8 8.0 — %
Boucherie US Inc (#,^) 1491 Hammond St., Bangor, ME 04401 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2029 1,101.4 1,101.4 893.1 0.27 %
S & T Hardware Inc (#,^) 1033 Cannon Bridge Rd, Cordova, SC 29039 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2044 198.4 198.4 223.5 0.07 %
BB Services, LLC (#,^) 22413 Barton Rd, Grand Terrace, CA 92313 Truck Transportation Term Loan Prime plus 2.75% 6/27/2029 105.9 105.9 89.9 0.03 %
Shooter's Gun Club, LLC (#) 2221 Pelham Pkwy, Pelham, AL 35124 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/27/2030 179.3 179.3 151.4 0.05 %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site (#,^) 183 Russ St., San Francisco, CA 94103 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 1,169.5 1,169.5 1,107.9 0.34 %
Crescent Event Productions, Inc (#,^) 4120 7th Ave, Kenosha, WI 53140 Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2029 327.4 327.4 278.5 0.09 %
Selective Automotive & Accessories Group, Inc (#,^) 4 Mechanic St., Natick, MA 01760 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 233.7 233.7 207.8 0.06 %
28
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Kaz Ramen, L.L.C. (#,^) 3542 Glendale Ave, Toledo, OH 43614 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 21.0 21.0 17.2 0.01 %
Tekoa Enterpises, Inc (#,^) 8101 Miller Rd 2, Houston, TX 77049 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 53.0 53.0 46.3 0.01 %
Soft Touch Tissue & Paper LLC (#,^) 1213 W Mallory Ave, Milwaukee, WI 53221 Paper Manufacturing Term Loan Prime plus 2.75% 6/26/2044 231.9 231.9 261.2 0.08 %
Perfect Water LLC (#,^) 1491 Hammond, Bangor, MA 4401 Nonstore Retailers Term Loan Prime plus 2.75% 6/26/2029 67.8 67.8 61.2 0.02 %
RWBB Enterprises, LLC (#,^) 1115 S Homer Blvd, Sanford, NC 27330 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2044 75.0 75.0 80.7 0.02 %
JFK Transportation Inc (#,^) 137 3rd St, Brooklyn, NY 11231 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/26/2029 97.9 97.9 84.0 0.03 %
Child Care Ventures LLC dba Childcare Adventures ELC (#,^) 6655 Country Rd 32, Norwich, NY 13815 Social Assistance Term Loan Prime plus 2.75% 6/26/2044 145.5 145.5 144.0 0.04 %
All-City Towing LLC, Jeffrey James Piller (#,^) 125 Venture Blvd, Spartanburg, SC 29306 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 378.6 378.6 350.5 0.11 %
Lynx Inspection Technologies LLC (#,^) 1115 S. Horner Blvd, Sanford, NC 27330 Support Activities for Mining Term Loan Prime plus 2.75% 6/26/2044 569.3 569.3 641.2 0.20 %
Soft Touch Tissue & Paper LLC (#) 6 Venture Ste 305, Irvine, CA 92618 Paper Manufacturing Term Loan Prime plus 2.75% 12/26/2029 109.2 109.2 113.2 0.03 %
Paradise Towing & Recovery Inc (#,^) 1924 Ruffin Mill Rd, Colonial Heights, VA 23834 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2029 99.5 99.5 93.3 0.03 %
Vanchoc Transport Inc (#,^) 34683 Nova Dr, Clinton Twp, MI 48035 Rental and Leasing Services Term Loan Prime plus 2.75% 6/25/2029 40.7 40.7 36.6 0.01 %
Spartan Technology Solutions, Inc (#,^) 3273 South John Young Pkwy, Kissimmee, FL 34746 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2044 481.8 481.8 489.1 0.15 %
567 Logistics, LLC (#,^) 63 Hebron Ave, Ste F, Glastonbury, CT 06033 Support Activities for Transportation Term Loan Prime plus 2.75% 6/25/2029 46.8 46.8 40.2 0.01 %
Worldwide Capital Management Inc. (#,^) 2766 Bay Rd, Redwood City, CA 94063 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2029 135.6 135.6 110.0 0.03 %
Professional Tire Limited Liability Company (#,^) 3212 Alex Trask Drive, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 137.6 137.6 142.5 0.04 %
Paradise Towing & Recovery Inc (#,^) 295 E WASHINGTON AVE, SUNNYVALE, CA 94086 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 72.5 72.5 81.6 0.02 %
Krsto, LLC dba Italian Butter Breadsticks (#,^) 1 Grace Cove Rd, New Shoreham, RI 02807 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 188.1 188.1 200.1 0.06 %
Sweets By Karla LLC (#,^) 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 12.0 12.0 9.8 — %
Scissor Kids Inc (#,^) 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 15.2 15.2 12.6 — %
Peninsula Self Defense LLC (#,^) 18201 Von Karman,Suite 300, Irvine, CA 92612 Educational Services Term Loan Prime plus 2.75% 6/21/2029 4.9 4.9 4.2 — %
Port Diesel L.L.C. (#) 34565 Ranch Drive, Brownsville, OR 97327 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 11.8 11.8 11.2 — %
29
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Small Batch Creations Inc. dba The Office Bar & Grill (#,^) 10201 McKalla Place, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2029 55.9 55.9 45.3 0.01 %
LuLuBelle's Mountain Banana Bread LLC (#) 6949 Wall Triana Hwy, Madison, AL 35757 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 181.8 181.8 197.2 0.06 %
William Rose Inc (#,^) 704 N Liberty St., Shamokin, PA 17872 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 86.3 86.3 78.5 0.02 %
Campuscuts LLC (#) N6630 WI-49, Weyauwega, WI 54983 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.1 7.1 6.7 — %
Gribben & Associates, Inc (#,^) 6570 W Highway 67, Cleburne, TX 76033 Truck Transportation Term Loan Prime plus 2.75% 6/21/2029 674.9 674.9 547.3 0.17 %
Central Texas Hygiene, LLC (#,^) 110 E 59th St ,31st floor, New York, NY 10022 Administrative and Support Services Term Loan Prime plus 2.75% 6/20/2029 82.3 82.3 66.8 0.02 %
AA Horseplay, LLC (#) 401 N Kuner Rd, Brighton, CO 80601 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 11.8 11.8 11.2 — %
Zion Motors Inc (#,^) 3981 E Dunrobin Dr., Springfield, MO 65809 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/19/2044 59.9 59.9 61.7 0.02 %
International Institute for Learning Inc. (#,^) 9858 W Sample Rd, Coral Springs, FL 33065 Educational Services Term Loan Prime plus 2.75% 6/19/2029 280.6 280.6 227.6 0.07 %
Providence Management Environmental, LLC, Tindol Energy Group, LLC (#,^) 501 Jackson St, Camden, NJ 08104 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2029 259.7 259.7 256.7 0.08 %
Beck's Pub & Grill LLC (#,^) 3830 Doctor M.L.K. Jr Blvd, Anderson, IN 46013 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2044 69.0 69.0 74.3 0.02 %
Bader Furniture Company Inc. (#,^) 3888 Lightner Rd, Vandalia, OH 45377 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/19/2029 7.0 7.0 7.2 — %
American Demolition, Inc (#,^) 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2029 175.3 175.3 181.1 0.06 %
JLM Consulting LP (#,^) 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2029 18.5 18.5 15.0 — %
Bonadi Inc. dba Polished Salon (#) 199-211 Central Ave, Orange, NJ 07080 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 11.8 11.8 11.2 — %
3 Rusty Nails, LLC dba The Gathering Place at 3 Rusty Nails (#,^) 4210 College St., Beaumont, TX 77707 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/14/2044 86.3 86.3 93.5 0.03 %
Kego 2 LLC dba Jon Smith Subs 80025 (#,^) 4210 College St., Beaumont, TX 77707 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 100.4 100.4 85.2 0.03 %
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC (#,^) 4299 South 2675 West, Roy, UT 84067 Food Manufacturing Term Loan Prime plus 2.75% 6/14/2029 290.2 290.2 259.8 0.08 %
A & S Services LLC dba Kona Ice of Troy (#,^) 1514 W. 33rd St., Chicago, IL 60608 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2044 44.4 44.4 47.6 0.01 %
Law Office of Paula Padilla PLLC (#) 15922 Eldorado Pkwy, Ste 500-1579, Frisco, TX 75035 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.7 4.7 4.5 — %
Picon Motors LLC dba The New Young's Motors (#,^) 3739 E Ridgeway Rd, Orange, CA 92867 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2029 218.5 218.5 213.9 0.07 %
30
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
GT Performance Plus Inc (#,^) 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2044 97.7 97.7 105.0 0.03 %
Ivesters Transportation, Inc (#,^) 1118 Thornberry Dr, Clarksville, TN 37043 Truck Transportation Term Loan Prime plus 2.75% 6/11/2029 233.6 233.6 198.6 0.06 %
GT Performance Plus Inc (#,^) 7130 Crater Lake Highway, White City, OR 97503 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2029 71.4 71.4 59.1 0.02 %
Archer Cleaners Inc (#) 127 East King St., Martinsburg, WV 25401 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 11.8 11.8 11.2 — %
Independent Transport, LLC dba Independent Water (#,^) 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Nonstore Retailers Term Loan Prime plus 2.75% 6/10/2029 191.1 191.1 173.8 0.05 %
Smith and Son Plumbing, LLC (#,^) 749 8th St., Washington, DC 20003 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/10/2029 77.2 77.2 66.5 0.02 %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#,^) 3097 24th Ave, Hudsonville, MI 49426 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 238.4 238.4 252.3 0.08 %
Johnny's Boy LLC (#,^) 4261 Business Drive, Cameron Park, CA 95682 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/7/2044 99.9 99.9 104.7 0.03 %
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog (#,^) 24870 Burnt Pine Drive, Bonita Springs, FL 34134 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2029 37.4 37.4 32.9 0.01 %
J&A Elliott Company (#,^) 4748 Hopyard Rd, Pleasanton, CA 94588 Nonstore Retailers Term Loan Prime plus 2.75% 6/7/2029 9.8 9.8 10.1 — %
Allison K. Chipak dba Still Photography (#) 2600 Brookwood Way Drive, Unit 311, Rolling Meadows, IL 60008 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 11.8 11.8 11.2 — %
Skin Beauty Bar Inc (#,^) 575 Underhill Blvd, Ste 216, Syosset, NY 11791 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 4.9 4.9 4.0 — %
Jamestown Quick Stop LLC (#,^) 304 1/2 Main St., Edgefield, SC 29824 Food and Beverage Stores Term Loan Prime plus 2.75% 6/5/2044 68.7 68.7 70.7 0.02 %
Preferred Manufacturing Services Inc (#,^) 1450 Oakbrook Dr, Norcross, GA 30093 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/5/2029 444.4 444.4 459.0 0.14 %
Oasis Senior Advisors Franchise Systems, LLC (#,^) 1307 27th St. Apt B, North Bergen, NJ 07047 Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Term Loan Prime plus 2.75% 6/4/2029 292.3 292.3 291.3 0.09 %
Italian Heritage Tile and Stone Inc (#,^) 1698 SW Pancoast St., Port St Lucie, FL 34987 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/4/2029 81.9 81.9 67.5 0.02 %
Evoke Growth Advisory LLC (#,^) 28803 US-6, Rifle, CO 81650 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2029 7.0 7.0 5.7 — %
Morey Publishing LLC (#,^) 486 Vance St., Forest City, NC 28043 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2029 58.1 58.1 47.7 0.01 %
V & M Transportation LLC (#,^) 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 12.2 12.2 9.9 — %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G (#,^) 7707 S IH 35 Frontage Rd #730, Austin, TX 78744 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 109.2 109.2 91.9 0.03 %
31
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Martin Inventory Management, LLC (#,^) 2715 Palomino Circle, La Jolla, CA 92037 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 46.5 46.5 47.0 0.01 %
Aspen Welding LLC (#,^) 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/30/2044 403.5 403.5 426.4 0.13 %
SSD Designs, LLC (#,^) 1885 Briargate Pkwy, Space D-413, Colorado Springs, CO 80920 Chemical Manufacturing Term Loan Prime plus 2.75% 5/30/2044 418.7 418.7 464.0 0.14 %
Inside & Out Maintenance LLC (#,^) 5926 Vinings Vintage Way, Mableton, GA 30126 Administrative and Support Services Term Loan Prime plus 2.75% 5/30/2029 92.9 92.9 76.1 0.02 %
AGR, Inc (#,^) 2820 US Hwy 98 N, Lakeland, FL 33805 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 774.7 774.7 853.0 0.26 %
Brooklyn Breakfast Shop LLC (#,^) 46 Cherry St., Milton, VT 5468 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2029 4.6 4.6 4.1 — %
Canela Media Inc (#,^) 705 E Brookwood PL, Valdosta, GA 31601 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/29/2029 110.4 110.4 94.8 0.03 %
PD Financial LLC (#,^) 120 Corporate Ln, New Bern, NC 28562 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 5/28/2044 48.3 48.3 51.1 0.02 %
SV Enterprise LLC dba Haagen-Dazs (#,^) 1003 Bishop St., Honolulu, HI 96813 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2029 86.2 86.2 70.0 0.02 %
2820 US HWY 98 N LLC dba Total Package Car Wash (#) 1901 N Federal Highway, Ste 212, Pompano Beach, FL 33062 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 124.1 124.1 125.3 0.04 %
MCM Design LLC (#) 131 East Trinity Place, Decatur, GA 30030 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.4 9.4 8.9 — %
Top Notch Roofing, Inc (#,^) 2464 US-29, Pensacola, FL 32505 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/23/2029 114.3 114.3 96.9 0.03 %
McGuckin & Pyle Inc (#,^) 18 West Chestnut St.,Unit 2F, Chicago, IL 60610 Machinery Manufacturing Term Loan Prime plus 2.75% 5/23/2044 303.7 303.7 321.2 0.10 %
Clowers Trucking By Faith LLC (#) 365 Lowe's Drive, Ste H, Danville, VA 24540 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 11.6 11.6 10.9 — %
Gratitude Training, LLC (#,^) 430 a/k/a 450 South Highway 165, Branson, MO 65616 Administrative and Support Services Term Loan Prime plus 2.75% 5/22/2029 69.7 69.7 56.7 0.02 %
ES&A, INC., A LAW CORPORATION (#,^) 1030 Gettysburg Ave, Clovis, CA 93161 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/22/2029 104.6 104.6 86.0 0.03 %
Bloomquist Communications Inc. dba FastSigns 42501 (#,^) 208 East Main St., Elma, WA 98541 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/22/2029 13.9 13.9 11.5 — %
Anchor Up Fitness and Nutrition, LLC (#,^) 6903 Lakegreen Ct, Louisville, KY 40291 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/21/2029 18.8 18.8 16.9 0.01 %
Kappa Investments LLC dba Buddy's Home Furnishings (#,^) 10235 W Roosevelt Rd, Westchester, IL 60154 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 403.3 403.3 329.0 0.10 %
Covalent Holding LLC (#,^) 302 E. Millitary Hwy U1122, Brackettville, TX 78832 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 225.9 225.9 207.3 0.06 %
BD Branson Victorian LLC dba Branson Surrey Inn (#,^) 119 Hope St., Bristol, RI 02809 Accommodation Term Loan Prime plus 2.75% 5/17/2029 237.4 237.4 245.2 0.07 %
32
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Zeb, LLC dba Papa John's (#,^) 26 Cooper Rd, Byhalia, MS 38611 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 46.5 46.5 38.4 0.01 %
AMP Trucking Inc (#,^) 5903 Seminole Blvd, Seminole, FL 33772 Truck Transportation Term Loan Prime plus 2.75% 5/16/2029 242.5 242.5 196.6 0.06 %
Cut To The Chase 502 LLC (#,^) 221 N Main St, Kingsfisher, OK 73750 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 3.1 3.1 2.8 — %
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, (#,^) 617 Tennessee Ave, Charleston, WV 25302 Accommodation Term Loan Prime plus 2.75% 5/16/2029 17.4 17.4 18.0 0.01 %
The Lobster Pot Inc (#,^) 1250 NW 7th St. Ste 201, Miami, FL 33125 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 363.2 363.2 392.8 0.12 %
Two Pie Lovers LLC dba Pizza Outpost (#,^) 3111 S Valley View Blvd, Las Vegas, NV 89102 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 43.1 43.1 46.3 0.01 %
Crystal D. Walls dba Crystal's Cleaning Service (#) 1341 Brooks St. Unit D, Ontario, CA 91762 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.4 9.4 8.9 — %
Aloha To Go LLC (#,^) 6507 Jester Blvd, Ste #107, Austin, TX 78750 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2029 14.4 14.4 11.7 — %
Blue Country Firearms LLC (#,^) 150 Upper Joe Creek Rd, Manson, WA 98831 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/8/2044 20.7 20.7 20.6 0.01 %
Folklore Music Exchange LLC (#,^) 312 79th Ave North, Myrtle Beach, SC 29572 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 4.8 4.8 3.9 — %
NYM Solutions Inc.dba NYM Solutions, Inc (#) 125 Bradley Rd, Woodbridge, CT 06525 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 11.8 11.8 11.1 — %
Global Enterprises LLC dba Verdi Pizza (#,^) 1619 Malon Bay Drive, Orlando, FL 32828 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 19.4 19.4 15.7 — %
EPIFAB,LLC (#,^) 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 19.8 19.8 17.4 0.01 %
Art Amore Studios, LLC (#,^) 475 West 147th St, Midlothian, IL 60445 Educational Services Term Loan Prime plus 2.75% 5/3/2029 5.2 5.2 4.2 — %
Mark Garvin dba Tipsy Canyon Winery (#,^) 2781 Saturn St. Ste F, Brea, CA 82821 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2044 104.7 104.7 117.8 0.04 %
Life View Prenatal Imagery, LLC (#,^) 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 5.6 5.6 4.8 — %
Modern Trousseau, LLC (#,^) 117 Country Village Drive, Raceland, LA 70394 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/1/2029 290.5 290.5 279.4 0.09 %
Disability Resolution P.A. (#) 1619 Roberts Drive SE, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 2.8 2.8 2.6 — %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 59.5 59.5 58.0 0.02 %
Midlothian Hardware, Inc dba Grills True Value (#,^) 15105 John J Delaney Drive, Ste D 170, Charlotte, NC 28277 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/29/2029 37.0 37.0 38.2 0.01 %
Benevolent International Inc (#,^) 196 N. Holiday Rd, Miramar Beach, FL 32550 Administrative and Support Services Term Loan Prime plus 2.75% 4/26/2029 72.7 72.7 59.0 0.02 %
33
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Pellegrin Marine Transportation, LLC (#,^) 196 N. Holiday Rd, Miramar Beach, FL 32550 Support Activities for Transportation Term Loan Prime plus 2.75% 4/26/2029 119.4 119.4 104.6 0.03 %
Sona USA, Inc (#,^) 1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 152.4 152.4 134.5 0.04 %
ASM Partners LLC (#,^) 6957 W Broward Blvd, Plantation, FL 33317 Nonstore Retailers Term Loan Prime plus 2.75% 4/26/2029 225.6 225.6 205.1 0.06 %
Jones Roger Sherman Inn, Inc. (#,^) 4320 Anthony Court Stes 1,2,3, Rocklin, CA 95677 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 135.1 135.1 139.6 0.04 %
La Dolce Vita LLC. (#,^) 74 Roosevelt St., Pequannock Township, NJ 07440 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2044 463.8 463.8 506.3 0.15 %
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil (#,^) 1083 North Broadway, North Massapequa, NY 11758 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2029 461.9 461.9 404.0 0.12 %
Quality Living Medical Alert, LLC (#,^) 901 W Braker Lane, Austin, TX 78758 Social Assistance Term Loan Prime plus 2.75% 4/24/2029 50.8 50.8 46.0 0.01 %
All My Best Inc. (#,^) 10161 W Park Run Drive, Las Vegas, NV 89145 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 57.7 57.7 49.4 0.02 %
ER & DC McPherson Holdings, LLC (#,^) 8063 Jericho Turnpike, Woodbury, NY 11797 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 44.8 44.8 36.9 0.01 %
2Choice2Friends dba 2 N 1 Salad Bar and Grill (#) 2300 Levit Rd, Lorain, OH 44052 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 11.7 11.7 11.0 — %
Bottles on Broadway, LLC (#,^) 1205 38th Ave North, Myrtle Beach, SC 29577 Food and Beverage Stores Term Loan Prime plus 2.75% 4/17/2029 118.9 118.9 99.0 0.03 %
Modern Demo & Services LLC (#,^) 8728 Tireman Ave, Detroit, MI 48204 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2029 115.5 115.5 95.5 0.03 %
Expert Building Services LLC (#,^) 10017 Pebble Beach Drive, St. Louis, MO 63114 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 18.8 18.8 15.3 — %
Rello, Inc. dba ID Salon (#) 367 Pine Island Rd, North Fort Myers, FL 33903 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.6 5.6 5.3 — %
Cormac Enterprises, Inc (#,^) 17790 State Rd 54, Lutz, FL 33458 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/16/2029 20.8 20.8 17.2 0.01 %
Pranamji Inc dba Ohara's Beverage Spot (#,^) 19972 Willowin Farm Lane, Purceville, VA 20132 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2044 46.5 46.5 47.5 0.01 %
Bill Berger LLC (#,^) 1761 Nostrand Ave, Brooklyn, NY 11226 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/12/2029 8.3 8.3 6.7 — %
Samco Food Corp dba C-Town Supermarket (#,^) 3563 South River Terrace, Edgewater, MD 21037 Food and Beverage Stores Term Loan Prime plus 2.75% 4/12/2029 92.4 92.4 74.9 0.02 %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic (#,^) 7926 Santa Fe Drive, Overland Park, KS 66204 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 40.6 40.6 34.6 0.01 %
Engineered Edibles, LLC (#,^) 512 Verret St., New Orleans, LA 70114 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2029 8.3 8.3 6.7 — %
Southern Gulf Construction, Inc. (#,^) 1155 15th St NW, Washington, DC 20005 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 102.8 102.8 97.0 0.03 %
34
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
CK Heating and Cooling LLC (#,^) 9001 Wentworth Springs Rd, Georgetown, CA 95634 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 18.9 18.9 15.4 — %
Gilpin Enterprises, LLC dba Jon Smith Subs (#,^) 1256 Indian Head Rd, Toms River, NJ 08755 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2029 73.2 73.2 61.7 0.02 %
J.T. ONeill Company, LLC (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Real Estate Term Loan Prime plus 2.75% 4/12/2029 9.0 9.0 7.3 — %
Maxiflex LLC (#,^) 28201 Date Palm Drive, Cathedral City, CA 92234 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/11/2029 57.7 57.7 59.6 0.02 %
VRGE Strategies LLC (#,^) 1101 NW 12TH Ave, Ava, MO 65608 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/10/2029 125.6 125.6 101.8 0.03 %
Georgetown Milling Co, LLC (#,^) 4043 Geer Rd, Hughson, CA 95326 Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2029 11.8 11.8 10.1 — %
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park (#,^) 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/8/2030 557.3 557.3 558.5 0.17 %
Marnon Enterprise LLC (#,^) 40 Sandra Drive, South Windsor, CT 06074 Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 4.4 4.4 3.6 — %
Bose and Avinder, Inc.and Carmel and Preet Inc (#,^) 6895 N. 9th Ave Ste B, Pensacola, FL 32504 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2029 53.1 53.1 54.9 0.02 %
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes (#,^) 3150 West Park Drive, Burnsville, MN 55306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 55.1 55.1 44.7 0.01 %
Turtle Shirts, LLC (#,^) 1112 N Main St, Manteca, CA 95336 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 49.3 49.3 41.2 0.01 %
Complete Care IT LLC (#,^) 4900 Hopyard Rd, Pleasanton, CA 94588 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 48.2 48.2 39.2 0.01 %
La Favorita Radio Network (#,^) 4458 West Vernor Hwy, Detroit, MI 48209 Broadcasting (except Internet) Term Loan Prime plus 2.75% 3/29/2029 344.0 344.0 293.7 0.09 %
J Brothers Enterprises, LLC (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2044 634.1 634.1 633.0 0.19 %
Ren Investment Group Inc dba True Positon Manufacturing (#,^) 3728 W McKinley Ave, Fresno, CA 93772 Machinery Manufacturing Term Loan Prime plus 2.75% 3/29/2029 794.5 794.5 661.0 0.20 %
EJ & James Transport LLC (#,^) 9371 Jackson Rd, Sacramento, CA 95826 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 8.7 8.7 7.8 — %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#,^) 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 151.3 151.3 122.7 0.04 %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola (#,^) 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 91.8 91.8 74.7 0.02 %
Hamsons Inc. (#,^) 13031 S Western Ave, Blue Island, IL 60406 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/29/2029 172.1 172.1 139.6 0.04 %
Royalty Freight Inc. (#,^) 7190 SW 87th Ave Ste 203, Miami, FL 33173 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 392.6 392.6 351.9 0.11 %
35
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Key HR Associates, Inc dba Parents Choice for Kids (#,^) 109 W Fern St., Tampa, FL 33604 Social Assistance Term Loan Prime plus 2.75% 3/29/2044 446.1 446.1 452.6 0.14 %
Stillwater Ventures, LLC (#,^) 128 Cowesett Ave, West Warwick, RI 2893 Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2029 381.9 381.9 349.7 0.11 %
Pizzaplex L3C (#,^) 8272 W. Sunset Blvd, Los Angeles, CA 90048 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 41.1 41.1 34.4 0.01 %
Bayco Enterprises, Inc (#,^) 10241 Metro Pkwy# 108, Ft Myers, FL 33966 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2044 195.4 195.4 219.8 0.07 %
Raven's Place LLC (#,^) 10670 Parkside Drive, Knoxville, TN 37922 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 675.9 675.9 696.4 0.21 %
Bright Freight Solution, LLC (#,^) 4801 South University Drive Ste 125, Davie, FL 33328 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 1,106.2 1,106.2 965.3 0.29 %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (#,^) 1485 Chain Bridge Rd, Ste 304 & 305, McLean, VA 22101 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2044 820.8 820.8 822.7 0.25 %
NuBe Business Group LLC (#,^) 18427 New Kent Hwy, Barhamsville, VA 23011 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2044 40.3 40.3 45.3 0.01 %
Felipe Antonio Del Valle M.D. P.A. (#,^) 202 S First St., Wakeeney, KS 67672 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2029 13.8 13.8 11.2 — %
StillBasi Holdings, Inc. dba Buxton Auto Transport (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 275.4 275.4 239.2 0.07 %
Knoxville Room Service (#,^) 4720 NW 2nd Ave Unit D104 and Unit D-105, Boca Raton, FL 33498 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2029 6.2 6.2 5.3 — %
Outtasight Careers, LLC dba Gecko Hospitality (#,^) 2414 W Battlefield Ste H, Springfield, MO 65807 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 47.7 47.7 38.7 0.01 %
Cleland Pharmacy LLC (#,^) 900 West Northern Lights Blvd, Anchorage, AK 99503 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/28/2029 20.7 20.7 21.3 0.01 %
Planet X Tobacco & Gift, LLC (#,^) 1220 Broadcasting Rd, Ste 202, Wyomissing, PA 19610 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/28/2044 280.9 280.9 303.7 0.09 %
J.C. Pallet Company, Inc. (#,^) 5335 E. Kaviland Ave, Fresno, CA 93725 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 413.1 413.1 384.5 0.12 %
Custom Vinyl Products LLC (#,^) 260 Enterprise Drive, Newport News, VA 23603 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/28/2044 995.4 995.4 1,039.4 0.32 %
Four Seasons Laser Center Inc. (#,^) 3949 New Rd, Youngstown, OH 44515 Personal and Laundry Services Term Loan Prime plus 2.75% 3/28/2029 13.8 13.8 13.0 — %
RG Productions LLC (#,^) 206 Rohrerstown Rd, Lancaster, PA 17603 Rental and Leasing Services Term Loan Prime plus 2.75% 3/28/2029 142.6 142.6 127.0 0.04 %
GS Bath Inc (#,^) 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 Truck Transportation Term Loan Prime plus 2.75% 3/28/2029 286.9 286.9 254.3 0.08 %
Cocomo Joe's LLC (#,^) 1415 W Anderson St., Stockton, CA 95206 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2029 3.2 3.2 2.9 — %
PA Sobol Partners LLC dba Sobal (#,^) 674 LA- 8, Sicily Island, LA 71368 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2029 47.1 47.1 40.0 0.01 %
Skaggs RV Outlet ,LLC (#,^) 2543 Eliot St., Denver, CO 80211 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/28/2029 229.4 229.4 236.6 0.07 %
36
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
DC AG, LLC dba Big B Sales (#,^) 2880 Carol Rd, East York, PA 17402 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2044 577.9 577.9 589.6 0.18 %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 317 N Farview Ave, Paramus, NJ 07652 Truck Transportation Term Loan Prime plus 2.75% 3/27/2029 68.8 68.8 70.9 0.02 %
Cinco Fit LLC dba Cinco Fit (#,^) 315 Sylamore Ave, Mountain View, AR 72560 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2029 151.5 151.5 122.6 0.04 %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#,^) 2454 N East Side Highway,, Elkton, VA 22827 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/27/2029 5.2 5.2 4.2 — %
District 5 Boutique LLC (#,^) 350 15th St. NW, Huron, SD 57350 Nonstore Retailers Term Loan Prime plus 2.75% 3/26/2029 114.7 114.7 92.9 0.03 %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC (#,^) 489 Hamilton Rd, Jacksonville, OR 97530 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,228.8 1,228.8 1,280.1 0.39 %
Virginia Industrial Plastics, Inc. (#,^) 2454 North East Side Highway, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 291.5 291.5 327.5 0.10 %
Skyways, LTD (#,^) 21 S Hope Chapel Rd, Jackson, NJ 08527 Support Activities for Transportation Term Loan Prime plus 2.75% 3/22/2029 757.5 757.5 620.6 0.19 %
Gary Krause dba Gary Krause Landscaping & Design (#,^) 1116 E Main St, Richmond, VA 23219 Administrative and Support Services Term Loan Prime plus 2.75% 3/22/2029 5.5 5.5 4.9 — %
J & C May Properties, LLC (#,^) 8704 Grand Ave, Billings, MT 59106 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/22/2044 1,114.5 1,114.5 1,064.5 0.33 %
Virginia Industrial Plastics, Inc. (#,^) 2320 138TH ST, Blue Island, IL 60406 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2029 248.5 248.5 256.3 0.08 %
The Karate Dojo LLC (#,^) 2320 138th St., Blue Island, IL 60406 Educational Services Term Loan Prime plus 2.75% 3/21/2029 4.1 4.1 3.3 — %
Dependable Lawn Care, Inc. (#,^) 5979 NW 151st St, Miami Lakes, FL 33014 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2029 479.8 479.8 420.2 0.13 %
Pitman Holding LLC (#,^) 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2029 6.9 6.9 6.0 — %
American Trails Transport, LLC (#,^) 9400 South Saginaw St., Unit 1, Grand Blanc, MI 48439 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 50.5 50.5 44.3 0.01 %
Dependable Lawn Care, Inc. (#,^) 1 Williams Lane, Old Saybrook, CT 06475 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2044 187.2 187.2 206.5 0.06 %
Michigan Neurosurgical Institute P.C. (#,^) 605 W Main St, Oxford, KS 67119 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 166.4 166.4 135.5 0.04 %
Mega Trucking LLC and Olyimpian Industries LLC (#,^) 6505 Shiloh Rd,Units 300,310 and 320, Alpharetta, GA 30005 Truck Transportation Term Loan Prime plus 2.75% 3/20/2029 366.9 366.9 333.1 0.10 %
Sound Manufacturing Inc (#,^) 2917 1st Ave SE, Cedar Rapids, IA 52402 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2029 45.9 45.9 37.1 0.01 %
37
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L (#,^) 23077 Greenfield Rd, Southfield, MI 48075 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2044 349.0 349.0 353.1 0.11 %
Frontline Selling LLC (#,^) 137 3rd St, Brooklyn, NY 11231 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/19/2029 286.9 286.9 295.8 0.09 %
Game Station, Inc. (#,^) 701 Addison Rd, Painted Post, NY 14870 Rental and Leasing Services Term Loan Prime plus 2.75% 3/19/2029 241.0 241.0 211.3 0.06 %
Marvellous Print & Ship LLC (#,^) 1655 E Warm Springs Rd, Las Vegas, NV 89119 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/19/2029 3.1 3.1 2.5 — %
B & W Towing LLC (#,^) 8670 Wilshire Blvd, Beverly Hills, CA 90211 Support Activities for Transportation Term Loan Prime plus 2.75% 3/15/2029 52.8 52.8 54.2 0.02 %
Vanchoc Transport Inc (#,^) 2775 Burris Rd, Davie, FL 33314 Rental and Leasing Services Term Loan Prime plus 2.75% 3/15/2029 80.3 80.3 65.0 0.02 %
Stepping Stones Children's Academy LLC (#,^) 510 South Batavia Ave, Batavia, IL 60510 Social Assistance Term Loan Prime plus 2.75% 3/15/2044 368.6 368.6 388.5 0.12 %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#,^) 5467 W San Fernando Rd, Los Angeles, CA 90039 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 85.4 85.4 71.3 0.02 %
Screening Services Group, LLC (#,^) 14252 W 44th Ave Unit F, Golden, CO 80403 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/14/2029 258.4 258.4 217.5 0.07 %
Space Express, LLC (#,^) 6919 Oak Ridge Commerce Way, Austell, GA 30168 Truck Transportation Term Loan Prime plus 2.75% 3/12/2029 133.1 133.1 111.7 0.03 %
Mill Creek Early Childhood Program LLC (#,^) 76 Ranch Rd a/k/a 3695 Movie Ranch Rd, Duck Creek, UT 84762 Social Assistance Term Loan Prime plus 2.75% 8/11/2029 58.3 58.3 47.4 0.01 %
Kalloren Provel LLC (#,^) 5137 Clareton Dr Ste 100,110 & 120, Agoura Hills, CA 91301 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/8/2044 278.9 278.9 293.9 0.09 %
Precise Air Systems, Inc (#,^) 19138 Molalla Ave, Oregon City, OR 97045 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 240.0 240.0 197.9 0.06 %
Alpine Remediation, Inc, T & M Holdings, LLC (#,^) 15101 West McNichols Rd, Detroit, MI 48235 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2029 80.4 80.4 72.1 0.02 %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha (#,^) 487 Elizabeth Lake Rd, Waterford, MI 48328 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 198.3 198.3 214.1 0.07 %
SG Welch Inc dba Sparks Auto Service (#,^) 2200 N Stonington Ave #120, Hoffman Estates, IL 60169 Repair and Maintenance Term Loan Prime plus 2.75% 3/8/2029 57.4 57.4 47.8 0.01 %
Wildflour Bakery & Cafe LLC (#,^) 3361 Dayton Xenia Rd, Beavercreek, OH 45432 Food Manufacturing Term Loan Prime plus 2.75% 3/8/2029 80.3 80.3 65.0 0.02 %
Seeds of Knowledge Creative Learning Center LLC (#,^) 727 Page Ave., Staten Island, NY 10307 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 22.1 22.1 23.8 0.01 %
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC (#,^) 20 Silver Fox Lane, Sussex, NJ 07461 Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 144.6 144.6 117.0 0.04 %
Wooter Apparel, Inc (#,^) 330Milltown Rd, Ste 22E, East Brunswick, NJ 08816 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 45.6 45.6 37.9 0.01 %
38
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Monkey Bones LLC (#,^) 1600 Carter Cove Rd, Hayesville, NC 28904 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 19.1 19.1 21.5 0.01 %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC (#,^) 484 Summit St, Elgin, IL 60120 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 45.5 45.5 42.7 0.01 %
KSW Agency Inc. (#,^) 32091 Broken Branch Circle, Spanish Fort, AL 36527 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/28/2029 13.7 13.7 14.1 — %
Shah Medical Center SC & Heeena Shyamani (#,^) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Hospitals Term Loan Prime plus 2.75% 2/28/2044 249.2 249.2 238.7 0.07 %
Legacy Roof Contractors LLC (#,^) 7522 Old Linton Hall Rd, Gainesville, VA 20155 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2044 294.5 294.5 297.8 0.09 %
Woodard Electric Services, Inc. (#,^) 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 19.7 19.7 16.3 — %
Matrix Z LLC (#) 949 Turquoise St., San Diego, CA 92109 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 11.6 11.6 10.9 — %
Merdad Dentistry PLLC dba Easy Dental Care (#,^) 3633 B Hill Rd, Parsippany, NJ 07054 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/26/2029 14.4 14.4 11.6 — %
Harbor Management Company Inc dba Jamba Juice (#,^) 1521 Lyon Court a/k/a 2418 Central Ave, Charlotte, NC 28205 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 136.8 136.8 112.7 0.03 %
EasyBooks, Inc. (#,^) 12140 Wickchester Ln STE 130, Houston, TX 77079 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/22/2029 5.5 5.5 4.4 — %
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ (#,^) 98-18 Rockaway Blvd, Ozone Park, NY 11417 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/21/2029 37.6 37.6 31.8 0.01 %
Gomez Advanced Wellness Center, Inc. (#,^) 98-18 Rockaway Blvd, Far Rockaway, NY 11417 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/21/2044 147.3 147.3 154.0 0.05 %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe (#,^) 2130 Providence Highway, Walpole, MA 02081 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 44.3 44.3 35.9 0.01 %
Outler Transportation Services,LLC (#,^) 3775 Carriage Downs CT SW, Snellville, GA 30039 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/19/2029 41.0 41.0 34.1 0.01 %
Bowl 360 Inc. (#,^) 530 Willis Ave, Bronx, NY 10455 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 127.2 127.2 103.7 0.03 %
Rob Barletta's Hockey School, Inc (#,^) 1174 Yellostone Drive, Lake Arrowhead, CA 92532 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 2/19/2029 99.2 99.2 102.3 0.03 %
Bowl 360 Inc. (#,^) 211 West Camellia Drive, Slidell, LA 70458 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 148.3 148.3 133.2 0.04 %
Integris Roofing, Inc (#,^) 9212 Liberty Ave, Ozone Park, NY 11417 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/15/2029 20.5 20.5 16.6 0.01 %
M & M Burgers Inc dba Checkers (#,^) 450 Fremont St #109 and 113, Las Vegas, NV 89101 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 105.3 105.3 87.8 0.03 %
Tony Herring & Associates, Inc (#,^) 600 West Charles St., Matthews, NC 28105 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/14/2029 13.7 13.7 14.1 — %
39
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic (#,^) 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/14/2044 135.8 135.8 152.6 0.05 %
Par-Man, Inc. dba Rockstar Tattoo (#,^) 22015 IH 10 West, San Antonio, TX 78249 Health and Personal Care Stores Term Loan Prime plus 2.75% 2/14/2029 57.0 57.0 46.8 0.01 %
KHSE Parks, Inc. (#,^) 87 Main St. Upper Level, Hastings-on-Hudson, NY 10706 Administrative and Support Services Term Loan Prime plus 2.75% 2/14/2029 75.2 75.2 60.9 0.02 %
Precedence Enterprises LLC dba Spartan Junk Removal (#,^) 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/8/2029 14.7 14.7 12.9 — %
Pamletics LLC dba F45 (#,^) 4119 Gallatin Pike, Nashville, TN 37216 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/8/2029 3.4 3.4 3.1 — %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#,^) 1397 McGuire Rd, Lamar, AR 72846 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/8/2029 154.0 154.0 134.9 0.04 %
EJGR Corp dba Brite Energy Solutions (#,^) 4291 Shoal Line Blvd, Hernando Beach, FL 34607 Utilities Term Loan Prime plus 2.75% 2/8/2029 57.0 57.0 46.4 0.01 %
Creative Counseling Nashville PLLC (#,^) 4371 Durham Court, Denver, CO 80239 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 2.0 2.0 1.6 — %
RIHAHN INC dba RDBL, INC. (#,^) 500 Research Rd, Richmond, VA 23236 Forestry and Logging Term Loan Prime plus 2.75% 2/5/2029 6.3 6.3 6.5 — %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc (#,^) 3808 Vegas Drive, Las Vegas, NV 89108 Accommodation Term Loan Prime plus 2.75% 2/1/2029 13.7 13.7 14.1 — %
Jesus and Son's Landscape Contractors, LLC (#,^) 11109 Old Seward Highway, Anchorage, AK 99515 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 52.4 52.4 44.2 0.01 %
Employer Resource Services LLC dba Data Pool (#,^) 414 Union St, Nashville, TN 37219 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2029 33.8 33.8 27.4 0.01 %
MYC Motors Inc (#,^) 2879 W 95th St. Ste 195, Naperville, IL 60564 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 73.6 73.6 82.7 0.03 %
FNF LLC dba WineStyles (#,^) 55 Green Hill St., West Warwick, RI 2816 Food and Beverage Stores Term Loan Prime plus 2.75% 1/22/2029 224.4 224.4 181.8 0.06 %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans (#,^) 309 Coronado Drive, Clearwater Beach, FL 33767 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 74.8 74.8 60.5 0.02 %
MMC Investors, LLC dba Clean Juice (#,^) 11694 Sudley Manor Drive, Manassas, VA 20109 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/18/2029 80.5 80.5 67.1 0.02 %
Hilco Athletics & Graphics Inc (#,^) 174 El Cerrito Plaza, El Cerrito, CA 94530 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 67.5 67.5 75.8 0.02 %
Fluid Connections LLC dba BurgerIM (#,^) 14865 Highway 92, Woodstock, GA 30188 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 56.7 56.7 50.1 0.02 %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster (#,^) 215 S Persimmon St,, Tomball, TX 77375 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/11/2029 81.6 81.6 67.3 0.02 %
HSR Tacos LLC dba California Tortilla (#,^) 191 Old Tower Hill Rd., South Kingstown, RI 2879 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 49.4 49.4 40.0 0.01 %
Rashed and Shabila LLC (#,^) 1825 N Rocky River Rd, Monroe, NC 28110 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 20.4 20.4 18.2 0.01 %
40
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
The Chop House Inc. (#,^) 49045 Van Dyke Ave, Shelby Charter Township, MI 48317 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2043 547.3 547.3 560.8 0.17 %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC (#,^) 9503 Kenwood Rd, Cincinnati, OH 45242 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/31/2028 213.9 213.9 173.1 0.05 %
Superior Concepts Acquisition Corp (#,^) 10911 Bonita Beach Rd SE Unit 104 A & 104B, Bonita Springs, FL 34135 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 500.0 500.0 533.0 0.16 %
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut (#,^) 1710 Tiles Court, Grand Haven, MI 49417 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 18.4 18.4 21.2 0.01 %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Ct, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2028 108.0 108.0 101.8 0.03 %
Nix and Nix Funeral Home North Inc, (#,^) 1621 W. Dauphin St., Philadelphia, PA 8065 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 558.7 558.7 631.4 0.19 %
American Rewinding of NC Inc dba MTS (#,^) 74 Larkfield Rd, East Northport, NY 11731 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 382.5 382.5 361.6 0.11 %
Omega Funeral and Cremation Services,LLC (#,^) 32302 East Historic Columbia River Hwy, Corbett, OR 97019 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 335.4 335.4 366.7 0.11 %
Capitol Fitness Inc. dba Anytime Fitness Shelby (#,^) 6857 Timbers Drive, Evergreen, CO 80439 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/28/2028 16.4 16.4 15.4 — %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment (#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 454.7 454.7 492.6 0.15 %
Medworxs Inc. (#,^) 2975 W Orange Blossom Trail, Apopka, FL 32712 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2028 9.5 9.5 8.5 — %
East Breeze LLC dba Historic Springdale Pub and Eatery (#,^) 312 W Main St., Red River, NM 87558 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2043 125.8 125.8 140.7 0.04 %
Fave Realty Inc. (#,^) 1912 N Arlington Heights Rd., Arlington Heights, IL 60004 Real Estate Term Loan Prime plus 2.75% 12/27/2043 121.2 121.2 139.7 0.04 %
Reservations Unlimited LLC (#) 450 South Highway 165, Branson, MO 65616 Real Estate Term Loan Prime plus 2.75% 12/26/2043 139.6 139.6 156.3 0.05 %
BD Branson Victorian LLC dba Branson Victorian Inn (#,^) 5141 Topaz Drive, Colorado Springs, CO 80918 Accommodation Term Loan Prime plus 2.75% 12/24/2043 487.7 487.7 547.2 0.17 %
RM Hawkins LLC (#,^) 5 Greentree Center, Marlton, NJ 08053 Nonstore Retailers Term Loan Prime plus 2.75% 12/24/2028 270.2 270.2 256.9 0.08 %
Timios Enterprises Corp dba Palm Court (#,^) 607 West Magnolia Ave, Fort Worth, TX 76104 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2043 694.3 694.3 766.5 0.23 %
Sesolinc GRP, Inc. (#,^) 4500 S Country Rd, Odessa, TX 79768 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/21/2028 338.0 338.0 324.8 0.10 %
D.A.F.S Transport, LLC (#,^) 1101 Stewart Ave Ste 104, Garden City, NY 11530 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 582.0 582.0 587.3 0.18 %
41
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Royalty Freight Inc (#,^) 4015 Jennings Rd, Cleveland, OH 44109 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 87.8 87.8 79.1 0.02 %
ETS Tree Service Inc and Eastern Tree Service, Inc (#,^) 1402 W Park Ave, Orange, TX 77630 Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2028 207.3 207.3 197.7 0.06 %
Kyle M Walker DDS, PC (#,^) 7777 Glades Rd, Ste 100, Boca Raton, FL 33434 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 101.3 101.3 91.2 0.03 %
Diamond Estates LLC (#,^) 3728 W McKinley Ave, Fresno, CA 93722 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 67.5 67.5 60.8 0.02 %
The Law Office of Jared E. Shapiro, P.A (#,^) 24462 NW 9th Place, Newberry, FL 32669 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 10.1 10.1 9.1 — %
Fifth Wheel Truck Stop 001, Inc. (#,^) 110 Court St Ste 1, Cromwell, CT 06416 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 93.1 93.1 83.9 0.03 %
Burgess and Dudley, Incorporated (#,^) 3767 South Golden State Blvd, Fresno, CA 93725 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/21/2028 213.9 213.9 200.5 0.06 %
LP Industries, Inc and Playground Packages, LLC (#,^) 806 Randy Lowery Rd, Statesboro, GA 30461 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 84.4 84.4 76.2 0.02 %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur (#,^) 4813 Pinson Valley Pkwy, Birmingham, AL 35215 Rental and Leasing Services Term Loan Prime plus 2.75% 6/21/2044 167.6 167.6 193.5 0.06 %
Cammarata Associates LLC (#,^) 207 S. Teresa St., Monahans, TX 79756 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 12/21/2028 67.5 67.5 60.8 0.02 %
C&D Trucking & Equipment Service, Inc. (#,^) 2040 Norwood, Lenoir, NC 28645 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2043 115.0 115.0 132.4 0.04 %
Precision Bytes LLC dba Tower Connect (#,^) 6633 Brayton Drive, Anchorage, AK 99507 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 116.9 116.9 105.3 0.03 %
Baseline Health, LLC & Baseline Health Management, LLC (#,^) 23 Main St., Wardsboro, VT 5355 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 107.0 107.0 98.2 0.03 %
Graff Excavating, Inc (#,^) 2043 Coteau Rd, Houma, LA 70364 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2028 176.2 176.2 160.9 0.05 %
Alaska Motor Home Inc (#,^) 803 E State St., Toledo, IA 52342 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 270.4 270.4 260.0 0.08 %
Flashii App, Inc. (#,^) 1671 Belle Isle Ave Ste 110- Office C, Mount Pleasant, SC 29464 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 56.3 56.3 58.5 0.02 %
CK Green Partners, LLC dba Reis and Irvy"s Columbus (#,^) 5010 Augusta Drive, Westerville, OH 43082 Nonstore Retailers Term Loan Prime plus 2.75% 3/20/2029 171.3 171.3 166.0 0.05 %
Hotel Compete, LLC (#,^) 223 W Jackson Blvd, Chicago, IL 60606 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 56.3 56.3 50.7 0.02 %
Healthy and Fresco LLC (#,^) 86 Boston Rd, Chelmsford, MA 01824 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 41.4 41.4 38.6 0.01 %
Local Liberty Inc dba The Wardsboro Country Store (#,^) 75 E Santa Clara St, San Jose, CA 95113 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 152.3 152.3 170.3 0.05 %
42
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC (#,^) 7207 B Lockport Pl, Lorton, VA 22079 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 474.1 474.1 482.7 0.15 %
Roots N Shoots, LLC & Yardplus LLC (#,^) 9800 NW 78th Ave, Hialeah Gardens, FL 33016 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2028 48.6 48.6 44.7 0.01 %
Accent Comfort Services, LLC (#,^) G-2340 West Carpenter Rd, Flint, MI 48505 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 61.9 61.9 56.2 0.02 %
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll (#) 316 NW 24th St., Miami, FL 33180 Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2044 412.7 412.7 462.1 0.14 %
Marlin Lighting LLC (#,^) 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 91.7 91.7 82.6 0.03 %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#,^) 264 Church St, Guilford, CT 06437 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2029 67.5 67.5 64.5 0.02 %
The Cromer Company (#,^) 4477 E 11th Ave, Hialeah, FL 33013 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 450.6 450.6 407.2 0.12 %
Ventures TBD LLC dba The Bottle Tree (#,^) 75 Yerba Buena Lane, San Francisco, CA 94103 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2043 96.9 96.9 105.1 0.03 %
YBL Restaurant Group LLC dba Tropisueno (#,^) 1007 Johnnie Dodds Blvd, Ste 123, Mount Pleasant, SC 29464 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/14/2029 344.2 344.2 313.0 0.10 %
Alpha Omega Trucking LLC (#,^) 148 Holmgren Place, Girdwood, AK 99587 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 63.0 63.0 65.9 0.02 %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena (#,^) 148 Holmgren Place, Girdwood, AK 99587 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 286.1 286.1 268.8 0.08 %
Healthy Human, LLC (#,^) 14432-14452 Stateline Rd, Brookings, OR 97415 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2028 112.6 112.6 101.4 0.03 %
Sound Contracting LLC (#,^) 2823 Fllintstone Rd, Millers, MD 21102 Construction of Buildings Term Loan Prime plus 2.75% 12/14/2028 37.6 37.6 36.0 0.01 %
Sound Contracting LLC (#,^) 102 Davis St., Belmont, NC 28012 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2043 193.3 193.3 211.3 0.06 %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/14/2028 247.7 247.7 231.9 0.07 %
Aero Consulting and Engineering Inc (#,^) 196-15 Northern Blvd, Flushing, NY 11318 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2028 13.5 13.5 12.2 — %
Alpha Landscape Contractors, Inc (#,^) 560 Main St., Milford, UT 84751 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 300.8 300.8 284.2 0.09 %
Peanut Butter & Co., Inc. (#,^) 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/14/2028 225.3 225.3 202.9 0.06 %
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) 7941 NW 3rd St., Plantation, FL 33324 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 14.2 14.2 12.8 — %
43
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
L&M Services, LLC (#,^) 2 Center Rd,, Old Saybrook, CT 06475 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2043 196.2 196.2 216.2 0.07 %
Stony Creek Wellness Group, LLC (#,^) 460 East 3rd Ave, New York, NY 10016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/14/2043 96.9 96.9 108.4 0.03 %
OC Helicopters LLC (#,^) 484 Farmington Ave, Hartford, CT 06105 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 80.8 80.8 84.5 0.03 %
The Miller Center for Esthetic Excellence, (#,^) 19711 Campus Drive Ste 260, Santa Ana, CA 92707 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2043 380.2 380.2 396.9 0.12 %
Plan B Burger LLC (#,^) 2200 Michener St, Ste 12, Philadelphia, PA 19115 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/13/2029 946.9 946.9 891.2 0.27 %
D for Dream LLC dba Blo Blow Dry Bar Inc (#,^) 22 Old Short Hills Rd,, Livingston, NJ 07039 Personal and Laundry Services Term Loan Prime plus 2.75% 5/13/2029 68.2 68.2 61.7 0.02 %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash (#,^) 575 Panama Lane, Bakersfield, CA 93307 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 958.9 958.9 1,034.7 0.32 %
Burton Realty Co., Inc dba Anchor Realty, Northeast (#,^) 1000 Essington Rd, Ste 111, Joliet, IL 60435 Real Estate Term Loan Prime plus 2.75% 12/13/2028 273.1 273.1 246.0 0.08 %
Tier1 Solutions LLC (#,^) 575 Panama Lane, Bakerfield, CA 93307 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2029 9.2 9.2 8.3 — %
Mateo Enterprise Inc dba El Milagro Market (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Food and Beverage Stores Term Loan Prime plus 2.75% 12/12/2043 117.7 117.7 127.8 0.04 %
Mateo Enterprise Inc dba El Milagro Market (#,^) 18115 62nd Ave NE, Kenmore, WA 98028 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 54.1 54.1 48.8 0.01 %
Airstrike Firefighters LLC (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 12/12/2028 1,126.5 1,126.5 1,093.4 0.33 %
Ashwood Food Services Inc. dba Jake Rooney's (#,^) 1750 W Lake St, Chicago, IL 60612 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 211.0 211.0 238.1 0.07 %
Behind The Scenes Chicago, LLC dba Paramount Events (#,^) 212 Bendigo Blvd N, North Bend, WA 98045 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 231.1 231.1 230.3 0.07 %
Ashwood Food Services, Incorporated dba Jake Rooney's (#,^) 7505 Highland Rd, White Lake, MI 48383 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 60.9 60.9 57.4 0.02 %
EMES Supply, LLC (#,^) 11 Easter Court Ste G, Owings Mills, MD 21117 General Merchandise Stores Term Loan Prime plus 2.75% 1/11/2029 112.7 112.7 103.8 0.03 %
White Wilson & Associates LLC (#,^) 10867 W Jefferson Ave, River Rouge, MI 46218 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/11/2043 41.7 41.7 45.2 0.01 %
Oregon Medical Training Private Career School Inc. (#,^) 1126 Gateway Loop, Ste 108, Springfield, OR 97702 Educational Services Term Loan Prime plus 2.75% 1/11/2029 36.1 36.1 32.6 0.01 %
TFE Resources ,LTD (#,^) 35622 Vine St., EastLake, OH 44095 Utilities Term Loan Prime plus 2.75% 1/11/2029 538.8 538.8 500.4 0.15 %
Duck's Nuts Inc dba Pet Place Market (#,^) 190 NE 2nd Ave, Delray Beach, FL 33444 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 39.0 39.0 37.4 0.01 %
B&B Bodega of Delray LLC (#,^) 16238 Louis Ave., South Holland, IL 60473 Food and Beverage Stores Term Loan Prime plus 2.75% 1/11/2029 13.7 13.7 12.4 — %
44
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Hilltop Wine Shop, Inc dba Hiltop Wine Shop (#,^) 1290 Doyle Rd, Deltona, FL 32725 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 125.6 125.6 138.2 0.04 %
Googlyoogly, LLC dba Bi-Rite Supermarket (#,^) 51343 Oro Rd, Shelby Township, MI 33444 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 199.2 199.2 216.2 0.07 %
ZLM Services LLC (#,^) 17323 Ventura Blvd, Encino, CA 91316 Administrative and Support Services Term Loan Prime plus 2.75% 1/10/2029 36.1 36.1 32.6 0.01 %
Team Henry, LLC dba Kelly Automotive of Deltona (#,^) 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2043 383.9 383.9 415.3 0.13 %
Food Service Industry Consultants Inc. (#,^) 4709 N El Capitan Ave. Ste 205, Fresno, CA 93722 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/7/2029 64.5 64.5 58.4 0.02 %
Shining Star Kids, Inc. dba Brain Balance (#,^) 20 Universal Place, Carlstadt, NJ 07072 Educational Services Term Loan Prime plus 2.75% 1/7/2029 79.0 79.0 71.7 0.02 %
CET Inc (#,^) 3000 N Federal Highway, Ste 1, Fort Lauderdale, FL 33306 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 1,108.2 1,108.2 1,036.3 0.32 %
Metro R Services Inc. and Metal & Roof Supplies Inc. (#,^) 342 South La Brea Ave, Los Angeles, CA 90036 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 187.1 187.1 195.9 0.06 %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) 5550 Progress Rd, Indianapolis, IN 46241 Construction of Buildings Term Loan Prime plus 2.75% 1/5/2029 225.5 225.5 236.0 0.07 %
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker, Cass (#,^) 415 Woodbury Rd, Orlando, FL 32828 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2029 78.9 78.9 71.9 0.02 %
Consulting Solutions, Inc and Mark Luciani (#,^) 360 Lexington Ave 8th Floor, New York, NY 10017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/5/2029 51.8 51.8 46.8 0.01 %
Levine Daycare Inc dba Kids R Kids (#,^) 24480 W 10 Mile RD, Southfield, MI 48033 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 243.5 243.5 231.0 0.07 %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (#,^) 949 A Clint Moore Rd, Boca Raton, FL 33487 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/4/2029 35.1 35.1 33.8 0.01 %
The Altitude Group LLC (#,^) 1431 11th Ave SE, Olympia, WA 98501 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 126.5 126.5 114.8 0.04 %
Access Staffing, LLC (#,^) 1 Plumb CT., Huntington Station, NY 11746 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 175.2 175.2 158.1 0.05 %
York Concrete Corp (#,^) 4291 Shoal Line Blvd, Hernando Beach, FL 34607 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 196.2 196.2 224.0 0.07 %
Swantown Inn and Spa, LLC (#,^) 2206 N Central Ave, Chicago, IL 60639 Accommodation Term Loan Prime plus 2.75% 1/3/2029 12.2 12.2 12.7 — %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (#,^) 1104 N Keystone Ave, Indianapolis, IN 46201 Accommodation Term Loan Prime plus 2.75% 11/30/2043 220.5 220.5 253.9 0.08 %
Cabrera's Auto Services LLC (#,^) 235 North Mosby Ave, Littleton, NC 27850 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 79.5 79.5 88.3 0.03 %
Water Station Holdings LLC (#,^) 244 Spokane Ave, Whitefish, MT 59937 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 621.0 621.0 603.5 0.18 %
Microplex Co, Third Market LLC (#,^) 13762 W State Rd 84, Davie, FL 33325 Food and Beverage Stores Term Loan Prime plus 2.75% 12/30/2028 147.8 147.8 133.4 0.04 %
45
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2028 112.0 112.0 112.8 0.03 %
Tammy's Place LLC (#,^) 458 N 7th St., Newark, NJ 07107 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2044 428.3 428.3 491.2 0.15 %
Albert M Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2028 78.5 78.5 76.4 0.02 %
JJB Production LLC (#,^) 3626 CR 203, Liverpool, TX 77577 Administrative and Support Services Term Loan Prime plus 2.75% 12/29/2028 6.6 6.6 6.0 — %
Albert M. Quashie, DDS, PC (#,^) 251 NW 1st St., Deerfield Beach, FL 33441 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 63.8 63.8 69.7 0.02 %
True Love Christian Academy LLC (#,^) 466 E Raines Rd, Memphis, TN 38109 Social Assistance Term Loan Prime plus 2.75% 12/28/2043 41.2 41.2 46.9 0.01 %
Level Up Gaming, Inc (#,^) 1132 Creighton Rd, Pensacola, FL 32504 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/28/2043 88.2 88.2 94.5 0.03 %
Extreme Granite Corp (#,^) 69 Lewis Ave, Atlantic Beach, NY 11509 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 183.8 183.8 208.7 0.06 %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te (#,^) 12930 Worldgate Drive, Herndon, VA 20170 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/28/2043 421.4 421.4 485.1 0.15 %
Best Global Alternative North, LLC (#,^) 45 E Main St., New Palestine, IN 46163 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/21/2028 78.4 78.4 70.6 0.02 %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe (#,^) 14 Iron St., Ledyard, CT 06339 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 1,163.0 1,163.0 1,207.0 0.37 %
M.A.W. Enterprises LLC dbaY-Not Pizza (#,^) 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/21/2028 20.2 20.2 19.2 0.01 %
Thames Aquatic Club, LLC (#,^) 11013 Kenwood Rd., Cincinnati, OH 45242 Educational Services Term Loan Prime plus 2.75% 10/21/2029 41.3 41.3 43.5 0.01 %
On Call Electrical of Georgia LLC (#,^) 2070 Nooseneck Hill Rd, Coventry, RI 2816 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 651.2 651.2 709.8 0.22 %
Commonwealth Warehouse Inc (#,^) 2015 Woodspring Terrace, Henderson, NV 89012 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 379.4 379.4 365.4 0.11 %
High Desert Transport, Inc. (#,^) 3450 East Orangethrope Ave, Anaheim, CA 92806 Truck Transportation Term Loan Prime plus 2.75% 12/19/2028 68.1 68.1 63.4 0.02 %
K & A Automotive Inc (#,^) 3949 New Rd, Youngstown, OH 44515 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 119.7 119.7 135.2 0.04 %
Cali Fit Meals (#,^) 536 Spruce St, Scranton, PA 18503 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 56.0 56.0 50.6 0.02 %
Cocomo Joe's LLC (#,^) 100 Village Rd, Port Lavaca, TX 77979 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 0.6 0.6 0.5 — %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe (#,^) 100 Village RD, Port Lavaca, TX 77979 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2028 36.3 36.3 37.9 0.01 %
46
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Beau & HB Inc dba Beau's Billard, Bowling & Arcade (#,^) 3400 Remington Dr, Plano, TX 75023 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/16/2043 68.6 68.6 75.5 0.02 %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade (#,^) 21985 Waller Rd, Fulton, IL 61252 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 38.2 38.2 38.6 0.01 %
Allegro Assisted Living Services of Texas LLC (#,^) 1107 Broad St., Bloomfield, NJ 07003 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/15/2043 93.1 93.1 107.2 0.03 %
Schafer Fisheries Inc. (#,^) 13410 SE 26th Circle, Vancouver, WA 98683 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/14/2028 44.7 44.7 46.7 0.01 %
Salon Femi LLC (#,^) 6590 Sugarloaf Pkwy, Duluth, GA 30097 Personal and Laundry Services Term Loan Prime plus 2.75% 12/9/2028 6.7 6.7 6.6 — %
US Dedicated LLC (#,^) 5372 Whitehall Pl SE, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2028 386.1 386.1 353.5 0.11 %
Jinwoo Sushi Inc (#,^) 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/9/2028 20.1 20.1 21.0 0.01 %
McNeill Stokes (#,^) 460 Park Ave, Floor 16, New York, NY 10022 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2028 6.0 6.0 5.4 — %
Vancole Investments, Inc. dba Smoothie King #913 (#,^) 840 El Paseo de Saratoga, San Jose, CA 95130 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/7/2044 409.9 409.9 444.9 0.14 %
JP Dhillon's Foods LLC (#,^) 2218 Marine View Drive, Tacoma, WA 98422 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2029 88.4 88.4 80.0 0.02 %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC (#,^) 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/1/2028 291.1 291.1 262.2 0.08 %
Modutech Marine Inc (#,^) 11230 West Ave, Ste 2210, San Antonio, TX 78213 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/1/2028 336.1 336.1 351.2 0.11 %
Steele Security, LLC dba Signal 88 Security of San Antonio (#,^) 1500 Village Run Rd, Wexford, PA 15090 Administrative and Support Services Term Loan Prime plus 2.75% 10/31/2028 98.9 98.9 90.1 0.03 %
Abington Caregivers, LLC (#,^) 20038 West Valley HWY, Kent, WA 98032 Social Assistance Term Loan Prime plus 2.75% 11/30/2043 123.0 123.0 136.9 0.04 %
C.A.T.I. Armor, LLC (#,^) 435 Packard Hwy, Charlotte, MI 48813 Apparel Manufacturing Term Loan Prime plus 2.75% 10/30/2043 206.1 206.1 225.2 0.07 %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (#,^) 3340-3342 West Bryn Mawr Ave, Chicago, IL 60659 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 73.4 73.4 67.4 0.02 %
UK, LLC dba Pita Pit (#,^) 3970 Everhard Rd, NW, Canton, OH 44709 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2029 55.7 55.7 51.6 0.02 %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer (#,^) 7197 Koamano St, Honolulu, HI 96825 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 130.4 130.4 136.2 0.04 %
The Face Place, LLC dba Classic Aesthetics (#,^) 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 8.9 8.9 8.1 — %
Bellas Sports Pub, Inc dba Brewmasters Tavern (#,^) 1152 Main St., Coventry, RI 2816 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 67.8 67.8 77.6 0.02 %
Shovels and Whiskey LLC (#,^) 446 SE Washington St, Hillsboro, OR 97123 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/16/2043 75.0 75.0 84.5 0.03 %
47
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Hackstaff Restaurants LLC (#,^) 248 W 1st. St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 145.0 145.0 133.6 0.04 %
TA Coleman, LLC dba Tom's Truck Shop (#,^) 2101 Route 610, Woodbine, NJ 08270 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/12/2028 5.2 5.2 5.0 — %
Cater To You Agency, LLC, dba Cater To You (#,^) 1319 Sherrick Rd SE, Canton, OH 44707 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/11/2043 22.1 22.1 24.1 0.01 %
Faydon, Inc (#,^) 1905 W Baker St., Ste A, Plant City, FL 33567 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/10/2028 66.7 66.7 69.7 0.02 %
MB Click It Photography, LLC (#,^) 100 Manchester Ranch Place, Aynor, SC 29511 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/10/2043 37.5 37.5 42.0 0.01 %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste # 500, Rockville, MD 20850 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/9/2028 13.3 13.3 12.0 — %
Apps Inc and Market Share Inc. (#,^) 80 Main St., Old Saybrook, CT 06475 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 79.6 79.6 71.7 0.02 %
Moore Care LLC (#,^) 8550 United Plaza Blvd, Baton Rouge, LA 79809 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 46.2 46.2 41.7 0.01 %
JAM Media Solutions LLC (#,^) 11 Netherwood Terrace, East Orange, NJ 07017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2028 787.1 787.1 730.1 0.22 %
A-1 Van Sevices, Inc. (#,^) 2341 East Ellis St., Leveland, TX 79336 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/28/2028 93.6 93.6 93.1 0.03 %
SwabCo Inc. (#,^) 4005 Borman Drive, Batavia, OH 45103 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 920.0 920.0 1,013.8 0.31 %
Rami Technology USA, LLC (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/28/2028 158.9 158.9 144.5 0.04 %
Burd Brothers Inc. (#,^) 7130 Crater Lake, White City, OR 97603 Truck Transportation Term Loan Prime plus 2.75% 9/28/2028 473.3 473.3 462.4 0.14 %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (#,^) 4646 SE 11th Place, Cape Coral, FL 33904 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2043 323.0 323.0 360.6 0.11 %
Throop Family Holdings, Inc (#,^) 10400 NW 33rd St., Miami, FL 33172 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2043 627.2 627.2 684.9 0.21 %
Blackwater Diving, LLC (#,^) 85 Franklin Rd Unit 9B, Dover, NJ 07801 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2028 704.7 704.7 650.5 0.20 %
Quality Electric & Data (#,^) 112 Forrest Rd, Morgan City, LA 70380 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2028 88.0 88.0 86.1 0.03 %
Blue Seven, LLC (#,^) 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/27/2029 53.3 53.3 50.0 0.02 %
Quality Electric & Data Inc. (#,^) 15452 Amar Rd, La Puente, CA 91744 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2043 126.7 126.7 136.7 0.04 %
Action Barricade Company, LLC and Barricade Holding LLC (#,^) 85 Franklin RD Unit 9B, Dover, NJ 07801 Rental and Leasing Services Term Loan Prime plus 2.75% 9/27/2028 272.4 272.4 267.3 0.08 %
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat (#,^) 1802 N 27th Ave, Phoenix, AZ 85009 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2028 104.4 104.4 94.3 0.03 %
48
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
LG Law Center, Inc (#,^) 777 South Flagler Drive Ste 800W, West Palm Beach, FL 33401 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2028 13.2 13.2 12.3 — %
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A (#,^) 35888 Center Ridge Rd, Ste 5 & 6, North Ridgeville, OH 44039 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 110.1 110.1 105.9 0.03 %
US Shipping Trans Inc, Esteem Trucking Inc (#,^) 16102 Sweetwater Court, Lathrop, CA 95330 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 727.1 727.1 727.1 0.22 %
Dentistry By Design, P.C (#,^) 315 Walt Whitman Rd Ste 204-205, South Huntington, NY 11746 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2028 13.2 13.2 12.2 — %
Above and Beyond Preschool LLC (#,^) 1209 North Lane Ave, Jacksonville, FL 32254 Social Assistance Term Loan Prime plus 2.75% 9/26/2043 538.7 538.7 604.7 0.18 %
Ace Auto Recovery, Inc. (#,^) 672-678 Camellia Drive, Royal Palm Beach, FL 33411 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2043 156.0 156.0 173.9 0.05 %
LTS School, Inc. (#,^) 3731 NW 9th Ave, Deerfield Beach, FL 33064 Educational Services Term Loan Prime plus 2.75% 9/26/2043 98.7 98.7 113.7 0.03 %
Newsome Mobile Notary LLC (#,^) 1432 Crooked Stick Drive, O'Fallon, MO 63366 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2028 4.6 4.6 4.1 — %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes (#,^) 8153 12th Ave SW, Seattle, WA 98106 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/25/2028 110.0 110.0 102.4 0.03 %
Steadfast Support Services, LLC (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 9/25/2028 9.3 9.3 8.4 — %
Phillip Ramos Upholstery Inc. (#,^) 3835 Elm St., Denver, CO 80207 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2028 13.6 13.6 12.3 — %
DC Lofty, LLC, (#,^) 125 South DuBuque St., Iowa City, IA 52240 Accommodation Term Loan Prime plus 2.75% 9/21/2028 19.8 19.8 18.0 0.01 %
D & D Optics Inc dba Sterling Optical (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 47.5 47.5 43.5 0.01 %
Southern Services and Equipment, Inc (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2028 376.2 376.2 365.7 0.11 %
MillClem Corporation & Monticello Corporation (#,^) 16660 Oak St., Dillwyn, VA 22936 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/21/2043 322.8 322.8 371.1 0.11 %
Southern Services and Equipment, Inc. (#,^) 301 I St. NW, Washington, DC 20001 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2043 204.5 204.5 219.2 0.07 %
The Garden Club, LLC (#,^) 1487 East LaSalle Drive, Bismark, ND 58503 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/21/2028 5.8 5.8 5.2 — %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC (#,^) 5051 Peachtree Corners Circle Ste #200, Norcross, GA 30092 Administrative and Support Services Term Loan Prime plus 2.75% 9/20/2028 15.9 15.9 15.1 — %
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal (#,^) 10 Century Lane, Dillsburg, PA 17019 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 420.2 420.2 377.9 0.12 %
Watearth Inc (#,^) 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/19/2028 19.8 19.8 17.8 0.01 %
49
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lewis River Golf Course, Inc. (#,^) 3209 Lewis River Rd, Woodland, WA 98674 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/19/2043 487.6 487.6 560.7 0.17 %
Super Station Inc (#,^) 8855 N Country Rd 25A, Pique, OH 45356 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 203.8 203.8 234.3 0.07 %
M&P RV LLC dba M&P RV (#,^) 35000 Pacific Highway, Federal Way, WA 98003 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 106.6 106.6 122.3 0.04 %
C3 Capital, Inc (#,^) 445 South Figuerora Ste 3128, Los Angeles, CA 90071 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 595.0 595.0 585.6 0.18 %
DB Talak LLC (#,^) 220 Middle St., Franklin, VA 23851 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 148.2 148.2 163.1 0.05 %
E & G Enterprises LLC dba Comfort Keepers (#,^) 2018 SE 6th Ave, Portland, OR 97214 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/18/2028 5.3 5.3 4.8 — %
Pastel de Feira LLC dba Original Pastel De Feira (#,^) 65 Glendale St., Easthampton, MA 01027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 5.4 5.4 5.1 — %
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (#,^) 160 W 91st Ave, Unit B, Anchorage, AK 99515 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 170.7 170.7 188.7 0.06 %
Culmination Motorsports, Inc. (#,^) 4244 Pine Ridge CT, Weston, FL 33331 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 545.6 545.6 624.4 0.19 %
L&M Equipment, Inc (#,^) Mile 2.5 Alaska Peninsula Highway, Naknek, AK 99633 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/14/2043 1,219.0 1,219.0 1,358.0 0.41 %
J & C Garcia LLC (#,^) 47 East Broadway, Little Falls, MN 56345 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2028 65.2 65.2 59.9 0.02 %
Baby's on Broadway LLC (#,^) 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/14/2028 44.0 44.0 42.3 0.01 %
Rihahn Inc. dba RDBL, Inc (#,^) 26 Broad St., Alexander City, AL 35010 Forestry and Logging Term Loan Prime plus 2.75% 9/14/2028 119.9 119.9 114.6 0.03 %
QBS, LLC dba Sterling Optical Exton (#,^) 1397 McGuire Rd, Lamar, AR 72846 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/14/2028 71.6 71.6 64.9 0.02 %
Innovim LLC (#,^) 211 W Lincoln Hwy, Exton, PA 19341 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/14/2028 106.0 106.0 95.2 0.03 %
Underground Productions LLC dba 31 Escape (#,^) 31567 West 10 Mile Rd, Farmington Hills, MI 48336 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2043 96.3 96.3 110.7 0.03 %
Innovative Network Solutions Inc (#,^) 1731 Decatur Hwy, Fultandale, AL 35068 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/13/2028 110.1 110.1 101.7 0.03 %
Rancho Paving, Inc (#,^) 339 Cypress Lane, El Cajon, CA 92020 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 165.2 165.2 166.1 0.05 %
Pool Guard of LA (#,^) 1425 S Congress Ave, Delray Beach, FL 33445 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 19.8 19.8 17.9 0.01 %
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC, Dav (#,^) 10866 Washington Blvd, Apartment #24, Culver City, CA 90232 Rental and Leasing Services Term Loan Prime plus 2.75% 9/7/2028 283.4 283.4 275.1 0.08 %
50
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
MurlinComputerCompany LLC dba Murlin Computer, (#,^) 140141 Lakeland Ave, Bohemia, NY 11716 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 13.7 13.7 12.6 — %
Pelican Executives Suites, LLC (#,^) 3000 Erika Ave, Sedalia, MO 65301 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 279.3 279.3 251.1 0.08 %
Asheville Spine and Nerve Institute PC (#,^) 2200 Colorado Ave Sutie 131, Santa Monica, CA 90404 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 88.6 88.6 101.2 0.03 %
Dr. G's Urgent Care LLC (#,^) 190 Broadway St Ste 205, Asheville, NC 28801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2028 19.8 19.8 17.8 0.01 %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL (#,^) 3401 Market St. Ste 200, Philadelphia, PA 19104 Support Activities for Transportation Term Loan Prime plus 2.75% 9/6/2028 11.2 11.2 10.5 — %
Living Centers Inc. dba Veranda House Senior Living (#,^) 5129 E 5th St, Katy, TX 77493 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 8/31/2043 410.7 410.7 472.3 0.14 %
National Stone LTD and NSI Group Inc (#) 3250 Retail Dr Ste 120, Carson City, NV 89706 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 270.0 270.0 312.2 0.10 %
LACCRB LLC dba PostNet (#,^) 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2028 13.4 13.4 12.2 — %
Stat Constructor L.P (#,^) 825 Courtland St., Orlando, FL 32804 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/30/2028 90.9 90.9 94.7 0.03 %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl (#,^) 9573 US Highway 220, Stoneville, NC 27048 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/30/2043 438.2 438.2 503.8 0.15 %
Extreme Engineering, Inc. (#,^) 598 Oliver Dr, Troy, MI 48084 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 109.3 109.3 99.0 0.03 %
ARVAmethod LLC (#,^) 65 Hillside Rd, Fairfield, CT 06824 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2028 2.1 2.1 1.9 — %
Kotyark LLC dba Gibsonton Motel (#,^) 516 N Ogden Ave # 150, Chicago, IL 60642 Accommodation Term Loan Prime plus 2.75% 8/29/2043 80.4 80.4 92.4 0.03 %
Greenfield Hill Wines & Spirits, LLC (#,^) 11545 US Highway 41S, Gibsonton, FL 33534 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2028 80.5 80.5 73.1 0.02 %
JFK Transportation Inc (#,^) 231 Main St., Stamford, CT 06901 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/28/2028 140.6 140.6 128.7 0.04 %
Graphish Studio, Inc. (#,^) 4 Mechanic St, Natick, MA 01760 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2028 6.6 6.6 5.9 — %
Atlas Geo-Constructors LLC (#,^) 3466 Thomasville Rd Winston, Winston-Salem, NC 27107 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/24/2028 65.6 65.6 66.4 0.02 %
Finn & Emma LLC (#,^) 1275 Bloomfield Ave Building 5 Unit 28B, Fairfield, NJ 07004 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/24/2028 107.9 107.9 97.0 0.03 %
Montana Life Group, LLC (#,^) 8 N 9th Ave, Bozeman, MT 59715 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/24/2028 6.6 6.6 5.9 — %
Evans and Paul LLC, Evans & Paul Unlimited Corp (#,^) 2204 Blackmoor Park Lane, Lexington, KY 40509 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/24/2028 76.3 76.3 70.6 0.02 %
51
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Wearware Inc dba FlyWire Cameras (#,^) 140 Dupont St., Plainview, NY 11803 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 8/24/2028 19.7 19.7 18.0 0.01 %
Zash LLC dba Papa Murphy's take 'N' Bake Pizza (#,^) 2303 White Bear Ave, Maplewood, MN 55025 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2028 36.9 36.9 35.0 0.01 %
Buffalo Biodiesel Inc. (#,^) 225 Sawyer Ave, Tonawanda, NY 14150 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/21/2028 1,076.1 1,076.1 1,086.9 0.33 %
Ginekis Enterprises, Inc dba Locanda Veneta (#,^) 8638 W Third St., Los Angeles, CA 90048 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2028 74.3 74.3 67.1 0.02 %
Geo Tek Alaska, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/17/2044 124.8 124.8 138.6 0.04 %
Lewins Law, P.C. (#,^) 7007 Boeing Drive, El Paso, TX 79925 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/16/2028 15.7 15.7 14.1 — %
ATI Jet, Inc. (#,^) 7920 Belt Line Rd Ste 650, Dallas, TX 75254 Air Transportation Term Loan Prime plus 2.75% 8/16/2028 180.8 180.8 177.1 0.05 %
GS Bath Inc (#,^) 5335 E Kaviland Ave, Fresno, CA 93725 Truck Transportation Term Loan Prime plus 2.75% 8/15/2028 502.8 502.8 506.9 0.15 %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 78257 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/14/2028 38.5 38.5 36.3 0.01 %
L.A. Insurance Agency GA 10 LLC (#,^) 6655 Tara Blvd Ste 401, Jonesboro, GA 30236 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/10/2028 9.8 9.8 8.8 — %
David D. Sullivan dba DMS Construction (#,^) 6400 Charwood Place, Bakersfield, CA 93306 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/9/2028 11.8 11.8 10.6 — %
Crystal Shores Inc. dba Shorewood Laundromat (#,^) 700 West Jefferson St., Shorewood, IL 60404 Personal and Laundry Services Term Loan Prime plus 2.75% 8/9/2028 19.5 19.5 18.3 0.01 %
Palanuk & Associates, Inc.dba Wolfpk (#,^) 28110 SE Fern Drive, Boring, OR 97009 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/8/2028 89.6 89.6 81.1 0.02 %
CJNR, LLC (#,^) 208 East Main St., Elma, WA 98541 Accommodation Term Loan Prime plus 2.75% 8/7/2043 118.6 118.6 136.3 0.04 %
Mercedes Cab Company, Inc (#,^) 35 Alden St., Providence Town, MA 02657 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/7/2028 113.7 113.7 105.4 0.03 %
Ron's Pool and Spa Services LLC (#,^) 1419 NE 30th St., Pompano, FL 33064 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 3.3 3.3 3.0 — %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC (#,^) 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/3/2028 52.6 52.6 48.0 0.01 %
20th Century Lanes, Inc dba West Seattle Bowl (#,^) 4505 39 Ave SW, Seattle, WA 98116 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/3/2028 98.4 98.4 98.1 0.03 %
Millwork Unlimited, Incorporated (#,^) 8264 Pine Cay Rd, Wellington, FL 33414 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/2/2028 6.6 6.6 5.9 — %
Accel Compression Inc., Accel Workover Services, Inc (#,^) 4500 S Country Rd, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 303.1 303.1 329.4 0.10 %
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T (#,^) 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 404.7 404.7 400.1 0.12 %
52
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Samy Optical LLC dba Site for Sore Eyes (#,^) 4500 S. Country Rd 1310, Odessa, TX 79765 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 98.0 98.0 88.1 0.03 %
CSL Services Inc (#,^) 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/27/2028 475.3 475.3 452.3 0.14 %
Nunez Enterprises Corporation dba La Casa (#,^) 3330 Piedmont RD NE, Atlanta, GA 30305 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/26/2028 7.2 7.2 6.4 — %
Relevant Elephant ,LLC (#,^) ON320 Woodvale St, Winfield, IL 60190 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2028 5.4 5.4 4.8 — %
Fitness Central, Inc dba Fitness Central (#,^) 4335 PA Route 309, Schnecksville, PA 18078 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 7/25/2028 54.3 54.3 49.8 0.02 %
Top Shelf Towing and Road Service, LLC (#,^) 1447 Lake George Drive, Lake Mary, FL 32746 Support Activities for Transportation Term Loan Prime plus 2.75% 7/24/2028 11.1 11.1 10.0 — %
TR Nails, LLC dba Simple Nails (#,^) 25 Sycamore St., Carnegie, PA 15106 Personal and Laundry Services Term Loan Prime plus 2.75% 7/20/2028 54.2 54.2 48.7 0.01 %
ZA Trucking LLC (#,^) 158 Great Rd, Bedford, MA 01730 Truck Transportation Term Loan Prime plus 2.75% 7/17/2028 8.9 8.9 8.6 — %
674 Club LLC (#,^) 5945 York Way, East Lansing, MI 48823 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2043 254.6 254.6 292.7 0.09 %
Mother's Cantina LLC dba Mother's Cantina (#,^) 674 N Orleans, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 59.7 59.7 54.6 0.02 %
Smart-tel Communications LLC (#,^) 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2028 18.4 18.4 19.2 0.01 %
HQTRONICS LLC (#,^) 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/13/2028 54.3 54.3 48.8 0.01 %
Smoove Move Productions, LLC dba Smoove Move Productions (#,^) 10135 South Roberts Rd Ste 209, Palos Hills, IL 60465 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 7/12/2028 9.3 9.3 9.7 — %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC (#,^) 3932 North 16th St., Omaha, NE 68110 Administrative and Support Services Term Loan Prime plus 2.75% 7/3/2028 54.2 54.2 50.4 0.02 %
Vital Inspection Professionals, Inc. dba VIP (#,^) 6350 Shadeland Ave, Indianpolis, IN 46220 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/3/2028 270.2 270.2 265.9 0.08 %
US Cargo Express, LLC (#,^) 180 Airpark Industrial Rd, Alabaster, AL 35007 Support Activities for Transportation Term Loan Prime plus 2.75% 7/2/2043 84.8 84.8 97.5 0.03 %
Bio-Haz Solutions, Inc (#,^) 4735 22 Mile Rd, Utica, MI 48317 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/29/2029 227.5 227.5 229.8 0.07 %
M J Losito Electrical Contractor's, Inc (#,^) 23 Tonoli Rd, Nesquehoning, PA 18240 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2028 19.8 19.8 18.7 0.01 %
Bio-Haz Solutions, Inc. (#,^) 98 Wooster St., Bethel, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/29/2044 361.8 361.8 381.4 0.12 %
Corptek Solutions LLC (#,^) 23 Tonolli Rd, Nesquehoning, PA 18240 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2028 40.9 40.9 36.7 0.01 %
Critter Cabana, LLC dba Critter Cabana (#,^) 2363 N. Highway # 287 Ste # 111, Mansfield, TX 76063 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/28/2028 72.2 72.2 64.8 0.02 %
53
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
RLW4 Builders LLC (#,^) 516 East Main St., Newberg, OR 97132 Construction of Buildings Term Loan Prime plus 2.75% 6/27/2043 971.3 971.3 1,116.7 0.34 %
National Dredging Services of North Florida, Inc. (#,^) 152 Tuckahoe Lane, Southhampton, NY 11968 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2043 27.9 27.9 32.1 0.01 %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd, Lake City, FL 32055 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2028 45.8 45.8 47.7 0.01 %
Julie Cooper-Bierman dba Forever Shopper (#,^) 7435 Piute Creek Dr, Corona, CA 92881 Nonstore Retailers Term Loan Prime plus 2.75% 6/27/2028 13.8 13.8 12.4 — %
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (#,^) 1537 Northwest Main Blvd, Lake City, FL 32055 Food Manufacturing Term Loan Prime plus 2.75% 6/27/2043 344.3 344.3 386.2 0.12 %
InUSA Ventures, Inc (#,^) 299 Utica Ave, Brooklyn, NY 11203 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/27/2028 43.1 43.1 38.6 0.01 %
Nick's Country Kitchen, LLC (#,^) 3 Flanders RD, Building #1, Bethlehem, CT 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2028 19.4 19.4 17.7 0.01 %
Bengals, Inc. dba Royal Liquor Mart (#,^) 508 Hyacinthus Court, San Ramon, CA 94582 Food and Beverage Stores Term Loan Prime plus 2.75% 6/26/2043 103.2 103.2 113.3 0.03 %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, (#,^) 3714 E State St., Rockford, IL 61108 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/26/2028 797.1 797.1 736.6 0.22 %
Sun Pools, Inc (#,^) 460 Park Ave, Floor 16, New York, NY 10022 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2043 297.2 297.2 307.2 0.09 %
Sun Pools, Inc dba Sun Fiberglass Pools (#,^) 130 Holiday LN, Albany, KY 42602 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2028 673.3 673.3 626.4 0.19 %
DPF Filters Inc. (#,^) 2832 Golden State Blvd, Madera, CA 93637 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/25/2028 59.2 59.2 54.4 0.02 %
Sushi Prime, LLC and Vasilia Investments (#,^) 130 Holiday Lane, Albany, KY 42602 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2028 236.7 236.7 224.6 0.07 %
Martha Beauty Supply And Braiding, Inc. (#,^) 721 E Westpoint Drive., Wasilla, AK 99654 Personal and Laundry Services Term Loan Prime plus 2.75% 6/22/2043 135.5 135.5 155.6 0.05 %
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li (#,^) 721 E. West Point Drive, Wasilla, AK 99654 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/22/2043 76.4 76.4 85.7 0.03 %
Mr. Lube, Inc. (#,^) 11055 E Grove St, Mesa, AZ 85208 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2028 525.7 525.7 512.3 0.16 %
Mr. Lube, Inc (#,^) 538 E Boughton Rd, Bolingbrook, IL 60440 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 654.6 654.6 703.6 0.21 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 32 SE 2nd Ave, Delray Beach, FL 33444 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2028 122.8 122.8 121.7 0.04 %
Independent Life LLC (#,^) 300 Harold Dow Highway, Elliot, ME 03903 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 107.0 107.0 96.0 0.03 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 4955 S Durango Drive, Ste124, Las Vegas, NV 89113 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2043 236.5 236.5 257.8 0.08 %
54
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lilo Holdings LLC (#,^) 300 Harold Dow Highway, Eliot, ME 03903 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2028 16.1 16.1 14.8 — %
Jones Roger Sherman Inn, Inc. (#,^) 1000 Roosevelt Ave, Cartaret, NJ 07008 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2028 378.4 378.4 393.7 0.12 %
Colovic Hackettstown Dairy LLC (#,^) 2900 North 3rd St., Effingham, IL 62401 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2043 266.9 266.9 305.5 0.09 %
Mid America Motorworks, Inc and Yager Holdings L.P (#,^) 22 Route 57, Hackettstown, NJ 07840 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/19/2043 485.5 485.5 557.4 0.17 %
Allen Theatre and Back Stage Cafe LLC (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 6/18/2043 122.4 122.4 138.3 0.04 %
Schumacker Recreation, LLC (#,^) 36 East. Main St., Annville, PA 17003 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/18/2028 129.3 129.3 134.5 0.04 %
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa (#,^) 5325 S University Drive, Davie, FL 33328 Accommodation Term Loan Prime plus 2.75% 6/15/2043 210.0 210.0 241.2 0.07 %
Softrol Systems Inc dba Softrol Systems (#,^) 4035 Blue Ridge Rd, North Hudson, NY 12855 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/15/2028 759.7 759.7 691.4 0.21 %
Oil Palace Inc. (#,^) 1100 Northpoint Pkwy SE, Acworth, GA 30102 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/15/2043 141.0 141.0 162.1 0.05 %
Venzix Ventures Inc. dba Venzix (#,^) 10408 Highway 64 East, Tyler, TX 75707 Nonstore Retailers Term Loan Prime plus 2.75% 6/15/2028 11.4 11.4 11.2 — %
Dianne Williams and Louis Williams dba Sweetlips Store (#,^) 750 Legend Oak Drive, Fountain, CO 80817 Food and Beverage Stores Term Loan Prime plus 2.75% 6/15/2043 44.9 44.9 50.1 0.02 %
Tele Tax Express Inc (#,^) 3870 Sweet Lips Rd, Henderson, TN 38340 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2028 19.4 19.4 19.4 0.01 %
Team Sandy Blanton Realty, Inc (#,^) 28 Broad St., Bloomfield, NJ 07003 Real Estate Term Loan Prime plus 2.75% 6/14/2043 94.6 94.6 100.9 0.03 %
E & J Sims Co. LLC (#,^) 166 Getty Ave, Paterson, NJ 07503 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2028 43.0 43.0 40.0 0.01 %
Mastiff Studios LLC (#,^) 1225 West Gregory St, Pensacola, FL 32502 Educational Services Term Loan Prime plus 2.75% 6/13/2043 41.5 41.5 47.3 0.01 %
Ciasom LLC dba Mosaic (#,^) 2919 West Colorado Ave, Colorado Springs, CO 80904 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/11/2028 155.1 155.1 139.9 0.04 %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC (#,^) 1040-1042 Richard Ave, Santa Clara, CA 95050 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 682.1 682.1 624.4 0.19 %
Camp K-9 Pet Resort & Spa, Inc. (#,^) 1855 Purdy Ave, Miami Beach, FL 33139 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 7.1 7.1 6.5 — %
Beyond Grooming LLC and Michelle McWatters (#,^) 426 15th St. NW, Huron, SD 57350 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 41.8 41.8 47.5 0.01 %
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men (#,^) 1200 Old Martindale Rd, San Marcos, TX 78666 Support Activities for Transportation Term Loan Prime plus 2.75% 6/8/2043 367.2 367.2 396.8 0.12 %
55
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Applied Behavioral Consulting, Inc (#,^) 18501 Le Claire Ave, Tinley Park, IL 60478 Social Assistance Term Loan Prime plus 2.75% 6/7/2043 48.6 48.6 55.0 0.02 %
H S Corporation dba Lake Anna Lodge (#,^) 422 Blooming Grove Tpke, New Windsor, NY 12553 Accommodation Term Loan Prime plus 2.75% 6/7/2043 127.5 127.5 146.4 0.04 %
Anurag, LLC dba Oakwood Package Store (#,^) 5152 Courthouse Rd, Spotsylvania, VA 22551 Food and Beverage Stores Term Loan Prime plus 2.75% 6/6/2043 133.0 133.0 143.8 0.04 %
Sowells Consulting Engineers, LLC (#,^) 191-195 Oakwood Ave, West Hartford, CT 06107 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/6/2028 19.4 19.4 17.5 0.01 %
Hardway Inc and A F C Leasing, Inc (#,^) 12533 S. 73rd East Place, Bixby, OK 74008 Rental and Leasing Services Term Loan Prime plus 2.75% 6/6/2028 253.3 253.3 227.1 0.07 %
SSD Designs LLC (#,^) 13430 Northwest Freeway #260, Houston, TX 77040 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/5/2028 64.0 64.0 58.0 0.02 %
Funtime ,LLC dba Indoor Playgrounds International (#,^) 13200 West Foxfire Drive Ste 144, Surprise, AZ 85378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2028 214.9 214.9 192.9 0.06 %
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire (#,^) 10840 Bay Hill Club Drive, Charlotte, NC 28277 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 43.9 43.9 39.4 0.01 %
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali (#,^) 3535 Highway 17 Unit 14 &15, Fleming Island, FL 32003 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 54.0 54.0 54.8 0.02 %
Seraj Wireless, LLC (#,^) 943 South Main St., Cheshire, CT 06410 Electronics and Appliance Stores Term Loan Prime plus 2.75% 5/31/2028 106.9 106.9 111.2 0.03 %
Brooks Seaplane Service Inc and Lunt Enterprises LLC (#,^) 14429 South Wallin Drive, Plainfield, IL 60544 Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 5/31/2028 126.4 126.4 113.3 0.03 %
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo (#,^) 132 Madison Ave, Albany, NY 12202 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 267.7 267.7 298.5 0.09 %
SSMV LLC dba Burgerim (#,^) Independence City Dock Pt, 105 Northern Blvd, Coeur d'Alene, ID 83814 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/30/2028 56.8 56.8 55.4 0.02 %
Eagle Aggregate Transportation, LLC (#,^) 115 Pelham Rd, Ste 1, Greenville, SC 29615 Truck Transportation Term Loan Prime plus 2.75% 5/30/2028 74.8 74.8 70.5 0.02 %
Crowley Ventures, LLC (#,^) 4401 N I-35 Ste #113, Denton, TX 76207 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 63.8 63.8 58.2 0.02 %
Iloka, Inc dba New Cloud Networks (#,^) 665 Worthington Rd, Westerville, OH 43082 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2028 213.8 213.8 203.6 0.06 %
Adow Pools LLC (#,^) 160 Inverness Drive. W Ste 150, Englewood, CO 80112 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 149.6 149.6 137.6 0.04 %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC (#,^) 1220 Post Rd East, Westport, CT 06880 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1 1,245.1 1,429.7 0.44 %
Starship, LLC dba Tint World Smyrna (#,^) 59 West Main St, Broadalbin, NY 12025 Repair and Maintenance Term Loan Prime plus 2.75% 5/25/2043 95.6 95.6 108.0 0.03 %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery (#,^) 393 Glenbrook Rd, Stamford, CT 06906 Accommodation Term Loan Prime plus 2.75% 10/25/2043 197.6 197.6 227.5 0.07 %
56
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Dream Spa LLC and Dream Spa Greenwich LLC (#,^) 3 Williams Ave, Mystic, CT 06355 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 85.0 85.0 77.1 0.02 %
Seaside Acupuncture LLC (#,^) 2274 S Atlanta Rd SE, Smyrna, GA 30080 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/24/2043 48.5 48.5 53.7 0.02 %
DMA Equipment LLC (#,^) 1041 Johnnie Dodds Blvd, Ste 2-C, Mount Pleasant, SC 29464 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/24/2043 252.9 252.9 275.1 0.08 %
Chem-Flotronics, Inc. (#,^) 700 Lee St., Elk Grove Village, IL 60007 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/22/2028 85.5 85.5 78.5 0.02 %
Mark A Espinoza, DDS PLLC dba Central Dental Care (#,^) 195 Paterson Ave, Little Falls, NJ 07424 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 53.4 53.4 47.9 0.01 %
Yakov Levy M.D., P.C. (#,^) 70-31 108th St., Forest Hills, NY 11375 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 28.9 28.9 26.3 0.01 %
JVLS LLC dba Vaccines 2 Go (#,^) 9315 N Central Ave, Phoenix, AZ 85020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/17/2028 7.1 7.1 6.3 — %
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th (#,^) 4570 W Post Rd Ste #100, Las Vegas, NV 89118 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/17/2028 213.8 213.8 191.7 0.06 %
Joshua One Limited Liability Company dba Genesis Personal Fitness (#,^) 4060 Johns Creek Pkwy, Ste H,, Suwanee, GA 30024 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/16/2043 311.2 311.2 336.0 0.10 %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 78550 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/16/2028 127.9 127.9 121.3 0.04 %
Fireplace Outlet Inc (#,^) 28 North State St. Unit 100, Newtown, PA 18940 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/15/2028 19.2 19.2 20.0 0.01 %
James T. Hendel dba Autotexx Mobile Auto Repair (#,^) 5857 Highway101 North, Rockmart, GA 30153 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2028 6.4 6.4 6.7 — %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes (#,^) 8216 Main St., Williamsville, NY 14221 Personal and Laundry Services Term Loan Prime plus 2.75% 5/14/2028 3.8 3.8 3.5 — %
Bote Virginia Beach, Inc. dba Bote Virginia Beach (#,^) 5714 Edmondson Pike Ste 24, Nashville, TN 37211 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/11/2028 9.6 9.6 8.7 — %
Daniel Woodward, DC PLLC dba Doc's Body Shop (#,^) 1080 Nimmo Pkwy, Ste 104, Virginia Beach, VA 23454 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 35.2 35.2 31.6 0.01 %
Adhara, LLC (#,^) 50 Forest St. Ste 902, Stamford, CT 06901 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2043 42.4 42.4 47.0 0.01 %
Circle and Square, Inc dba Stamford Kumon (#,^) 3084 N Goliad St., Ste 114, Rockwall, TX 75087 Educational Services Term Loan Prime plus 2.75% 5/11/2028 36.3 36.3 32.6 0.01 %
Baby Gentry's Childcare & Learning Academy (#,^) 18123 E Appleway Ave, Spokane Valley, WA 99016 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 9.6 9.6 8.7 — %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer (#,^) 4203 Shenandoah Drive, Dayton, OH 45417 Educational Services Term Loan Prime plus 2.75% 5/9/2043 702.9 702.9 807.1 0.25 %
57
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Schmaltz Operations LLC dba Companion Camp (#,^) 35 Lafayette Rd Ste #8, North Hampton, NH 3862 Personal and Laundry Services Term Loan Prime plus 2.75% 5/7/2028 51.3 51.3 50.3 0.02 %
Container Shipping, LLC (#,^) 310 Arlington Ave Unit 329, Charlotte, NC 28203 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 42.8 42.8 38.3 0.01 %
Wilbur Standford Jr Trucking and Excavating, LLC (#,^) 2050 S. Beltline Rd, Mesquite, TX 75181 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 205.2 205.2 204.8 0.06 %
Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/1/2029 211.3 211.3 195.8 0.06 %
Metropolitan Solutions Inc. (#,^) 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2043 171.7 171.7 177.8 0.05 %
Brenden Kehren Development LLC (#,^) 7505 North Chases Lake Rd, Watson, NY 13343 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 2.5 2.5 2.3 — %
Corona Dance, LLC dba Huracan Dance Studio (#,^) 747 South Hill St., Griffin, GA 30223 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/30/2028 10.1 10.1 9.1 — %
Saltamontes Tire Company, LLC (#,^) 659 Vanderbilt Ave, Brooklyn, NY 11238 Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2043 99.3 99.3 110.3 0.03 %
Sunlinc Inc (#,^) 14689 Gemara Rd, Sparta, WI 54656 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 8.3 8.3 7.4 — %
Rory James Contracting LLC (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 13.6 13.6 12.2 — %
Kastoria Inc. dba Bantam Pizza (#,^) 1955 Boston Ave, Brodgeport, CT 06604 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2028 12.7 12.7 11.5 — %
Suraj Enterprises, Inc. (#,^) 480 West Main St., Stamford, CT 06902 Food and Beverage Stores Term Loan Prime plus 2.75% 4/27/2028 264.8 264.8 256.2 0.08 %
Little Angels Daycare and Learning Center LLC (#,^) 170 Canterbury Court, East Windsor, NJ 08520 Social Assistance Term Loan Prime plus 2.75% 4/27/2043 155.6 155.6 178.7 0.05 %
LMH Optics LLC dba Sterling Optical (#,^) 11720 W. Airport Rd, Meadows Place, TX 77477 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/26/2028 42.4 42.4 38.1 0.01 %
Matrix Z, LLC (#,^) 33 Bennett Place, Amityville, NY 11701 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 67.0 67.0 67.7 0.02 %
Pledge 4 Hope LLC (#,^) 768 Bantam Rd, Bantam, CT 06750 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/26/2028 12.7 12.7 11.5 — %
RWT Corporation dba Welding Works (#,^) 4551 Summit Blvd, West Palm Beach, FL 33415 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 440.7 440.7 413.6 0.13 %
K&S Hardware LLC (#,^) 1272 Smallwood Dr West, Waldorf, MD 20603 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/26/2028 19.1 19.1 17.1 0.01 %
RWT Corporation dba Welding Works (#,^) 32 New Rd, Madison, CT 06443 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2043 205.9 205.9 214.3 0.07 %
Joe & Sons Service, Inc (#,^) 53 Bayberry Loop South, Purvis, MS 39475 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 95.5 95.5 99.3 0.03 %
Spitnale's Garage LLC (#,^) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 58.3 58.3 64.2 0.02 %
58
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Just for Boats LLC (#,^) 32 New Rd, Madison, CT 06443 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 17.0 17.0 19.5 0.01 %
Nando LLC dba Tall Timbers Banquet and Conference Center (#,^) 1865 W Wayzata Blvd, Long Lake, MN 55356 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/20/2028 17.2 17.2 15.8 — %
Means Enterprises LLC (#,^) 855 Atwood Ave, Cranston, RI 2920 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/18/2028 6.4 6.4 5.8 — %
James L Shoemaker APCC (#,^) 459 Dupre Rd, McClellanville, SC 29458 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2028 13.6 13.6 12.2 — %
Veterinary Preventive Care, LLC (#,^) 13831 National Rd SW, Reynoldsburg, OH 43068 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 39.7 39.7 37.0 0.01 %
A New Dawn Psychotherapy Associates, LLC (#,^) 3761 Mahoning Ave, Youngstown, OH 44515 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 84.8 84.8 91.2 0.03 %
Rosemarie Products Company LLC (#,^) 5400 Crooked Tree Drive, Mason, OH 45040 Health and Personal Care Stores Term Loan Prime plus 2.75% 4/18/2028 12.7 12.7 11.4 — %
Southern HVAC LLC (#,^) 4150 Legacy Drive N Ste # 412, Frisco, TX 75034 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2043 21.8 21.8 23.2 0.01 %
Southern Oaks Athletic Club, LLC (#,^) 221 W Judge Perez Drive, Chalmette, LA 70043 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/17/2043 355.1 355.1 401.5 0.12 %
Southern HVAC LLC (#,^) 308 E Broad St, Bethlehem, PA 18018 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2028 33.6 33.6 32.5 0.01 %
1301 Starks Inc. (#,^) 945 Riverview Ct, Xenia, OH 45385 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2028 19.1 19.1 19.7 0.01 %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) 119 Ouachita 212, Camden, AZ 71701 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2043 41.2 41.2 45.7 0.01 %
Precision Components Group Inc (#,^) 15253 Shenandoah Ave, BATON ROUGE, LA 70817 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/11/2028 19.1 19.1 18.7 0.01 %
Sexy Nails Center LLC (#,^) 119 Ouachita 212, Camden, AR 71701 Personal and Laundry Services Term Loan Prime plus 2.75% 4/10/2043 196.1 196.1 222.6 0.07 %
Mark Baker (#,^) 1301 West Atkinson Ave, Milwaukee, WI 53206 Truck Transportation Term Loan Prime plus 2.75% 4/9/2028 8.3 8.3 7.8 — %
Innovation Transport LLC (#,^) 35 E Main St., Pekin, IN 47165 Truck Transportation Term Loan Prime plus 2.75% 4/6/2028 43.5 43.5 42.6 0.01 %
Newsome Mobile Notary LLC (#,^) 190 Doty Circle, West Springfield, MA 01089 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/5/2028 4.4 4.4 4.0 — %
Shree Lakshminarayyn Grocery Stores LLC (#,^) 57 Passaic St., Garfield, NJ 07026 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2043 116.2 116.2 129.5 0.04 %
Bean City Bar and Grill LLC (#,^) 1653 Evalie Dr, Fairfield, OH 45014 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/4/2043 77.5 77.5 88.3 0.03 %
Master Roofing and Siding Inc. (#,^) 1 International Blvd, Ste 400, Mahwah, NJ 07495 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2028 223.1 223.1 200.1 0.06 %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc (#,^) 8153 12th Ave SW, Seattle, WA 98106 Truck Transportation Term Loan Prime plus 2.75% 3/30/2043 261.1 261.1 281.1 0.09 %
America's Little Leaders Academy, Inc (#,^) 3307 Charles St., Rockford, IL 61108 Social Assistance Term Loan Prime plus 2.75% 3/30/2043 21.8 21.8 24.4 0.01 %
59
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Michael S Brown Physical Therapy, P.C (#,^) N 2505 Bean City Rd, New London, WI 54961 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 82.4 82.4 73.9 0.02 %
Fifth Wheel Truck Stop 001 (#,^) 229 Whitney Rd Unit B, Anchorage, AK 99501 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,106.0 1,106.0 1,175.7 0.36 %
Alaska Industrial Paint LLC (#,^) 5772 Miami Lakes Drive East, Miami, FL 33014 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 105.0 105.0 107.1 0.03 %
Romancing the Stone (#,^) 8124 Sprague Rd, Odessa, TX 73764 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 337.2 337.2 369.6 0.11 %
Boulevard Books Inc. (#,^) 3767 S Golden State Blvd, Fresno, CA 93725 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/30/2043 86.3 86.3 99.1 0.03 %
Alaska Industrial Paint LLC (#,^) 229 Whitney Rd, Unit B, Anchorage, AK 99501 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2043 215.7 215.7 239.6 0.07 %
GQ Investments,LLC (#,^) 140 Centre of New England Blvd, Coventry, RI 2816 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2028 177.2 177.2 162.7 0.05 %
Technical Ordnance Solutions,LLC (#,^) 8124 Sprague Rd, Odessa, TX 79764 Fabricated Metal Product Manufacturing Term Loan 7.75% 3/30/2028 1,083.9 1,083.9 883.6 0.27 %
Payne's Environmental Services LLC (#,^) 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2028 190.8 190.8 185.5 0.06 %
B&C Texas Leasing Inc and M&W Hot Oil, Inc. (#,^) 1195 Castleton Ave, Staten Island, NY 10310 Truck Transportation Term Loan Prime plus 2.75% 3/30/2028 825.2 825.2 808.5 0.25 %
Kaz Wellness, LLC dba Grounded Wellness Center (#,^) 25 Robert Pitt Dr Ste 213, Monsey, NY 10952 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 13.4 13.4 12.6 — %
Lou & Choo Enterprises Inc. (#,^) 2570 NW 152nd Terrace, Opa-Locka, FL 33054 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 104.9 104.9 113.2 0.03 %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co (#,^) 9950 Business Circle, Ste 13, Naples, FL 34112 Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2028 188.0 188.0 181.7 0.06 %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 5617 Causeway Blvd, Tampa, FL 33619 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 130.0 130.0 126.3 0.04 %
Montage Mountain Resorts, LP (#,^) 104 Clover Court, Bartlett, IL 60103 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2043 1,208.9 1,208.9 1,388.1 0.42 %
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C (#,^) 4111 Ellison St. NE, ALBUQUERQUE, NM 87109 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 73.7 73.7 76.5 0.02 %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 2101 West Hunting Park Ave, Philadelphia, PA 19140 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2043 207.8 207.8 222.8 0.07 %
K.C. Communications, Inc. (#,^) 1376 Broadway, El Cajon, CA 92021 Telecommunications Term Loan Prime plus 2.75% 3/27/2028 52.6 52.6 54.6 0.02 %
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I (#,^) 1000 Montage Mountain Rd, Scranton, PA 18505 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2043 521.0 521.0 541.8 0.17 %
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im (#,^) 1145 13th Ave East, Palmetto, FL 34221 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2028 126.3 126.3 118.2 0.04 %
60
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Denton BioFuels LLC and Amercian BioSource, LLC (#,^) 111 E. Laurel St., Willows, CA 95988 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 75.1 75.1 71.9 0.02 %
Cable Management, LLC (#,^) 1145 13th Ave East, Palmetto, FL 34221 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 67.7 67.7 67.4 0.02 %
Aque Investment Group LLC (#,^) 2715 Saturn St., Brea, CA 92821 Real Estate Term Loan Prime plus 2.75% 3/23/2028 223.6 223.6 232.1 0.07 %
All Regional Recyclers of Wood LLC dba ARROW (#,^) 2801 W Osborn Rd, Phoenix, AZ 85017 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 110.5 110.5 107.8 0.03 %
Shweiki Media Inc dba Study Breaks Magazine (#,^) 2801 W Osborn Rd, Phoenix, AZ 85017 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 63.2 63.2 65.5 0.02 %
Sunshine Tents and Event Rentals LLC (#,^) 104 Wooster St., Bethal, CT 06801 Rental and Leasing Services Term Loan Prime plus 2.75% 3/23/2028 52.0 52.0 54.0 0.02 %
Kajun Martial Arts LLC (#,^) 200 Pratt St., Meriden, CT 06450 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2028 18.9 18.9 17.3 0.01 %
New York Label & Box Corp (#,^) 3838 N. Sam Houston Pkwy E, Houston, TX 77032 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2043 1,208.9 1,208.9 1,332.2 0.41 %
Sofasco, Inc (#,^) 624 W. University Drive.#359, Denton, TX 76201 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/23/2043 96.7 96.7 102.9 0.03 %
GeoTek Alaska, Inc (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2043 822.0 822.0 908.2 0.28 %
Rexco Foods LLC dba Papa John's (#,^) 2322 SW 58th Terrace, West Park, FL 33023 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 35.8 35.8 32.0 0.01 %
RTSP Union LLC (#,^) 50 Oval Drive, Islandia, NY 11749 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/20/2028 1,060.4 1,060.4 1,014.6 0.31 %
Cest Chic Concepts, LLC dba Salon Cest Chic (#,^) 182 Garber Lane, Winchester, VA 22602 Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 9.5 9.5 8.7 — %
Camerabots Media, LLC (#,^) 36546 Mission St., Prairieville, LA 70769 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/16/2028 12.6 12.6 11.6 — %
Petroleum Equipment & Services, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 210.5 210.5 218.6 0.07 %
Rojenco II,Inc. (#,^) 2438 Route 22 East, Union, NJ 07083 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 74.6 74.6 83.5 0.03 %
Bear Bones, Inc. (#,^) 18640 Fm 1488 Ste C, Magnolia, TX 77354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/15/2043 21.8 21.8 24.6 0.01 %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 15231 Hall Station Rd Unit 104, Bowie, MD 20721 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 501.9 501.9 560.5 0.17 %
CTD Operations Inc (#,^) 4501 Ford Ave Ste 207, Alexandria, VA 22302 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2028 56.1 56.1 51.3 0.02 %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 5631 Silverado Way Unit G, Anchorage, AK 99518 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 74.6 74.6 83.5 0.03 %
Rojenco II, Inc. (#,^) 43 Libson St., Lewiston, ME 04240 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 389.2 389.2 434.6 0.13 %
61
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Summit Insights Group LLC (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/14/2028 38.2 38.2 34.2 0.01 %
Dante Ultimate Cleaning Service LLC (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Administrative and Support Services Term Loan Prime plus 2.75% 3/9/2028 8.6 8.6 8.3 — %
2b Mom Inc dba Mom's the Word Maternity (#,^) 219 Saint Nazaire Rd STE G, Broussard, LA 70518 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/9/2028 81.8 81.8 73.3 0.02 %
SRG Waterfront LLC (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2028 244.7 244.7 222.5 0.07 %
Integrity Machinery Moving, LLC (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Support Activities for Transportation Term Loan Prime plus 2.75% 3/8/2028 18.9 18.9 19.7 0.01 %
Treft Systems Inc (#,^) 19 Briant Pkwy, Summit, NJ 07901 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2028 12.6 12.6 11.4 — %
Unpainted Arizona, LLC dba Westside Bowl (#,^) 16969 River Park Dr, Covington, LA 70345 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/7/2043 101.4 101.4 111.1 0.03 %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting (#,^) 88 District Square SW, Washington, DC 20005 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/2/2028 4.2 4.2 3.9 — %
BC Bishop Enterprises LLC dba 9Round Pooler (#,^) 3150 18th St., Ste 435, San Francisco, CA 94110 Educational Services Term Loan Prime plus 2.75% 3/2/2028 7.1 7.1 6.5 — %
Stepping Stones Childrens Academy (#,^) 9125 North Time Oil Rd, Portland, OR 97203 Social Assistance Term Loan Prime plus 2.75% 3/2/2043 246.1 246.1 276.9 0.08 %
The Law Offices of Samuel R Miller LLC (#,^) 1050 Kings Highway North Ste #107, Cherry HIll, NJ 08034 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2043 114.9 114.9 131.8 0.04 %
Connie Engelbrecht (#,^) 2617 Mahoning Ave, Youngstown, OH 44509 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 2/28/2028 2.5 2.5 2.3 — %
Merciful Heavenly Homes, LLC (#,^) 13722 Jamboree Rd, Irvine, CA 92602 Nursing and Residential Care Facilities Term Loan 8% 2/28/2043 62.9 62.9 58.5 0.02 %
Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) 17806 IH 10Ste 300, SAN ANTONIO, TX 78257 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2028 187.1 187.1 194.3 0.06 %
Carey Collision Repairs Inc. (#,^) 105-107 Grand Central Blvd, Pooler, GA 31322 Repair and Maintenance Term Loan Prime plus 2.75% 2/27/2028 62.6 62.6 57.7 0.02 %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (#,^) 720 Rancho Del Norte Drive, Las Vegas, NV 89031 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 343.2 343.2 393.5 0.12 %
Purely Seed LLC (#,^) 20640 Raven Drive, Eagle River, AK 99577 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/26/2028 104.4 104.4 93.4 0.03 %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections (#,^) 7405 Lake Worth Rd, Lake Worth, FL 33467 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/23/2028 4.1 4.1 3.7 — %
Jackpine Technologies Corporation (#,^) 401 Dillar's Mill Rd, Tyner, NC 27980 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/22/2028 31.0 31.0 32.2 0.01 %
Crossfit iQ LLC (#,^) 2800 S IH-35, Ste 220, Round Rock, TX 78681 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/21/2028 35.5 35.5 32.7 0.01 %
62
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Wellfleet Consulting Inc. (#,^) 295 D Bucheimer Rd, Fredrick, MD 21701 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/21/2028 12.5 12.5 11.2 — %
New View Media Group LLC (#,^) 11515 Lake Lane, Ste 102, Chisago, MN 55013 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/16/2028 68.9 68.9 71.6 0.02 %
Town & Country Transportation Co. (#,^) 94-33 Corona Ave, Corona, NY 11373 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/16/2028 55.3 55.3 57.4 0.02 %
Lulinjett LLC dba All American Printing & Design (#,^) 4308 Holland Rd, Virginia Beach, VA 23452 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/14/2043 102.5 102.5 117.6 0.04 %
Margab Inc dba Smoothie King (#,^) Mill & Main Building 2 Ste 640, Maynard, MA 01754 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/13/2028 10.6 10.6 9.8 — %
JumboMarkets, Inc. (#,^) 346 Pike Rd, Bay 8 & 9, West Palm Beach, FL 33411 Food and Beverage Stores Term Loan Prime plus 2.75% 2/13/2028 173.3 173.3 161.1 0.05 %
Tony Herring & Associates, Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 20850 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/9/2028 6.9 6.9 7.1 — %
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi (#,^) 1 Old Wolfe Rd Ste 205, Budd Lake, NJ 07828 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/9/2028 62.5 62.5 59.4 0.02 %
Quality Machine of Iowa, Inc (#,^) 191-193 Arch St., New Britain, CT 06051 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/9/2028 1,144.4 1,144.4 1,115.9 0.34 %
Apps Inc., Market Share, and Singular Leaseholdings LLC (#,^) 4621 Bayshore Rd, Fort Myers, FL 33917 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 436.6 436.6 390.7 0.12 %
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2028 65.3 65.3 60.9 0.02 %
Macrotech Integrated Management Solutions dba Extreme Lawn Care (#,^) 14200 SW 8th St Unit #102, Miami, FL 33184 Repair and Maintenance Term Loan Prime plus 2.75% 2/5/2028 10.0 10.0 10.4 — %
Midlothian Hardware Inc dba Grills True Value (#,^) 211 West Camellia Drive, Slidell, LA 70458 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/2/2028 12.5 12.5 13.0 — %
Chace Building Supply of CT Inc., (#,^) 1040 4th Ave, Audubon, IA 50025 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 1/31/2043 289.0 289.0 331.3 0.10 %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 30521 134th St SE, Sultan, WA 98294 Repair and Maintenance Term Loan Prime plus 2.75% 1/31/2028 12.4 12.4 11.5 — %
Rocco'sLandscaping LLC (#,^) 800 Village Walk #159, Guilford, CT 06437 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2043 72.3 72.3 82.9 0.03 %
WydeBodi, LLC dba Wyde Bodi Auto Tags (#,^) 128 North Woodland Blvd, Deland, FL 32720 Support Activities for Transportation Term Loan Prime plus 2.75% 1/30/2043 45.8 45.8 51.0 0.02 %
New Phaze Packaging Inc (#,^) 2425 Durrance LN, Ormond Beach, FL 32174 Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 924.9 924.9 1,057.8 0.32 %
Concrete Services LLC and James Ward (#,^) 4751 West 147th St., Midlothian, IL 60445 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/25/2028 82.8 82.8 78.9 0.02 %
Parati USA Inc (#,^) 1345 North Shepherd Dr, Houston, TX 77008 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/25/2028 14.0 14.0 12.5 — %
63
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Southside BBQ Corp (#,^) 90 Route 171, Woodstock, CT 06281 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/25/2028 16.2 16.2 16.8 0.01 %
Flair Interiors, Inc dba Giant Don's Flooring America (#,^) 151 Kitts Lane, Newington, CT 06111 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 1/24/2028 113.9 113.9 118.3 0.04 %
Tier1 Solutions LLC (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/23/2028 6.2 6.2 5.7 — %
Friend Contractors, LLC (#,^) 706 North 37th St., Philadelphia, PA 19104 Construction of Buildings Term Loan Prime plus 2.75% 1/19/2043 224.2 224.2 246.3 0.08 %
Lavish Specs Inc (#,^) 9533 Irondale Ave, Los Angeles, CA 91311 Machinery Manufacturing Term Loan Prime plus 2.75% 1/19/2028 6.2 6.2 5.6 — %
Weeping Willow Kennels, Inc. (#,^) 1018 Wilt Ave, Ridgefield, NJ 07657 Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2028 8.7 8.7 9.0 — %
MedWorxs Inc. (#,^) 24 County Rd 901, Jemison, AL 35085 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2028 65.2 65.2 58.4 0.02 %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge (#,^) 16032 South Highway 16, Cherokee, TX 76832 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2043 110.9 110.9 121.0 0.04 %
Specialized Dairy Processors LLC and Nathaly Zapata (#,^) 7725 Old Seward Highway, Anchorage, AK 99502 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/16/2028 53.9 53.9 48.2 0.01 %
Work of Heart Inc dba Little Nest Portraits (#) 1000 Essington Rd, Juliet, IL 60435 Professional, Scientific, and Technical Services Term Loan 7.5% 1/10/2028 5.2 5.2 4.2 — %
Impress Therapeutic Massage LLC (#,^) 262 Glen St., Glen Cove, NY 11542 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/8/2043 60.7 60.7 68.1 0.02 %
Human Resource Time Manager LLC (#,^) 1950 Mill Bay Rd, Kodiak, AK 99615 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/8/2028 12.8 12.8 13.3 — %
Sandfree Systems LLC (#,^) 6041 Hammond School Rd, Salisbury,, MD 21804 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 6.2 6.2 6.5 — %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield (#,^) 2101,2103 & 2105 West Hunting Park Ave, Philadelphia, PA 19140 Personal and Laundry Services Term Loan Prime plus 2.75% 1/5/2028 51.8 51.8 46.7 0.01 %
Farec, Inc (#) 6857 Timbers Dr., Evergreen, CO 80439 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 12/29/2042 242.4 242.4 222.1 0.07 %
Social Link LLC (#,^) 2200 N Commerce Pkwy, Weston, FL 33326 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2027 9.2 9.2 9.0 — %
Morrocco Method, Inc (#,^) 3145 Suntree Blvd Ste 102, Rockledge, FL 32955 Chemical Manufacturing Term Loan Prime plus 2.75% 12/27/2042 700.7 700.7 811.8 0.25 %
Anderson Farms Inc (#) 2737 Humphrey St., East Elmhurst, NY 11369 Truck Transportation Term Loan 7.5% 12/22/2027 4,304.3 4,304.3 3,805.9 1.16 %
Medical Plaza of Boro Park PC (#,^) 116 Cricket Ave Ste B, Ardmore, PA 19003 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 49.4 49.4 47.9 0.01 %
O'Rourke's Diner, LLC (#,^) 60 Dodd St., Bloomfield, NJ 07003 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2027 3.1 3.1 3.2 — %
Dudeck Enterprise LLC dba Detail Garage Las Vegas (#,^) 41Peabody St., Nashville, TN 37210 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/22/2027 13.4 13.4 14.0 — %
Muckamuck Trucks, Inc. (#,^) 30250 W Nine Mile Rd, Farmington, MI 48336 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 11.3 11.3 11.5 — %
64
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag (#,^) 800 Farroll Rd, Grover Beach, CA 93433 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2027 639.5 639.5 624.5 0.19 %
Landmark Ventures USA Inc (#,^) 510 S Spring St., Ukiah, CA 95482 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 12/22/2027 51.4 51.4 49.8 0.02 %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine (#,^) 728 Main St., Middleton, CT 06457 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 9.9 9.9 9.6 — %
Jacliff Investments Inc dba International Heal (#,^) 2360 South Rainbow Blvd, Ste 3, Las Vegas, NV 89146 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/22/2027 41.1 41.1 39.8 0.01 %
CT Auto Spa LLC (#,^) 271 West Highway 30, Burley, ID 83318 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 176.4 176.4 185.0 0.06 %
Blue Lagoon Resort, LLC dba Hill View Cottages (#,^) 1266 51St 1st Floor, Brooklyn, NY 11219 Accommodation Term Loan Prime plus 2.75% 12/21/2042 181.1 181.1 211.8 0.06 %
DHD Enterprise LLC dba Edible Arrangements #1699 (#,^) 12351 Gateway Park Place, Draper, UT 84020 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 18.7 18.7 18.6 0.01 %
DBMS Consulting, Inc. (#,^) 203 G St., Salida, CO 81201 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2027 61.6 61.6 62.7 0.02 %
Auto Excellance of Fort Myers Inc. (#,^) 475 Park Ave South 25th Floor, New York, NY 10016 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/19/2042 102.3 102.3 119.6 0.04 %
Best Quality Home Care LLC (#,^) 2355 South 1070 West, Ste D, Salt Lake City, UT 84119 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/19/2027 5.7 5.7 5.5 — %
Legion Bowl, Inc & Legion Pub Inc (#,^) 39 Albany Turnpike, West Simsbury, CT 06092 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/15/2042 320.9 320.9 375.3 0.11 %
1-0 Granny's Helpful Hands, LLC (#,^) 3670 Lake Shore Drive, Lake George, NY 12845 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2027 18.5 18.5 18.0 0.01 %
Ocean Trans LLC & Dehal Trucking LLC (#,^) 828 Washington Ave, Miami Beach, FL 33139 Truck Transportation Term Loan Prime plus 2.75% 12/15/2042 598.7 598.7 670.6 0.20 %
Capital Containers LLC (#,^) 164 West 83rd St.- Units CF1 and CF2, New York, NY 10024 Truck Transportation Term Loan Prime plus 2.75% 12/15/2027 13.0 13.0 12.8 — %
JMD Aviation Holdings, LLC (#,^) 317 S Berry St., Centralia, WA 98531 Rental and Leasing Services Term Loan Prime plus 2.75% 12/15/2027 410.9 410.9 431.0 0.13 %
Peanut Butter & Co., Inc (#,^) 3105 Fowler St., Fort Myers, FL 33901 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2027 184.9 184.9 179.2 0.05 %
KR Calvert & Co, LLC (#,^) 1415 W. Anderson St., Stockton, CA 95206 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/14/2027 429.5 429.5 417.2 0.13 %
Atlas Geo-Constructors, LLC (#,^) 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/14/2027 249.8 249.8 255.5 0.08 %
Royalty Freight Inc (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 548.6 548.6 531.7 0.16 %
AADJ Empire Inc and AADJ Galaxy Inc. (#,^) 8050 North West 90th St., Medley, FL 33166 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2042 174.5 174.5 197.3 0.06 %
65
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Heung Kyun Im (#,^) 705 East Lake St., Minneapolis, MN 55407 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2027 12.7 12.7 12.3 — %
LP Industries Inc. dba Childforms (#,^) 661 Park St., Cranston, RI 2910 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/14/2027 61.4 61.4 63.1 0.02 %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d (#,^) 148 West 24th St., New York, NY 10011 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2027 79.3 79.3 82.3 0.03 %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis (#,^) 149 Monroe Ave, Memphis, TN 38103 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 827.9 827.9 806.0 0.25 %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC (#,^) 2040 Norwood St. SW, Lenoir, NC 28645 Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/14/2027 51.8 51.8 50.7 0.02 %
Hardway Inc & AFC Leasing Inc (#,^) 34 35th St., Brooklyn, NY 11232 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 737.0 737.0 714.3 0.22 %
Nichols Fire and Security LLC (#,^) 3466 Thomasville Rd, Winston Salem, NC 27107 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2042 84.2 84.2 96.2 0.03 %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C (#,^) 3728 W Mckinley Ave, Fresno, CA 93722 Real Estate Term Loan Prime plus 2.75% 12/12/2042 96.2 96.2 112.5 0.03 %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation (#,^) 113 Seaboard Lane #C-270, Franklin, TN 37067 Air Transportation Term Loan 8.25% 12/12/2027 446.7 446.7 392.4 0.12 %
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC (#,^) 1599 Post Rd, Warwick, RI 2888 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 40.8 40.8 39.5 0.01 %
Clore Construction LLC (#,^) 6235 Conlan Bay Drive, Houston, TX 77041 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/12/2027 378.6 378.6 385.4 0.12 %
Big Picture Group LLC (#,^) 12533 S. 73rd E. Place, Bixby, OK 74008 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2027 308.0 308.0 305.6 0.09 %
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design (#,^) 1906 Vanderhorn Drive, Memphis, TN 38134 Administrative and Support Services Term Loan Prime plus 2.75% 12/12/2027 12.3 12.3 12.2 — %
A-1 Van Services Inc (#,^) 498 Wilderness View, Chatsworth, GA 30705 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/12/2027 591.2 591.2 604.7 0.18 %
Clear Sound Communications, Inc (#,^) 21220 FM 1420, Harlingen, TX 78550 Administrative and Support Services Term Loan Prime plus 2.75% 12/8/2027 3.1 3.1 3.0 — %
AV Strategy Inc (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 363.6 363.6 365.9 0.11 %
JVLS LLC dba Vaccines 2 Go (#,^) 3031 Patrick St, Kissimmee, FL 34741 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/7/2027 12.3 12.3 11.9 — %
Kim Howard Corp dba NPN Machine Tools (#,^) 1120 Wren School Rd, Piedmont, SC 29673 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/7/2042 562.5 562.5 657.3 0.20 %
66
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
IHC Hardware Inc. (#,^) 935 N La Jolla, Los Angeles, CA 90046 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/6/2042 96.3 96.3 108.2 0.03 %
ODS Inc (#,^) 16965 Park Circle Drive, Chagrin Falls, OH 44023 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/6/2027 40.3 40.3 40.3 0.01 %
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta (#,^) 680 Old Medford Ave, Medford, NY 11763 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/4/2027 12.3 12.3 11.9 — %
Oil Palace, Inc. (#,^) 9468 American Eagle Way Ste 100, Orlando, FL 32837 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/4/2042 950.7 950.7 1,112.0 0.34 %
Salud Bar & Grill LLC (#,^) 4060 Johns Creek Pkwy, Ste H, Suwanee, GA 30024 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 46.2 46.2 44.9 0.01 %
Linda Jean Howard Riley dba The Rusty Bolt (#,^) 9130 Wayfarer Lane, Houston, TX 77075 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/1/2042 20.2 20.2 23.6 0.01 %
Utara LLC (#,^) 614 Broad St., Story City, IA 50248 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 19.1 19.1 19.1 0.01 %
Square1 Partners, LLC (#,^) 626 N Delsea Drive, Glassboro, NJ 08028 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2027 51.2 51.2 49.6 0.02 %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard (#,^) 5300 W. Atlantic Ave. Ste 501, Delray Beach, FL 33484 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/30/2027 85.5 85.5 89.7 0.03 %
Create- A- Stitch, Inc (#,^) 10408 Highway 64 East, Tyler, TX 75707 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2042 84.1 84.1 97.9 0.03 %
WTI Distribution Inc (#,^) 1413 Bushwick Ave, Brooklyn, NY 11207 Support Activities for Transportation Term Loan Prime plus 2.75% 11/30/2027 32.6 32.6 33.0 0.01 %
J. Venture Holdings, LLC (#,^) 22345 W. Rt 66, Seligman, AZ 86337 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2027 10.1 10.1 10.6 — %
Skin Beauty Bar Inc. and Tameka J. Mathis (#,^) 214 Pine St, Sandpoint, ID 83864 Personal and Laundry Services Term Loan Prime plus 2.75% 11/30/2027 7.3 7.3 7.2 — %
OPH Lexington, Inc (#,^) 1088 Greenbriar Lane, Northbrook, IL 60062 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 183.4 183.4 214.5 0.07 %
Our Playhouse Preschool, LLC (#,^) 14277 Ramona Ave, Chino, CA 91710 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 225.4 225.4 263.7 0.08 %
Beacon Brewing LLC and C' Sons, LLC (#,^) 1 Jackson St., Troy, NY 12180 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2042 122.0 122.0 142.7 0.04 %
Webtez Inc dba Mod Vans (#,^) 3585 SW 10th St., Pompano Beach, FL 33069 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 57.0 57.0 55.5 0.02 %
Step Up Academy of the Arts, LLC (#,^) 749 8th St. SE 2nd Floor, Washington, DC 20003 Educational Services Term Loan Prime plus 2.75% 11/22/2027 12.8 12.8 12.4 — %
JMD Corporation dba Dart's True Value (#,^) 2285 St. Andrews Ave, Zachary, LA 70791 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/22/2027 15.2 15.2 15.4 — %
Cali Fit Meals (#,^) 235 Walton Ave, Lexington, KY 40502 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 18.3 18.3 18.6 0.01 %
67
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Grumpy's Restaurant Company, LLC (#,^) 3501 NC Highway 54 W, Chapel hill, NC 27516 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 57.9 57.9 56.2 0.02 %
PB Market LLC dba Pure Barre (#,^) 700 Lincoln St., Lagrange, GA 30204 Educational Services Term Loan Prime plus 2.75% 11/21/2027 88.4 88.4 85.8 0.03 %
B Lam LLC (#,^) 121 South Main St., Payette, ID 83661 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 174.2 174.2 201.7 0.06 %
Maya Motel, LLC dba Town House Motel (#,^) 1673 Donlon St., Ste 202, Ventura, CA 93003 Accommodation Term Loan Prime plus 2.75% 11/17/2042 54.8 54.8 64.1 0.02 %
Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Re (#,^) 2258A Wigwam Pkwy, Henderson, NV 89074 Support Activities for Transportation Term Loan Prime plus 2.75% 11/17/2027 40.7 40.7 40.5 0.01 %
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. (#,^) 3450 East Orangethrope Ave, Anaheim, CA 92806 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 43.2 43.2 42.1 0.01 %
SSI Refrigerated Express Inc. and Robert M Stallone (#,^) 834 Kingsley Ave, Orange Park, FL 32073 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 51.2 51.2 50.3 0.02 %
H & H Hotshot Services, Inc. (#,^) 164-C Market St, Charleston, SC 29401 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 57.0 57.0 56.6 0.02 %
Murf & Sons LLC (#,^) 9419 Kenwood Rd, Cincinnati, OH 45242 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2027 135.5 135.5 132.5 0.04 %
Auto Rx LLC,J&P Auto Repair Inc (#,^) 1701 Washington Ave, Waco, TX 76701 Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2042 188.7 188.7 220.2 0.07 %
Marcaco LLC (#,^) 1001 E. Cooley Drive Ste 102, Colton, CA 92324 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/15/2042 501.4 501.4 586.5 0.18 %
J R Wholesale Tires & Auto Center, LLC (#,^) 558 West Main St., Lebanon, OH 45036 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/15/2042 13.0 13.0 15.2 — %
Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) 1990 Flippen Rd, Stockbridge, GA 30281 Educational Services Term Loan Prime plus 2.75% 10/14/2043 452.9 452.9 522.3 0.16 %
Wing King at the Gardens LLC (#,^) 3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 7.9 7.9 7.7 — %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh (#,^) 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/8/2027 12.2 12.2 11.8 — %
JNP Delivery Inc (#,^) 822 Cameron Lane, Lugoff, SC 29078 Couriers and Messengers Term Loan Prime plus 2.75% 11/7/2027 91.2 91.2 91.6 0.03 %
His Loving Hands Christian Academy, Inc. (#,^) 91 & 95 Woodbury Rd, Hicksville, NY 11801 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 88.2 88.2 102.1 0.03 %
S & S Auto Body Shop Inc. (#,^) 124 Lincoln Ave, Colonie, NY 12205 Repair and Maintenance Term Loan Prime plus 2.75% 11/3/2042 153.6 153.6 179.5 0.05 %
Sterling Campbell Insurance Agency, Inc (#,^) 112 N Krome Ave, Homestead, FL 33030 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/3/2027 6.1 6.1 5.9 — %
Top Quality Dent Service LLC (#,^) 4235 South Fort Apache Rd, Ste 250, Las Vegas, NV 89147 Repair and Maintenance Term Loan Prime plus 2.75% 11/2/2027 4.9 4.9 4.7 — %
68
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Edge Studios Inc Radiant Yoga LLC (#,^) 400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/1/2027 53.8 53.8 52.9 0.02 %
Berza TLG,LLC dba The Little Gym of Lake Charles (#,^) 4500 North Providence # 7, Appleton, WI 54913 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/31/2027 34.3 34.3 33.6 0.01 %
Rachael Reel dba Rachel Reel Insurance Age (#,^) 15020 Harrison St., Miami, FL 33176 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/31/2027 6.1 6.1 5.9 — %
The Five Lakes LLC (#,^) 5001 W. Clay St., Richmond, VA 23230 Educational Services Term Loan Prime plus 2.75% 10/30/2042 455.9 455.9 533.3 0.16 %
Die Hard Used Car Sales (#,^) 36359 North Gantzel Rd Ste 102, San Tan Valley, AZ 85140 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 54.1 54.1 63.3 0.02 %
Ashore Ventures Inc dba PuroClean Professional Restoration (#,^) 1541 Vapor Trail, Colorado Springs, CO 80905 Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2027 11.8 11.8 11.6 — %
Sage Oil LLC (#,^) 448 Howe Ave, Sacramento, CA 95825 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 8.1 8.1 7.9 — %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T (#,^) 1301 E McNeese St., Ste 201, Lake Charles, LA 70607 Couriers and Messengers Term Loan Prime plus 2.75% 10/27/2027 30.2 30.2 29.8 0.01 %
Suzie LLC dba Tony D's Restaurant (#,^) 208 Bank St., Lenoir, TN 37771 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2042 84.0 84.0 97.7 0.03 %
Grand Blanc Lanes, Inc. (#,^) 1668 West Grand Ave, Phoenix, AZ 85007 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/25/2027 12.1 12.1 12.7 — %
Schafer Fisheries Inc (#,^) 13705 Holmes Rd, Kansas City, MO 64154 Food Manufacturing Term Loan Prime plus 2.75% 10/25/2027 28.2 28.2 29.5 0.01 %
Action Physical Therapy Yoga and Wellness Center Inc. (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/24/2027 17.9 17.9 18.5 0.01 %
Looky Enterprises, LLC (#,^) 377 Boston Post Rd Unit B, Milford, CT 06460 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/18/2027 53.8 53.8 52.9 0.02 %
Island Refrigeration & AC Inc (#,^) 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/18/2042 127.2 127.2 146.1 0.04 %
Blueridge Armor LLC (#,^) 92 Huntington St., New London, CT 06320 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 6.7 6.7 6.7 — %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L (#,^) 5301 S. Saginaw Rd, Flint, MI 48507 Electronics and Appliance Stores Term Loan 7.5% 10/17/2042 61.8 61.8 57.7 0.02 %
Albas Bar & Grill LLC (#,^) 21985 Waller Rd, Fulton, IL 61252 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/13/2042 43.9 43.9 49.4 0.02 %
Cortez Landscaping, LLC (#,^) 5811 S Westnedge Ave, Portage, MI 49002 Administrative and Support Services Term Loan Prime plus 2.75% 10/13/2027 15.5 15.5 15.5 — %
Crawfordsville Fitness LLC dba Planet Fitness (#,^) 1175 Surlington Ave, Ste 101, Leland, NC 28451 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/13/2027 100.3 100.3 98.6 0.03 %
On Call Services LLC (#,^) 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 Construction of Buildings Term Loan Prime plus 2.75% 10/13/2027 14.5 14.5 15.2 — %
69
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Pro Anderson, LLC (#,^) 1227 Burnside Ave, East Hartford, CT 06108 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 43.7 43.7 42.7 0.01 %
Sandbox Ventures LLC (#,^) 1495 Highway 74-A Bypass, Ste 150192, Spindale, NC 28160 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 15.8 15.8 16.3 — %
Eye Optique Inc. (#,^) 221 Self Main St., Homer City, PA 15748 Health and Personal Care Stores Term Loan Prime plus 2.75% 10/5/2027 12.1 12.1 11.7 — %
Ains Holding Company LLC (#,^) 4 Powder Rd, Norwalk, CT 06854 Management of Companies and Enterprises Term Loan Prime plus 2.75% 10/2/2027 71.2 71.2 70.0 0.02 %
Becky Lou Corp dba Rent A Center (#,^) 15060 281St Ave NW, Zimmerman, MN 55398 Rental and Leasing Services Term Loan Prime plus 2.75% 10/2/2027 73.4 73.4 73.7 0.02 %
Sashshel Corporation (#,^) 1632 Bush Lane, Crawfordsville, IN 47933 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042 203.5 203.5 238.0 0.07 %
Threads of Time LLC (#,^) 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042 131.8 131.8 150.2 0.05 %
Dan Cline Transport Inc. (#,^) 1857 A Elmdale Ave, Glenview, IL 60026 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 855.1 855.1 861.1 0.26 %
Harco Metal Products Inc (#,^) 10800 Alpharetta Highway, Ste 220, Roswell, GA 30076 Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042 471.4 471.4 527.5 0.16 %
Miechella Suzette Decker (#,^) 121 Fulton St., New York, NY 10038 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/29/2042 94.9 94.9 111.0 0.03 %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S (#,^) 3578 Route 611, Ste 210, Bartonsville, PA 18321 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042 1,187.0 1,187.0 1,365.1 0.42 %
Rhode Island Tennis Management LLC (#,^) 501 State Drive, Mount Vernon, MO 65712 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 527.0 527.0 600.1 0.18 %
National Media Services, Inc (#,^) 207 S Buchanan St., Danville, IL 61832 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2027 15.0 15.0 14.5 — %
Nicholson Lumber Co Inc. (#,^) 3515 Main St., Exmore, VA 23350 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2030 186.0 186.0 197.6 0.06 %
Rhode Island Tennis Management LLC (#,^) 7895 East Acoma Drive Ste 102, Scottsdale, AZ 85260 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 367.0 367.0 417.9 0.13 %
Pets A Go Go LLC (#,^) 676 Franklin Blvd, Somerset, NJ 08873 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 189.8 189.8 219.2 0.07 %
Complete Care IT LLC (#,^) 4500 W 47th St., Chicago, IL 60632 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2027 11.8 11.8 11.4 — %
Technologist Inc (#,^) 589 North State Rd, Briarcliff Manor, NY 10510 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027 198.3 198.3 207.5 0.06 %
Inspirations Food Design, Inc (#,^) 636 Centerville Rd, Warwick, RI 2886 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042 446.6 446.6 511.7 0.16 %
Rollins Construction & Trucking LLC (#,^) 377 Main St., Nicholson, PA 18446 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2027 265.1 265.1 275.8 0.08 %
70
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn (#,^) 636 Centerville Rd, Warwick, RI 2886 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027 17.9 17.9 17.5 0.01 %
KB Waterjet Cutting LLC (#,^) 5091 Lexington Blvd, Fort Meyers, FL 33919 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/22/2027 8.2 8.2 8.1 — %
Sallee Pro-Custom Fabrication Shop LLC (#,^) 1820 North Fort Myer Drive Ste 530, Arlington, VA 22209 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 7.2 7.2 7.5 — %
Commonwealth Diagnostics International, Inc (#,^) 4801 South University Drive, Ste 125, Davie, FL 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 1,011.0 1,011.0 1,058.1 0.32 %
Insight Diagnostic Technologist Services (#,^) 893 South 120 East, Milford, UT 84751 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 262.8 262.8 259.6 0.08 %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (#,^) 1338 Memorial Ave, West Springfield, MA 01089 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027 159.4 159.4 162.7 0.05 %
Alpha Preparatory Academy LLC (#,^) 4330 Parker Lane, Addis, LA 70710 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 155.7 155.7 176.8 0.05 %
Max Home Deliveries, Inc (#,^) 4864 Arthur Kill Rd Units 102,103,104 & 105, Staten Island, NY 10309 Couriers and Messengers Term Loan Prime plus 2.75% 9/20/2027 64.2 64.2 64.2 0.02 %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York (#,^) 8865 North County Rd 600 W, Scipio, IN 47273 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 822.2 822.2 842.8 0.26 %
Imagine By Carleen, Inc. (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2027 6.0 6.0 6.2 — %
Denek Contracting Inc and Denek Leasing LLC (#,^) 39 Norman St. a/k/a 1 Holyoke Square, Salem, MA 01970 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042 200.8 200.8 234.4 0.07 %
Montessori Community School (#,^) 2030 Forest Ave, Ste 110, San Jose, CA 95128 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 280.9 280.9 320.2 0.10 %
CR Park Incorporated dba Define Body and Mind (#,^) 49 W. Allandale Ave, Allendale, NJ 07401 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 65.3 65.3 64.8 0.02 %
CIS BIG DOG, LLC (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Administrative and Support Services Term Loan Prime plus 2.75% 9/19/2027 51.8 51.8 54.2 0.02 %
Stone's Construction and Remodeling, LLC (#,^) 123 South Navarra Drive, Scotts Valley, CA 95066 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027 4.2 4.2 4.0 — %
Party By Design Inc. (#,^) 451 E. Wilson Ave, Pontiac, MI 48341 Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042 1,153.3 1,153.3 1,307.9 0.40 %
Clinton Food Market LLC (#,^) 77 Van Buren St., Port Jefferson Station, NY 11776 Gasoline Stations Term Loan Prime plus 2.75% 9/15/2042 245.0 245.0 279.7 0.09 %
Tarleton & Family Landscaping, LLC (#,^) 1404 Del Prado Blvd South, Units 100 & 105, Cape Coral, FL 33904 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2027 66.7 66.7 65.8 0.02 %
Li Family Spokane LLC (#,^) 1401 Lakeland Ave, Bohemia, NY 11716 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2042 368.5 368.5 426.3 0.13 %
71
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Alaska Motor Home Inc (#,^) 8920 US HWY, 62 WEST, Cynthiana, KY 41031 Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027 265.5 265.5 256.7 0.08 %
Nails By Mercede LLC (#,^) 5210 Kaylin Drive, Akron, OH 44319 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 11.4 11.4 11.5 — %
Fox Valley Rentals & Investments, LLC (#,^) 61 Strafello Drive, Avon, MA 2322 Food Services and Drinking Places Term Loan Prime plus 3.75% 9/13/2027 6.1 6.1 6.5 — %
Town & Country Transportation Co. and Popco, LLC. (#,^) 21 E. Lincoln Rd, Spokane, WA 99208 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 161.7 161.7 188.8 0.06 %
Rajbai Maa Inc. dba Nara Lounge (#,^) 196 East Main St., Clinton, CT 06413 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 371.5 371.5 417.6 0.13 %
Health & Performance Center, LLC (#,^) 125 E Center St., Midland Park, NJ 07432 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 16.3 16.3 15.8 — %
Morgan Lynn Kerstetter dba Catherine School of Dance (#,^) 6633 Brayton Dr, Anchorage, AK 99507 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/11/2027 6.0 6.0 6.3 — %
Foxtail, LLC and Tottly New Services Corp (#,^) 2906 E. Newberry St., Appleton, WI 54915 Social Assistance Term Loan Prime plus 2.75% 9/8/2042 279.1 279.1 318.8 0.10 %
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (#,^) 2994 and 2996 Edgewater Drive, Orlando, FL 32804 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/8/2027 6.0 6.0 6.3 — %
Crazy Beatz Productions LLC (#,^) 191 Arch St., New Britain, CT 06051 Motion Picture and Sound Recording Industries Term Loan Prime plus 3.75% 9/7/2027 4.3 4.3 4.4 — %
South Fulton Landscape & Nursery, Inc. (#,^) 244-252 Atwells Ave, Providence, RI 2903 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/7/2042 95.7 95.7 111.8 0.03 %
Dreaming Big Learning Center Inc (#,^) 1862 Craigshire Rd, Saint Louis, MO 63146 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 362.2 362.2 413.1 0.13 %
Big Coop's Trucking LLC (#,^) 315 Mill St. 3rd Floor, Danville, PA 17821 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 79.9 79.9 81.2 0.02 %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran (#,^) 1481 Highland Ave, Cheshire, CT 06410 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 303.6 303.6 298.5 0.09 %
Parlay Disributors LLC (#,^) 5 Greenleaf Drive, Unit 201, Portsmouth, NH 3801 Educational Services Term Loan Prime plus 2.75% 8/25/2027 88.2 88.2 86.1 0.03 %
Lake County Tow LLC (#,^) 20014 NE 138th St., Kearney, MO 64060 Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042 83.7 83.7 95.3 0.03 %
InUSA Ventures Inc dba InUSA Services (#,^) 3415 Enon Rd, College Park, GA 30349 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 8/24/2027 19.8 19.8 19.2 0.01 %
Genuine Ventures LLC and Seaweed Ventures LLC (#,^) 3301 W Oak St, Kissimmee, FL 34741 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2030 478.6 478.6 493.7 0.15 %
R & R Strength & Conditioning Corp dba Crossfit Light House Point (#,^) 3066 Misty Creek Drive., Swartz, MI 48473 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/23/2042 78.8 78.8 92.1 0.03 %
72
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Delicias de Minas Restaurant, LLC (#,^) 377 Boston Post Rd, Milford, CT 06460 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2027 162.2 162.2 168.9 0.05 %
L&V Auto Sales, Inc. (#,^) 1734 Wansley Rd, Laurel, MS 39440 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/21/2027 14.3 14.3 15.0 — %
Damiano Global Corp (#,^) 1734 Wansley Rd, Laurel, MS 39440 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027 17.9 17.9 18.2 0.01 %
Tier1 Solutions LLC (#,^) 15409 Country Rd 565A, Clermont, FL 34711 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/18/2027 14.9 14.9 14.7 — %
Tony Herring & Associates, Inc (#,^) 20 Medford Ave, Ste 104, Patchogue, NY 11772 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/17/2027 6.0 6.0 5.8 — %
Chester's World Enterprise LLC (#,^) 3015 San Pablo Ave, Ste 511, Berkeley, CA 94702 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/16/2027 17.9 17.9 17.7 0.01 %
D'Amato & Sons Construction, Inc. (#,^) 432 S Franklin St, Juneau, AK 99801 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 6.5 6.5 6.5 — %
L & J Corporate Services Inc (#,^) 3701 NE 12th St., Pompano Beach, FL 33064 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027 5.6 5.6 5.4 — %
Furniture Masters Limited Liability Company (#,^) 168-170 McWhorter St., Newark, NJ 07105 Repair and Maintenance Term Loan Prime plus 2.75% 8/3/2027 7.1 7.1 6.9 — %
HMG Strategy LLC, (#,^) 333 Birch Hills Drive, Rochester, NY 14622 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2027 37.7 37.7 36.5 0.01 %
Hope Health Care, LLC (#,^) 1504 West Franklin Blvd, Gastonia, NC 28052 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/31/2027 5.3 5.3 5.1 — %
Raffi's Inc dba Atlantic Auto Center (#,^) 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2027 11.2 11.2 11.7 — %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC (#,^) 211 West Camellia Drive, Slidell, LA 70458 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042 50.6 50.6 58.7 0.02 %
Sharon G McMillen, MA Psychologist, Inc. (#,^) 140 W Alameda Drive, Ste 104, Tempe, AZ 85282 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027 14.6 14.6 14.1 — %
Work of Heart Inc dba Little Nest Portraits (#,^) 117 Oak St., Amityville, NY 11701 Professional, Scientific, and Technical Services Term Loan 7.5% 7/28/2027 47.1 47.1 41.5 0.01 %
HQTRONIC LLC (#,^) 866 NW 110th Ave, Coral Springs, FL 33071 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2027 17.7 17.7 17.1 0.01 %
Oberon IT, Inc. (#,^) 160 Mount Pleasant Ave, Newark, NJ 07104 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/26/2027 172.1 172.1 172.3 0.05 %
Gilles Peress Studio LLC (#,^) 191 Post Rd W., Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2027 48.9 48.9 47.3 0.01 %
Lil Tots' Learning Center LLC (#,^) 2945 Main St., Stratford, CT 06614 Social Assistance Term Loan Prime plus 2.75% 7/21/2042 28.7 28.7 33.5 0.01 %
Obok LLC (#,^) 1809 Roane St., Richmond, VA 23222 Food Manufacturing Term Loan Prime plus 2.75% 7/21/2027 9.4 9.4 9.5 — %
Ocean Trans LLC (#,^) 202 S. 1st St., Wakeeny, KS 67672 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 30.8 30.8 29.8 0.01 %
Matrix Z LLC (#,^) 216 West Main St, Kingwood, WV 26537 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027 5.9 5.9 6.4 — %
73
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) (#,^) 10135 S. Roberts Rd, Ste. 209, Palos Hills, IL 60465 Air Transportation Term Loan Prime plus 2.75% 7/18/2027 648.8 648.8 629.9 0.19 %
Wildflour Bakery & Cafe, LLC (#,^) 1404 W. Walnut Hill Lane, Irving, TX 75038 Food Manufacturing Term Loan Prime plus 2.75% 7/17/2027 17.7 17.7 18.5 0.01 %
Koep Companies dba Pipestone True value (#,^) 76 Lafayette Ave, Brooklyn, NY 11217 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/14/2042 311.9 311.9 352.1 0.11 %
Rocks Auto Exchange LLC (#,^) 2720 S. Havana St., Unit H, Aurora, CO 80014 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/13/2027 10.0 10.0 9.7 — %
McCord Holdings, Inc. dba Fast Signs 176101 (#,^) 1415 W Andersonr Way, Stockton, CA 95206 Administrative and Support Services Term Loan Prime plus 2.75% 7/7/2027 14.8 14.8 14.5 — %
Thrifty Market Inc dba Thrifty Foods (#,^) 3042 S 78th St, Tampa, FL 33619 Food and Beverage Stores Term Loan Prime plus 2.75% 7/6/2027 84.4 84.4 83.8 0.03 %
The Country House Restaurant, LLC and Pelton Real Estate, LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 48.1 48.1 55.7 0.02 %
Hamilton & Associates Real Estate and Investments Firm LLC (#,^) 2301 N Marginal Rd, Cleveland, OH 44114 Real Estate Term Loan Prime plus 2.75% 6/30/2042 51.5 51.5 59.1 0.02 %
J. T. O'Neill Company, L.L.C (#,^) 5137 Clareton Drive, Ste 100,110 & 120, Agoura Hills, CA 91301 Real Estate Term Loan Prime plus 2.75% 6/30/2027 11.7 11.7 11.3 — %
JWH Designs, LLC (#,^) 207 East Main St., Pipestone, MN 56164 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2027 82.8 82.8 80.1 0.02 %
J&M Civil Construction Services LLC (#,^) 518 East.Main St., Westfield, IN 46074 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 75.3 75.3 72.8 0.02 %
New Chicago Wholesale Bakery Inc. (#,^) 7640 N. Wickham Rd, Melbourne, FL 32940 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 11.7 11.7 12.0 — %
Best Bees Company (#,^) 702 10th St., Wheatland, WY 82201 Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2027 17.5 17.5 16.9 0.01 %
Stiegelbauer Associates Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027 240.1 240.1 250.7 0.08 %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 19972 Willowin Farm Lane, Purcellville, VA 20132 Truck Transportation Term Loan Prime plus 2.75% 6/29/2027 490.7 490.7 473.4 0.14 %
Intellixion LLC (#,^) 677 US Route 7, Pittsford, VT 5763 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/29/2027 2.9 2.9 2.8 — %
Oakhill Farms, LLC (#,^) 11776 West Sample Rd, Coral Springs, FL 33065 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2030 85.0 85.0 91.3 0.03 %
Malhame & Company Publishers & Importers Inc. (#,^) 1111 Boston Post Rd, Rye, NY 10580 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027 69.8 69.8 67.4 0.02 %
Greensboro Plastic Surgical Associates, PA (#,^) 1221 County Rd 4371, Decatur, TX 76234 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042 550.5 550.5 626.1 0.19 %
Akal Express Inc. dba Truck Trailer Service Stop (#,^) 63 Flushing Ave, Unit 101, Building 280, Brooklyn, NY 11205 Repair and Maintenance Term Loan Prime plus 2.75% 6/28/2042 57.2 57.2 66.4 0.02 %
74
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Foxhop Fitness, LLC (#,^) 839 Albany St., Boston, MA 02119 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027 71.2 71.2 69.1 0.02 %
Old Dominion Transportation Group, Inc. (#,^) 760 W. Charter Way, Stockton, CA 95206 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027 788.2 788.2 771.6 0.24 %
Citibin, Inc. (#,^) 2716 Henry St., Greensboro, NC 27405 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/27/2027 97.5 97.5 94.0 0.03 %
WB Cleaners Inc. DBA $2.75 Cleaners (#,^) 7447 Egan Dr, Ste 110 A, Savage, MN 55378 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2027 12.8 12.8 13.3 — %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) 180 Orville Rd, Bohemia, NY 11780 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/27/2030 208.6 208.6 222.3 0.07 %
Four Seasons Laser Center Inc. (#,^) 15 Carl St., Johnston, RI 2919 Personal and Laundry Services Term Loan Prime plus 2.75% 6/26/2042 211.4 211.4 240.9 0.07 %
Ains Holding Company, LLC (#,^) 2901 I 40 West, Vega, TX 79092 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2027 867.1 867.1 848.4 0.26 %
Northern Industries, LLC (#,^) 4211 NW Federal Highway, Jensen Beach, FL 34957 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 55.1 55.1 64.2 0.02 %
Vella Construction Enterprises, Inc. dba Vella Construction (#,^) 1308 Devils Reach Rd, Woodbridge, VA 22192 Construction of Buildings Term Loan Prime plus 2.75% 6/23/2027 17.5 17.5 16.9 0.01 %
Rustic LLC (#,^) 254 36th St., Unit 25, Brooklyn, NY 11232 Personal and Laundry Services Term Loan Prime plus 2.75% 6/23/2042 15.5 15.5 16.8 0.01 %
Birches Group, LLC (#,^) 211 East 25th St., Norfolk, VA 23504 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2027 39.0 39.0 37.6 0.01 %
Scarlet Spartan Inc.dba FastSigns of Brighton (#,^) 5101 University Park Way, Winston-Salem, NC 27106 Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027 22.0 22.0 21.8 0.01 %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC (#,^) 122 West 26th St., New York, NY 10011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 381.1 381.1 426.5 0.13 %
JAM Media Solutions, LLC (#,^) 4720 NW 2nd Ave Unit D-104 and Unit D-105, Boca Raton, FL 33498 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2027 25.3 25.3 24.4 0.01 %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba (#,^) 4779 State Rd AA, Tebbetts, MO 65080 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/15/2042 296.4 296.4 336.0 0.10 %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero (#,^) W 5585 Dehart Drive, Tomahawk, WI 54484 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 88.2 88.2 101.9 0.03 %
Susan Hughes dba Aloha Junction B and B (#,^) 318 28th Ave, San Mateo, CA 94403 Accommodation Term Loan Prime plus 2.75% 6/14/2042 59.5 59.5 69.4 0.02 %
Hull's Kitchen, LLC and HK Too, LLC (#,^) 228 East 45th St. 12th FL South, New York, NY 10017 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2042 91.7 91.7 106.9 0.03 %
ESA 365 Corp and Lucathor Realty LLC (#,^) 533 W. Grand River Ave, Brighton, MI 48116 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2042 21.5 21.5 24.6 0.01 %
75
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Yachting Solutions LLC (#,^) 11535 Carmel Commons Blvd Ste 200, Charlotte, NC 28226 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2027 92.6 92.6 94.0 0.03 %
Refoleen Inc dba Spice and Tea Exchange (#,^) 4744 Tackawanna St., Philadelphia, PA 19124 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 2.7 2.7 2.7 — %
Skydive California, LLC (#,^) 104 Wooster St., Bethel, CT 06801 Educational Services Term Loan Prime plus 2.75% 6/2/2027 42.8 42.8 44.7 0.01 %
SCW, LLC dba Arthur Murray Dance Studio (#,^) 2420 Grand Ave, Baldwin, NY 11520 Educational Services Term Loan Prime plus 2.75% 6/2/2042 139.2 139.2 158.7 0.05 %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder (#,^) 577 Main Ave, Paterson, NJ 07055 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/1/2042 43.4 43.4 49.9 0.02 %
Sage Oil LLC (#,^) 19-4037 Olapalapa Rd, Volcano, HI 96785 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 5/31/2027 17.4 17.4 16.9 0.01 %
Ricnet III, Inc. dba Edible Arrangements (#,^) 19 Hull Shore Dr, Hull, MA 02045 Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027 11.6 11.6 11.3 — %
Funtime, LLC and Universal Entertainment Group LLC (#,^) 229 Commercial St., Rockport, ME 04856 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2027 51.0 51.0 49.7 0.02 %
Haroon Baig,Inc.dba US1 Petrol (#,^) 849 E Commerce St. Ste 121, San Antonio, TX 78205 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2042 251.3 251.3 293.1 0.09 %
Chet Lemon Enterprises LLC dba All American Sports (#,^) 2383 Old Dixwell Ave, Hamden, CT 06518 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/26/2042 754.5 754.5 879.8 0.27 %
Eagle Wood Works LLC (#,^) 25001 S Kasson Rd, Tracy, CA 95301 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/26/2027 9.3 9.3 9.3 — %
Hurricane Group, Inc. (#,^) 246 East Belt Blvd, Richmond, VA 23224 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 57.9 57.9 55.9 0.02 %
Swantown Inn & Spa LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Accommodation Term Loan Prime plus 2.75% 5/26/2042 121.0 121.0 140.7 0.04 %
Jung Design Inc. (#,^) 716 Foxcroft Ave, Martinsburg, WV 25401 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027 6.9 6.9 6.7 — %
Locavore LLC dba Paloma Restaurant (#,^) 13200 W. Foxfire Dr #144, Surprise, AZ 85387 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2027 38.6 38.6 38.1 0.01 %
Abdul Naushad MD PC dba Advanced Pain Centers (#,^) 1280-1290 Dixwell Ave, Hamden, CT 06514 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/25/2042 374.8 374.8 432.9 0.13 %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson (#,^) 1544 Lane Park Cutoff, Tavares, FL 32778 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027 11.6 11.6 11.2 — %
Innovim, LLC (#,^) 312 West Fourth St., Carson City, NV 89703 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2027 249.4 249.4 240.6 0.07 %
Prestige Construction of Florida, LLC (#,^) 1448 Horsehead Rd, Lugoff, SC 29078 Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042 320.3 320.3 360.5 0.11 %
Tres K Deli,Grocery,Fruit and Meat Inc. (#,^) 8641 Ashwood Dr, Capital Heights, MD 20743 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 6.4 6.4 6.4 — %
76
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) 1431 11th Ave SE, Olympia, WI 98501 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 554.5 554.5 634.9 0.19 %
Hayden Trucking LLC (#,^) 10857 Pine Bluff Drive, Fisher, IN 46037 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 107.7 107.7 112.0 0.03 %
Mr. B's Bicycles & Mopeds, Inc. (#,^) 2290 Foxon Rd Route 80, North Branford, CT 06471 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2042 139.7 139.7 159.6 0.05 %
Waterford Plumbing Co, Inc. (#,^) 2865 James Blvd, Poplar Bluff, MO 63901 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2027 38.6 38.6 37.7 0.01 %
Bay Car Wash LLC (#,^) 401 S. Guadalupe St., Santa Fe, NM 87501 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 115.0 115.0 131.8 0.04 %
Computech Computers Inc. (#,^) 6401 Golden Triangle Drive Ste 200, Greenbelt, MD 20770 Educational Services Term Loan Prime plus 2.75% 5/17/2027 38.6 38.6 37.3 0.01 %
Batter & Company,LLC dba Batter Co. Dessert Collection (#,^) 2372 Walnut Ave, Livingston, CA 95334 Food and Beverage Stores Term Loan Prime plus 2.75% 5/16/2027 41.5 41.5 40.6 0.01 %
5 Stars Learning Center Inc (#,^) 1404 Yorktown St. Ste E, Deland, FL 34944 Social Assistance Term Loan Prime plus 2.75% 5/16/2042 58.8 58.8 67.2 0.02 %
Arco Electrical Contractors Inc. dba Arco Construction Group (#,^) 132 North Wellwood Ave, Lindenhurst, NY 11757 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027 273.7 273.7 274.6 0.08 %
Sanderson Distribution Inc. (#,^) 11540 Eagle Vista Drive, Fort Worth, TX 76179 Truck Transportation Term Loan Prime plus 2.75% 5/12/2027 8.1 8.1 7.8 — %
B G F Bobby Q's Inc (#,^) 125 West Tremont Ave, Bronx, NY 10453 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027 5.8 5.8 6.0 — %
Estelle Finkel Educational Associates,LLC (#,^) 1870 S. 4th Ave, Yuma, AZ 85364 Educational Services Term Loan Prime plus 2.75% 5/11/2027 91.0 91.0 87.8 0.03 %
Labmates,LLC (#,^) 2425 W. Cuyler Ave, Chicago, IL 60618 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 5/10/2027 77.2 77.2 79.3 0.02 %
NHS, LLC (#,^) 952 South Commercial St. and West Magnolia, Aransas Pass, TX 78336 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2027 68.4 68.4 67.7 0.02 %
NHS, LLC (#,^) 40-24 76th St., Office #2B, Elmhurst, NY 11373 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2042 20.8 20.8 23.1 0.01 %
Innovation Transport, LLC (#,^) 1741 N.W. 33rd St., Pompano Beach, FL 33064 Truck Transportation Term Loan Prime plus 2.75% 5/9/2027 60.2 60.2 61.7 0.02 %
Benchmark Building, Inc. (#,^) 14 Paine Ave, Irvington, NJ 07111 Construction of Buildings Term Loan Prime plus 2.75% 5/5/2027 17.4 17.4 16.8 0.01 %
Cable Management LLC (#,^) 22-24 South Seventh St., Elizabeth, NJ 07202 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/3/2027 44.3 44.3 45.0 0.01 %
Fine Arts Center of Easley, Inc. dba Midtown Music (#,^) 100 Daniel Drive, Alamo, CA 94507 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/2/2042 113.5 113.5 132.4 0.04 %
Love and Glory Learning Center, Inc. (#,^) 447 N. Main St., Freeport, NY 11520 Social Assistance Term Loan Prime plus 2.75% 4/28/2042 74.1 74.1 84.3 0.03 %
77
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Sneads Ferry Foods, Inc. dba DQ Grill & Chill (#,^) 125 West Mount Pleasant Ave, Livingston, NJ 07039 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 611.4 611.4 693.2 0.21 %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee (#,^) 141 Watertown Rd, Thomaston, CT 06787 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 210.8 210.8 245.8 0.08 %
Asheville's Fun Depot, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2027 67.0 67.0 69.9 0.02 %
Resident Research, LLC (#,^) 1 International Blvd, Mahwah, NJ 07495 Other Information Services Term Loan Prime plus 2.75% 4/24/2027 67.4 67.4 65.1 0.02 %
Getting Even LLC dba The Zoo Health Club (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/21/2027 5.7 5.7 5.7 — %
Ralph's Hair Salon, Inc. (#,^) 1439 Stargazer Terrace, Sanford, FL 32771 Personal and Laundry Services Term Loan Prime plus 2.75% 4/21/2042 47.5 47.5 54.6 0.02 %
Condron Brothers LLC DBA Luv 2 Play (#,^) 290 Pratt St., Meriden, CT 06450 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/19/2027 91.5 91.5 90.9 0.03 %
Butternuts Beer and Ale LLC (#,^) 117 S. Pendleton St., Easley, SC 29640 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/12/2027 56.4 56.4 58.9 0.02 %
The Altitude Group, LLC and Core Home Security, LLC (#,^) 4911 N. 42nd St., Tampa, FL 33610 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2027 33.3 33.3 32.2 0.01 %
Bear Trail Lodge LLC (#,^) 393 Charles St., Providence, RI 2904 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 525.7 525.7 611.5 0.19 %
Golden Hen Inc. dba Cafe (#,^) 920 Highway 210, Sneads Ferry, NC 28460 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2027 49.2 49.2 47.8 0.01 %
Landmark Ventures USA, Inc. (#,^) 7 Roberts Rd, Asheville, NC 28803 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/31/2027 142.4 142.4 137.4 0.04 %
Applied Integrated Technologies, Inc. (#,^) 4400 Morris Park Drive Ste M, Charlotte, NC 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2027 95.0 95.0 91.6 0.03 %
Citizens Lanes, LLC (#,^) 377 South Willow St., Ste B 2-1, Manchester, NH 3103 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/31/2042 602.2 602.2 562.2 0.17 %
Sea Smoke Barbeque, Corp and Danwen LLC (#,^) 175 NW 14th St., Homestead, FL 33030 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042 225.0 225.0 257.6 0.08 %
KWG Industries LLC dba Peterson & Marsh Metal Industries (#,^) 4790 La Sierra Ave, Riverside, CA 92505 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2027 22.8 22.8 23.8 0.01 %
Schafer Fisheries Inc. (#,^) 4021 Highway 51, Garrattsville, NY 13342 Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042 235.4 235.4 274.5 0.08 %
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics (#,^) 475 Park Ave South 25th Floor, New York, NY 10016 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 81.6 81.6 80.9 0.02 %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham (#,^) 468 W. Cheltenham Ave, Philadelphia, PA 19126 Accommodation Term Loan Prime plus 2.75% 3/29/2042 1,005.0 1,005.0 1,171.1 0.36 %
Discount Price, LLC dba Robert's Market (#,^) 7120 Samuel Morse Drive #150, Columbia, MD 21046 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 196.2 196.2 225.7 0.07 %
78
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Douglas K. Soderblom . dba Loma Linda Optometry (#,^) Mile 1 Bear Trail Rd, King Salmon, AK 99613 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 75.9 75.9 75.3 0.02 %
New England Country Day School, Inc. and Thomas D. Walker (#,^) 5100 Goodson Connector Rd, Union City, GA 30291 Social Assistance Term Loan Prime plus 2.75% 3/28/2042 358.8 358.8 410.0 0.13 %
American Pharmaceutical Innovation Company, LLC (#,^) 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 5.4 5.4 5.2 — %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC dba Econo (#,^) 21985 Waller Rd, Fulton, IL 61252 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042 390.3 390.3 455.1 0.14 %
Heil & Hornik LLC dba Elysium Tennis (#,^) 330 Roycefield Rd Unit B, Hillsborough, NJ 08844 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042 882.3 882.3 1,006.8 0.31 %
JBK Truck Trailer and Bus Inc. (#,^) 20 Island Farm Rd, Oak Bluffs, MA 2557 Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042 84.4 84.4 96.1 0.03 %
Denton Bio Fuels LLC and American Bio Source LLC (#,^) 1221 Kentucky Mills Drive, Louisville, KY 40299 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027 45.2 45.2 45.0 0.01 %
Color Graphic Press, Inc. (#,^) 5455 N 51st St., # 30, Glendale, AZ 85301 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2027 91.1 91.1 94.9 0.03 %
Executive Fitness & Nutrition Inc. (#,^) 2 Hill Rd, Franklin, NH 3235 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027 15.3 15.3 15.9 — %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC (#,^) 25815 Barton Rdad, Unit C104, Loma Linda, CA 92354 Truck Transportation Term Loan Prime plus 2.75% 3/22/2042 611.9 611.9 706.3 0.22 %
Vehicle Safety Supply LLC (#,^) 1425 Centre Circle, Downers Grove, IL 60515 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/21/2027 17.1 17.1 16.4 0.01 %
J Sivilis LLC dba Pet Wants (#,^) 27 Kenosia Ave, Danbury, CT 06810 Personal and Laundry Services Term Loan Prime plus 2.75% 3/17/2027 3.6 3.6 3.6 — %
The Purple Cow House of Pancake Inc (#,^) 7637 C. Commerce Place, Plain City, OH 43064 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042 152.7 152.7 177.8 0.05 %
Reservoir International LLC (#,^) 421 S. Oak St., Pecos, TX 79772 Educational Services Term Loan Prime plus 2.75% 3/16/2027 65.2 65.2 66.2 0.02 %
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. of (#,^) 4501 NW 2nd Ave, Miami, FL 33127 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 223.1 223.1 232.4 0.07 %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa M (#,^) 624 W. University Dr. Ste 359, TX, TX 76201 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 502.2 502.2 483.4 0.15 %
Dwayne Bernard Tate (#,^) 42 Main St., Nyack, NY 10960 Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 8.0 8.0 8.0 — %
Elegant Occasions, LLC dba E Productions (#,^) 8669 South State Rd 67, Camby, IN 46113 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 558.4 558.4 637.7 0.19 %
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans & P (#,^) 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/9/2027 94.8 94.8 92.5 0.03 %
Anthony LLC dba Star of Woodward Market (#,^) 6507 Westport Ave, Shreveport, LA 71129 Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042 109.6 109.6 127.6 0.04 %
79
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Allegro Assisted Living Of Texas (#,^) 707 Femimore Rd, Mamaroneck, NY 10543 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/6/2027 72.9 72.9 76.0 0.02 %
Podium Auto Sales Inc and RRS Property, LLC (#,^) 3883 Catalina Dr, Cocoa, FL 32926 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 86.3 86.3 98.3 0.03 %
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express (#,^) 502 Parks McMillan Drive, Raeford, NC 28376 Truck Transportation Term Loan Prime plus 2.75% 2/28/2027 174.7 174.7 168.2 0.05 %
Getting Even LLC dba The Zoo Health Club (#,^) 6 & 10 Skowhegan Rd, Fairfield, ME 04937 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2027 72.4 72.4 71.4 0.02 %
Weeping Willow Kennels, Inc and Aileen N Black (#,^) 5880 US Hwy6, Portage, IN 46368 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2042 133.0 133.0 152.9 0.05 %
Total Document Solutions Inc and,TDS Services, LLC (#,^) 6510 North Broadway, Saint Louis, MO 63147 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/27/2030 259.5 259.5 265.0 0.08 %
Teracore Inc. (#,^) 1238 Woodcliff Court SW, Lilburn, GA 30047 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027 123.1 123.1 118.5 0.04 %
McNally Enterprises Inc. (#,^) 3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065 Administrative and Support Services Term Loan Prime plus 2.75% 2/27/2027 48.4 48.4 47.7 0.01 %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant (#,^) 140 Dupont St., Plainview, NY 11803 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027 56.5 56.5 58.3 0.02 %
B & J Bicycle Shop Inc. (#,^) 5730 Woodward Ave, Detroit, MI 48202 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027 4.7 4.7 4.9 — %
3W Enterprises LLC (#,^) 3400 Remington Drive, Plano, TX 75023 Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042 61.6 61.6 71.3 0.02 %
Ameritube, LLC and Ravone Properties, LLC (#,^) 246 S. Dixie Highway, Pompano Beach, FL 33060 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 175.1 175.1 203.8 0.06 %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC (#,^) 377 South Willow St. Unit B2-1, Manchester, NH 3103 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 235.1 235.1 271.4 0.08 %
Marvic Enterprises Inc dba Jordan's Liquor (#,^) 1001 E. Cooley Drive Ste 102, Colton, CA 92324 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 208.1 208.1 239.5 0.07 %
Sushiya Inc. (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2027 14.1 14.1 13.9 — %
Maximo Canot dba Wash and Dry Laundrymat (#,^) 3300 Holcomb Bridge Rd, Ste 226, Norcross, GA 30092 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 130.8 130.8 151.2 0.05 %
Harrison Logging Company LLC (#,^) 1010 N. Grove St., Anaheim, CA 92806 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 79.9 79.9 79.5 0.02 %
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (#,^) 2515 North Shiloh Drive, Fayetteville, AR 72704 Repair and Maintenance Term Loan Prime plus 2.75% 2/7/2042 311.2 311.2 352.2 0.11 %
DBMS Consulting, Inc. (#,^) 2727 Industrial Pkwy, Elkhart, IN 46516 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/1/2042 175.7 175.7 198.9 0.06 %
Chidlren's House Learning, Inc and Tarps Investment Group (#,^) 2235 S. Power Rd Ste 118, Mesa, AZ 85209 Social Assistance Term Loan Prime plus 2.75% 1/31/2042 304.6 304.6 347.7 0.11 %
80
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Brandco, LLC (#,^) 1620 E. Sample Rd, Pompano Beach, FL 33064 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/31/2027 32.6 32.6 31.4 0.01 %
Fave Realty Inc. (#,^) 1000 North State. Highway 77, Hillsboro, TX 76645 Real Estate Term Loan Prime plus 2.75% 1/30/2042 51.7 51.7 59.3 0.02 %
SRC Publishing LLC (#,^) 2808 Court St., Port Allen, LA 70767 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/27/2027 16.8 16.8 16.1 — %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski (#,^) 199 Taunton Ave, East Providence, RI 2914 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/20/2042 40.3 40.3 45.9 0.01 %
Jolibe LLC and Jolibe Atelier LLC (#,^) 72 S. Main St, Hanover, NH 3755 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2027 7.8 7.8 7.7 — %
Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) 34 Morningside Ave, Yonkers, NY 10703 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/17/2027 74.2 74.2 77.3 0.02 %
Fullbro Trust dba Menemsha Blues (#,^) 255 Ray Crain Rd, Indian Mound, TN 37079 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/13/2027 16.8 16.8 17.5 0.01 %
Echelon Enterprises, Inc (#,^) 174-176 Mountain Ave, Springfield, NJ 07081 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/10/2027 36.4 36.4 37.9 0.01 %
Jacliff Investments Inc. dba International health Technologies (#,^) 164 West 83rd St. Units CF1 and CF2, New York, NY 10024 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026 92.1 92.1 92.9 0.03 %
Metropolitan Solutions Group Inc. (#,^) 2151 Consulate Drive Ste 21, Orlando, FL 32837 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 260.1 260.1 300.8 0.09 %
Means Enterprises LLC dba FastFrame Frisco (#,^) 720 Wilbraham Rd, Springfield, MA 01109 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 16.6 16.6 16.8 0.01 %
Elita 7, LLC (#,^) 1875 Grand Ave, Baldwin, NY 11510 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041 674.0 674.0 789.4 0.24 %
New Chicago Wholesale Bakery, Inc. (#,^) 8690 Waterford Bend St., Las Vegas, NV 89123 Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 427.8 427.8 497.6 0.15 %
Techni-Pro Institute LLC (#,^) 2906 E. Newberry St., Appleton, WI 54915 Educational Services Term Loan Prime plus 2.75% 12/15/2026 139.6 139.6 141.9 0.04 %
Sempco, Inc. (#,^) 357 w 36th #401, New York, NY 10018 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 39.7 39.7 46.8 0.01 %
Soon Im. Chin dba Stan C-Store (#,^) 568 Techumseh St., Dundee, MI 48131 Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 201.0 201.0 236.2 0.07 %
Trison Enterprises Inc.dba Lee's Automotive (#,^) 2 Basin Rd, Chilmark, MA 02535 Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041 385.5 385.5 450.6 0.14 %
AGG Management Team LLC dba Chevron (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041 271.1 271.1 319.3 0.10 %
HMG Strategy, LLC (#,^) 8624 Rogers Ave, Fort Smith, AR 72903 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 34.9 34.9 35.2 0.01 %
Roast Beef Levittown LLC dba Arby's (#,^) 2355 South 1070 West, Salt Lake City, UT 84119 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 156.1 156.1 163.5 0.05 %
81
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Wayfarer Bicycle LLC (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041 87.5 87.5 101.5 0.03 %
Success Advertising Inc. dba Success Communivstion Gr (#,^) 4112-4150 Legacy Drive/5729 Leabanon Rd Unit 412, Frisco, TX 75034 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041 441.3 441.3 518.7 0.16 %
Mack Team Enterprises Inc.dba The UPS Store #6815 (#,^) 4014 E Stan Schlueter Loop, Killeen, TX 76542 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026 15.0 15.0 15.4 — %
eCommerce Direct, LLC (#,^) 51 -55 Lake St. Unit #2-6, Nashua, NH 3060 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026 571.3 571.3 583.0 0.18 %
Recycling Revolution,LLC (#,^) 16 Marble St., Worcester, MA 01603 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041 87.0 87.0 101.3 0.03 %
Imagine By Carleen Inc. (#,^) 414 NW 35th St., Boca Raton, FL 33431 Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041 49.7 49.7 58.0 0.02 %
New Life Hospital LLC (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Hospitals Term Loan Prime plus 2.75% 12/8/2041 1,152.1 1,152.1 1,356.7 0.41 %
Hanson's Greeks LLC (#,^) 191 Post Rd West, Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 8.3 8.3 8.6 — %
Yachting Solutions LLC (#,^) 13281 Aurora Ave N, Seattle, WA 98311 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029 58.6 58.6 62.1 0.02 %
Lilo Holdings LLC (#,^) 2615 S Dixie Highway, West Palm Beach, FL 33401 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026 11.7 11.7 12.0 — %
Noso Development LLC (#,^) 118-120 Ocean Ave, New London, CT 06320 Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026 55.3 55.3 55.7 0.02 %
Studio Find It Georgia, Inc. (#,^) 26 Eastmans Rd, Parsippany, NJ 07054 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 5.5 5.5 5.5 — %
Imaginarium Foods LLC, (#,^) 2080 Hempstead Turnpike, East Meadow, NY 11554 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 353.5 353.5 414.3 0.13 %
RD Management, LLC (#,^) 38200 Ave of the States, Fort Gordon, GA 30905 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026 156.0 156.0 157.8 0.05 %
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC (#,^) 4190 Collins Rd, Unadilla, GA 31091 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041 63.6 63.6 74.9 0.02 %
Quick Ship, LLC (#,^) 3440 Gannett Ave, Des Moines, IA 50321 Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026 7.7 7.7 7.7 — %
Access Staffing, LLC (#,^) 17400 Red Oak Drive, Houston, TX 77090 Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026 898.7 898.7 906.2 0.28 %
Usman Jalil, LLC dba Food Mart (#,^) 1404 Del Prado Blvd Units 100 & 105, Cape Coral, FL 33990 Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041 220.3 220.3 255.2 0.08 %
WPN Recycling Company LLC (#,^) 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026 16.4 16.4 17.2 0.01 %
CRK Mens, LLC dba Spiff for Men (#,^) 229 Commercial St., Rockport, ME 04856 Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 75.6 75.6 76.6 0.02 %
82
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 (#,^) 1000 Roosevelt Ave., Cartaret, NJ 07008 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026 43.8 43.8 44.3 0.01 %
Bouquet Restaurant LLC (#,^) 4 Walker Way, Albany, NY 12205 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041 91.6 91.6 107.8 0.03 %
JBK Truck Trailer and Bus Inc. (#,^) 714 Greenville Blvd, Ste 0043, Greenville, NC 27858 Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041 392.2 392.2 457.6 0.14 %
Broms Asset Management LLC (#,^) 1415 Constitution Rd SE, Atlanta, GA 30316 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026 90.8 90.8 91.6 0.03 %
6E Technologies LLC (#,^) 751 N. Cable Rd, Lima, OH 45805 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026 114.1 114.1 117.8 0.04 %
Skaggs RV Outlet LLC (#,^) 448 W. 19th St, Houston, TX 77008 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 73.0 73.0 76.4 0.02 %
Catherine Christine Morin dba Purr-Fect Pets (#,^) 1 Pebble Wood Lane, Palm Coast, FL 32164 Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 13.7 13.7 13.8 — %
Stratmar Systems Inc dba Stratmar Retail Services (#,^) 2302 N. Kings Hwy, Myrtle Beach, SC 29572 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026 50.0 50.0 52.3 0.02 %
Hoosier Health Plus, LLC (#,^) 360 Lexington Ave 8th Floor, New York, NY 10017 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 69.1 69.1 72.3 0.02 %
Panther Ironworks and Rigging Solutions LLC (#,^) 147 N Washington St., Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 115.3 115.3 118.6 0.04 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 400 East 52nd St. Apt. 14F, New York, NY 10022 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041 438.5 438.5 513.5 0.16 %
Hackensack Steel Corporation and Luzerne Ironworks Inc (#,^) 750 Third Ave, New York, NY 10017 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 181.9 181.9 190.5 0.06 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 1835 Auburn Way N Ste B, Auburn, WA 98002 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026 163.4 163.4 170.8 0.05 %
MIK LLC dba Firehouse Subs (#,^) 5101 Andard Ave, Baltimore, MD 21226 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 162.6 162.6 164.5 0.05 %
Big Apple Entertainment Partners LLC (#,^) 519 Main St., Covington, KY 41011 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026 127.7 127.7 128.7 0.04 %
Dyer Properties, LLC and Bayview Pharmacy, Inc. (#,^) 8669 S. State Rd 67, Camby, IN 46113 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 226.8 226.8 263.8 0.08 %
Fine Line Interiors, Inc. (#,^) 11001 West 120th Ave, Ste 400, Broomfield, CO 80020 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 61.4 61.4 72.3 0.02 %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero (#,^) 215 East 79th St. Apt 9E, New York, NY 10075 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 115.5 115.5 135.5 0.04 %
Veracruz Shabo, LLC(EPC) Waterfalls Quick Lube LLC (OC) (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 111.9 111.9 131.2 0.04 %
83
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Glocecol LLC (#,^) 1915 North Austin Ave, Georgetown, TX 78626 Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 54.7 54.7 57.3 0.02 %
Bloomquist Communications Inc. (#,^) 109 Willett Ave, Port Chester, NY 10573 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 43.3 43.3 43.7 0.01 %
Moolchan Enterprises LLC dba Staying Green (#,^) 520 East 8th St., Anderson, IN 46012 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 7.9 7.9 8.3 — %
Woodstock Enterprises Corp dba True Scent Candle Co (#,^) 640 Dubois St., Dubois, PA 15801 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041 83.5 83.5 96.9 0.03 %
Elite Structures Inc (#,^) 1028 Washburn Switch Rd, Shelby, NC 28150 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 184.0 184.0 196.7 0.06 %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (#,^) 640 Dubois St., Du Bois, PA 15801 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 306.8 306.8 321.4 0.10 %
Worldwide Estate, Inc. dba Washington Heights Manor (#,^) 300 Sly St., Swoyersville, PA 18709 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 211.2 211.2 248.7 0.08 %
Gold Wind Logistics LLC (#,^) 17250 Royalton Rd, Strongsville, OH 44136 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 164.7 164.7 193.9 0.06 %
Speaker City, Inc. dba Rollin Thunder (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33131 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041 117.7 117.7 137.8 0.04 %
Maine Service Corp (#,^) 3844 Post Rd, Warwick, RI 2886 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026 118.4 118.4 123.4 0.04 %
Justin Partlow (#,^) 2530 SW 30th Ave, Hallandale Beach, FL 33009 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 14.1 14.1 14.2 — %
Reliable Recovery Services LLC (#,^) 13215 Miles Ave, Cleveland, OH 44105 Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026 81.2 81.2 83.4 0.03 %
Ailky Corporation (#,^) 1325 Broad St., Central Falls, RI 2863 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 171.1 171.1 173.9 0.05 %
Wyspen Corporation dba Charlestown Ace (#,^) 10302 NW South River Drive, Bay #18, Miami, FL 33178 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 26.0 26.0 26.2 0.01 %
JJA Transportation Management Inc. (#,^) 5370 State Rd 84 Bay 3, Davie, FL 33314 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026 37.4 37.4 37.7 0.01 %
Adelwerth Bus Corp. (#,^) 131 East Trinity Place, Decatur, GA 30030 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041 227.5 227.5 264.9 0.08 %
Seaway LLC and Reklaw LLC dba Allure Lounge (#,^) 191 2nd Ave, Warwick, RI 2888 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041 129.0 129.0 152.0 0.05 %
Adelwerth Bus Corporation, Transportation Leasing Corp. and dba Transp (#,^) 401 Old Quitman Rd, Abel, GA 31620 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029 524.3 524.3 559.0 0.17 %
Beadon Inc (#,^) 200 North Branford Rd, Branford, CT 06405 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 16.0 16.0 16.8 0.01 %
CNC Precision Machine, Inc. (#,^) 10620 W. Greenwood Terrace, Milwaukee, WI 53224 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041 1,200.1 1,200.1 1,399.4 0.43 %
84
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Kyle M Walker DDS, PC (#,^) 2830 Beech Daly Rd, Inkster, MI 48141 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026 163.8 163.8 166.2 0.05 %
Reynolds Fence & Guardrail Inc. (#,^) 246 East Belt Blvd, Richmond, VA 23224 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 448.8 448.8 466.2 0.14 %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play (#,^) 59-22 55th St., Maspeth, NY 11378 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 37.4 37.4 38.2 0.01 %
Sarah S Olelewe MD Inc (#,^) 100 Independence Place, Ste 414, Tyler, TX 75703 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041 274.4 274.4 320.3 0.10 %
TPFC,LLC dbaThe Picture Frame Company (#,^) 2401 West Mcdowell Rd, Phoenix, AZ 85009 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041 55.1 55.1 64.4 0.02 %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch (#,^) 5 Austin St., Charlestown, MA 02129 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026 6.4 6.4 6.7 — %
PeopleBest Inc. (#,^) 352 Beford St., Lakeville, MA 02347 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026 10.7 10.7 10.8 — %
Cuppiecakes LLC (#,^) 423 Montauk Highway, Eastport, NY 11941 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041 21.1 21.1 24.6 0.01 %
Wrecking Crew Media LLC (#,^) 423 Montauk Highway, Eastport, NY 11941 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026 35.6 35.6 35.9 0.01 %
Consulting Solutions Inc. and Mark Luciani (#,^) 15 Church St., Upland, PA 19015 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026 16.7 16.7 17.3 0.01 %
Benoit's Towing and Recovery LLC (#,^) 415 -417 Halsey Drive, Newark, NJ 07102 Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026 6.0 6.0 6.1 — %
Atlantic Alarm Systems and Services LLC (#,^) 2601 Old Ocean City Rd, Salisbury, MD 21804 Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026 11.0 11.0 11.2 — %
Metropet Dog Center, Inc (#,^) 1402 West Park Ave, Orange, TX 77630 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 102.5 102.5 119.8 0.04 %
Marquis Cattle Company (#,^) 9320 Machado Drive, Indian Trail, NC 28079 Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026 36.0 36.0 37.6 0.01 %
SRA Mechanicial Inc (#,^) 82 Clarksville Rd, Folsom, CA 95630 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041 40.6 40.6 47.8 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC dba Critter C (#,^) 11704 &11712 Hawthorne Blvd, Hawthorne, CA 90250 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 96.3 96.3 97.6 0.03 %
Raem Corporation dba Dryclean Express (#,^) 5957 Glenway Ave, Cincinnati, OH 45238 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 67.9 67.9 79.8 0.02 %
Warren Dale Warrington dba Custom Paint and Body (#,^) 24201 North Highway 1, Fort Bragg, CA 95437 Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 94.8 94.8 111.0 0.03 %
Albert Basse Associates Inc (#,^) 19442 Mesa Drive, Villa Park, CA 92861 Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026 43.6 43.6 45.5 0.01 %
Rosmel Pools Inc (#,^) 313 S Main St., McGregor, TX 76557 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 15.9 15.9 16.1 — %
Avery Management Inc. dba Whetstone Upholstery (#,^) 229 Commercial Ave, Pittsburgh, PA 15212 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 7.2 7.2 7.2 — %
TR Companies LLC dba Liberty Rental 4 U (#,^) 301 Tabor Rd, Swanton, VT 05488 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 35.0 35.0 35.2 0.01 %
85
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Tabadesa Associates Inc. (#,^) 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026 15.9 15.9 16.0 — %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 165 Amboy Rd, Building G, Ste 703, Morganville, NJ 07734 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 492.0 492.0 578.4 0.18 %
Luv 2 Play Temecula, LLC (#,^) 805 US Hwy 87, Belt, MT 59412 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026 42.3 42.3 42.6 0.01 %
2 Cool Beans LLC dba Menchies's Frozen Yogurt (#,^) 2057 West Shore Rd, Warwick, RI 02889 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026 58.2 58.2 58.5 0.02 %
Grayson O Company (#,^) 1186 Ocean Ave, Bayshore, NY 11706 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041 585.5 585.5 688.3 0.21 %
Paul Belanger dba Paul Belanger Landscaping (#,^) 1362-1366 W. Carrier Pkwy, Grand Prairie, TX 75050 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 10.6 10.6 10.6 — %
The Hungry Rhino LLC (#,^) 557 West Whitney Rd, Fairport, NY 14450 Real Estate Term Loan Prime plus 2.75% 7/29/2041 71.3 71.3 83.1 0.03 %
Little Tree Huggers Child Care LLC (#,^) 705 S Market Ave, Fort Pierce, FL 34982 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 130.9 130.9 153.9 0.05 %
303 Tower Drive LLC (#,^) 175 Campanelli Pkwy, Stoughton, MA 02072 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 374.2 374.2 438.6 0.13 %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 9300 NW 25th St. Ste 103, Miami, FL 33172 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 15.7 15.7 15.9 — %
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not (#,^) 1122 N Bloulevard, Richmond, VA 23230 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026 209.3 209.3 210.5 0.06 %
676 Club LP dba The Green Door Tavern/The Drifter (#,^) 419 W 49th St. Ste 111, Hialeah, FL 33012 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041 626.5 626.5 735.6 0.22 %
Intrepid Trinity LLC (#,^) 410 N Church Rd, Liberty, MO 64068 Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041 58.4 58.4 68.3 0.02 %
Apple Tree NC Inc dba Williams Farm & Garden Center (#,^) 726-740 South Fleming St., Sebastian, FL 32958 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041 321.7 321.7 373.8 0.11 %
EPEC Juice LLC dba Jamba Juice (#,^) 26469 Ynez Rd, Temecula, CA 92591 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 58.2 58.2 58.6 0.02 %
Pinco Pizza LLC dba Jet's Pizza (#,^) 11331 Thienes Ave, South El Monte, CA 91733 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 51.2 51.2 53.5 0.02 %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar (#,^) 6509 Newell Ave, Kannapolis, NC 28082 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 87.2 87.2 87.7 0.03 %
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC (#,^) 2595 Military Ave, Los Angeles, CA 90064 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026 63.0 63.0 64.7 0.02 %
Robert G Larson State Farm Insurance (#,^) 47 South Main St., Windsor Locks, CT 06096 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026 15.7 15.7 15.8 — %
My Sainath Inc dba Motel 6 (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Accommodation Term Loan Prime plus 2.75% 7/22/2041 285.5 285.5 334.7 0.10 %
86
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Sho (#,^) 38620 9 Mile Rd, Farmington Hills, MI 48335 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026 11.0 11.0 11.0 — %
Franklin Firm LLC dba Luv 2 Play (#,^) 303 Tower Drive, Ste A, Middletown, NY 10941 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 150.5 150.5 175.8 0.05 %
RM Hawkins LLC dba Pure Water Tech West (#,^) 676 and 678 North Orleans ST, Chicago, IL 60654 Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 34.6 34.6 36.1 0.01 %
Nevey's LLC dba Stark Food III (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33131 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 275.3 275.3 323.0 0.10 %
VMA Technologies LLC (#,^) 680 Douglas Ave, Providence, RI 02908 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026 15.4 15.4 15.5 — %
Corning Lumber Company Inc and Frank R Close and Son Inc dba Close Pai (#,^) 1309 Old Cherry Point Rd, New Bern, NC 28560 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029 154.1 154.1 165.4 0.05 %
Desert Tacos LLC (#,^) 810 Ninth St., Ste 128, Durham, NC 27705 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 69.9 69.9 72.4 0.02 %
Martin Inventory Management LLC (#,^) 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026 17.0 17.0 17.8 0.01 %
P L H Pharmaco Inc dba Farmacia San Jose (#,^) 1 West Main St., Patchogue, NY 11772 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026 115.7 115.7 120.9 0.04 %
WGI, LLC dba Williams Grant Inn (#,^) 485 Pepper St., Norwalk, CT 06468 Accommodation Term Loan Prime plus 2.75% 6/29/2041 114.5 114.5 133.9 0.04 %
KWG Industries, LLC dba Peterson & Marsh Metal Industries (#,^) 1008 E Crest Drive, Waco, TX 76705 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 283.8 283.8 332.2 0.10 %
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc (#,^) 7922 Jamaica Ave, Woodhaven, NY 11421 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 96.5 96.5 97.7 0.03 %
E & P Holdings 1 LLC and Evans & Paul LLC (#,^) 1502 Highway 157, Mansfield, TX 76063 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026 92.9 92.9 94.2 0.03 %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 1310 East Stan Schleuter Loop, Killeen, TX 76542 Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 34.5 34.5 34.6 0.01 %
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast (#,^) 5140 Topaz Drive, Colorado Springs, CO 80918 Accommodation Term Loan Prime plus 2.75% 6/24/2041 94.5 94.5 110.9 0.03 %
Shooting Sports Academy LLC and Jetaa LLC dba Shooting Sports Academy (#,^) 304 1/2 Main St., Edgefield, SC 29824 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 465.0 465.0 538.3 0.16 %
Visual Advantage LLC dba Signs Now Perryberg (#,^) 6315 W. Fond Du Lac Ave, Milwaukee, WI 53218 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041 85.2 85.2 99.0 0.03 %
Long Island Comedy LLC dba Governors and New York Comedy, LLC (#,^) 245 East Bell Rd Ste A-2, Phoenix, AZ 85022 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 175.0 175.0 203.9 0.06 %
Bagelicious, LLC (#,^) 120 South Serenata Drive Unit 332, Ponte Vedra Beach, FL 32082 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026 37.6 37.6 37.8 0.01 %
87
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle Tr (#,^) 1314 Sixth St., Orland, CA 95963 Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 369.3 369.3 370.7 0.11 %
NKJ Lusby Donuts LLC (#,^) 149 48th St., Union City, NJ 07087 Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 15.5 15.5 15.6 — %
Jai-Alexia Consulting, Inc. (#,^) 626 Delsea Drive N, Glassboro, NJ 08028 Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 8.1 8.1 8.2 — %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares (#,^) 154 High St., Bristol, RI 02809 Social Assistance Term Loan Prime plus 2% 6/15/2041 477.5 477.5 525.1 0.16 %
Luv 2 Play AZ LLC (#,^) 330 Roycefield Rd, Unit B, Hillsborough, NJ 08844 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 42.9 42.9 44.8 0.01 %
Refoleen Inc dba Spice and Tea Exchange (#,^) 140 Dupont St, Plainview, NY 11803 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 59.6 59.6 59.8 0.02 %
ScimTech Industries Inc dba Archer Aerospace (#,^) 98 Jewell St., San Rafael, CA 94901 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026 8.3 8.3 8.3 — %
Larry H. Patterson and Rainbow Movers, Inc (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 15.5 15.5 15.6 — %
Solvit Inc and Solvit North Inc (#,^) 1431 11th Ave SE, Olympia, WA 98501 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 170.7 170.7 173.9 0.05 %
AP5 LLC dba Krauser's Food Store (#,^) 27 Main St., Monroe, CT 06468 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 180.7 180.7 212.1 0.06 %
ATI Jet Inc (#,^) 90 A Division Ave, Levittown, NY 11756 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 404.9 404.9 411.4 0.13 %
Premier Athletic Center of Ohio, Inc (#,^) 23248 Dunbridge Rd, Perrysburg, OH 43443 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026 59.7 59.7 62.2 0.02 %
Angelo Faia dba AVF Construction (#,^) 945 S Main St, Cheshire, CT 06410 Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 92.6 92.6 107.8 0.03 %
Jack Frost Firewood Inc. and David Dubinsky (#,^) 377 Boston Post Rd, Milford, CT 06460 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041 192.1 192.1 223.3 0.07 %
Mersada Holdings LLC (#,^) 222 E Wapato Way, Manson, WA 98831 Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026 230.1 230.1 239.9 0.07 %
Southwest Division Inc (#,^) 174 Village Center Drive, Lusby, MD 20657 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026 5.6 5.6 5.7 — %
Groth Lumber Co. Inc. dba True Value (#,^) 1137 West St., Southington, CT 06489 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026 15.3 15.3 16.0 — %
International Kitchen Supply LLC (#,^) 14660 Paddock Drive, Wellington, FL 33414 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026 127.3 127.3 129.9 0.04 %
Island Life Graphics Inc dba FASTSIGNS #576 (#,^) 849 East Commerce St., Ste 121, San Antonio, TX 78205 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026 15.3 15.3 15.5 — %
Powerspec Inc (#,^) 15495 Bell Rd, Surprise, AZ 85374 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026 59.2 59.2 59.4 0.02 %
Horseshoe Barbecue, LLC (#,^) 2325 Hollers Ave, Bronx, NY 10475 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 7.6 7.6 8.2 — %
88
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Pro Auto Repair LLC (#,^) 1021 Linden Ave, Chester Springs, PA 19425 Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026 5.0 5.0 5.2 — %
National Air Cargo Holdings Inc (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Air Transportation Term Loan Prime plus 2.75% 5/20/2026 508.6 508.6 530.2 0.16 %
Elderfriend Inc dba Granny Nannies dba GN Live Scan (#,^) 5 Pond Point Rd, Milford, CT 06460 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 8.7 8.7 8.7 — %
Dedicated Incorporated (#,^) 7007 Boeing Drive, El Paso, TX 79925 Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041 43.3 43.3 50.5 0.02 %
J&A Laundromat Inc. (#,^) 55 Arbour Lane, Sewell, NJ 08080 Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 46.0 46.0 46.6 0.01 %
HBA LLC dba Palmetto Twist-Vista (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 13.2 13.2 13.4 — %
Studio Find It Georgia Inc (#,^) 7320 Governors Hill Lane, Charlotte, NC 28211 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026 15.3 15.3 15.5 — %
FJN Catering Inc (#,^) 2103 NE 3rd Terrace, Cape Coral, FL 33909 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041 244.2 244.2 286.6 0.09 %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#,^) 3168 Holland Rd, Virginia Beach, VA 23453 Social Assistance Term Loan Prime plus 2.75% 5/12/2041 123.4 123.4 143.6 0.04 %
Sabir Inc. dba Bear Diner (#,^) 3466 North Hwy 11, West Union, SC 29696 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041 115.1 115.1 134.7 0.04 %
Gator D'Lites LLC dba D'Lites Emporium (#,^) 6747 Pacific Ave, Wright, MN 55798 Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026 15.3 15.3 15.4 — %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (#,^) 1 Linsley Place, Metuchen, NJ 08840 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 15.2 15.2 15.2 — %
Keller, Fishback & Jackson LLP (#,^) 1925 S 14th St. No. 7, Amelia Island, FL 32034 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 86.9 86.9 90.5 0.03 %
Loriet LLC (#,^) 6555, 6565, 6575 N. Sandario Rd, Tucson, AZ 85743 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026 5.1 5.1 5.1 — %
Hard Exercise Works Winter Park LLC (#,^) 5955 TG Lee Blvd, Ste 500, Orlando, FL 32822 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 27.5 27.5 27.6 0.01 %
Warner Home Comfort, LLC dba Smith Piping (#,^) 1499 W. Palmetto Park Rd., Ste #115, Boca Raton, FL 33486 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 76.7 76.7 89.3 0.03 %
May-Craft Fiberglass Products Inc (#,^) 204 F St. SW, Quincy, WA 98848 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 230.1 230.1 270.1 0.08 %
Empowerschool LLC and Empower Autism Academy, LLC (#,^) 2916 North 39th St., Phoenix, AZ 85019 Social Assistance Term Loan Prime plus 2.75% 4/29/2041 141.2 141.2 165.8 0.05 %
Alpha Omega Trucking LLC (#,^) 1225-1229 Lincoln St., Columbia, SC 29201 Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 163.3 163.3 191.7 0.06 %
Costume World Inc (#,^) 225 East Park Ave, Long Beach, NY 11561 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,160.7 1,160.7 1,362.3 0.42 %
Pecos Inn LLC dba Econo Lodge (#,^) 106 Main St., Mineola, NY 11951 Accommodation Term Loan Prime plus 2.75% 4/28/2041 625.9 625.9 732.7 0.22 %
89
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Accent Comfort Services, LLC (#,^) 3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 60.7 60.7 60.9 0.02 %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC (#,^) 11 Kirby Rd, Cromwell, CT 06419 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 232.4 232.4 268.2 0.08 %
AAA Mill Direct, Inc. dba Carpet Mill Outlets (#,^) 603 Pulaski Hwy, Bear, DE 19701 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026 5.3 5.3 5.5 — %
Sushiya Inc (#,^) 4216 NW 16th Blvd, Gainsville, FL 32605 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026 59.0 59.0 60.0 0.02 %
Waterfalls Quick Lube LLC and Veracruz Shabo LLC (#,^) 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 251.8 251.8 294.3 0.09 %
KNS Early Learning Academy LLC (#,^) 28720 Canwood St., Agoura Hills, CA 91301 Social Assistance Term Loan Prime plus 2.75% 4/6/2041 47.5 47.5 55.2 0.02 %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 365.2 365.2 420.0 0.13 %
Christian Soderquist dba Soderquist Plumbing and Heating LLC (#,^) 11551 University Blvd, Ste. 4C Building 1, Orlando, FL 32817 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 52.7 52.7 61.8 0.02 %
Gill Express Inc and Blue Speed LLC (#,^) 1571 Canton Rd., NW, Carrollton, OH 44615 Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041 480.7 480.7 559.7 0.17 %
Vehicle Safety Supply LLC (#,^) 96 Hillsboro Rd, Four Oaks, NC 27524 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026 15.0 15.0 15.0 — %
Dana A. Farley dba Independent Cabinets (#,^) 14432-52 State Line Rd, Brookings, OR 97415 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 60.3 60.3 70.7 0.02 %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric G (#,^) 1825 Fort View Rd, Austin, TX 78754 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 50.0 50.0 50.1 0.02 %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC (#,^) 950 South Federal Highway, Deerfield Beach, FL 33441 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041 238.7 238.7 279.8 0.09 %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West P (#,^) 2207 W Third St., Pecos, TX 79772 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026 62.4 62.4 63.2 0.02 %
MTS Car Service LLC (#,^) 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 7.0 7.0 7.0 — %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn (#,^) 27-29 Cooper St., Meriden, CT 06053 Accommodation Term Loan Prime plus 2.75% 3/30/2026 15.2 15.2 15.8 — %
Wyldewood Cellars, Inc. (#,^) 747 South Hill St., Griffin, GA 30224 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041 960.1 960.1 1,108.3 0.34 %
NOSO Development, LLC (#,^) 1 North Armistead Ave, Hampton, VA 23669 Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026 124.9 124.9 125.3 0.04 %
Barrocas Gym LLC dba Snap Fitness (#,^) 72 South Main St., Hanover, NH 03755 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 12.9 12.9 13.3 — %
Marathon Engineering Corporation (#,^) 57 Merritt St. SE, Marietta, GA 30060 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 41.8 41.8 48.8 0.01 %
90
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. (#,^) 1325 Broad St., Central Falls, RI 02863 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 33.3 33.3 33.9 0.01 %
Revolution Physical Therapy LLC dba Apex Network Physical Therapy (#,^) 2372 Walnut Ave, Livingston, CA 95334 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 15.2 15.2 15.3 — %
ActKnowledge, Inc. (#,^) 5805 NE Minder Rd, Poulsbo, WA 98370 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 83.3 83.3 86.6 0.03 %
International Construction Inc (#,^) 15 East 72nd St., Ste 14-H, New York, NY 10021 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041 44.0 44.0 51.1 0.02 %
Precious Care LLC and Precious Care Management LLC (#,^) 2039 US Route 130, Burlington, NJ 08016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 369.3 369.3 370.6 0.11 %
Media Capital Partners, Inc (#,^) 101 East Redlands Blvd, Ste 106, Redlands, CA 92373 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026 14.9 14.9 14.9 — %
Kekoa Enterprises Inc dba Signarama Sandy (#,^) 7 Oak Drive, Sandy Hook, CT 06482 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 33.0 33.0 33.0 0.01 %
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc (#,^) 3208 Forest Hills Blvd, Palm Springs, FL 33406 Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 74.9 74.9 87.8 0.03 %
Brian T Rice dba BD Logging (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410 Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026 1.2 1.2 1.3 — %
K Soles Corp dba Max Collections (#,^) 951 East 119th St, Mulvane, KS 67120 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026 15.0 15.0 15.0 — %
R & D Enterprises Inc dba My Pool Man (#,^) 4 Walker Way, Albany, NY 12205 Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 33.3 33.3 33.3 0.01 %
HEWZ, LLC dba Hard Exercise Works (#,^) 162 Danielson Pike, Foster, RI 02825 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026 14.9 14.9 15.0 — %
Dupre Capital LLC dba Fastsigns (#,^) 9 Gibson Court Apt# 1, Norwalk, CT 06854 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 38.9 38.9 38.9 0.01 %
ABCs & 123s Infant and Child Care Center LP (#,^) 260 West Main St., Avon, CT 06001 Social Assistance Term Loan Prime plus 2.75% 3/11/2026 7.5 7.5 7.5 — %
Faith Summit Supply Inc dba Summit Supply and Summit True Value (#,^) 5615 2nd St. W, Lehigh Acres, FL 33971 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 15.0 15.0 15.3 — %
Step Up Academy of the Arts LLC (#,^) 2017 14th St. NW, Washington, DC 20009 Educational Services Term Loan Prime plus 2.75% 3/9/2026 5.3 5.3 5.3 — %
Swerve Salon LLC (#,^) 2705 Dougherty Ferry Rd Ste 104, St. Louis, MO 63122 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 52.6 52.6 52.7 0.02 %
J & W Hardwood Flooring Inc (#,^) 53955 Gratiot Ave, Chesterfield, MI 48051 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 5.0 5.0 5.0 — %
Labmates LLC and POV Holdings LLC (#,^) 365 5th Ave, New York, NY 10016 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 101.4 101.4 118.8 0.04 %
Hueston and Company CPA LLC (#,^) 186-06 Union Turnpike, Fresh Meadows, NY 11364 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026 5.4 5.4 5.5 — %
91
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Almost Home Daycare LLC (#,^) 809 Cedar Rd, Southport, CT 06890 Social Assistance Term Loan Prime plus 2.75% 3/3/2026 35.8 35.8 37.2 0.01 %
The River Beas, LLC dba Subway and Punam Singh (#,^) 8942 South 700 East, Sandy, UT 84070 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 125.4 125.4 146.8 0.04 %
Powerpits CS1, LLC dba Pita Pit (#,^) 330 West Harden St., Graham, NC 27253 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 2.6 2.6 2.7 — %
Drug Detection Laboratories, Inc. and Minh Tran (#,^) 5229 142nd Dr. NW, Williston, ND 58801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 13.0 13.0 13.1 — %
Living Essentials HVAC Corp (#,^) 800 3rd St Apt B, St Marys, WV 26170 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026 9.9 9.9 9.9 — %
Consulting Solutions, Inc. and Mark Luciani (#,^) 3208 Oakcliff Industrial St., Doraville, GA 30340 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026 7.8 7.8 8.1 — %
Aaradhya LLC dba Market Square Laundry (#,^) 291 North Texas Ave., Orlando, FL 32805 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 51.0 51.0 51.0 0.02 %
Blackstones Hairdressing LLC (#,^) 5684 West Sample Rd, Coral Springs, FL 33071 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 34.5 34.5 34.6 0.01 %
R & K Contracting Inc (#,^) 13419 Hwy 290E., Bldg 5, Manor, TX 78653 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026 10.4 10.4 10.8 — %
Jersey Shore Marina & Boat Sales, Inc. (#,^) 215 Quartermaster Court, Jeffersonville, IN 47130 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041 579.9 579.9 679.6 0.21 %
Ei3 Corporation (#,^) 831 Buckley Rd, San Luis Obispo, CA 93401 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026 215.1 215.1 223.7 0.07 %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (#,^) 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 238.1 238.1 249.8 0.08 %
B for Blonde, LLC dba Blo Blow Dry Bar (#,^) 8584 US Business Highway 277, Haskell, TX 79521 Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026 41.3 41.3 41.3 0.01 %
Base USA, Inc. (#,^) 1419 N Wells St., Chicago, IL 60610 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026 32.9 32.9 34.3 0.01 %
Zouk Ltd dba Palma (#,^) 14967 Madison St, Brighton, CO 80602 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026 14.6 14.6 15.2 — %
SuzyQue's LLC dba SuzyQue's (#,^) 141 Watertown Rd, Thomaston, CT 06787 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 14.5 14.5 15.1 — %
Wildflour Bakery & Cafe LLC (#,^) 8792 East State Rd 70, Ste B, Bradenton, FL 34202 Social Assistance Term Loan Prime plus 2.75% 1/28/2026 40.6 40.6 42.3 0.01 %
Tammy Lavertue (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026 7.3 7.3 7.6 — %
Gendron Funeral and Cremation Services, Inc. (#,^) 42 West St., Apt 24, Randolph, MA 02368 Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041 103.2 103.2 120.9 0.04 %
Dolarian Realty LLC and OV's Restaurant Inc (#,^) 3000 N Federal Highway, STE 1, Fort Lauderdale, FL 33306 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 62.6 62.6 73.4 0.02 %
92
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (#,^) 2008 S Texas Ave, College Station, TX 77840 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 72.3 72.3 74.6 0.02 %
MCF Forte LLC (#,^) 9700 Business Park Drive, Sacramento, CA 95827 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025 12.0 12.0 12.4 — %
Panditos LLC dba White Lotus Home (#,^) 5516 Baltimore Ave, Hyattsville, MD 20781 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025 10.2 10.2 10.5 — %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc (#,^) 7727 Crittenden St., Philadelphia, PA 19118 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040 94.5 94.5 111.2 0.03 %
800 on the Trax LLC and Matrix Z LLC (#,^) 2 Ave of the Americas, New York, NY 10013 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040 228.7 228.7 268.8 0.08 %
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade Ga (#,^) 3605 NW 31st Ave, Fort Lauderdale, FL 33309 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028 666.3 666.3 714.0 0.22 %
Joyce Outdoor Advertising Chicago LLC (#,^) 136 Summit Ave, Montvale, NJ 07645 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040 277.6 277.6 326.2 0.10 %
Hattingh Incorporated dba Prosthetic Care Facility (#,^) 142 East 49th St., New York, NY 10017 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025 11.6 11.6 11.9 — %
Accent Tag and Label Inc (#,^) 2250 Warrensville Center Rd, University Heights, OH 44118 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040 611.3 611.3 719.1 0.22 %
Abbondanza Market LLC dba Hampton Falls Village Market (#,^) 841 Route 70 East, Brick, NJ 08724 Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025 38.1 38.1 39.2 0.01 %
Trip Consultants U.S.A. Inc. (#,^) 2215 NW 2nd Ave, Miami, FL 33127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025 106.7 106.7 109.3 0.03 %
Labmates LLC (#,^) 28 Cornelia St., New York, NY 10014 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040 149.8 149.8 176.7 0.05 %
Moments to Remember USA LLC dba Retain Loyalty (#,^) 34 South Valley Rd, West Orange, NJ 07052 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025 55.6 55.6 57.7 0.02 %
New York Home Health Care Equipment, LLC (#,^) 24 Wakefield St., Rochester, NH 03867 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 664.6 664.6 692.4 0.21 %
Abitino's JFK LLC dba Abitino's (#,^) 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022 54.4 54.4 54.6 0.02 %
Swalm Street LLC and New York Home Health Care Equipment LLC (#,^) 135 North Lime Ave, Sarasota, FL 34237 Ambulatory Health Care Services Term Loan 7.5% 12/16/2040 327.9 327.9 307.7 0.09 %
JAG Unit 1, LLC (#,^) 34 Old Colony Ave, East Taunton, MA 02718 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 160.6 160.6 164.5 0.05 %
Evans & Paul LLC and E&P Holdings I LLC (#,^) 1196 Inverness Lane, Stow, OH 44224 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025 86.9 86.9 89.5 0.03 %
DC Enterprises Ltd. dba Lakeview True Value (#,^) 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 14.5 14.5 15.0 — %
Basista Family Limited Partnership and UPE, Inc. (#,^) 431 Raritan Ave, Highland Park, NJ 08904 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 315.8 315.8 371.3 0.11 %
93
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Cares, Inc dba Dumpling Grounds Day Care Center (#,^) 24201 North Hwy 1, Fort Bragg, CA 95437 Social Assistance Term Loan Prime plus 2.75% 12/10/2025 4.8 4.8 5.0 — %
Custom Exteriors, Inc. (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025 64.2 64.2 66.1 0.02 %
Sushiya, Inc. (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025 69.8 69.8 72.0 0.02 %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (#,^) 2443 West 16th St., Chicago, IL 60608 Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 462.8 462.8 544.9 0.17 %
Japp Business Inc dba Pick and Eat and Japp Drink Corp. (#,^) 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 78.8 78.8 81.3 0.02 %
DWeb Studio, Inc. (#,^) 141 Watertown Rd, Thomaston, CT 06787 Educational Services Term Loan Prime plus 2.75% 11/25/2025 7.1 7.1 7.3 — %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 82 Lafayette Rd, Hampton Falls, NH 03844 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/23/2040 700.0 700.0 656.9 0.20 %
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy (#,^) 2201 Rittenhouse St, Des Moines, IA 50321 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 57.0 57.0 58.6 0.02 %
S.B.B. Enterprises Inc dba Williamston Hardware (#,^) 311 85th St., Brooklyn, NY 11209 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 99.9 99.9 116.8 0.04 %
Key Pix Productions Inc. dba Air Bud Entertainment (#,^) 30 Hopper St., Westbury, NY 11590 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040 506.4 506.4 597.3 0.18 %
E.S.F.P. LLC dba Volusia Van and Storage (#,^) 1250 Sanders Ave SW, Massillon, OH 44646 Truck Transportation Term Loan Prime plus 2.75% 11/11/2025 56.1 56.1 57.7 0.02 %
Green Life Lawnscapes LLC dba Green Life Lawn Care (#,^) 1 West Main St., Patchogue, NY 11772 Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025 91.6 91.6 95.4 0.03 %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025 194.2 194.2 202.3 0.06 %
Financial Network Recovery Inc (#,^) 30 Hopper St., Westbury, NY 11590 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 25.1 25.1 25.7 0.01 %
ADMO Inc dba Mid States Equipment (#,^) 140 Dupont St., Plainview, NY 11803 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 14.1 14.1 14.5 — %
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In (#,^) 3401 Brecksville Rd, Richfield, OH 44286 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027 425.8 425.8 448.9 0.14 %
SCJEN Management Inc dba Bowl of Heaven (#,^) 318 North F St., Lakeview, OR 97630 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025 44.5 44.5 45.6 0.01 %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets (#,^) 1068 Old Colony Rd, Meriden, CT 06450 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 130.8 130.8 154.3 0.05 %
R.H. Hummer Jr., Inc. (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Truck Transportation Term Loan Prime plus 2.75% 9/30/2025 251.4 251.4 261.9 0.08 %
94
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas Cit (#,^) 2142 Rheem Drive, Ste E, Pleasanton, CA 94588 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 49.1 49.1 52.6 0.02 %
Binky's Vapes LLC (#,^) 72-74 South Main St., Hanover, NH 03755 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 13.9 13.9 14.2 — %
RIM Investments LLC and RIM Architects LLC (#,^) 880 Lowcountry Blvd, Mount Pleasant, SC 29464 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 365.6 365.6 429.5 0.13 %
Greensward of Marco Inc. (#,^) 4179 Broadway, New York, NY 10033 Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040 80.2 80.2 94.2 0.03 %
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda L (#,^) 10800 E. Bethany Drive, Ste 275, Aurora, CO 80014 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025 301.3 301.3 313.1 0.10 %
Prestigious LifeCare for Seniors LLC (#,^) 403 S Dillard St, Winter Garden, FL 34787 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 6.1 6.1 6.3 — %
Daniel W. Stark dba Mountain Valley Lodge and RV Park (#,^) 726-740 South Fleming St., Sebastian, FL 32958 Accommodation Term Loan Prime plus 2.75% 9/25/2040 12.4 12.4 14.6 — %
Yachting Solutions LLC (#,^) 3105 107th Ave, Doral, FL 33178 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040 882.1 882.1 1,034.4 0.32 %
Sandlot Ventures LLC and Sandbox Ventures LLC (#,^) 139 S Putnam St., Williamston, MI 48895 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040 413.4 413.4 484.7 0.15 %
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn (#,^) 22525 Pacific Coast Highway, Malibu, CA 90265 Accommodation Term Loan Prime plus 2.75% 9/24/2040 572.7 572.7 672.5 0.21 %
Finish Strong Inc dba FASTSIGNS St Peters (#,^) 916 South Nova Rd, Ormond Beach, FL 32174 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025 30.9 30.9 31.6 0.01 %
IIoka Inc dba New Cloud Networks (#,^) 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025 412.8 412.8 422.0 0.13 %
Sound Manufacturing Inc (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025 30.6 30.6 31.5 0.01 %
Vanderhoof LLC dba Soxfords (#,^) 250 E Easy St. Ste 1, Simi Valley, CA 93065 Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025 9.4 9.4 9.6 — %
MiJoy Inc dba Imo's Pizza (#,^) 16180 Westwoods Business Park, Ellisville, MO 63021 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025 5.1 5.1 5.2 — %
Naeem Khan LTD (#,^) PO Box 468, Wood River, IL 62095 Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025 77.2 77.2 78.9 0.02 %
FirstVitals Health and Wellness Inc (#,^) 43958 Pacific Common Blvd, Fremont, CA 94538 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025 92.5 92.5 94.6 0.03 %
Almost Home Daycare LLC (#,^) 10539 Greenbelt Rd Ste 102, Lanham, MD 20706 Social Assistance Term Loan Prime plus 2.75% 9/11/2025 6.7 6.7 7.0 — %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) 1838 Adee Ave, Baychester, NY 10469 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 128.3 128.3 151.0 0.05 %
Empower Autism Academy (#,^) 7748 Troost Ave, Kansas City, MO 64131 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 627.7 627.7 739.1 0.23 %
95
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Elite Institute LLC dba Huntington Learning Center (#,^) 2141 P Ave, Williamsburg, IA 52361 Educational Services Term Loan Prime plus 2.75% 8/28/2025 9.3 9.3 9.5 — %
God Be Glorified Inc dba GBG Inc (#,^) 54 Marco Lake Drive, Marco Island, FL 34146 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025 32.3 32.3 33.0 0.01 %
3000 CSI Property LLC and Consulting Solutions Inc (#,^) 645 G St. Ste 400, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040 127.8 127.8 150.4 0.05 %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant (#,^) 485 Pepper St., Monroe, CT 06468 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 132.5 132.5 155.5 0.05 %
Gold Jet Corp. (#,^) 5701 North Pine Island Rd, Tamarac, FL 33321 Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025 43.5 43.5 45.0 0.01 %
SKJ Inc dba Subway (#,^) 1857A Elmdale Ave, Glenview, IL 60025 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025 51.2 51.2 52.4 0.02 %
LP Industries Inc dba Childforms (#,^) 229 Commercial St, Rockport, ME 04856 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025 74.5 74.5 77.3 0.02 %
Beale Street Blues Company-West Palm Beach LLC dba Lafayette's-West Pa (#,^) 223 Hwy 80, Rodeo, NM 88056 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025 39.8 39.8 40.9 0.01 %
Smart Artists Inc. (#,^) 10 West Orvis St., Massena, NY 13662 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025 13.5 13.5 13.8 — %
Free Ion Advisors LLC (#,^) 98 North Hillview Drive, St Peters, MO 63376 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025 38.6 38.6 39.5 0.01 %
Murrayville Donuts, Inc dba Dunkin' Donuts (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 330.7 330.7 387.1 0.12 %
Union 2 LLC dba The Standard (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 65.1 65.1 67.2 0.02 %
Jonathan E Nichols and Nichols Fire and Security LLC (#,^) 11 Sellecks Walk, Pound Ridge, NY 10576 Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 44.5 44.5 46.2 0.01 %
Thrifty Market, Inc. dba Thrifty Foods (#,^) 215 South Kirkwood Rd, Kirkwood, MO 63122 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030 218.0 218.0 234.6 0.07 %
Myclean Inc. (#,^) 260 West 36h St., New York, NY 10018 Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025 9.4 9.4 9.6 — %
Summit Beverage Group LLC (#,^) 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 227.8 227.8 245.8 0.08 %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 346.1 346.1 406.0 0.12 %
TJU-DGT Inc dba The Lorenz Cafe (#,^) 170 Main St., North Kingstown, RI 02852 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 15.5 15.5 16.7 0.01 %
SofRep, Inc dba Force 12 Media (#,^) 11316 Wet Season Drive, Austin, TX 78754 Other Information Services Term Loan Prime plus 2.75% 6/26/2025 38.5 38.5 39.3 0.01 %
CEM Autobody LLC dba Dawn's Autobody (#,^) 39 Kingstown Rd, Wyoming, RI 02898 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 123.2 123.2 144.4 0.04 %
E & G Enterprises LLC dba Comfort Keepers (#,^) 13526 Village Park Drive Ste 214, Orlando, FL 32837 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 13.3 13.3 13.6 — %
96
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Ohs Auto Body, Inc. dba Ohs Body Shop (#,^) 3000 N Federal Highway, Ste 1, Fort Lauderdale, FL 33306 Repair and Maintenance Term Loan 7.22% 6/25/2040 1,111.0 1,111.0 1,037.2 0.32 %
Wolf Enviro Interests, LLC and Enviromax Services Inc (#,^) 40 West. 162nd St, South Holland, IL 60473 Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040 224.5 224.5 261.5 0.08 %
Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) 136 New Jersey Ave, Absecon, NJ 08201 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025 13.3 13.3 13.7 — %
RJI Services, Inc. (#,^) 2472 Broadway, New York, NY 10025 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025 13.3 13.3 13.6 — %
Real Help LLC dba Real Help Decorative Concrete (#,^) 401 S Woodlawn Ave, Bloomington, IN 47401 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 31.5 31.5 32.7 0.01 %
KRN Logistics, LLC and Newsome Trucking, Inc (#) 110 Charleston Drive, Mooresville, NC 28117 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 306.8 306.8 316.5 0.10 %
PM Cassidy Enterprises, Inc. dba Junk King (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025 8.8 8.8 9.0 — %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare Tra (#,^) 450 West 24th St. Ste 1C, New York, NY 10011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 27.6 27.6 28.2 0.01 %
AM PM Properties, LLC and AM PM Willington, LLC (#,^) 322 Evandale Rd, Scarsdale, NY 10583 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 79.1 79.1 92.9 0.03 %
Mirage Plastering Inc and Mpire LLC and Mpire II LLC (#,^) 2304 N College Rd, Wilmington, NC 28405 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040 126.4 126.4 146.7 0.04 %
Eldredge Tavern LLC dba Gonyea's Tavern (#,^) 1520 Broadway, Fort Myers, FL 33901 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 51.2 51.2 60.2 0.02 %
ViAr Visual Communications, Inc. dba Fastsigns 281701 (#,^) 1906 Vanderhorn Drive, Memphis, TN 38134 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 36.8 36.8 37.6 0.01 %
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta (#,^) 702 10th St, Wheatland, WY 82201 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025 9.0 9.0 9.2 — %
Video Vault & Tanning LLC and Mosaic Salon LLC (#) 247 West 36th St. 9th Floor, New York, NY 10018 Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 60.9 60.9 71.6 0.02 %
Medworxs LLC (#,^) 211 Washington Ave, Marion, VA 24354 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 74.1 74.1 75.7 0.02 %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse (#,^) 714-718 Lorenz Ave, Pittsburgh, PA 15220 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 4.8 4.8 4.9 — %
Villela CPA PL (#,^) 13886 Campo Rd, Jamul, CA 91935 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025 5.3 5.3 5.4 — %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse (#,^) 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 Accommodation Term Loan Prime plus 2.75% 5/20/2040 158.2 158.2 185.7 0.06 %
15 McArdle LLC and No Other Impressions Inc (#,^) 7 Division St, Keyport, NJ 07735 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040 167.3 167.3 196.0 0.06 %
Guard Dogs MFS LLC (#,^) 220 Middle St., Franklin, VA 23851 Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025 36.3 36.3 37.1 0.01 %
97
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
South Park Properties LLC and Midlothian Hardware LLC (#,^) 3560 Highway 93 South, Kalispell, MT 59901 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040 43.4 43.4 51.0 0.02 %
Matthew Taylor and Landon Farm LLC (#,^) 18002 Mueschke Rd, Cypress, TX 77433 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 91.2 91.2 106.0 0.03 %
Cares Inc dba Dumpling Grounds Day Care Center (#,^) 7661 McLaughlin Rd, Falcon, CO 80831 Social Assistance Term Loan Prime plus 2.75% 5/1/2040 73.6 73.6 86.5 0.03 %
Orchid Enterprises Inc dba Assisting Hands of Sussex County (#,^) 353 E Angeleno Ste G, Burbank, CA 91502 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025 8.6 8.6 8.8 — %
Diamond Solutions LLC (#,^) 2221 Broadway St., Buffalo, NY 14212 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025 11.1 11.1 11.4 — %
Giacchino Maritime Consultants Inc (#,^) 2262 Hwy 53 W, Jasper, GA 30143 Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025 12.9 12.9 13.2 — %
Sound Coaching Inc (#,^) 960 Matley Lane, Ste 20 & 21, Bldg B, Reno, NV 89502 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025 25.6 25.6 26.1 0.01 %
Faramarz Nikourazm dba Car Clinic Center (#,^) 111 N Pompano Beach Blvd, Pompano Beach, FL 33062 Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040 66.6 66.6 78.0 0.02 %
Copper Beech Financial Group LLC (#,^) 1308 Stafford Rd, Storrs Mansfield, CT 06268 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025 71.0 71.0 73.2 0.02 %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes and Trac (#,^) 1802 W Grant Rd Ste 114, Tucson, AZ 85745 Accommodation Term Loan Prime plus 2.75% 3/27/2040 273.0 273.0 320.9 0.10 %
Shellhorn and Hill Inc dba Total Fleet Service (#,^) 150 Main St., Pascoag, RI 02859 Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 937.4 937.4 1,092.7 0.33 %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC (#,^) 234 Rock Rd, Glen Rock, NJ 07452 Real Estate Term Loan Prime plus 2.75% 3/27/2025 703.0 703.0 715.3 0.22 %
Shorr Enterprises Inc dba New Design Furniture Manufacturers (#,^) 4721 University Way NE, Seattle, WA 98105 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 60.5 60.5 62.4 0.02 %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#,^) W7003 Parkview Dr, Ste A & B, Greenville, WI 54942 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040 48.9 48.9 57.4 0.02 %
Zero-In Media Inc (#,^) 10901 W. Toller Drive, Littleton, CO 80127 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025 12.8 12.8 13.0 — %
Loriet LLC (#,^) 5980 Lamar St., Arvada, CO 80003 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025 6.8 6.8 6.9 — %
Jaymie Hazard dba Indigo Hair Studio and Day Spa (#,^) 777 Brickell Ave, Ste 500, Miami, FL 33131 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 38.7 38.7 45.2 0.01 %
Shelton Incorporated dba Mrs. Winners (#,^) 2188 Brunswyck Rd, Wallkill, NY 12589 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040 101.8 101.8 119.4 0.04 %
R & R Security and Investigations Inc dba Pardners Lake Buchanan (#,^) 15 McArdle St., Rochester, NY 14611 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 77.1 77.1 90.5 0.03 %
98
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) 9460 Mistwater Close, Roswell, GA 30076 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040 145.4 145.4 169.8 0.05 %
Royal Crest Motors LLC (#,^) 1066 Chelsea Ave, Napoleon, OH 43545 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040 82.5 82.5 96.5 0.03 %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#,^) 4751 147th St., Midlothian, IL 60445 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 6.4 6.4 6.6 — %
Baystate Firearms and Training, LLC (#) 6103 N Church St, Greensboro, NC 27455 Educational Services Term Loan Prime plus 2.75% 2/27/2025 33.1 33.1 33.7 0.01 %
Pace Motor Lines, Inc. (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 36.6 36.6 37.9 0.01 %
Kingseal LLC dba Desoto Health and Rehab Center (#,^) 274 Spring St., Newton, NJ 07860 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040 1,153.3 1,153.3 1,353.2 0.41 %
Nelson Financial Services LLC (#,^) 288 Derby St., Salem, MA 01970 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025 7.0 7.0 7.1 — %
Kiddie Steps 4 You Inc. (#,^) 7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260 Social Assistance Term Loan Prime plus 2.75% 2/19/2040 55.8 55.8 65.1 0.02 %
Triangle Trash LLC dba Bin There Dump That (#,^) 5219 Tamiami Court, Cape Coral, FL 33904 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025 41.5 41.5 42.7 0.01 %
Dean 1021 LLC dba Pure Pita (#,^) 4749 Main St. Ste 3, Bridgeport, CT 06606 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025 49.1 49.1 50.2 0.02 %
Limameno LLC dba Sal's Italian Ristorante (#,^) 10707 Shady Trail, Dallas, TX 75220 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025 45.8 45.8 46.9 0.01 %
Palmabak Inc dba Mami Nora's (#,^) 1223 North Church St., Moorestown, NJ 08057 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025 3.4 3.4 3.5 — %
Jung Design Inc (#,^) 40 Buzzard Ridge Rd, Sequim, WA 98382 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022 2.3 2.3 2.3 — %
Grand Blanc Lanes, Inc. and H, H and H, LLC (#,^) 5600 N. River Rd #925, Rosemont, IL 60018 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039 119.4 119.4 140.6 0.04 %
Evans and Paul LLC (#,^) 501 South Market St, Wilmington, DE 19801 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024 131.7 131.7 136.5 0.04 %
First Prevention and Dialysis Center, LLC (#) 3033 NW 28 St., Lauderdale Lakes, FL 33311 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 149.6 149.6 155.1 0.05 %
Bowlerama Inc (#,^) 800 James Ave, Scranton, PA 18510 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,082.6 1,082.6 1,273.1 0.39 %
The Lodin Group LLC and Lodin Health Imaging Inc dba Highlands Breast (#,^) 1123 Broadway Ste 704, New York, NY 10010 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 476.7 476.7 558.9 0.17 %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 449.5 449.5 528.6 0.16 %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette Music Ha (#,^) 4509 N. Henry Blvd, Stockbridge, GA 30281 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024 101.6 101.6 104.8 0.03 %
MM and M Management Inc dba Pizza Artista (#,^) 2016 Warwick Ave, Warwick, RI 02889 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025 26.5 26.5 27.4 0.01 %
99
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Will Zac Management LLC dba Papa John's (#) 15615 State Route 29, Buchanan Dam, TX 78609 Food Services and Drinking Places Term Loan 6.25% 12/19/2024 76.2 76.2 74.1 0.02 %
The Jewelers Inc. dba The Jewelers of Las Vegas (#,^) 1224 Greenwich Ave, Warwick, RI 02886 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 671.0 671.0 690.1 0.21 %
B.S. Ventures LLC dba Dink's Market (#,^) 769 Amesbury Rd, Haverhill, MA 01830 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039 48.3 48.3 56.8 0.02 %
B & W Towing, LLC and Boychucks Fuel LLC (#,^) 491 Montauk Highway, Eastport, NY 11941 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 147.6 147.6 173.2 0.05 %
Kemmer LLC and Apples Tree Top Liquors LLC (#) 215 Newbury St., Peabody, MA 01960 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 124.1 124.1 145.6 0.04 %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 06615 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 106.5 106.5 125.2 0.04 %
Legacy Estate Planning Inc dba American Casket Enterprises (#,^) 475 Nursing Home Drive, Arcadia, FL 34266 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 22.4 22.4 23.0 0.01 %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value (#,^) 20015 N 83rd Place, Scottsdale, AZ 85255 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 107.6 107.6 126.4 0.04 %
Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) 1700 West 63rd St., Chicago, IL 60636 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 428.6 428.6 503.7 0.15 %
One Hour Jewelry Repair Inc (#,^) 188 Northbend Drive, Youngsville, NC 27596 Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024 10.8 10.8 11.1 — %
DNT Storage and Properties LLC (#,^) 106 Central Ave, Westfield, NJ 07090 Real Estate Term Loan Prime plus 2.75% 10/10/2039 91.1 91.1 107.1 0.03 %
Sound Manufacturing Inc (#,^) 861 Yamato Rd, Bay #2, Boca Raton, FL 33431 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024 97.2 97.2 100.2 0.03 %
Doctors Express Management of Central Texas LLC (#,^) 4614 Capital Blvd, Raleigh, NC 27604 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 3.4 3.4 3.5 — %
Smith Spinal Care Center P.C. and James C. Smith (#,^) 10857 Pine Bluff Drive, Fishers, IN 46037 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 25.7 25.7 30.2 0.01 %
Michael Rey Jr. and Lynn J. Williams (EPC) and GIG Petcare dba Hickory (#,^) 5301 S Saginaw Rd, Flint, MI 48507 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 109.7 109.7 129.0 0.04 %
Sumad LLC dba BrightStar Care of Encinitas (#,^) 140 Dupont St., Plainview, NY 11803 Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 27.9 27.9 28.8 0.01 %
Roccos LLC and Sullo Pantalone Inc dba Rocco's (#,^) 17940 NW 27th Ave, Miami Gardens, FL 33056 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 228.4 228.4 268.0 0.08 %
Gordon E Rogers dba Stonehouse Motor Inn (#,^) 3031 New Castle Ave, New Castle, DE 19720 Accommodation Term Loan Prime plus 2.75% 9/26/2039 51.3 51.3 60.4 0.02 %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (#,^) 114-115 Medical Center Ave, Sebring, FL 33870 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 15.2 15.2 15.6 — %
100
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc (#,^) 1700 W 4th St., Dequincy, LA 70633 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 129.9 129.9 152.5 0.05 %
Modern Leather Goods Repair Shop Inc (#,^) 550 South Rosemary Ave Ste 236, West Palm Beach, FL 33401 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024 29.8 29.8 30.6 0.01 %
Tavern Properties LLC and Wildwood Tavern LLC (#,^) 48649 Highway 58, Oakridge, OR 97463 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 381.9 381.9 448.0 0.14 %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 5409 Johnston St., Lafayette, LA 70503 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 157.4 157.4 161.9 0.05 %
Indy East Smiles Youth Dentistry LLC dba Prime Smile East (#,^) 2400 Western Ave, Las Vegas, NV 89102 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024 325.3 325.3 333.7 0.10 %
B&P Diners LLC dba Engine House Restaurant (#,^) 2410 West Jefferson St., Ste B, Joliet, IL 60435 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 41.3 41.3 42.3 0.01 %
Lamjam LLC (EPC) Goldsmith Lambros Inc (OC) (#) 701 Addison Rd, Painted Post, NY 14870 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024 62.4 62.4 64.4 0.02 %
Atlas Auto Body Inc dba Atlas Auto Sales (#,^) 1300 S Jackson St., Salem, IN 47167 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 45.9 45.9 53.8 0.02 %
Katie Senior Care LLC dba Home Instead Senior Care (#,^) 988 Hemlock St., Cannon Beach, OR 97110 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 54.0 54.0 55.4 0.02 %
Alpha Preparatory Academy LLC (#,^) 2176 Route 119 North, Greensburg, PA 15601 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 129.9 129.9 152.5 0.05 %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook (#,^) 318 North F St., Lakeview, OR 97630 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 123.4 123.4 116.1 0.04 %
Almost Home Property LLC and Almost Home Daycare LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Social Assistance Term Loan Prime plus 2.75% 8/7/2039 664.4 664.4 779.7 0.24 %
iFood, Inc. dba Steak N Shake (#,^) 6544 Springfield Mall, Springfield, VA 22150 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 196.4 196.4 202.3 0.06 %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC dba EST EST EST (#,^) 38 Old National Pike, West Alexander, PA 15376 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 18.1 18.1 21.3 0.01 %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 133.1 133.1 156.2 0.05 %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC (#,^) 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039 86.9 86.9 101.9 0.03 %
AMG Holding, LLC and Stetson Automotive, Inc (#,^) 1103 Russell Pkwy, Warner Robins, GA 31088 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 182.6 182.6 214.4 0.07 %
iFood, Inc. dba Steak N Shake (#,^) 900 Alpine Rd, Bridgeville, PA 15017 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 557.8 557.8 652.7 0.20 %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 Truck Transportation Term Loan Prime plus 2.75% 6/30/2039 776.0 776.0 910.9 0.28 %
101
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 79 Beach Rd Units B13 and B14, Vineyard Haven, MA 02568 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024 48.4 48.4 49.9 0.02 %
JPM Investments LLC and Carolina Family Foot Care P.A. (#) 162 Danielson Pike, Foster, RI 02825 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039 128.4 128.4 150.3 0.05 %
Zinger Hardware and General Merchant Inc (#) 308 Kennedy St. NW, Washington, DC 20011 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.25% 6/26/2024 38.9 38.9 37.8 0.01 %
Nikobella Properties LLC and JPO Inc dba Village Car Wash (#) 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 444.1 444.1 519.9 0.16 %
Big Sky Plaza LLC and Strickland, Incorporated dba Livingston True Val (#,^) 2 West 32nd St., Ste 401, New York, NY 10001 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039 207.0 207.0 242.3 0.07 %
Sico & Walsh Insurance Agency Inc and The AMS Trust (#) 3330 N Beach St., Fort Worth, TX 76111 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 82.2 82.2 96.3 0.03 %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) 6480 West Touhy Ave, Niles, IL 60714 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 8.1 8.1 8.3 — %
Long Island Barber Institute Inc (#,^) 5430 E. Washington St., Indianapolis, IN 46219 Educational Services Term Loan Prime plus 2.75% 6/2/2039 49.2 49.2 57.6 0.02 %
Pocono Coated Products, LLC (#,^) 71 Lafayette St.,, Salem, MA 01970 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024 10.8 10.8 11.1 — %
Jonesboro Health Food Center LLC (#,^) 7137 Little River Turnpike, Annandale, VA 22003 Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024 30.4 30.4 31.1 0.01 %
Hae M. and Jin S. Park dba Buford Car Wash (#,^) 20 Providence St., West Warwick, RI 02893 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039 147.3 147.3 172.3 0.05 %
The River Beas LLC and Punam Singh (#,^) 222E Eufaula St Ste 220, Norman, OK 73069 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039 79.8 79.8 93.4 0.03 %
AS Boyals LLC dba Towne Liquors (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 96.1 96.1 112.6 0.03 %
Gerami Realty, LC (EPC) Sherrill Universal City Corral, LP dba Golden (#,^) 10463 Hamer Rd, Georgetown, OH 45121 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 50.2 50.2 53.2 0.02 %
Complete Body & Paint, Inc. (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 18.3 18.3 21.4 0.01 %
Island Wide Realty LLC and Long Island Partners, Inc. dba Realty Execu (#,^) 5900 Duraleigh Rd, Raleigh, NC 27612 Real Estate Term Loan Prime plus 2.75% 4/22/2039 91.4 91.4 107.1 0.03 %
Wilshire Media Systems Inc (#,^) 575 Columbus Ave, New Haven, CT 06519 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 85.9 85.9 88.1 0.03 %
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 06615 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039 98.9 98.9 115.9 0.04 %
102
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) (#,^) 15 Stonebridge, Cranston, RI 02921 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 81.4 81.4 95.1 0.03 %
Little People's Village II LLC (OC) and Iliopoulos Realty LLC (EPC) (#,^) 2840 E Millbrook Rd, Raleigh, NC 27604 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 89.8 89.8 104.9 0.03 %
Kemmer, LLC (EPC) and Pitts Package Store, Inc.(OC) (#,^) 4920 Lincoln Ave Route 53, Lisle, IL 60532 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 103.2 103.2 120.5 0.04 %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC (#,^) 309 Route 9, Waretown, NJ 08758 Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 350.4 350.4 360.5 0.11 %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 06615 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 395.4 395.4 463.1 0.14 %
Dantanna's Tavern LLC (#,^) 122 N. Main St., Fuquay Varina, NC 27526 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024 79.0 79.0 81.3 0.02 %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum Co (#) 4001 North Lamar Blvd Ste 300, Austin, TX 78756 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 69.0 69.0 80.7 0.02 %
Cormac Enterprises and Wyoming Valley Beverage Incorporated (#,^) 1372 South US Route 12, Fox Lake, IL 60020 Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 97.4 97.4 113.9 0.03 %
Kinisi, Inc. dba The River North UPS Store (#,^) 1313 West Park St. #1, Livingston, MT 59047 Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024 3.5 3.5 3.6 — %
Faith Memorial Chapel LLC (#,^) 106 Concord Ave, Belmont, MA 02478 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 187.9 187.9 219.4 0.07 %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (#,^) 15637 St Clair Ave, Cleveland, OH 44110 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 181.8 181.8 212.3 0.06 %
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern (#,^) 266 Greenwich St., Hempstead, NY 11550 Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 367.0 367.0 428.6 0.13 %
Summit Beverage Group LLC (#,^) 100 Sweetree St., Cherryville, NC 28021 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024 159.2 159.2 163.4 0.05 %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki (#,^) 1321 Stone St., Jonesboro, AR 72401 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 123.8 123.8 144.8 0.04 %
JWB Industries, Inc. dba Carteret Die Casting (#,^) 1163 Buford Highway, Sugar Hill, GA 30518 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 127.1 127.1 130.0 0.04 %
986 Dixwell Avenue Holding Company, LLC(EPC) and Mughali Foods, LLC db (#,^) 11704 Centurion Way, Potomac, MD 20854 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039 87.5 87.5 102.2 0.03 %
Sarah Sibadan dba Sibadan Agency (#,^) 117 South Broad St., Woodbury City, NJ 08096 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039 113.4 113.4 132.6 0.04 %
Icore Enterprises Inc dba Air Flow Filters Inc (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 9.7 9.7 9.9 — %
103
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Nutmeg North Associates LLC (OC) Steeltech Building Products Inc (#,^) 32220 Michigan Ave, Wayne, MI 48184 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 799.6 799.6 936.5 0.29 %
KK International Trading Corporation (#,^) 201-203-205 West Merrick Rd, Valley Stream, NY 11580 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 130.9 130.9 140.7 0.04 %
Kurtis Sniezek dba Wolfe's Foreign Auto (#,^) 2649 Townsgate Rd. Ste 500, Westlake Village, CA 91361 Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 77.7 77.7 90.9 0.03 %
TAK Properties LLC and Kinderland Inc (#,^) 1899 State Route 35, South Amboy, NJ 08879 Social Assistance Term Loan Prime plus 2.75% 12/18/2038 353.6 353.6 413.4 0.13 %
TOL LLC dba Wild Birds Unlimited (#,^) 6615 Roswell Rd NE #30, Sandy Springs, GA 30328 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023 8.1 8.1 8.3 — %
920 CHR Realty LLC (EPC) V. Garofalo Carting Inc (OC) (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 365.4 365.4 427.4 0.13 %
DKB Transport Corp (#,^) 4401 N I-35 #113, Denton, TX 76207 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 121.3 121.3 141.9 0.04 %
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 91.1 91.1 106.5 0.03 %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc (#,^) 201 S. Main St., Salem, IN 47167 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023 164.3 164.3 168.3 0.05 %
BVIP Limousine Service LTD (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038 66.7 66.7 78.0 0.02 %
AcuCall LLC (#,^) 636 South Center St., New Washington, OH 44854 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023 6.7 6.7 6.9 — %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL (#,^) 63 S Wyoming Ave, Edwardsville, PA 18704 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023 19.2 19.2 19.7 0.01 %
Polpo Realty, LLC(EPC) Polpo Restaurant, LLC (OC) (#,^) 301 West Grand Ave, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038 55.5 55.5 65.0 0.02 %
Mid-Land Sheet Metal Inc (#,^) 249 23rd Ave, Moundridge, KS 67107 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038 119.5 119.5 139.7 0.04 %
Master CNC Inc & Master Properties LLC (#,^) 249 23rd Ave, Moundridge, KS 67107 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038 519.2 519.2 606.8 0.19 %
1 North Restaurant Corp dba 1 North Steakhouse (#,^) 3111 and 3135 Delsea Drive, Franklinville, NJ 08322 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 183.3 183.3 214.3 0.07 %
Janice B. McShan and The Metropolitan Day School, LLC (#,^) 600 9th Ave North, Bessemer, AL 35020 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 18.1 18.1 18.5 0.01 %
Greenbrier Technical Services, Inc (#,^) 952 Boston Post Rd, Milford, CT 06460 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 59.5 59.5 61.0 0.02 %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd (#,^) 211 Washington Ave, Marion, VA 24354 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 128.9 128.9 150.8 0.05 %
104
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Discount Wheel and Tire of Broken Bow Inc (#,^) 96 Mill St., Berlin, CT 06037 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 194.1 194.1 226.9 0.07 %
Lenoir Business Partners LLC (EPC) LP Industries, Inc dba Childforms (#,^) 74 Veronica Ave, Somerset, NJ 08875 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 255.4 255.4 298.7 0.09 %
LP Industries, Inc dba Childforms (#,^) 986 Dixwell Ave, Hamden, CT 06510 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 104.1 104.1 121.8 0.04 %
Cencon Properties LLC and Central Connecticut Warehousing Company, In (#,^) 102-05 101st Ave, Ozone Park, NY 11416 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 299.3 299.3 350.1 0.11 %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC (#,^) 151 W 24th St, Hialeah, FL 33010 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 290.6 290.6 339.9 0.10 %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral Ho (#,^) 636 Nutmeg Rd North, South Windsor, CT 06074 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 86.7 86.7 101.4 0.03 %
Eastside Soccer Dome, Inc . (#,^) 219 Lafayette Drive, Syosset, NY 11791 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 402.3 402.3 470.5 0.14 %
Southeast Chicago Soccer, Inc. (#,^) 712 5th St., New Brighton, PA 15066 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 44.7 44.7 52.3 0.02 %
Kiddie Steps 4 You Inc. (#,^) 1157 Commerce Ave, Longview, WA 98632 Social Assistance Term Loan Prime plus 2.75% 9/25/2038 78.6 78.6 91.7 0.03 %
Diamond Memorials Incorporated (#,^) 320 W. Main St., Avon, CT 06001 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023 1.8 1.8 1.9 — %
Faith Memorial Chapel LLC (#,^) 920 Crooked Hill, Brentwood, NY 11717 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 232.4 232.4 271.1 0.08 %
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (#,^) 555 Water Works Rd, Old Bridge, NJ 08857 Educational Services Term Loan Prime plus 2.75% 9/20/2023 19.0 19.0 19.4 0.01 %
Maynard Enterprises Inc dba Fastsigns of Texarkana (#,^) 1455 S Richland Creek Rd, Sugar HIll, GA 30518 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 6.6 6.6 6.8 — %
Grafio Inc dba Omega Learning Center-Acworth (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Educational Services Term Loan Prime plus 2.75% 9/13/2023 67.7 67.7 69.2 0.02 %
The Berlerro Group, LLC dba Sky Zone (#,^) 887 W Liberty, Medina, OH 44256 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023 175.1 175.1 178.9 0.05 %
Sound Manufacturing Inc (#,^) 824 U.S Highway 1, Ste 335, North Palm Beach, FL 33408 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028 36.7 36.7 39.3 0.01 %
Prospect Kids Academy Inc (#,^) 3039-3043 Hedley, Springfield, IL 62704 Educational Services Term Loan Prime plus 2.75% 9/11/2038 107.8 107.8 125.8 0.04 %
B for Brunette dba Blo (#,^) 671 E. Cooley Drive, Unit 114, Colton, CA 92324 Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 22.0 22.0 22.5 0.01 %
Schmaltz Holdings, LLC (EPC) and Schmaltz Operations, LLC dba Companio (#,^) 2446 Route 9, Howell, NJ 07731 Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 193.3 193.3 225.5 0.07 %
IlOKA Inc dba Microtech Tel and NewCloud Networks (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023 259.4 259.4 265.0 0.08 %
105
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
ACI Northwest Inc. (#,^) 2817 Lomb Ave, Birmingham, AL 35208 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023 215.5 215.5 220.4 0.07 %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer Sis (#,^) 11825 29 Mile Rd, Washington, MI 48095 Social Assistance Term Loan Prime plus 2.75% 8/30/2023 17.3 17.3 17.6 0.01 %
Ramard Inc and Advanced Health Sciences Inc (#,^) 322 W. Montauk Hwy, Hampton Bays, NY 11946 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023 74.8 74.8 76.4 0.02 %
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins (#,^) 125 E Fesler St., Santa Maria, CA 93454 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 31.8 31.8 32.6 0.01 %
JSIL LLC dba Blackstones Hairdressing (#,^) 407 E. Edgar Ave, Ronceverte, WV 24970 Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 7.7 7.7 7.8 — %
Caribbean Concepts, Inc. dba Quick Bleach (#,^) 77 Mill Rd, Freeport, NY 11520 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023 8.9 8.9 9.1 — %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC (#,^) 37 Commons Court, Waterbury, CT 06704 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023 4.6 4.6 4.7 — %
Angkor Restaurant Inc (#,^) 1202 S Park Drive, Broken Bow, OK 74728 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 80.1 80.1 93.6 0.03 %
Tri County Heating and Cooling Inc. (#,^) 2040 Norwood, Lenoir, NC 28645 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 34.1 34.1 34.9 0.01 %
Harbor Ventilation Inc and Estes Investment, LLC (#,^) 110 Charleston Drive, Ste 105-107, Morresville, NC 28117 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 2.0 2.0 2.4 — %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (#,^) 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 20.9 20.9 21.4 0.01 %
Maxiflex LLC (#,^) 17 Pearl St., Mystic, CT 06355 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 17.0 17.0 17.3 0.01 %
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (#,^) 11919 S Ave O, Chicago, IL 60617 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 83.7 83.7 97.7 0.03 %
2161 Highway 6 Trail, LLC, (EPC) R. H. Hummer JR., Inc. (Co-Borrower) (#,^) 10232 S Ave N, Chicago, IL 60617 Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 382.2 382.2 401.4 0.12 %
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) 800 Broad St., Clifton, NJ 07013 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 575.4 575.4 615.9 0.19 %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) 1700 West 63rd St., Chicago, IL 60636 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 130.8 130.8 133.3 0.04 %
Elite Structures Inc (#,^) 600 9th Ave North, Bessemer, AL 35020 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 754.2 754.2 878.3 0.27 %
(EPC) Absolute Desire LLC and Mark H. Szierer (OC) Sophisticated Smile (#,^) 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 161.8 161.8 188.3 0.06 %
106
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD and (#,^) 3735 Mall Drive, Texarkana, TX 75501 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 23.0 23.0 23.5 0.01 %
Ryan D. Thornton and Thornton & Associates LLC (#,^) 5330 Brookstone Drive, Ste 320, Acworth, GA 30101 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023 18.6 18.6 18.9 0.01 %
Peanut Butter & Co., Inc. (#,^) 111 Rodeo Drive, Edgewood, NY 11717 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 35.9 35.9 36.6 0.01 %
1258 Hartford TPKE, LLC (EPC) and Phelps and Sons, Inc (OC) (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 106.5 106.5 124.0 0.04 %
A & M Commerce, Inc. dba Cranberry Sunoco (#,^) 532 St Johns Place, Brooklyn, NY 11238 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 282.0 282.0 328.6 0.10 %
Xela Pack, Inc. and Aliseo and Catherine Gentile (#,^) 50 Glen Cove Rd, Greenvale, NY 11548 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 180.7 180.7 192.9 0.06 %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 459.3 459.3 533.9 0.16 %
Michael A.and HeatherR. Welsch dba Art & FrameEtc. (#,^) 160 Inverness Dr W Ste 100, Englewood, CO 80112 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038 57.7 57.7 67.1 0.02 %
Truth Technologies Inc dba Truth Technologies Inc. (#,^) 15150 Evans St., Gulfport, MS 39503 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023 30.4 30.4 30.9 0.01 %
Sound Manufacturing, Inc. and Monster Power Equipment Inc. (#,^) 6600 N Government Way, Coeur D Alene, ID 83815 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 170.7 170.7 173.7 0.05 %
Bakhtar Group LLC dba Malmaison (#,^) 4561 Ironworks Pike, Ste 161, Lexington, KY 40511 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 32.8 32.8 33.3 0.01 %
Osceola River Mill, LLC(EPC) Ironman Machine, Inc.(OC) (#,^) 1815 De Paul St., Colorado Springs, CO 80909 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 73.5 73.5 85.5 0.03 %
Java Warung, LLC (#,^) 19 East 7th St., New York, NY 10003 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038 43.5 43.5 50.6 0.02 %
Retain Loyalty LLC (#,^) 120 East 56th St., St.#730, New York, NY 10022 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 93.7 93.7 108.9 0.03 %
North Country Transport, LLC (#,^) 38 Carmen Lane, Monroe, CT 06468 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023 5.1 5.1 5.2 — %
Sherill Universal City dba Golden Corral LP (#,^) 10 Traverse St., Providence, RI 02903 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 376.0 376.0 437.2 0.13 %
Macho LLC (EPC) Madelaine Chocolate Novelties Inc(OC) dba The Madelai (#,^) 509 East Park St., Livingston, MT 59047 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 426.2 426.2 495.9 0.15 %
Babie Bunnie Enterprises Inc dba Triangle Mothercare (#,^) 509 East Park St., Livingston, MT 59047 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 26.2 26.2 27.9 0.01 %
Polpo Realty LLC (EPC) & Polpo Restaurant LLC (OC) dba Polpo Restauran (#,^) 1 Poppy Ave, Neptune, NJ 07753 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 449.0 449.0 522.5 0.16 %
107
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Martin L Hopp, MD PHD A Medical Corp (OC) dba Tower ENT (#,^) 411 Sharp St., Millville, NJ 08332 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022 21.3 21.3 21.7 0.01 %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC (#,^) 512 Verret St., New Orleans, LA 70114 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 193.3 193.3 224.5 0.07 %
Richmond Hill Mini Market, LLC (#,^) 2141 P Ave, Williamsburg, IA 52361 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 156.2 156.2 181.4 0.06 %
D&L Rescources, Inc. dba The UPS Store (#,^) 200 North Branford Rd, Branford, CT 06405 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022 3.1 3.1 3.1 — %
DRV Enterprise, Inc. dba Cici's Pizza # 339 (#,^) 24 Elm St., Montpelier, VT 05602 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 19.0 19.0 19.3 0.01 %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart (#,^) 401 Old Quitman Rd, Adel, GA 31620 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 81.4 81.4 94.5 0.03 %
Pioneer Windows Manufacturing Corp, Pioneer Windows (#,^) 85 Reaville Ave, Flemington, NJ 08822 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022 83.6 83.6 85.0 0.03 %
R & J Petroleum LLC (EPC) Manar USA, Inc. (OC) (#,^) 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 152.2 152.2 176.8 0.05 %
St Judes Physical Therapy P.C. (#,^) 800 Bethel St., Ste 200, Honolulu, HI 96813 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022 6.5 6.5 6.6 — %
Hi-Def Imaging, Inc. dba SpeedPro Imaging (#,^) 250 West 54th St., New York, NY 10019 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022 7.0 7.0 7.1 — %
Reidville Hydraulics Mfg Inc dba Summit (#,^) 1258 Hartford Turnpike, Vernon, CT 06066 Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037 222.0 222.0 257.7 0.08 %
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not (#,^) 398 Baltimore Blvd, Westminster, MD 21157 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022 56.0 56.0 56.9 0.02 %
University Park Retreat, LLC dba Massage Heights (#,^) 8300 Boettner Rd, Saline, MI 48176 Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022 22.3 22.3 22.6 0.01 %
O'Rourkes Diner LLC dba O'Rourke's Diner (#,^) 3937 Sherman Ave, Saint Joseph, MO 64506 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037 55.1 55.1 63.8 0.02 %
AJK Enterprise LLC dba AJK Enterprise LLC (#) 2819 West T C Jester Blvd, Houston, TX 77018 Truck Transportation Term Loan Prime plus 2.75% 8/27/2022 4.5 4.5 4.5 — %
Suncoast Aluminum Furniture, Inc (#,^) 2341 Cheshire Lane, Naples, FL 34109 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037 302.1 302.1 350.2 0.11 %
Hofgard & Co., Inc. dba HofgardBenefits (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022 29.4 29.4 29.8 0.01 %
Georgia Safe Sidewalks LLC (#,^) 432 Margaret St., Plattsburgh, NY 12901 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022 4.0 4.0 4.1 — %
Central Tire, Inc. dba Cooper Tire & Auto Services (#,^) 3401 K St. NW, Washington, DC 20007 Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 240.4 240.4 278.6 0.09 %
KIND-ER-ZZ Inc dba Kidville (#,^) 27 Hungerford St., Pittsfield, MA 01201 Educational Services Term Loan Prime plus 2.75% 6/15/2022 13.1 13.1 13.2 — %
108
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Graphish Studio, Inc. and Scott Fishoff (#,^) 1915 N Richmond St., Appleton, WI 54911 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022 5.2 5.2 5.3 — %
ALF, LLC (EPC) Mulit-Service Eagle Tires (OC) (#,^) 1250 Sanders Ave SW, Massillon, OH 44647 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037 52.1 52.1 60.3 0.02 %
Tracey Vita-Morris dba Tracey Vita's School of Dance (#,^) 10 LaCrosse St., Ste 14, Hudson Falls, NY 12839 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022 5.7 5.7 5.8 — %
Tanner Optical, Inc. dba Murphy Eye Care (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022 1.9 1.9 2.0 — %
Access Staffing, LLC (#,^) 96-03 Beach Channel Drive, Rockaway Beach, NY 11693 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 53.1 53.1 53.6 0.02 %
Manuel P. Barrera and Accura Electrical Contractor, Inc. (#,^) 8516 Swarthmore Drive, Raleigh, NC 27615 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 63.4 63.4 67.7 0.02 %
Shweiki Media, Inc. dba Study Breaks Magazine (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027 671.6 671.6 710.7 0.22 %
ATI Jet, Inc. (#) 8631 West Third St, 440 E &, Los Angeles, CA 90048 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 532.8 532.8 562.6 0.17 %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#,^) 38 Carmen Lane, Monroe, CT 06468 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 139.7 139.7 161.1 0.05 %
K's Salon, LLC d/b/a K's Salon (#,^) 101 Richmond Hill Ave, Stamford, CT 06902 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021 15.0 15.0 15.1 — %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs dba Pion (#,^) 8930 State Rd # 84, Davie, FL 33324 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021 47.6 47.6 48.1 0.01 %
Taylor Transport, Inc (#,^) 5771 East Fowler Ave, Temple Terrace, FL 33617 Truck Transportation Term Loan Prime plus 2.75% 12/8/2021 22.5 22.5 22.7 0.01 %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc (#) 1345 Wampanoag Trail, East Providence, RI 02915 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021 15.2 15.2 15.4 — %
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma (#,^) 15 Frederick Place, Hicksville, NY 11801 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021 3.9 3.9 3.9 — %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. (#,^) 305 Quincy Shore Drive, Quincy, MA 02107 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 22.6 22.6 26.0 0.01 %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises (#,^) 7712 Fourth Ave, Brooklyn, NY 11209 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 49.9 49.9 50.3 0.02 %
39581 Garfield, LLC and Tri County Neurological Associates, P.C. (#,^) 3580 Progress Drive, Unit Q, Bensalem, PA 19020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 66.4 66.4 76.5 0.02 %
Michael S. Decker & Janet Decker dba The Hen House Cafe (#) 175 Industrial Lane, Torrington, CT 06790 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036 13.2 13.2 15.2 — %
Trademark Equipment Company Inc and David A. Daniel (#,^) 234 West 42nd St., New York, NY 10036 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036 108.1 108.1 124.4 0.04 %
109
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Valiev Ballet Academy, Inc (#,^) 5275 University Pkwy # 110, Bradenton, FL 34201 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036 34.3 34.3 39.5 0.01 %
LaHoBa, LLC d/b/a Papa John's (#,^) 728 Main St., Middletown, CT 06457 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036 62.3 62.3 71.7 0.02 %
Lavertue Properties LLP dba Lavertue Properties (#,^) 1901 Naylor Rd, SE, Washington, DC 20020 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036 36.0 36.0 41.4 0.01 %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 6291 Thomas Rd, Fort Myers, FL 33912 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 281.9 281.9 324.3 0.10 %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. (#,^) 400 S McCaslin Blvd Ste 201, Louisville, CO 80027 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021 6.1 6.1 6.2 — %
Profile Performance, Inc. and Eidak Real Estate, L.L.C. (#,^) 1740 Wheatstone Drive, Grayson, GA 30017 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 101.5 101.5 116.6 0.04 %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store (#,^) 1111 S Tillotson Ave, Muncie, IN 47304 Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 113.8 113.8 130.7 0.04 %
Michael S. Korfe dba North Valley Auto Repair (#,^) 30 Maple St., Summit, NJ 07901 Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 12.3 12.3 14.1 — %
Actknowledge,Inc dba Actknowledge (#,^) 231 Main St., Stanford, CT 06901 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021 6.2 6.2 6.2 — %
SuzyQue’s LLC dba Suzy Que’s (#,^) 1985 B St., Colorado Springs, CO 80906 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036 48.4 48.4 55.5 0.02 %
Little People’s Village, LLC dba Little People’s Village (#,^) 4181 9th Ave West, Bradenton, FL 34025 Social Assistance Term Loan Prime plus 2.75% 1/31/2036 24.5 24.5 28.1 0.01 %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. (#,^) 305 Shirley Ave, Douglas, GA 31533 Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 89.7 89.7 102.8 0.03 %
Shree OM Lodging, LLC dba Royal Inn (#,^) 360 Lexington Ave, 8th Floor, New York, NY 10017 Accommodation Term Loan Prime plus 2.75% 12/17/2035 21.8 21.8 24.9 0.01 %
Lodin Medical Imaging, LLC dba Watson Imaging Center (#,^) 6187 NW 167th St. Unit H3, Miami, FL 33015 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 4.9 4.9 4.9 — %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) 340 Tom Reeve Drive, Carrolton, GA 30117 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 26.6 26.6 30.5 0.01 %
K9 Bytes, Inc & Epazz, Inc (#) 340 Tom Reeve Drive, Carrolton, GA 30117 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020 1.4 1.4 1.4 — %
Elan Realty, LLC and Albert Basse Asociates, Inc. (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035 177.9 177.9 203.4 0.06 %
Success Express,Inc. dba Success Express (#,^) 7007 Boeing Drive, El Paso, TX 79925 Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020 2.8 2.8 2.8 — %
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#,^) 2900 South 20th St., Philadelphia, PA 19145 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 39.0 39.0 44.5 0.01 %
110
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Newsome Trucking Inc and Kevin Newsome (#,^) 162 West 84th St., New York, NY 10024 Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 191.4 191.4 218.5 0.07 %
Members Only Software, Inc (#,^) 15 Frederick Place, Hicksville, NY 11801 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020 0.9 0.9 0.9 — %
ActKnowledge,Inc dba ActKnowledge (#,^) 1708 HWY 113 SW, CARTERSVILLE, GA 30120 Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020 0.2 0.2 0.2 — %
I-90 RV & Auto Supercenter (#,^) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 57.7 57.7 65.9 0.02 %
Zouk, Ltd. dba Palma (#,^) 28-28 1/2 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020 0.5 0.5 0.5 — %
Tanner Optical Inc. dba Murphy Eye Care (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035 72.5 72.5 82.6 0.03 %
Lahoba,LLC dba Papa John's Pizza (#,^) 40515 Pumpkin Center Rd, Hammond, LA 70403 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034 32.3 32.3 36.8 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024 19.2 19.2 19.8 0.01 %
KMC RE, LLC & B&B Kennels (#,^) 401 Caribou St., Simla, CO 80835 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 44.1 44.1 50.1 0.02 %
ROVER REPAIRS (#,^) 5690 Pine Lane Circle, Bessemer, AL 35022 Repair and Maintenance Term Loan Prime plus 2.5% 11/28/2029 43.8 43.8 47.1 0.01 %
The Alba Financial Group, Inc. (#,^) 635 - 637 Londonderry Lane, Denton, TX 76205 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 3/10/2021 2.2 2.2 2.2 — %
D & D's Divine Beauty School of Esther, LLC (#,^) 3001 Pontchartrain Drive, Slidell, LA 70458 Educational Services Term Loan 6% 8/1/2031 42.5 42.5 40.7 0.01 %
Bliss Coffee and Wine Bar, LLC (#) 4920 Lincoln Ave Route 53, Lisle, IL 60532 Food Services and Drinking Places Term Loan 6% 11/30/2022 62.8 62.8 61.5 0.02 %
Zog Inc. (#,^) 24 Wakefield St., Rochester, NH 13867 Other Information Services Term Loan Prime plus 2.75% 10/31/2020 1.6 1.6 1.6 — %
Connect Litigation Technology, Inc. (#,^) 1790 Broadway Ste 716, New York, NY 10019 Professional, Scientific, and Technical Services Term Loan Prime plus 2% 10/18/2025 18.5 18.5 19.0 0.01 %
1911 East Main Street Holdings, Corp (#,^) 44600 Michigan Ave, Canton, MI 48188 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 10.3 10.3 11.5 — %
Water Works Laundromat, LLC (#) 2267 Fernberg Trail, Ely, MN 55731 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 134.0 134.0 140.1 0.04 %
Dave Kris, and MDK Ram Corp. (#,^) 7516 B 2nd St., NW, Albuquerque, NM 87107 Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 21.9 21.9 23.0 0.01 %
Gill Express Inc. dba American Eagle Truck Wash (#,^) 365 Fifth Ave, New York, NY 10016 Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027 137.5 137.5 145.6 0.04 %
Head To Toe Personalized Pampering, Inc. (#,^) 520 E. 8th St., Anderson, IN 46012 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 7.5 7.5 8.2 — %
Christopher F. Bohon & Pamela D. Bohon (#,^) 34 South Valley Rd, West Orange, NJ 07052 Social Assistance Term Loan Prime plus 2.75% 10/28/2026 2.3 2.3 2.5 — %
111
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Mogas Limited (#,^) 904 North 66th St., Philadelphia, PA 19151 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2030 57.8 57.8 63.1 0.02 %
Shree Om Lodging, LLC dba Royal Inn (#,^) 64-68 North Central Ave, Valley Stream, NY 11580 Accommodation Term Loan Prime plus 2.75% 5/2/2030 53.1 53.1 57.9 0.02 %
Moonlight Multi Media Production, Inc. (#,^) 2030 W. Northwest Highway, Dallas, TX 75220 Other Information Services Term Loan 5.3% 2/1/2025 1.3 1.3 1.3 — %
David M. Goens dba Superior Auto Paint & Body, Inc. (#) 3915 Watson Rd, St. Louis, MO 63109 Repair and Maintenance Term Loan 6% 8/26/2024 10.5 10.5 10.3 — %
McCallister Venture Group, LLC and Maw's Vittles, Inc. (#,^) 2879 Limekiln Pike, Glenside, PA 19038 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 9.4 9.4 10.2 — %
Chong Hun Im dba Kim's Market (#,^) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024 5.0 5.0 5.2 — %
Whirlwind Car Wash, Inc. (#) 175 Campanelli Park Way, Stroughton, MA 02072 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 12.4 12.4 12.9 — %
Shuttle Car Wash, Inc. dba Shuttle Car Wash (#,^) 550 Eighth Ave, New York, NY 10018 Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 13.3 13.3 14.0 — %
Min Hui Lin (#,^) 1041 John D Hebert Rd, Breaux Bridge, LA 70517 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028 13.4 13.4 14.3 — %
Delta Partners, LLC dba Delta Carwash (#,^) 2320 2nd St., Albuquerque, NM 87107 Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029 33.8 33.8 36.2 0.01 %
Auto Sales, Inc. (#,^) 2262 HWY 53W, Jasper, GA 30143 Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023 4.1 4.1 4.0 — %
Taste of Inverness, Inc. dba China Garden (#,^) 1250 Connecticut Ave NW Ste 200, Washington, DC 20036 Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025 5.7 5.7 5.8 — %
Ralph Werner dba Werner Transmission Inc (#,^) 365 Fifth Ave, New York, NY 10016 Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021 0.7 0.7 0.7 — %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#,^) 4505 South I-90 Service Rd, Rapid City, SD 57703 Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023 24.3 24.3 23.7 0.01 %
OrthoQuest, P.C. (#,^) 28 Cornelia St., New York, NY 10014 Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022 1.3 1.3 1.3 — %
Track Side Collision & Tire, Inc. (#,^) 305 Shirley Ave, Douglas, GA 31533 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025 3.2 3.2 3.4 — %
Deesha Corporation, Inc. dba Best Inn & Suites (#,^) 5900 Sepulveda Blvd, Van Nuys, CA 91411 Accommodation Term Loan Prime plus 2.25% 2/14/2025 17.4 17.4 17.9 0.01 %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (#,^) 620 W. Judge Perez Drive, Chalmette, LA 70163 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023 3.5 3.5 3.6 — %
Gain Laxmi, Inc. dba Super 8 Motel (#,^) 3330 North Beach St., Haltom City, TX 76111 Accommodation Term Loan Prime plus 2.25% 5/31/2023 10.3 10.3 10.4 — %
Naseeb Corporation (#,^) 6004 City Park Rd, Austin, TX 78730 Accommodation Term Loan Prime plus 2.25% 3/31/2024 17.1 17.1 17.5 0.01 %
Stillwell Ave Prep School (#,^) 301 MACDADE BLVD, COLLINGDALE, PA 19023 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 3.1 3.1 3.1 — %
112
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 327,446
Alyssa Corp dba Knights Inn (#,^) 1420 Spring Hill Rd, McLain, VA 22102 Accommodation Term Loan Prime plus 2.25% 9/30/2023 31.3 31.3 31.8 0.01 %
Bhailal Patel dba New Falls Motel (#,^) 5524 Germantown Ave, Philadelphia, PA 19144 Accommodation Term Loan Prime plus 2.75% 3/27/2023 1.2 1.2 1.2 — %
Pegasus Automotive, Inc. (#,^) 1402-A Handlir Drive, Bel Air, MD 21015 Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 4.0 4.0 4.0 — %
P. Agrino, Inc. dba Andover Diner (#,^) 595 Bethlehem Pike, Ste 404, Montgomeryville, PA 18936 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021 1.8 1.8 1.8 — %
Total SBA Unguaranteed Accrual Investments $ 361,925.1 $ 361,925.1 $ 372,120.2 113.64 %

SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
200 North 8th Street Associates LLC and Enchanted Acres Fa (*,#) 200 North 8th St., Reading, PA 19601 Food Manufacturing Term Loan 6.25% 5/4/2028 445.6 445.6 315.0 0.10 %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (*,#,^) 217 W Main St., Centralia, WA 98531 Motor Vehicle and Parts Dealers Term Loan 7.75% 1/6/2029 94.6 94.6 59.0 0.02 %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc (*,#) 6 Price Ave, Norwalk, CT 06840 Administrative and Support Services Term Loan 8% 9/24/2039 237.3 237.3 229.4 0.07 %
Pauley Tree and Lawn Care Inc (*,#) 6 Price Ave, Norwalk, CT 06854 Administrative and Support Services Term Loan 8.25% 7/28/2025 46.6 46.6 45.0 0.01 %
Accuair Control Systems LLC dba Accuair Suspension (*,#,^) 831 Buckley Rd, San Luis Obispo, CA 93401 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026 102.4 102.4 49.5 0.02 %
Acton Hardware LLC and Mark Allgood & Jamie Allgood (*,#,^) 31814 Crown Valley Rd, Acton, CA 93510 Building Material and Garden Equipment and Supplies Dealers Term Loan 8% 3/24/2041 117.1 117.1 27.8 0.01 %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) 12485-12489 NW 44th St., Coral Springs, FL 33071 Repair and Maintenance Term Loan 7.75% 3/31/2040 318.3 318.3 165.4 0.05 %
Alive Design, LLC (*,#) 234 Middle St., Middletown, CT 06457 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2027 12.6 12.6 9.3 — %
All About Kids and Families Medical Center, Inc. (*,#,^) 12086 FT Caroline Rd, Ste. 102,103,401,402,403, 501,502, Jacksonville, FL 32225 Ambulatory Health Care Services Term Loan 8.25% 1/13/2029 364.9 364.9 275.0 0.08 %
All Printing Solutions, Inc. dba Pryntcomm (*,#,^) 303 E. Sioux Ave, Pierre, SD 57501 Printing and Related Support Activities Term Loan 7.75% 6/27/2041 491.8 491.8 210.6 0.06 %
Allied Welding Inc. (*,#,^) 1820 N. Santa Fe Ave, Chillicothe, IL 61523 Fabricated Metal Product Manufacturing Term Loan 8.25% 12/15/2041 719.8 719.8 679.0 0.21 %
Amboy Group, LLC dba Tommy Moloney's (*,#) 1 Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 6/24/2025 1,458.1 1,458.1 1,450.4 0.44 %
Anglin Cultured Stone Products LLC (*,#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan 8.25% 12/27/2042 630.5 630.5 334.1 0.10 %
113
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Anglin Cultured Stone Products LLC dba Anglin Construcion (*,#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 1/12/2029 60.8 60.8 — — %
Anglin Cultured Stone Products LLC dba Anglin Construction (*,#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 6/30/2025 193.3 193.3 186.9 0.06 %
Anglin Cultured Stone Products LLC dba Anglin Construction (*,#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan 8.25% 9/26/2028 95.5 95.5 — — %
Arclay ,LLC (*,#,^) 49 Geyser Rd Ste 100, Saratoga Springs, NY 12866 Nonmetallic Mineral Product Manufacturing Term Loan 8% 5/5/2030 137.1 137.1 37.3 0.01 %
Arrow Freight Inc (*,#,^) 1000 Jorie Boulevard Ste 250, Oak Brook, IL 60523 Truck Transportation Term Loan 8.25% 3/30/2028 656.2 656.2 252.3 0.08 %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud (*,#) 2646 South Rd, Poughkeepsie, NY 12601 Gasoline Stations Term Loan 7.75% 9/26/2024 15.7 15.7 15.1 — %
AWA Fabrication & Construction, L.L.C. (*,#) 811 Country Rd #99, Headland, AL 36345 Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025 34.4 34.4 2.5 — %
B&B Fitness and Barbell, Inc. dba Elevations Health Club (*,#) Route 611 North, Scotrun, PA 18355 Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 1,393.3 1,393.3 327.1 0.10 %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 03042 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 9/23/2026 67.8 67.8 35.4 0.01 %
Baker Sales, Inc. d/b/a Baker Sales, Inc. (*,#) 60207 Camp Villere Rd, Slidell, LA 70460 Nonstore Retailers Term Loan 6% 3/29/2036 177.4 177.4 58.7 0.02 %
Band Sawn Lumber,LLC and Nathan Ryan Adams (*,#,^) 1873 State Highway 29, Johnstown, NY 12095 Wood Product Manufacturing Term Loan 7.75% 5/15/2042 110.8 110.8 52.5 0.02 %
Fieldstone Quick Stop LLC(OC) Barber Investments LLC (EPC) Thadius M B (*,#) 190 Route 3, South China, ME 04358 Gasoline Stations Term Loan 6% 9/30/2038 400.4 400.4 33.0 0.01 %
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar D (*,#) 190 Rt 3, South China, ME 04358 Gasoline Stations Term Loan 6.25% 8/15/2039 146.3 146.3 — — %
Bear Creek Entertainment LLC dba The Woods at Bear Creek (*,#,^) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,608.1 1,669.7 557.3 0.17 %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7.25% 12/30/2024 85.4 85.4 82.6 0.03 %
Bebos Inc dba Pizza Hut & Sunoco (*,#) 2003 West 5th St., Clifton, TX 76634 Gasoline Stations Term Loan 7.75% 3/28/2028 214.1 214.1 53.7 0.02 %
Bone Bar & Grill LLC (*,#) 3547 &3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 Food Services and Drinking Places Term Loan 7% 6/30/2042 73.4 73.4 61.8 0.02 %
Bowl Mor, LLC dba Bowl Mor Lanes / Spare Lounge, Inc. (*,#) 201 Highland Ave, East Syracuse, NY 13057 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/13/2039 201.2 201.2 146.6 0.04 %
114
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
BQRS, Inc. DBA Gresham Meineke Car Care Center (*,#,^) 18081 SE Division St., Portland, OR 97236 Repair and Maintenance Term Loan 8.25% 6/30/2027 54.2 54.2 43.1 0.01 %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps (*,#) 690 South Creek Rd, West Chester, PA 19382 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/30/2031 179.3 179.3 176.3 0.05 %
Busby Outdoor LLC (*,#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 684.7 684.7 640.0 0.20 %
Busby Outdoor LLC (*,#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 537.9 537.9 502.8 0.15 %
Calhoun Satellite Communications Inc and Transmission Solutions Group (*,#) 1914 Tigertail Blvd, Dania, FL 33004 Broadcasting (except Internet) Term Loan 6.75% 2/27/2025 724.2 724.2 — — %
Calhoun Satellite Communications, Inc. (*,#) 1914 Tigertail Boulevard, Dania Beach, FL 33004 Telecommunications Term Loan 7% 12/2/2026 189.1 189.1 42.0 0.01 %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC (*,#) 310 25th Ave N. St. Ste. 201, Nashville, TN 37203 Ambulatory Health Care Services Term Loan 7.75% 5/15/2025 556.4 556.4 82.3 0.03 %
Cardinal Homes Inc,.Alouette Holdings Inc.,Bret Berneche &,orothy M (*,#,^) 525 Barnsville Highway, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2026 868.8 868.8 840.0 0.26 %
Cardinal Homes Inc. and Bret A Berneche (*,#,^) 525 Barnesville Highway, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2041 116.7 116.7 112.8 0.03 %
Cardinal Homes, Inc (*,#,^) 525 Barnsville Highway, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8.25% 10/27/2027 95.7 95.7 92.5 0.03 %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation/Bieber (*,#) 320 Fair St., Kutztown, PA 19530 Transit and Ground Passenger Transportation Term Loan 7.5% 9/30/2027 366.2 366.2 354.1 0.11 %
CD Game Exchange Inc. (*,#,^) 3719 N Mississippi, Portland, OR 97227 Merchant Wholesalers, Durable Goods Term Loan 8.25% 9/28/2026 10.4 10.4 10.1 — %
Central Medical Clinic, PLLC- Clinica Central (*,#) 393 North Dunlap St. Ste LL26, LL34, LL38, St Paul, MN 55104 Ambulatory Health Care Services Term Loan 8.25% 6/7/2029 307.2 307.2 109.3 0.03 %
Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035 59.0 59.0 57.1 0.02 %
Chickamauga Properties, Inc. and MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022 43.5 43.5 42.0 0.01 %
Children First Home Health Care Inc (*,#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2028 282.4 282.4 44.5 0.01 %
Clark Realty LLC (*,#,^) 4 Walker Way, Albany, NY 12205 Real Estate Term Loan 8% 8/29/2041 73.3 73.3 18.8 0.01 %
CLU Amboy, LLC (EPC) and Amboy Group, LLC (OC) dba Tommy Moloney's (*,#) One Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 12/27/2023 440.0 440.0 435.8 0.13 %
115
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca (*,#,^) 8790 Crownhill Blvd, San Antonio, TX 78209 Rental and Leasing Services Term Loan 8.25% 11/29/2027 153.7 153.7 16.8 0.01 %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC (*,#,^) 717 Titus Ave, Rochester, NY 14617 Food Services and Drinking Places Term Loan 8.25% 11/20/2040 232.4 232.4 41.1 0.01 %
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai (*,#) 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 Repair and Maintenance Term Loan 6.75% 9/26/2039 553.3 553.3 478.7 0.15 %
Conference Services International ETC LLC (*,#,^) 4802 West Van Buren St., Phoenix, AZ 85007 Administrative and Support Services Term Loan 8% 8/14/2028 597.0 597.0 376.1 0.11 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#) 380 E. Borden Rd, Rose City, MI 48654 Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021 220.5 220.5 107.3 0.03 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#) 380 E. Borden Rd, Rose City, MI 48654 Broadcasting (except Internet) Term Loan 6.25% 4/30/2022 94.3 94.3 — — %
CZAR Industries, Inc. (*,#,^) 1424 Heath Ave, Ewing, NJ 08638 Machinery Manufacturing Term Loan 8.25% 12/19/2027 219.9 219.9 78.9 0.02 %
D&G Capital LLC dba Miami Grill 277 (*,#,^) 2521 North Federal Highway, Unit C, Boca Raton, FL 33431 Food Services and Drinking Places Term Loan 6.5% 12/16/2025 44.7 44.7 21.6 0.01 %
Darian L Hampton DDS PA and Darian L. Hampton (*,#) 3610 N Josey Lane Ste 104, Carrollton, TX 75007 Ambulatory Health Care Services Term Loan 8.25% 12/20/2028 292.6 292.6 3.1 — %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (*,#,^) 2685 US Hwy 41, Calhoun, GA 30701 Support Activities for Transportation Term Loan 5.25% 12/28/2035 1,316.8 1,316.8 476.7 0.15 %
Douglas Printy Motorsports, Inc. dba Blackburn Trike (*,#) 1410 Medina Rd, Medina, OH 44256 Motor Vehicle and Parts Dealers Term Loan 8.25% 3/9/2040 155.9 155.9 83.0 0.03 %
Doxa Deo Inc dba Luv 2 Play (*,#,^) 1600 Village Market Blvd, Leesburg, VA 20175 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2026 81.3 81.3 79.9 0.02 %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC (*,#,^) 1515 Shopton Rd, Charlotte, NC 28217 Ambulatory Health Care Services Term Loan 7.5% 9/29/2042 869.9 869.9 575.5 0.18 %
Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery (*,#,^) 9615 Caldwell Commons Circle, Ste. B, Cornelius, NC 28031 Ambulatory Health Care Services Term Loan 7.5% 12/18/2027 122.3 122.3 — — %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 60139 Truck Transportation Term Loan 8% 12/22/2027 726.2 726.2 423.9 0.13 %
DTM Parts Supply Inc. (*,#) 31 Sageman St, Mount Vernon, NY 10550 Merchant Wholesalers, Durable Goods Term Loan 7% 6/2/2025 47.6 47.6 36.2 0.01 %
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty (*,#) 1717 Highway 200, Noxon, MT 59853 Wood Product Manufacturing Term Loan 8% 2/2/2040 163.3 163.3 49.8 0.02 %
Dynamic Dental Corporation (*,#,^) 3760 NW 126th Ave, Coral Springs, FL 33065 Merchant Wholesalers, Durable Goods Term Loan 7.5% 5/31/2029 60.4 60.4 24.7 0.01 %
E & I Holdings, LP & PA Farm Products, LLC (*,#) 1095 Mt Airy Rd, Stevens, PA 17578 Food Manufacturing Term Loan 6% 4/30/2030 4,705.2 4,811.6 2,669.4 0.82 %
116
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Earth First Recycling LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 12/6/2027 72.8 72.8 69.2 0.02 %
Earth First Recycling, LLC and 191 Clark Road, LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 6/5/2027 338.0 338.0 321.3 0.10 %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#,^) 11949 Borden Ave, San Fernando, CA 91340 Specialty Trade Contractors Term Loan 8.25% 12/31/2022 43.9 43.9 43.2 0.01 %
Ericon Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan 8.25% 3/24/2027 54.2 54.2 — — %
Ericon, Inc. (*,#,^) 740 Davenport Ave, Fremont, NE 68025 Gasoline Stations Term Loan 8.25% 12/1/2041 705.6 705.6 644.1 0.20 %
Ericon, Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan 8.25% 12/15/2041 322.8 322.8 — — %
ERT Group Inc and Curt's Tools Inspection Inc (*,#,^) 5229 142nd Dr. NW, Williston, ND 58801 Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041 1,178.9 1,178.9 1,035.0 0.32 %
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022 312.9 312.9 53.5 0.02 %
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023 73.4 73.4 — — %
Evergreen Pallet LLC and Evergreen Recycle LLC (*,#,^) 302 W 53rd St N., Wichita, KS 67204 Wood Product Manufacturing Term Loan 8.25% 3/16/2026 912.8 912.8 298.4 0.09 %
Evernook Valley Milk LLC (*,#,^) 7448 Emmerson Rd, Everson, WA 98247 Animal Production and Aquaculture Term Loan 7.5% 8/31/2042 637.5 637.5 457.3 0.14 %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 8/30/2023 66.8 66.8 58.4 0.02 %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 3/25/2026 95.2 95.2 58.9 0.02 %
Excel RP, Inc./Kevin and Joann Foley (*,#) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 7/8/2028 32.4 32.4 31.4 0.01 %
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. (*,#) 1405 Combermere Dr., Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/20/2027 241.9 241.9 — — %
New Image Building Services, Inc. dba New Image Repair Services (*,#) 1405 Combermere Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 8/23/2037 158.5 158.5 60.3 0.02 %
New Image Building Services Inc. dba New Image Repair Services; The Ma (*,#) 1405 Combermer Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 10/29/2023 197.1 197.1 — — %
New Image Building Services, Inc. dba The Maids serving Oakland and Ma (*,#,^) 320 Church St., Mount Clemens, MI 48043 Administrative and Support Services Term Loan 7.75% 1/19/2026 67.8 67.8 — — %
New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco (*,#,^) 1405 Combermere Dr, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/21/2026 39.0 39.0 — — %
New Image Building Services, Inc. (*,#,^) 1405 Combermere Dr, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 5/18/2027 138.9 138.9 — — %
117
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC (*,#) 267 Saw Mill River Rd, Elmsford, NY 10523 Specialty Trade Contractors Term Loan 6.75% 6/17/2025 299.5 299.5 112.7 0.03 %
Florida Apnea Diagnostics LLC (*,#,^) 2664 Cypress Ridge Boulevard Ste. 101 & 102 A, Wesley Chapel, FL 33544 Ambulatory Health Care Services Term Loan 8.25% 10/20/2027 143.4 143.4 66.0 0.02 %
Florida Apnea Diagnostics, LLC (*,#,^) 2664 Cypress Ridge Boulevard, Stes 101&102, Wesley Chapel, FL 33624 Ambulatory Health Care Services Term Loan 8.25% 7/24/2028 20.1 20.1 — — %
Frontier Sand LLC (*,#,^) 305 Country Highway AA, New Auburn, WI 54757 Mining (except Oil and Gas) Term Loan 8.25% 11/30/2027 463.6 463.6 318.6 0.10 %
Galaforo Construction and Companies LLC (*,#,^) 1770 Stumpf Boulevard, Terrytown, LA 70056 Construction of Buildings Term Loan 7.5% 12/15/2042 33.6 33.6 31.9 0.01 %
Galaforo Construction LLC and Paul M Galaforo, Jr. (*,#) 1770 Stumpf Boulevard, Terrytown, LA 70056 Construction of Buildings Term Loan 7.5% 12/15/2027 329.0 329.0 14.5 — %
GEM2K, LLC dba Precision Precast Group (*,#,^) 4150 E Magnolia St., Phoenix, AZ 85034 Miscellaneous Manufacturing Term Loan 8.25% 5/19/2027 140.4 140.4 23.6 0.01 %
Grand Manor Realty, Inc. & Kevin LaRoe (*,#) 318 S. Halsted St., Chicago, IL 60661 Real Estate Term Loan 6% 2/20/2023 19.0 19.0 18.3 0.01 %
Graphics,Type and Color Enterprises Inc dba Clubflyers.com and GTC Med (*,#,^) 2300 NW 7th Ave, Miami, FL 33127 Printing and Related Support Activities Term Loan 8.25% 9/28/2041 821.5 821.5 780.9 0.24 %
Green Country Filter Manufacturing LLC (*,#,^) 1415 S. 70th E Ave, Tulsa, OK 74112 Miscellaneous Manufacturing Term Loan 8% 4/27/2026 59.4 59.4 7.2 — %
H.M.C, Incorporated (*,#,^) 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 Furniture and Related Product Manufacturing Term Loan 8.25% 7/3/2028 183.8 183.8 174.7 0.05 %
Hagerstown Muffler, Inc. and JMS Muffler, Inc (*,#) 1390 Dual Highway, Hagerstown, MD 21740 Repair and Maintenance Term Loan 8% 9/24/2040 150.0 150.0 142.8 0.04 %
Harrelson Materials Management,Inc (*,#) 1101 Russell Rd, Shreveport, LA 71107 Waste Management and Remediation Services Term Loan 6% 6/24/2021 465.2 465.2 4.6 — %
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC (*,#,^) 345 North Main St., West Hartford, CT 06117 Ambulatory Health Care Services Term Loan 0% 5/15/2024 451.5 451.5 — — %
HDD Solutions, LLC (*,#) 6550 Progress Parkway, Cedar Hill, MO 63016 Heavy and Civil Engineering Construction Term Loan 8.25% 12/31/2028 552.8 552.8 334.9 0.10 %
HG Ventures, Inc. (*,#,^) 100 Phoenix Dr, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 3/9/2028 120.9 120.9 33.8 0.01 %
HG Ventures, Inc. dba Diamond Head Trucking (*,#,^) 100 Phoenix Dr, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 6/29/2030 776.3 776.3 158.4 0.05 %
Home Again Restaurant LLC (*,#) 9524 Camp Lake Rd, Salem, WI 53168 Food Services and Drinking Places Term Loan 6.25% 6/30/2040 0.4 0.4 0.3 — %
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc (*,#,^) 4899 Griggs Rd, Houston, TX 77021 Ambulatory Health Care Services Term Loan 7.75% 12/27/2043 1,084.6 1,084.6 236.5 0.07 %
118
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
J and K Fitness L.L.C. dba Physiques Womens Fitness Center (*,#,^) 2505 Verot School RD, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2041 90.1 90.1 — — %
J&K Fitness, LLC dba Physiques Womens Fitness Center (*,#) 2505 Verot School Rd, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8% 6/8/2036 14.6 14.6 8.0 — %
J Olson Enterprises LLC and Olson Trucking Direct, Inc. (*,#) 311 Ryan St, Holmen, WI 54636 Truck Transportation Term Loan 6% 6/28/2025 628.4 628.4 20.6 0.01 %
JN Thompson Ent,Inc. (*,#,^) 400 5th Ave S Ste 100, Naples, FL 34102 Construction of Buildings Term Loan 7.75% 12/7/2028 377.5 377.5 197.2 0.06 %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto (*,#) 200 West Adams St, Cochranton, PA 16314 Motor Vehicle and Parts Dealers Term Loan 6.25% 10/29/2039 11.1 11.1 5.2 — %
Kids at Heart,LLC dba Monster Mini Golf (*,#,^) 10 Newbury St., Danvers, MA 01923 Amusement, Gambling, and Recreation Industries Term Loan 6.75% 9/22/2026 19.3 19.3 13.9 — %
Kidtastic LLC dba The Little Gym of Audubon (*,#,^) 2850 Audubon Dr, Audubon, PA 19403 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/27/2026 44.9 44.9 20.8 0.01 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (*,#) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 18.1 18.1 17.8 0.01 %
Kostekos Inc dba New York Style Pizza (*,#) 10 South King St., Gloucester, NJ 08030 Food Services and Drinking Places Term Loan 8% 2/6/2040 61.9 61.9 11.8 — %
LA Diner Inc dba Loukas L A Diner (*,#) 3205 Route 22 East, Branchburg, NJ 08876 Food Services and Drinking Places Term Loan 7.25% 9/28/2037 92.8 92.8 91.3 0.03 %
LAN Doctors Inc (*,#) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 8/28/2025 59.8 59.8 58.8 0.02 %
LAN Doctors Inc (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 3/16/2026 43.4 43.4 27.4 0.01 %
Lan Doctors, Inc. (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 12/7/2026 203.3 203.3 — — %
Linqserv Inc. (*,#,^) 1555 Lyell Ave, Rochester, NY 14606 Transit and Ground Passenger Transportation Term Loan 7.5% 11/9/2027 285.6 285.6 60.9 0.02 %
Lowgap Grocery & Grill LLC (*,#,^) 8773 West Pine St., Lowgap, NC 27024 General Merchandise Stores Term Loan 7.25% 3/24/2041 48.0 48.0 23.6 0.01 %
M & H Pine Straw Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 3/21/2023 197.4 197.4 59.7 0.02 %
M & H Pine Straw, Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020 49.4 49.4 48.6 0.01 %
M & H Pine Straw, Inc.and Harris Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 7/10/2020 27.4 27.4 22.5 0.01 %
M & H Pinestraw, Inc. and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 12/15/2021 133.8 133.8 49.8 0.02 %
Magill Truck Line LLC and Jeff J. Ralls (*,#,^) 211 West 53rd St. N., Park City, KS 67204 Truck Transportation Term Loan 8% 3/11/2029 186.2 186.2 92.9 0.03 %
Mariam Diner Inc dba Country Kitchen Restaurant (*,#,^) 17393 Main St., Hesperia, CA 92345 Food Services and Drinking Places Term Loan 8% 3/18/2026 42.8 42.8 17.2 0.01 %
119
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Matchless Transportation LLC dba First Class Limo (*,#) 31525 Aurora Rd # 5, Solon, OH 44139 Transit and Ground Passenger Transportation Term Loan 6.25% 5/31/2020 119.2 119.2 4.3 — %
MB Xpress Inc (*,#,^) 159 D'Arcy Parkway, Lathrop, CA 95330 Truck Transportation Term Loan 8.25% 9/19/2028 1,156.1 1,156.1 923.4 0.28 %
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad (*,#,^) 780 S Peace Haven Rd, Winston Salem, NC 27103 Electrical Equipment, Appliance, and Component Manufacturing Term Loan 7% 11/25/2025 10.5 10.5 4.8 — %
Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan (*,#,^) 4825 North Kedzie Ave, Chicago, IL 60625 Food Manufacturing Term Loan Prime plus 2.75% 9/28/2028 53.0 53.0 1.1 — %
MIT LLC (*,#,^) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 84.9 84.9 61.4 0.02 %
Modern Manhattan LLC (*,#,^) 250 Park Ave South, New York, NY 10003 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024 126.7 126.7 120.4 0.04 %
Modern Manhattan, LLC (*,#,^) 162 N 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan 7.5% 9/20/2020 20.2 20.2 19.2 0.01 %
Modern on the Mile, LLC dba Ligne Roset (*,#,^) 162 N. 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan 7.5% 5/25/2021 36.8 36.8 35.0 0.01 %
Mojo Brands Media, LLC (*,#) 3260 University Blvd., Ste 100, Winter Park, FL 32792 Broadcasting (except Internet) Term Loan 6% 8/28/2023 725.0 725.0 112.6 0.03 %
Morris Glass and Construction Inc (*,#) 40058 Highway 30, Astoria, OR 97103 Specialty Trade Contractors Term Loan 15% 10/1/2023 387.3 387.3 193.2 0.06 %
MTV Bowl, Inc. dba Legend Lanes (*,#) 4190 State Rd, Cuyahoga Falls, OH 44223 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 6/30/2036 191.5 191.5 136.3 0.04 %
Mustafa Inc dba Adiba Grocery (*,#,^) 5712 Wurzbach Rd, San Antonio, TX 78238 Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025 69.5 69.5 67.2 0.02 %
Mustafa Inc and Raouf Properties LLC (*,#,^) 3538 Pin Oak Dr, San Antonio, TX 78229 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 69.6 69.6 67.3 0.02 %
N Transport LLC (*,#,^) 5348 W Brown Ave, Fresno, CA 93722 Truck Transportation Term Loan 8% 11/20/2027 385.5 385.5 79.0 0.02 %
N Transport LLC (*,#,^) 294 N. Fruit Ave, Fresno, CA 93706 Truck Transportation Term Loan 8.25% 11/20/2042 175.3 175.3 139.9 0.04 %
Neville Galvanizing, Inc (*,#) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 235.7 235.7 — — %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC (*,#,^) 2520 Pennsylvania Ave, Ogden, UT 84401 Truck Transportation Term Loan 8.25% 6/20/2028 531.9 531.9 76.7 0.02 %
P & M Entertainment, LLC dba Luv 2 Play (*,#,^) 35 Lafayette Rd Ste #8, North Hampton, NH 03862 Amusement, Gambling, and Recreation Industries Term Loan 6% 5/10/2028 106.1 106.1 102.6 0.03 %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Globa (*,#) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 570.7 570.7 19.4 0.01 %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field Serv (*,#,^) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2041 110.1 110.1 71.2 0.02 %
120
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Peter K Lee MD, PC dba Atlanta Primary Care (*,#,^) 211 Roberson Mill Rd, Milledgeville, GA 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2043 859.6 859.6 831.0 0.25 %
Peter K Lee MD, PC dba Atlanta Primary Care LLC (*,#,^) 5 Ashford Way, Hawkinsville, GA 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2028 381.0 381.0 368.4 0.11 %
Play4Fun dba Luv 2 Play (*,#,^) 13722 Jamboree Rd, Irvine, CA 92602 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 3/7/2028 156.7 156.7 125.0 0.04 %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc., T (*,#,^) 2040 Dowdy Ferry, Dallas, TX 75218 Specialty Trade Contractors Term Loan 8.25% 12/19/2038 494.7 494.7 478.3 0.15 %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand and (*,#,^) 13851 S State HWY 34, Scurry, TX 75158 Specialty Trade Contractors Term Loan 8.25% 10/28/2025 479.9 479.9 317.0 0.10 %
PS Camping Inc. (*,#,^) 43595 US Hwy 50, Canon City, CO 81212 Accommodation Term Loan 8.25% 12/1/2027 18.5 18.5 17.8 0.01 %
PS Camping, Inc. dba Prospectors RV Resort (*,#,^) 43659&43595 US Highway 50, Canon City, CO 81212 Accommodation Term Loan 8.25% 5/19/2042 240.8 240.8 232.8 0.07 %
Ramjay Inc. (*,#,^) 85 S. Bragg St. Ste 303, Alexandria, VA 22312 Transit and Ground Passenger Transportation Term Loan 8.25% 1/13/2027 375.6 375.6 77.9 0.02 %
Randall Miller Company, Inc and Boyz Transportation Services, LLC (*,#,^) 256 Blackley Rd, Bristole, TN 37620 Truck Transportation Term Loan 7.75% 7/31/2029 838.2 838.2 137.9 0.04 %
RDT Enterprises LLC (*,#) 2134 Helton Dr, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 9/15/2027 80.6 80.6 38.4 0.01 %
RDT Enterprises, LLC (*,#) 2134 Helton Dr, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 12/31/2028 59.9 59.9 48.9 0.01 %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (*,#,^) 85 SW 5th Ave, Delray Beach, FL 33444 Ambulatory Health Care Services Term Loan 7.75% 12/28/2028 115.6 115.6 9.3 — %
Return to Excellence Inc (*,#,^) 176 Country Club Dr, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 1/27/2027 15.6 15.6 15.1 — %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (*,#) 176 Country Club Dr, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8% 10/10/2039 1,154.0 1,154.0 1,115.7 0.34 %
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. (*,#,^) 5245 Bucks Bar Rd, Placerville, CA 95667 Beverage and Tobacco Product Manufacturing Term Loan 8.25% 1/19/2030 230.9 230.9 219.5 0.07 %
Roundhay Partners LLC and Roundhay Farming LLC (*,#,^) 6160 Granite Spring Rd, Somerset, CA 95684 Crop Production Term Loan 8.25% 8/8/2042 902.1 902.1 819.7 0.25 %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 East Southerland St., Wallace, NC 28466 Food Services and Drinking Places Term Loan 8.25% 9/14/2026 99.3 99.3 16.6 0.01 %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 East Southerland St., Wallace, NC 28466 Food Services and Drinking Places Term Loan 8.25% 11/9/2026 37.1 37.1 — — %
Route 130 SCPI Holdings LLC (EPC) Route 130 SCPI Operations LLC (OC) d (*,#) 423-429 Route 156, Trenton, NJ 08620 Food Services and Drinking Places Term Loan 6.25% 9/30/2039 279.5 279.5 37.1 0.01 %
Sanabi Investment, LLC dba Oscar's Moving and Storage (*,#,^) 11421 N W 107th St., #13, Miami, FL 33178 Truck Transportation Term Loan 7.5% 6/20/2027 $ 95.9 $ 95.9 38.5 0.01 %
121
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point (*,#,^) 2 Sand Hill Cove Rd, Narragansett, RI 02882 Food Services and Drinking Places Term Loan 8.25% 12/27/2041 $ 413.0 $ 413.0 221.9 0.07 %
SDA Holdings LLC and Les Cheveux Salon Inc (*,#,^) 306 McClanahan St., Roanoke, VA 24014 Personal and Laundry Services Term Loan 7.5% 12/15/2040 108.5 108.5 66.6 0.02 %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) 3822 State Route 3, Red Bud, IL 62278 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 2/10/2030 524.2 524.2 22.9 0.01 %
SG Linke LLC (*,#,^) 413 N Alfaya Trail P11, Orlando, FL 32828 Clothing and Clothing Accessories Stores Term Loan 8.25% 5/12/2027 67.3 67.3 65.1 0.02 %
Shaffer Automotive Repair, LLC (*,#) 1485 North McQueen Rd #1, Gilbert, AZ 85233 Repair and Maintenance Term Loan 7% 5/24/2030 132.8 132.8 38.3 0.01 %
Shane M. Howell and Buck Hardware and Garden Center, LLC (*,#) 1007 Lancaster Pike, Quarryville, PA 17566 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.5% 12/27/2038 113.4 113.4 13.1 — %
Soregard Inc (*,#,^) 605 Birch Dr, Maquoketa, IA 52060 Furniture and Related Product Manufacturing Term Loan 7.5% 6/30/2041 152.8 152.8 37.7 0.01 %
Sourceco Limited Liability Company (*,#,^) 17 Palmer Ave, West Long Branch, NJ 07764 Merchant Wholesalers, Nondurable Goods Term Loan 6.5% 12/17/2025 30.2 30.2 26.3 0.01 %
Sovereign Communications LLC (*,#) 26 E 3 Mile Rd,, Sault Sainte Marie, MI 49783 Broadcasting (except Internet) Term Loan 6.75% 2/7/2024 627.4 627.4 129.0 0.04 %
STK Ventures Inc dba JP Dock Service & Supply (*,#) 12548 N State Highway 7, Climax Springs, MO 65324 Specialty Trade Contractors Term Loan 6% 5/9/2037 31.6 31.6 4.7 — %
Stormrider Inc dba Shirley's Stormrider Inc (*,#) 1335 N. Gable Rd, St. Hedwig, TX 78152 Truck Transportation Term Loan 7.25% 9/23/2025 53.1 53.1 — — %
Stormrider Inc dba Shirley's Stormrider, Inc (*,#) 1335 N Gable Rd, St Hedwig, TX 78152 Truck Transportation Term Loan 7.75% 11/25/2024 102.9 102.9 12.4 — %
Street Magic Enterprise LLC (*,#,^) 1700 E Bridge St., New Lisbon, WI 93950 Gasoline Stations Term Loan 7.75% 12/21/2027 86.3 86.3 — — %
Street Magic Enterprise LLC dba New Lisbon Travel Mart (*,#,^) 1700 East Bridge St., New Lisbon, WI 53950 Gasoline Stations Term Loan 7.5% 11/7/2042 419.0 419.0 223.6 0.07 %
Summitsoft Corporation (*,#,^) 11105 Mockingbird Dr, Omaha, NE 68137 Publishing Industries (except Internet) Term Loan 7.75% 7/26/2028 115.4 115.4 61.8 0.02 %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.25% 8/29/2041 612.5 612.5 236.3 0.07 %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.5% 8/29/2026 536.6 536.6 124.9 0.04 %
T and B Boots Inc dba Takken's Shoes (*,#,^) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 6/17/2026 204.5 204.5 — — %
T and B Boots Inc dba Takken's Shoes (*,#) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 12/7/2026 95.2 95.2 79.7 0.02 %
Tarver-Henley Inc. and Tar-Hen LLC (*,#,^) 2125 College Ave, Jackson, AL 36545 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.75% 6/21/2042 97.8 97.8 50.0 0.02 %
The Jig, LLC (*,#,^) 3115 Camp Phillips Rd, Wausau, WI 54403 Food Services and Drinking Places Term Loan 8.25% 10/24/2042 25.6 25.6 24.7 0.01 %
122
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 327446
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites (*,#,^) 29291 Amerihost Dr, Dowagiac, MI 49047 Accommodation Term Loan 8.25% 12/5/2041 335.1 335.1 313.3 0.10 %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC dba The (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7% 9/29/2039 489.6 489.6 473.3 0.14 %
Transmission Solutions Group, Inc. and Calhoun Satellite Communicatio (*,#) 1007 &1009 Old Route 119, Hunker, PA 15639 Telecommunications Term Loan 7% 12/2/2041 64.7 64.7 — — %
TX Superior Communications, LLC (*,#,^) 6223 Krempen Ave, San Antonio, TX 78233 Specialty Trade Contractors Term Loan 8% 3/19/2028 85.5 85.5 72.2 0.02 %
United States Plastic Equipment LLC (*,#,^) 4447 OH-303, Mantua, OH 44255 Merchant Wholesalers, Durable Goods Term Loan 8.25% 12/13/2028 137.1 137.1 4.8 — %
Victorian Restaurant and Tavern, LLC (*,#,^) 226 Maple Ave, Cheshire, CT 06410 Food Services and Drinking Places Term Loan 8.25% 2/22/2042 104.4 104.4 28.1 0.01 %
Webb Eye Associates, PA (*,#,^) 1720 S W W White Rd, San Antonio, TX 78220 Ambulatory Health Care Services Term Loan 7.25% 7/19/2027 71.2 71.2 33.6 0.01 %
White Hawk Inc. (*,#,^) 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 Truck Transportation Term Loan 8.25% 12/15/2026 919.4 919.4 889.0 0.27 %
Wilban LLC (*,#,^) 454 US Highway 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.5% 3/11/2026 93.2 93.2 90.1 0.03 %
Wilban LLC (*,#) 454 US Highway 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.25% 3/28/2039 402.7 402.7 263.5 0.08 %
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van (*,#,^) 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 652.5 652.5 630.8 0.19 %
Zahmel Restaurant Suppliers Corp dba Cash & Carry;Zahners Hardware;Zan (*,#,^) 33-51 11th St., Astoria, NY 11106 Merchant Wholesalers, Nondurable Goods Term Loan 8.25% 4/28/2027 75.8 75.8 61.9 0.02 %
Total Unguaranteed Non-Accrual SBA Investments $ 61,460.7 $ 61,628.7 $ 32,816.7 10.02 %
Total Unguaranteed SBA Investments $ 423,385.8 $ 423,553.8 $ 404,936.9 123.67 %
SBA Guaranteed Accrual Investments (4a) 327,446
Matrix Z LLC 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 11.6 11.6 12.5 — %
Rello Inc. 8063 Jericho Turnpike, Woodbury, NY 11797 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.6 5.6 6.1 — %
2Choice2Friends LLC 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 11.7 11.7 12.6 — %
Disability Resolution 1619 Malon Bay Dr, Orlando, FL 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 2.8 2.8 3.0 — %
NYM Solutions Inc. 1250 NW 7th St. Ste 201, Miami, FL 33125 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 11.8 11.8 12.8 — %
123
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Crystal Cleaning Service 26 Cooper Rd, Byhalia, MS 38611 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.4 9.4 10.2 — %
Clowers Trucking by Faith LLC 705 E Brookwood PL, Valdosta, GA 31601 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 11.6 11.6 12.6 — %
MCM Design LLC 5926 Vinings Vintage Way, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.4 9.4 10.2 — %
Still Photography 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 11.8 11.8 12.8 — %
Archer Cleaners Inc. 1514 W. 33rd St., Chicago, IL 60608 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 11.8 11.8 12.8 — %
Law Office of Paula Padilla PLLC 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.7 4.7 5.1 — %
Bonadi Inc. 9858 W Sample Rd, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 11.8 11.8 12.8 — %
AA Horseplay, LLC 34565 Ranch Dr, Brownsville, OR 97327 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 11.8 11.8 12.8 — %
Campuscuts LLC 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.1 7.1 7.7 — %
Port Diesel LLC 3212 Alex Trask Dr, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 11.8 11.8 12.8 — %
Menshka Inc. 88 High St., Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 11.9 11.9 13.0 — %
The Bean Coffee Company, LLC 112 South Main St., Spring Hill, KS 66083 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 11.9 11.9 13.0 — %
Lawrence Adeyemo & Co LLC 209-34 112 Ave, Queens Village, NY 11429 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.5 9.5 10.4 — %
Gradstreet LLC 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 11.9 11.9 13.0 — %
A&S Services LLC 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 11.9 11.9 13.0 — %
Crystal Clear Accounting 34099 Tuscan Creek Way, Temecula, CA 92592 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.1 3.1 3.4 — %
Doghouse Sport Fishing Charters Inc. 83413 Overseas Highway, Islamorada, FL 33036 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 11.9 11.9 13.1 — %
No Push Back LLC 2223 Dungan Ave, Bensalem, PA 19020 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 11.6 11.6 12.7 — %
Softcare247 LLC 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 12.0 12.0 13.2 — %
Host Marketing LLC 206 Bell Lane, Ste B, West Monroe, LA 71291 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 12.0 12.0 13.2 — %
Standard Real Estate Services LLC 500 West Silver Spring Dr, Ste K 200,, Glendale, WI 53217 Real Estate Term Loan Prime plus 6.5% 9/19/2029 12.0 12.0 13.2 — %
Bargain Store 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 12.1 12.1 13.3 — %
124
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Powerlift Dumbwaiters Inc. 2444 Georgia Slide Rd, Georgetown, CA 95634 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 11.9 11.9 13.1 — %
Pine Mountain Residential LLC 10240 Cosmopolitan Circle, Parker, CO 80134 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 12.1 12.1 13.3 — %
James Clark and Company Inc. 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 12.1 12.1 13.3 — %
Deer Valley Sport Shop LLC 507 Bamboo Rd, Boone, NC 28607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.1 12.1 13.4 — %
Sean McNamara 5639 Wood Lane, Allentown, PA 18106 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 13.4 — %
Bucklin Sumner & Associates 650 NE Holladay St. Ste 1600, Portland, OR 97232 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 13.4 — %
The Pinnacle Group 105 Springside Dr, Akron, OH 44333 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 12.1 12.1 13.4 — %
Pen’s Electric Company, Inc 504 Fairfax Ave, Nashville, TN 37212 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 12.1 12.1 13.4 — %
Standard Capital Corp. 2377 Wessington Dr, Virginia Beach, VA 23456 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.2 12.2 13.4 — %
Scott’s Hardware Inc 200 Tuckerton Rd, Medford, NJ 08055 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.2 12.2 13.4 — %
HADD Corp 364 Rugby Rd, Cedarhurst, NY 11516 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.2 12.2 13.4 — %
La Tradicion Cubana Inc. 1336 SW 8th St., Miami, FL 33135 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.2 12.2 13.5 — %
This is a Fly Closet LLC 12408 Kingsview St., Bowie, MD 20721 Clothing and Clothing Accessories Stores Term Loan Prime plus 6.5% 1/30/2030 12.3 12.3 13.5 — %
2 N 1 Home and Lawn LLC 1300 Ridenour Boulevard, Kennesaw, GA 30152 Administrative and Support Services Term Loan Prime plus 6.5% 2/3/2030 12.3 12.3 13.6 — %
All Modes Transportation and Logistics 4313 Collingtree Dr, Rockledge, FL 32955 Support Activities for Transportation Term Loan Prime plus 6.5% 2/14/2030 12.3 12.3 13.6 — %
Icebox Café 219 NE 3rd St., Hallendale Beach, FL 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 1,292.3 1,292.3 1,429.3 0.44 %
Kanga Lean 3139 Little Rd Space A-5, Trinity, FL 34655 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/16/2030 176.3 176.3 195.2 0.06 %
IV Purpose Inc. 1489 Fulton St., Brooklyn, NY 11216 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 114.5 114.5 126.6 0.04 %
Oak Park Social 14691 W 11 Mile Rd, Oak Park, MI 48237 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/12/2045 407.6 407.6 462.1 0.14 %
Moon Group, Inc. 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 3,508.3 3,508.3 3,787.1 1.16 %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 114.5 114.5 125.4 0.04 %
125
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Hackstaff Restaurants 248 W 1st. St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 435.1 435.1 476.5 0.15 %
Coral Springs Family Wellness LLC 2902 North University Dr, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 362.0 362.0 400.2 0.12 %
National Stone Management 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 810.1 810.1 895.2 0.27 %
LuluBelle's Mountain Banana Bread LLC 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 545.3 545.3 616.9 0.19 %
Love Playing LLC 2200 Eastridge Loop, San Jose, CA 95122 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 461.7 461.7 511.3 0.16 %
AJN Innocations LLC 6704 Main St., Miami Lakes, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/15/2030 190.2 190.2 210.6 0.06 %
The Cow Harbor Beer Company 19 Scudder Ave, Northport, NY 11768 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 750.6 750.6 831.3 0.25 %
NJ Floats 327 Route 202/206, Bedminster Township, NJ 07921 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 282.4 282.4 320.2 0.10 %
Kuros LLC dba Alexander Lake Lodge 21221 Baron Lake Dr, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 3/19/2045 37.6 37.6 42.6 0.01 %
Emmalina LLC 3602 Rock Bay Dr, Louisville, KY 40245 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/21/2030 37.8 37.8 41.8 0.01 %
Daftarnow Inc. 8 Campus Dr. Ste 105, Parsippany, NJ 07054 Real Estate Term Loan Prime plus 2.75% 7/30/2030 252.1 252.1 279.2 0.09 %
Sherwood Sporthorses Inc. 20502 Forestview, Magnolia, TX 77355 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2045 413.4 413.4 468.7 0.14 %
Chet Lemon Enterprises 1544 Lane Park Cut off, Tavares, FL 32778 Personal and Laundry Services Term Loan Prime plus 2.75% 9/3/2030 320.2 320.2 354.6 0.11 %
Jones Roger Shermann Inn Inc. 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/4/2030 86.3 86.3 95.5 0.03 %
Native Fields Landscaping LLC 73 Taylor Rd, Wharton, NJ 07885 Administrative and Support Services Term Loan Prime plus 2.75% 11/13/2045 1,162.9 1,162.9 1,317.0 0.40 %
American Pharmaceutical Innovation Company, LLC 1425 Centre Circle, Downers Grove, IL 60515 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 48.3 48.3 48.3 0.01 %
Edel Family Management Corp 2207 Coney Island Ave, Brooklyn, NY 11223 PPP Term Loan 1.0% 4/30/2022 39.2 39.2 39.2 0.01 %
The Rabbi Grafman Endowment Fund for Temple Emanu-El 2100 Highland Ave South, Birmingham, AL 35205 PPP Term Loan 1.0% 4/30/2022 3.0 3.0 3.0 — %
Surf Cup Sports 2037 Park Dale Ln, Encinitas, CA 92024 PPP Term Loan 1.0% 4/30/2022 19.0 19.0 19.0 0.01 %
AM House 22322 Burton St, Canoga Park, CA 91304 PPP Term Loan 1.0% 4/30/2022 7.7 7.7 7.7 — %
Eat Here LLC 500 S Main St, Las Vegas, NV 89101 PPP Term Loan 1.0% 4/30/2022 4.8 4.8 4.8 — %
126
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Masood A. Rizvi, MD. 900 Pompton Ave, Ste B-1, Cedar Grove, NJ 07009 PPP Term Loan 1.0% 4/30/2022 3.8 3.8 3.8 — %
Casetabs 3333 Michelson Dr, Ste 240, Irvine, CA 92612 PPP Term Loan 1.0% 4/30/2022 38.5 38.5 38.5 0.01 %
James D. Paliwoda, A Law Corporation 1000 Lakes Dr, Ste 230, West Covina, CA 91790 PPP Term Loan 1.0% 4/30/2022 12.3 12.3 12.3 — %
Medical Review Service 13400 Marsh Landing, West Palm Beach, FL 33418 PPP Term Loan 1.0% 4/30/2022 31.3 31.3 31.3 0.01 %
North Carolina Custom Modulars, LLC 1936 US-64, Murphy, NC 27203 PPP Term Loan 1.0% 4/30/2022 7.8 7.8 7.8 — %
Thrive TC LLC 4888 Town Center Pkwy, Ste 106, Jacksonville, FL 32246 PPP Term Loan 1.0% 5/4/2022 5.5 5.5 5.5 — %
Kenco Inc 774 Mays Blvd, Ste 10-574, Incline Village, NV 89451 PPP Term Loan 1.0% 5/4/2022 2.4 2.4 2.4 — %
Glynwood Center, Inc. 362 Glynwood Rd, Cold Spring, NY 10516 PPP Term Loan 1.0% 5/4/2022 30.3 30.3 30.3 0.01 %
San Basilio, LLC 12305 SW 38th St., Ocala, FL 34481 PPP Term Loan 1.0% 5/4/2022 2.5 2.5 2.5 — %
Stephen Binder DDS 3900 W Fullerton Ave, Chicago, IL 60647 PPP Term Loan 1.0% 5/4/2022 3.0 3.0 3.0 — %
Mto Summerlin 10970 Rosemary Park Dr, Ste #100, Las Vegas, NV 89135 PPP Term Loan 1.0% 5/4/2022 4.8 4.8 4.8 — %
Asthma & Allergy Medical Care, P.C. 68 Nassau Rd, Huntington, NY 11743 PPP Term Loan 1.0% 5/4/2022 16.1 16.1 16.1 — %
SK8CLICK INC 17062 Westport Dr, Huntington Beach, CA 92649 PPP Term Loan 1.0% 5/4/2022 1.9 1.9 1.9 — %
Provino's South, Inc. 14485 Hopewell Rd, Alpharetta, GA 30004 PPP Term Loan 1.0% 5/5/2022 18.2 18.2 18.2 0.01 %
Kore Surgical Inc 26636 Fond Du Lac Rd, Rancho Palos Verdes, CA 90275 PPP Term Loan 1.0% 5/5/2022 8.0 8.0 8.0 — %
Buddy's Towing 830 Birch St, Daytona Beach, FL 32117 PPP Term Loan 1.0% 5/5/2022 4.0 4.0 4.0 — %
EON.AI LLC 3401 North Miami Ave, Ste 211, Miami, FL 33127 PPP Term Loan 1.0% 5/5/2022 2.5 2.5 2.5 — %
Superior Property Solutions 7009 E Country Highlands Dr, Floral City, FL 34436 PPP Term Loan 1.0% 5/5/2022 2.5 2.5 2.5 — %
WHO Insurance Agency Inc 708 6th Ave SE #A, Decatur, AL 35601 PPP Term Loan 1.0% 5/5/2022 0.9 0.9 0.9 — %
Ventum LLC 2775 South Highway 40, Ste 4, Heber City, UT 84032 PPP Term Loan 1.0% 5/5/2022 8.1 8.1 8.1 — %
MacLeod and Company 3161 Michelson Dr, Irvine, CA 92612 PPP Term Loan 1.0% 5/5/2022 7.5 7.5 7.5 — %
127
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Dance Daly Studio, LLC 24000 Alicia Parkway, #33, Mission Viejo, CA 92691 PPP Term Loan 1.0% 5/5/2022 5.2 5.2 5.2 — %
Julius Schwarz LLC 50 Pascack Rd, Hillsdale, NJ 07642 PPP Term Loan 1.0% 5/5/2022 4.0 4.0 4.0 — %
West & East Art Group 9 N Moore St, New York, NY 10013 PPP Term Loan 1.0% 5/5/2022 3.3 3.3 3.3 — %
Soudan Metals Co 319 W 40th Pl, Chicago, IL 60609 PPP Term Loan 1.0% 5/5/2022 64.3 64.3 64.3 0.02 %
American Showcase Modulars, LLC 6281 US-29, Blairs, VA 24527 PPP Term Loan 1.0% 5/5/2022 6.7 6.7 6.7 — %
Swirnow Capital Management Corp 500 Harborview Dr, Third Floor, Baltimore, MD 21230 PPP Term Loan 1.0% 5/5/2022 10.0 10.0 10.0 — %
acaso master fund llc 6710 Benjamin Rd, Ste 100, Tampa, FL 33634 PPP Term Loan 1.0% 5/6/2022 0.7 0.7 0.7 — %
GMS Racing LLC 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 PPP Term Loan 1.0% 5/6/2022 130.0 130.0 130.0 0.04 %
D Bober LLC dba the Public Private Network 445 Hamilton Ave, Ste 1102, White Plains, NY 10601 PPP Term Loan 1.0% 5/6/2022 2.8 2.8 2.8 — %
Ntrepid LLC 12801 Worldgate Dr, Ste 800, Herndon, VA 20170 PPP Term Loan 1.0% 5/6/2022 720.2 720.2 720.2 0.22 %
South Bay Cable 54125 Maranatha Dr, Idyllwild, CA 92549 PPP Term Loan 1.0% 5/6/2022 80.4 80.4 80.4 0.02 %
Basic L Corporation dba Action Industries 1120 Olympic Dr, Corona, CA 92881 PPP Term Loan 1.0% 5/7/2022 43.1 43.1 43.1 0.01 %
Fernway Solutions Inc. 34 Tidal Way, San Mateo, CA 94401 PPP Term Loan 1.0% 5/7/2022 3.8 3.8 3.8 — %
KJM Medical, LLC 3012 Pinehurst Dr., Montgomery, AL 36111 PPP Term Loan 1.0% 5/7/2022 1.0 1.0 1.0 — %
Nolan Construction 10 Fairway Dr, Deerfield Beach, FL 33441 PPP Term Loan 1.0% 5/7/2022 2.1 2.1 2.1 — %
Care Values, Inc. 1905 Woodstock Rd, Ste 1250, Roswell, GA 30075 PPP Term Loan 1.0% 5/7/2022 14.1 14.1 14.1 — %
Fried Chicken Kitchen LLC 1750 Market St, San Francisco, CA 94102 PPP Term Loan 1.0% 5/7/2022 42.7 42.7 42.7 0.01 %
Playback, Inc. 17 Ridge Ave, Natick, MA 01760 PPP Term Loan 1.0% 5/7/2022 4.7 4.7 4.7 — %
Conglomerated Hosts, LTD 14485 Hopewell Rd, Alpharetta, GA 30004 PPP Term Loan 1.0% 5/8/2022 12.7 12.7 12.7 — %
David A Beach, DMD, MS, PA 27605 Cashford Circle, Ste 101, Wesley Chapel, FL 33544 PPP Term Loan 1.0% 5/8/2022 6.6 6.6 6.6 — %
Fleming Island Dental Care 1590 Island Ln, Ste 12, Fleming Island, FL 32003 PPP Term Loan 1.0% 5/8/2022 6.9 6.9 6.9 — %
Dominion Glass & Mirror Inc. 14707-B Willard Rd, Chantilly, VA 20151 PPP Term Loan 1.0% 5/8/2022 20.4 20.4 20.4 0.01 %
128
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Allergy & Asthma Associates of Murray Hill, P.C. 35 E 35th St, Ste 202, New York, NY 10016 PPP Term Loan 1.0% 5/8/2022 17.1 17.1 17.1 0.01 %
Jeff O. Gonzalez, M.D., P.A. 2140 W 68th St, Ste 300, Hialeah, FL 33016 PPP Term Loan 1.0% 5/11/2022 2.1 2.1 2.1 — %
J.P. Makhlouf, M.D., F.A.A.P., & Tiziana Anello, M.D., F.A.A.P., P.A. d/b/a Roseland Pediatrics 556 Eagle Rock Ave, Ste 106, Roseland, NJ 07068 PPP Term Loan 1.0% 5/11/2022 12.8 12.8 12.8 — %
Sweet Dreams 480 Mondi Dr, Woodstock, GA 30188 PPP Term Loan 1.0% 5/11/2022 5.0 5.0 5.0 — %
Legg's Welding Inc. 5871 Clay highway, Bickmore, WV 25019 PPP Term Loan 1.0% 5/11/2022 9.5 9.5 9.5 — %
Drobu Media 1010 Brickell Ave Unit 4105, Miami, FL 33131 PPP Term Loan 1.0% 5/11/2022 2.1 2.1 2.1 — %
Urban Clarity 13 S Elliott Pl, Brooklyn, NY 11217 PPP Term Loan 1.0% 5/11/2022 2.1 2.1 2.1 — %
Scott Zucker P.A. 633 S Andrews Ave, #203, Fort Lauderdale, FL 33301 PPP Term Loan 1.0% 5/11/2022 1.0 1.0 1.0 — %
Landmark IV Realty Inc. 3990 Sheridan St, Ste 105, Hollywood, FL 33021 PPP Term Loan 1.0% 5/11/2022 0.9 0.9 0.9 — %
Leader, Leader & Zucker, PLLC 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 PPP Term Loan 1.0% 5/11/2022 5.0 5.0 5.0 — %
Therapeutic Equestrian Center Inc 115 Stonecrop Lane, Cold Spring, NY 10516 PPP Term Loan 1.0% 5/11/2022 6.5 6.5 6.5 — %
Rodney and Bernstein P.A. 1925 Brickell Ave, Ste D-207, Miami, FL 33129 PPP Term Loan 1.0% 5/11/2022 17.1 17.1 17.1 0.01 %
Tyler Pidgeon Sole Proprietor 10200 Sporting Club Dr, Raleigh, NC 27617 PPP Term Loan 1.0% 5/11/2022 0.9 0.9 0.9 — %
Altea Group LLC 4510 Cheltenham Dr, Bethesda, MD 20814 PPP Term Loan 1.0% 5/12/2022 1.2 1.2 1.2 — %
Temple Emanu-El 2100 Highland Ave, Birmingham, AL 35205 PPP Term Loan 1.0% 5/12/2022 28.0 28.0 28.0 0.01 %
American Automotive Aftermarket Inc. 50 Dunham Rd, Billerica, MA 01821 PPP Term Loan 1.0% 5/12/2022 22.0 22.0 22.0 0.01 %
Stanton Schwartz Design Group LLC 346 Congress St, #201, Boston, MA 02210 PPP Term Loan 1.0% 5/12/2022 0.6 0.6 0.6 — %
Ernst Architect, PLLC 177 W Broadway, 3rd Floor, New York, NY 10013 PPP Term Loan 1.0% 5/12/2022 17.6 17.6 17.6 0.01 %
Dental Designs of Fort Myers, LLC 3220 Forum Blvd, #104, Fort Myers, FL 33905 PPP Term Loan 1.0% 5/12/2022 34.8 34.8 34.8 0.01 %
RX Psychological Services, LLC 5300 McNutt Rd, Ste 12, Santa Teresa, NM 88008 PPP Term Loan 1.0% 5/12/2022 2.1 2.1 2.1 — %
KKAP El Sereno Laundry, LLC 4899 Huntington Dr North, Los Angeles, CA 90032 PPP Term Loan 1.0% 5/12/2022 1.8 1.8 1.8 — %
129
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
KTF Consulting 2471 N Geneva Terrace, Chicago, IL 60614 PPP Term Loan 1.0% 5/12/2022 3.3 3.3 3.3 — %
HL Group Inc. 16690 Swingley Ridge Rd, Ste 100, Chesterfield, MO 63017 PPP Term Loan 1.0% 5/13/2022 16.0 16.0 16.0 — %
Child Welfare League of America Inc. 727 15th St NW, Ste 1200, Washington, DC 20005 PPP Term Loan 1.0% 5/13/2022 20.0 20.0 20.0 0.01 %
Gray Global Advisors, LLC 300 New Jersey Ave NW, 9th Floor, Washington, DC 20001 PPP Term Loan 1.0% 5/13/2022 8.1 8.1 8.1 — %
OrtenB Software 519 Lori Dr, Benicia, CA 94510 PPP Term Loan 1.0% 5/13/2022 0.8 0.8 0.8 — %
Z Valet, Inc. 4221 Wilshire blvd, Ste 170-11, Los Angeles, CA 90010 PPP Term Loan 1.0% 5/13/2022 33.9 33.9 33.9 0.01 %
Quality Pool Management 161 Rombout Rd, Poughkeepsie, NY 12603 PPP Term Loan 1.0% 5/13/2022 6.4 6.4 6.4 — %
Weisner Steel Products 77 Moraga Way, Ste F, Orinda, CA 94563 PPP Term Loan 1.0% 5/13/2022 24.2 24.2 24.2 0.01 %
Myrna Casta 1801 Century Park E, Ste 1100, Los Angeles, CA 90067 PPP Term Loan 1.0% 5/13/2022 1.8 1.8 1.8 — %
Fairview Ford Sales, Inc. 292 N G St, San Bernardino, CA 92410 PPP Term Loan 1.0% 5/13/2022 143.9 143.9 143.9 0.04 %
Deep Ellum Art Co. 3200 Commerce St, Dallas, TX 75226 PPP Term Loan 1.0% 5/14/2022 8.0 8.0 8.0 — %
Stress Analysis Services, Inc. 3920 Ira Rd, Akron, OH 44333 PPP Term Loan 1.0% 5/14/2022 19.0 19.0 19.0 0.01 %
Sun Cloud Holdings LLC 65 Hemlock Ln, Highland Park, IL 60035 PPP Term Loan 1.0% 5/14/2022 0.8 0.8 0.8 — %
Retrotope, Inc. 4300 El Camino Real, Ste 201, Los Altos, CA 94022 PPP Term Loan 1.0% 5/14/2022 28.3 28.3 28.3 0.01 %
Mastermind Alliance Wealth Solutions Inc. 5271 Arnica Way, Santa Rosa, CA 95403 PPP Term Loan 1.0% 5/14/2022 2.0 2.0 2.0 — %
Ashford AFH 15527 Burke Ave N, Shoreline, WA 98133 PPP Term Loan 1.0% 5/14/2022 17.3 17.3 17.3 0.01 %
Meredith Ward Fine Art, Inc. 44 East 74th St., Ste G, New York, NY 10021 PPP Term Loan 1.0% 5/14/2022 3.2 3.2 3.2 — %
Tuckahoe Animal Hospital PLLC 20 Depot Square, Tuckahoe, NY 10707 PPP Term Loan 1.0% 5/14/2022 14.0 14.0 14.0 — %
Melbourne United Laser Vision 1478 Highland Ave, Ste A, Melbourne, FL 32935 PPP Term Loan 1.0% 5/14/2022 7.6 7.6 7.6 — %
Martin Medical Group 4422 N 75th St, Unit 4012, Scottsdale, AZ 85251 PPP Term Loan 1.0% 5/14/2022 1.7 1.7 1.7 — %
Dalva Bros Inc. 53 E 77th St, New York, NY 10075 PPP Term Loan 1.0% 5/14/2022 8.5 8.5 8.5 — %
130
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
D. R. Horne & Company 117 Mercer St., Princeton, NJ 08540 PPP Term Loan 1.0% 5/14/2022 4.1 4.1 4.1 — %
Uniglobal Pension Planning, Inc. 4114 Legato Rd, Ste 300, Fairfax, VA 22033 PPP Term Loan 1.0% 5/15/2022 14.4 14.4 14.4 — %
Dominic Orfitelli, LLC 7101 Elizabeth Dr, McLean, VA 22101 PPP Term Loan 1.0% 5/15/2022 3.1 3.1 3.1 — %
James Hundshamer CPA 223 S Glendora Ave, Glendora, CA 91741 PPP Term Loan 1.0% 5/15/2022 7.0 7.0 7.0 — %
Grossman LLP 745 5th Ave, Ste 500, New York, NY 10151 PPP Term Loan 1.0% 5/15/2022 7.1 7.1 7.1 — %
Temecula Hot Yoga, LLC DBA Hot Yoga Healthy You 31773 Temecula Pkwy, Temecula, CA 92592 PPP Term Loan 1.0% 5/15/2022 1.7 1.7 1.7 — %
Alpine Metal Products, Inc. 2000 St John St, Easton, PA 18042 PPP Term Loan 1.0% 5/15/2022 25.0 25.0 25.0 0.01 %
Ranco Construction LLC 2 Coleman Ct, Southampton, NJ 08088 PPP Term Loan 1.0% 5/15/2022 52.9 52.9 52.9 0.02 %
Rumi K. Lakha D.O., Inc. 7136 Pacific Blvd, Ste 225, Huntington Park, CA 90255 PPP Term Loan 1.0% 5/15/2022 21.7 21.7 21.7 0.01 %
Chatham Pathology and Associates 5353 Reynolds St, Savannah, GA 31405 PPP Term Loan 1.0% 5/15/2022 16.8 16.8 16.8 0.01 %
Kevin C. McWilliams 225 W 35th St 14th Floor, New York, NY 10001 PPP Term Loan 1.0% 5/15/2022 3.0 3.0 3.0 — %
Timothy G Greco, MD A Prof Corp 1260 Crestview Dr, Fullerton, CA 92833 PPP Term Loan 1.0% 5/15/2022 3.4 3.4 3.4 — %
F T Brooks Inc. 1206 Powhatan St., Alexandria, VA 22314 PPP Term Loan 1.0% 5/15/2022 2.1 2.1 2.1 — %
3 Options Consulting 2215 Palmer Pl, Tustin, CA 92782 PPP Term Loan 1.0% 5/15/2022 4.9 4.9 4.9 — %
Marti E. Peck PhD 3990 Old Town Ave, Ste B100, San Diego, CA 92110 PPP Term Loan 1.0% 5/15/2022 2.3 2.3 2.3 — %
Brookhollow Management Company 151 Kalmus Dr, F-1, Costa Mesa, CA 92626 PPP Term Loan 1.0% 5/15/2022 30.6 30.6 30.6 0.01 %
Mayer Fayes 18800 NE 29th Ave, Apt 114, Aventura, FL 33180 PPP Term Loan 1.0% 5/15/2022 0.6 0.6 0.6 — %
Richard C. Watts, Inc. 1602 E 4th St, Santa Ana, CA 92701 PPP Term Loan 1.0% 5/18/2022 6.1 6.1 6.1 — %
Paradise Shutters Inc 4353 Canton CT, Gulf Breeze, FL 32563 PPP Term Loan 1.0% 5/18/2022 2.4 2.4 2.4 — %
M&A Services 320 East 53rd St., New York, NY 10022 PPP Term Loan 1.0% 5/18/2022 12.6 12.6 12.6 — %
BEACHES JET SET PETS INC 949 12th Ave South, Jacksonville Beach, FL 32250 PPP Term Loan 1.0% 5/18/2022 9.5 9.5 9.5 — %
Hotel Cheval, LLC 1021 Pine St, Paso Robles, CA 93446 PPP Term Loan 1.0% 5/18/2022 17.5 17.5 17.5 0.01 %
131
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Kohcoon LLC 4060 Woodridge Rd, Miami, FL 33133 PPP Term Loan 1.0% 5/18/2022 2.9 2.9 2.9 — %
Leader & Leader P.A. 633 S Andrews Ave, #201, Fort Lauderdale, FL 33301 PPP Term Loan 1.0% 5/18/2022 2.3 2.3 2.3 — %
Michael J Scherb DMD PA 2143 South Us Highway 1, Jupiter, FL 33477 PPP Term Loan 1.0% 5/18/2022 14.2 14.2 14.2 — %
McGee Media LLC 156 Katonah Ave, Ste #202, Katonah, NY 10536 PPP Term Loan 1.0% 5/18/2022 106.0 106.0 106.0 0.03 %
te Neues Publishing Company LP 350 7th Ave, Ste 301, New York, NY 10001 PPP Term Loan 1.0% 5/18/2022 12.1 12.1 12.1 — %
South City Construction 1111 Rancho Conejo Blvd, #205, Newbury Park, CA 91320 PPP Term Loan 1.0% 5/18/2022 24.0 24.0 24.0 0.01 %
Elixir Corporation 305 Shawnee North Dr, Ste 250, Suwanee, GA 30024 PPP Term Loan 1.0% 5/18/2022 11.3 11.3 11.3 — %
Olivenhain Capital Partners 3521 Fortuna Ranch Rd, Encinitas, CA 92024 PPP Term Loan 1.0% 5/18/2022 5.4 5.4 5.4 — %
Roselle-Stacy, Inc. 204 Sinclair Pl, Westfield, NJ 07090 PPP Term Loan 1.0% 5/18/2022 1.3 1.3 1.3 — %
Lisa Stransky Real Estate LLC 10000 Falls Rd, Ste 300, Potomac, MD 20854 PPP Term Loan 1.0% 5/18/2022 4.7 4.7 4.7 — %
JLR Realty Inc 119 Circle Dr, Manhasset, NY 11030 PPP Term Loan 1.0% 5/18/2022 3.1 3.1 3.1 — %
Aldene Industrial Park 204 Sinclair Pl, Westfield, NJ 07090 PPP Term Loan 1.0% 5/18/2022 2.2 2.2 2.2 — %
Doctors Despensary, LLC 6351 Vireo Ct, Lake Worth, FL 33463 PPP Term Loan 1.0% 5/18/2022 1.6 1.6 1.6 — %
Yu-Song Yen DDS 5222 Balboa Ave, Ste 71, San Diego, CA 92117 PPP Term Loan 1.0% 5/18/2022 3.3 3.3 3.3 — %
Wheelhouse Life Science Advisors 927 Regalo Way, San Ramon, CA 94583 PPP Term Loan 1.0% 5/18/2022 11.6 11.6 11.6 — %
Keldon Paper Company 5960 Boxford Ave, Commerce, CA 90040 PPP Term Loan 1.0% 5/19/2022 11.9 11.9 11.9 — %
Mark E Goldberg, esq. 130 North Main St., Port Chester, NY 10573 PPP Term Loan 1.0% 5/19/2022 2.1 2.1 2.1 — %
John Woody Inc. 754 Harrison St, Jacksonville, FL 32220 PPP Term Loan 1.0% 5/19/2022 27.6 27.6 27.6 0.01 %
Chophouse 13 11362 San Jose Blvd, Ste 1, Jacksonville, FL 32223 PPP Term Loan 1.0% 5/19/2022 20.4 20.4 20.4 0.01 %
Shorstein & Shorstein PA 8265 Bayberry Rd, Jacksonville, FL 32256 PPP Term Loan 1.0% 5/19/2022 42.3 42.3 42.3 0.01 %
Doctors Medical Center of Walton County, PA 21 W Main Ave, Defuniak Springs, FL 32435 PPP Term Loan 1.0% 5/19/2022 21.9 21.9 21.9 0.01 %
Stephen Wang & Associates 950 3rd Ave, New York, NY 10022 PPP Term Loan 1.0% 5/19/2022 12.5 12.5 12.5 — %
132
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Mecca Resources Inc 3033 Riviera Dr, Ste 101, Naples, FL 34103 PPP Term Loan 1.0% 5/19/2022 6.3 6.3 6.3 — %
Susan Surell 26 Diamond Crest Ct, Baltimore, MD 21209 PPP Term Loan 1.0% 5/19/2022 1.0 1.0 1.0 — %
SHAWN KASSMAN ESQ., P.C. 110 Carleton Ave, Central Islip, NY 11722 PPP Term Loan 1.0% 5/19/2022 1.8 1.8 1.8 — %
Sybil Hill 1479 Mossy Branch Way, Mt Pleasant, SC 29464 PPP Term Loan 1.0% 5/19/2022 0.8 0.8 0.8 — %
Felica Zwebner Design LLC 115 W 29th St, New York, NY 10001 PPP Term Loan 1.0% 5/19/2022 0.8 0.8 0.8 — %
Robert Giarrusso 9 Sabine Lane, Hardyston, NJ 07416 PPP Term Loan 1.0% 5/19/2022 0.6 0.6 0.6 — %
Susan Iannelli 26 Court St, Ste 1805, Brooklyn, NY 11242 PPP Term Loan 1.0% 5/19/2022 1.0 1.0 1.0 — %
Sharrets, Paley, Carter & Blauvelt, PC 75 Broad St, New York, NY 10004 PPP Term Loan 1.0% 5/19/2022 13.8 13.8 13.8 — %
CCG Advisors 817 W Peachtree St., Ste 205, Atlanta, GA 30308 PPP Term Loan 1.0% 5/19/2022 21.5 21.5 21.5 0.01 %
The Croft Offshore, LLC 1030 Bayside Ln, Weston, FL 33326 PPP Term Loan 1.0% 5/19/2022 1.3 1.3 1.3 — %
ABRAHAM J DANIEL 18851 NE 29th Ave, #700, Aventura, FL 33180 PPP Term Loan 1.0% 5/19/2022 2.1 2.1 2.1 — %
Sodales Partners LLC 11 Random Farms Circle, Chappaqua, NY 10514 PPP Term Loan 1.0% 5/19/2022 1.5 1.5 1.5 — %
Mark Allen & Company, LLC 450 W 17th St, Unit 738, New York, NY 10011 PPP Term Loan 1.0% 5/19/2022 2.2 2.2 2.2 — %
Susan Giarrusso 9 Sabine Ln, Franklin, NJ 07416 PPP Term Loan 1.0% 5/19/2022 0.3 0.3 0.3 — %
SA Legends Lacrosse LLC 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 PPP Term Loan 1.0% 5/19/2022 10.1 10.1 10.1 — %
Laura Billon 1286 El Mercado Way,, Unit C, Oceanside, CA 92057 PPP Term Loan 1.0% 5/19/2022 0.1 0.1 0.1 — %
Serge Loobkoff 215 S Santa Fe Ave, Ste 15, Los Angeles, CA 90012 PPP Term Loan 1.0% 5/19/2022 0.2 0.2 0.2 — %
Florida Premier Cardiology LLC 11195 Jog Rd, Ste 6, Boynton Beach, FL 33437 PPP Term Loan 1.0% 5/19/2022 8.0 8.0 8.0 — %
Specialty Coverage Insurance Agency (SPCIA) 1 Water St, 2nd Floor, Mystic, CT 06355 PPP Term Loan 1.0% 5/20/2022 3.2 3.2 3.2 — %
Gregory A. Ebenfeld PA 11011 Sheridan St, Ste 113, Hollywood, FL 33026 PPP Term Loan 1.0% 5/20/2022 2.2 2.2 2.2 — %
Caveonix 7777 Leesburg Pike, Ste 303 South, Falls Church, VA 22043 PPP Term Loan 1.0% 5/20/2022 31.0 31.0 31.0 0.01 %
Seamus Henchy and Associates 145 Hudson St, New York, NY 10013 PPP Term Loan 1.0% 5/20/2022 10.0 10.0 10.0 — %
133
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Drink Here LLC 6410 S DURANGO DR, Ste 100, Las Vegas, NV 89113 PPP Term Loan 1.0% 5/20/2022 4.6 4.6 4.6 — %
Sunren International, LLC 1141 Orange Ave, Monrovia, CA 91016 PPP Term Loan 1.0% 5/20/2022 4.2 4.2 4.2 — %
Melanie L Kemmerer, DMD, PLLC 110 SW Suwannee Ave, Branford, FL 32008 PPP Term Loan 1.0% 5/20/2022 2.9 2.9 2.9 — %
Sierra Music Publications, Inc. 2711 N Idaho Rd, Liberty Lake, WA 99019 PPP Term Loan 1.0% 5/20/2022 1.6 1.6 1.6 — %
AllianceRad LLC 425 N Ocean Blvd, Unit 4, Boca Raton, FL 33432 PPP Term Loan 1.0% 5/20/2022 2.1 2.1 2.1 — %
Testicular Cancer Commons 5415 SW 149th Ave, Beaverton, OR 97007 PPP Term Loan 1.0% 5/20/2022 1.0 1.0 1.0 — %
Krista Saloom 7210 Corporate Ct, Frederick, MD 21703 PPP Term Loan 1.0% 5/20/2022 1.3 1.3 1.3 — %
GARDEN LTC LLC 10 EVANS Dr, BROOKVILLE, NY 11545 PPP Term Loan 1.0% 5/20/2022 1.3 1.3 1.3 — %
DIXIE CONTRACT CARPET INC 7523 PHILIPS HIGHWAY, Jacksonville, FL 32256 PPP Term Loan 1.0% 5/20/2022 42.9 42.9 42.9 0.01 %
KKAP Reseda Laundry LLC 18300 Vanowen St, Unit #5, Reseda, CA 91335 PPP Term Loan 1.0% 5/20/2022 0.4 0.4 0.4 — %
RTP Corp. 2832 Center Port Cir, Pompano Beach, FL 33064 PPP Term Loan 1.0% 5/20/2022 39.2 39.2 39.2 0.01 %
KKAP Van Nuys Laundry, LLC 16105 Victory Blvd, Unit 9I, Van Nuys, CA 91406 PPP Term Loan 1.0% 5/20/2022 0.8 0.8 0.8 — %
Brandy Cox, Inc 11818 Cupworth Ct, Huntersville, NC 28078 PPP Term Loan 1.0% 5/20/2022 0.8 0.8 0.8 — %
Steven R Wynn Othidonics 1901 Westcliff Dr, Ste #1, Newport Beach, CA 92660 PPP Term Loan 1.0% 5/20/2022 2.5 2.5 2.5 — %
Mark E Haddad MD Inc PO Box 791507, Paia, HI 96779 PPP Term Loan 1.0% 5/20/2022 1.5 1.5 1.5 — %
The Duncraggen Realty Corp 708 W 192nd St, Ste 1K, New York, NY 10040 PPP Term Loan 1.0% 5/20/2022 0.8 0.8 0.8 — %
Direct Resources Group 1520 4th Ave, Ste 500, Seattle, WA 98101 PPP Term Loan 1.0% 5/21/2022 31.3 31.3 31.3 0.01 %
Patricia Margolin 551 Spring Valley Rd, Paramus, NJ 07652 PPP Term Loan 1.0% 5/21/2022 0.9 0.9 0.9 — %
Herion Productions LLC 95 Thomas Rd, Valatie, NY 12184 PPP Term Loan 1.0% 5/21/2022 1.2 1.2 1.2 — %
Fernando Suarez Physical Therapy, PLLC 72-15 Grand Ave, Maspeth, NY 11378 PPP Term Loan 1.0% 5/21/2022 3.7 3.7 3.7 — %
Gwendolyn Luce 4065 Laguna Way, Palo Alto, CA 94306 PPP Term Loan 1.0% 5/21/2022 0.8 0.8 0.8 — %
Hamilton Technology Services 14115 West 59th Place, Arvada, CO 80004 PPP Term Loan 1.0% 5/21/2022 15.3 15.3 15.3 — %
134
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Routable AI Inc 32 Chester St., Apt 7, Somerville, MA 02144 PPP Term Loan 1.0% 5/21/2022 3.2 3.2 3.2 — %
Michelle Euler 1709 Forest Bend Lane, Keller, TX 76248 PPP Term Loan 1.0% 5/21/2022 1.2 1.2 1.2 — %
Lisa R. Drake PC 3325 Piedmont Rd NE, Unit 3002, Atlanta, GA 30305 PPP Term Loan 1.0% 5/21/2022 2.3 2.3 2.3 — %
KKAP ELA Laundry, LLC 3845 East 3rd St, Los Angeles, CA 90063 PPP Term Loan 1.0% 5/21/2022 1.8 1.8 1.8 — %
North Carolina Baptist Foundation, Inc. 201 Convention Dr, Cary, NC 27511 PPP Term Loan 1.0% 5/21/2022 27.6 27.6 27.6 0.01 %
Taylor SF Inc 333 Bush St., Ste 3705, San Francisco, CA 94104 PPP Term Loan 1.0% 5/21/2022 1.3 1.3 1.3 — %
Carrie Risatti 307 Montana Ave, #201, Santa Monica, CA 90403 PPP Term Loan 1.0% 5/21/2022 1.7 1.7 1.7 — %
Todd Goodman Productions LLC DBA LA Light Photography 1112 Montana Ave, #381, Santa Monica, CA 90403 PPP Term Loan 1.0% 5/21/2022 1.8 1.8 1.8 — %
INNERCONX 641 Ranch Rd, Weston, FL 33326 PPP Term Loan 1.0% 5/21/2022 7.7 7.7 7.7 — %
Ultracare of Manhattan Ltd 800 Second Ave, Ste 905, New York, NY 10017 PPP Term Loan 1.0% 5/21/2022 90.0 90.0 90.0 0.03 %
Frank Betz Associates, Inc. 12045 HIGHWAY 92, Woodstock, GA 30188 PPP Term Loan 1.0% 5/21/2022 20.9 20.9 20.9 0.01 %
Lemon Tree Entertainment, LLC 130 E 94th ST, 9D, New York, NY 10128 PPP Term Loan 1.0% 5/21/2022 1.9 1.9 1.9 — %
Hoops 4 Health 875 Heather Ln, Winnetka, IL 60093 PPP Term Loan 1.0% 5/21/2022 3.4 3.4 3.4 — %
Psychiatry Associates PC 1736 Oxmoor Rd, Ste 103, Birmingham, AL 35209 PPP Term Loan 1.0% 5/21/2022 5.0 5.0 5.0 — %
YourHQ 1592 Union St., #505, San Francisco, CA 94123 PPP Term Loan 1.0% 5/22/2022 1.4 1.4 1.4 — %
EAM Partners L.P. 3131 Maple Ave, Ste 13B, Dallas, TX 75201 PPP Term Loan 1.0% 5/22/2022 3.2 3.2 3.2 — %
S & L Paper Corporation 3500 Hampton Rd, Oceanside, NY 11572 PPP Term Loan 1.0% 5/22/2022 12.9 12.9 12.9 — %
Javalin Group LLC 9735 Rod Rd, Johns Creek, GA 30022 PPP Term Loan 1.0% 5/22/2022 1.3 1.3 1.3 — %
A & L Films, Inc. 16105 Meadowcrest Rd, Sherman Oaks, CA 91403 PPP Term Loan 1.0% 5/22/2022 2.3 2.3 2.3 — %
Inner Pieces 171 Vidal Blvd, Decatur, GA 30030 PPP Term Loan 1.0% 5/22/2022 0.4 0.4 0.4 — %
Maselan & Jones, P.C. One International Place, 8th Floor, Boston, MA 02110 PPP Term Loan 1.0% 5/22/2022 9.4 9.4 9.4 — %
Utility Consulting Group LLC 23679 Calabasas Rd, #263, Calabasas, CA 91302 PPP Term Loan 1.0% 5/22/2022 53.0 53.0 53.0 0.02 %
135
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Platinum Marketing 120 Windermere Dr, Blue Bell, PA 19422 PPP Term Loan 1.0% 5/22/2022 3.6 3.6 3.6 — %
Fybr LLC 640 Cepi Dr, Ste C, Chesterfield, MO 63005 PPP Term Loan 1.0% 5/22/2022 27.3 27.3 27.3 0.01 %
Schlemmer Farms LLC 6167 State Line Rd., Convoy, oh 45832 PPP Term Loan 1.0% 5/22/2022 3.0 3.0 3.0 — %
Black Hawk Inc PO BOX 476, BRISTOL, IN 46507 PPP Term Loan 1.0% 5/22/2022 14.4 14.4 14.4 — %
Steeplechase Amusement Inc 11540 Clover Ave, Los Angeles, CA 90066 PPP Term Loan 1.0% 5/22/2022 4.2 4.2 4.2 — %
Four Paws Animal Hospital PC 199 Broadway, Amityville, NY 11701 PPP Term Loan 1.0% 5/22/2022 4.4 4.4 4.4 — %
L Corp 2190 Talmadge St., Los Angeles, CA 90027 PPP Term Loan 1.0% 5/22/2022 3.3 3.3 3.3 — %
JK Belz & Associates Inc 10580 N McCarran Blvd, #115-222, Reno, NV 89503 PPP Term Loan 1.0% 5/22/2022 4.8 4.8 4.8 — %
South Florida Imaging Consultants LLC 10754 Versailles Blvd, Wellington, FL 33449 PPP Term Loan 1.0% 5/22/2022 4.4 4.4 4.4 — %
Stoker Construction Inc 56471 29 PALMS HIGHWAY, YUCCA VALLEY, CA 92284 PPP Term Loan 1.0% 5/22/2022 14.5 14.5 14.5 — %
JB Press LLC 82 Flamingo Rd, Roslyn, NY 11576 PPP Term Loan 1.0% 5/22/2022 1.4 1.4 1.4 — %
BanzaiFly Inc 3861 Reklaw Dr, Studio City, CA 91604 PPP Term Loan 1.0% 5/22/2022 2.0 2.0 2.0 — %
Anders Environmental LLC 1315 Hartford Dr, Boulder, CO 80305 PPP Term Loan 1.0% 5/22/2022 4.0 4.0 4.0 — %
P3s Corp 21526 Privada Avila, San Antonio, TX 78257 PPP Term Loan 1.0% 5/22/2022 60.8 60.8 60.8 0.02 %
Youth Tennis San Diego Foundation 4490 W Point Loma Blvd, San Diego, CA 92107 PPP Term Loan 1.0% 5/22/2022 0.7 0.7 0.7 — %
Jewish Community Foundation of the West 2130 21st St, Sacramento, CA 95818 PPP Term Loan 1.0% 5/22/2022 1.2 1.2 1.2 — %
Cinema Vehicles 12580 Saticoy St, North Hollywood, CA 91605 PPP Term Loan 1.0% 5/22/2022 59.0 59.0 59.0 0.02 %
Provino's Italian Restaurant, Inc. 14485 Hopewell Rd, Alpharetta, GA 30004 PPP Term Loan 1.0% 5/26/2022 25.8 25.8 25.8 0.01 %
Bethany L. LaFlam 9 Acacia Tree Ln, Irvine, CA 92612 PPP Term Loan 1.0% 5/26/2022 1.7 1.7 1.7 — %
Easy Content Media LLC 706 Van Nest Dr, Martinsville, NJ 08836 PPP Term Loan 1.0% 5/26/2022 5.8 5.8 5.8 — %
Bar-Z Anderson LTD Co 1408 Wathen Ave, Austin, TX 78703 PPP Term Loan 1.0% 5/26/2022 5.0 5.0 5.0 — %
The Desai Foundation 209 Burlington Rd, Ste 217, Bedford, MA 01730 PPP Term Loan 1.0% 5/26/2022 5.3 5.3 5.3 — %
136
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
JM Robson LPCCS 4807 Rockside Rd, Ste 300, Independence, OH 44131 PPP Term Loan 1.0% 5/26/2022 0.8 0.8 0.8 — %
Improving Communications 105 Haven Ave, Port Washington, NY 11050 PPP Term Loan 1.0% 5/26/2022 2.1 2.1 2.1 — %
Kenneth R. Hughes 3620 Mt Diablo Blvd, Ste 203, Lafayette, CA 94549 PPP Term Loan 1.0% 5/26/2022 2.1 2.1 2.1 — %
Drosihn Construction, Inc. 749 Atherton Ave, Novato, CA 94945 PPP Term Loan 1.0% 5/26/2022 2.6 2.6 2.6 — %
163rd Avenue Investors, LLC 1435 163rd Ave, San Leandro, CA 94578 PPP Term Loan 1.0% 5/26/2022 2.9 2.9 2.9 — %
2875 Sedgwick Owners Corp 708 W 192nd St, Ste 1K, New York, NY 10040 PPP Term Loan 1.0% 5/26/2022 1.3 1.3 1.3 — %
KN Artist Management, LLC 3924 Poppyseed Place, Calabasas, CA 91302 PPP Term Loan 1.0% 5/26/2022 2.1 2.1 2.1 — %
Hunstiger Inc 9120 Rock Pond Way, Colorado Springs, CO 80924 PPP Term Loan 1.0% 5/26/2022 3.3 3.3 3.3 — %
Larry Lawrence Realty, Inc. PO Box 2365, Olympic Valley, CA 96146 PPP Term Loan 1.0% 5/26/2022 4.7 4.7 4.7 — %
Quickway Metal Fabricators 9 Murran Rd, P.O. Box 1378, Monticello, NY 12701 PPP Term Loan 1.0% 5/26/2022 5.9 5.9 5.9 — %
DANGOLD, INC. 138-43 78th Rd, Flushing, NY 11367 PPP Term Loan 1.0% 5/26/2022 1.0 1.0 1.0 — %
TK Food Concepts LLC 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 PPP Term Loan 1.0% 5/26/2022 15.4 15.4 15.4 — %
Jennifer Leigh Cobb 303 Port Royal Way, Pensacola, FL 32502 PPP Term Loan 1.0% 5/26/2022 0.2 0.2 0.2 — %
44678 Valley Center LLC 1417 Antigua Way, Newport Beach, CA 92660 PPP Term Loan 1.0% 5/26/2022 3.0 3.0 3.0 — %
Jennie Kwon Designs 643 S Olive St, Los Angeles, CA 90014 PPP Term Loan 1.0% 5/26/2022 5.4 5.4 5.4 — %
Pacific CCI, Inc 880 W 1st St, #520, Los Angeles, CA 90012 PPP Term Loan 1.0% 5/27/2022 36.4 36.4 36.4 0.01 %
Onchip Systems 1953 O'Toole Way, San Jose, CA 95131 PPP Term Loan 1.0% 5/27/2022 12.8 12.8 12.8 — %
J Partners LLC 4885 Rebel Trail, Atlanta, GA 30327 PPP Term Loan 1.0% 5/27/2022 2.1 2.1 2.1 — %
Craig Iwai 848 S Myrtle Ave, Monrovia, CA 91016 PPP Term Loan 1.0% 5/27/2022 3.6 3.6 3.6 — %
Scalini's, Inc. 14485 Hopewell Rd, Alpharetta, GA 30004 PPP Term Loan 1.0% 5/27/2022 17.7 17.7 17.7 0.01 %
Phillip Thomas Inc 210 E 68th St, Ste 9G, New York, NY 10065 PPP Term Loan 1.0% 5/27/2022 8.4 8.4 8.4 — %
X-Pest 100 N Hill Dr, #40, Brisbane, CA 94005 PPP Term Loan 1.0% 5/27/2022 5.0 5.0 5.0 — %
137
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Evalyn Mosser Bookkeeping and Consulting 2436 N Federal Hwy, Ste 474, Lighthouse Point, FL 33064 PPP Term Loan 1.0% 5/27/2022 1.4 1.4 1.4 — %
Hauser Family Foundation 10617 Charleston Dr, Vero Beach, FL 32963 PPP Term Loan 1.0% 5/27/2022 1.3 1.3 1.3 — %
Paige Management LLC 254 Corsair Ave, Lauderdale-By-The-Sea, FL 33308 PPP Term Loan 1.0% 5/27/2022 1.1 1.1 1.1 — %
AC Diel 17 Eton Ct, South Barrington, IL 60010 PPP Term Loan 1.0% 5/27/2022 1.0 1.0 1.0 — %
Robert Frantz MD, Inc 1730 San Ysidro Dr, Beverly Hills, CA 90210 PPP Term Loan 1.0% 5/27/2022 2.1 2.1 2.1 — %
Sports Academy Integrated Sports Medicine, LLC 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 PPP Term Loan 1.0% 5/27/2022 31.4 31.4 31.4 0.01 %
Jasmine Greenhow 4848 E Cactus Rd, Ste 505-473, Scottsdale, AZ 85254 PPP Term Loan 1.0% 5/27/2022 0.7 0.7 0.7 — %
Butterfly Sunrise Corp 2261 Market St, #418, San Francisco, CA 94114 PPP Term Loan 1.0% 5/27/2022 1.3 1.3 1.3 — %
Aqua Flies LLC PO Box 2216, Sebastopol, CA 95473 PPP Term Loan 1.0% 5/27/2022 1.0 1.0 1.0 — %
Bent Tail, Inc. 824 Brooks Ave, Venice, CA 90291 PPP Term Loan 1.0% 5/27/2022 2.1 2.1 2.1 — %
Actors and Others for Animals 11523 Burbank Blvd, North Hollywood, CA 91601 PPP Term Loan 1.0% 5/27/2022 5.6 5.6 5.6 — %
Cabrillo Capital Group, Inc. 15404 Highland Valley Rd, Escondido, CA 92025 PPP Term Loan 1.0% 5/27/2022 4.2 4.2 4.2 — %
Julie Evans Realtor 4 Hopscotch Ln, Savannah, GA 31411 PPP Term Loan 1.0% 5/27/2022 1.7 1.7 1.7 — %
PlayWorks Counseling, LLC 4420 NE St Johns Rd, Ste D, Vancouver, WA 98661 PPP Term Loan 1.0% 5/27/2022 0.6 0.6 0.6 — %
AMAN PC 181 Westfield Ave, Clark, NJ 07066 PPP Term Loan 1.0% 5/27/2022 9.9 9.9 9.9 — %
Joped, Inc. 1411 SE Indian St, Stuart, FL 34997 PPP Term Loan 1.0% 5/27/2022 14.4 14.4 14.4 — %
Marguarite Clark Public Relations 2 New Chardon, Laguna Niguel, CA 92677 PPP Term Loan 1.0% 5/27/2022 3.4 3.4 3.4 — %
Jenius Solutions 2772 Lansdowne Ln SE, Atlanta, GA 30339 PPP Term Loan 1.0% 5/27/2022 1.0 1.0 1.0 — %
Frenchy's 1460 3rd St S, Jacksonville Beach, FL 32250 PPP Term Loan 1.0% 5/28/2022 8.6 8.6 8.6 — %
Hoaka Property Company LLC PO Box 670, Kailua Kona, HI 96745 PPP Term Loan 1.0% 5/28/2022 40.0 40.0 40.0 0.01 %
Fourth Church 1270 Silverado St, La Jolla, CA 92037 PPP Term Loan 1.0% 5/28/2022 3.6 3.6 3.6 — %
138
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Daniel I Richman, MD 429 E 75th St, 6th Floor, New York, NY 10021 PPP Term Loan 1.0% 5/28/2022 16.8 16.8 16.8 0.01 %
SANDLER SEARCH ASSOCIATES, LLC 132 E 35th St, Apt 5E, New York, NY 10016 PPP Term Loan 1.0% 5/28/2022 8.7 8.7 8.7 — %
Yoga Connection of Pembroke Pines, Inc 12592 Pines Blvd, #103, Pembroke Pines, FL 33027 PPP Term Loan 1.0% 5/28/2022 2.3 2.3 2.3 — %
Studio U+A, LLC 231 W 29th St, Ste 1402, New York, NY 10001 PPP Term Loan 1.0% 5/28/2022 1.6 1.6 1.6 — %
Studio LBV 6562 San Vicente Blvd, Los Angeles, CA 90048 PPP Term Loan 1.0% 5/28/2022 1.7 1.7 1.7 — %
Naissan O Wesley, MD, Inc - A Medical Corporation 9201 W Sunset Blvd, Ste 602, Los Angeles, CA 90069 PPP Term Loan 1.0% 5/28/2022 12.3 12.3 12.3 — %
richard noren llc 2101 Waukegan Rd, Ste 110, Bannockburn, IL 60015 PPP Term Loan 1.0% 5/28/2022 2.8 2.8 2.8 — %
Tinny Corporation 100 Bradley St, Middletown, CT 06457 PPP Term Loan 1.0% 5/28/2022 50.2 50.2 50.2 0.02 %
PPJ 2 Carsha Dr, Natick, MA 01760 PPP Term Loan 1.0% 5/28/2022 33.6 33.6 33.6 0.01 %
Dr. Tom Gallant DDS 8906 Colesville Rd, Silver Spring, MD 20910 PPP Term Loan 1.0% 5/28/2022 1.0 1.0 1.0 — %
MLN Partners LLC 550 S Ocean Blvd, Boca Raton, FL 33432 PPP Term Loan 1.0% 5/28/2022 4.2 4.2 4.2 — %
Tucker Investment Group, LLC 5010 Parkway Calabasas, Ste 105, Calabasas, CA 91302 PPP Term Loan 1.0% 5/28/2022 3.4 3.4 3.4 — %
CHANCELLOR CONSULTING GROUP, INC 749 Atherton Ave, Novato, CA 94945 PPP Term Loan 1.0% 5/28/2022 4.2 4.2 4.2 — %
Emeco 805 W Elm Ave, Hanover, PA 17331 PPP Term Loan 1.0% 5/28/2022 50.7 50.7 50.7 0.02 %
Sports Academy Venture Lab, Inc. 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 PPP Term Loan 1.0% 5/28/2022 11.2 11.2 11.2 — %
George Chien 12898 Woodmont Dr, Saratoga, CA 95070 PPP Term Loan 1.0% 5/28/2022 2.6 2.6 2.6 — %
Law Office of Debrah B. Rosenthal, APC 120 Eucalyptus Ln, Costa Mesa, CA 92627 PPP Term Loan 1.0% 5/28/2022 2.7 2.7 2.7 — %
Mamba and Mamacita Sports Foundation 1011 Rancho Conejo Blvd, Newbury Park, CA 91320 PPP Term Loan 1.0% 5/28/2022 3.3 3.3 3.3 — %
TMCG Marketing Inc. dba The Marcom Group 1655 N Main St, #390, Walnut Creek, CA 94596 PPP Term Loan 1.0% 5/28/2022 5.5 5.5 5.5 — %
TrueCustomerSuccess LLC 921 N Idaho St, San Mateo, CA 94401 PPP Term Loan 1.0% 5/28/2022 0.7 0.7 0.7 — %
Tectonics Enterprises Inc 56471 29 PALMS HIGHWAY, YUCCA VALLEY, CA 92284 PPP Term Loan 1.0% 5/28/2022 7.5 7.5 7.5 — %
Julia Obadiah, PC 6370 SW Borland, Ste 200, Tualatin, OR 97062 PPP Term Loan 1.0% 5/28/2022 3.1 3.1 3.1 — %
139
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Jaron Presant, Inc. 752 Juanita Ave, Santa Barbara, CA 93109 PPP Term Loan 1.0% 5/28/2022 2.0 2.0 2.0 — %
Pig Will Productions, Inc. 1957 N Bronson Ave, Los Angeles, CA 90068 PPP Term Loan 1.0% 5/29/2022 1.3 1.3 1.3 — %
Construction Details, LLC 5412 Planting Field Lane, Flowery Branch, GA 30542 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
Dawn Coleman-Hyman 2505 E 7 st, Long Beach, CA 90804 PPP Term Loan 1.0% 5/29/2022 1.2 1.2 1.2 — %
Benjamin Leshin, M.D. P.C. 1267 Willis St, Redding, CA 96001 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
Don Dietrich Inc. 240 Main St, Nyack, NY 10960 PPP Term Loan 1.0% 5/29/2022 3.3 3.3 3.3 — %
Shalik, Morris & Company, LLC 80 Crossways Park Dr W, Woodbury, NY 11797 PPP Term Loan 1.0% 5/29/2022 108.3 108.3 108.3 0.03 %
Strategic Code Solutions LLC 182 Summer St, Box 355, Kingston, MA 02364 PPP Term Loan 1.0% 5/29/2022 1.7 1.7 1.7 — %
Elizabeth W. Shull 2600 Wamath Dr, Charlotte, NC 28210 PPP Term Loan 1.0% 5/29/2022 1.7 1.7 1.7 — %
MANHATTAN RETINA & EYE CONSULTANTS 67 E 78th St., Unit 1c, New York, NY 10075 PPP Term Loan 1.0% 5/29/2022 2.8 2.8 2.8 — %
TPR Ent. LTD 644 Fayette Ave, Mamaroneck, NY 10543 PPP Term Loan 1.0% 5/29/2022 6.0 6.0 6.0 — %
Michael E. Cindrich, Attorney At Law 225 Broadway, Ste 2100, San Diego, CA 92101 PPP Term Loan 1.0% 5/29/2022 5.0 5.0 5.0 — %
HCMA Consultants, Inc. 1802 Harper Rd, Ste 102, Beckley, WV 25801 PPP Term Loan 1.0% 5/29/2022 14.5 14.5 14.5 — %
Electric Sales Associates, Inc 2121 N Commerce Pkwy, Weston, FL 33326 PPP Term Loan 1.0% 5/29/2022 20.0 20.0 20.0 0.01 %
Derco Construction, Inc. 1771 Blount Rd, #509, Pompano Beach, FL 33069 PPP Term Loan 1.0% 5/29/2022 5.3 5.3 5.3 — %
Brink Design LLC 1088 Longley Ave NW, Atlanta, GA 30318 PPP Term Loan 1.0% 5/29/2022 2.9 2.9 2.9 — %
7D Surgical USA Inc. 2711 Centerville Rd, Ste 400, Wilmington, DE 19808 PPP Term Loan 1.0% 5/29/2022 25.2 25.2 25.2 0.01 %
BY BABBA Inc 6 St Johns Ln, New York, NY 10013 PPP Term Loan 1.0% 5/29/2022 6.9 6.9 6.9 — %
Joseph W Robb DDS Inc A Dental Corp 56 Penny Lane, Ste A, Watsonville, CA 95076 PPP Term Loan 1.0% 5/29/2022 9.5 9.5 9.5 — %
Stix,LLC 7805 NW Beacon Square Blvd, Ste 201, Boca Raton, FL 33487 PPP Term Loan 1.0% 5/29/2022 3.3 3.3 3.3 — %
LB Eatery, LLC 1781 Village Ln N, Wantagh, NY 11793 PPP Term Loan 1.0% 5/29/2022 3.9 3.9 3.9 — %
DRAWINGROOM LLC 73 Milland Dr, Mill Valley, CA 94941 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
140
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
NOVA Fisheries, Inc. 2532 Yale Ave E, Seattle, WA 98102 PPP Term Loan 1.0% 5/29/2022 3.1 3.1 3.1 — %
POTOMAC GLEN DAY SCHOOL 9908 S Glen Rd, Potomac, MD 20854 PPP Term Loan 1.0% 5/29/2022 13.9 13.9 13.9 — %
SLS Partners Inc 6844 Spyglass Ln, Rancho Santa Fe, CA 92067 PPP Term Loan 1.0% 5/29/2022 2.7 2.7 2.7 — %
Steve Kupfer Consulting 290 6th Ave, Brooklyn, NY 11215 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
Dreyfus Advisors, LLC 448 Springer Rd., Fairfield, CT 06824 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
Hawk Management LLC 2305 W Horizon Ridge Pkwy, #2024, Henderson, NV 89052 PPP Term Loan 1.0% 5/29/2022 18.9 18.9 18.9 0.01 %
Lenat & Partners, Inc. 1633 Old Bayshore Hwy, Ste 220, Burlingame, CA 94010 PPP Term Loan 1.0% 5/29/2022 1.5 1.5 1.5 — %
Knock Out Productions Inc. 21425 Dumetz Rd, Woodland Hills, CA 91364 PPP Term Loan 1.0% 5/29/2022 2.3 2.3 2.3 — %
Southside Cleaning Service, Inc. 2969 Riverwood Terrace, Birmingham, AL 35242 PPP Term Loan 1.0% 5/29/2022 0.6 0.6 0.6 — %
DELUCA MASONRY CONSTRUCTION LLC 4 Stone Cir, Norwood, MA 2062 PPP Term Loan 1.0% 5/29/2022 3.4 3.4 3.4 — %
Atlanta Consulting Engineers, Inc. 500 Sun Valley Dr, Unit G2, Roswell, GA 30076 PPP Term Loan 1.0% 5/29/2022 9.3 9.3 9.3 — %
Sirockman Management LLC 1600 Northside Dr NW, Ste 100, Atlanta, GA 30318 PPP Term Loan 1.0% 5/29/2022 2.1 2.1 2.1 — %
Nicholas Thaler PHD 2950 S Bentley Ave, Unit 10, Los Angeles, CA 90064 PPP Term Loan 1.0% 5/29/2022 2.2 2.2 2.2 — %
Atlas Compensation Partners , LLC. 2200 Anna Mae Dr, Coraopolis, PA 15108 PPP Term Loan 1.0% 5/29/2022 1.0 1.0 1.0 — %
Scelsi & Associates LLC 76 E Euclid Ave, Haddonfield, NJ 08033 PPP Term Loan 1.0% 5/29/2022 9.9 9.9 9.9 — %
Headhunter Inc 3380 SW 11th AVE, FT LAUDERDALE, FL 33315 PPP Term Loan 1.0% 5/29/2022 78.2 78.2 78.2 0.02 %
Hi Point, LLC 10798 LONESOME DOVE TRAIL, Waxahachie, TX 77808 PPP Term Loan 1.0% 5/29/2022 2.8 2.8 2.8 — %
Construction Solutions and Services LLC 7698 Hoffy Cir, Lake Worth, FL 33467 PPP Term Loan 1.0% 5/29/2022 1.1 1.1 1.1 — %
Curtis A Mellon, ReMax Anchor, MLS Detectives Group 3941 Tamiami Trail, Ste 3121, Punta Gorda, FL 33950 PPP Term Loan 1.0% 5/29/2022 4.1 4.1 4.1 — %
Vicarious Music LLC 70 Berry St, Ste 2C, Brooklyn, NY 11249 PPP Term Loan 1.0% 5/29/2022 0.6 0.6 0.6 — %
Raidah Hudson Dentistry 4374 S Laburnum Ave, Richmond, VA 23231 PPP Term Loan 1.0% 5/29/2022 2.5 2.5 2.5 — %
141
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Clifton Triplett 90 S Tranquil Path, Spring, TX 77380 PPP Term Loan 1.0% 5/29/2022 3.7 3.7 3.7 — %
Benton Oil & Gas LLC 2700 Post Oak Boulevard, #2700, Houston, TX 77056 PPP Term Loan 1.0% 5/29/2022 0.6 0.6 0.6 — %
TLM Equities LLC 8 Saddle Ridge Rd, Old Westbury, NY 11568 PPP Term Loan 1.0% 5/29/2022 2.0 2.0 2.0 — %
Xtreme Acro and Cheer Inc. 14702 Southlawn Ln, Rockville, MD 20850 PPP Term Loan 1.0% 5/29/2022 5.0 5.0 5.0 — %
Jeffrey Bayer CPA, P.C. 240 Kent Ave, Brooklyn, NY 11249 PPP Term Loan 1.0% 5/29/2022 2.2 2.2 2.2 — %
Josefa  F Simkin 266 Green Valley Rd, Freedom, CA 95019 PPP Term Loan 1.0% 5/29/2022 1.2 1.2 1.2 — %
Calgo Mfg Inc 9930 Research Dr, Ste 100, Irvine, CA 92618 PPP Term Loan 1.0% 5/29/2022 2.0 2.0 2.0 — %
Haley Glazer Geriatric Care Management, LLC 40 Bradway Ave, Ewing Township, NJ 08618 PPP Term Loan 1.0% 6/1/2022 3.3 3.3 3.3 — %
Snipers Lacrosse Inc 1024 W Heritage Club Cir, Delray Beach, FL 33483 PPP Term Loan 1.0% 6/1/2022 2.6 2.6 2.6 — %
Makena Tech Solutions, Inc 232 N Lone Hill Ave, Glendora, CA 91741 PPP Term Loan 1.0% 6/1/2022 3.9 3.9 3.9 — %
Michael A Friedman, MD 2675 N Decatur Rd, Decatur, GA 30033 PPP Term Loan 1.0% 6/1/2022 1.7 1.7 1.7 — %
Kevin A. Swersey Wine Consultant, Inc. 612 Pondside Dr, White Plains, NY 10607 PPP Term Loan 1.0% 6/1/2022 0.2 0.2 0.2 — %
Clozd 2801 N Thanksgiving Way, Ste 190, Lehi, UT 84043 PPP Term Loan 1.0% 6/1/2022 10.6 10.6 10.6 — %
Triple Aught Foundation 24052 Watergap Rd, Hiko, NV 89017 PPP Term Loan 1.0% 6/1/2022 6.7 6.7 6.7 — %
Bonsecours Productions Inc. 420 Riverside Dr, New York, NY 10025 PPP Term Loan 1.0% 6/1/2022 1.2 1.2 1.2 — %
Tova1 Corp 21 S Hope Chapel Rd, Jackson Township, NJ 08527 PPP Term Loan 1.0% 6/1/2022 8.4 8.4 8.4 — %
Exclusive 30A Rentals, LLC 20 Mark Twain lane, Inlet Beach, FL 32461 PPP Term Loan 1.0% 6/1/2022 8.7 8.7 8.7 — %
Eric Fischl 3724 24th St, #113, Long Island City, NY 11101 PPP Term Loan 1.0% 6/1/2022 1.9 1.9 1.9 — %
Senior Resouces Guide LLC PO Box 6027, Denver, CO 80206 PPP Term Loan 1.0% 6/1/2022 2.7 2.7 2.7 — %
Lori B. Birndorf, D.O., A Medical Corporation 12139 Riverside Dr, Valley Village, CA 91607 PPP Term Loan 1.0% 6/1/2022 3.0 3.0 3.0 — %
James E. Schad 260 Hampton Farms Ct NE, Marietta, GA 30068 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
VCSC 11627 Versailles Lakes Ln, Houston, TX 77082 PPP Term Loan 1.0% 6/1/2022 2.4 2.4 2.4 — %
142
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
MRV Associates 19 Fox Meadow Rd, Scarsdale, NY 10583 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
Welles & Montgomery LLC 770 Wildwood Rd NE, Atlanta, GA 30324 PPP Term Loan 1.0% 6/1/2022 0.7 0.7 0.7 — %
Lubin & Meyer, PC 100 City Hall Plaza, Boston, MA 02108 PPP Term Loan 1.0% 6/1/2022 63.0 63.0 63.0 0.02 %
Broomstick Productions Inc 10866 Wilshire Blvd, 10th Floor, Los Angeles, CA 90024 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
LAUREL RACQUET AND HEALTH CLUB INC 204 Fort Meade Rd, Laurel, MD 20707 PPP Term Loan 1.0% 6/1/2022 5.3 5.3 5.3 — %
Special Events Staffing 1015 N Lake Ave, Ste 205, Pasadena, CA 91104 PPP Term Loan 1.0% 6/1/2022 54.6 54.6 54.6 0.02 %
BOWIE RACQUET AND FITNESS CLUB, INC 100 White Marsh Park Dr, Bowie, MD 20715 PPP Term Loan 1.0% 6/1/2022 28.1 28.1 28.1 0.01 %
Tiny Transformations 222 N Henry St, Apt 2, Brooklyn, NY 11222 PPP Term Loan 1.0% 6/1/2022 0.5 0.5 0.5 — %
JAM Marketing, Inc. 736 Broadway, 4th Floor, New York, NY 10003 PPP Term Loan 1.0% 6/1/2022 1.1 1.1 1.1 — %
Schroeder Arts Consulting LLC 35 W 90th St, Ste 9F, New York, NY 10024 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
CATHY FRANKLIN 124 EAST 92ND St., NEW YORK, NY 10128 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
R.E. Hazard Contracting Company 401 B St, Ste 2400, San Diego, CA 92101 PPP Term Loan 1.0% 6/1/2022 6.3 6.3 6.3 — %
Sterling Creek Energy LLC 308 N Colorado St, Ste 200, Midland, TX 79701 PPP Term Loan 1.0% 6/1/2022 1.6 1.6 1.6 — %
J. B. GOOD RESOURCES, LLC 257 Abercorn Circle, Chapel Hill, NC 27516 PPP Term Loan 1.0% 6/1/2022 1.1 1.1 1.1 — %
Bull City Sue 228 Pineview Rd, Durham, NC 27707 PPP Term Loan 1.0% 6/1/2022 1.0 1.0 1.0 — %
Get Wired Tec, Inc. 2192 Lysander Ave, Simi Valley, CA 93065 PPP Term Loan 1.0% 6/1/2022 4.0 4.0 4.0 — %
A&J Enterprises, Inc. 250 Columbine Unit 503, Denver, CO 80206 PPP Term Loan 1.0% 6/1/2022 2.2 2.2 2.2 — %
Steven F. Stratton 200 E Randolph St, Chicago, IL 60601 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
Colgate McCallum Advisors Inc 5440 Harvest Hill Rd., #253, Dallas, TX 75230 PPP Term Loan 1.0% 6/1/2022 14.6 14.6 14.6 — %
Hafner Research Associates LLC 12 Quarry Ridge Rd, Sandy Hook, CT 06482 PPP Term Loan 1.0% 6/1/2022 1.8 1.8 1.8 — %
JD Digital Documentation 408 E. 4th St., Ste 301A, Bridgeport, PA 19405 PPP Term Loan 1.0% 6/1/2022 3.6 3.6 3.6 — %
Richard A Stevenson DDS 6851 Belfort Oaks Pl, Jacksonville, FL 32216 PPP Term Loan 1.0% 6/1/2022 4.2 4.2 4.2 — %
143
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Eco Tekk 21136 N Andover Rd, Kildeer, IL 60047 PPP Term Loan 1.0% 6/1/2022 4.5 4.5 4.5 — %
Franz Weber, Inc. PO Box 34000, Reno, NV 89533 PPP Term Loan 1.0% 6/1/2022 2.2 2.2 2.2 — %
Bailey and Owens Construction 2649 Valleydale Rd, Birmingham, AL 35244 PPP Term Loan 1.0% 6/1/2022 17.5 17.5 17.5 0.01 %
Levin's Crosstown Supply Corp. 1347 Boston Rd, Bronx, NY 10456 PPP Term Loan 1.0% 6/1/2022 6.5 6.5 6.5 — %
Egan-Wagner Corporation 2929 Two Paths Dr, Woodridge, IL 60517 PPP Term Loan 1.0% 6/1/2022 4.4 4.4 4.4 — %
MW Engineering 2001 W Alameda Dr, Ste 201, Tempe, AZ 85282 PPP Term Loan 1.0% 6/1/2022 6.6 6.6 6.6 — %
New Soho Gallery Inc., DBA Julie Saul Projects 1133 Broadway, Ste 733, New York, NY 10010 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
Judy DeCanio 171 E 77th St, New York, NY 10075 PPP Term Loan 1.0% 6/1/2022 2.0 2.0 2.0 — %
Fedbiz Consulting Inc. 47522 Coldspring Pl, Sterling, VA 20165 PPP Term Loan 1.0% 6/1/2022 4.3 4.3 4.3 — %
Quad Cities Autism Center Inc 2430 6th Ave, Moline, IL 61265 PPP Term Loan 1.0% 6/1/2022 14.6 14.6 14.6 — %
The On The Line Company, Inc 101 Arch St, Ste 225, Boston, MA 02110 PPP Term Loan 1.0% 6/1/2022 9.7 9.7 9.7 — %
FVC Associates Exec.Dev.&Strategy, Inc. 97 Aldrich St., Boston, MA 02131 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
Barnhill Chiropractic Clinic 5270 Northwest 34th Blvd., Gainesville, FL 32605 PPP Term Loan 1.0% 6/1/2022 3.3 3.3 3.3 — %
Guest Associates, Inc. 2707 Artie St SW, Bldg 300, Ste 2, Huntsville, AL 35805 PPP Term Loan 1.0% 6/1/2022 3.8 3.8 3.8 — %
LG Networks Inc 8111 Lyndon B Johnson Fwy, Ste 700, Dallas, TX 75251 PPP Term Loan 1.0% 6/1/2022 15.1 15.1 15.1 — %
Steve Solodoff 1523 Portola St, Davis, CA 95616 PPP Term Loan 1.0% 6/1/2022 2.1 2.1 2.1 — %
Orange Park Travel 3657 St Johns Ave, Jacksonville, FL 32205 PPP Term Loan 1.0% 6/2/2022 6.3 6.3 6.3 — %
Alessandra Santopietro 88 Leonard St, Apt 517, New York, NY 10013 PPP Term Loan 1.0% 6/2/2022 1.8 1.8 1.8 — %
Pacific Design Directions, Inc. 8171 E Kaiser Blvd, Anaheim, CA 92808 PPP Term Loan 1.0% 6/2/2022 44.6 44.6 44.6 0.01 %
Paul T.C. Liu MD Inc. 2233 Huntington Dr, San Marino, CA 91108 PPP Term Loan 1.0% 6/2/2022 7.5 7.5 7.5 — %
JAB Executive Services 11277 Gravitation Dr, Las Vegas, NV 89135 PPP Term Loan 1.0% 6/2/2022 2.1 2.1 2.1 — %
Glyphix Studio Inc. 6964 Shoup Ave, Canoga Park, CA 91307 PPP Term Loan 1.0% 6/2/2022 4.9 4.9 4.9 — %
144
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
E & J Frankel Limited 612 Pondside Dr, White Plains, NY 10607 PPP Term Loan 1.0% 6/2/2022 1.5 1.5 1.5 — %
Trapwire Inc. 1818 Library St, Reston, VA 20190 PPP Term Loan 1.0% 6/2/2022 24.4 24.4 24.4 0.01 %
Chitra Kumar MD 5311 John F. Kennedy Blvd, West New York, NJ 07093 PPP Term Loan 1.0% 6/2/2022 2.9 2.9 2.9 — %
Robert M. Worman, P.A 1200 S Pine Island Rd, Ste 220, Plantation, FL 33324 PPP Term Loan 1.0% 6/2/2022 1.2 1.2 1.2 — %
Innervision Technology Relocation Company 3780 Kilroy Airport Way, Ste 200-300, Long Beach, CA 90806 PPP Term Loan 1.0% 6/2/2022 7.4 7.4 7.4 — %
Marilyn Ontell Management 14 W 17th St, Ste 5S, New York, NY 10011 PPP Term Loan 1.0% 6/2/2022 0.3 0.3 0.3 — %
Residential Origination Capital Mortgage Corp. 5698 Pirrone Rd, Salida, CA 95368 PPP Term Loan 1.0% 6/2/2022 4.5 4.5 4.5 — %
Jessica Weber Design Inc 305 7th Ave, New York, NY 10001 PPP Term Loan 1.0% 6/2/2022 3.9 3.9 3.9 — %
TK Digital Corporation 107 North 3rd St, Ste 3D, Brooklyn, NY 11249 PPP Term Loan 1.0% 6/2/2022 10.8 10.8 10.8 — %
Provino's of North Gwinnett, Inc. 14485 Hopewell Rd, Alpharetta, GA 30004 PPP Term Loan 1.0% 6/2/2022 24.0 24.0 24.0 0.01 %
General Glass 3646 23rd Ave S, #105, Lake Worth, FL 33461 PPP Term Loan 1.0% 6/2/2022 13.3 13.3 13.3 — %
Zola Electric Labs, Inc. 555 De Haro St, San Francisco, CA 94107 PPP Term Loan 1.0% 6/2/2022 50.0 50.0 50.0 0.02 %
Elena Napolitano MD, LLC 58 Summit Ct, Westfield, NJ 07090 PPP Term Loan 1.0% 6/2/2022 1.0 1.0 1.0 — %
T-Cubed Ventures, LLC 3317 P St NW, Washington, DC 20007 PPP Term Loan 1.0% 6/2/2022 0.3 0.3 0.3 — %
St. Jude Emergency Medical Group Inc. 9930 Research Dr, Irvine, CA 92618 PPP Term Loan 1.0% 6/2/2022 24.5 24.5 24.5 0.01 %
Breiner Psychological Services LLC 5825 Glenridge Dr, Bldg 3, Ste 101C, Atlanta, GA 30328 PPP Term Loan 1.0% 6/2/2022 1.2 1.2 1.2 — %
Spruce Street Tap PO Box 1636, Asheville, NC 28802 PPP Term Loan 1.0% 6/2/2022 68.5 68.5 68.5 0.02 %
ICVM Group, INC. PO Box 761, Mattituck, NY 11952 PPP Term Loan 1.0% 6/2/2022 7.2 7.2 7.2 — %
Black Orchard Studios, LLC 521 Eayrestown Rd, Southampton, NJ 08088 PPP Term Loan 1.0% 6/2/2022 1.0 1.0 1.0 — %
Prime Refrigerant Services, LLC 511 Gates Creek Rd, Bradenton, FL 34212 PPP Term Loan 1.0% 6/2/2022 1.2 1.2 1.2 — %
Swiet411, Inc. 247 Maxwell St, Decatur, GA 30030 PPP Term Loan 1.0% 6/2/2022 2.5 2.5 2.5 — %
Wavecrest Sales LLC 501 NE Wavecrest Way, Boca Raton, FL 33432 PPP Term Loan 1.0% 6/2/2022 2.0 2.0 2.0 — %
145
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Alarm Specialist Inc 333 Old Tarrytown Rd, White Plains, NY 10603 PPP Term Loan 1.0% 6/2/2022 20.0 20.0 20.0 0.01 %
CLG LLC 5108 Baroque Cir NE, Atlanta, GA 30342 PPP Term Loan 1.0% 6/2/2022 2.1 2.1 2.1 — %
HIGGINS CONSTRUCTION LLC 1626 Dunkirk Ln N, Plymouth, MN 55447 PPP Term Loan 1.0% 6/2/2022 4.2 4.2 4.2 — %
RBR Associates, LLC 11720 Dancliff Trce, Alpharetta, GA 30009 PPP Term Loan 1.0% 6/2/2022 2.1 2.1 2.1 — %
Life Without Fear Chiropractic Clinic LLC 1925 Justice Dr, Ste 170, Lexington, KY 40509 PPP Term Loan 1.0% 6/2/2022 2.5 2.5 2.5 — %
Joseph B. Krauss, DDS 3351 El Camino Real, Ste 235, Atherton, CA 94027 PPP Term Loan 1.0% 6/2/2022 9.4 9.4 9.4 — %
Flynn Gallagher Associates LLC 1980 Festival Plaza Dr, Ste 770, Las Vegas, NV 89135 PPP Term Loan 1.0% 6/2/2022 23.2 23.2 23.2 0.01 %
FGR Automation, LLC 1800 Sunset Harbor, Unit 1202, Miami Beach, FL 33139 PPP Term Loan 1.0% 6/3/2022 7.1 7.1 7.1 — %
Law Offices of Rajiv S Khanna PC 5225 N. Wilson Blvd, Arlington, VA 22205 PPP Term Loan 1.0% 6/3/2022 31.3 31.3 31.3 0.01 %
Travel Etcetera, Inc. 1107 S Fair Oaks Ave, Pasadena, CA 91105 PPP Term Loan 1.0% 6/3/2022 0.6 0.6 0.6 — %
Samantha Hundshamer 8223 Leucite Ave, Rancho Cucamonga, CA 91730 PPP Term Loan 1.0% 6/3/2022 0.8 0.8 0.8 — %
Porretta/Westenhagen Living Trust 6454 Van Nuys Blvd, Ste 150, Van Nuys, CA 91401 PPP Term Loan 1.0% 6/3/2022 6.9 6.9 6.9 — %
Monument Management Systems LLC 2400 Sisson St, Baltimore, MD 21211 PPP Term Loan 1.0% 6/3/2022 8.8 8.8 8.8 — %
Compass Management Services LLC 1711 Parklake Village Dr, Katy, TX 77450 PPP Term Loan 1.0% 6/3/2022 1.1 1.1 1.1 — %
El Tigre Productions LLC 14 West 17th St., New York, NY 10011 PPP Term Loan 1.0% 6/3/2022 1.8 1.8 1.8 — %
UVR Sculpture LLC 78 Ingraham St, Brooklyn, NY 11237 PPP Term Loan 1.0% 6/3/2022 9.8 9.8 9.8 — %
Solomon Construction Consulting LLC 38 Turtle Cove Ln, Huntington, NY 11743 PPP Term Loan 1.0% 6/3/2022 0.7 0.7 0.7 — %
Fisher Vista, Inc. 119 Marina Ave, Ste A, Aptos, CA 95003 PPP Term Loan 1.0% 6/3/2022 3.3 3.3 3.3 — %
New York Construction Associates LLC 242 West 36th St., Ste 704, New York, NY 10018 PPP Term Loan 1.0% 6/3/2022 9.8 9.8 9.8 — %
Ultimate Sports Medicine 3727 Buchanan St., Ste 203, San Francisco, CA 94123 PPP Term Loan 1.0% 6/3/2022 2.1 2.1 2.1 — %
Princeton Van Service 92 north main St. bldg 4, WINDSOR, NJ 08561 PPP Term Loan 1.0% 6/3/2022 1.7 1.7 1.7 — %
Crescent Oil and Gas, LLC 4925 Greenville Ave, Ste 600, Dallas, TX 75206 PPP Term Loan 1.0% 6/3/2022 2.1 2.1 2.1 — %
146
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
David H.C. King, M.D., Inc. 320 Dardanelli Ln, Ste 23B, Los Gatos, CA 95032 PPP Term Loan 1.0% 6/3/2022 3.8 3.8 3.8 — %
Renuart Enterprises Inc. (REI) 16950 SW 90th Ave, Palmetto Bay, FL 33157 PPP Term Loan 1.0% 6/3/2022 7.3 7.3 7.3 — %
Integrated risk management services, llc 225 West 34th St., Ste 905, New York, NY 10122 PPP Term Loan 1.0% 6/3/2022 0.6 0.6 0.6 — %
Subterranean Hair 263 W 7th St, San Pedro, CA 90731 PPP Term Loan 1.0% 6/3/2022 0.9 0.9 0.9 — %
Steven R Bateh, DMD, PA 1305 N Orange Ave, #116, Green Cove Springs, FL 32043 PPP Term Loan 1.0% 6/3/2022 3.7 3.7 3.7 — %
Apache Behavioral Health Services, Inc. 249 W Ponderosa St, Whiteriver, AZ 85941 PPP Term Loan 1.0% 6/3/2022 241.1 241.1 241.1 0.07 %
Saecularia LLC 1552 N Cahuenga Blvd, Los Angeles, CA 90028 PPP Term Loan 1.0% 6/3/2022 3.8 3.8 3.8 — %
Bennett Elia 3304 Cole Ave, Ste 171, Dallas, TX 75204 PPP Term Loan 1.0% 6/3/2022 4.2 4.2 4.2 — %
HAssan Medical Pain Relief and Wellness Center. DBA: Hassan Spine and Sports Medicine 316 Tennent Rd, Ste 202A, Morganville, NJ 07751 PPP Term Loan 1.0% 6/3/2022 1.5 1.5 1.5 — %
Mazco Ventures LLC 3410 Montrose Blvd, Houston, TX 77006 PPP Term Loan 1.0% 6/3/2022 0.3 0.3 0.3 — %
Parenteau Guidance 132 E 35th St, Apt 3J, New York, NY 10016 PPP Term Loan 1.0% 6/3/2022 0.9 0.9 0.9 — %
Paul Leitner MD 8540 S Sepulveda Blvd, Ste 910, Los Angeles, CA 90045 PPP Term Loan 1.0% 6/3/2022 3.9 3.9 3.9 — %
Ryan Berman Advisory, LLC 161 Falcon Rd, Guilford, CT 06437 PPP Term Loan 1.0% 6/3/2022 2.1 2.1 2.1 — %
Linda Lane PR & Marketing 280 Edgewood Dr, West Palm Beach, FL 33405 PPP Term Loan 1.0% 6/3/2022 1.6 1.6 1.6 — %
Heath Tinsley 1595 Sailing Club Rd, Camden, SC 29020 PPP Term Loan 1.0% 6/3/2022 0.4 0.4 0.4 — %
Innovative Waste Solutions LLC 10300 W Charleston Blvd, Ste 13-B4, Las Vegas, NV 89135 PPP Term Loan 1.0% 6/3/2022 0.3 0.3 0.3 — %
over the moon 619 Valley Rd, Montclair, NJ 07043 PPP Term Loan 1.0% 6/3/2022 3.4 3.4 3.4 — %
Fiber Connect LLC 12 Buckingham Lane, Monterey, MA 01245 PPP Term Loan 1.0% 6/3/2022 4.7 4.7 4.7 — %
Dr. Stuart Schlisserman, MD 211 Quarry Rd, Ste 203 MC5993, Stanford, CA 94304 PPP Term Loan 1.0% 6/3/2022 4.5 4.5 4.5 — %
Griffin Land Corp. 115 North St, Ste 40, Litchfield, CT 06759 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
147
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Mohlar Hurley Partners 608 Santa Monica Blvd, Santa Monica, CA 90401 PPP Term Loan 1.0% 6/4/2022 1.8 1.8 1.8 — %
Avlis Partners LLC 900 Golf View Ct, Dacula, GA 30019 PPP Term Loan 1.0% 6/4/2022 2.6 2.6 2.6 — %
G2 Computers LLC 1116 Taylorsville Rd, Washington Crossing, PA 18977 PPP Term Loan 1.0% 6/4/2022 2.4 2.4 2.4 — %
Children's Dispensary & Hospital Association 812 E Lasalle Ave, South Bend, IN 46617 PPP Term Loan 1.0% 6/4/2022 2.2 2.2 2.2 — %
Realign by Randee, Inc. 730 Crystal Ct, Weston, FL 33326 PPP Term Loan 1.0% 6/4/2022 0.4 0.4 0.4 — %
Breckenridge Technologies, LLC 2333 San Ramon Valley Blvd, Ste 460, San Ramon, CA 94583 PPP Term Loan 1.0% 6/4/2022 6.9 6.9 6.9 — %
Chris Soukas Furs LLC 1050 Point Seaside Dr, Crystal Beach, FL 34681 PPP Term Loan 1.0% 6/4/2022 4.2 4.2 4.2 — %
BRAS NW INC 317 NW Gilman Blvd, Ste 44, Issaquah, WA 98027 PPP Term Loan 1.0% 6/4/2022 1.1 1.1 1.1 — %
Metal Oxide Technologies LLC 8807 Emmott Rd, Ste 100, Houston, TX 77040 PPP Term Loan 1.0% 6/4/2022 25.2 25.2 25.2 0.01 %
Social Leadia 427 Country Ln, Louisville, KY 40207 PPP Term Loan 1.0% 6/4/2022 0.6 0.6 0.6 — %
Prime Sales & Marketing, Inc. 3211 University Blvd SE, Ste A, Albuquerque, NM 87106 PPP Term Loan 1.0% 6/4/2022 24.7 24.7 24.7 0.01 %
Vreeke & Associates 845 E Easy St., Ste 101, Simi Valley, CA 93065 PPP Term Loan 1.0% 6/4/2022 8.8 8.8 8.8 — %
THE MYOCARDITIS FOUNDATION 3518 Echo Mountain Dr, Kingwood, TX 77345 PPP Term Loan 1.0% 6/4/2022 2.2 2.2 2.2 — %
Gerald A. Field d/b/a Gerald A. Field, Attorney at Law 11 Asylum St, Hartford, CT 06103 PPP Term Loan 1.0% 6/4/2022 1.6 1.6 1.6 — %
Lisa Segmiller 17211 Bellhaven Walk Ct, Charllote, NC 28277 PPP Term Loan 1.0% 6/4/2022 1.2 1.2 1.2 — %
MAYATEX, INC. 5015 S IH 35, Georgetown, TX 78626 PPP Term Loan 1.0% 6/4/2022 4.7 4.7 4.7 — %
Rock Bottom Productions 1125 E Broadway, #249, Glendale, CA 91205 PPP Term Loan 1.0% 6/4/2022 1.4 1.4 1.4 — %
Franciscan Poor Clares 720 HENRY CLAY AVE, NEW ORLEANS, LA 70118 PPP Term Loan 1.0% 6/4/2022 2.0 2.0 2.0 — %
SKYMINA LLC 3105 Cedar Rd, Yorktown Heights, NY 10598 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
Guardian Consulting Services, Inc. 3333 New Hyde Park Rd, Ste 202, New Hyde Park, NY 11042 PPP Term Loan 1.0% 6/4/2022 8.0 8.0 8.0 — %
Kitty and Vibe, Inc 126 13th St, 3rd Floor, Brooklyn, NY 11215 PPP Term Loan 1.0% 6/4/2022 0.6 0.6 0.6 — %
148
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Oncology and Hematology Associates of Central Jersey PA 2177 OAK TREE RD, Ste 104, Edison, NJ 08820 PPP Term Loan 1.0% 6/4/2022 12.0 12.0 12.0 — %
Serlin Consulting LLC 1445 Gordon Terrace, Deerfield, IL 60015 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
Amanda Thompson Design 4676 Dovefield Ln, Kannapolis, NC 28081 PPP Term Loan 1.0% 6/4/2022 0.3 0.3 0.3 — %
Cartoon Collections, LLC 155 E 44th St, 29th Floor, New York, NY 10017 PPP Term Loan 1.0% 6/4/2022 4.4 4.4 4.4 — %
Farrell Remodeling, Inc. 148 2nd St, Los Altos, CA 94022 PPP Term Loan 1.0% 6/4/2022 15.4 15.4 15.4 — %
Aircel LLC 3033 Riviera Dr, Ste 101, Naples, FL 34103 PPP Term Loan 1.0% 6/4/2022 35.0 35.0 35.0 0.01 %
Make 3 Architecture 1075 Brady Ave NW, Atlanta, GA 30318 PPP Term Loan 1.0% 6/4/2022 4.0 4.0 4.0 — %
Edgewater Services Co Ltd 225 Greenfield Pkwy, Ste 202, Liverpool, NY 13088 PPP Term Loan 1.0% 6/4/2022 3.7 3.7 3.7 — %
Eva Davis 4403 Chase Ave, Bethesda, MD 20814 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
Human Capital Management and Performance, LLC. 6506 Mebane Oaks Rd, Mebane, NC 27302 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
Robert Spransy CPA 257 Abercorn Cir, Chapel Hill, NC 27516 PPP Term Loan 1.0% 6/4/2022 1.5 1.5 1.5 — %
Unity Worldwide Ministries Eastern Region 800 Blanton Ave, Richmond, VA 23221 PPP Term Loan 1.0% 6/4/2022 0.8 0.8 0.8 — %
Melanie S. Francis, LCSW 116 W 23rd St., 5th Floor, New York, NY 10011 PPP Term Loan 1.0% 6/4/2022 1.6 1.6 1.6 — %
Fry Investment Company 4241 N Winfield Scott Plaza, #201, Scottsdale, AZ 85251 PPP Term Loan 1.0% 6/4/2022 13.9 13.9 13.9 — %
RAZL LLC 45 Coldstream Cir, Lincolnshire, IL 60069 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
New Experience 1029 N Peachtree Parkway 268, Peachtree City, GA 30269 PPP Term Loan 1.0% 6/4/2022 6.9 6.9 6.9 — %
Enhanced Affordable Management Company, LLC 4221 Wilshire Blvd, Ste 260, Los Angeles, CA 90010 PPP Term Loan 1.0% 6/4/2022 12.0 12.0 12.0 — %
Socorro Corp 900 Wilshire Blvd, Ste 2400, Los Angeles, CA 90017 PPP Term Loan 1.0% 6/4/2022 2.1 2.1 2.1 — %
Amanda Lopez 23411 aliso viejo parkway, Aliso Viejo, CA 92656 PPP Term Loan 1.0% 6/4/2022 0.5 0.5 0.5 — %
Brodeur Kazanjian Beauty & Fashion LLC dba Queen Beauty 1675 E Morten Ave, #4112, Phoenix, AZ 85020 PPP Term Loan 1.0% 6/4/2022 5.9 5.9 5.9 — %
Charm City Cakes 2936 Remington Ave, Baltimore, MD 21211 PPP Term Loan 1.0% 6/4/2022 5.5 5.5 5.5 — %
149
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
James Reinish & Associates, Inc. 25 E 73rd St, New York, NY 10021 PPP Term Loan 1.0% 6/5/2022 3.4 3.4 3.4 — %
Moody Creek Farms LLC 31257 VIA MARIA ELENA, Bonsall, CA 92003 PPP Term Loan 1.0% 6/5/2022 35.4 35.4 35.4 0.01 %
YMCA of West San Gabriel Valley 401 East Corto St., Alhambra, CA 91801 PPP Term Loan 1.0% 6/5/2022 15.7 15.7 15.7 — %
National Postdoctoral Association 15800 Crabbs Branch Way, Derwood, MD 20855 PPP Term Loan 1.0% 6/5/2022 3.7 3.7 3.7 — %
Laura A. Brevetti 575 5th Ave, 14th Floor, New York, NY 10017 PPP Term Loan 1.0% 6/5/2022 3.0 3.0 3.0 — %
Superius Securities Group Inc 94 Grand Ave, Englewood, NJ 07631 PPP Term Loan 1.0% 6/5/2022 4.4 4.4 4.4 — %
CATWALK, LLC fka VITRINE LLC 4300 Stevens Creek Blvd, Ste 126, San Jose, CA 95129 PPP Term Loan 1.0% 6/5/2022 0.6 0.6 0.6 — %
Michelle Frost Real Estate Sales 3113 Roswell Rd, Ste 101, Marietta, GA 30062 PPP Term Loan 1.0% 6/5/2022 2.1 2.1 2.1 — %
Nezhat Medical Center P.C. 5555 Peachtree Dunwoody Rd, Ste #276, Atlanta, GA 30342 PPP Term Loan 1.0% 6/5/2022 8.3 8.3 8.3 — %
MS-IR LLC 88 Morningside Ave, Ste 7A, New York, NY 10027 PPP Term Loan 1.0% 6/5/2022 2.1 2.1 2.1 — %
Michael S. Blank Realty 1870 Baldwin Rd. - Unit 69, Yorktown Heights, NY 10598 PPP Term Loan 1.0% 6/5/2022 1.3 1.3 1.3 — %
PDT LLC 2812 Rivers Edge Rd, Louisville, KY 40222 PPP Term Loan 1.0% 6/5/2022 3.3 3.3 3.3 — %
Hrach Khudatyan MD, Inc 134 N Glendale Ave, Glendale, CA 91206 PPP Term Loan 1.0% 6/5/2022 3.3 3.3 3.3 — %
Corona Jackson Refrigeration Service, Inc. 59-6 Central Ave, Farmingdale, NY 11735 PPP Term Loan 1.0% 6/5/2022 2.8 2.8 2.8 — %
Hight Accounting Services LLC 3209 E Wood Valley Rd NW, Atlanta, GA 30327 PPP Term Loan 1.0% 6/5/2022 0.5 0.5 0.5 — %
Seattle Ventures LLC 2215 3rd Ave W, Seattle, WA 98119 PPP Term Loan 1.0% 6/5/2022 2.1 2.1 2.1 — %
Nottingham Investment Company LLLP 1690 Derby Mesa Loop, Burns, CO 80426 PPP Term Loan 1.0% 6/5/2022 2.1 2.1 2.1 — %
CT Business Enterprises 14703 Lyon Hill Ln, Huntersville, NC 28078 PPP Term Loan 1.0% 6/5/2022 0.5 0.5 0.5 — %
Sherman Law Group, a Professional Law Corporation 9454 Wilshire Blvd, Beverly Hills, CA 90212 PPP Term Loan 1.0% 6/5/2022 4.2 4.2 4.2 — %
Salon Vivace VA, LLC 680 Ingomar Rd, Wexford, PA 15090 PPP Term Loan 1.0% 6/5/2022 12.7 12.7 12.7 — %
Statewide Interpreters 63 Milland Dr, Mill Valley, CA 94941 PPP Term Loan 1.0% 6/5/2022 11.7 11.7 11.7 — %
150
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
The Fiedler Companies, Inc. 408 E 134th St, Bronx, NY 10454 PPP Term Loan 1.0% 6/5/2022 5.9 5.9 5.9 — %
Chris Matheos 13726 Leadwell St, Van Nuys, CA 91405 PPP Term Loan 1.0% 6/5/2022 0.1 0.1 0.1 — %
Custom Trades Company 129 Stonehedge Dr N, Greenwich, CT 06831 PPP Term Loan 1.0% 6/5/2022 0.5 0.5 0.5 — %
The JW Agency LLC 707 Skokie Blvd, Ste 600, Northbrook, IL 60062 PPP Term Loan 1.0% 6/5/2022 3.6 3.6 3.6 — %
Precision Landscape Management Inc 3130 Carter Jones Rd, Groveland, FL 34736 PPP Term Loan 1.0% 6/5/2022 19.0 19.0 19.0 0.01 %
Stonecrop Gardens Inc 81 Stonecrop Ln, Cold Spring, NY 10516 PPP Term Loan 1.0% 6/5/2022 16.7 16.7 16.7 0.01 %
Panache 639 Pilot House Dr, Newport News, VA 23606 PPP Term Loan 1.0% 6/5/2022 7.1 7.1 7.1 — %
Justin W McClung d/b/a The McClung Group 55 N Altwood Cir, Spring, TX 77382 PPP Term Loan 1.0% 6/5/2022 4.2 4.2 4.2 — %
Door Four LLC 508 W 26th St., Ste 11A, New York, NY 10001 PPP Term Loan 1.0% 6/5/2022 13.2 13.2 13.2 — %
Grandview Advisors Inc. 100 RIVERSIDE LN, Riverside, CT 06878 PPP Term Loan 1.0% 6/5/2022 1.5 1.5 1.5 — %
Andrew S. Gaffney Foundation 245 South St, Morristown, NJ 07960 PPP Term Loan 1.0% 6/5/2022 1.4 1.4 1.4 — %
The Law Offices of Bob Camors 1501 The Alameda, Ste 210, San Jose, CA 95126 PPP Term Loan 1.0% 6/5/2022 3.2 3.2 3.2 — %
Ash Health Corp 316 Tennent Rd, Ste 202A, Morganville, NJ 07751 PPP Term Loan 1.0% 6/5/2022 1.7 1.7 1.7 — %
Anne T. Carlon M.D. P.C. 425 E 58th St, #39A, New York, NY 10022 PPP Term Loan 1.0% 6/5/2022 12.4 12.4 12.4 — %
SDG Engineering PC 121 Huntington Rd, Port Washington, NY 11050 PPP Term Loan 1.0% 6/5/2022 8.5 8.5 8.5 — %
Active Reading Clinic 25 Hillcroft Way, Walnut Creek, CA 94597 PPP Term Loan 1.0% 6/5/2022 3.2 3.2 3.2 — %
JD Randall group 4422 Sea Harbour Dr, Huntington Beach, CA 92649 PPP Term Loan 1.0% 6/5/2022 1.5 1.5 1.5 — %
American Friends of the Israel Museum 545 5th Ave, Ste 920, New York, NY 10017 PPP Term Loan 1.0% 6/5/2022 13.2 13.2 13.2 — %
STSE - DBA Plaza Auto 359 E Western Reserve Rd, Youngstown, OH 44514 PPP Term Loan 1.0% 6/5/2022 1.1 1.1 1.1 — %
Green Rhino Recycling, LLC 2809 Academy Dr SE, Auburn, WA 98092 PPP Term Loan 1.0% 6/5/2022 2.2 2.2 2.2 — %
Landmark Technologies LLC 4806 S St Andrews Ln, Spokane, WA 99223 PPP Term Loan 1.0% 6/5/2022 2.8 2.8 2.8 — %
Jacqueline R. Moroco, D.D.S., M.S., P.A. 4600 Linton Boulevard, Ste 330, Delray Beach, FL 33445 PPP Term Loan 1.0% 6/5/2022 14.3 14.3 14.3 — %
151
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Compacted Recycling Company LLC 2809 Academy Dr SE, Auburn, WA 98092 PPP Term Loan 1.0% 6/5/2022 1.1 1.1 1.1 — %
LaFlower Construction, Inc. 23888 Madison St, Torrance, CA 90505 PPP Term Loan 1.0% 6/5/2022 0.1 0.1 0.1 — %
DC Retina Docs PLLC 3317 P St NW, Washington, DC 20007 PPP Term Loan 1.0% 6/5/2022 0.6 0.6 0.6 — %
Katherine W Luce 1220 University Dr, Ste 104, Menlo Park, CA 94025 PPP Term Loan 1.0% 6/5/2022 1.3 1.3 1.3 — %
HYPRLABS INC. 400 Concar Dr, San Mateo, CA 94402 PPP Term Loan 1.0% 6/5/2022 10.4 10.4 10.4 — %
Tmack Property Maintenance LLC 14 Knollwood Dr, East Hanover, NJ 07936 PPP Term Loan 1.0% 6/5/2022 1.6 1.6 1.6 — %
Sea-Est Incorporated 1741 W Beaver St, Jacksonville, FL 32209 PPP Term Loan 1.0% 6/8/2022 25.6 25.6 25.6 0.01 %
Gwinnett Cemeteries, LLC 103 Crestview Church Rd, Warner Robins, GA 31088 PPP Term Loan 1.0% 6/8/2022 16.5 16.5 16.5 0.01 %
Clint Dewey 155 E 31st St, Apt 4S, New York, NY 10016 PPP Term Loan 1.0% 6/8/2022 2.1 2.1 2.1 — %
KP Auto Repair LLC 12917 Percheron Ln, Oak Hill, VA 20171 PPP Term Loan 1.0% 6/8/2022 1.3 1.3 1.3 — %
Michael S Chlopak 1 Claridge Dr, Apt PH 14, Verona, NJ 07044 PPP Term Loan 1.0% 6/8/2022 1.4 1.4 1.4 — %
Morgan Blakeley LLC 255 Saint Paul St, Apt #220, Denver, CO 80206 PPP Term Loan 1.0% 6/8/2022 0.7 0.7 0.7 — %
Frank Nicholson Inc. 360 Massachusetts Ave, Acton, MA 01720 PPP Term Loan 1.0% 6/8/2022 8.6 8.6 8.6 — %
John Merrick 3209 Centenary Ave, Dallas, TX 75225 PPP Term Loan 1.0% 6/8/2022 2.0 2.0 2.0 — %
Music Center Inc. dba Haight Ashbury Music Center; dba Gelb Music 722 El Camino Real, Redwood City, CA 94063 PPP Term Loan 1.0% 6/8/2022 9.5 9.5 9.5 — %
Korhan Beba 17 Oak Hill Rd, Branchburg, NJ 08853 PPP Term Loan 1.0% 6/8/2022 0.5 0.5 0.5 — %
Grenville Owners Corp. 225 Bennett Ave, Ste 1K, New York, NY 10040 PPP Term Loan 1.0% 6/8/2022 3.2 3.2 3.2 — %
Camfed U.S.A. Foundation 466 Geary St, Ste 400, San Francisco, CA 94102 PPP Term Loan 1.0% 6/8/2022 18.2 18.2 18.2 0.01 %
National Roofing 1237 Circle Ave, Forest Park, IL 60130 PPP Term Loan 1.0% 6/8/2022 52.5 52.5 52.5 0.02 %
Dental Designs of Naples 5048 Tamiami Trail N, Naples, FL 34103 PPP Term Loan 1.0% 6/9/2022 21.1 21.1 21.1 0.01 %
Ronald A. Williams Ltd 5540 Falmouth St Ste 303, Richmond, VA 23230 PPP Term Loan 1.0% 6/9/2022 3.8 3.8 3.8 — %
National Foundation for Infectious Diseases (NFID) 7201 Wisconsin Ave, Ste 750, Bethesda, MD 20814 PPP Term Loan 1.0% 6/9/2022 9.9 9.9 9.9 — %
152
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
The Junior League of Pensacola, Florida, Incorporated 2016 W. Garden St., Pensacola, FL 32502 PPP Term Loan 1.0% 6/9/2022 0.5 0.5 0.5 — %
David Dee Fine Arts 1374 E Arlington Dr, Salt Lake City, UT 84108 PPP Term Loan 1.0% 6/9/2022 0.6 0.6 0.6 — %
HERBERT CHARLES SCHWAT 1940 Biltmore St NW, Apt 32, Washington, DC 20009 PPP Term Loan 1.0% 6/9/2022 2.1 2.1 2.1 — %
ATL Advisory LLC 76 Bellefair Rd, Rye Brook, NY 10573 PPP Term Loan 1.0% 6/9/2022 2.1 2.1 2.1 — %
Kushnika, Inc. 14766 Live Oak Ln, Saratoga, CA 95070 PPP Term Loan 1.0% 6/9/2022 0.7 0.7 0.7 — %
Gabriella New York, LLC 155 Wooster St., Unit 3W, New York, NY 10012 PPP Term Loan 1.0% 6/9/2022 3.1 3.1 3.1 — %
Luxury Destinations 151 Melius Rd, Warren, CT 06754 PPP Term Loan 1.0% 6/9/2022 1.6 1.6 1.6 — %
G&A Rehab, Inc 3333 Skypark Dr, Ste 220, Torrance, CA 90505 PPP Term Loan 1.0% 6/9/2022 15.8 15.8 15.8 — %
CCR Investment Group dba Equity Finance Group 2271 W. Malvern ave, Ste 424, Fullerton, CA 92833 PPP Term Loan 1.0% 6/9/2022 5.1 5.1 5.1 — %
OCC installations 12102 Manley St, Garden Grove, CA 92845 PPP Term Loan 1.0% 6/9/2022 0.7 0.7 0.7 — %
Charm City Cakes West 8302 Melrose Ave, Los Angeles, CA 90069 PPP Term Loan 1.0% 6/9/2022 6.6 6.6 6.6 — %
Cape fear kickboxing inc 7122 Market St, Ste 120, Wilmington, NC 28411 PPP Term Loan 1.0% 6/9/2022 4.9 4.9 4.9 — %
Solstice Adventure, LLC 1521 Alton Rd, #802, Miami Beach, FL 33139 PPP Term Loan 1.0% 6/9/2022 0.9 0.9 0.9 — %
Standard Wedding Band Co Inc 951 Franklin Ave, Garden City, NY 11530 PPP Term Loan 1.0% 6/10/2022 3.5 3.5 3.5 — %
Michigan Braille Transcribing Fund 3500 N. Elm, Jackson, MI 49201 PPP Term Loan 1.0% 6/10/2022 4.7 4.7 4.7 — %
Joy DiNapoli 154 Beach Ave, Larchmont, NY 10538 PPP Term Loan 1.0% 6/10/2022 1.0 1.0 1.0 — %
PJH Partners LLC 455 East Paces Ferry Rd NE, Ste 214, Atlanta, GA 30305 PPP Term Loan 1.0% 6/10/2022 0.9 0.9 0.9 — %
Christine Yi 111 E 30th St, Ste 8B, New York, NY 10016 PPP Term Loan 1.0% 6/10/2022 0.8 0.8 0.8 — %
Intrepid 7 Quail Ridge Rd S, Rolling Hills, CA 90274 PPP Term Loan 1.0% 6/10/2022 6.9 6.9 6.9 — %
J3 Consulting, LLC 1 Mountain Oaks Park, Glendale, CA 91214 PPP Term Loan 1.0% 6/10/2022 2.1 2.1 2.1 — %
Don Marshall CPA Inc 3427 S Walker Ave, San Pedro, CA 90731 PPP Term Loan 1.0% 6/10/2022 1.0 1.0 1.0 — %
Cassidy Holdings, LLC 7712 Hillside Dr, La Jolla, CA 92037 PPP Term Loan 1.0% 6/10/2022 1.2 1.2 1.2 — %
153
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
AUREUS CAPITAL LLC 216 E Sheridan Pl, Lake Bluff, IL 60044 PPP Term Loan 1.0% 6/10/2022 1.3 1.3 1.3 — %
Timothy F. Lester 8 Forest Dr, Westport, CT 06880 PPP Term Loan 1.0% 6/10/2022 0.5 0.5 0.5 — %
Hamilton Hill LLC 905 W Main St, Durham, NC 27701 PPP Term Loan 1.0% 6/10/2022 4.3 4.3 4.3 — %
Rain Wine National Corp 2608 SW River Shore Dr, Port St. Lucie, FL 34984 PPP Term Loan 1.0% 6/10/2022 2.1 2.1 2.1 — %
Mora Investment Management 9 W Star Island Dr, Miami Beach, FL 33139 PPP Term Loan 1.0% 6/10/2022 1.2 1.2 1.2 — %
Mark Friedman 210 W 101st St, Ste 5E, New York, NY 10025 PPP Term Loan 1.0% 6/10/2022 2.1 2.1 2.1 — %
Grunberger Diamonds Incorporated 98 Cutter Mill Rd, Great Neck Plaza, NY 11021 PPP Term Loan 1.0% 6/10/2022 8.4 8.4 8.4 — %
Examoto LLC 125 Booth Ln, Haverford, PA 19041 PPP Term Loan 1.0% 6/10/2022 5.3 5.3 5.3 — %
Michael Slayton General Contracting, Inc 232 N Lonehill Ave, Glendora, CA 91741 PPP Term Loan 1.0% 6/11/2022 1.2 1.2 1.2 — %
Joseph Haraszti 2810 East Del Mar Blvd, Ste 8A, Pasadena, CA 91107 PPP Term Loan 1.0% 6/11/2022 2.9 2.9 2.9 — %
Statement Lawn and Landscape, Inc. 19520 W 95th St, Lenexa, KS 66220 PPP Term Loan 1.0% 6/11/2022 1.1 1.1 1.1 — %
Alexis D. Bodenheimer 205 East 92nd St., Apt 27A, New York, NY 10128 PPP Term Loan 1.0% 6/11/2022 2.1 2.1 2.1 — %
Augusta Grant Travel 1428 Hemingway Place, Naples, FL 34103 PPP Term Loan 1.0% 6/11/2022 0.7 0.7 0.7 — %
NEUMENTUM, INC. 250 Colorado Ave, Palo Alto, CA 94301 PPP Term Loan 1.0% 6/11/2022 4.9 4.9 4.9 — %
Paige Hoholik LLC 210 St Paul St, Denver, CO 80206 PPP Term Loan 1.0% 6/11/2022 2.1 2.1 2.1 — %
Birdie Golf Ball Company 208 Margate Ct, Margate, FL 33063 PPP Term Loan 1.0% 6/11/2022 0.9 0.9 0.9 — %
Rachel Dack Counseling LLC 6917 Arlington Rd, #222, Bethesda, MD 20814 PPP Term Loan 1.0% 6/11/2022 1.3 1.3 1.3 — %
Law Office of Swati P Mantione, P.C. 12 Thadford St, East Northport, NY 11731 PPP Term Loan 1.0% 6/11/2022 2.1 2.1 2.1 — %
Amanda Reynal Interiors 1417 Walnut St, Ste D, Des Moines, IA 50309 PPP Term Loan 1.0% 6/11/2022 1.8 1.8 1.8 — %
Clark A Miller Sales LTD 1205 Tuscany Ct, Alpharetta, GA 30004 PPP Term Loan 1.0% 6/11/2022 0.6 0.6 0.6 — %
Lucy McRae 1340 E 6th St, Los Angeles, CA 90021 PPP Term Loan 1.0% 6/11/2022 1.7 1.7 1.7 — %
The Great Escape Room Tampa LLC 300 E Madison St, #301, Tampa, FL 33602 PPP Term Loan 1.0% 6/11/2022 4.7 4.7 4.7 — %
154
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Woodrow Orlando LLC DBA The Great Escape Room Orlando 525 Woodstead Ct, Longwood, FL 32779 PPP Term Loan 1.0% 6/11/2022 2.0 2.0 2.0 — %
Mary Jane Marchisotto dba MJM Advisory, LLC 245 E 87th St, Apt 9F, New York, NY 10128 PPP Term Loan 1.0% 6/11/2022 0.6 0.6 0.6 — %
Copperfield Investment & Development Company 1721 Crystal Ann Ave, Las Vegas, NV 89106 PPP Term Loan 1.0% 6/12/2022 1.2 1.2 1.2 — %
Score OKC 18509 N Meridian Ave, Edmond, OK 73012 PPP Term Loan 1.0% 6/12/2022 3.0 3.0 3.0 — %
Lead Tek Plating 27555 SW Boones Ferry Rd, Wilsonville, OR 97070 PPP Term Loan 1.0% 6/12/2022 20.0 20.0 20.0 0.01 %
Dan Counts & Associates, Inc. 1780 Prescott Ave, Monterey, CA 93940 PPP Term Loan 1.0% 6/12/2022 1.1 1.1 1.1 — %
Diamondback Golf Course, LLC 500 Harborview Dr, Third Floor, Baltimore, MD 21230 PPP Term Loan 1.0% 6/12/2022 7.6 7.6 7.6 — %
Josh Madonick Physical Therapy 86 Eucalyptus Rd, Petaluma, CA 94952 PPP Term Loan 1.0% 6/12/2022 0.3 0.3 0.3 — %
RHBerman Consulting 161 Falcon Rd, Guilford, CT 06437 PPP Term Loan 1.0% 6/12/2022 2.1 2.1 2.1 — %
MPYRE HOLDING CO 1723 23rd Ave, San Francisco, CA 94122 PPP Term Loan 1.0% 6/12/2022 1.7 1.7 1.7 — %
NICK A. DEFILIPPIS, PHD, PC 990 Hammond Dr, Ste 575, Sandy Springs, GA 30328 PPP Term Loan 1.0% 6/12/2022 1.6 1.6 1.6 — %
Orloff Eye Group, Inc. 1 Plume Grass Way, Westhampton, NY 11977 PPP Term Loan 1.0% 6/15/2022 4.8 4.8 4.8 — %
Protestant Episcopal Church In The Diocese of California 2791 Driscoll Rd, Fremont, CA 94539 PPP Term Loan 1.0% 6/15/2022 2.5 2.5 2.5 — %
The Great Escape Room New York LLC 1150 University Ave Bldg 5, Ste 12A, Rochester, NY 14607 PPP Term Loan 1.0% 6/15/2022 2.2 2.2 2.2 — %
K.S.M Enterprises Inc. DBA Michaels Shell 2589 N Lakewood Blvd, Long Beach, CA 90815 PPP Term Loan 1.0% 6/15/2022 4.0 4.0 4.0 — %
Bobbie Baron Inc. 1633 Broadway, New York, NY 10019 PPP Term Loan 1.0% 6/15/2022 2.1 2.1 2.1 — %
DEAFLINK INC 57 Ludlow Ln, Palisades, NY 10964 PPP Term Loan 1.0% 6/15/2022 1.3 1.3 1.3 — %
Joseph L. Lester, M.D., P.C. 2201 Evans Dr, Opelika, AL 36801 PPP Term Loan 1.0% 6/15/2022 5.5 5.5 5.5 — %
Weber Brands, LLC 50 Pine Hill Rd, Great Neck, NY 11020 PPP Term Loan 1.0% 6/15/2022 2.1 2.1 2.1 — %
Robert M. Tudisco, Esq. 90 Stebbins Ave, Eastchester, NY 10709 PPP Term Loan 1.0% 6/16/2022 1.4 1.4 1.4 — %
Propel A Charter Management Group Inc 5200 Irwindale Ave, Irwindale, CA 91706 PPP Term Loan 1.0% 6/16/2022 29.8 29.8 29.8 0.01 %
Sunburst Decorative Rock, Inc 282 Live Oak Ave, Irwindale, CA 91706 PPP Term Loan 1.0% 6/16/2022 18.3 18.3 18.3 0.01 %
155
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Nancy R. Reinish 336 Central Park West, New York, NY 10025 PPP Term Loan 1.0% 6/16/2022 2.1 2.1 2.1 — %
The Great Escape Room Chicago 160 E Grand Ave, #400, Chicago, IL 60611 PPP Term Loan 1.0% 6/16/2022 3.9 3.9 3.9 — %
Daydream Reels LLC 3615 N Kenilworth St, Arlington, VA 22207 PPP Term Loan 1.0% 6/16/2022 1.3 1.3 1.3 — %
C Sensei Group LLC 1730 S Federal Hwy, Ste 280, Delray Beach, FL 33483 PPP Term Loan 1.0% 6/16/2022 2.1 2.1 2.1 — %
Dockum Research Lab, Inc 844 E Mariposa St, Altadena, CA 91001 PPP Term Loan 1.0% 6/17/2022 6.4 6.4 6.4 — %
306 Hollywood LLC 14 West 17th St., New York, NY 10011 PPP Term Loan 1.0% 6/17/2022 1.2 1.2 1.2 — %
Irvine Optometry 17585 Harvard Ave,, Ste E, Irvine, CA 92614 PPP Term Loan 1.0% 6/17/2022 4.5 4.5 4.5 — %
Double H Farms, LLC 15050 Golden Point Ln, Wellington, FL 33414 PPP Term Loan 1.0% 6/17/2022 12.9 12.9 12.9 — %
The Nashville Dermatology And Skin Cancer Clinic, P.C. 2222 State St, Ste A, Nashville, TN 37203 PPP Term Loan 1.0% 6/17/2022 4.4 4.4 4.4 — %
Harper Road Treatment Center 1802 Harper Rd, Ste 202, Beckley, WV 25801 PPP Term Loan 1.0% 6/18/2022 2.6 2.6 2.6 — %
Sense Education, Inc. 1 W 85th St, New York, NY 10024 PPP Term Loan 1.0% 6/18/2022 12.0 12.0 12.0 — %
PR Realty Management LLC 2207 Coney Island Ave, Brooklyn, NY 11223 PPP Term Loan 1.0% 6/18/2022 19.2 19.2 19.2 0.01 %
Roadtrip Productions Inc One Penn Plaza, Ste 3500, New York, NY 10119 PPP Term Loan 1.0% 6/19/2022 2.1 2.1 2.1 — %
Hirezi & Hirezi, D.M.D., P.A. 4495 Baymeadows Rd, Jacksonville, FL 32217 PPP Term Loan 1.0% 6/22/2022 7.4 7.4 7.4 — %
NTR Partners Administration LLC 11726 San Vicente Blvd, Ste 290, Los Angeles, CA 90049 PPP Term Loan 1.0% 6/22/2022 3.5 3.5 3.5 — %
Bartman Bros. 11777 San Vicente Blvd, Ste 600, Los Angeles, CA 90049 PPP Term Loan 1.0% 6/22/2022 5.8 5.8 5.8 — %
Kleopatra Productions, Inc. 4230 Gardendale, Ste 101, San Antonio, TX 78229 PPP Term Loan 1.0% 6/22/2022 20.8 20.8 20.8 0.01 %
PHILIP F. STOTTS 4985 Stonehaven Dr., Yorba Linda, CA 92887 PPP Term Loan 1.0% 6/22/2022 2.1 2.1 2.1 — %
Rajan Shah MD PA 1060 Broad St, Newark, NJ 07102 PPP Term Loan 1.0% 6/22/2022 4.1 4.1 4.1 — %
Surco Products, Inc. 14001 S Main St, Los Angeles, CA 90061 PPP Term Loan 1.0% 6/23/2022 7.5 7.5 7.5 — %
Joel Diaz Training Camp, LLC. 40795 Adriatico Ct, Indio, CA 92203 PPP Term Loan 1.0% 6/23/2022 1.4 1.4 1.4 — %
John J. McMahon 80 Main St, West Orange, NJ 07052 PPP Term Loan 1.0% 6/24/2022 2.1 2.1 2.1 — %
156
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 327,446
Auto Trim Design of Northeastern New York Inc 83 Ellison St, Milton, VT 05468 PPP Term Loan 1.0% 6/24/2022 7.0 7.0 7.0 — %
Steven Robert Justman aka Steven Justman 54 Banksville Rd, North Castle, NY 10504 PPP Term Loan 1.0% 6/24/2022 2.0 2.0 2.0 — %
J. Li Brand LTD 63 Roebling St, #6L, Brooklyn, NY 11211 PPP Term Loan 1.0% 6/25/2022 3.5 3.5 3.5 — %
John Berry Turbidy 1501 Silver King Dr, Aspen, CO 81611 PPP Term Loan 1.0% 6/29/2022 2.1 2.1 2.1 — %
Hanson & Schwam Public Relations LLC 9350 Wilshire Blvd, #315, Beverly Hills, CA 90212 PPP Term Loan 1.0% 6/29/2022 0.8 0.8 0.8 — %
Debra L. Holt 233 NW 36th St, Miami, FL 33127 PPP Term Loan 1.0% 6/30/2022 2.1 2.1 2.1 — %
Kenneth Baer 16 Millstone Dr, East Windsor, NJ 08512 PPP Term Loan 1.0% 6/30/2022 0.5 0.5 0.5 — %
Model Partner, LLC 19 William Close Ct, Warwick, NY 10990 PPP Term Loan 1.0% 6/30/2022 2.1 2.1 2.1 — %
Total SBA Guaranteed Accrual Investments $ 18,804.4 $ 18,804.4 $ 20,074.1 6.13 %
SBA Guaranteed Non-Accrual Investments (4b)
MIT LLC (*) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 254.7 254.7 254.7 0.08 %
Neville Galvanizing, Inc (*) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 707.1 707.1 707.1 0.22 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle,N (*) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 102.5 102.5 102.5 0.03 %
Chavero's Auto (*) 1364 E Palma Vista Dr, Palmview, TX 78572 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 12.5 12.5 12.5 — %
Total SBA Guaranteed Non-Accrual Investments 1,076.8 1,076.8 1,076.8 0.33 %
Total SBA Guaranteed Investments 19,881.2 19,881.2 21,150.9 6.46 %
Total SBA Unguaranteed and Guaranteed Investments 443,267.0 443,435.0 426,087.8 130.12 %

157
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 327446
Advanced Cyber Security Systems, LLC (*,#) (6) (21) 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 Data processing, Hosting, and Related Services 50% Membership Interest —% — — — — — %
Term Loan 3% Dec 2014 381.0 381.0 — — %
Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 Data processing, Hosting, and Related Services 100% Common Stock —% — — — — — %
CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% — — 4,428.0 2,250.0 0.69 %
Line of Credit 10% Dec 2020 6,560.0 6,560.0 6,560.0 2.00 %
Newtek Technology Solutions, Inc. (*,#) (11) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services 100% Common Stock —% — — 8,384.0 9,500.0 2.90 %
Line of Credit 10% Nov 2028 10,821.0 10,821.0 10,821.0 3.30 %
Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities 100% Membership Interest —% — — 135.0 2,215.0 0.68 %
PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 1,813.1 — — %
Term Loan 10% Oct 2021 435.0 435.0 — — %
Term Loan 10% May 2020 750.0 750.0 — — %
Term Loan 12% May 2020 500.0 500.0 — — %
Term Loan 10% July 2020 1,000.0 1,000.0 — — %
Small Business Lending, LLC (*,#) (12) (21) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 598.0 6,848.4 2.09 %
Term Loan 10% June 2021 400.0 400.0 400.0 0.12 %
ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 7,085.2 — — %
International Professional Marketing, Inc. (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Common Stock —% — — 4,000.0 4,150.0 1.27 %
Line of Credit Prime plus 0.5% April 2021 750.0 750.0 750.0 0.23 %
SIDCO, LLC (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Membership Interest —% — — 7,119.7 6,649.7 2.03 %
158
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
JUNE 30, 2020
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 327446
Line of Credit Prime plus 0.5% July 2020 100.0 375.0 375.0 0.11 %
Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 16,438.0 115,000.0 35.12 %
Mobil Money, LLC (#) (17) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 2,980.0 2,500.0 0.76 %
Newtek Business Lending, LLC (*,#) (10) 14 East Washington St., Orlando, FL 32801
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 31,073.0 34,702.7 10.60 %
Newtek Conventional Lending, LLC (#) (18) (23) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 50% Membership Interest —% — — 15,770.0 17,464.0 5.33 %
Titanium Asset Management, LLC (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 Administrative and Support Services Term Loan 10% March 2021 900.0 900.0 315.0 0.10 %
100% Membership Interest —% — — — — — %
Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services Term Loan 10% Sept 2020 159.2 159.2 — — %
100% Membership Interest — — — — — — %
POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Term Loan 10% Sept 2023 850.0 850.0 850.0 0.26 %
50.14% Membership Interest — — — — — — %
Total Controlled Investments $ 23,606.2 $ 123,705.2 $ 221,350.8 67.60 %
Non-Control/Affiliate Investments (22)
EMCAP Loan Holdings, LLC (+,#) (19) (25) 1140 Reservoir Ave., Cranston, RI 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 6.04% Membership Interest —% — $ — $ 1,000.0 $ 1,000.0 0.31 %
Total Investments $ 466,873.2 $ 568,140.2 $ 648,438.6 198.03 %
159
See accompanying notes to consolidated financial statements.

^ Investment has been pledged as collateral under the Securitization Trusts.
* Non-income producing security.
# Fair value determined using significant unobservable inputs.
+ Restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of June 30, 2020 are based off a Prime Rate equal to 3.25% and 1 month LIBOR equal to 0.16225%.
(3) Newtek values non-accrual 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.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements for transactions during the six months ended June 30, 2020 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.).
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 100% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.)
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a subsidiary of
160
See accompanying notes to consolidated financial statements.

Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(19) 6.04% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.)
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(23) Non-qualifying asset under the Investment Company Act of 1940, as amended. Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At June 30, 2020, 8.5% of total assets are non-qualifying assets.
(24) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(25) The initial acquisition date for EMCAP Loan Holdings, LLC was April 25, 2018.

As of June 30, 2020, the federal tax cost of investments was $568,140,000 resulting in estimated gross unrealized gains and losses of $146,381,000 and $57,700,000, respectively.

161
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets

SBA Unguaranteed Accrual Investments (1) (22) 271346
Global Information Technology, Inc (#) 1 Cragwood Rd, South Plainfield, NJ 07080 Administrative and Support Services Term Loan Prime plus 2.75% 12/31/2029 $ 567.5 $ 567.5 501.2 0.16 %
Nick's Country Kitchen, LLC (#) 3 Flanders Rd, Bethlehem, CT 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 $ 287.5 $ 287.5 308.3 0.10 %
Bearwaters Brewing Company (#) 101 Park St, Canton, NC 28716 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2044 $ 257.5 $ 257.5 281.1 0.09 %
Pecos Entertainment LLC dba State Theater (#) 421 South Oak St, Pecos, TX 79772 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 12/31/2029 $ 130.0 $ 130.0 136.8 0.04 %
Spinnaker Vero Inc. (#) 983 12th St., Vero Beach, FL 32960 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/30/2044 $ 787.5 $ 787.5 814.1 0.25 %
Kiddie Garden Child Development Center, LLC (#) 2809 W. Atkinson Ave, Milwaukee, WI 53209 Social Assistance Term Loan Prime plus 2.75% 12/30/2044 $ 43.0 $ 43.0 46.9 0.01 %
VIP Construction Group Inc. (#) 3332 W Mulberry Drive, Mequon, WI 53092 Construction of Buildings Term Loan Prime plus 2.75% 12/30/2029 $ 62.5 $ 62.5 65.2 0.02 %
Kwik Stop dba Dilpreet Hundai (#) 1001 Sacramento Ave, West Sacramento, CA 95605 Gasoline Stations Term Loan Prime plus 2.75% 12/30/2044 $ 242.0 $ 242.0 254.8 0.08 %
Jauchem & Meeh Inc.dba Gregory Meeh Design;Jermy Chernick Design;J&M S (#) 524 Sackett St., Brooklyn, NY 11217 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/30/2029 $ 275.0 $ 275.0 264.9 0.08 %
Home Decor Liquidators, LLC dba Home Decor Outlets;Home Decor Mattress (#) 4187 Pleasant Hill Rd, Duluth, GA 30096 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 $ 987.5 $ 987.5 897.7 0.28 %
Destination Hope, Inc. and The Academy for Addiction Professionals, In (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2044 $ 375.0 $ 375.0 397.1 0.12 %
Larry J. Frick dba L & S Trucking (#) 157571 E Wausau Ave, Wausau, WI 54403 Truck Transportation Term Loan Prime plus 2.75% 12/30/2029 $ 49.5 $ 49.5 46.2 0.01 %
Vance Ewing LLC (#) 22940 Harlan Ln, St. Robert, MO 65584 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/30/2029 $ 112.5 $ 112.5 117.3 0.04 %
Destination Hope, Inc, TrilogyTreatment & Wellness Center, Inc (#) 6555 NW 9th Ave, Fort Lauderdale, FL 33309 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2029 $ 363.8 $ 363.8 324.5 0.10 %
American Landscaping Company and Ground Effects Landscaping, LLC (#) 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 646.7 $ 646.7 713.7 0.22 %
Mankamana Holdings, LLc dba Perfect Brow Art, Mankamana Holdings, LLC (#) 7302 Kirby Ave, Lubbock, TX 79424 Gasoline Stations Term Loan Prime plus 2.75% 12/27/2029 $ 137.5 $ 137.5 132.1 0.04 %
Irony LLC dba Mulberry’s Garment Care (#) 2579 Fairview Ave North, Roseville, MN 55113 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2029 $ 1,042.5 $ 1,042.5 925.1 0.29 %
American Landscaping Company (#) 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 326.3 $ 326.3 321.3 0.10 %
162
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Pro-Tek Pest Control, Inc, Pro-Tek Nurseries, LLC, Pro-Tek Irrigation (#) 8712 60th Terrace South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 186.3 $ 186.3 170.7 0.05 %
313 Air Duct LLC Dba Jouny Cleaning Services, M & J Restoration Emerge (#) 25150 W Warren Ave, Dearborn Heights, MI 48127 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 250.0 $ 250.0 269.6 0.08 %
313 Air Duck LLC dba Jouny Cleaning Services, M & J Restoration Emerge (#) 25150 W Warren Ave, Dearborn Heights, MI 48127 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 $ 162.0 $ 162.0 151.0 0.05 %
Tatoo Tony's Under My Skin LLC (#) 73 Memorial Parkway, Atlantic Highlands, NJ 07716 Personal and Laundry Services Term Loan Prime plus 2.75% 12/27/2044 $ 100.0 $ 100.0 112.5 0.03 %
QXC Communications, Inc (#) 4541 N Dixie Hwy, Boca Raton, FL 33431 Telecommunications Term Loan Prime plus 2.75% 12/27/2029 $ 525.0 $ 525.0 464.5 0.14 %
K&S Hardware mLLC dba Gopher Ace (#) 1865 Wayzata Blvd, Long Lake, MN 55356 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/27/2029 $ 62.5 $ 62.5 61.3 0.02 %
Watearth Inc (#) 3371 Glendale Blvd Ste 208, Los Angeles, CA 90039 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2029 $ 46.8 $ 46.8 41.2 0.01 %
A Family Member Homecare Group Inc, A Family Member Homecare Holdings, (#) 11788 Sample Rd, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2044 $ 118.8 $ 118.8 125.4 0.04 %
Protek Pest Control, Inc. Pro-tek Nurseries LLC, Pro-Tek Irrigation (#) 8712 60TH TER South, Lake Worth, FL 33467 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2044 $ 142.5 $ 142.5 157.4 0.05 %
Icebox Cafe L.C. and Icebox Pantry, LLC (#) 219 NE 3rd St., Hallendale Beach, FL 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 $ 242.9 $ 242.9 229.6 0.07 %
Bhatti LLC 2, Bhatti LLC (#) 1451 Coral Ridge Ave, Coralville, IA 52241 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/26/2029 $ 112.5 $ 112.5 101.3 0.03 %
Ink! Coffee Company (#) 2851 Larimer St., Denver, CO 80205 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2029 $ 515.3 $ 515.3 454.3 0.14 %
Richwood Enterprises, LLC, Richwood Transport LLC, Richwood Transport (#) 2564 Branch St., Middleton, WI 53562 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 $ 134.2 $ 134.2 137.4 0.04 %
Synergistic-Designs, LLC (#) 493 Wilson Mill Rd, New Wilmington, PA 16142 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/24/2029 $ 7.5 $ 7.5 6.6 — %
Aitheras Aviation Group, LLC and International Aviation Sales, Ltd. (#) 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation Term Loan Prime plus 2.75% 12/23/2029 $ 527.5 $ 527.5 481.7 0.15 %
Food Civilization Services LLC and 1701 W 15th St LLC (#) 1701 W 15th St, Houston, TX 77008 Real Estate Term Loan Prime plus 2.75% 12/23/2044 $ 150.0 $ 150.0 167.3 0.05 %
512 E 11th Street LLC and Big Brand Management Ltd. Co. (#) 512 E 11th St, Houston, TX 77008 Real Estate Term Loan Prime plus 2.75% 12/23/2044 $ 333.8 $ 333.8 366.1 0.11 %
163
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Lamkin Group LLC and National Championship Enterprises LLC (#) 901 Lily Creek Rd, Ste 102, Louisville, KY 40243 Rental and Leasing Services Term Loan Prime plus 2.75% 12/23/2029 $ 667.5 $ 667.5 589.2 0.18 %
Chris Farley DVM PA. dba Farley Veterinary Clinic (#) 6487 Taft St., Hollywood, CA 33024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2029 $ 13.5 $ 13.5 14.2 — %
Freedom Enterprises, Inc (#) 2431 14th Ave SE, Watertown, SD 57201 Truck Transportation Term Loan Prime plus 2.75% 12/20/2029 $ 325.0 $ 325.0 295.5 0.09 %
Shaddai Aesthetics Inc (#) 706 W 34th St., Austin, TX 78705 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2029 $ 18.9 $ 18.9 16.7 0.01 %
ACC International LLC (#) 200 N Furnace St, Birdsboro, PA 19508 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2044 $ 322.5 $ 322.5 335.2 0.10 %
Romain Tower Inc. (#) 215 S Persimmon St, Tomball, TX 77375 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2044 $ 897.5 $ 897.5 923.6 0.29 %
Macon Arts Center LLC (#) 4570 Pio Nono Ave, Macon, GA 31206 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2044 $ 625.0 $ 625.0 684.8 0.21 %
Freedom Enterprises, Inc - New RE company to be formed (#) 2431 14th Ave SE, Watertown, SD 57201 Truck Transportation Term Loan Prime plus 2.75% 12/20/2044 $ 207.5 $ 207.5 226.1 0.07 %
La Tradicion Cubana Inc (#) 1336 SW 8th St., Miami, FL 33135 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 $ 12.5 $ 12.5 12.8 — %
United Capital Group LLC (#) 23022 La Cadena Dr, Laguna Hills, CA 92653 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/19/2029 $ 322.0 $ 322.0 295.7 0.09 %
RWBB LLC (#) 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/19/2029 $ 16.7 $ 16.7 15.6 — %
Nebulos, LLC (#) 5428 Twilight Way, Parker, CO 80134 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2029 $ 62.5 $ 62.5 59.8 0.02 %
New Casa Technologies, LLC (#) 7928 S 70th Lane, Laveen, AZ 85339 Truck Transportation Term Loan Prime plus 2.75% 12/19/2029 $ 8.3 $ 8.3 7.4 — %
MBK IT Services Inc. (#) 626 Trailwood Ct., Garland, TX 75043 Nonstore Retailers Term Loan Prime plus 2.75% 12/19/2029 $ 21.6 $ 21.6 22.7 0.01 %
Kuros, LLC (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 12/19/2044 $ 397.5 $ 397.5 446.2 0.14 %
Kuros, LLC (#) 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 3/19/2045 $ 9.3 $ 9.3 10.5 — %
GDIM Enterprises Inc dba AAMCO (#) 1657 Whiskey Rd., Aiken, SC 29803 Repair and Maintenance Term Loan Prime plus 2.75% 12/19/2029 $ 19.5 $ 19.5 18.4 0.01 %
Skyfall LLC dba EZ Self Storage (#) 2705 US Hwy 45 N, Henderson, TN 38340 Real Estate Term Loan Prime plus 2.75% 12/18/2044 $ 146.3 $ 146.3 164.4 0.05 %
Premier Gaming Solutions Inc (#) 17 South Grand Ave, Passedena, CA 91105 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/18/2029 $ 11.3 $ 11.3 11.8 — %
Louisiana Apple, LLC, Mountain Apple, LLC, Kentucky Apple, LLC (#) 3909 Ambassador Caffrey Pkwy Bldg 1, Lafayette, LA 70503 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/18/2029 $ 900.0 $ 900.0 793.6 0.25 %
164
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Burlington Academy of Learning LLC (#) 10 Covey Rd, Burlington, CT 06013 Social Assistance Term Loan Prime plus 2.75% 12/18/2029 $ 50.0 $ 50.0 52.5 0.02 %
Sago Technologies Inc. dba Jak Ecig (#) 785 Woodfern Drive, Hampshire, IL 60140 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/17/2029 $ 235.0 $ 235.0 246.9 0.08 %
Pamela Bruner Enterprises, LLC (#) 4370 Old US 25 Hwy, Zinconia, NC 28790 Personal and Laundry Services Term Loan Prime plus 2.75% 12/17/2029 $ 62.5 $ 62.5 57.6 0.02 %
HADD Corp (#) 364 Rugby Rd, Cedarhurst, NY 11516 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 $ 12.5 $ 12.5 12.8 — %
J and K Project Management Consultants LLC (#) 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2044 $ 313.4 $ 313.4 350.0 0.11 %
Signco America LP & Sparkle corporation Inc. (#) 7938 Wright Rd, Houston, TX 77041 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/16/2044 $ 1,250.0 $ 1,250.0 1,405.2 0.44 %
Farain Saremi dba USA Produce (#) 461 G St., Los Banos, CA 93635 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/16/2044 $ 475.0 $ 475.0 511.5 0.16 %
J and K Project Management Consultants dba A. C. T. Construction (#) 350 Mc Donnell St, Lewisville, TX 75057 Construction of Buildings Term Loan Prime plus 2.75% 12/16/2029 $ 207.8 $ 207.8 215.2 0.07 %
Nulane Entertainment LLC (#) 4100 W. Alameda Ave # 300, Burbank, CA 91505 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 $ 7.5 $ 7.5 6.6 — %
Dr Steven J Seidel (#) 42 Campeau Place, Bergenfield, NJ 07621 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2029 $ 81.3 $ 81.3 71.8 0.02 %
WURA LLC dba Dickey's Barbecue Pit (#) 4325 E. University Drive Ste 40, Prosper, TX 75078 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2029 $ 90.8 $ 90.8 82.1 0.03 %
Math Enrichment, LLC (#) 1009 E Capitol Expressway, San Jose, CA 95121 Educational Services Term Loan Prime plus 2.75% 12/13/2029 $ 200.0 $ 200.0 176.3 0.05 %
Jen Macias LLC dba Duende (#) 2301 NW Thurman St., Portland, OR 97210 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2029 $ 8.1 $ 8.1 7.1 — %
The Crane Guys, LLC (#) 14480 Alondra Blvd, La Mirada, CA 90638 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2029 $ 1,250.0 $ 1,250.0 1,172.8 0.36 %
The Floor Covering Warehouse, Inc (#) 112 Orchard St., Stamford, CT 06902 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/13/2044 $ 240.0 $ 240.0 269.8 0.08 %
Essex Indoor Golf Center LLC (#) 23 Saybrook Rd, Essex, CT 06426 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/13/2029 $ 78.8 $ 78.8 73.6 0.02 %
Belle Properties Northwest, Inc. (#) 223 Ave B, Snohomish, WA 98290 Personal and Laundry Services Term Loan Prime plus 2.75% 12/12/2044 $ 131.3 $ 131.3 142.8 0.04 %
Stockton TRI Industries, LLC (#) 2141 E Anderson St., Stockton, CA 95205 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/12/2044 $ 1,107.5 $ 1,107.5 1,197.0 0.37 %
Joyner5, Inc.dba British Swim School (#) 1000 Settlers Landing Court, Wake Forest, NC 27587 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/12/2029 $ 22.5 $ 22.5 19.8 0.01 %
Abylex, Inc and Worpex LLC (#) 7473 Reese Rd #2, Sacremento, CA 95828 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2044 $ 95.0 $ 95.0 91.3 0.03 %
165
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Chambers Funeral Home & Crematorium PA & Riverdale Park Crematory, LLC (#) 5801 Cleveland Ave, Riverdale, MD 20737 Personal and Laundry Services Term Loan Prime plus 2.75% 12/11/2044 $ 300.0 $ 300.0 337.3 0.10 %
Vaughn Chiropractic, PLLC dba Catalyst Chiropractic and Rehab (#) 10904 Baltimore St NE, Blaine, MN 55449 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/11/2029 $ 41.5 $ 41.5 36.7 0.01 %
CCD Construction Services LLC dba Clearwater Outdoor Design, CCD Exca (#) 175 W Borgfeld Drive, San Antonio, TX 78260 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2044 $ 112.5 $ 112.5 121.0 0.04 %
Professional Plumbing Services of Nela, LLC (#) 99 Plum St., West Monroe, LA 71292 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/11/2029 $ 18.0 $ 18.0 17.8 0.01 %
Ciel Du Mel LLC dba Lala's Creamery (#) 134 Petaluma Blvd North, Petalumaca, CA 94952 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/10/2029 $ 16.5 $ 16.5 15.1 — %
Helping Hands Group Daycare dba Dawn to Dusk Learning and Child Care L (#) 10 Tremont Rd, Tremont, PA 17981 Social Assistance Term Loan Prime plus 2.75% 12/10/2044 $ 39.0 $ 39.0 42.3 0.01 %
SLCP Transport, LLC dba Aamco (#) 1407 Lomaland Drive, El Paso, TX 79935 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2029 $ 62.5 $ 62.5 59.8 0.02 %
Elita 7, LLC and Behavioral Nutrition Inc. (#) 16 Marble St., Worchester, MA 01603 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/9/2029 $ 300.0 $ 300.0 291.4 0.09 %
Eagle Eye Truck Lines LLC and Eagle Eye Logistics LLC (#) 560 56th St SW, Grand Rapids, MI 49548 Truck Transportation Term Loan Prime plus 2.75% 12/6/2029 $ 1,100.0 $ 1,100.0 983.3 0.31 %
Bay Area Metal Fabricarion LLC (#) 510 -512 Stone Rd, Benicia, CA 94510 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/6/2029 $ 136.8 $ 136.8 127.2 0.04 %
The Stout Group LLC (#) 10850 NW 138th St, Hialeah Gardens, FL 33018 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/6/2029 $ 240.0 $ 240.0 222.4 0.07 %
DB Talak LLC (#) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/6/2044 $ 153.5 $ 153.5 172.6 0.05 %
Scott's Hardware, Inc., dba Medford Inc (#) 200 Tuckerton Rd, Medford, NJ 08055 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 $ 12.5 $ 12.5 12.8 — %
Mazhar Family, Inc dba Edible Arrangements (#) 601 Portion Rd, #17, Lake Ronkonkoma, NY 11779 Nonstore Retailers Term Loan Prime plus 2.75% 12/6/2029 $ 67.5 $ 67.5 60.0 0.02 %
Glen Lamb dba Lambs Tree And Plant Health Care (#) 413 Pond Meadow Rd, Westbrook, CT 06498 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 $ 18.8 $ 18.8 17.5 0.01 %
Natalie Enterprise Inc (#) 2500 Grand Ave, Billings, MT 59102 Administrative and Support Services Term Loan Prime plus 2.75% 12/6/2029 $ 20.3 $ 20.3 21.3 0.01 %
Wolf Pack, LLC (#) 939 South 25th East, Ste. 115, Ammon, ID 83406 Management of Companies and Enterprises Term Loan Prime plus 2.75% 3/6/2030 $ 224.5 $ 224.5 206.3 0.06 %
Ohanyan LLC dba Nestle Toll House Caf'e By Chip (#) 14006 Riverside Dr. #9270, Sherman Oaks, CA 91423 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 $ 33.3 $ 33.3 31.3 0.01 %
Clearwater Engineering Inc (#) 301 N River St., Derby, KS 67037 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/5/2029 $ 590.0 $ 590.0 548.6 0.17 %
166
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Used Tire Express 1, Corp (#) 437 N. Battlefield, Chesapeake, VA 23320 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/5/2029 $ 86.3 $ 86.3 78.8 0.02 %
Standard Capital Corp (#) 2377 Wessington Drive, Virginia Beach, VA 23456 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 $ 12.5 $ 12.5 12.8 — %
Hook Line and Schooner Vinings LLC (#) 400 West Village Way #3009, Smyrna, GA 30008 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/4/2029 $ 22.5 $ 22.5 21.1 0.01 %
Soto Injury Law Firm, PA and My Attorney Inc (#) 2050 Capital Circle NE Ste B, Tallahassee, FL 32308 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/3/2029 $ 62.5 $ 62.5 55.2 0.02 %
Mega Sales Detergent Distributor, LLC (#,^) 1 Ackerman Ave, Clifton, NJ 07011 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/29/2029 $ 50.0 $ 50.0 44.1 0.01 %
Loading Arms Plus Inc (#) 5401 Mitchelldale St., Ste B4, Houston, TX 77092 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 $ 79.3 $ 79.3 70.9 0.02 %
Behind the Scenes Chicago, LLC dba Paramount Events (#) 1750 W Lake St., Chicago, IL 60612 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 $ 464.6 $ 464.6 427.2 0.13 %
Keith E Burks dba 3B's Chalk It Up (#) 22540 Foothill Boulevard, Hayward, CA 94541 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/27/2029 $ 13.5 $ 13.5 13.2 — %
American Bio Source, LLC dba Dieselgreen Fuels (#) 2522 N Hwy 287, Decatur, TX 76234 Waste Management and Remediation Services Term Loan Prime plus 2.75% 11/27/2029 $ 57.3 $ 57.3 60.2 0.02 %
Codorado, Inc. dba Dentalmart (#,^) 10 Glorieta Rd, Sante Fe, NM 87508 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/27/2029 $ 10.5 $ 10.5 9.3 — %
Alice's Tea Cup, ATC !! LLC and ATC 111, LLC (#) 102 W 73rd St., New York, NY 10023 Food Manufacturing Term Loan Prime plus 2.75% 11/27/2029 $ 272.5 $ 272.5 243.4 0.08 %
Roots'n Shoots, LLC (#) 86 Boston Rd, Chelmsford, MA 01824 Administrative and Support Services Term Loan Prime plus 2.75% 11/27/2029 $ 10.7 $ 10.7 9.4 — %
Haversack Holdings LLC (#) 101 S Tryon St., Charlotte, NC 28280 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/27/2029 $ 125.0 $ 125.0 110.2 0.03 %
Kanti Group Inc, Marina 84 Sport Bar & Grill LLC and Pub 52 Sports (#) 2440 Wesr State Rd 84, Fort Lauderdale, FL 33312 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2029 $ 150.0 $ 150.0 133.8 0.04 %
ADPM Inc. (#,^) 77 Main St, Amesbury, MA 01913 Real Estate Term Loan Prime plus 2.75% 11/26/2029 $ 47.5 $ 47.5 41.9 0.01 %
Ultra Flow Dispense, LLC (#) 820 Prospect Hill Rd, Windsor, CT 06095 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/26/2029 $ 102.5 $ 102.5 91.0 0.03 %
Ford Custom Renovation LLC (#,^) 405 Broadway St., Muncy, PA 17756 Construction of Buildings Term Loan Prime plus 2.75% 11/26/2029 $ 8.3 $ 8.3 7.3 — %
Fullmer's Landscaping, Inc. (#) 9547 W Third St., Dayton, OH 45417 Administrative and Support Services Term Loan Prime plus 2.75% 11/26/2029 $ 195.3 $ 195.3 178.2 0.06 %
B.S Carrier LLC and United Truck & Trailer Repair LLC (#) 3716 Garman Rd, Salem, VA 24153 Truck Transportation Term Loan Prime plus 2.75% 11/25/2029 $ 236.3 $ 236.3 232.2 0.07 %
Hurricane Group, Inc.dba Crate Club Group (#) 101 San Patricio Ave, Ste 860, Guaynabo, PR 00968 Other Information Services Term Loan Prime plus 2.75% 11/25/2029 $ 50.0 $ 50.0 44.1 0.01 %
S&C Cookies, Inc (#,^) 1969 Jericho Turnpike, East Northport, NY 11731 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/22/2029 $ 56.3 $ 56.3 49.7 0.02 %
167
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Peanut Butter & Co Inc (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2029 $ 187.5 $ 187.5 165.3 0.05 %
Place Vendome Holding Co. Inc.dba R&F Marketing (#) 308 Glenwood Rd, Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2044 $ 434.7 $ 434.7 433.0 0.13 %
Place Vendome Holding Co Inc.dba R&F Marketing (#) 610 East Main St., Swainsboro, GA 30401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/22/2029 $ 236.2 $ 236.2 225.5 0.07 %
A&N Design Studios Inc dba Door3 Business Application (#) 22 Cortlandt St., New York, NY 10007 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2029 $ 122.5 $ 122.5 113.1 0.04 %
Cum Laude Enterprises, LLC (#) 15218 Penn Hills Lane, Houston, TX 77062 Nonstore Retailers Term Loan Prime plus 2.75% 11/22/2029 $ 19.2 $ 19.2 18.4 0.01 %
Best Choice Meats, Inc, (#,^) 12646 S Springfield Ave, Alsip, IL 60803 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/22/2044 $ 1,344.7 $ 1,344.7 1,458.1 0.45 %
ZUMI LLC dba Allstate Insurance (#,^) 1537 W 79th St, Chicago, IL 60620 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/22/2029 $ 12.0 $ 12.0 12.3 — %
Weeping Willow Kennel Inc (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2029 $ 4.5 $ 4.5 4.7 — %
Coral Springs Family Wellness LLC (#) 2902 North University Drive, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 $ 59.1 $ 59.1 52.9 0.02 %
Semplice Cafe LLC (#,^) 209 N Main St., Breckenridge, CO 80424 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 $ 18.0 $ 18.0 16.2 0.01 %
The Rollin' Trapp LLC (#,^) 1731 Prevatt Rd, Dothan, AL 36301 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2029 $ 8.0 $ 8.0 7.5 — %
Pen's Electric Company (#) 504 Fairfax Ave, Nashville, TN 37212 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 $ 12.5 $ 12.5 12.8 — %
Cobb Roofing LLC (#,^) 8101 NW 10th St, Oklahoma City, OK 73127 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2029 $ 53.7 $ 53.7 47.3 0.01 %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 06450 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/20/2029 $ 137.5 $ 137.5 127.2 0.04 %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 32811 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2029 $ 75.0 $ 75.0 73.9 0.02 %
AMH Construction, Inc. (#,^) 30 South Ivey Lane, Orlando, FL 32811 Construction of Buildings Term Loan Prime plus 2.75% 11/20/2044 $ 275.0 $ 275.0 299.6 0.09 %
AD Learning Group, LLC dba The Learning Experience & AD Learning NH LL (#,^) 181 Shunpike Rd, Cromwell, CT 06416 Social Assistance Term Loan Prime plus 2.75% 11/18/2029 $ 137.5 $ 137.5 121.2 0.04 %
Ryan & Selena LLC dba Head of the Class Learning Center (#,^) 1836 Kathleen Rd, Lakeland, FL 33805 Social Assistance Term Loan Prime plus 2.75% 11/18/2044 $ 445.5 $ 445.5 477.1 0.15 %
SSH Princeton LLC dba Stumpy's Hatchet House of Princeton (#) 745 Alexander Rd, Ste 1-3, Princeton, NJ 08540 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/15/2030 $ 91.0 $ 91.0 80.4 0.02 %
168
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
MToxins Venom Lab LLC (#,^) 717 Oregon St., Oshkosh, WI 54902 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/15/2044 $ 101.3 $ 101.3 106.3 0.03 %
Champions Of Diversity Media Inc dba Champions of Diversity: Politics (#,^) 5100 Transamerica Drive, Columbus, OH 43228 Administrative and Support Services Term Loan Prime plus 2.75% 11/15/2044 $ 72.5 $ 72.5 79.4 0.02 %
Lindsley Excavating LLC (#,^) 92 Town Line Rd, Fulton, NY 13069 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/15/2029 $ 192.5 $ 192.5 186.3 0.06 %
The Pinnacle Development Group Inc dba The Goddard School (#) 105 Springside Drive, Akron, OH 44333 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 $ 12.5 $ 12.5 12.8 — %
Rockin Robin Music Lessons LLC (#,^) 9029 Hwy 6 Ste 160, Missouri City, TX 77459 Educational Services Term Loan Prime plus 2.75% 11/14/2029 $ 9.3 $ 9.3 8.2 — %
Bucklin Sumner & Associates LLC dba Bucklin Sumner & Associates LLC (#) 650 NE Holladay St. Ste 1600, Portland, OR 97232 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 $ 12.5 $ 12.5 12.8 — %
Winning Sales Plan Inc (#,^) 17811 Fairhaven Gateway, Cypress, TX 77433 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/14/2029 $ 50.0 $ 50.0 52.5 0.02 %
Sean McNamara (#) 5639 Wood Lane, Allentown, PA 18106 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 $ 12.5 $ 12.5 12.8 — %
Ninth Avenue, LLC (#) 5000 W Empire Place, Rm 916, Sioux Falls, SD 57106 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/14/2030 $ 62.5 $ 62.5 56.6 0.02 %
Adrienne's Gourmet Foods, Imagine Baking, Inc (#,^) 1034 Hancock St., Sandusky, OH 44870 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2029 $ 529.4 $ 529.4 523.1 0.16 %
Two Roses Salon 1, Inc.dba National Fluid Power Institute and NFPI (#,^) 908 S Jefferson St., Amarillo, TX 79101 Educational Services Term Loan Prime plus 2.75% 11/12/2029 $ 395.0 $ 395.0 371.1 0.12 %
Ameen Enterprises, LLC dba Bargain Town (#,^) 1111 E Washington St., Stephenville, TX 76401 Gasoline Stations Term Loan Prime plus 2.75% 11/12/2029 $ 125.0 $ 125.0 127.5 0.04 %
Adrienne's Gourmet Foods, Imagine Baking Inc (#,^) 1034 Hancock St., Sandusky, OH 44870 Food Manufacturing Term Loan Prime plus 2.75% 11/12/2044 $ 406.2 $ 406.2 456.7 0.14 %
Potomac Nail Spa Corporation (#,^) 14901 Potomac Town Place, Woodbridge, VA 22191 Personal and Laundry Services Term Loan Prime plus 2.75% 11/12/2029 $ 52.1 $ 52.1 46.2 0.01 %
Steven French dba French Woodworking (#,^) 1101 Horizon Drive Ste 101, Fairfield, CA 94533 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/12/2044 $ 62.5 $ 62.5 70.3 0.02 %
SSD Designs LLC (#,^) 486 Vance St, Forest City, NC 28043 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 1/12/2030 $ 350.0 $ 350.0 330.8 0.10 %
NJ Floats, Inc (#) 327 Rte 202/206, Bedminster Township, NJ 07921 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 $ 26.3 $ 26.3 29.5 0.01 %
James Richard Farkas Jr. dba Lil Black Bear Inn (#,^) 8072 State Rd 46 E, Nashville, TN 47448 Accommodation Term Loan Prime plus 2.75% 11/12/2044 $ 109.3 $ 109.3 115.5 0.04 %
HH Wireless Connect LLC (#,^) 48267 Deer Trail Drive, Canton, MI 48187 Electronics and Appliance Stores Term Loan Prime plus 2.75% 11/12/2029 $ 8.3 $ 8.3 7.3 — %
169
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Integrated Vascular Services LLC (#,^) 1452 Franklin Ave, Salem, OR 44460 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/8/2029 $ 80.0 $ 80.0 71.0 0.02 %
Airbar Inc (#,^) 5 N Station Plaza, Great Neck, NY 11021 Personal and Laundry Services Term Loan Prime plus 2.75% 11/8/2029 $ 21.6 $ 21.6 19.1 0.01 %
East River Plumbing, LLC (#,^) 997 E Loop, Priest River, ID 83856 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/8/2044 $ 50.0 $ 50.0 54.4 0.02 %
Link Rec of Minong, Inc (#,^) 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2044 $ 393.8 $ 393.8 431.5 0.13 %
WE MAKE DIFFERENCES, LLC (#,^) 1380 Main St., Waltham, MA 02451 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/7/2029 $ 6.3 $ 6.3 6.3 — %
Link Rec of Minong, Inc (#,^) 304 Business Hwy 53, Minong, WI 54859 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/7/2029 $ 856.3 $ 856.3 764.8 0.24 %
Dear Valley Sports Shop LLC (#) 507 Bamboo Rd, Boone, NC 28607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 $ 12.5 $ 12.5 12.8 — %
Lake Pontchartrain Properties, LLC (#,^) 6001-6201 France Rd, New Orleans, LA 70126 Accommodation Term Loan Prime plus 2.75% 11/7/2044 $ 1,150.0 $ 1,150.0 1,292.8 0.40 %
21 Air, LLC, 21 Cargo Inc, JW Aviation LLC, Freighter 27044 LLC (#,^) 3650 NW 82 Ave, Doral, FL 33166 Air Transportation Term Loan Prime plus 2.75% 11/6/2029 $ 1,025.0 $ 1,025.0 903.8 0.28 %
C&P Trading and Sales Inc (#,^) 950 Peninsula Corporate Cir, Boca Raton, FL 33487 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 249.1 $ 249.1 219.8 0.07 %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Drive, Waynesville, NC 28786 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2044 $ 232.4 $ 232.4 257.9 0.08 %
11900 Marshfield Station Inc (#,^) 11900 S Marshfield Ave, Calumet Park, IL 60827 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 $ 1,250.0 $ 1,250.0 1,370.0 0.43 %
D & H Construction Services, Inc. (#,^) 711 Hospital St., Richmond, VA 23219 Construction of Buildings Term Loan Prime plus 2.75% 10/31/2029 $ 139.2 $ 139.2 127.5 0.04 %
Automotive Solutions, LLC (#,^) 1910 W. Dupont Rd, Fort Wayne, IN 46818 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 $ 297.2 $ 297.2 322.0 0.10 %
Sunburst Trout Farm, LLC (#,^) 314 Industrial Park Dr, Waynesville, NC 28786 Fishing, Hunting and Trapping Term Loan Prime plus 2.75% 10/31/2029 $ 67.1 $ 67.1 70.5 0.02 %
Automotive Standard, LLC (#,^) 4028 Coldwater Rd, Fort Wayne, IN 46805 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2044 $ 137.3 $ 137.3 149.9 0.05 %
Mariscos El Oceano, Inc. (#,^) 5960 S Archer Ave, Chicago, IL 60638 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2044 $ 124.9 $ 124.9 137.9 0.04 %
Maine Service Corp (#,^) 59-24 22nd St., Maspeth, NY 11378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 124.3 $ 124.3 130.6 0.04 %
Guru Kirpa, Inc (#,^) 3006 New Castle Ave, New Castle, DE 19720 Gasoline Stations Term Loan Prime plus 2.75% 10/31/2044 $ 195.3 $ 195.3 206.0 0.06 %
MJ Group, Inc (#,^) 26691 Loma Verde, Mission Viejo, CA 92691 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2029 $ 21.2 $ 21.2 18.8 0.01 %
Dub Industries LLC (#,^) 4112 Veiled Falls Drive, Pflugerville, TX 78660 Nonstore Retailers Term Loan Prime plus 2.75% 10/31/2029 $ 70.6 $ 70.6 68.0 0.02 %
170
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Fave Realty, Inc. (#,^) 217-84 Hempstead Ave, Jamaica, NY 11429 Real Estate Term Loan Prime plus 2.75% 10/31/2044 $ 116.9 $ 116.9 131.4 0.04 %
Kerzner Contracting Corp (#,^) 1620 Ocean Ave, Bohemia, NY 11716 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 $ 111.9 $ 111.9 98.7 0.03 %
Jessie's Radiator and Automotive (#,^) 1777 N Ventura Ave, Ventura, CA 93001 Repair and Maintenance Term Loan Prime plus 2.75% 10/31/2029 $ 15.7 $ 15.7 15.0 — %
The Committed Pig LLC (#,^) 28 West Park Place, Morristown, NJ 07090 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2029 $ 277.2 $ 277.2 291.3 0.09 %
L& F Gullo Service Corp (#,^) 520 Main St, Westbury, NY 11590 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/31/2029 $ 174.0 $ 174.0 153.4 0.05 %
ABC Sandblasting, LLC (#,^) 14029 56th St. NW, Williston, ND 58801 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2029 $ 243.6 $ 243.6 219.8 0.07 %
Paul Wintner dba P & R Props (#,^) 23901 Calabasas Rd, Calabasas, CA 91302 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 $ 55.9 $ 55.9 49.3 0.02 %
Blue Agave & Brothers, LLC dba Blue Apachie Mexican Restaurant and Blu (#,^) 905 Savoy Rd, Youngsville, LA 70592 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/30/2029 $ 87.0 $ 87.0 77.8 0.02 %
BGB Leasing Inc and BGB Leasing Co. (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Term Loan Prime plus 2.75% 10/30/2029 $ 1,153.6 $ 1,153.6 1,082.5 0.34 %
BGB Leasing Co. (#,^) 50 Industrial Park Rd, Princeton, KY 42445 Truck Transportation Term Loan Prime plus 2.75% 10/30/2044 $ 89.9 $ 89.9 101.1 0.03 %
Plastic Depot, Inc (#,^) 363 East Alondra Blvd, Gardena, CA 90248 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/30/2029 $ 157.4 $ 157.4 138.9 0.04 %
Lightning Strike Distributing, LLC dba Jedidiah's Jerky & Gournet Snac (#,^) 9912 Arizona Dr, Mohave Valley, AZ 86440 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/30/2029 $ 64.6 $ 64.6 57.9 0.02 %
OWL Inc, (#,^) 5300 S Orange Blossom Trail, Orlando, FL 32839 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 10/28/2029 $ 211.3 $ 211.3 186.3 0.06 %
Marnon Vending LLC dba Naturals 2 Go San Antonio (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Nonstore Retailers Term Loan Prime plus 2.75% 10/28/2029 $ 7.9 $ 7.9 7.5 — %
Corple Enterprises, Inc (#,^) 17887 US-380, Ponder, TX 76259 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/28/2029 $ 155.9 $ 155.9 156.5 0.05 %
Proximo Consulting Services Inc (#,^) 2500 Plaza 5, Jersey City, NJ 07311 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/28/2029 $ 74.6 $ 74.6 65.8 0.02 %
Perisseia Physicians LLC (#,^) 1644 Lebanon Rd, Lawrenceville, GA 30043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/28/2044 $ 399.4 $ 399.4 419.2 0.13 %
Diamond Solutions LLC (#,^) 8321 E Gelding Drive, Scottsdale, AZ 85260 Machinery Manufacturing Term Loan Prime plus 2.75% 10/25/2029 $ 12.7 $ 12.7 11.2 — %
Four Ace Electrical Services Corporation (#,^) 3723 Far Niente Way, Sacramento, CA 95834 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/25/2029 $ 11.9 $ 11.9 10.7 — %
Landmark Ventures USA, Inc (#,^) 475 Park Ave S, 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 10/25/2029 $ 104.4 $ 104.4 92.1 0.03 %
171
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
iLoka Inc. dba NewCloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 10/25/2029 $ 99.4 $ 99.4 104.5 0.03 %
Exclusive Physicians PLLC dba EPIC Primary Care,PLLC (#,^) 18463 Livernois Ave, Detroit, MI 48221 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/25/2029 $ 124.3 $ 124.3 110.5 0.03 %
IV Purpose Inc (#) 1489 Fulton St., Brooklyn, NY 11216 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 $ 26.1 $ 26.1 24.3 0.01 %
Jbang LLC, WM Bang LLC, Bang Investments LLC (#) 125 Westchester Ave, White Plains, NY 10601 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 $ 20.0 $ 20.0 21.0 0.01 %
Sultan's Palace L.L.C. (#,^) 8125 West Sahara Ave, Ste 300, Las Vegas, NV 89117 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2029 $ 21.0 $ 21.0 19.3 0.01 %
Fimac Inc dba American Educational Services (#,^) 26300 La Alameda Ste 200, Mission Viejo, CA 92691 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/23/2029 $ 22.4 $ 22.4 19.9 0.01 %
Pyle Garage Doors OKC, INC dba Precision Door Service OKC (#,^) 8860 S Sunnylane Rd, Oklahoma City, OK 73135 Repair and Maintenance Term Loan Prime plus 2.75% 10/22/2029 $ 14.7 $ 14.7 13.0 — %
James Clark and Company, Inc. (#) 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 $ 12.4 $ 12.4 12.7 — %
Todd's Car Wash, LLC (#,^) 5505 Johnston St., Lafayette, LA 70506 Repair and Maintenance Term Loan Prime plus 2.75% 10/18/2044 $ 343.4 $ 343.4 386.0 0.12 %
UNIQUE PAVER INSTALLATIONS, INC. (#,^) 4930 Mars Hill Rd, Bogart, GA 30622 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 $ 22.5 $ 22.5 20.7 0.01 %
Owens Family and Cosmetic Dentistry PLLC (#,^) 403 E College St., Pulaski, TN 38478 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/17/2029 $ 270.8 $ 270.8 246.8 0.08 %
Roughcut LLC (#,^) 41540 National Rd, Belmont, OH 43718 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/17/2029 $ 468.6 $ 468.6 492.4 0.15 %
Pine Mountain Residential LLC (#) 10240 Cosmopolitan Circle, Parker, CO 80134 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 $ 12.4 $ 12.4 12.7 — %
Powerlift Dumbwaiters, Inc (#) 2444 Georgia Slide Rd, Georgetown, CA 95634 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 $ 12.5 $ 12.5 12.7 — %
Naroh Manufacturing, LLC (#,^) 185 Gus Hipp Blvd, Rockledge, FL 32955 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/15/2029 $ 18.6 $ 18.6 17.3 0.01 %
Chavero's Auto Mart, LLC (#) 1364 E Palma Vista Drive, Palmview, TX 78572 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 $ 12.5 $ 12.5 12.8 — %
The Cow Harbor Beer Company LLC dba Sand City Brewing Co. (#) 19 Scudder Ave, Northport, NY 11768 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 $ 91.0 $ 91.0 90.8 0.03 %
Glenda D Brewer dba Bargain Store (#) 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 $ 12.4 $ 12.4 12.7 — %
S&D Beauty Spa Inc dba Elite Nails, dba Bella's Nails &dba Onyx Nail b (#,^) 5604 Slide Rd, Lubbock, TX 79414 Personal and Laundry Services Term Loan Prime plus 2.75% 10/11/2029 $ 155.4 $ 155.4 139.1 0.04 %
172
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Q2 Ventures, LLC (#,^) 2805 W Arimo Rd, Arimo, ID 83214 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/8/2029 $ 176.5 $ 176.5 177.5 0.06 %
Paketo LLC dba West Loop UPS Store (#,^) 623 W Lake St., Chicago, IL 60661 Couriers and Messengers Term Loan Prime plus 2.75% 10/4/2029 $ 16.4 $ 16.4 14.7 — %
Joseph P Fusco DDS PC (#,^) 77 N Centre Ave, Rockville Centre, NY 11570 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2029 $ 65.5 $ 65.5 57.9 0.02 %
International Protection Group, LLC (#,^) 481 8th Ave Ste 1130, New York, NY 10001 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2029 $ 81.6 $ 81.6 80.6 0.02 %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainesville, FL 32605 Social Assistance Term Loan Prime plus 2.75% 9/30/2044 $ 179.6 $ 179.6 194.6 0.06 %
AV Strategy, Inc (#,^) 9402 American Eagle Way, Orlando, FL 32837 Rental and Leasing Services Term Loan Prime plus 2.75% 9/30/2029 $ 257.1 $ 257.1 241.9 0.08 %
In Power Motors, LLC, In-Power Motors II LLC, In-Power Motors III LLC (#,^) 2301 W. Buckeye Rd, Phoenix, AZ 85009 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2044 $ 623.5 $ 623.5 656.8 0.20 %
MVE, Inc dba Mid-Valley Engineering (#,^) 1117 L St., Modesto, CA 95354 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 $ 1,226.1 $ 1,226.1 1,114.6 0.35 %
SPIRE Manufacturing Solutions LLC (#,^) 1440 Newport Rd, Colorado Springs, CO 80916 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/30/2044 $ 1,014.1 $ 1,014.1 1,140.1 0.35 %
Meldi Maa, Inc dba The River Complex (#,^) 74 S Main St., Woonsocket, RI 02895 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2044 $ 422.8 $ 422.8 463.2 0.14 %
50 Taps, LLC dba Colorado Taproom & Grill (#,^) 19539 Hess Rd, Ste 101, Parker, CO 80134 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 $ 76.6 $ 76.6 68.4 0.02 %
Crown Waste Corp (#,^) 1 Plainview Rd, Bethpage, NY 11714 Waste Management and Remediation Services Term Loan Prime plus 2.75% 9/30/2029 $ 49.4 $ 49.4 46.1 0.01 %
Bev's Sweets LLC (#,^) 3778 Hwy 254, Cleveland, GA 30528 Administrative and Support Services Term Loan Prime plus 2.75% 9/30/2044 $ 213.3 $ 213.3 232.8 0.07 %
DG Business Solutions, Inc (#,^) 11008 Rene St., Lenexa, KS 66215 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 $ 222.5 $ 222.5 197.7 0.06 %
A Child's Dream Educational Center LLC (#,^) 4127 NW 34th St., Gainsville, FL 32605 Social Assistance Term Loan Prime plus 2.75% 9/30/2029 $ 186.8 $ 186.8 165.3 0.05 %
Atlantic Pacific Hospitality Solutions Inc dba North Beach Bistro (#,^) 725 Atlantic Blvd, Atlantic Beach, FL 32233 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 $ 9.3 $ 9.3 8.2 — %
Heart and Vascular Associates of Tampa, LLC (#,^) 17 David Boulevard, Tampa, FL 33606 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2044 $ 775.0 $ 775.0 803.1 0.25 %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Rd, Seaford, NY 11783 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 586.1 $ 586.1 604.1 0.19 %
Aztec Machine & Repair Inc, Cranrd & Material (#,^) 1715 N 1st St, Bloomfield, NM 87413 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 710.8 $ 710.8 744.4 0.23 %
Wagner & Sons Inc (#,^) 22365 Alydar Drive, Lexington Park, MO 20653 Nonstore Retailers Term Loan Prime plus 2.75% 9/27/2029 $ 18.5 $ 18.5 16.4 0.01 %
Zima Dining Inc. dba Country Kitchen (#,^) 1497 N Mt. Vernon Ave, Colton, CA 92324 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2029 $ 62.3 $ 62.3 65.4 0.02 %
173
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Double H Services, LLC, C&T Oil Field Services, LLC and Brian S. Holma (#,^) 3721 North 162nd St., Garber, OK 73701 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2029 $ 1,013.5 $ 1,013.5 953.1 0.30 %
Cherry and Candlewood Inc dba Aamco (#,^) 3029 South St., Long beach, CA 90805 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2044 $ 432.2 $ 432.2 485.9 0.15 %
Universe Appliance Repairs Inc. (#,^) 3790 Merrick Rd, Seaford, NY 11783 Repair and Maintenance Term Loan Prime plus 2.75% 9/27/2029 $ 655.1 $ 655.1 607.0 0.19 %
Titan Laser Screed Concrete Services, LLC (#,^) 8908 Wildlife Lane, Sanford, FL 32771 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 $ 49.4 $ 49.4 44.8 0.01 %
Total Pallet Consolidation LLC (#,^) 2800 Swanee Ave, Buford, GA 30618 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/27/2029 $ 18.5 $ 18.5 16.5 0.01 %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave Unit 342, Brooklyn, NY 11205 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2029 $ 198.1 $ 198.1 175.0 0.05 %
Zmetra Clearspan Structures LLC (#,^) 2 Old Worcester Rd, Webster, MA 01571 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/27/2044 $ 436.9 $ 436.9 491.1 0.15 %
Hoagie Barmichaels Inc (#,^) 1101 River Rd, New Windsor, NY 12553 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/27/2044 $ 112.7 $ 112.7 115.7 0.04 %
Santa Fe Flooring LLC (#,^) 3711 Paseo Del Norte NE, Albuquerque, NM 87113 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 9/26/2029 $ 493.2 $ 493.2 450.1 0.14 %
MeShare Inc. (#,^) 1401 Interstate Drive, Champaign, IL 61822 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 9/26/2029 $ 1,236.0 $ 1,236.0 1,157.7 0.36 %
Adam's Construction & General Contracting LLC (#,^) 7808 N Custer Rd, Freesoil, MI 49411 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2029 $ 68.2 $ 68.2 62.4 0.02 %
Anderson's Outdoor Adventures, LLC (#,^) 4060 SW County Rd 232, Bell, FL 32619 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 $ 22.2 $ 22.2 22.5 0.01 %
Byler, Wolfe, Lutsch and Kampfer CPAs, Inc (#,^) 360 East State St., Salem, OH 44460 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2044 $ 53.4 $ 53.4 54.1 0.02 %
luv 2 Play Nor Cal, LLC (#,^) 82 Clarksville Rd, Folsom, CA 95682 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2029 $ 111.7 $ 111.7 100.3 0.03 %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 50025 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/25/2029 $ 67.1 $ 67.1 70.4 0.02 %
Flamingo Bowl, Inc (#,^) 3301 N 23rd St., McAllen, TX 78501 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/24/2029 $ 201.5 $ 201.5 190.6 0.06 %
Unified Utility Services LLC (#,^) 206 Frankie Lane, Ladson, SC 29456 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/20/2044 $ 157.6 $ 157.6 177.0 0.05 %
Standard Real Estate Services LLC (#) 500 W Silver Spring Dr. #K 200, Glendale, WI 53217 Real Estate Term Loan Prime plus 6.5% 9/19/2029 $ 12.4 $ 12.4 12.6 — %
Host Marketing, LLC (#) 206 Bell Lane Ste B, West Monroe, LA 71291 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 $ 12.4 $ 12.4 12.6 — %
Payne's Enviromental Service, LLC dba Bamaco (#,^) 5617 Causeway Boulevard, Tampa, FL 33619 Administrative and Support Services Term Loan Prime plus 2.75% 9/18/2044 $ 521.0 $ 521.0 545.4 0.17 %
Vancole Investments, Inc. dba Smoothie King #913 &;Dream Developmenf G (#,^) 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2029 $ 11.9 $ 11.9 10.5 — %
174
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Win Health Institute (#,^) 711 E Valley Rd, Basalt, CO 81621 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/17/2029 $ 7.4 $ 7.4 6.8 — %
Natalie Hart LLC dba Lady of Luxury &dba Country Sugar Events, dba Que (#) 1702 Fawn Gate St, San Antonio, TX 78248 Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2029 $ 33.4 $ 33.4 33.7 0.01 %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 52402 Rental and Leasing Services Term Loan Prime plus 2.75% 9/16/2029 $ 20.0 $ 20.0 18.9 0.01 %
Bay Bowl Inc dba Shasta Lanes (#,^) 11093 Black Marble Way, Redding, CA 96003 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2044 $ 536.2 $ 536.2 602.3 0.19 %
Oak Park Social LLC (#) 14691 W 11 Mile Rd, Oak Park, MI 48237 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2045 $ 96.9 $ 96.9 105.5 0.03 %
The Steel Method LLC dba Sneeze It (#,^) 250 Passaic Ave Ste 200, Fairfield, NJ 07004 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2029 $ 166.9 $ 166.9 147.4 0.05 %
New Flow Plumbing and Rooter Inc. (#,^) 6718 Katherin Ave, Van Nuys, CA 91405 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/12/2029 $ 49.4 $ 49.4 43.9 0.01 %
ACSS CPA, LLC (#,^) 1016 S Texas Blvd, Weslaco, TX 78599 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/12/2044 $ 39.9 $ 39.9 42.6 0.01 %
Miami Squeeze Inc dba Miami Squeeze, LLC (#,^) 18315 W Dixie Hwy, North Miami Beach, FL 33160 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/11/2029 $ 114.2 $ 114.2 106.2 0.03 %
Covert Recordings LLC (#,^) 31-65 138th St., Apt 3K, Flushing, NY 11354 Rental and Leasing Services Term Loan Prime plus 2.75% 9/11/2029 $ 11.8 $ 11.8 12.0 — %
Family Insight, P.C. (#,^) 3433 Brambleton Ave, Ste 104A, Roanoke, VA 24018 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2029 $ 245.4 $ 245.4 247.6 0.08 %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/11/2029 $ 206.9 $ 206.9 190.5 0.06 %
Prime Precision Machining, LLC (#,^) 845 Mandoline Ave, Madison Heights, MI 48071 Real Estate Term Loan Prime plus 2.75% 9/11/2044 $ 267.9 $ 267.9 284.9 0.09 %
Softcare247, LLC (#) 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 $ 12.4 $ 12.4 12.6 — %
Body on Cue Health and Fitness LLC (#,^) 129 A Orpha Drive, Middlebury, IN 46840 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/6/2029 $ 44.5 $ 44.5 39.8 0.01 %
Eco Electric LLC (#,^) 5380 Cameron St, Las Vegas, NV 89118 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 $ 65.8 $ 65.8 57.9 0.02 %
SVT Masonry Limited Liability Company (#,^) 1208 Houghton Lane, Bennington, VT 05201 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/5/2029 $ 75.4 $ 75.4 74.4 0.02 %
Smokin AZ, LLC dba Dickey's Barbecue Pit AZ (#,^) 1914 S Power Rd, Ste 101, Mesa, AZ 85206 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 $ 65.5 $ 65.5 58.6 0.02 %
Philly Games Inc.dba Queen & Rock Game Cafe (#,^) 607-609 S 2nd St., Philadelphia, PA 19147 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/5/2029 $ 61.8 $ 61.8 54.7 0.02 %
Thawk LLC (#,^) 1110 Willow Glen Drive, Yuba City, CA 95991 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2029 $ 8.1 $ 8.1 7.2 — %
No Push Backs, LLC (#) 2223 Dungan Ave, Bensalem, PA 19020 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 $ 12.2 $ 12.2 12.4 — %
175
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Dog House Sportfishing Charters Inc (#) 83413 Overseas Hwy, Islamorada, FL 33036 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 $ 12.3 $ 12.3 12.5 — %
3C Consumer Network & Designs LLC (#,^) 7676 Hillmont St., Ste 109, Houston, TX 77040 Real Estate Term Loan Prime plus 2.75% 8/29/2029 $ 14.7 $ 14.7 13.5 — %
Camror LTD dba Jersey Mike's (#,^) 5946 Meijer Drive, Cincinnati, OH 45150 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2030 $ 87.5 $ 87.5 91.4 0.03 %
Esquire Mini Mart LLC & Morgan Store Building LLC (#,^) 12595 S Somerton Ave, Yuma, AZ 85365 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 $ 50.4 $ 50.4 49.0 0.02 %
Groton Bowling Center and Entertainment Inc (#,^) 27 Kings Hwy, Groton, CT 06340 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/29/2044 $ 942.4 $ 942.4 1,010.2 0.31 %
Crown Heights Bunch O Bagels & More Inc & 361 Bagel Holding LLC (#,^) 361 Troy Ave, Brooklyn, NY 11213 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2029 $ 39.3 $ 39.3 41.3 0.01 %
Double Scoop Ice Cream, LLC (#,^) 2970 Stonecrest Pass, Lithonia, GA 30038 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/29/2044 $ 96.4 $ 96.4 102.7 0.03 %
The BMF Media Group LLC (#,^) 50 West 23rd St., 7th fl, New York, NY 10010 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2029 $ 368.7 $ 368.7 324.6 0.10 %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/28/2029 $ 86.0 $ 86.0 90.3 0.03 %
HRS2, LLC (#,^) 5410 Pipers Creek Court, Sugar Land, TX 77479 Nonstore Retailers Term Loan Prime plus 2.75% 8/28/2029 $ 227.6 $ 227.6 224.5 0.07 %
Khari E. J. Myers dba Khari Imagery & 190 Minerva LLC (#,^) 190 Minerva St., Tonawanda, NY 14150 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2044 $ 59.8 $ 59.8 67.2 0.02 %
Linsey Schwertdfeger,, Inc. (#,^) 740 Dennery Rd, San Diego, CA 92154 Repair and Maintenance Term Loan Prime plus 2.75% 8/28/2029 $ 69.7 $ 69.7 62.4 0.02 %
Blue Eagle Transport Inc.,Golden Eagle Tran and Green Eagle Transpor (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 8/28/2029 $ 444.2 $ 444.2 407.5 0.13 %
The Hometown Welcome Program, Inc & Fredric Anthony Gushwa (#,^) 107 S Nottawa St, Sturgis, MI 49091 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/27/2029 $ 96.0 $ 96.0 90.2 0.03 %
Maryland Urgent Care, Inc. (#,^) 9831 Greenbelt Rd Ste 208 Unit H-2, Lanham, MD 20706 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/27/2044 $ 46.0 $ 46.0 49.9 0.02 %
ADA Internacional Inc (#,^) 10891 La Reina Rd, Ste 100, Delray Beach, FL 33446 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/26/2029 $ 22.1 $ 22.1 19.5 0.01 %
Crystal S. Prado dba Crystal Clear Accounting (#) 34099 Tuscan Creek Way, Temecula, CA 92592 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 $ 3.2 $ 3.2 3.2 — %
JLT Foods, LLC (#,^) 3294 Long Meadow Ct, West Bloomfield Township, MI 48324 Food Manufacturing Term Loan Prime plus 2.75% 8/23/2029 $ 20.6 $ 20.6 18.2 0.01 %
PJT Logistics, Inc. (#,^) 2-4 Commerce Way, Auburn, NY 13021 Truck Transportation Term Loan Prime plus 2.75% 8/23/2029 $ 49.2 $ 49.2 51.6 0.02 %
176
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Elite Motors LLC (#,^) 1046-1050 Orange Ave, West Haven, CT 06516 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/23/2029 $ 86.0 $ 86.0 90.3 0.03 %
SRJ construction Corp (#,^) 8358 W Oakland Park Blvd. #203E, Sunrise, FL 33351 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/23/2029 $ 11.1 $ 11.1 9.9 — %
The Pet Stop, LLC (#,^) 106 S Washington St., Pleasantville, IA 50225 Personal and Laundry Services Term Loan Prime plus 2.75% 8/23/2029 $ 7.4 $ 7.4 6.7 — %
MS Integrated Psychotherapy & Counseling, LLC (#,^) 1157 Main St., Clifton, NJ 07011 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/22/2029 $ 73.0 $ 73.0 68.8 0.02 %
The Roux Southern Kitchen, LLC (#,^) 252 FM 3162, Sandia, TX 78383 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2029 $ 17.8 $ 17.8 18.4 0.01 %
MB Nursery LLC dba The Garden Center (#,^) 15562 HWY-South, Whitehouse, TX 75791 Administrative and Support Services Term Loan Prime plus 2.75% 8/21/2029 $ 91.1 $ 91.1 94.3 0.03 %
Metro R Services Inc. and Metal & Roof Supplies, Inc. (#,^) 20 Universal Place, Carlstadt, NJ 07072 Repair and Maintenance Term Loan Prime plus 2.75% 8/21/2029 $ 190.5 $ 190.5 185.1 0.06 %
Auto Unique LLC (#,^) 305 W Main St., Mayo, FL 32066 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/20/2044 $ 12.3 $ 12.3 13.8 — %
William Martinez dba Bad Ass Coffee of Hawaii (#) 14101 Main St., Ste 4101, Hesperia, CA 92345 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/20/2029 $ 22.5 $ 22.5 20.2 0.01 %
Signature Rooms, Inc. (#,^) 2066 Route 112, Medford, NY 11763 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/19/2029 $ 165.9 $ 165.9 174.1 0.05 %
Accent Home Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 7748 Troost Ave, Kansas City, MO 64131 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/15/2029 $ 110.6 $ 110.6 105.9 0.03 %
American Healthy Vending, Inc (#,^) 5951 NW 151 St., Hialeah, FL 33014 Nonstore Retailers Term Loan Prime plus 2.75% 8/15/2029 $ 104.5 $ 104.5 96.6 0.03 %
AJN Innovations LLC dba Burgerim (#) 6704 Main St., Miami Lakes, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/15/2030 $ 24.6 $ 24.6 22.7 0.01 %
Accelerate Educational Solutions, LLC dba Tutor My Success (#,^) 135 Clove Branch Rd, Hopewell Jct, NY 12533 Educational Services Term Loan Prime plus 2.75% 8/14/2029 $ 17.0 $ 17.0 15.0 — %
Ranson Excavating, Inc (#,^) 8343 Kaula Drive, Fair Oaks, CA 95628 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/13/2029 $ 14.7 $ 14.7 13.0 — %
KM Electrical Services, Inc (#,^) 4348 Waialae Ave Unit 315, Honolulu, HI 96816 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/12/2029 $ 76.2 $ 76.2 67.3 0.02 %
Love Playing LLC (#) 2200 Eastridge Loop, San Jose, CA 95122 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 $ 99.6 $ 99.6 94.6 0.03 %
Elixir Enterprises, LLC dba Guilford Renee's (#,^) 637 Boston Post Rd, Guilford, CT 06437 Food and Beverage Stores Term Loan Prime plus 2.75% 8/8/2029 $ 19.2 $ 19.2 17.0 0.01 %
Suite Luxury, Inc (#,^) 1410 Pine Ridge Rd, Ste 13, Naples, FL 34108 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/7/2029 $ 18.4 $ 18.4 16.3 0.01 %
A & S Services LLC dba Kona Ice of Troy (#) 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 $ 12.3 $ 12.3 12.5 — %
177
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Accord Law, APC (#,^) 82555 Grass Flat Lane, Indio, CA 92203 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2029 $ 7.4 $ 7.4 6.5 — %
Leader Engineering-Fabrication, Inc. (#,^) 695 Independence DrIive, Napoleon, OH 43545 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 8/2/2029 $ 123.0 $ 123.0 129.0 0.04 %
Billy Auto Inc (#,^) 632 N Broadway, Amityville, NY 11701 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2044 $ 323.6 $ 323.6 334.9 0.10 %
East Coast Flight Services, Inc and Aviation Consulting Enterprise, LL (#,^) 27603 Parkway Rd, Easton, MD 21601 Air Transportation Term Loan Prime plus 2.75% 7/31/2029 $ 562.2 $ 562.2 516.2 0.16 %
Healthcare Holdings of America, LLC, Senior Market Advisors, Inc, CHA (#,^) 6201 Centennial Blvd, Nashville, TN 37209 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/31/2029 $ 433.9 $ 433.9 426.3 0.13 %
Living Spring Home Health Inc. (#,^) 18350 Kedzie Ave Ste 204, Homewood, IL 60430 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 $ 132.2 $ 132.2 124.4 0.04 %
Genecco Produce, Inc. & Leo Genecco & Sons, Inc. (#,^) 1850 Rochester Rd, Canadaigua, NY 14424 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 7/31/2029 $ 753.2 $ 753.2 729.4 0.23 %
Joseph Centonze dba Off Kilter Kilts (#,^) 27720 Ave Scott, Santa Clarita, CA 91355 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/31/2029 $ 8.0 $ 8.0 7.1 — %
Canyon Lake Kids Academy, LLC (#,^) 130 Charter Oak Drive, Canyon Lake, TX 78133 Social Assistance Term Loan Prime plus 2.75% 7/31/2044 $ 97.8 $ 97.8 105.3 0.03 %
Quick and Quality Services dba Bella Roma Pasta & Pizza & Farshad Fari (#,^) 28940 Golden Lantern, Laguna Niguel, CA 92677 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 $ 11.1 $ 11.1 10.4 — %
Humd, LLC dba La Rosa Chicken and Grill (#) 3111 N. University Drive, Coral Springs, FL 33065 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/31/2030 $ 134.3 $ 134.3 122.5 0.04 %
St. Francis Home Health Inc (#,^) 5246 SW 8th St 103B, Coral Gables, FL 33134 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/31/2029 $ 73.3 $ 73.3 64.6 0.02 %
La Mount Group LLC (#,^) 3111 Princeton Rd, Hamilton, OH 45011 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2029 249.3 249.3 219.5 0.07 %
Gray Rock Quarry, LLC and William E Dailey III (#,^) 54 West Milton Rd, Milton, VT 05468 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 7/31/2044 448.8 448.8 437.8 0.14 %
Jbelis Stop N' Go, LLC dba Planet Smoothie (#,^) 2565 E 17th St, Ammons, ID 83406 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 19.1 19.1 17.0 0.01 %
Grad Street LLC (#) 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 12.3 12.3 12.5 — %
Dant A Sandras, D.D.S. LLC (#,^) 13373 Hwy 3235, Larose, LA 70373 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/30/2029 210.7 210.7 190.4 0.06 %
Roman Tint Inc. (#,^) 1436 Ayala Dr, Unit M, Rialto, CA 92376 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/30/2029 8.1 8.1 7.4 — %
Platt & Associates, LLC dba Flag Staff Apparel, Platt & Associates, LL (#,^) 288 North Industrial Park Drive, Liberty, MS 39645 Apparel Manufacturing Term Loan Prime plus 2.75% 7/30/2044 56.0 56.0 61.8 0.02 %
Aeromax Industries, Inc, HITM, Inc and TMCB LLC (#,^) 9027 Canoga Ave, Canoga Park, CA 91301 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 7/30/2044 785.5 785.5 812.0 0.25 %
178
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Hodges Family Entertainment LLC dba Space Cadets Indoor Playground (#) 611 Greenville Blvd SE, Greenville, NC 27858 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/30/2029 15.2 15.2 14.4 — %
Micheal Birch and Tracy M. Pierce (#,^) E 2947 H-44, Traunik, MI 49891 Gasoline Stations Term Loan Prime plus 2.75% 7/29/2044 54.4 54.4 59.4 0.02 %
Moore Chiropractic Center, P.A. (#,^) 936 Roosevelt Trail Unit 1 & 2, Windham, ME 04062 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/26/2029 8.9 8.9 9.1 — %
Sou's LLC (#,^) 739 NE MLK Boulevard, Portland, OR 97221 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/26/2029 5.8 5.8 5.5 — %
Power Associates Inc. (#,^) 2766 West Good CT, Boise, ID 83702 Real Estate Term Loan Prime plus 2.75% 7/26/2029 14.7 14.7 12.9 — %
Dan Dahlin Inc. (#,^) 16465 MN-65, Ham Lake, MN 55304 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/26/2044 407.1 407.1 457.2 0.14 %
Franklin Care Pharmacy Incorporated (#,^) 520 N Franklintown Rd, Baltimore, MD 21223 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/25/2029 53.0 53.0 55.6 0.02 %
A&W ALF, LLC dba A & W Assisted Living Facility (#,^) 6600 Liberty Rd, Gwynn Oak, MD 21207 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/24/2044 99.6 99.6 109.9 0.03 %
Lawrence Adeyemo & Co LLC (#) 209-34 112 Ave, Queens Village, NY 11429 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.8 9.8 10.0 — %
Hardrock Alpha Enterprises, LLC (#,^) 5101 Stine Rd, Bakersfield, CA 93313 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/19/2029 15.4 15.4 13.9 — %
700 Services Inc.dba 700 Credit Repair (#,^) 1201 N Goliad St., Rockwall, TX 75087 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 7/19/2029 7.3 7.3 6.5 — %
Bonfire Hot Yoga LLC (#,^) 3665 SW Hall Blvd, Beaverton, OR 97005 Educational Services Term Loan Prime plus 2.75% 7/18/2029 8.1 8.1 7.3 — %
JDM2 Water Station LLC (#,^) 125 Chestnut Hill Drive, York, PA 17408 Nonstore Retailers Term Loan Prime plus 2.75% 7/18/2029 204.6 204.6 194.5 0.06 %
Ameritube, LLC (#,^) 1000 N Hwy 77, Hillsboro, TX 76645 Primary Metal Manufacturing Term Loan Prime plus 2.75% 7/18/2029 116.1 116.1 121.8 0.04 %
The Bean Coffee Co. LLC (#) 112 South Main St., Spring Hill, KS 66083 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 12.3 12.3 12.5 — %
Baton Rouge Cargo Services Inc (#,^) 6013 McRaven Rd, Jackson, MS 39209 Support Activities for Transportation Term Loan Prime plus 2.75% 7/17/2044 291.2 291.2 308.2 0.10 %
Garage Floor Coating of MN.com,LLC (#,^) 6701 West 23rd St., St. Louis Park, MN 55426 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/16/2044 993.7 993.7 1,036.1 0.32 %
Bouquet Canyon Kennels (#,^) 29973 Bouquet Canyon Rd, Santa Clarita, CA 91390 Personal and Laundry Services Term Loan Prime plus 2.75% 7/16/2044 299.9 299.9 308.9 0.10 %
Adam Family Bowl Inc (#,^) 1504 Chestnut St., Mishawaka, IN 46545 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/16/2044 132.4 132.4 142.7 0.04 %
Beacon Metal Fabricators, Inc. (#,^) 5425-D Hamilton Ave, Cleveland, OH 44114 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 7/12/2029 68.4 68.4 65.6 0.02 %
VGI Medical LLC (#,^) 10401 S Belcher Rd, Largo, FL 33771 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 7/12/2044 324.8 324.8 364.8 0.11 %
179
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Last Touch, LLC (#,^) 1612 Jackson St., Spirit Lake, IA 51360 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/11/2044 101.1 101.1 105.8 0.03 %
D DeGregoria LLC dba The UPS Store 4235 Massapequa (#,^) 4940 Merrick Rd, Massapequa Park, NY 11762 Couriers and Messengers Term Loan Prime plus 2.75% 7/10/2029 77.5 77.5 69.6 0.02 %
Menskha Inc (#) 88 High St., Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 12.3 12.3 12.5 — %
Nash-Delphia LLC (#,^) 2135 Gallatin Pike N, Store 4, Madison, TN 37115 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 7/2/2029 14.5 14.5 12.8 — %
Southern Specialties Transportation LLC (#,^) 116 Toledo Drive, Lafayette, LA 70506 Truck Transportation Term Loan Prime plus 2.75% 6/28/2029 166.5 166.5 163.8 0.05 %
Nevada Recycling and Salvage LTD, AMCB LLC (#,^) 1085 Telegraph St, Reno, NV 89502 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2044 1,245.5 1,245.5 1,278.8 0.40 %
Baobab Asset Management LLC (#,^) 3 Greenwich Office Park Ste 102, Greenwich, CT 06831 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/28/2029 48.7 48.7 42.3 0.01 %
Balboa Fashion LLC (#,^) 1016 S. Towne Ave, Unit 123, Los Angeles, CA 90021 Apparel Manufacturing Term Loan Prime plus 2.75% 6/28/2029 7.3 7.3 6.3 — %
Crestview Ridge Farms LLC (#,^) 1172 Co Rd 956, Ashland, OH 44805 Crop Production Term Loan Prime plus 2.75% 6/28/2044 536.1 536.1 570.2 0.18 %
Specialty Surgery Center, Inc. (#,^) 5505 Peachtree Dunwoody Rd #640,645, Atlanta, GA 30342 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 1,241.9 1,241.9 1,149.5 0.36 %
K & K Restaurant LLC (#,^) 6607 S Central Ave, Phoenix, AZ 85042 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 134.3 134.3 146.6 0.05 %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Ln, Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/28/2029 206.6 206.6 215.5 0.07 %
Port Huron Ophthalmology, PLLC dba Black River Optical (#,^) 1033 River St., Port Huron, MI 48060 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2029 14.6 14.6 12.7 — %
Anderson Companies LLC (#,^) 3015 S White Horse Pike, Hammonton, NJ 08037 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 203.1 203.1 215.2 0.07 %
Richmond Street Partners, LLC (#,^) 200 E Chestnut St, Chicago, IL 60611 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 6/28/2029 93.0 93.0 81.6 0.03 %
Sundown Audio, LLC (#,^) 514 West 21St St., Newton, NC 28658 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/28/2044 903.8 903.8 933.7 0.29 %
NJ Floats Inc (#,^) 66 Twin Oaks Rd, Bridgewater, NJ 08807 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2044 175.0 175.0 195.2 0.06 %
Upul's Travel Service & Tours Inc (#,^) 654 Shopping Lane, Covina, CA 91723 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2044 348.1 348.1 345.9 0.11 %
Good News Cafe, LLC (#,^) 694 Main St. S, Woodbury, CT 06798 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/28/2044 248.6 248.6 256.7 0.08 %
H2O Mobile Group, Inc. dba Fantasea Scuba (#,^) 3781 Tamiami Trail, Port Charlotte, FL 33952 Educational Services Term Loan Prime plus 2.75% 6/28/2029 45.9 45.9 40.5 0.01 %
180
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Upul's Travel Service & Tours Inc (#,^) 654 Shoppers Lane, Covina, CA 91723 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2029 267.4 267.4 232.4 0.07 %
Big Picture Group LLC (#,^) 110 S Fairfax Ste 355, Fairfax, CA 90036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2029 146.1 146.1 127.0 0.04 %
5161 LLC (#,^) 1478 E Mountain Drive, Santa Barbara, CA 93108 Nonstore Retailers Term Loan Prime plus 2.75% 6/28/2029 1,154.3 1,154.3 1,090.0 0.34 %
Jian Yang and Kanger House LLC (#,^) 48 Horse Hill Rd, Cedar Knolls, NJ 07927 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/27/2029 116.9 116.9 102.0 0.03 %
Advance Transit LLC (#,^) 574-614 Tonnelle Ave, Jersey City, NJ 07307 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2044 757.5 757.5 814.0 0.25 %
BB Services, LLC (#,^) 580 39 Rd, Palisade, CO 81526 Truck Transportation Term Loan Prime plus 2.75% 6/27/2029 110.1 110.1 98.8 0.03 %
Ailky Corporation & Wyspen (#,^) 352 Bedford St., Lakeville, MA 02347 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2029 47.4 47.4 41.2 0.01 %
Boucherie US Inc (#,^) 251 Little Falls Drive, Wilmington, DE 19807 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2029 1,144.7 1,144.7 994.9 0.31 %
Pawfection Pet Services LLC (#,^) 177 W Cottonwood Ln Ste 12, Casa Grande, AZ 85122 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2029 10.2 10.2 8.9 — %
Tim's Truck Capital & Auto Sales, Inc (#,^) 904 Suncook Valley Hwy, Epsom, NH 03234 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/27/2029 206.6 206.6 215.4 0.07 %
Moon Landscaping, Inc, Moon Group, Inc moon Nursery, Inc, Moon Site Ma (#,^) 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 1,220.1 1,220.1 1,185.3 0.37 %
Crescent Event Productions, Inc (#,^) 1327 Wood Branch Drive, Charlotte, NC 28273 Administrative and Support Services Term Loan Prime plus 2.75% 6/27/2029 340.3 340.3 305.9 0.09 %
S & T Hardware Inc (#,^) 2300 Nooseneck Hill, Coventry, RI 02816 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/27/2044 200.3 200.3 223.8 0.07 %
Shooter's Gun Club, LLC (#) 2429 Iowa St. Ste B-D, Lawrence, KS 66046 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/27/2030 131.6 131.6 118.7 0.04 %
Soft Touch Tissue & Paper LLC (#) 1491 Hammond, Bangor, MA 04401 Paper Manufacturing Term Loan Prime plus 2.75% 12/26/2029 113.3 113.3 118.5 0.04 %
Soft Touch Tissue & Paper LLC (#,^) 1491 Hammond St., Bangor, ME 04401 Paper Manufacturing Term Loan Prime plus 2.75% 6/26/2044 233.8 233.8 261.2 0.08 %
Tekoa Enterpises, Inc (#,^) 1033 Cannon Bridge Rd, Cordova, SC 29039 Truck Transportation Term Loan Prime plus 2.75% 6/26/2029 53.0 53.0 48.7 0.02 %
Kaz Ramen, L.L.C. (#,^) 22413 Barton Rd, Grand Terrace, CA 92313 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 21.9 21.9 19.1 0.01 %
Selective Automotive & Accessories Group, Inc (#,^) 2221 Pelham Parkway, Pelham, AL 35124 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/26/2029 243.2 243.2 225.7 0.07 %
Child Care Ventures LLC dba Childcare Adventures ELC (#,^) 3542 Glendale Ave, Toledo, OH 43614 Social Assistance Term Loan Prime plus 2.75% 6/26/2044 146.7 146.7 148.2 0.05 %
181
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
JFK Transportation Inc (#,^) 4 Mechanic St., Natick, MA 01760 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/26/2029 105.2 105.2 95.0 0.03 %
Lynx Inspection Technologies LLC (#,^) 8101 Miller Rd 2, Houston, TX 77049 Support Activities for Mining Term Loan Prime plus 2.75% 6/26/2044 574.0 574.0 641.2 0.20 %
All-City Towing LLC, Jeffrey James Piller (#,^) 1213 W Mallory Ave, Milwaukee, WI 53221 Support Activities for Transportation Term Loan Prime plus 2.75% 6/26/2029 393.5 393.5 376.0 0.12 %
RWBB Enterprises, LLC (#,^) 4120 7th Ave, Kenosha, WI 53140 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2044 75.6 75.6 81.4 0.03 %
Perfect Water LLC (#,^) 183 Russ St., San Francisco, CA 94103 Nonstore Retailers Term Loan Prime plus 2.75% 6/26/2029 70.5 70.5 66.1 0.02 %
Paradise Towing & Recovery Inc (#,^) 1115 S Homer Boulevard, Sanford, NC 27330 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2029 103.5 103.5 99.8 0.03 %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 11231 Rental and Leasing Services Term Loan Prime plus 2.75% 6/25/2029 42.4 42.4 39.6 0.01 %
Spartan Technology Solutions, Inc (#,^) 125 Venture Blvd, Spartanburg, SC 29306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2044 485.8 485.8 500.2 0.16 %
Professional Tire Limited Liability Company (#,^) 6655 Country Rd 32, Norwich, NY 13815 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 138.7 138.7 145.1 0.05 %
Paradise Towing & Recovery Inc (#,^) 1115 S. Horner Boulevard, Sanford, NC 27330 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2044 73.1 73.1 81.7 0.03 %
567 Logistics, LLC (#,^) 1924 Ruffin Mill Rd, Colonial Heights, VA 23834 Support Activities for Transportation Term Loan Prime plus 2.75% 6/25/2029 48.6 48.6 44.0 0.01 %
Worldwide Capital Management Inc. (#,^) 6 Venture Ste 305, Irvine, CA 92618 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/25/2029 141.0 141.0 122.5 0.04 %
Krsto, LLC dba Italian Butter Breadsticks (#,^) 4241 E McNicols Rd, Detroit, MI 48213 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2044 189.7 189.7 202.4 0.06 %
Sweets By Karla LLC (#,^) 3273 South John Young Pkwy, Kissimmee, FL 34746 Food Manufacturing Term Loan Prime plus 2.75% 6/24/2029 12.5 12.5 10.9 — %
Scissor Kids Inc (#,^) 63 Hebron Ave, Ste F, Glastonbury, CT 06033 Personal and Laundry Services Term Loan Prime plus 2.75% 6/24/2029 15.8 15.8 13.9 — %
Elite Excavating Services LLC (#,^) 11 Rolling Ridge Dr Drive, Milton, PA 17847 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2029 18.8 18.8 17.6 0.01 %
Peninsula Self Defense LLC (#,^) 2766 Bay Rd, Redwood City, CA 94063 Educational Services Term Loan Prime plus 2.75% 6/21/2029 5.1 5.1 4.6 — %
Port Diesel L.L.C. (#) 3212 Alex Trask Drive, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 12.3 12.3 12.2 — %
Small Batch Creations Inc. dba The Office Bar & Grill (#,^) 295 E Washington Ave, Sunnyvale, CA 94086 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/21/2029 58.2 58.2 50.6 0.02 %
LuLuBelle's Mountain Banana Bread LLC (#) 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 76.9 76.9 85.8 0.03 %
William Rose Inc (#,^) 1 Grace Cove Rd, New Shoreham, RI 02807 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/21/2044 87.0 87.0 82.5 0.03 %
182
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Campuscuts LLC (#) 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.3 7.3 7.3 — %
Gribben & Associates, Inc (#,^) 18201 Von Karman Ste 300, Irvine, CA 92612 Truck Transportation Term Loan Prime plus 2.75% 6/21/2029 701.8 701.8 609.9 0.19 %
AA Horseplay, LLC (#) 34565 Ranch Drive, Brownsville, OR 97327 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 12.2 12.2 12.1 — %
Central Texas Hygiene, LLC (#,^) 10201 McKalla Place, Austin, TX 78758 Administrative and Support Services Term Loan Prime plus 2.75% 6/20/2029 85.6 85.6 74.4 0.02 %
Beck's Pub & Grill LLC (#,^) N6630 WI-49, Weyauwega, WI 54983 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2044 69.6 69.6 75.0 0.02 %
Bader Furniture Company Inc. (#,^) 704 N Liberty St., Shamokin, PA 17872 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/19/2029 7.3 7.3 7.6 — %
Zion Motors Inc (#,^) 6949 Wall Triana Hwy, Madison, AL 35757 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/19/2044 60.4 60.4 62.9 0.02 %
Providence Management Environmental, LLC, Tindol Energy Group, LLC (#,^) 6570 W Hwy 67, Cleburne, TX 76033 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2029 263.4 263.4 265.0 0.08 %
International Institute for Learning Inc. (#,^) 110 E 59th St ,31st floor, New York, NY 10022 Educational Services Term Loan Prime plus 2.75% 6/19/2029 291.7 291.7 253.5 0.08 %
Bonadi Inc. dba Polished Salon (#) 9858 W Sample Rd, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 12.2 12.2 12.2 — %
American Demolition, Inc (#,^) 401 N Kuner Rd, Brighton, CO 80601 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/17/2029 182.3 182.3 190.1 0.06 %
JLM Consulting LP (#,^) 3981 E Dunrobin Dr., Springfield, MO 65809 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/17/2029 19.2 19.2 16.7 0.01 %
3 Rusty Nails, LLC dba The Gathering Place at 3 Rusty Nails (#,^) 3830 Doctor M.L.K. Jr Blvd, Anderson, IN 46013 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 6/14/2044 87.0 87.0 94.2 0.03 %
Comarco Quality Pork Products Inc, Comarco Pork Products of FL LLC (#,^) 501 Jackson St, Camden, NJ 08104 Food Manufacturing Term Loan Prime plus 2.75% 6/14/2029 301.6 301.6 281.3 0.09 %
A & S Services LLC dba Kona Ice of Troy (#,^) 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2044 44.8 44.8 48.0 0.01 %
Kego 2 LLC dba Jon Smith Subs 80025 (#,^) 2001 W. Southlake Blvd Ste 143, Southlake, TX 76092 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/14/2029 104.1 104.1 93.5 0.03 %
Law Office of Paula Padilla (#) 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.9 4.9 4.9 — %
Picon Motors LLC dba The New Young's Motors (#,^) 199-211 Central Ave, Orange, NJ 07080 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2029 218.8 218.8 218.9 0.07 %
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 77707 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2044 98.8 98.8 106.3 0.03 %
Ivesters Transportation, Inc (#,^) 4299 South 2675 West, Roy, UT 84067 Truck Transportation Term Loan Prime plus 2.75% 6/11/2029 243.5 243.5 218.7 0.07 %
183
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
GT Performance Plus Inc (#,^) 4210 College St., Beaumont, TX 77707 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/11/2029 74.5 74.5 65.7 0.02 %
Independent Transport, LLC dba Independent Water (#,^) 3739 E Ridgeway Rd, Orange, CA 92867 Nonstore Retailers Term Loan Prime plus 2.75% 6/10/2029 198.6 198.6 187.4 0.06 %
Archer Cleaners Inc (#) 1514 W 33rd St., Chicago, IL 60608 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 12.2 12.2 12.1 — %
Smith and Son Plumbing, LLC (#,^) 15922 Eldorado Parkway Ste 500-1579, Frisco, TX 75035 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/10/2029 80.2 80.2 72.8 0.02 %
Neely Motorsports, Inc dba Earl's Store #1;Earl's Performance Plumbing (#,^) 15825-15827 Hawthorne Blve, Lawndale, CA 90260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2044 240.6 240.6 255.7 0.08 %
J&A Elliott Company (#,^) 1118 Thornberry Dr, Clarksville, TN 37043 Nonstore Retailers Term Loan Prime plus 2.75% 6/7/2029 10.2 10.2 10.5 — %
Throop Family Holding Inc dba Klamath Basin Metals and Supply, dba Rog (#,^) 7130 Crater Lake Hwy, White City, OR 97503 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/7/2029 38.9 38.9 35.8 0.01 %
Johnny's Boy LLC (#,^) 127 East King St., Martinsburg, WV 25401 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/7/2044 100.7 100.7 106.2 0.03 %
Allison K. Chipak dba Still Photography (#) 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 12.2 12.2 12.1 — %
Skin Beauty Bar Inc (#,^) 749 8th St., Washington, DC 20003 Personal and Laundry Services Term Loan Prime plus 2.75% 6/6/2029 5.1 5.1 4.4 — %
Pura Water Vending LLC (#,^) 4427 Mixedwood Drive, Ladson, SC 29456 Nonstore Retailers Term Loan Prime plus 2.75% 6/5/2029 66.2 66.2 62.4 0.02 %
Preferred Manufacturing Services Inc (#,^) 4261 Business Drive, Cameron Park, CA 95682 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/5/2029 461.8 461.8 481.6 0.15 %
Jamestown Quick Stop LLC (#,^) 3097 24th Ave, Hudsonville, MI 49426 Food and Beverage Stores Term Loan Prime plus 2.75% 6/5/2044 69.3 69.3 72.1 0.02 %
Oasis Senior Advisors Franchise Systems, LLC (#,^) 24870 Burnt Pine Drive, Bonita Springs, FL 34134 Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Term Loan Prime plus 2.75% 6/4/2029 303.8 303.8 306.5 0.10 %
Italian Heritage Tile and Stone Inc (#,^) 4748 Hopyard Rd, Pleasanton, CA 94588 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/4/2029 85.1 85.1 74.8 0.02 %
Evoke Growth Advisory LLC (#,^) 2600 Brookwood Way Dr. #311, Rolling Meadows, IL 60008 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2029 7.3 7.3 6.3 — %
Morey Publishing LLC (#,^) 6901 Jericho Turnpike, Syosset, NY 11791 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2029 60.4 60.4 52.9 0.02 %
G.S.A.T. Restoration Inc. dba Paul Davis Restoration & Remodeling of G (#,^) 1450 Oakbrook Dr, Norcross, GA 30093 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/31/2029 113.6 113.6 101.3 0.03 %
V & M Transportation LLC (#,^) 1307 27th St. Apt B, North Bergen, NJ 07047 Truck Transportation Term Loan Prime plus 2.75% 5/31/2029 12.8 12.8 11.1 — %
184
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Martin Inventory Management, LLC (#,^) 304 1/2 Main St., Edgefield, SC 29824 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 48.3 48.3 49.3 0.02 %
Dynamic Dental Corporation (#,^) 3760 NW 126th Ave, Coral Springs, FL 33065 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2029 60.4 60.4 53.0 0.02 %
Inside & Out Maintenance LLC (#,^) 1698 SW Pancoast St., Port St Lucie, FL 34987 Administrative and Support Services Term Loan Prime plus 2.75% 5/30/2029 96.8 96.8 84.7 0.03 %
Aspen Welding LLC (#,^) 28803 US-6, Rifle, CO 81650 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/30/2044 406.8 406.8 432.0 0.13 %
SSD Designs, LLC (#,^) 486 Vance St., Forest City, NC 28043 Chemical Manufacturing Term Loan Prime plus 2.75% 5/30/2044 422.2 422.2 465.1 0.14 %
AGR, Inc (#,^) 2-255555 Kaumualii Hwy, Kalaheo, HI 96741 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2044 781.2 781.2 856.3 0.27 %
Brooklyn Breakfast Shop LLC (#,^) 7707 S IH 35 Frontage Rd, Austin, TX 78744 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2029 4.8 4.8 4.5 — %
Canela Media Inc (#,^) 2715 Palomino Circle, La Jolla, CA 92037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/29/2029 114.8 114.8 103.9 0.03 %
PD Financial LLC (#,^) 364 Parsippany Rd, Unit 7-B, Parsippany, NJ 07054 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 5/28/2044 48.7 48.7 51.8 0.02 %
SV Enterprise LLC dba Haagen-Dazs (#,^) 1885 Briargate Pkwy #D-413, Colorado Springs, CO 80920 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2029 89.5 89.5 77.9 0.02 %
MCM Design LLC (#) 5926 Vinings Vintage Way, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.8 9.8 9.7 — %
Top Notch Roofing, Inc (#,^) 46 Cherry St., Milton, VT 05468 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/23/2029 118.9 118.9 106.6 0.03 %
2820 US HWY 98 N LLC dba Total Package Car Wash (#) 2820 US Hwy 98 N, Lakeland, FL 33805 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 43.0 43.0 44.9 0.01 %
Clowers Trucking By Faith LLC (#) 705 E Brookwood PL, Valdosta, GA 31601 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 12.1 12.1 12.0 — %
McGuckin & Pyle Inc (#,^) 120 Corporate Ln, New Bern, NC 28562 Machinery Manufacturing Term Loan Prime plus 2.75% 5/23/2044 306.3 306.3 325.4 0.10 %
ES&A, INC., A LAW CORPORATION (#,^) 1003 Bishop St., Honolulu, HI 96813 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/22/2029 108.8 108.8 95.4 0.03 %
Gratitude Training, LLC (#,^) 1901 N Federal Hwy #212, Pompano Beach, FL 33062 Administrative and Support Services Term Loan Prime plus 2.75% 5/22/2029 72.5 72.5 63.1 0.02 %
Bloomquist Communications Inc. dba FastSigns 42501 (#,^) 131 East Trinity Place, Decatur, GA 30030 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/22/2029 14.5 14.5 12.8 — %
Anchor Up Fitness and Nutrition, LLC (#,^) 2464 US-29, Pensacola, FL 32505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/21/2029 19.6 19.6 18.3 0.01 %
BD Branson Victorian LLC dba Branson Surrey Inn (#,^) 430 a/k/a 450 S Hwy 165, Branson, MO 65616 Accommodation Term Loan Prime plus 2.75% 5/17/2029 247.6 247.6 258.2 0.08 %
Covalent Holding LLC (#,^) 18 W Chestnut St. Unit 2F, Chicago, IL 60610 Nonstore Retailers Term Loan Prime plus 2.75% 5/17/2029 234.9 234.9 223.0 0.07 %
185
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
FibAire Communications, LLC Dba AireBeam (#,^) 13589 S. Sunland Gin Rd, Arizona City, AZ 85123 Telecommunications Term Loan Prime plus 2.75% 5/17/2029 53.7 53.7 51.1 0.02 %
Kappa Investments LLC dba Buddy's Home Furnishings (#,^) 365 Lowe's Drive Ste H, Danville, VA 24540 Rental and Leasing Services Term Loan Prime plus 2.75% 5/17/2029 419.3 419.3 366.0 0.11 %
AMP Trucking Inc (#,^) 1030 Gettysburg Ave, Clovis, CA 93161 Truck Transportation Term Loan Prime plus 2.75% 5/16/2029 252.1 252.1 219.1 0.07 %
CJNR LLC dba Chenney Bear Cafe, Elma Lodge & Suites, Parkhurst Motel, (#,^) 208 East Main St., Elma, WA 98541 Accommodation Term Loan Prime plus 2.75% 5/16/2029 18.1 18.1 18.9 0.01 %
Cut To The Chase 502 LLC (#,^) 6903 Lakegreen Ct, Louisville, KY 40291 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 3.3 3.3 3.0 — %
Aim High Leadership Center Four Inc. (#,^) 97-08 Rockaway Blvd, Jamaica, NY 11417 Educational Services Term Loan Prime plus 2.75% 5/16/2029 85.8 85.8 76.3 0.02 %
Zeb, LLC dba Papa John's (#,^) 10235 W Roosevelt Rd, Westchester, IL 60154 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/16/2029 48.3 48.3 42.6 0.01 %
Two Pie Lovers LLC dba Pizza Outpost (#,^) 302 E. Millitary Hwy U1122, Brackettville, TX 78832 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 43.5 43.5 46.8 0.01 %
The Lobster Pot Inc (#,^) 119 Hope St., Bristol, RI 02809 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/10/2044 367.1 367.1 396.7 0.12 %
Crystal D. Walls dba Crystal's Cleaning Service (#) 10862 Nichols Blvd, Olive Branch, MS 38654 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.9 9.9 9.8 — %
Aloha To Go LLC (#,^) 5903 Seminole Boulevard, Seminole, FL 33772 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2029 14.9 14.9 13.0 — %
Blue Country Firearms LLC (#,^) 221 N Main St, Kingsfisher, OK 73750 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/8/2044 20.9 20.9 21.2 0.01 %
Folklore Music Exchange LLC (#,^) 617 Tennessee Ave, Charleston, WV 25302 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/6/2029 5.0 5.0 4.3 — %
NYM Solutions Inc.dba NYM Solutions, Inc (#) 1250 NW 7th St. Ste 201, Miami, FL 33125 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 12.2 12.2 12.1 — %
Global Enterprises LLC dba Verdi Pizza (#,^) 3111 S Valley View Blvd, Las Vegas, NV 89102 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/3/2029 20.2 20.2 17.5 0.01 %
EPIFAB,LLC (#,^) 1341 Brooks St. Unit D, Ontario, CA 91762 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 5/3/2029 20.6 20.6 18.9 0.01 %
Art Amore Studios, LLC (#,^) 6507 Jester Blvd, Austin, TX 78750 Educational Services Term Loan Prime plus 2.75% 5/3/2029 5.4 5.4 4.7 — %
Mark Garvin dba Tipsy Canyon Winery (#,^) 150 Upper Joe Creek Rd, Manson, WA 98831 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 5/3/2044 105.6 105.6 117.8 0.04 %
Life View Prenatal Imagery, LLC (#,^) 312 79th Ave North, Myrtle Beach, SC 29572 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/3/2029 5.9 5.9 5.3 — %
Modern Trousseau, LLC (#,^) 125 Bradley Rd, Woodbridge, CT 06525 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 5/1/2029 302.1 302.1 296.8 0.09 %
186
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Disability Resolution P.A. (#) 1619 Malon Bay Drive, Orlando, FL 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 4.3 4.3 4.3 — %
DeVega Juice Co, - East Cobb, LLC dba Clean Juice Johnson Ferry (#,^) 1205 Johnson Ferry Rd Ste 124, Marietta, GA 30068 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2029 61.8 61.8 61.3 0.02 %
Midlothian Hardware, Inc dba Grills True Value (#,^) 475 West 147th St, Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/29/2029 38.4 38.4 40.1 0.01 %
Pellegrin Marine Transportation, LLC (#,^) 117 Country Village Drive, Raceland, LA 70394 Support Activities for Transportation Term Loan Prime plus 2.75% 4/26/2029 121.6 121.6 111.7 0.03 %
Sona USA, Inc (#,^) 15280 NW 79th Ct Ste 109, Miami Lakes, FL 33016 Telecommunications Term Loan Prime plus 2.75% 4/26/2029 158.6 158.6 146.3 0.05 %
Benevolent International Inc (#,^) 2781 Saturn St. Ste F, Brea, CA 82821 Administrative and Support Services Term Loan Prime plus 2.75% 4/26/2029 75.7 75.7 65.8 0.02 %
ASM Partners LLC (#,^) 1619 Roberts Drive SE, Mableton, GA 30126 Nonstore Retailers Term Loan Prime plus 2.75% 4/26/2029 234.7 234.7 221.3 0.07 %
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/25/2029 140.6 140.6 146.6 0.05 %
Alan Russell Moldof CPA dba Al Russell Moldof CPA (#) 15105 John J Delaney Dr. #D 170, Charlotte, NC 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/25/2029 4.8 4.8 4.8 — %
La Dolce Vita LLC. (#,^) 196 N. Holiday Rd, Miramar Beach, FL 32550 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2044 467.7 467.7 509.3 0.16 %
La Dolce Vita, LLC, La Dolce Vita Watersports LLC, LDV Golf Cart & Bil (#,^) 196 N. Holiday Rd, Miramar Beach, FL 32550 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/25/2029 480.5 480.5 440.7 0.14 %
Kenzington LLC (#,^) 324 Main St South, Stillwater, MN 55082 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/24/2029 3.1 3.1 2.7 — %
Quality Living Medical Alert, LLC (#,^) 1882 Capital Circle NE, Ste 104, Tallahassee, FL 32308 Social Assistance Term Loan Prime plus 2.75% 4/24/2029 52.9 52.9 49.7 0.02 %
ER & DC McPherson Holdings, LLC (#,^) 6957 W Broward Blvd., Plantation, FL 33317 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/19/2029 46.5 46.5 40.9 0.01 %
All My Best Inc. (#,^) 4320 Anthony Court Ste 1,2,3, Rocklin, CA 95677 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/19/2029 60.1 60.1 54.3 0.02 %
Expert Building Services LLC (#,^) 74 Roosevelt St., Pequannock Township, NJ 07440 Administrative and Support Services Term Loan Prime plus 2.75% 4/17/2029 19.6 19.6 17.0 0.01 %
Rello, Inc. dba ID Salon (#) 8063 Jericho Turnpike, Woodbury, NY 11797 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.8 5.8 5.8 — %
Bottles on Broadway, LLC (#,^) 1083 N Broadway, North Massapequa, NY 11758 Food and Beverage Stores Term Loan Prime plus 2.75% 4/17/2029 123.7 123.7 109.5 0.03 %
2Choice2Friends dba 2 N 1 Salad Bar and Grill (#) 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 12.1 12.1 12.0 — %
187
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Modern Demo & Services LLC (#,^) 10161 W Park Run Drive, Las Vegas, NV 89145 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2029 120.1 120.1 105.9 0.03 %
Pranamji Inc dba Ohara's Beverage Spot (#,^) 2300 Levit Rd, Lorain, OH 44052 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2044 46.9 46.9 48.5 0.02 %
Cormac Enterprises, Inc (#,^) 1205 38th Ave North, Myrtle Beach, SC 29577 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/16/2029 21.6 21.6 19.1 0.01 %
Bill Berger LLC (#,^) 8728 Tireman Ave, Detroit, MI 48204 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/12/2029 8.7 8.7 7.5 — %
Southern Gulf Construction, Inc. (#,^) 367 Pine Island Rd, North Fort Myers, FL 33903 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 106.9 106.9 103.6 0.03 %
J.T. ONeill Company, LLC (#,^) 19972 Willowin Farm Lane, Purceville, VA 20132 Real Estate Term Loan Prime plus 2.75% 4/12/2029 9.4 9.4 8.1 — %
Gilpin Enterprises, LLC dba Jon Smith Subs (#,^) 17790 State Rd 54, Lutz, FL 33458 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2029 76.0 76.0 67.9 0.02 %
CK Heating and Cooling LLC (#,^) 10017 Pebble Beach Drive, St. Louis, MO 63114 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 19.7 19.7 17.2 0.01 %
Samco Food Corp dba C-Town Supermarket (#,^) 1761 Nostrand Ave, Brooklyn, NY 11226 Food and Beverage Stores Term Loan Prime plus 2.75% 4/12/2029 95.5 95.5 83.0 0.03 %
P. Moss Enterprises, LLC dba Garage Experts-Mid Atlantic (#,^) 3563 South River Terrace, Edgewater, MD 21037 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/12/2029 42.3 42.3 38.1 0.01 %
Engineered Edibles, LLC (#,^) 7926 Santa Fe Drive, Overland Park, KS 66204 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2029 8.7 8.7 7.5 — %
VC Media Partners LLC (#,^) 22120 Clarendon St., Woodland Hills, CA 91367 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/12/2029 122.3 122.3 106.6 0.03 %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 70114 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/11/2029 60.1 60.1 62.6 0.02 %
VRGE Strategies LLC (#,^) 1155 15th St NW, Washington, DC 20005 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/10/2029 131.0 131.0 113.8 0.04 %
Georgetown Milling Co, LLC (#,^) 9001 Wentworth Springs Rd, Georgetown, CA 95634 Wood Product Manufacturing Term Loan Prime plus 2.75% 4/9/2029 12.3 12.3 11.1 — %
FRAJOVI Urban Air, LLC dba Urban Air Trampoline& Adventure Park (#,^) 1256 Indian Head Rd, Toms River, NJ 08755 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 1/8/2030 575.0 575.0 583.3 0.18 %
Marnon Enterprise LLC (#,^) 6713 Biscay Hbr, San Antonio, TX 78249 Administrative and Support Services Term Loan Prime plus 2.75% 4/5/2029 4.6 4.6 4.0 — %
Bose and Avinder, Inc.and Carmel and Preet Inc (#,^) 28201 Date Palm Drive, Cathedral City, CA 92234 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2029 55.3 55.3 57.6 0.02 %
Ren Investment Group Inc dba True Positon Manufacturing (#,^) 40 Sandra Drive, South Windsor, CT 06074 Machinery Manufacturing Term Loan Prime plus 2.75% 3/29/2029 829.1 829.1 732.4 0.23 %
188
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
J Brothers Enterprises, LLC (#,^) 1101 NW 12TH Ave, Ava, MO 65608 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/29/2044 639.5 639.5 650.0 0.20 %
La Favorita Radio Network (#,^) 4043 Geer Rd, Hughson, CA 95326 Broadcasting (except Internet) Term Loan Prime plus 2.75% 3/29/2029 358.9 358.9 323.0 0.10 %
EJ & James Transport LLC (#,^) 3100 Drewsky Lane Unit 108, Fort Mills, SC 29715 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 9.0 9.0 8.4 — %
Royalty Freight Inc. (#,^) 3728 W McKinley Ave, Fresno, CA 93772 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 413.5 413.5 385.0 0.12 %
Reliable Power Group Inc. dba Batteries + bulbs Pensacola (#,^) 6895 N. 9th Ave Ste B, Pensacola, FL 32504 Repair and Maintenance Term Loan Prime plus 2.75% 3/29/2029 95.5 95.5 83.1 0.03 %
Key HR Associates, Inc dba Parents Choice for Kids (#,^) 3150 West Park Drive, Burnsville, MN 55306 Social Assistance Term Loan Prime plus 2.75% 3/29/2044 449.9 449.9 463.0 0.14 %
Bright Freight Solution, LLC (#,^) 1112 N Main St, Manteca, CA 95336 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 1,158.3 1,158.3 1,058.5 0.33 %
Hamsons Inc. (#,^) 4900 Hopyard Rd, Pleasanton, CA 94588 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/29/2029 179.1 179.1 155.4 0.05 %
Pizzaplex L3C (#,^) 4458 West Vernor Hwy, Detroit, MI 48209 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 42.8 42.8 38.0 0.01 %
Bhatti LLC dba Auntie Ann's & Bhatti LLC 1 (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2029 157.9 157.9 137.0 0.04 %
NuBe Business Group LLC (#,^) 2140 44th St SE, Ste 201, Grand Rapids, MI 49508 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2044 40.6 40.6 45.4 0.01 %
StillBasi Holdings, Inc. dba Buxton Auto Transport (#,^) 9371 Jackson Rd, Sacramento, CA 95826 Truck Transportation Term Loan Prime plus 2.75% 3/29/2029 286.6 286.6 261.1 0.08 %
Felipe Antonio Del Valle M.D. P.A. (#,^) 7190 SW 87th Ave Ste 203, Miami, FL 33173 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2029 14.3 14.3 12.4 — %
Raven's Place LLC (#,^) 13031 S Western Ave, Blue Island, IL 60406 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2044 681.6 681.6 709.8 0.22 %
Stillwater Ventures, LLC (#,^) 8272 W. Sunset Blvd, Los Angeles, CA 90048 Nonstore Retailers Term Loan Prime plus 2.75% 3/29/2029 397.5 397.5 376.2 0.12 %
Iredell Oral & Facial Surgery, P.C. dba Johnson Oral Surgery (#,^) 229 Medical Park Rd, Ste 310, Mooresville, NC 28117 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2044 820.8 820.8 837.5 0.26 %
Outtasight Careers, LLC dba Gecko Hospitality (#,^) 109 W Fern St., Tampa, FL 33604 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2029 49.7 49.7 43.1 0.01 %
Turtle Shirts, LLC (#,^) 10241 Metro Pkwy# 108, Ft Myers, FL 33966 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/29/2029 51.4 51.4 45.5 0.01 %
Bayco Enterprises, Inc (#,^) 128 Cowesett Ave, West Warwick, RI 02893 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2044 197.0 197.0 219.9 0.07 %
Peak Performance Associates LLC dba Nova Hypnosis and Wellnes (#,^) 1485 Chain Bridge Rd #304-305, McLean, VA 22101 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 57.3 57.3 49.8 0.02 %
189
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Knoxville Room Service (#,^) 10670 Parkside Drive, Knoxville, TN 37922 Food and Beverage Stores Term Loan Prime plus 2.75% 3/29/2029 6.4 6.4 5.8 — %
Complete Care IT LLC (#,^) 4801 South University Drive Ste 125, Davie, FL 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2029 50.2 50.2 43.6 0.01 %
Skaggs RV Outlet ,LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/28/2029 238.9 238.9 248.7 0.08 %
J.C. Pallet Company, Inc. (#,^) 18427 New Kent Hwy, Barhamsville, VA 23011 Wood Product Manufacturing Term Loan Prime plus 2.75% 3/28/2029 429.9 429.9 412.3 0.13 %
Cleland Pharmacy LLC (#,^) 202 S First St., Wakeeney, KS 67672 Health and Personal Care Stores Term Loan Prime plus 2.75% 3/28/2029 21.5 21.5 22.4 0.01 %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Unit D104-105, Boca Raton, FL 33498 Personal and Laundry Services Term Loan Prime plus 2.75% 3/28/2029 14.3 14.3 13.9 — %
Planet X Tobacco & Gift, LLC (#,^) 900 W Northern Lights Blvd, Anchorage, AK 99503 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/28/2044 283.3 283.3 306.1 0.10 %
Children First Home Health Care, Inc. dba Health Calls (#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/28/2029 131.7 131.7 114.2 0.04 %
RG Productions LLC (#,^) 2414 W Battlefield Ste H, Springfield, MO 65807 Rental and Leasing Services Term Loan Prime plus 2.75% 3/28/2029 148.8 148.8 138.2 0.04 %
GS Bath Inc (#,^) 5335 E. Kaviland Ave, Fresno, CA 93725 Truck Transportation Term Loan Prime plus 2.75% 3/28/2029 298.6 298.6 276.4 0.09 %
Custom Vinyl Products LLC (#,^) 260 Enterprise Drive, Newport News, VA 23603 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/28/2044 1,003.8 1,003.8 1,056.1 0.33 %
Cocomo Joe's LLC (#,^) 3949 New Rd, Youngstown, OH 44515 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2029 3.3 3.3 3.1 — %
PA Sobol Partners LLC dba Sobal (#,^) 206 Rohrerstown Rd, Lancaster, PA 17603 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/28/2029 48.9 48.9 43.9 0.01 %
Cinco Fit LLC dba Cinco Fit (#,^) 23010 Highland Knolls Blvd, Ste G, Katy, TX 77494 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2029 157.6 157.6 136.8 0.04 %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 1415 W Anderson St., Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 3/27/2029 71.1 71.1 74.1 0.02 %
Danielle Vance LPC, LLC dba Danielle Vance MA, LPC (#,^) 2543 Eliot St., Denver, CO 80211 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/27/2029 5.4 5.4 4.7 — %
DC AG, LLC dba Big B Sales (#,^) 674 LA- 8, Sicily Island, LA 71368 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/27/2044 582.8 582.8 602.4 0.19 %
Heritage Hills Athletics 1, LLC and Heritage Hills Athletics 1, LLC (#,^) 2880 Carol Rd, East York, PA 17402 Personal and Laundry Services Term Loan Prime plus 2.75% 3/26/2044 1,239.3 1,239.3 1,301.4 0.40 %
District 5 Boutique LLC (#,^) 317 N Farview Ave, Paramus, NJ 07652 Nonstore Retailers Term Loan Prime plus 2.75% 3/26/2029 119.4 119.4 103.6 0.03 %
J & C May Properties, LLC (#,^) 315 Sylamore Ave, Mountain View, AR 72560 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/22/2044 1,124.0 1,124.0 1,105.0 0.34 %
190
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Virginia Industrial Plastics, Inc. (#,^) 2454 NE Side Hwy, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2044 294.0 294.0 327.8 0.10 %
Skyways, LTD (#,^) 350 15th St. NW, Huron, SD 57350 Support Activities for Transportation Term Loan Prime plus 2.75% 3/22/2029 788.5 788.5 690.1 0.21 %
Gary Krause dba Gary Krause Landscaping & Design (#,^) 489 Hamilton Rd, Jacksonville, OR 97530 Administrative and Support Services Term Loan Prime plus 2.75% 3/22/2029 5.7 5.7 5.3 — %
Virginia Industrial Plastics, Inc. (#,^) 2454 NE Side Hwy, Elkton, VA 22827 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/22/2029 258.7 258.7 269.3 0.08 %
The Karate Dojo LLC (#,^) 21 S Hope Chapel Rd, Jackson, NJ 08527 Educational Services Term Loan Prime plus 2.75% 3/21/2029 4.3 4.3 3.7 — %
Pitman Holding LLC (#,^) 1116 E Main St, Richmond, VA 23219 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/21/2029 7.2 7.2 6.5 — %
American Trails Transport, LLC (#,^) 8704 Grand Ave, Billings, MT 59106 Truck Transportation Term Loan Prime plus 2.75% 3/21/2029 52.5 52.5 48.3 0.01 %
Dependable Lawn Care, Inc. (#,^) 2320 138th St., Blue Island, IL 60406 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2029 500.2 500.2 459.0 0.14 %
Dependable Lawn Care, Inc. (#,^) 2320 138th St., Blue Island, IL 60406 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2044 189.1 189.1 207.4 0.06 %
Mega Trucking LLC and Olyimpian Industries LLC (#,^) 5979 NW 151st St, Miami Lakes, FL 33014 Truck Transportation Term Loan Prime plus 2.75% 3/20/2029 383.0 383.0 360.6 0.11 %
Michigan Neurosurgical Institute P.C. (#,^) 9400 S Saginaw St., Unit 1, Grand Blanc, MI 48439 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2029 173.2 173.2 150.9 0.05 %
Sound Manufacturing Inc (#,^) 1 Williams Lane, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/20/2029 47.8 47.8 41.4 0.01 %
Michigan Neurosurgical Institute, P.C.,,Optical Spine,LLC, MNI Great L (#,^) 9400 S Saginaw St., Unit 1, Grand Blanc, MI 48439 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/20/2044 352.0 352.0 361.5 0.11 %
Frontline Selling LLC (#,^) 6505 Shiloh Rd #300,310,320, Alpharetta, GA 30005 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/19/2029 298.6 298.6 310.6 0.10 %
Game Station, Inc. (#,^) 2917 1st Ave SE, Cedar Rapids, IA 52402 Rental and Leasing Services Term Loan Prime plus 2.75% 3/19/2029 250.8 250.8 230.4 0.07 %
Marvellous Print & Ship LLC (#,^) 605 W Main St., Oxford, KS 67119 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/19/2029 3.2 3.2 2.8 — %
Panetcarne Inc.dba Jersey Mike's Subs Greenfield (#,^) 23077 Greenfield Rd, Southfield, MI 48075 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 88.9 88.9 78.9 0.02 %
Stepping Stones Children's Academy LLC (#,^) 1655 E Warm Springs Rd, Las Vegas, NV 89119 Social Assistance Term Loan Prime plus 2.75% 3/15/2044 371.8 371.8 393.9 0.12 %
Vanchoc Transport Inc (#,^) 137 3rd St, Brooklyn, NY 11231 Rental and Leasing Services Term Loan Prime plus 2.75% 3/15/2029 83.7 83.7 72.7 0.02 %
B & W Towing LLC (#,^) 701 Addison Rd, Painted Post, NY 14870 Support Activities for Transportation Term Loan Prime plus 2.75% 3/15/2029 54.9 54.9 56.7 0.02 %
191
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Screening Services Group, LLC (#,^) 8670 Wilshire Blvd, Beverly Hills, CA 90211 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/14/2029 268.9 268.9 240.0 0.07 %
Space Express, LLC (#,^) 2775 Burris Rd, Davie, FL 33314 Truck Transportation Term Loan Prime plus 2.75% 3/12/2029 143.4 143.4 127.6 0.04 %
Mill Creek Early Childhood Program LLC (#,^) 510 South Batavia Ave, Batavia, IL 60510 Social Assistance Term Loan Prime plus 2.75% 8/11/2029 60.9 60.9 53.0 0.02 %
Precise Air Systems, Inc (#,^) 5467 W San Fernando Rd, Los Angeles, CA 90039 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/8/2029 251.2 251.2 220.9 0.07 %
Alpine Remediation, Inc, T & M Holdings, LLC (#,^) 14252 W 44th Ave Unit F, Golden, CO 80403 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2029 83.7 83.7 78.1 0.02 %
Kalloren Provel LLC (#,^) 6919 Oak Ridge Commerce Way, Austell, GA 30168 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/8/2044 281.3 281.3 298.0 0.09 %
D & S Village Hardware LLC dba Cedar Mountain Country Store & Samantha (#,^) 3695 Movie Ranch Rd, Duck Creek, UT 84762 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/8/2044 200.0 200.0 215.9 0.07 %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr #100,110,120, Agoura Hills, CA 91301 Food Manufacturing Term Loan Prime plus 2.75% 3/8/2029 83.6 83.6 72.5 0.02 %
SG Welch Inc dba Sparks Auto Service (#,^) 19138 Molalla Ave, Oregon City, OR 97045 Repair and Maintenance Term Loan Prime plus 2.75% 3/8/2029 59.7 59.7 52.9 0.02 %
Seeds of Knowledge Creative Learning Center LLC (#,^) 15101 West McNichols Rd, Detroit, MI 48235 Social Assistance Term Loan Prime plus 2.75% 3/7/2044 22.3 22.3 24.0 0.01 %
Doble Rentals, L.L.C , Doble Rentals 2, LLC, Doble Rentals 3, LLC (#,^) 487 Elizabeth Lake Rd, Waterford, MI 48328 Rental and Leasing Services Term Loan Prime plus 2.75% 3/4/2029 150.5 150.5 130.6 0.04 %
Midwest Expediated Carrier Corporation (#,^) 2200 N Stonington Ave #120, Hoffman Estates, IL 60169 Support Activities for Transportation Term Loan Prime plus 2.75% 3/1/2029 14.3 14.3 12.4 — %
Monkey Bones LLC (#,^) 3361 Dayton Xenia Rd, Beavercreek, OH 45432 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2044 19.3 19.3 21.5 0.01 %
Wooter Apparel, Inc (#,^) 727 Page Ave., Staten Island, NY 10307 Nonstore Retailers Term Loan Prime plus 2.75% 2/28/2029 47.5 47.5 42.0 0.01 %
NY Scoops LLC dba Cool Suppliers and Breakneck Road LLC (#,^) 20 Silver Fox Lane, Sussex, NJ 07461 Food Manufacturing Term Loan Prime plus 2.75% 2/28/2029 48.4 48.4 46.5 0.01 %
KSW Agency Inc. (#,^) 330 Milltown Rd, Ste 22E, East Brunswick, NJ 08816 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 2/28/2029 14.3 14.3 14.9 — %
Woodard Electric Services, Inc. (#,^) 1600 Carter Cove Rd, Hayesville, NC 28904 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2029 20.5 20.5 18.1 0.01 %
Shah Medical Center SC & Heeena Shyamani (#,^) 484 Summit St, Elgin, IL 60120 Hospitals Term Loan Prime plus 2.75% 2/28/2044 251.3 251.3 247.6 0.08 %
Legacy Roof Contractors LLC (#,^) 32091 Broken Branch Circle, Spanish Fort, AL 36527 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2044 297.1 297.1 305.0 0.09 %
192
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Matrix Z LLC (#) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 12.0 12.0 11.9 — %
Merdad Dentistry PLLC dba Easy Dental Care (#,^) 7522 Old Linton Hall Rd, Gainesville, VA 20155 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/26/2029 15.0 15.0 13.0 — %
Harbor Management Company Inc dba Jamba Juice (#,^) 5501 Josh Birmingham Pkwy Concourse A, Charlotte, NC 28208 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/22/2029 142.5 142.5 125.1 0.04 %
EasyBooks, Inc. (#,^) 949 Turquoise St., San Diego, CA 92109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/22/2029 5.7 5.7 4.9 — %
Mia Restoration Inc dba PuroClean and Puroclean of Morristown NJ (#,^) 3633 B Hill Rd, Parsippany, NJ 07054 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/21/2029 39.2 39.2 35.1 0.01 %
Gomez Advanced Wellness Center, Inc. (#,^) 2418 Central Ave, Charlotte, NC 28205 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/21/2044 148.6 148.6 156.5 0.05 %
Citiline Cafe At Jacobs Plaza, LLC dba Citiline Cafe (#,^) 12140 Wickchester Ln STE 130, Houston, TX 77079 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 46.6 46.6 40.4 0.01 %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Ozone Park, NY 11417 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 154.5 154.5 144.3 0.04 %
Bowl 360 Inc. (#,^) 98-18 Rockaway Blvd, Far Rockaway, NY 11417 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/19/2029 132.5 132.5 115.5 0.04 %
Rob Barletta's Hockey School, Inc (#,^) 2130 Providence Hwy, Walpole, MA 02081 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 2/19/2029 103.3 103.3 107.6 0.03 %
Outler Transportation Services,LLC (#,^) 3775 Carriage Downs CT SW, Snellville, GA 30039 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/19/2029 42.7 42.7 37.8 0.01 %
M & M Burgers Inc dba Checkers (#,^) 530 Willis Ave, Bronx, NY 10455 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 109.4 109.4 97.0 0.03 %
Integris Roofing, Inc (#,^) 1174 Yellostone Drive, Lake Arrowhead, CA 92532 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/15/2029 21.4 21.4 18.5 0.01 %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/14/2029 14.2 14.2 14.8 — %
Gateway Veterinary Services, P.C. dba Liberty Animal Clinic (#,^) 9212 Liberty Ave, Ozone Park, NY 11417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/14/2044 137.0 137.0 152.8 0.05 %
Par-Man, Inc. dba Rockstar Tattoo (#,^) 450 Fremont St #109 and 113, Las Vegas, NV 89101 Health and Personal Care Stores Term Loan Prime plus 2.75% 2/14/2029 59.5 59.5 52.2 0.02 %
KHSE Parks, Inc. (#,^) 600 West Charles St., Matthews, NC 28105 Administrative and Support Services Term Loan Prime plus 2.75% 2/14/2029 78.4 78.4 68.0 0.02 %
Precedence Enterprises LLC dba Spartan Junk Removal (#,^) 8101 Sandy Spring Rd Ste 250N, Laurel, MD 20707 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/8/2029 15.6 15.6 14.3 — %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 78249 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/8/2029 3.6 3.6 3.4 — %
Shepherd Fitness, LLC dba Workout Anytime Ooltewah (#,^) 9408 Apison Pike, Ste 11, Ooltewah, TN 37363 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/8/2029 160.2 160.2 147.0 0.05 %
193
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
EJGR Corp dba Brite Energy Solutions (#,^) 87 Main St Upper Lvl, Hastings-on-Hudson, NY 10706 Utilities Term Loan Prime plus 2.75% 2/8/2029 59.4 59.4 51.7 0.02 %
Creative Counseling Nashville PLLC (#,^) 4119 Gallatin Pike, Nashville, TN 37216 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/7/2029 2.1 2.1 1.8 — %
Better Dayz PT, Inc. dba Physical Therapy Now (#,^) 2804 NE 8th St. #203-206, Homestead, FL 33033 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/7/2029 21.4 21.4 18.7 0.01 %
D & G Elite Construction, Inc. (#,^) 217 Goldenrod Ave, Franklin Square, NY 11010 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/6/2029 123.6 123.6 128.7 0.04 %
RIHAHN INC dba RDBL, INC. (#,^) 1397 McGuire Rd, Lamar, AR 72846 Forestry and Logging Term Loan Prime plus 2.75% 2/5/2029 6.6 6.6 6.8 — %
Hernando Beach Motel Inc.,The Purple Cow House of Pancake Inc (#,^) 4291 Shoal Line Boulevard, Hernando Beach, FL 34607 Accommodation Term Loan Prime plus 2.75% 2/1/2029 14.2 14.2 14.8 — %
Jesus and Son's Landscape Contractors, LLC (#,^) 4371 Durham Court, Denver, CO 80239 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2029 54.6 54.6 48.8 0.02 %
Employer Resource Services LLC dba Data Pool (#,^) 500 Research Rd, Richmond, VA 23236 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2029 35.7 35.7 30.9 0.01 %
MYC Motors Inc (#,^) 3808 Vegas Drive, Las Vegas, NV 89108 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/30/2044 74.3 74.3 82.8 0.03 %
FNF LLC dba WineStyles (#,^) 11109 Old Seward Hwy, Anchorage, AK 99515 Food and Beverage Stores Term Loan Prime plus 2.75% 1/22/2029 233.8 233.8 203.0 0.06 %
IGWT Coffee, LLC dba PJ's Coffee of New Orleans (#,^) 414 Union St, Nashville, TN 37219 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2029 77.9 77.9 67.6 0.02 %
MMC Investors, LLC dba Clean Juice (#,^) 2879 W 95th St. Ste 195, Naperville, IL 60564 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/18/2029 83.8 83.8 74.2 0.02 %
Hilco Athletics & Graphics Inc (#,^) 55 Green Hill St., West Warwick, RI 02816 Apparel Manufacturing Term Loan Prime plus 2.75% 1/16/2044 68.2 68.2 76.0 0.02 %
CMLCLEARWATERBEACH.LLC dba Cousins Maine Lobster (#,^) 309 Coronado Drive, Clearwater Beach, FL 33767 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/11/2029 84.7 84.7 74.5 0.02 %
Fluid Connections LLC dba BurgerIM (#,^) 174 El Cerrito Plaza, El Cerrito, CA 94530 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 59.1 59.1 54.6 0.02 %
HSR Tacos LLC dba California Tortilla (#,^) 11694 Sudley Manor Drive, Manassas, VA 20109 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/11/2029 51.5 51.5 44.7 0.01 %
Rashed and Shabila LLC (#,^) 14865 Hwy 92, Woodstock, GA 30188 Gasoline Stations Term Loan Prime plus 2.75% 1/4/2029 21.2 21.2 19.7 0.01 %
Romain Tower Inc. David Romaine, Sugar Land Crane and Rigging, LLC (#,^) 215 S Persimmon St., Tomball, TX 77375 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/31/2028 223.4 223.4 193.8 0.06 %
The Chop House Inc. (#,^) 191 Old Tower Hill Rd., South Kingstown, RI 02879 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/31/2043 552.0 552.0 572.4 0.18 %
194
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Capitol Fitness Inc. dba Anytime Fitness Shelby (#,^) 49045 Van Dyke Ave, Shelby Charter Township, MI 48317 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/28/2028 17.1 17.1 15.5 — %
Omega Funeral and Cremation Services,LLC (#,^) 9503 Kenwood Rd, Cincinnati, OH 45242 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 339.3 339.3 353.6 0.11 %
American Rewinding of NC Inc dba MTS (#,^) 1825 N Rocky River Rd, Monroe, NC 28110 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/28/2028 402.6 402.6 368.3 0.11 %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Court, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2043 504.4 504.4 509.3 0.16 %
Superior Concepts Acquisition Corp (#,^) 1710 Tiles Ct, Grand Haven, MI 49417 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/28/2028 112.6 112.6 102.7 0.03 %
Galt Insurance Group of Bonita Springs, LLC & Bonita Safety Institut (#,^) 10911 Bonita Beach Rd SE #104A & 104B, Bonita Springs, FL 34135 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 12/28/2043 18.6 18.6 20.7 0.01 %
Nix and Nix Funeral Home North Inc, (#,^) 1621 W. Dauphin St., Philadelphia, PA 19132 Personal and Laundry Services Term Loan Prime plus 2.75% 12/28/2043 566.0 566.0 614.5 0.19 %
Fave Realty Inc. (#,^) 74 Larkfield Rd, East Northport, NY 11731 Real Estate Term Loan Prime plus 2.75% 12/27/2043 122.2 122.2 136.3 0.04 %
Medworxs Inc. (#,^) 6857 Timbers Drive, Evergreen, CO 80439 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/27/2028 9.9 9.9 8.5 — %
East Breeze LLC dba Historic Springdale Pub and Eatery (#,^) 32302 E Historic Columbia Riv Hwy, Corbett, OR 97019 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2043 126.9 126.9 136.0 0.04 %
Children First Home Health Care Inc (#,^) 1220 Broadcasting Rd Ste 202, Wyomissing, PA 19610 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2028 282.4 282.4 267.0 0.08 %
Green Valley Landscape Management Inc. dba Apopka Mower and Equipment (#,^) 2975 W Orange Blossom Trail, Apopka, FL 32712 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2043 459.9 459.9 473.8 0.15 %
Reservations Unlimited LLC (#) 312 W Main St., Red River, NM 87558 Real Estate Term Loan Prime plus 2.75% 12/26/2043 140.8 140.8 151.2 0.05 %
Timios Enterprises Corp dba Palm Court (#,^) 1912 N Arlington Hts Rd, Arlington Heights, IL 60004 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/24/2043 700.4 700.4 739.5 0.23 %
RM Hawkins LLC (#,^) 5141 Topaz Drive, Colorado Springs, CO 80918 Nonstore Retailers Term Loan Prime plus 2.75% 12/24/2028 281.6 281.6 260.3 0.08 %
BD Branson Victorian LLC dba Branson Victorian Inn (#,^) 450 South Hwy 165, Branson, MO 65616 Accommodation Term Loan Prime plus 2.75% 12/24/2043 492.5 492.5 530.6 0.16 %
Royalty Freight Inc (#,^) 3728 W McKinley Ave, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 91.7 91.7 79.4 0.02 %
Kyle M Walker DDS, PC (#,^) 1402 W Park Ave, Orange, TX 77630 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 105.8 105.8 91.6 0.03 %
The Law Office of Jared E. Shapiro, P.A (#,^) 7777 Glades Rd Ste 100, Boca Raton, FL 33434 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 10.6 10.6 9.2 — %
195
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Burgess and Dudley, Incorporated (#,^) 24462 NW 9th Place, Newberry, FL 32669 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/21/2028 223.5 223.5 203.1 0.06 %
Diamond Estates LLC (#,^) 110 Court St Ste 1, Cromwell, CT 06416 Construction of Buildings Term Loan Prime plus 2.75% 12/21/2028 70.5 70.5 61.1 0.02 %
Fifth Wheel Truck Stop 001, Inc. (#,^) 3767 South Golden State Blvd, Fresno, CA 93725 Gasoline Stations Term Loan Prime plus 2.75% 12/21/2028 100.0 100.0 86.6 0.03 %
Sesolinc GRP, Inc. (#,^) 806 Randy Lowery Rd, Statesboro, GA 30461 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/21/2028 352.3 352.3 329.7 0.10 %
ETS Tree Service Inc and Eastern Tree Service, Inc (#,^) 4813 Pinson Valley Parkway, Birmingham, AL 35215 Administrative and Support Services Term Loan Prime plus 2.75% 12/21/2028 216.1 216.1 200.4 0.06 %
D.A.F.S Transport, LLC (#,^) 207 S. Teresa St., Monahans, TX 79756 Truck Transportation Term Loan Prime plus 2.75% 12/21/2028 620.1 620.1 613.0 0.19 %
Precision Bytes LLC dba Tower Connect (#,^) 607 West Magnolia Ave, Fort Worth, TX 76104 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 121.9 121.9 105.6 0.03 %
Accel Compression Inc.,Accel Workover Services Inc dba Mica Tool & Tur (#,^) 4500 S Country Rd, Odessa, TX 79768 Rental and Leasing Services Term Loan Prime plus 2.75% 6/21/2044 169.0 169.0 188.7 0.06 %
LP Industries, Inc and Playground Packages, LLC (#,^) 2040 Norwood, Lenoir, NC 28645 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/21/2028 88.6 88.6 77.0 0.02 %
Cammarata Associates LLC (#,^) 5 Greentree Center, Marlton, NJ 08053 Credit Intermediation and Related Activities Term Loan Prime plus 2.75% 12/21/2028 70.4 70.4 61.0 0.02 %
Baseline Health, LLC & Baseline Health Management, LLC (#,^) 1101 Stewart Ave Ste 104, Garden City, NY 11530 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 111.6 111.6 98.8 0.03 %
C&D Trucking & Equipment Service, Inc. (#,^) 4015 Jennings Rd, Cleveland, OH 44109 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2043 116.0 116.0 129.3 0.04 %
Roots N Shoots, LLC & Yardplus LLC (#,^) 86 Boston Rd, Chelmsford, MA 01824 Administrative and Support Services Term Loan Prime plus 2.75% 12/20/2028 50.7 50.7 45.0 0.01 %
Healthy and Fresco LLC (#,^) 1671 Belle Isle Ave, Ste 110 #C, Mt Pleasant, SC 29464 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/20/2029 43.2 43.2 38.8 0.01 %
Flashii App, Inc. (#,^) 75 E Santa Clara St, San Jose, CA 95113 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 58.7 58.7 60.2 0.02 %
Graff Excavating, Inc (#,^) 803 E State St., Toledo, IA 52342 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/20/2028 183.7 183.7 161.8 0.05 %
Alaska Motor Home Inc (#,^) 6633 Brayton Drive, Anchorage, AK 99507 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 281.8 281.8 264.0 0.08 %
Local Liberty Inc dba The Wardsboro Country Store (#,^) 23 Main St., Wardsboro, VT 05355 Food and Beverage Stores Term Loan Prime plus 2.75% 12/20/2043 153.7 153.7 164.8 0.05 %
Yellow Fin Marine Services LLC, K Marine XI, LLC K Marine VIII, LLC (#,^) 2043 Coteau Rd, Houma, LA 70364 Rental and Leasing Services Term Loan Prime plus 2.75% 12/20/2028 543.4 543.4 537.8 0.17 %
Hotel Compete, LLC (#,^) 223 W Jackson Blvd, Chicago, IL 60606 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2028 58.7 58.7 50.8 0.02 %
196
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
CK Green Partners, LLC dba Reis and Irvy"s Columbus (#,^) 5010 Augusta Drive, Westerville, OH 43082 Nonstore Retailers Term Loan Prime plus 2.75% 3/20/2029 178.3 178.3 168.3 0.05 %
Marlin Lighting LLC (#,^) 7207 B Lockport Pl, Lorton, VA 22079 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 95.6 95.6 82.8 0.03 %
The Cromer Company (#,^) 9800 NW 78th Ave, Hialeah Gardens, FL 33016 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 469.7 469.7 408.5 0.13 %
Sheldon T Banks and Sheldon T Banks LLC dba Serenity Funeral chapel ll (#) G-2340 West Carpenter Rd, Flint, MI 48505 Personal and Laundry Services Term Loan Prime plus 2.75% 9/19/2044 416.5 416.5 446.5 0.14 %
Goodson's Garden, LLC dba Always Goldies Florist (#,^) 1812 Pulaski Hwy Ste A, Edgewood, MD 21040 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/19/2028 11.3 11.3 10.0 — %
JejoJesi Corp dba Dukunoo Jamaican Kitchen, Dunkunoo (#,^) 316 NW 24th St., Miami, FL 33180 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2029 70.1 70.1 65.2 0.02 %
Accent Comfort Services, LLC (#,^) 5035 W. W.T. Harris Blvd Ste C, Mecklenburg, NC 28269 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2028 64.7 64.7 56.5 0.02 %
Cordoba Foods LLC, Multi Logistics Network Inc, Karina Mena (#,^) 4477 E 11th Ave, Hialeah, FL 33013 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2028 298.3 298.3 271.7 0.08 %
Healthy Human, LLC (#,^) 1007 Johnnie Dodds Blvd, Ste 123, Mt Pleasant, SC 29464 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2028 117.4 117.4 101.7 0.03 %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 99587 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/14/2043 195.3 195.3 203.7 0.06 %
Stony Creek Wellness Group, LLC (#,^) 264 Church St, Guilford, CT 06437 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/14/2043 97.7 97.7 105.0 0.03 %
Sound Contracting LLC (#,^) 148 Holmgren Place, Girdwood, AK 99587 Construction of Buildings Term Loan Prime plus 2.75% 12/14/2028 39.2 39.2 36.5 0.01 %
Alpha Omega Trucking LLC (#,^) 14432-14452 Stateline Rd, Brookings, OR 97415 Truck Transportation Term Loan Prime plus 2.75% 12/14/2028 65.9 65.9 68.5 0.02 %
YBL Restaurant Group LLC dba Tropisueno (#,^) 75 Yerba Buena Lane, San Francisco, CA 94103 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/14/2029 359.1 359.1 314.4 0.10 %
Alpha Landscape Contractors, Inc (#,^) 2823 Fllintstone Rd, Millers, MD 21102 Administrative and Support Services Term Loan Prime plus 2.75% 1/14/2029 313.4 313.4 287.1 0.09 %
Ventures TBD LLC dba The Bottle Tree (#,^) 102 Davis St., Belmont, NC 28012 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2043 97.7 97.7 101.0 0.03 %
Mediterranean Tastes Inc dba Mediterranean Tastes Since 1974 (#,^) 196-15 Northern Blvd, Flushing, NY 11318 Food and Beverage Stores Term Loan Prime plus 2.75% 12/14/2028 14.8 14.8 12.9 — %
Peanut Butter & Co., Inc. (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/14/2028 234.9 234.9 203.5 0.06 %
L&M Services, LLC (#,^) 560 Main St., Milford, UT 84751 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2043 197.9 197.9 208.5 0.06 %
197
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Aero Consulting and Engineering Inc (#,^) 7941 NW 3rd St., Plantation, FL 33324 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2028 14.1 14.1 12.2 — %
Fitness Orlando LLC & Fitness Orlando Oviedo, LLC (#,^) 160 Tuskawilla Rd Ste 1214, Winter Springs, FL 32708 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/14/2028 258.8 258.8 234.8 0.07 %
Tapia Auto Care, LLC dba Shoreline Quick Lube and Car Wash (#,^) 2 Center Rd, Old Saybrook, CT 06475 Repair and Maintenance Term Loan Prime plus 2.75% 12/13/2043 967.3 967.3 992.6 0.31 %
D for Dream LLC dba Blo Blow Dry Bar Inc (#,^) 460 East 3rd Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 5/13/2029 70.9 70.9 61.7 0.02 %
United States Plastic Equipment LLC (#,^) 4447 OH-303, Mantua, OH 44255 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/13/2028 137.1 137.1 118.8 0.04 %
Burton Realty Co., Inc dba Anchor Realty, Northeast (#,^) 2200 Michener St Ste 12, Philadelphia, PA 19115 Real Estate Term Loan Prime plus 2.75% 12/13/2028 284.6 284.6 246.6 0.08 %
The Miller Center for Esthetic Excellence, (#,^) 22 Old Short Hills Rd, Livingston, NJ 07039 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/13/2043 384.3 384.3 378.2 0.12 %
Plan B Burger LLC (#,^) 484 Farmington Ave, Hartford, CT 06105 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/13/2029 986.6 986.6 899.9 0.28 %
OC Helicopters LLC (#,^) 19711 Campus Drive Ste 260, Santa Ana, CA 92707 Air Transportation Term Loan Prime plus 2.75% 12/13/2028 84.7 84.7 88.1 0.03 %
Tier1 Solutions LLC (#,^) 1000 Essington Rd Ste 111, Joliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/12/2029 9.6 9.6 8.3 — %
Behind The Scenes Chicago, LLC dba Paramount Events (#,^) 1750 W Lake St, Chicago, IL 60612 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 240.8 240.8 235.1 0.07 %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakersfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 12/12/2043 118.8 118.8 122.7 0.04 %
Mateo Enterprise Inc dba El Milagro Market (#,^) 575 Panama Lane, Bakerfield, CA 93307 Food and Beverage Stores Term Loan Prime plus 2.75% 1/12/2029 56.4 56.4 48.9 0.02 %
Ashwood Food Services, Incorporated dba Jake Rooney's (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/12/2029 63.4 63.4 58.0 0.02 %
Ashwood Food Services Inc. dba Jake Rooney's (#,^) 119 Brooks Rd, Harwich Port, MA 02646 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/12/2043 212.8 212.8 231.0 0.07 %
Airstrike Firefighters LLC (#,^) 18115 62nd Ave NE, Kenmore, WA 98028 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 12/12/2028 1,174.3 1,174.3 1,112.0 0.35 %
Anglin Cultured Stone Products LLC dba Anglin Construcion (#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 1/12/2029 60.8 60.8 56.8 0.02 %
Duck's Nuts Inc dba Pet Place Market (#,^) 212 Bendigo Blvd. N, North Bend, WA 98045 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/11/2029 40.6 40.6 37.9 0.01 %
Hilltop Wine Shop, Inc dba Hiltop Wine Shop (#,^) 7505 Highland Rd, White Lake, MI 48383 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2043 126.7 126.7 133.2 0.04 %
TFE Resources ,LTD (#,^) 11 Easter Court Ste G, Owings Mills, MD 21117 Utilities Term Loan Prime plus 2.75% 1/11/2029 561.4 561.4 503.9 0.16 %
198
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Oregon Medical Training Private Career School Inc. (#,^) 1126 Gateway Loop Ste 108, Springfield, OR 97702 Educational Services Term Loan Prime plus 2.75% 1/11/2029 37.6 37.6 32.6 0.01 %
Googlyoogly, LLC dba Bi-Rite Supermarket (#,^) 10867 W Jefferson Ave, River Rouge, MI 46218 Food and Beverage Stores Term Loan Prime plus 2.75% 12/11/2043 200.9 200.9 207.7 0.06 %
White Wilson & Associates LLC (#,^) 16238 Louis Ave., South Holland, IL 60473 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/11/2043 42.1 42.1 43.4 0.01 %
EMES Supply, LLC (#,^) 35622 Vine St., EastLake, OH 44095 General Merchandise Stores Term Loan Prime plus 2.75% 1/11/2029 117.8 117.8 104.7 0.03 %
B&B Bodega of Delray LLC (#,^) 190 NE 2nd Ave, Delray Beach, FL 33444 Food and Beverage Stores Term Loan Prime plus 2.75% 1/11/2029 14.5 14.5 12.7 — %
Team Henry, LLC dba Kelly Automotive of Deltona (#,^) 1290 Doyle Rd, Deltona, FL 32725 Repair and Maintenance Term Loan Prime plus 2.75% 12/10/2043 387.2 387.2 398.6 0.12 %
ZLM Services LLC (#,^) 51343 Oro Rd, Shelby Township, MI 33444 Administrative and Support Services Term Loan Prime plus 2.75% 1/10/2029 37.6 37.6 32.6 0.01 %
Food Service Industry Consultants Inc. (#,^) 1465 Kelly Johnson Blvd, Colorado Springs, CO 80920 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/7/2029 67.2 67.2 58.5 0.02 %
Shining Star Kids, Inc. dba Brain Balance (#,^) 17323 Ventura Blvd, Encino, CA 91316 Educational Services Term Loan Prime plus 2.75% 1/7/2029 82.3 82.3 71.9 0.02 %
3SIXO Motorsports LLC dba 3SIXO Motorsports Shop (#,^) 217 W Main St., Centralia, WA 98531 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/6/2029 94.6 94.6 82.6 0.03 %
CET Inc (#,^) 4709 N El Capitan Ave Ste 205, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 1/6/2029 1,154.6 1,154.6 1,045.1 0.32 %
Metro R Services Inc. and Metal & Roof Supplies Inc. (#,^) 20 Universal Place, Carlstadt, NJ 07072 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/6/2029 195.0 195.0 203.0 0.06 %
Unique Home Solutions Inc. and Unique Home Solutions of Ohio (#,^) 5550 Progress Rd, Indianapolis, IN 46241 Construction of Buildings Term Loan Prime plus 2.75% 1/5/2029 234.9 234.9 244.6 0.08 %
Levine Daycare Inc dba Kids R Kids (#,^) 415 Woodbury Rd, Orlando, FL 32828 Social Assistance Term Loan Prime plus 2.75% 1/5/2029 253.7 253.7 233.7 0.07 %
Consulting Solutions, Inc and Mark Luciani (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/5/2029 54.4 54.4 47.2 0.01 %
Little West LLC, 340 Group LLC, Retail West LLc, Andrew W Walker, Cass (#,^) 342 South La Brea Ave, Los Angeles, CA 90036 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2029 82.4 82.4 72.4 0.02 %
The Altitude Group LLC (#,^) 949 A Clint Moore Rd, Boca Raton, FL 33487 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/4/2029 130.9 130.9 114.3 0.04 %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 1/4/2029 182.5 182.5 158.4 0.05 %
Jay Carlton's, LLC dba Jay Birds Rotisserie & Grill (#,^) 24480 W 10 Mile RD, Southfield, MI 48033 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/4/2029 37.2 37.2 34.8 0.01 %
Swantown Inn and Spa, LLC (#,^) 1431 11th Ave SE, Olympia, WA 98501 Accommodation Term Loan Prime plus 2.75% 1/3/2029 12.7 12.7 13.2 — %
199
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
York Concrete Corp (#,^) 1 Plumb CT., Huntington Station, NY 11746 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2043 197.9 197.9 217.9 0.07 %
Hernando Beach Motel LLC,The Purple Cow House o APancake AInc. (#,^) 4291 Shoal Line Boulevard, Hernando Beach, FL 34607 Accommodation Term Loan Prime plus 2.75% 11/30/2043 222.4 222.4 247.8 0.08 %
Tammy's Place LLC (#,^) 235 North Mosby Ave, Littleton, NC 27850 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2044 436.0 436.0 481.7 0.15 %
Microplex Co, Third Market LLC (#,^) 244 Spokane Ave, Whitefish, MT 59937 Food and Beverage Stores Term Loan Prime plus 2.75% 12/30/2028 154.1 154.1 133.7 0.04 %
Luxury Furniture, Inc.dba Venicasa & Luxe Home Interiors (#,^) 13762 W State Rd 84, Davie, FL 33325 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2028 116.8 116.8 115.4 0.04 %
Cabrera's Auto Services LLC (#,^) 2206 N Central Ave, Chicago, IL 60639 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2043 80.2 80.2 85.3 0.03 %
Water Station Holdings LLC (#,^) 1104 N Keystone Ave, Indianapolis, IN 46201 Nonstore Retailers Term Loan Prime plus 2.75% 12/30/2028 647.3 647.3 613.3 0.19 %
Albert M. Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/29/2043 64.4 64.4 67.1 0.02 %
JJB Production LLC (#,^) 458 N 7th St., Newark, NJ 07107 Administrative and Support Services Term Loan Prime plus 2.75% 12/29/2028 6.9 6.9 6.0 — %
Albert M Quashie, DDS, PC (#,^) 3331 Toledo Terrace Ste 308, Hyattsville, MD 20782 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/29/2028 81.8 81.8 77.7 0.02 %
Sky Wonder Pyrotechnics, LLC dba Sky Wonder Fire and Safety Gear Up Te (#,^) 3626 CR 203, Liverpool, TX 77577 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/28/2043 429.3 429.3 478.2 0.15 %
Level Up Gaming, Inc (#,^) 1132 Creighton Rd, Pensacola, FL 32504 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/28/2043 89.0 89.0 90.5 0.03 %
Extreme Granite Corp (#,^) 251 NW 1st St., Deerfield Beach, FL 33441 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/28/2043 185.4 185.4 202.6 0.06 %
True Love Christian Academy LLC (#,^) 466 E Raines Rd, Memphis, TN 38109 Social Assistance Term Loan Prime plus 2.75% 12/28/2043 41.5 41.5 45.5 0.01 %
BEK Holdings LLC, Veseli Fine Art Galleries, LLC, Trusted.com LLC, Exe (#,^) 12930 Worldgate Drive, Herndon, VA 20170 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/21/2028 1,188.9 1,188.9 1,221.9 0.38 %
Best Global Alternative North, LLC (#,^) 69 Lewis Ave, Atlantic Beach, NY 11509 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/21/2028 81.7 81.7 70.8 0.02 %
M.A.W. Enterprises LLC dbaY-Not Pizza (#,^) 45 E Main St., New Palestine, IN 46163 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/21/2028 21.0 21.0 19.4 0.01 %
Thames Aquatic Club, LLC (#,^) 14 Iron St., Ledyard, CT 06339 Educational Services Term Loan Prime plus 2.75% 10/21/2029 42.8 42.8 44.8 0.01 %
On Call Electrical of Georgia LLC (#,^) 2120 Plaster Bridge Rd NE, Atlanta, GA 30324 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/20/2043 656.9 656.9 682.6 0.21 %
200
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Commonwealth Warehouse Inc (#,^) 11013 Kenwood Rd., Cincinnati, OH 45242 Warehousing and Storage Term Loan Prime plus 2.75% 12/20/2028 395.5 395.5 371.0 0.12 %
High Desert Transport, Inc. (#,^) 2015 Woodspring Terrace, Henderson, NV 89012 Truck Transportation Term Loan Prime plus 2.75% 12/19/2028 71.0 71.0 64.0 0.02 %
K & A Automotive Inc (#,^) 2070 Nooseneck Hill Rd, Coventry, RI 02816 Gasoline Stations Term Loan Prime plus 2.75% 11/19/2043 120.8 120.8 131.2 0.04 %
Beau & HB Inc dba Beau's Billiard, Bowling & Arcade (#,^) 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 41.1 41.1 40.7 0.01 %
Cocomo Joe's LLC (#,^) 3949 New Rd, Youngstown, OH 44515 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 0.6 0.6 0.5 — %
Saunders Management LLC dba Northern Light Espresso Bar and Cafe (#,^) 536 Spruce St, Scranton, PA 18503 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2028 37.9 37.9 39.4 0.01 %
Beau & HB Inc dba Beau's Billard, Bowling & Arcade (#,^) 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/16/2043 69.7 69.7 73.2 0.02 %
Cali Fit Meals (#,^) 3450 E Orangethrope Ave, Anaheim, CA 92806 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2028 58.4 58.4 50.8 0.02 %
Allegro Assisted Living Services of Texas LLC (#,^) 3400 Remington Dr, Plano, TX 75023 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/15/2043 93.9 93.9 104.6 0.03 %
Schafer Fisheries Inc. (#,^) 21985 Waller Rd, Fulton, IL 61252 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/14/2028 47.0 47.0 48.8 0.02 %
Salon Femi LLC (#,^) 1107 Broad St., Bloomfield, NJ 07003 Personal and Laundry Services Term Loan Prime plus 2.75% 12/9/2028 7.0 7.0 6.7 — %
US Dedicated LLC (#,^) 13410 SE 26th Circle, Vancouver, WA 98683 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2028 392.2 392.2 346.7 0.11 %
Jinwoo Sushi Inc (#,^) 6590 Sugarloaf Pkwy, Duluth, GA 30097 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/9/2028 20.7 20.7 21.5 0.01 %
McNeill Stokes (#,^) 5372 Whitehall Pl SE, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2028 6.3 6.3 5.5 — %
Vancole Investments, Inc. dba Smoothie King #913 (#,^) 876 Virginia Ave, Hapeville, GA 30354 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/7/2044 414.5 414.5 427.7 0.13 %
JN Thompson Ent,Inc. (#,^) 400 5th Ave S Ste 100, Naples, FL 34102 Construction of Buildings Term Loan Prime plus 2.75% 12/7/2028 377.5 377.5 340.1 0.11 %
JP Dhillon's Foods LLC (#,^) 840 El Paseo de Saratoga, San Jose, CA 95130 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2029 91.9 91.9 79.9 0.02 %
Modutech Marine Inc (#,^) 2218 Marine View Drive, Tacoma, WA 98422 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 12/1/2028 350.4 350.4 364.3 0.11 %
Peter Thomas Roth Labs LLC and June Jacobs Labs, LLC (#,^) 460 Park Ave, Fl 16, New York, NY 10022 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/1/2028 303.5 303.5 262.9 0.08 %
Steele Security, LLC dba Signal 88 Security of San Antonio (#,^) 11230 West Ave Ste 2210, San Antonio, TX 78213 Administrative and Support Services Term Loan Prime plus 2.75% 10/31/2028 103.2 103.2 90.7 0.03 %
201
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Abington Caregivers, LLC (#,^) 7804 Montgomery Ave Unit 3-6, Elkins Park, PA 19027 Social Assistance Term Loan Prime plus 2.75% 11/30/2043 123.9 123.9 132.1 0.04 %
Organic Juice Bar Wexford LLC dba The OJB "The Organic Juice Bar" (#,^) 1500 Village Run Rd, Wexford, PA 15090 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2029 76.4 76.4 67.8 0.02 %
C.A.T.I. Armor, LLC (#,^) 435 Packard Hwy, Charlotte, MI 48813 Apparel Manufacturing Term Loan Prime plus 2.75% 10/30/2043 207.9 207.9 216.7 0.07 %
UK, LLC dba Pita Pit (#,^) 20038 West Valley HWY, Kent, WA 98032 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2029 57.9 57.9 51.9 0.02 %
JAL Group, Inc. dba Brainy Boulevard Daycare (#,^) 3340-3342 West Bryn Mawr Ave, Chicago, IL 60659 Social Assistance Term Loan Prime plus 2.75% 10/29/2028 53.9 53.9 47.4 0.01 %
Ohio Gold & Pawn LLC, Our New Building LLC and Corey Fischer (#,^) 3970 Everhard Rd NW, Canton, OH 44709 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 10/26/2028 136.9 136.9 142.4 0.04 %
Reliant Trucking Inc. (#,^) 7197 Koamano St, Honolulu, HI 96825 Truck Transportation Term Loan Prime plus 2.75% 10/25/2028 123.4 123.4 114.0 0.04 %
The Face Place, LLC dba Classic Aesthetics (#,^) 4268 Cahaba Heights CT Ste 115, Vestavia, AL 35243 Personal and Laundry Services Term Loan Prime plus 2.75% 10/25/2028 9.3 9.3 8.1 — %
Bellas Sports Pub, Inc dba Brewmasters Tavern (#,^) 1152 Main St., Coventry, RI 02816 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2043 68.5 68.5 75.6 0.02 %
Shovels and Whiskey LLC (#,^) 446 SE Washington St, Hillsboro, OR 97123 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 10/16/2043 75.6 75.6 82.0 0.03 %
Hackstaff Restaurants LLC (#,^) 248 W 1st St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 147.6 147.6 131.1 0.04 %
TA Coleman, LLC dba Tom's Truck Shop (#,^) 2101 Route 610, Woodbine, NJ 08270 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/12/2028 5.4 5.4 5.1 — %
Cater To You Agency, LLC, dba Cater To You (#,^) 1319 Sherrick Rd SE, Canton, OH 44707 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/11/2043 22.3 22.3 23.2 0.01 %
Faydon, Inc (#,^) 1905 W Baker St., Ste A, Plant City, FL 33567 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/10/2028 69.6 69.6 72.0 0.02 %
MB Click It Photography, LLC (#,^) 100 Manchester Ranch Place, Aynor, SC 29511 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/10/2043 37.9 37.9 40.7 0.01 %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 20850 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/9/2028 13.9 13.9 12.1 — %
Apps Inc and Market Share Inc. (#,^) 80 Main St., Old Saybrook, CT 06475 Telecommunications Term Loan Prime plus 2.75% 10/5/2028 88.2 88.2 76.4 0.02 %
Moore Care LLC (#,^) 8550 United Plaza Blvd., Baton Rouge, LA 79809 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/4/2028 48.3 48.3 41.8 0.01 %
JAM Media Solutions LLC (#,^) 11 Netherwood Terrace, East Orange, NJ 07017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2028 811.9 811.9 728.8 0.23 %
SwabCo Inc. (#,^) 2341 East Ellis St., Leveland, TX 79336 Support Activities for Mining Term Loan Prime plus 2.75% 9/28/2043 928.1 928.1 977.9 0.30 %
Rami Technology USA, LLC (#,^) 10400 NW 33rd St., Miami, FL 33172 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 9/28/2028 165.9 165.9 145.4 0.05 %
202
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Mellow Sweets, Inc dba Jaafer Sweets & Marwan Hamdan (#,^) 4825 North Kedzie Ave, Chicago, IL 60625 Food Manufacturing Term Loan Prime plus 2.75% 9/28/2028 53.0 53.0 46.3 0.01 %
Burd Brothers Inc. (#,^) 4005 Borman Drive, Batavia, OH 45103 Truck Transportation Term Loan Prime plus 2.75% 9/28/2028 494.2 494.2 471.5 0.15 %
A-1 Van Sevices, Inc. (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/28/2028 97.7 97.7 95.3 0.03 %
Throop Family Holdings, Inc (#,^) 7130 Crater Lake, White City, OR 97603 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2043 635.0 635.0 661.2 0.21 %
La Venezia Corporation dba La Venezia Ballroom & Robertos Lounge (#,^) 4646 SE 11th Place, Cape Coral, FL 33904 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2043 325.9 325.9 348.9 0.11 %
LG Law Center, Inc (#,^) 15452 Amar Rd, La Puente, CA 91744 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2028 13.8 13.8 12.4 — %
Blackwater Diving, LLC (#,^) 112 Forrest Rd, Morgan City, LA 70380 Support Activities for Mining Term Loan Prime plus 2.75% 9/27/2028 735.8 735.8 656.9 0.20 %
Quality Electric & Data (#,^) 85 Franklin Rd Unit 9B, Dover, NJ 07801 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2028 93.5 93.5 89.3 0.03 %
Blue Seven, LLC (#,^) 11111 San Jose Blvd, Ste 70, Jacksonville, FL 32223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/27/2029 55.5 55.5 50.4 0.02 %
Action Barricade Company, LLC and Barricade Holding LLC (#,^) 1802 N 27th Ave, Phoenix, AZ 85009 Rental and Leasing Services Term Loan Prime plus 2.75% 9/27/2028 286.5 286.5 274.7 0.09 %
Quality Electric & Data Inc. (#,^) 85 Franklin RD Unit 9B, Dover, NJ 07801 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/27/2043 128.4 128.4 131.7 0.04 %
Catherine Brandon, PSY.D., Inc dba Kenneth A Deluca, PH.D., & Associat (#,^) 35888 Center Ridge Rd #5-6, North Ridgeville, OH 44039 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2028 109.2 109.2 95.1 0.03 %
TFR Transit Inc, The Free Ride Inc, South Florida Free Ride Inc.,Tag-A (#,^) 777 S Flagler Dr. Ste 800W, West Palm Beach, FL 33401 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 115.0 115.0 107.7 0.03 %
Dentistry By Design, P.C (#,^) 315 Walt Whitman Rd, #204/5, South Huntington, NY 11746 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2028 13.8 13.8 12.3 — %
US Shipping Trans Inc, Esteem Trucking Inc (#,^) 16102 Sweetwater Court, Lathrop, CA 95330 Truck Transportation Term Loan Prime plus 2.75% 9/26/2028 777.1 777.1 760.7 0.24 %
Above and Beyond Preschool LLC (#,^) 672-678 Camellia Drive, Royal Palm Beach, FL 33411 Social Assistance Term Loan Prime plus 2.75% 9/26/2043 544.7 544.7 587.1 0.18 %
LTS School, Inc. (#,^) 3731 NW 9th Ave, Deerfield Beach, FL 33064 Educational Services Term Loan Prime plus 2.75% 9/26/2043 99.6 99.6 111.0 0.03 %
Anglin Cultured Stone Products LLC dba Anglin Construction (#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan 8.25% 9/26/2028 95.5 95.5 81.1 0.03 %
203
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Ace Auto Recovery, Inc. (#,^) 1209 North Lane Ave, Jacksonville, FL 32254 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2043 157.7 157.7 168.5 0.05 %
Bhatti LLC, Bhatti 3 LLC, dba Auntie Annes (#,^) 7219 Silver Mist Ave, North Chesterfield, VA 23237 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/25/2028 115.3 115.3 103.9 0.03 %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 98106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2028 4.8 4.8 4.2 — %
Steadfast Support Services, LLC (#,^) 1432 Crooked Stick Drive, O'Fallon, MO 63366 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 9/25/2028 9.7 9.7 8.4 — %
Phillip Ramos Upholstery Inc. (#,^) 3835 Elm St., Denver, CO 80207 Repair and Maintenance Term Loan Prime plus 2.75% 9/24/2028 14.2 14.2 12.3 — %
DC Lofty, LLC, (#,^) 301 I St. NW, Washington, DC 20001 Accommodation Term Loan Prime plus 2.75% 9/21/2028 20.7 20.7 18.1 0.01 %
Southern Services and Equipment, Inc (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2028 402.2 402.2 381.0 0.12 %
Southern Services and Equipment, Inc. (#,^) 321 Bayou Rd, Saint Bernard, LA 70085 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2043 207.9 207.9 211.6 0.07 %
MillClem Corporation & Monticello Corporation (#,^) 16660 Oak St., Dillwyn, VA 22936 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/21/2043 326.0 326.0 362.8 0.11 %
The Garden Club, LLC (#,^) 125 South DuBuque St., Iowa City, IA 52240 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/21/2028 6.2 6.2 5.4 — %
D & D Optics Inc dba Sterling Optical (#,^) 1487 East LaSalle Drive, Bismark, ND 58503 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2028 49.7 49.7 43.9 0.01 %
Tables and Bars Services, Inc and Tables and Bars Rentals, LLC (#,^) 5051 Peachtree Corners Cir #200, Norcross, GA 30092 Administrative and Support Services Term Loan Prime plus 2.75% 9/20/2028 16.6 16.6 15.4 — %
Sommer Auto Sales, Inc (#,^) 8670 E. Main St., Reynoldsburg, OH 43068 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/20/2028 329.4 329.4 341.5 0.11 %
Super Station Inc (#,^) 8855 N Country Rd 25A, Pique, OH 45356 Gasoline Stations Term Loan Prime plus 2.75% 9/19/2043 207.4 207.4 230.8 0.07 %
Dash Point Distributing LLC, Dash Point Logistics LLC and Sara Consal (#,^) 35000 Pacific Hwy, Federal Way, WA 98003 Truck Transportation Term Loan Prime plus 2.75% 9/19/2028 432.2 432.2 374.0 0.12 %
Watearth Inc (#,^) 445 S Figuerora Ste 3128, Los Angeles, CA 90071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/19/2028 20.7 20.7 17.9 0.01 %
Lewis River Golf Course, Inc. (#,^) 3209 Lewis River Rd, Woodland, WA 98674 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/19/2043 491.9 491.9 547.5 0.17 %
C3 Capital, Inc (#,^) 10010 N. Hampton Cove Lane, Indianapolis, IN 46236 Nonstore Retailers Term Loan Prime plus 2.75% 9/19/2028 621.2 621.2 598.5 0.19 %
M&P RV LLC dba M&P RV (#,^) 10 Century Lane, Dillsburg, PA 17019 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/19/2043 110.7 110.7 122.3 0.04 %
DB Talak LLC (#,^) 2018 SE 6th Ave, Portland, OR 97214 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/18/2043 149.5 149.5 157.4 0.05 %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 23851 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/18/2028 5.5 5.5 4.8 — %
204
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Glendale Grill Inc, Roddy Cameron, Jr & John K Symasko (#,^) 65 Glendale St., Easthampton, MA 01027 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2043 172.2 172.2 182.3 0.06 %
Pastel de Feira LLC dba Original Pastel De Feira (#,^) 4244 Pine Ridge CT, Weston, FL 33331 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/17/2028 5.6 5.6 5.2 — %
Culmination Motorsports, Inc. (#,^) 160 W 91st Ave Unit B, Anchorage, AK 99515 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2043 550.5 550.5 608.3 0.19 %
Baby's on Broadway LLC (#,^) 47 E Broadway, Little Falls, MN 56345 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/14/2028 46.0 46.0 43.0 0.01 %
L&M Equipment, Inc (#,^) Mile 2.5 Alaska Peninsula Hwy, Naknek, AK 99633 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/14/2043 1,229.8 1,229.8 1,314.4 0.41 %
Innovim LLC (#,^) 6401 Golden Triangle Dr. #200, Greenbelt, MD 20770 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/14/2028 115.0 115.0 99.4 0.03 %
J & C Garcia LLC (#,^) 26 Broad St., Alexander City, AL 35010 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/14/2028 68.1 68.1 60.4 0.02 %
QBS, LLC dba Sterling Optical Exton (#,^) 211 W Lincoln Hwy, Exton, PA 19341 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/14/2028 74.7 74.7 65.3 0.02 %
Rihahn Inc. dba RDBL, Inc (#,^) 1397 McGuire Rd, Lamar, AR 72846 Forestry and Logging Term Loan Prime plus 2.75% 9/14/2028 126.2 126.2 117.5 0.04 %
Underground Productions LLC dba 31 Escape (#,^) 1731 Decatur Hwy, Fultandale, AL 35068 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/13/2043 97.2 97.2 108.2 0.03 %
Brewster Marketplace Pharmacy & Hardware, LLC (#,^) 811 Old Hwy 97, Brewster, WA 98812 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/13/2028 80.5 80.5 69.6 0.02 %
Innovative Network Solutions Inc (#,^) 31567 West 10 Mile Rd, Farmington Hills, MI 48336 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/13/2028 113.9 113.9 101.9 0.03 %
TPE Midstream LLC, Dasahm Company, S & S Ventures LLC and TPE Supply L (#,^) 7799 South Regency Drive, Tulsa, OK 74131 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/13/2028 243.8 243.8 228.9 0.07 %
Rancho Paving, Inc (#,^) 339 Cypress Lane, El Cajon, CA 92020 Repair and Maintenance Term Loan Prime plus 2.75% 9/10/2028 172.5 172.5 170.4 0.05 %
Pool Guard of LA (#,^) 10866 Washington Blvd, Apt. #24, Culver City, CA 90232 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/7/2028 20.7 20.7 18.0 0.01 %
Dr. G's Urgent Care LLC (#,^) 1425 S Congress Ave, Delray Beach, FL 33445 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2028 20.7 20.7 18.0 0.01 %
Pelican Executives Suites, LLC (#,^) 2200 Colorado Ave Ste 131, Santa Monica, CA 90404 Administrative and Support Services Term Loan Prime plus 2.75% 9/7/2028 285.7 285.7 247.0 0.08 %
NY Tent, LLC dba Tent Company of New York LLC, NY Tent Parent LLC, Dav (#,^) 140141 Lakeland Ave, Bohemia, NY 11716 Rental and Leasing Services Term Loan Prime plus 2.75% 9/7/2028 296.7 296.7 281.1 0.09 %
MurlinComputerCompany LLC dba Murlin Computer, (#,^) 3000 Erika Ave, Sedalia, MO 65301 Repair and Maintenance Term Loan Prime plus 2.75% 9/7/2028 14.3 14.3 12.8 — %
205
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Asheville Spine and Nerve Institute PC (#,^) 190 Broadway St., Ste 205, Asheville, NC 28801 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/7/2043 89.6 89.6 98.7 0.03 %
Trolley Express Philly, Inc dba Shuttlebee &Honeybee Transportation LL (#,^) 3401 Market St. Ste 200, Philadelphia, PA 19104 Support Activities for Transportation Term Loan Prime plus 2.75% 9/6/2028 11.7 11.7 10.7 — %
LACCRB LLC dba PostNet (#,^) 3250 Retail Dr Ste 120, Carson City, NV 89706 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2028 14.0 14.0 12.3 — %
Living Centers Inc. dba Veranda House Senior Living (#,^) 5129 E 5th St, Katy, TX 77493 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 8/31/2043 414.4 414.4 461.2 0.14 %
National Stone LTD and NSI Group Inc (#) 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 270.0 270.0 301.7 0.09 %
XL Soccer World Orlando. LLC, XL Soccer World Saco LLC, XL Sports Worl (#,^) 825 Courtland St., Orlando, FL 32804 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/30/2043 442.1 442.1 492.1 0.15 %
Stat Constructor L.P (#,^) 9573 US Hwy 220, Stoneville, NC 27048 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/30/2028 95.2 95.2 98.8 0.03 %
Extreme Engineering, Inc. (#,^) 598 Oliver Dr, Troy, MI 48084 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/29/2028 114.7 114.7 100.2 0.03 %
Kotyark LLC dba Gibsonton Motel (#,^) 11545 US Hwy 41S, Gibsonton, FL 33534 Accommodation Term Loan Prime plus 2.75% 8/29/2043 81.1 81.1 90.2 0.03 %
ARVAmethod LLC (#,^) 516 N Ogden Ave #150, Chicago, IL 60642 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2028 2.2 2.2 1.9 — %
Greenfield Hill Wines & Spirits, LLC (#,^) 65 Hillside Rd, Fairfield, CT 06824 Food and Beverage Stores Term Loan Prime plus 2.75% 8/29/2028 84.1 84.1 73.6 0.02 %
Graphish Studio, Inc. (#,^) 231 Main St., Stamford, CT 06901 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/28/2028 6.9 6.9 5.9 — %
JFK Transportation Inc (#,^) 4 Mechanic St, Natick, MA 01760 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/28/2028 147.9 147.9 130.7 0.04 %
Atlas Geo-Constructors LLC (#,^) 3466 Thomasville Rd, Winston-Salem, NC 27107 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/24/2028 68.5 68.5 68.2 0.02 %
Montana Life Group, LLC (#,^) 8 N 9th Ave, Bozeman, MT 59715 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/24/2028 6.9 6.9 5.9 — %
Finn & Emma LLC (#,^) 1275 Bloomfield Ave Bldg 5 Unit 28B, Fairfield, NJ 07004 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/24/2028 113.4 113.4 98.1 0.03 %
Wearware Inc dba FlyWire Cameras (#,^) 2204 Blackmoor Park Lane, Lexington, KY 40509 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 8/24/2028 20.6 20.6 18.2 0.01 %
Evans and Paul LLC, Evans & Paul Unlimited Corp (#,^) 140 Dupont St., Plainview, NY 11803 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 8/24/2028 79.9 79.9 71.5 0.02 %
Zash LLC dba Papa Murphy's take 'N' Bake Pizza (#,^) 2303 White Bear Ave, Maplewood, MN 55025 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2028 38.6 38.6 35.6 0.01 %
206
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Buffalo Biodiesel Inc. (#,^) 225 Sawyer Ave, Tonawanda, NY 14150 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/21/2028 1,134.1 1,134.1 1,125.0 0.35 %
Ginekis Enterprises, Inc dba Locanda Veneta (#,^) 8638 W Third St., Los Angeles, CA 90048 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/20/2028 78.5 78.5 68.3 0.02 %
Wilkie J. Stadeker DDS (#,^) 123 Marble Mill Rd, Ste B, Marietta, GA 30060 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/17/2028 38.8 38.8 33.6 0.01 %
Geo Tek Alaska, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/17/2044 125.9 125.9 133.8 0.04 %
ATI Jet, Inc. (#,^) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 8/16/2028 196.7 196.7 187.6 0.06 %
Lewins Law, P.C. (#,^) 7920 Belt Line Rd Ste 650, Dallas, TX 75254 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/16/2028 16.4 16.4 14.2 — %
GS Bath Inc (#,^) 5335 E Kaviland Ave, Fresno, CA 93725 Truck Transportation Term Loan Prime plus 2.75% 8/15/2028 525.3 525.3 520.5 0.16 %
Pamletics LLC dba F45 (#,^) 22015 IH 10 West, San Antonio, TX 78257 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/14/2028 40.1 40.1 36.7 0.01 %
L.A. Insurance Agency GA 10 LLC (#,^) 6655 Tara Blvd Ste 401, Jonesboro, GA 30236 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/10/2028 10.3 10.3 8.9 — %
David D. Sullivan dba DMS Construction (#,^) 6400 Charwood Place, Bakersfield, CA 93306 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/9/2028 12.3 12.3 10.7 — %
Crystal Shores Inc. dba Shorewood Laundromat (#,^) 700 West Jefferson St., Shorewood, IL 60404 Personal and Laundry Services Term Loan Prime plus 2.75% 8/9/2028 20.4 20.4 18.5 0.01 %
Palanuk & Associates, Inc.dba Wolfpk (#,^) 28110 SE Fern Drive, Boring, OR 97009 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/8/2028 93.8 93.8 81.9 0.03 %
Mercedes Cab Company, Inc (#,^) 35 Alden St., Providence Town, MA 02657 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 8/7/2028 118.8 118.8 106.6 0.03 %
CJNR, LLC (#,^) 208 East Main St., Elma, WA 98541 Accommodation Term Loan Prime plus 2.75% 8/7/2043 119.6 119.6 133.2 0.04 %
Ron's Pool and Spa Services LLC (#,^) 1419 NE 30th St., Pompano, FL 33064 Personal and Laundry Services Term Loan Prime plus 2.75% 8/3/2028 3.4 3.4 3.0 — %
20th Century Lanes, Inc dba West Seattle Bowl (#,^) 4505 39 Ave SW, Seattle, WA 98116 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/3/2028 102.8 102.8 100.6 0.03 %
Alma Jacobsen,ODD Family Eye Care & Contact Lens LLC (#,^) 1700 Nottingham Way Ste 12A, Hamilton, NJ 08619 Health and Personal Care Stores Term Loan Prime plus 2.75% 8/3/2028 55.1 55.1 48.5 0.02 %
Millwork Unlimited, Incorporated (#,^) 8264 Pine Cay Rd, Wellington, FL 33414 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 8/2/2028 6.9 6.9 5.9 — %
Accel Compression Inc., Accel Workover Services, Inc (#,^) 4500 S Country Rd, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2043 305.8 305.8 316.8 0.10 %
Samy Optical LLC dba Site for Sore Eyes (#,^) 1350 Travis Blvd Ste 1507A, Fairfield, CA 94533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/1/2028 101.7 101.7 88.0 0.03 %
207
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Accel Compression Inc., Accel Workover Services Inc. dba Mica Tool & T (#,^) 4500 S. Country Rd 1310, Odessa, TX 79765 Rental and Leasing Services Term Loan Prime plus 2.75% 8/1/2028 422.7 422.7 409.5 0.13 %
CSL Services Inc (#,^) 7905 Browning Rd, Ste.312,314,316, Pennsauken, NJ 08109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/27/2028 496.8 496.8 460.0 0.14 %
Nunez Enterprises Corporation dba La Casa (#,^) 3330 Piedmont RD NE, Atlanta, GA 30305 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/26/2028 7.5 7.5 6.5 — %
Sandlot Sports Inc dba Play it Again Sports (#,^) 814 N Main St., Leominster, MA 01453 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 7/26/2028 17.0 17.0 14.7 — %
Summitsoft Corporation (#,^) 11105 Mockingbird Drive, Omaha, NE 68137 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 7/26/2028 117.4 117.4 102.0 0.03 %
Relevant Elephant ,LLC (#,^) ON320 Woodvale St, Winfield, IL 60190 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2028 8.2 8.2 7.1 — %
Fitness Central, Inc dba Fitness Central (#,^) 4335 PA Route 309, Schnecksville, PA 18078 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 7/25/2028 56.7 56.7 50.3 0.02 %
HAVL Enterprises Inc dba FedEx (#,^) 1447 Lake George Drive, Lake Mary, FL 32746 Couriers and Messengers Term Loan Prime plus 2.75% 7/24/2028 17.8 17.8 18.5 0.01 %
Top Shelf Towing and Road Service, LLC (#,^) 25 Sycamore St., Carnegie, PA 15106 Support Activities for Transportation Term Loan Prime plus 2.75% 7/24/2028 11.9 11.9 10.4 — %
TR Nails, LLC dba Simple Nails (#,^) 158 Great Rd, Bedford, MA 01730 Personal and Laundry Services Term Loan Prime plus 2.75% 7/20/2028 56.6 56.6 49.0 0.02 %
ZA Trucking LLC (#,^) 5945 York Way, East Lansing, MI 48823 Truck Transportation Term Loan Prime plus 2.75% 7/17/2028 9.3 9.3 8.8 — %
674 Club LLC (#,^) 674 N Orleans, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2043 256.9 256.9 285.9 0.09 %
Mother's Cantina LLC dba Mother's Cantina (#,^) 2810 Philadephia Ave Unit #10, Ocean City, MD 21842 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/13/2028 62.4 62.4 55.1 0.02 %
Smart-tel Communications LLC (#,^) 9720 W. Colfax Ave Ste 100, Lakewood, CO 80215 Administrative and Support Services Term Loan Prime plus 2.75% 7/13/2028 20.4 20.4 21.2 0.01 %
HQTRONICS LLC (#,^) 10135 S Roberts Rd Ste 209, Palos Hills, IL 60465 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/13/2028 56.7 56.7 49.0 0.02 %
Smoove Move Productions, LLC dba Smoove Move Productions (#,^) 3932 North 16th St., Omaha, NE 68110 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 7/12/2028 9.6 9.6 9.9 — %
Talent Logistix, LLC, Pinpoint Staffing LLC & ITC 2.0 LLC (#,^) 6350 Shadeland Ave, Indianpolis, IN 46220 Administrative and Support Services Term Loan Prime plus 2.75% 7/3/2028 56.7 56.7 51.0 0.02 %
Vital Inspection Professionals, Inc. dba VIP (#,^) 180 Airpark Industrial Rd, Alabaster, AL 35007 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/3/2028 282.4 282.4 272.0 0.08 %
Deal to Win Inc (#,^) 575 Underhill Blvd Ste 216, Syosset, NY 11791 Nonstore Retailers Term Loan Prime plus 2.75% 7/3/2028 113.4 113.4 98.1 0.03 %
208
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
US Cargo Express, LLC (#,^) 4735 22 Mile Rd, Utica, MI 48317 Support Activities for Transportation Term Loan Prime plus 2.75% 7/2/2043 86.9 86.9 96.8 0.03 %
M J Losito Electrical Contractor's, Inc (#,^) 98 Wooster St., Bethel, CT 06801 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2028 46.7 46.7 43.6 0.01 %
Bio-Haz Solutions, Inc (#,^) 23 Tonolli Rd, Nesquehoning, PA 18240 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/29/2029 236.8 236.8 239.9 0.07 %
Bio-Haz Solutions, Inc. (#,^) 23 Tonoli Rd, Nesquehoning, PA 18240 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/29/2044 365.2 365.2 382.2 0.12 %
Critter Cabana, LLC dba Critter Cabana (#,^) 516 East Main St., Newberg, OR 97132 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/28/2028 75.5 75.5 69.2 0.02 %
Corptek Solutions LLC (#,^) 2363 N Hwy 287 Ste 111, Mansfield, TX 76063 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/28/2028 42.8 42.8 39.2 0.01 %
Julie Cooper-Bierman dba Forever Shopper (#,^) 7435 Piute Creek Dr, Corona, CA 92881 Nonstore Retailers Term Loan Prime plus 2.75% 6/27/2028 14.5 14.5 13.2 — %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 32055 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2028 48.2 48.2 50.5 0.02 %
Darnoc Enterprises Inc, Setira Paul Inc dba Conrad's Famous Bakery, In (#,^) 299 Utica Ave, Brooklyn, NY 11203 Food Manufacturing Term Loan Prime plus 2.75% 6/27/2043 347.4 347.4 385.0 0.12 %
InUSA Ventures, Inc (#,^) 508 Hyacinthus Court, San Ramon, CA 94582 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/27/2028 45.1 45.1 41.2 0.01 %
National Dredging Services of North Florida, Inc. (#,^) 1537 Northwest Main Blvd., Lake City, FL 32055 Repair and Maintenance Term Loan Prime plus 2.75% 6/27/2043 28.3 28.3 32.1 0.01 %
RLW4 Builders LLC (#,^) 152 Tuckahoe Lane, Southhampton, NY 11968 Construction of Buildings Term Loan Prime plus 2.75% 6/27/2043 980.0 980.0 1,112.0 0.35 %
Nick's Country Kitchen, LLC (#,^) 3 Flanders RD, Building #1, Bethlehem, CT 06751 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/27/2028 20.3 20.3 18.8 0.01 %
Bengals, Inc. dba Royal Liquor Mart (#,^) 3714 E State St., Rockford, IL 61108 Food and Beverage Stores Term Loan Prime plus 2.75% 6/26/2043 104.1 104.1 113.1 0.04 %
Peter Thomas Roth Labs LLC, & June Jacobs Labs, LLC, (#,^) 460 Park Ave, Fl 16, New York, NY 10022 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/26/2028 833.7 833.7 783.0 0.24 %
Sun Pools, Inc (#,^) 130 Holiday LN, Albany, KY 42602 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2043 299.9 299.9 308.5 0.10 %
DPF Filters Inc. (#,^) 2832 Golden State Blvd., Madera, CA 93637 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/25/2028 62.0 62.0 58.0 0.02 %
Sun Pools, Inc dba Sun Fiberglass Pools (#,^) 130 Holiday Lane, Albany, KY 42602 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/25/2028 704.2 704.2 665.2 0.21 %
Mr. Lube, Inc (#,^) 721 E Westpoint Drive., Wasilla, AK 99654 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2043 654.6 654.6 698.2 0.22 %
Mr. Lube, Inc. (#,^) 721 E. West Point Drive, Wasilla, AK 99654 Repair and Maintenance Term Loan Prime plus 2.75% 6/22/2028 542.6 542.6 534.1 0.17 %
209
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Desert House Assisted Living ,LLC dba The Desert House Assisted Li (#,^) 11055 E Grove St, Mesa, AZ 85208 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 6/22/2043 77.1 77.1 85.5 0.03 %
Sushi Prime, LLC and Vasilia Investments (#,^) 32 SE 2nd Ave, Delray Beach, FL 33444 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/22/2028 248.3 248.3 238.5 0.07 %
Judy E. Moncrief C.P.A LLC (#,^) 910 Pierremont Rd, Ste311, Shreveport, LA 71106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2028 8.3 8.3 7.6 — %
Martha Beauty Supply And Braiding, Inc. (#,^) 538 E Boughton Rd, Bolingbrook, IL 60440 Personal and Laundry Services Term Loan Prime plus 2.75% 6/22/2043 138.8 138.8 157.3 0.05 %
Independent Life LLC (#,^) 4955 S Durango Dr. #124, Las Vegas, NV 89113 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/21/2028 112.9 112.9 103.4 0.03 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Elliot, ME 03903 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2043 238.6 238.6 257.7 0.08 %
York Woods Tree Service, LLC dba York Woods Tree and Products, LLC (#,^) 300 Harold Dow Hwy, Eliot, ME 03903 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/21/2028 128.4 128.4 128.2 0.04 %
Lilo Holdings LLC (#,^) 933 Port Reading Ave, Port Reading, NJ 07064 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/20/2028 16.9 16.9 15.8 — %
Colovic Hackettstown Dairy LLC (#,^) 22 Route 57, Hackettstown, NJ 07840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2043 269.9 269.9 304.6 0.09 %
Mid America Motorworks, Inc and Yager Holdings L.P (#,^) 2900 North 3rd St., Effingham, IL 62401 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/19/2043 494.4 494.4 560.4 0.17 %
Jones Roger Sherman Inn, Inc. (#,^) 195 Oenoke Ridge, New Canaan, CT 06840 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/19/2028 395.7 395.7 414.3 0.13 %
Schumacker Recreation, LLC (#,^) 5325 S University Drive, Davie, FL 33328 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/18/2028 135.2 135.2 141.5 0.04 %
Allen Theatre and Back Stage Cafe LLC (#,^) 36 East. Main St., Annville, PA 17003 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 6/18/2043 123.5 123.5 137.8 0.04 %
Softrol Systems Inc dba Softrol Systems (#,^) 1100 Northpoint Pkwy SE, Acworth, GA 30102 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/15/2028 794.7 794.7 736.6 0.23 %
Oil Palace Inc. (#,^) 10408 Hwy 64 E, Tyler, TX 75707 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/15/2043 142.2 142.2 161.4 0.05 %
Venzix Ventures Inc. dba Venzix (#,^) 750 Legend Oak Drive, Fountain, CO 80817 Nonstore Retailers Term Loan Prime plus 2.75% 6/15/2028 11.9 11.9 11.9 — %
Dianne Williams and Louis Williams dba Sweetlips Store (#,^) 3870 Sweet Lips Rd, Henderson, TN 38340 Food and Beverage Stores Term Loan Prime plus 2.75% 6/15/2043 45.3 45.3 50.0 0.02 %
Northway Exit 29 Campground, Inc dba Adirondacks Jellystone Parks & Pa (#,^) 4035 Blue Ridge Rd, North Hudson, NY 12855 Accommodation Term Loan Prime plus 2.75% 6/15/2043 211.9 211.9 240.2 0.07 %
210
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Barrett Appliance Distributors Inc. dba Barrett Appliance and Home Pr (#,^) 1760 Swan Lake Rd, Bossier City, LA 71111 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/14/2043 614.2 614.2 641.2 0.20 %
Barrett Appliance Distributors, Inc dba Barrett Appliance and Home Pr (#,^) 1760 Swan Lake Rd, Bossier City, LA 71111 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/14/2028 468.7 468.7 450.0 0.14 %
E & J Sims Co. LLC (#,^) 28 Broad St., Bloomfield, NJ 07003 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2028 45.1 45.1 42.6 0.01 %
Tele Tax Express Inc (#,^) 166 Getty Ave, Paterson, NJ 07503 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2028 20.3 20.3 20.4 0.01 %
Team Sandy Blanton Realty, Inc (#,^) 1225 West Gregory St, Pensacola, FL 32502 Real Estate Term Loan Prime plus 2.75% 6/14/2043 95.6 95.6 101.3 0.03 %
Mastiff Studios LLC (#,^) 2919 West Colorado Ave, Colorado Springs, CO 80904 Educational Services Term Loan Prime plus 2.75% 6/13/2043 41.9 41.9 47.1 0.01 %
Ciasom LLC dba Mosaic (#,^) 1040-1042 Richard Ave, Santa Clara, CA 95050 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/11/2028 162.2 162.2 149.3 0.05 %
Skyways LTD,Jet 60 LLC,Mendean Jonath, Inc,Jet AOG, Inc & Jonathan Men (#,^) 426 15th St. NW, Huron, SD 57350 Support Activities for Transportation Term Loan Prime plus 2.75% 6/8/2043 370.6 370.6 396.9 0.12 %
Beyond Grooming LLC and Michelle McWatters (#,^) 1200 Old Martindale Rd, San Marcos, TX 78666 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/8/2043 42.1 42.1 47.3 0.01 %
Camp K-9 Pet Resort & Spa, Inc. (#,^) 18501 Le Claire Ave, Tinley Park, IL 60478 Personal and Laundry Services Term Loan Prime plus 2.75% 6/8/2028 7.4 7.4 6.9 — %
Icebox Cafe, L.C. and Icebox Cafe at Doral,LLC (#,^) 1855 Purdy Ave, Miami Beach, FL 33139 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2028 713.4 713.4 664.6 0.21 %
Applied Behavioral Consulting, Inc (#,^) 422 Blooming Grove Tpke, New Windsor, NY 12553 Social Assistance Term Loan Prime plus 2.75% 6/7/2043 49.0 49.0 54.8 0.02 %
H S Corporation dba Lake Anna Lodge (#,^) 5152 Courthouse Rd, Spotsylvania, VA 22551 Accommodation Term Loan Prime plus 2.75% 6/7/2043 128.6 128.6 145.8 0.05 %
Anurag, LLC dba Oakwood Package Store (#,^) 191-195 Oakwood Ave, West Hartford, CT 06107 Food and Beverage Stores Term Loan Prime plus 2.75% 6/6/2043 135.0 135.0 144.7 0.04 %
Sowells Consulting Engineers, LLC (#,^) 13430 Northwest Freeway #260, Houston, TX 77040 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/6/2028 20.3 20.3 18.7 0.01 %
Hardway Inc and A F C Leasing, Inc (#,^) 12533 S. 73rd East Place, Bixby, OK 74008 Rental and Leasing Services Term Loan Prime plus 2.75% 6/6/2028 265.0 265.0 242.5 0.08 %
Funtime ,LLC dba Indoor Playgrounds International (#,^) 13200 West Foxfire Drive Ste 144, Surprise, AZ 85378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/5/2028 225.4 225.4 206.5 0.06 %
SSD Designs LLC (#,^) 10840 Bay Hill Club Drive, Charlotte, NC 28277 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/5/2028 66.9 66.9 61.8 0.02 %
BTD Feed & Nutrition, LLC dba Thomaston Feed Cheshire (#,^) 943 South Main St., Cheshire, CT 06410 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/1/2028 46.3 46.3 42.4 0.01 %
211
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Mastrocinque Restaurant Management Company LLC dba Santionii's Itali (#,^) 3535 Hwy 17 Unit 14-15, Fleming Island, FL 32003 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/1/2028 56.5 56.5 57.5 0.02 %
Awan Business Management Group LLC, Awan Sign Company lLLC &Awan Promo (#,^) 14429 South Wallin Drive, Plainfield, IL 60544 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/31/2043 270.8 270.8 298.3 0.09 %
Seraj Wireless, LLC (#,^) 132 Madison Ave, Albany, NY 12202 Electronics and Appliance Stores Term Loan Prime plus 2.75% 5/31/2028 111.9 111.9 117.1 0.04 %
Brooks Seaplane Service Inc and Lunt Enterprises LLC (#,^) 105 Northern Blvd, Coeur d'Alene, ID 83814 Scenic and Sightseeing Transportation Term Loan Prime plus 2.75% 5/31/2028 132.3 132.3 121.1 0.04 %
SSMV LLC dba Burgerim (#,^) 115 Pelham Rd, Ste 1, Greenville, SC 29615 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/30/2028 59.6 59.6 58.7 0.02 %
Eagle Aggregate Transportation, LLC (#,^) 4401 N I-35 Ste 113, Denton, TX 76207 Truck Transportation Term Loan Prime plus 2.75% 5/30/2028 78.5 78.5 74.9 0.02 %
Crowley Ventures, LLC (#,^) 665 Worthington Rd, Westerville, OH 43082 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2028 66.8 66.8 62.0 0.02 %
Iloka, Inc dba New Cloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2028 223.7 223.7 215.7 0.07 %
Dream Spa LLC and Dream Spa Greenwich LLC (#,^) 1220 Post Rd East, Westport, CT 06880 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 89.5 89.5 82.8 0.03 %
Broadalbin Properties LLC dba Broadalbin Hotel & 1854 Pub & Eatery (#,^) 59 West Main St, Broadalbin, NY 12025 Accommodation Term Loan Prime plus 2.75% 10/25/2043 199.4 199.4 226.5 0.07 %
Adow Pools LLC (#,^) 393 Glenbrook Rd, Stamford, CT 06906 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2028 156.6 156.6 146.5 0.05 %
Ocean Breeze Holdings, LLC, Ocean Beach Resort LLC & Ocean Breeze LanC (#,^) 3 Williams Ave, Mystic, CT 06355 Accommodation Term Loan Prime plus 2.75% 5/25/2043 1,245.1 1,245.1 1,411.3 0.44 %
Starship, LLC dba Tint World Smyrna (#,^) 2274 S Atlanta Rd SE, Smyrna, GA 30080 Repair and Maintenance Term Loan Prime plus 2.75% 5/25/2043 96.6 96.6 107.9 0.03 %
DMA Equipment LLC (#,^) 700 Lee St., Elk Grove Village, IL 60007 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/24/2043 255.7 255.7 275.6 0.09 %
Seaside Acupuncture LLC (#,^) 1041 Johnnie Dodds Blvd #2C, Mt Pleasant, SC 29464 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/24/2043 48.9 48.9 53.6 0.02 %
Chem-Flotronics, Inc. (#,^) 195 Paterson Ave, Little Falls, NJ 07424 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 5/22/2028 89.5 89.5 83.5 0.03 %
Yakov Levy M.D., P.C. (#,^) 70-31 108th St., Forest Hills, NY 11375 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 32.8 32.8 30.3 0.01 %
Mark A Espinoza, DDS PLLC dba Central Dental Care (#,^) 9315 N Central Ave, Phoenix, AZ 85020 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/18/2028 54.6 54.6 49.9 0.02 %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Parkway Ste H, Suwanee, GA 30024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/17/2028 7.4 7.4 6.8 — %
212
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
On Stage Enterprises LLC, On Stage Theaters Branson, LLC, On Stage Th (#,^) 4570 W Post Rd, Ste 100, Las Vegas, NV 89118 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/17/2028 223.7 223.7 204.8 0.06 %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 78550 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/16/2028 134.1 134.1 128.8 0.04 %
Joshua One Limited Liability Company dba Genesis Personal Fitness (#,^) 28 North State St. Unit 100, Newtown, PA 18940 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/16/2043 314.4 314.4 336.4 0.10 %
James T. Hendel dba Autotexx Mobile Auto Repair (#,^) 5857 Hwy 101 N, Rockmart, GA 30153 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2028 6.7 6.7 7.0 — %
Fireplace Outlet Inc (#,^) 8216 Main St., Williamsville, NY 14221 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/15/2028 20.1 20.1 21.1 0.01 %
Galore Salon & Extension Lounge Inc dba Pretty Chic Hair & Lashes (#,^) 5714 Edmondson Pike Ste 24, Nashville, TN 37211 Personal and Laundry Services Term Loan Prime plus 2.75% 5/14/2028 4.0 4.0 3.7 — %
Circle and Square, Inc dba Stamford Kumon (#,^) 50 Forest St. Ste 902, Stamford, CT 06901 Educational Services Term Loan Prime plus 2.75% 5/11/2028 38.0 38.0 34.8 0.01 %
Bote Virginia Beach, Inc. dba Bote Virginia Beach (#,^) 1080 Nimmo Pkwy Ste 104, Virginia Beach, VA 23454 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/11/2028 10.1 10.1 9.3 — %
Daniel Woodward, DC PLLC dba Doc's Body Shop (#,^) 3084 N Goliad St., Ste 114, Rockwall, TX 75087 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/11/2028 36.8 36.8 33.7 0.01 %
Adhara, LLC (#,^) 18123 E Appleway Ave, Spokane Valley, WA 99016 Personal and Laundry Services Term Loan Prime plus 2.75% 5/11/2043 42.9 42.9 47.0 0.01 %
Baby Gentry's Childcare & Learning Academy (#,^) 4203 Shenandoah Drive, Dayton, OH 45417 Social Assistance Term Loan Prime plus 2.75% 5/10/2028 10.1 10.1 9.3 — %
P & M Entertainment, LLC dba Luv 2 Play (#,^) 35 Lafayette Rd, Ste 8, North Hampton, NH 03862 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/10/2028 108.6 108.6 103.2 0.03 %
Buy Gitomer Inc., Gitgo LLC.,GitGo Archives, LLC, and Jeffrey Gitomer (#,^) 310 Arlington Ave Unit 329, Charlotte, NC 28203 Educational Services Term Loan Prime plus 2.75% 5/9/2043 711.1 711.1 806.0 0.25 %
Whitetail Nurseries Inc (#,^) 2050 S. Beltline Rd, Mesquite, TX 75181 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2028 239.4 239.4 236.0 0.07 %
Oculi Entertainment Inc (#,^) 2000 W. Magnolia Blvd, Ste 100, Burbank, CA 91506 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 5/8/2028 19.9 19.9 18.3 0.01 %
Schmaltz Operations LLC dba Companion Camp (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Personal and Laundry Services Term Loan Prime plus 2.75% 5/7/2028 53.7 53.7 53.0 0.02 %
Container Shipping, LLC (#,^) 533 Nova Rd Ste 213B, Ormond Beach, FL 32174 Support Activities for Transportation Term Loan Prime plus 2.75% 5/4/2028 44.7 44.7 41.0 0.01 %
Wilbur Standford Jr Trucking and Excavating, LLC (#,^) 7505 North Chases Lake Rd, Watson, NY 13343 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/3/2028 214.8 214.8 215.6 0.07 %
213
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
McIntosh Trail Management Service Organization, Inc. (#,^) 747 South Hill St., Griffin, GA 30223 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/1/2028 85.0 85.0 89.0 0.03 %
Olmsted LLC and 626 Van LLC dba Maison Yaki (#,^) 659 Vanderbilt Ave, Brooklyn, NY 11238 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/1/2029 220.4 220.4 207.4 0.06 %
Metropolitan Solutions Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2043 173.3 173.3 178.5 0.06 %
Brenden Kehren Development LLC (#,^) 14689 Gemara Rd, Sparta, WI 54656 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 2.7 2.7 2.4 — %
Saltamontes Tire Company, LLC (#,^) 1955 Boston Ave, Brodgeport, CT 06604 Repair and Maintenance Term Loan Prime plus 2.75% 4/30/2043 100.2 100.2 110.1 0.03 %
Corona Dance, LLC dba Huracan Dance Studio (#,^) 480 West Main St., Stamford, CT 06902 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 4/30/2028 10.6 10.6 9.7 — %
Sunlinc Inc (#,^) 170 Canterbury Court, East Windsor, NJ 08520 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/30/2028 8.7 8.7 7.9 — %
Rory James Contracting LLC (#,^) 33 Bennett Place, Amityville, NY 11701 Construction of Buildings Term Loan Prime plus 2.75% 4/27/2028 14.3 14.3 13.1 — %
Suraj Enterprises, Inc. (#,^) 11720 W. Airport Rd, Meadows Place, TX 77477 Food and Beverage Stores Term Loan Prime plus 2.75% 4/27/2028 277.6 277.6 271.3 0.08 %
Little Angels Daycare and Learning Center LLC (#,^) 4551 Summit Boulevard, West Palm Beach, FL 33415 Social Assistance Term Loan Prime plus 2.75% 4/27/2043 157.1 157.1 178.0 0.06 %
Kastoria Inc. dba Bantam Pizza (#,^) 768 Bantam Rd, Bantam, CT 06750 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2028 13.3 13.3 12.3 — %
RWT Corporation dba Welding Works (#,^) 32 New Rd, Madison, CT 06443 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 461.5 461.5 439.2 0.14 %
Pledge 4 Hope LLC (#,^) 53 Bayberry Loop South, Purvis, MS 39475 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 4/26/2028 13.3 13.3 12.2 — %
Matrix Z, LLC (#,^) 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 4/26/2028 68.0 68.0 69.2 0.02 %
K&S Hardware LLC (#,^) 1865 W Wayzata Blvd, Long Lake, MN 55356 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 4/26/2028 20.0 20.0 18.3 0.01 %
LMH Optics LLC dba Sterling Optical (#,^) 1272 Smallwood Dr West, Waldorf, MD 20603 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/26/2028 44.4 44.4 40.7 0.01 %
RWT Corporation dba Welding Works (#,^) 32 New Rd, Madison, CT 06443 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 4/26/2043 207.8 207.8 215.1 0.07 %
Joe & Sons Service, Inc (#,^) 855 Atwood Ave, Cranston, RI 02920 Repair and Maintenance Term Loan Prime plus 2.75% 4/24/2028 100.0 100.0 104.6 0.03 %
Spitnale's Garage LLC (#,^) 3761 Mahoning Ave, Youngstown, OH 44515 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 59.0 59.0 64.3 0.02 %
Just for Boats LLC (#,^) 459 Dupre Rd, McClellanville, SC 29458 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2043 17.2 17.2 19.4 0.01 %
214
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Nando LLC dba Tall Timbers Banquet and Conference Center (#,^) 13831 National Rd SW, Reynoldsburg, OH 43068 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/20/2028 18.0 18.0 16.9 0.01 %
Rosemarie Products Company LLC (#,^) 5400 Crooked Tree Drive, Mason, OH 45040 Health and Personal Care Stores Term Loan Prime plus 2.75% 4/18/2028 13.3 13.3 12.2 — %
James L Shoemaker APCC (#,^) 221 W Judge Perez Drive, Chalmette, LA 70043 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2028 14.3 14.3 13.1 — %
A New Dawn Psychotherapy Associates, LLC (#,^) 308 E Broad St., Bethlehem, PA 18018 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/18/2043 85.5 85.5 91.3 0.03 %
Veterinary Preventive Care, LLC (#,^) 945 Riverview Ct, Xenia, OH 45385 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/18/2028 41.5 41.5 39.3 0.01 %
Means Enterprises LLC (#,^) 4150 Legacy Drive N Ste 412, Frisco, TX 75034 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/18/2028 6.7 6.7 6.2 — %
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AZ 71701 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2043 22.0 22.0 23.3 0.01 %
Southern Oaks Athletic Club, LLC (#,^) 15253 Shenandoah Ave, Baton Rouge, LA 70817 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/17/2043 358.7 358.7 400.5 0.12 %
Southern HVAC LLC (#,^) 119 Ouachita 212, Camden, AR 71701 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2028 35.2 35.2 34.4 0.01 %
1301 Starks Inc. (#,^) 1301 West Atkinson Ave, Milwaukee, WI 53206 Food and Beverage Stores Term Loan Prime plus 2.75% 4/16/2028 20.0 20.0 20.7 0.01 %
Patricia A. Freeman & Samuel C. Freeman dba Teenas Pizza (#,^) 35 E Main St., Pekin, IN 47165 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/13/2043 42.5 42.5 46.5 0.01 %
Precision Components Group Inc (#,^) 190 Doty Circle, West Springfield, MA 01089 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 4/11/2028 20.0 20.0 19.7 0.01 %
Sexy Nails Center LLC (#,^) 57 Passaic St., Garfield, NJ 07026 Personal and Laundry Services Term Loan Prime plus 2.75% 4/10/2043 197.9 197.9 221.7 0.07 %
Mark Baker (#,^) 1653 Evalie Dr, Fairfield, OH 45014 Truck Transportation Term Loan Prime plus 2.75% 4/9/2028 10.7 10.7 10.1 — %
Innovation Transport LLC (#,^) 1 International Blvd, Ste 400, Mahwah, NJ 07495 Truck Transportation Term Loan Prime plus 2.75% 4/6/2028 45.5 45.5 44.9 0.01 %
Newsome Mobile Notary LLC (#,^) 8153 12th Ave SW, Seattle, WA 98106 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/5/2028 4.7 4.7 4.3 — %
Shree Lakshminarayyn Grocery Stores LLC (#,^) 3307 Charles St., Rockford, IL 61108 Gasoline Stations Term Loan Prime plus 2.75% 4/5/2043 117.3 117.3 129.2 0.04 %
Bean City Bar and Grill LLC (#,^) N 2505 Bean City Rd, New London, WI 54961 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/4/2043 80.8 80.8 90.5 0.03 %
Alaska Industrial Paint LLC (#,^) 229 Whitney Rd, Unit B, Anchorage, AK 99501 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2043 217.7 217.7 239.1 0.07 %
Fifth Wheel Truck Stop 001 (#,^) 3767 S Golden State Blvd, Fresno, CA 93725 Gasoline Stations Term Loan Prime plus 2.75% 3/30/2043 1,126.5 1,126.5 1,188.2 0.37 %
Alaska Industrial Paint LLC (#,^) 229 Whitney Rd, Unit B, Anchorage, AK 99501 Repair and Maintenance Term Loan Prime plus 2.75% 3/30/2028 110.1 110.1 112.5 0.03 %
215
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Michael S Brown Physical Therapy, P.C (#,^) 300 Hempstead Tpke Ste. 3 & 4, Hempstead, NY 11552 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/30/2028 89.4 89.4 81.9 0.03 %
Romancing the Stone (#,^) 140 Centre of New England Blvd, Coventry, RI 02816 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2043 340.3 340.3 369.3 0.11 %
B&C Texas Leasing Inc.,M & W Hot Oill, Inc (#,^) 8124 Sprague Rd, Odessa, TX 79764 Truck Transportation Term Loan Prime plus 2.75% 3/30/2043 263.5 263.5 281.3 0.09 %
Master Roofing and Siding Inc. (#,^) 25 Robert Pitt Dr Ste 213, Monsey, NY 10952 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/30/2028 233.8 233.8 214.0 0.07 %
Boulevard Books Inc. (#,^) 1195 Castleton Ave, Staten Island, NY 10310 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/30/2043 87.1 87.1 98.8 0.03 %
GQ Investments,LLC (#,^) 5772 Miami Lakes Drive East, Miami, FL 33014 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 3/30/2028 185.7 185.7 173.4 0.05 %
B&C Texas Leasing Inc and M&W Hot Oil, Inc. (#,^) 8124 Sprague Rd, Odessa, TX 73764 Truck Transportation Term Loan Prime plus 2.75% 3/30/2028 864.6 864.6 854.1 0.27 %
Payne's Environmental Services LLC (#,^) 5617 Causeway Blvd, Tampa, FL 33619 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2028 200.0 200.0 196.1 0.06 %
Technical Ordnance Solutions,LLC (#,^) 9950 Business Cir. Ste 13, Naples, FL 34112 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2028 1,138.5 1,138.5 1,049.3 0.33 %
America's Little Leaders Academy, Inc (#,^) 2570 NW 152nd Terrace, Opa-Locka, FL 33054 Social Assistance Term Loan Prime plus 2.75% 3/30/2043 22.0 22.0 24.4 0.01 %
Kaz Wellness, LLC dba Grounded Wellness Center (#,^) 104 Clover Court, Bartlett, IL 60103 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2028 14.0 14.0 13.4 — %
Hot Shot Services, Inc and TFB, Ltd Co (#,^) 4111 Ellison St. NE, Albuquerque, NM 87109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/29/2043 390.4 390.4 442.5 0.14 %
Lou & Choo Enterprises Inc. (#,^) 2101 W Hunting Park Ave, Philadelphia, PA 19140 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2044 105.8 105.8 113.1 0.04 %
Cartwright Termite & Pest Control Inc. and Cartwright Termite &Pest Co (#,^) 1376 Broadway, El Cajon, CA 92021 Administrative and Support Services Term Loan Prime plus 2.75% 3/28/2028 205.3 205.3 199.9 0.06 %
Corning Lumber Company Inc & Frank R Close & Son Inc dba True Valley C (#,^) 111 E. Laurel St., Willows, CA 95988 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/28/2028 77.2 77.2 80.7 0.03 %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave East, Palmetto, FL 34221 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2043 210.3 210.3 223.7 0.07 %
Clancy 15 LLC and Allied Molded Products LLC (#,^) 1145 13th Ave E, Palmetto, FL 34221 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 3/28/2028 136.7 136.7 134.0 0.04 %
Montage Mountain Resorts, LP (#,^) 1000 Montage Mountain Rd, Scranton, PA 18505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/28/2043 1,220.0 1,220.0 1,382.9 0.43 %
K.C. Communications, Inc. (#,^) 2715 Saturn St., Brea, CA 92821 Telecommunications Term Loan Prime plus 2.75% 3/27/2028 55.1 55.1 57.6 0.02 %
Towing Professionals of Arizona Inc dba Shamrock Towing, All Valley Im (#,^) 2801 W Osborn Rd, Phoenix, AZ 85017 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2028 132.3 132.3 125.7 0.04 %
216
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Towing Professionals of Arizona Inc dba Shamrock Towing & All Valley I (#,^) 2801 W Osborn Rd, Phoenix, AZ 85017 Support Activities for Transportation Term Loan Prime plus 2.75% 3/26/2043 525.8 525.8 543.3 0.17 %
Cable Management, LLC (#,^) 200 Pratt St., Meriden, CT 06450 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 87.3 87.3 86.0 0.03 %
Aque Investment Group LLC (#,^) 3838 N Sam Houston Pkwy E, Houston, TX 77032 Real Estate Term Loan Prime plus 2.75% 3/23/2028 234.2 234.2 244.8 0.08 %
All Regional Recyclers of Wood LLC dba ARROW (#,^) 104 Wooster St., Bethal, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 115.8 115.8 113.9 0.04 %
Denton BioFuels LLC and Amercian BioSource, LLC (#,^) 624 W University Dr. #359, Denton, TX 76201 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2028 86.0 86.0 82.9 0.03 %
Sunshine Tents and Event Rentals LLC (#,^) 2322 SW 58th Terrace, West Park, FL 33023 Rental and Leasing Services Term Loan Prime plus 2.75% 3/23/2028 53.2 53.2 55.6 0.02 %
Shweiki Media Inc dba Study Breaks Magazine (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/23/2028 66.2 66.2 68.7 0.02 %
New York Label & Box Corp (#,^) 50 Oval Drive, Islandia, NY 11749 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2043 1,220.0 1,220.0 1,330.7 0.41 %
Sofasco, Inc (#,^) 182 Garber Lane, Winchester, VA 22602 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/23/2043 97.6 97.6 103.1 0.03 %
Kajun Martial Arts LLC (#,^) 36546 Mission St., Prairieville, LA 70769 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2028 19.9 19.9 18.5 0.01 %
GeoTek Alaska, Inc (#,^) 2756 Commercial Drive, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2043 829.6 829.6 906.9 0.28 %
RTSP Union LLC (#,^) 2438 Route 22 East, Union, NJ 07083 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/20/2028 1,107.2 1,107.2 1,071.5 0.33 %
Rexco Foods LLC dba Papa John's (#,^) 18640 Fm 1488 Ste C, Magnolia, TX 77354 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2028 37.5 37.5 34.3 0.01 %
Cest Chic Concepts, LLC dba Salon Cest Chic (#,^) 15231 Hall Station Rd Unit 104, Bowie, MD 20721 Personal and Laundry Services Term Loan Prime plus 2.75% 3/19/2028 9.9 9.9 9.3 — %
Petroleum Equipment & Services, Inc (#,^) 5631 Silverado Way Unit G, Anchorage, AK 99518 Support Activities for Mining Term Loan Prime plus 2.75% 3/16/2028 220.6 220.6 230.5 0.07 %
Camerabots Media, LLC (#,^) 4501 Ford Ave Ste 207, Alexandria, VA 22302 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/16/2028 13.3 13.3 12.4 — %
Bear Bones, Inc. (#,^) 43 Libson St., Lewiston, ME 04240 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/15/2043 22.0 22.0 24.5 0.01 %
Rojenco II,Inc. (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 75.3 75.3 83.2 0.03 %
Rojenco, Inc. dba Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 506.5 506.5 559.2 0.17 %
CTD Operations Inc (#,^) 219 Saint Nazaire Rd STE G, Broussard, LA 70518 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2028 58.7 58.7 54.6 0.02 %
217
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Rojenco II, Inc. (#,^) 4357 Shore Drive, Virginia Beach, VA 23455 Repair and Maintenance Term Loan Prime plus 2.75% 3/15/2043 392.8 392.8 433.6 0.13 %
Rojenco, Inc. dba The Buggy Bathe Auto Wash Lube & Detail Shoppe (#,^) 2217 Richmond Rd, Williamsburg, VA 23188 Repair and Maintenance Term Loan Prime plus 2.75% 9/15/2043 75.3 75.3 83.2 0.03 %
Summit Insights Group LLC (#,^) 19 Briant Parkway, Summit, NJ 07901 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/14/2028 40.0 40.0 36.5 0.01 %
Dante Ultimate Cleaning Service LLC (#,^) 16969 River Park Dr, Covington, LA 70345 Administrative and Support Services Term Loan Prime plus 2.75% 3/9/2028 9.0 9.0 8.7 — %
SRG Waterfront LLC (#,^) 88 District Square SW, Washington, DC 20005 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/9/2028 264.7 264.7 245.0 0.08 %
2b Mom Inc dba Mom's the Word Maternity (#,^) 3150 18th St., Ste 435, San Francisco, CA 94110 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 3/9/2028 85.9 85.9 78.6 0.02 %
Bee Kidz Funzone Inc (#,^) 10301 Southern Blvd, Royal Palm Beach, FL 33411 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2028 177.5 177.5 167.2 0.05 %
Integrity Machinery Moving, LLC (#,^) 9125 North Time Oil Rd, Portland, OR 97203 Support Activities for Transportation Term Loan Prime plus 2.75% 3/8/2028 19.9 19.9 20.7 0.01 %
Treft Systems Inc (#,^) 1050 Kings Hwy N Ste 107, Cherry HIll, NJ 08034 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/8/2028 13.2 13.2 12.2 — %
Play4Fun dba Luv 2 Play (#,^) 13722 Jamboree Rd, Irvine, CA 92602 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/7/2028 158.4 158.4 150.8 0.05 %
Unpainted Arizona, LLC dba Westside Bowl (#,^) 2617 Mahoning Ave, Youngstown, OH 44509 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/7/2043 102.3 102.3 111.0 0.03 %
Espinoza & Salinas Group Ltd dba Credit 360 Consulting (#,^) 17806 IH 10 Ste 300, San Antonio, TX 78257 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/2/2028 4.4 4.4 4.1 — %
BC Bishop Enterprises LLC dba 9Round Pooler (#,^) 105-107 Grand Central Blvd, Pooler, GA 31322 Educational Services Term Loan Prime plus 2.75% 3/2/2028 7.4 7.4 6.9 — %
Stepping Stones Childrens Academy (#,^) 720 Rancho Del Norte Drive, Las Vegas, NV 89031 Social Assistance Term Loan Prime plus 2.75% 3/2/2043 248.4 248.4 276.1 0.09 %
Connie Engelbrecht (#,^) 20640 Raven Drive, Eagle River, AK 99577 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 2/28/2028 2.6 2.6 2.4 — %
Merciful Heavenly Homes, LLC (#,^) 401 Dillar's Mill Rd, Tyner, NC 27980 Nursing and Residential Care Facilities Term Loan 8% 2/28/2043 62.9 62.9 59.7 0.02 %
Urban Fitness Group LLC dba Crunch Fitness Group LLC (#,^) 2800 S IH-35 Ste 220, Round Rock, TX 78681 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2028 196.2 196.2 205.0 0.06 %
The Law Offices of Samuel R Miller LLC (#,^) 7405 Lake Worth Rd, Lake Worth, FL 33467 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2043 116.0 116.0 131.3 0.04 %
Carey Collision Repairs Inc. (#,^) 295 D Bucheimer Rd, Fredrick, MD 21701 Repair and Maintenance Term Loan Prime plus 2.75% 2/27/2028 65.7 65.7 61.5 0.02 %
218
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Purely Seed LLC (#,^) 11515 Lake Lane Ste 102, Chisago, MN 55013 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 2/26/2028 109.5 109.5 100.0 0.03 %
Betty's Catering Corp, Betty's Decoration & Wedding Center Inc. (#,^) 94-33 Corona Ave, Corona, NY 11373 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/26/2043 348.4 348.4 394.5 0.12 %
Carries Cakes and Catering, Inc dba Carrie's Cakes and Confections (#,^) 4308 Holland Rd, Virginia Beach, VA 23452 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/23/2028 4.3 4.3 4.0 — %
Jackpine Technologies Corporation (#,^) Mill & Main Building 2 Ste 640, Maynard, MA 01754 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/22/2028 56.9 56.9 57.5 0.02 %
Crossfit iQ LLC (#,^) 346 Pike Rd, Bay 8-9, West Palm Beach, FL 33411 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/21/2028 37.2 37.2 34.9 0.01 %
Wellfleet Consulting Inc. (#,^) 2275 Research Blvd Ste 500, Rockville, MD 20850 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/21/2028 13.1 13.1 12.0 — %
New View Media Group LLC (#,^) 1 Old Wolfe Rd Ste 205, Budd Lake, NJ 07828 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 2/16/2028 72.3 72.3 75.5 0.02 %
Town & Country Transportation Co. (#,^) 191-193 Arch St., New Britain, CT 06051 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/16/2028 58.4 58.4 61.0 0.02 %
Lulinjett LLC dba All American Printing & Design (#,^) 4621 Bayshore Rd, Fort Myers, FL 33917 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/14/2043 103.7 103.7 117.4 0.04 %
Margab Inc dba Smoothie King (#,^) 14200 SW 8th St Unit #102, Miami, FL 33184 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/13/2028 11.2 11.2 10.5 — %
JumboMarkets, Inc. (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 2/13/2028 181.7 181.7 171.5 0.05 %
Tony Herring & Associates, Inc. (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 2/9/2028 7.2 7.2 7.5 — %
Quality Machine of Iowa, Inc (#,^) 1040 4th Ave, Audubon, IA 50025 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 2/9/2028 1,144.4 1,144.4 1,129.6 0.35 %
Start "UP "Dreams, Inc dba SDC Concrete and Start"UP" Dream Constructi (#,^) 30521 134th St SE, Sultan, WA 98294 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/9/2028 65.7 65.7 63.2 0.02 %
Apps Inc., Market Share, and Singular Leaseholdings LLC (#,^) 800 Village Walk #159, Guilford, CT 06437 Telecommunications Term Loan Prime plus 2.75% 2/8/2028 458.2 458.2 418.6 0.13 %
De La Vega LLC dba De La Vega Deland and De La Vega Oviedo (#,^) 128 North Woodland Blvd, Deland, FL 32720 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2028 68.9 68.9 65.3 0.02 %
Macrotech Integrated Management Solutions dba Extreme Lawn Care (#,^) 2425 Durrance LN, Ormond Beach, FL 32174 Repair and Maintenance Term Loan Prime plus 2.75% 2/5/2028 10.5 10.5 11.0 — %
Midlothian Hardware Inc dba Grills True Value (#,^) 4751 West 147th St., Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 2/2/2028 13.1 13.1 13.7 — %
M&R Wong LLC (#,^) 1345 North Shepherd Dr, Houston, TX 77008 Administrative and Support Services Term Loan Prime plus 2.75% 2/1/2028 10.4 10.4 9.5 — %
219
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Chace Building Supply of CT Inc., (#,^) 90 Route 171, Woodstock, CT 06281 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 1/31/2043 292.2 292.2 330.8 0.10 %
Rocco'sLandscaping LLC (#,^) 151 Kitts Lane, Newington, CT 06111 Administrative and Support Services Term Loan Prime plus 2.75% 1/31/2043 73.0 73.0 82.6 0.03 %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Repair and Maintenance Term Loan Prime plus 2.75% 1/31/2028 13.0 13.0 12.2 — %
WydeBodi, LLC dba Wyde Bodi Auto Tags (#,^) 706 North 37th St., Philadelphia, PA 19104 Support Activities for Transportation Term Loan Prime plus 2.75% 1/30/2043 46.2 46.2 50.9 0.02 %
New Phaze Packaging Inc (#,^) 9533 Irondale Ave, Los Angeles, CA 91311 Paper Manufacturing Term Loan Prime plus 2.75% 1/26/2043 933.6 933.6 1,053.4 0.33 %
Parati USA Inc (#,^) 1018 Wilt Ave, Ridgefield, NJ 07657 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 1/25/2028 14.7 14.7 13.5 — %
Concrete Services LLC and James Ward (#,^) 24 County Rd 901, Jemison, AL 35085 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/25/2028 86.9 86.9 83.8 0.03 %
Southside BBQ Corp (#,^) 16032 South Hwy 16, Cherokee, TX 76832 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/25/2028 16.9 16.9 17.7 0.01 %
Flair Interiors, Inc dba Giant Don's Flooring America (#,^) 7725 Old Seward Hwy, Anchorage, AK 99502 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 1/24/2028 119.5 119.5 124.9 0.04 %
Tier1 Solutions LLC (#,^) 1000 Essington Rd, Juliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/23/2028 6.5 6.5 6.1 — %
Weeping Willow Kennels, Inc. (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 1/19/2028 9.1 9.1 9.5 — %
Lavish Specs Inc (#,^) 262 Glen St., Glen Cove, NY 11542 Machinery Manufacturing Term Loan Prime plus 2.75% 1/19/2028 6.5 6.5 6.0 — %
Friend Contractors, LLC (#,^) 1950 Mill Bay Rd, Kodiak, AK 99615 Construction of Buildings Term Loan Prime plus 2.75% 1/19/2043 226.3 226.3 246.1 0.08 %
MedWorxs Inc. (#,^) 6857 Timbers Dr., Evergreen, CO 80439 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2028 68.5 68.5 62.5 0.02 %
Lou & Choo Enterprises Inc dba Lou & Choo Lounge (#,^) 2101,2103,2105 W Hunting Park Ave, Philadelphia, PA 19140 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/18/2043 111.9 111.9 121.0 0.04 %
Specialized Dairy Processors LLC and Nathaly Zapata (#,^) 2200 N Commerce Parkway, Weston, FL 33326 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/16/2028 56.5 56.5 51.6 0.02 %
Human Resource Time Manager LLC (#,^) 2737 Humphrey St., East Elmhurst, NY 11369 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/8/2028 13.4 13.4 14.0 — %
Impress Therapeutic Massage LLC (#,^) 3145 Suntree Blvd Ste 102, Rockledge, FL 32955 Ambulatory Health Care Services Term Loan Prime plus 2.75% 1/8/2043 61.4 61.4 68.1 0.02 %
Sandfree Systems LLC (#,^) 116 Cricket Ave Ste B, Ardmore, PA 19003 Specialty Trade Contractors Term Loan Prime plus 2.75% 1/5/2028 6.5 6.5 6.8 — %
Crad Holding LLC dba Neighborhood Laundry of Bloomfield (#,^) 60 Dodd St., Bloomfield, NJ 07003 Personal and Laundry Services Term Loan Prime plus 2.75% 1/5/2028 54.3 54.3 50.0 0.02 %
220
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Social Link LLC (#,^) 41 Peabody St., Nashville, TN 37210 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/29/2027 9.7 9.7 8.9 — %
Farec, Inc (#) 30250 W Nine Mile Rd, Farmington, MI 48336 Amusement, Gambling, and Recreation Industries Term Loan 7.5% 12/29/2042 242.4 242.4 223.3 0.07 %
Morrocco Method, Inc (#,^) 800 Farroll Rd, Grover Beach, CA 93433 Chemical Manufacturing Term Loan Prime plus 2.75% 12/27/2042 707.3 707.3 785.3 0.24 %
Anglin Cultured Stone Products LLC (#,^) 877 Salem Church Rd, Newark, DE 19702 Construction of Buildings Term Loan Prime plus 2.75% 12/27/2042 630.5 630.5 660.5 0.20 %
Muckamuck Trucks, Inc. (#,^) 510 S Spring St., Ukiah, CA 95482 Truck Transportation Term Loan Prime plus 2.75% 12/22/2027 11.8 11.8 11.7 — %
O'Rourke's Diner, LLC (#,^) 728 Main St., Middleton, CT 06457 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/22/2027 3.2 3.2 3.2 — %
Dudeck Enterprise LLC dba Detail Garage Las Vegas (#,^) 2360 S Rainbow Blvd Ste 3, Las Vegas, NV 89146 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/22/2027 14.0 14.0 14.6 — %
Anderson Farms Inc (#) 271 West Hwy 30, Burley, ID 83318 Truck Transportation Term Loan 7.5% 12/22/2027 1,084.7 1,084.7 914.2 0.28 %
Medical Plaza of Boro Park PC (#,^) 1266 51St 1st Floor, Brooklyn, NY 11219 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 53.9 53.9 49.2 0.02 %
Landmark Ventures USA Inc (#,^) 475 Park Ave S 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 12/22/2027 53.9 53.9 49.2 0.02 %
Salida Family Chiropractic-PPLC dba Salida Sport and Spine (#,^) 203 G St., Salida, CO 81201 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/22/2027 10.4 10.4 9.4 — %
Lab Partner, LLC and Beechtree Diagnostics, LLP and Cottonwood Diag (#,^) 12351 Gateway Park Place, Draper, UT 84020 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2027 671.4 671.4 620.0 0.19 %
Jacliff Investments Inc dba International Heal (#,^) 2355 South 1070 West, Ste D, Salt Lake City, UT 84119 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/22/2027 43.1 43.1 39.3 0.01 %
Blue Lagoon Resort, LLC dba Hill View Cottages (#,^) 3670 Lake Shore Drive, Lake George, NY 12845 Accommodation Term Loan Prime plus 2.75% 12/21/2042 181.1 181.1 204.8 0.06 %
CT Auto Spa LLC (#,^) 39 Albany Turnpike, West Simsbury, CT 06092 Repair and Maintenance Term Loan Prime plus 2.75% 12/21/2027 189.3 189.3 197.2 0.06 %
DHD Enterprise LLC dba Edible Arrangements #1699 (#,^) 828 Washington Ave, Miami Beach, FL 33139 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/21/2027 19.7 19.7 18.7 0.01 %
DBMS Consulting, Inc. (#,^) 164 W 83rd St. #CF1 & CF2, New York, NY 10024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/20/2027 64.7 64.7 63.8 0.02 %
Best Quality Home Care LLC (#,^) 317 S Berry St., Centralia, WA 98531 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/19/2027 6.2 6.2 5.7 — %
Auto Excellance of Fort Myers Inc. (#,^) 3105 Fowler St., Fort Myers, FL 33901 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/19/2042 103.3 103.3 116.8 0.04 %
Legion Bowl, Inc & Legion Pub Inc (#,^) 661 Park St., Cranston, RI 02910 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/15/2042 324.6 324.6 367.1 0.11 %
221
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
1-0 Granny's Helpful Hands, LLC (#,^) 705 East Lake St., Minneapolis, MN 55407 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2027 19.4 19.4 17.9 0.01 %
Ocean Trans LLC & Dehal Trucking LLC (#,^) 1415 W. Anderson St., Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 12/15/2042 598.7 598.7 628.5 0.20 %
JMD Aviation Holdings, LLC (#,^) 8050 NW 90th St., Medley, FL 33166 Rental and Leasing Services Term Loan Prime plus 2.75% 12/15/2027 431.3 431.3 447.5 0.14 %
Capital Containers LLC (#,^) 7610 Auburn Blvd #4B, Citrus Heights, CA 95610 Truck Transportation Term Loan Prime plus 2.75% 12/15/2027 19.4 19.4 18.1 0.01 %
Peanut Butter & Co., Inc (#,^) 119 West 57th St., Ste 300, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/15/2027 194.1 194.1 177.0 0.05 %
Atlas Geo-Constructors, LLC (#,^) 3466 Thomasville Rd, Winston Salem, NC 27107 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/14/2027 262.3 262.3 261.2 0.08 %
KR Calvert & Co, LLC (#,^) 113 Seaboard Lane #C-270, Franklin, TN 37067 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/14/2027 435.9 435.9 399.0 0.12 %
Royalty Freight Inc (#,^) 3728 W Mckinley Ave, Fresno, CA 93722 Truck Transportation Term Loan Prime plus 2.75% 12/14/2027 587.9 587.9 536.2 0.17 %
AADJ Empire Inc and AADJ Galaxy Inc. (#,^) 1599 Post Rd, Warwick, RI 02888 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2042 176.1 176.1 187.8 0.06 %
Heung Kyun Im (#,^) 6235 Conlan Bay Drive, Houston, TX 77041 Nonstore Retailers Term Loan Prime plus 2.75% 12/14/2027 13.3 13.3 12.2 — %
Hana Pastries Enterprises LLC dba Hana Kitchens, Hana Pastries, Inc. d (#,^) 34 35th St., Brooklyn, NY 11232 Food Manufacturing Term Loan Prime plus 2.75% 12/14/2027 83.2 83.2 84.8 0.03 %
LP Industries Inc. dba Childforms (#,^) 2040 Norwood St. SW, Lenoir, NC 28645 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/14/2027 64.9 64.9 65.1 0.02 %
Beale Street Blues Company Inc.dba B.B. King's Club-Memphis (#,^) 149 Monroe Ave, Memphis, TN 38103 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/14/2027 869.2 869.2 798.7 0.25 %
Barcade Holdings, LLC ,Barcade LLC,& Barcade New Haven LLC (#,^) 148 West 24th St., New York, NY 10011 Management of Companies and Enterprises Term Loan Prime plus 2.75% 12/14/2027 54.4 54.4 50.4 0.02 %
Nichols Fire and Security LLC (#,^) 1906 Vanderhorn Drive, Memphis, TN 38134 Administrative and Support Services Term Loan Prime plus 2.75% 12/13/2042 85.0 85.0 92.2 0.03 %
Hardway Inc & AFC Leasing Inc (#,^) 12533 S. 73rd E. Place, Bixby, OK 74008 Rental and Leasing Services Term Loan Prime plus 2.75% 12/13/2027 778.6 778.6 710.1 0.22 %
Clore Construction LLC (#,^) 21220 FM 1420, Harlingen, TX 78550 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 12/12/2027 398.5 398.5 393.7 0.12 %
A-1 Van Services Inc (#,^) 154 Sandy Creek Rd, Verona, PA 15147 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/12/2027 620.7 620.7 618.2 0.19 %
Sky Way Enterprises, Inc, A-Liner-8-Aviation, Inc, Kissimmee Aviation (#,^) 3031 Patrick St, Kissimmee, FL 34741 Air Transportation Term Loan Prime plus 2.75% 12/12/2027 446.7 446.7 407.4 0.13 %
222
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Jai Ganeshai LLC, Mahiveera 1 LLC, Mahiveera 2 LLC & KSVP LLC (#,^) 1120 Wren School Rd, Piedmont, SC 29673 Gasoline Stations Term Loan Prime plus 2.75% 12/12/2027 43.0 43.0 39.2 0.01 %
Big Picture Group LLC (#,^) 110 S. Fairfax Ave, Los Angeles, CA 90036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/12/2027 324.7 324.7 307.8 0.10 %
The Ohio Valley Group Inc dba Ohio Valley Landscapes & Design (#,^) 16965 Park Circle Drive, Chagrin Falls, OH 44023 Administrative and Support Services Term Loan Prime plus 2.75% 12/12/2027 12.9 12.9 12.2 — %
LPB LPB Property Management Inc dba Wilderness View Cabins & Ellijay C (#,^) 498 Wilderness View, Chatsworth, GA 30705 Real Estate Term Loan Prime plus 2.75% 12/12/2042 97.2 97.2 109.7 0.03 %
Clear Sound Communications, Inc (#,^) 680 Old Medford Ave, Medford, NY 11763 Administrative and Support Services Term Loan Prime plus 2.75% 12/8/2027 3.2 3.2 3.0 — %
AV Strategy Inc (#,^) 9402 American Eagle Way Ste 100, Orlando, FL 32837 Rental and Leasing Services Term Loan Prime plus 2.75% 12/8/2027 381.7 381.7 370.4 0.11 %
JVLS LLC dba Vaccines 2 Go (#,^) 4060 Johns Creek Pkwy, Ste H, Suwanee, GA 30024 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/7/2027 12.9 12.9 11.8 — %
Kim Howard Corp dba NPN Machine Tools (#,^) 9130 Wayfarer Lane, Houston, TX 77075 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/7/2042 562.5 562.5 635.3 0.20 %
IHC Hardware Inc. (#,^) 614 Broad St., Story City, IA 50248 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/6/2042 97.2 97.2 102.5 0.03 %
ODS Inc (#,^) 626 N Delsea Drive, Glassboro, NJ 08028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/6/2027 42.3 42.3 40.6 0.01 %
Oil Palace, Inc. (#,^) 10408 Hwy 64 E, Tyler, TX 75707 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/4/2042 961.7 961.7 1,087.7 0.34 %
Healthcare Interventions, Inc dba Brightstar Healthcare of & Brightsta (#,^) 5300 W Atlantic Ave Ste 501, Delray Beach, FL 33484 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/4/2027 12.9 12.9 11.8 — %
Linda Jean Howard Riley dba The Rusty Bolt (#,^) 22345 W. Rt 66, Seligman, AZ 86337 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/1/2042 20.4 20.4 23.1 0.01 %
Salud Bar & Grill LLC (#,^) 1413 Bushwick Ave, Brooklyn, NY 11207 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 48.5 48.5 44.5 0.01 %
Utara LLC (#,^) 214 Pine St, Sandpoint, ID 83864 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/1/2027 20.1 20.1 19.3 0.01 %
Square1 Partners, LLC (#,^) 1088 Greenbriar Lane, Northbrook, IL 60062 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/1/2027 54.3 54.3 49.5 0.02 %
Fortress Verve Inc, Maurice R. Margules and Antonie C. Reinhard (#,^) 1 Jackson St., Troy, NY 12180 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/30/2027 112.3 112.3 115.4 0.04 %
WTI Distribution Inc (#,^) 14277 Ramona Ave, Chino, CA 91710 Support Activities for Transportation Term Loan Prime plus 2.75% 11/30/2027 34.2 34.2 33.5 0.01 %
223
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Create- A- Stitch, Inc (#,^) 3585 SW 10th St., Pompano Beach, FL 33069 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/30/2042 84.9 84.9 95.1 0.03 %
Frontier Sand LLC (#,^) 305 Country Hwy AA, New Auburn, WI 54757 Mining (except Oil and Gas) Term Loan Prime plus 2.75% 11/30/2027 463.6 463.6 468.2 0.15 %
Skin Beauty Bar Inc. and Tameka J. Mathis (#,^) 749 8th St. SE 2nd Fl, Washington, DC 20003 Personal and Laundry Services Term Loan Prime plus 2.75% 11/30/2027 7.7 7.7 7.2 — %
J. Venture Holdings, LLC (#,^) 2285 St. Andrews Ave, Zachary, LA 70791 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/30/2027 10.7 10.7 11.1 — %
Clearwater Transportation LTD dba Thrifty Car Rental, Dollar Rent A Ca (#,^) 8790 Crownhill Blvd, San Antonio, TX 78209 Rental and Leasing Services Term Loan 8.25% 11/29/2027 153.7 153.7 130.9 0.04 %
OPH Lexington, Inc (#,^) 235 Walton Ave, Lexington, KY 40502 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 188.3 188.3 212.9 0.07 %
Our Playhouse Preschool, LLC (#,^) 3501 NC Hwy 54 W, Chapel hill, NC 27516 Social Assistance Term Loan Prime plus 2.75% 11/29/2042 231.7 231.7 262.0 0.08 %
Beacon Brewing LLC and C' Sons, LLC (#,^) 700 Lincoln St., Lagrange, GA 30204 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/27/2042 123.2 123.2 139.3 0.04 %
JMD Corporation dba Dart's True Value (#,^) 121 South Main St., Payette, ID 83661 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/22/2027 16.0 16.0 15.7 — %
Webtez Inc dba Mod Vans (#,^) 1673 Donlon St., Ste 202, Ventura, CA 93003 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/22/2027 59.9 59.9 54.9 0.02 %
Step Up Academy of the Arts, LLC (#,^) 2258A Wigwam Parkway, Henderson, NV 89074 Educational Services Term Loan Prime plus 2.75% 11/22/2027 13.5 13.5 12.3 — %
Cali Fit Meals (#,^) 3450 E Orangethrope Ave, Anaheim, CA 92806 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 19.3 19.3 18.9 0.01 %
Grumpy's Restaurant Company, LLC (#,^) 834 Kingsley Ave, Orange Park, FL 32073 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/21/2027 60.9 60.9 55.7 0.02 %
PB Market LLC dba Pure Barre (#,^) 164-C Market St, Charleston, SC 29401 Educational Services Term Loan Prime plus 2.75% 11/21/2027 92.9 92.9 84.9 0.03 %
B Lam LLC (#,^) 9419 Kenwood Rd, Cincinnati, OH 45242 Personal and Laundry Services Term Loan Prime plus 2.75% 11/20/2042 175.9 175.9 195.3 0.06 %
TPE Midstream LLC, Dasham Company dba Sahm Co & S & S Ventures Inc. (#,^) 7799 South Regency Drive, Tulsa, OK 74131 Rental and Leasing Services Term Loan Prime plus 2.75% 11/17/2027 161.8 161.8 161.7 0.05 %
Maya Motel, LLC dba Town House Motel (#,^) 1701 Washington Ave, Waco, TX 76701 Accommodation Term Loan Prime plus 2.75% 11/17/2042 55.3 55.3 62.6 0.02 %
SSI Refrigerated Express Inc. and Robert M Stallone (#,^) 1001 E. Cooley Drive Ste 102, Colton, CA 92324 Truck Transportation Term Loan Prime plus 2.75% 11/17/2027 53.4 53.4 49.8 0.02 %
Jacob's Towing, Inc.dba Jacob's Automotive Locksmith & Jacob's Auto Re (#,^) 558 West Main St., Lebanon, OH 45036 Support Activities for Transportation Term Loan Prime plus 2.75% 11/17/2027 42.8 42.8 40.7 0.01 %
224
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Southern Specialty Contractor, LLC & Ronald David Holbrook Jr. (#,^) 1990 Flippen Rd, Stockbridge, GA 30281 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/17/2027 45.4 45.4 41.8 0.01 %
Murf & Sons LLC (#,^) 3821 Pleasant Hill Rd, Store #B-107, Kissimmee, FL 34746 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/16/2027 142.4 142.4 131.7 0.04 %
H & H Hotshot Services, Inc. (#,^) 5455 N. 51st Ave Ste 30, Glendale, AZ 85301 Couriers and Messengers Term Loan Prime plus 2.75% 11/16/2027 59.9 59.9 56.9 0.02 %
J R Wholesale Tires & Auto Center, LLC (#,^) 822 Cameron Lane, Lugoff, SC 29078 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/15/2042 13.1 13.1 14.8 — %
Auto Rx LLC,J&P Auto Repair Inc (#,^) 91 & 95 Woodbury Rd, Hicksville, NY 11801 Repair and Maintenance Term Loan Prime plus 2.75% 11/15/2042 190.4 190.4 214.5 0.07 %
Marcaco LLC (#,^) 124 Lincoln Ave, Colonie, NY 12205 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 11/15/2042 609.4 609.4 680.2 0.21 %
Paramount Dance Studios Inc. and Homestead Dance Supply (#,^) 112 N Krome Ave, Homestead, FL 33033 Educational Services Term Loan Prime plus 2.75% 10/14/2043 457.5 457.5 501.6 0.16 %
Wing King at the Gardens LLC (#,^) 4235 S Fort Apache Rd, Ste 250, Las Vegas, NV 89147 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/10/2027 8.3 8.3 7.6 — %
Linqserv Inc. (#,^) 1555 Lyell Ave, Rochester, NY 14606 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/9/2027 285.6 285.6 297.9 0.09 %
Hofgard & Co, Inc dba Hofgard Benefits and James Marsh (#,^) 400 S. McCaslin Blvd, Ste 201, Louisville, CO 80027 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/8/2027 12.8 12.8 11.7 — %
JNP Delivery Inc (#,^) 4500 North Providence # 7, Appleton, WI 54913 Couriers and Messengers Term Loan Prime plus 2.75% 11/7/2027 95.8 95.8 92.7 0.03 %
His Loving Hands Christian Academy, Inc. (#,^) 15020 Harrison St., Miami, FL 33176 Social Assistance Term Loan Prime plus 2.75% 11/6/2042 89.0 89.0 98.9 0.03 %
S & S Auto Body Shop Inc. (#,^) 5001 W. Clay St., Richmond, VA 23230 Repair and Maintenance Term Loan Prime plus 2.75% 11/3/2042 160.1 160.1 180.0 0.06 %
Sterling Campbell Insurance Agency, Inc (#,^) 36359 N Gantzel Rd Ste 102, San Tan Valley, AZ 85140 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 11/3/2027 6.4 6.4 5.9 — %
Top Quality Dent Service LLC (#,^) 1541 Vapor Trail, Colorado Springs, CO 80905 Repair and Maintenance Term Loan Prime plus 2.75% 11/2/2027 5.2 5.2 4.8 — %
Edge Studios Inc Radiant Yoga LLC (#,^) 448 Howe Ave, Sacramento, CA 95825 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/1/2027 56.6 56.6 52.8 0.02 %
Rachael Reel dba Rachel Reel Insurance Age (#,^) 208 Bank St., Lenoir, TN 37771 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/31/2027 6.4 6.4 5.8 — %
Berza TLG,LLC dba The Little Gym of Lake Charles (#,^) 1301 E McNeese St., Ste 201, Lake Charles, LA 70607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/31/2027 36.0 36.0 33.5 0.01 %
Die Hard Used Car Sales (#,^) 1668 West Grand Ave, Phoenix, AZ 85007 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/30/2042 54.6 54.6 61.8 0.02 %
225
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
The Five Lakes LLC (#,^) 13705 Holmes Rd, Kansas City, MO 64154 Educational Services Term Loan Prime plus 2.75% 10/30/2042 460.3 460.3 520.6 0.16 %
Ashore Ventures Inc dba PuroClean Professional Restoration (#,^) 909 SE Everett Mall Way Ste A-140, Everett, WA 98208 Repair and Maintenance Term Loan Prime plus 2.75% 10/27/2027 12.4 12.4 11.6 — %
Blue Eagle Transport Inc , Golden Eagle Transport, Inc & Green Eagle T (#,^) 377 Boston Post Rd Unit B, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 10/27/2027 31.8 31.8 29.8 0.01 %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 10/27/2027 8.5 8.5 7.9 — %
Suzie LLC dba Tony D's Restaurant (#,^) 92 Huntington St., New London, CT 06320 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2042 84.8 84.8 94.9 0.03 %
Grand Blanc Lanes, Inc. (#,^) 5301 S. Saginaw Rd, Flint, MI 48507 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/25/2027 12.7 12.7 13.3 — %
Schafer Fisheries Inc (#,^) 21985 Waller Rd, Fulton, IL 61252 Food Manufacturing Term Loan Prime plus 2.75% 10/25/2027 29.7 29.7 31.0 0.01 %
Action Physical Therapy Yoga and Wellness Center Inc. (#,^) 5811 S Westnedge Ave, Portage, MI 49002 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/24/2027 19.2 19.2 19.4 0.01 %
Looky Enterprises, LLC (#,^) 1175 Surlington Ave, Ste 101, Leland, NC 28451 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/18/2027 56.5 56.5 52.8 0.02 %
Island Refrigeration & AC Inc (#,^) 3201 Flagler Ave, Unit 510 & 511, Key West, FL 33040 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/18/2042 130.0 130.0 142.4 0.04 %
Blueridge Armor LLC (#,^) 1495 Hwy 74-A Bypass, Ste 150192, Spindale, NC 28160 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/17/2027 7.0 7.0 6.8 — %
H and K Dry Cleaning LLC ,Quintero Shopping Center LLC,Aqua Laundry, L (#,^) 1227 Burnside Ave, East Hartford, CT 06108 Electronics and Appliance Stores Term Loan 7.94% 10/17/2042 62.4 62.4 59.1 0.02 %
Albas Bar & Grill LLC (#,^) 221 Self Main St., Homer City, PA 15748 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/13/2042 43.9 43.9 46.5 0.01 %
Cortez Landscaping, LLC (#,^) 4 Powder Rd, Norwalk, CT 06854 Administrative and Support Services Term Loan Prime plus 2.75% 10/13/2027 16.3 16.3 15.7 — %
On Call Services LLC (#,^) 15060 281St Ave NW, Zimmerman, MN 55398 Construction of Buildings Term Loan Prime plus 2.75% 10/13/2027 15.5 15.5 16.2 0.01 %
Crawfordsville Fitness LLC dba Planet Fitness (#,^) 1632 Bush Lane, Crawfordsville, IN 47933 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/13/2027 105.4 105.4 98.5 0.03 %
JD Ventures LLC and JD Roof Co LLC (#,^) 2101 Hillshire Circle, Memphis, TN 38133 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/12/2027 19.3 19.3 18.0 0.01 %
Pro Anderson, LLC (#,^) 1092 Hampton Inn Way, Ste 400, Jacksonville, NC 28546 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 45.9 45.9 42.5 0.01 %
Sandbox Ventures LLC (#,^) 1857 A Elmdale Ave, Glenview, IL 60026 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/11/2027 16.2 16.2 16.3 0.01 %
226
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Eye Optique Inc. (#,^) 10800 Alpharetta Hwy, Ste 220, Roswell, GA 30076 Health and Personal Care Stores Term Loan Prime plus 2.75% 10/5/2027 12.7 12.7 11.6 — %
Ains Holding Company LLC (#,^) 121 Fulton St., New York, NY 10038 Management of Companies and Enterprises Term Loan Prime plus 2.75% 10/2/2027 72.1 72.1 67.3 0.02 %
Becky Lou Corp dba Rent A Center (#,^) 3578 Route 611 Ste 210, Bartonsville, PA 18321 Rental and Leasing Services Term Loan Prime plus 2.75% 10/2/2027 77.3 77.3 74.7 0.02 %
Threads of Time LLC (#,^) 207 S Buchanan St., Danville, IL 61832 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 9/29/2042 133.0 133.0 143.8 0.04 %
Miechella Suzette Decker (#,^) 3515 Main St., Exmore, VA 23350 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/29/2042 97.5 97.5 110.3 0.03 %
Harco Metal Products Inc (#,^) 7895 E Acoma Drive Ste 102, Scottsdale, AZ 85260 Primary Metal Manufacturing Term Loan Prime plus 2.75% 9/29/2042 476.9 476.9 499.5 0.16 %
Sashshel Corporation (#,^) 676 Franklin Blvd, Somerset, NJ 08873 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/29/2042 205.8 205.8 232.8 0.07 %
Dan Cline Transport Inc. (#,^) 501 State Drive, Mount Vernon, MO 65712 Truck Transportation Term Loan Prime plus 2.75% 9/29/2030 886.0 886.0 841.9 0.26 %
Chicago American Manufacturing LLC, Dockside Steel ProcessingLLC and S (#,^) 4500 W 47th St., Chicago, IL 60632 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/29/2042 1,211.0 1,211.0 1,328.4 0.41 %
Nicholson Lumber Co Inc. (#,^) 377 Main St., Nicholson, PA 18446 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/28/2030 192.1 192.1 199.5 0.06 %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Rd, Warwick, RI 02886 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 371.3 371.3 400.7 0.12 %
National Media Services, Inc (#,^) 5091 Lexington Blvd, Fort Meyers, FL 33919 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2027 15.8 15.8 14.4 — %
Pets A Go Go LLC (#,^) 589 North State Rd, Briarcliff Manor, NY 10510 Personal and Laundry Services Term Loan Prime plus 2.75% 9/28/2042 192.7 192.7 213.1 0.07 %
Rhode Island Tennis Management LLC (#,^) 636 Centerville Rd, Warwick, RI 02886 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2042 533.2 533.2 575.4 0.18 %
Complete Care IT LLC (#,^) 4801 South University Drive, Ste 125, Davie, FL 33328 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/27/2027 12.4 12.4 11.3 — %
Technologist Inc (#,^) 1820 N Fort Myer Drive Ste 530, Arlington, VA 22209 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2027 215.5 215.5 224.5 0.07 %
Inspirations Food Design, Inc (#,^) 1338 Memorial Ave, West Springfield, MA 01089 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/26/2042 455.9 455.9 497.0 0.15 %
Rollins Construction & Trucking LLC (#,^) 893 South 120 East, Milford, UT 84751 Construction of Buildings Term Loan Prime plus 2.75% 9/26/2027 278.9 278.9 285.8 0.09 %
KB Waterjet Cutting LLC (#,^) 4330 Parker Lane, Addis, LA 70710 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/22/2027 8.6 8.6 8.2 — %
227
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
JPS Arthur Kill Rd Bakery Corp dba Aunt Butches of Brooklyn (#,^) 4864 Arthur Kill Rd #102,103,104,105, Staten Island, NY 10309 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/22/2027 18.9 18.9 17.4 0.01 %
Sallee Pro-Custom Fabrication Shop LLC (#,^) 8865 North County Rd 600 W, Scipio, IN 47273 Repair and Maintenance Term Loan Prime plus 2.75% 9/21/2027 7.6 7.6 7.9 — %
Sound Manufacturing, Inc. & Monster Power Equipment, Inc. (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/20/2027 168.0 168.0 167.0 0.05 %
Insight Diagnostic Technologist Services (#,^) 2030 Forest Ave, Ste 110, San Jose, CA 95128 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 262.8 262.8 248.3 0.08 %
Commonwealth Diagnostics International, Inc (#,^) 1 Holyoke Sq., Salem, MA 01970 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2027 1,063.3 1,063.3 1,107.2 0.34 %
Imagine By Carleen, Inc. (#,^) 1404 Del Prado Blvd S Unit 100, 105, Cape Coral, FL 33904 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2027 6.3 6.3 6.4 — %
NY Tent LLC & NY Tent Parent, LLC dba Tent Company of New York (#,^) 1401 Lakeland Ave, Bohemia, NY 11716 Rental and Leasing Services Term Loan Prime plus 2.75% 9/20/2027 867.3 867.3 868.1 0.27 %
CR Park Incorporated dba Define Body and Mind (#,^) 49 W. Allandale Ave, Allendale, NJ 07401 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/20/2027 68.7 68.7 65.2 0.02 %
Alpha Preparatory Academy LLC (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 157.2 157.2 169.1 0.05 %
Montessori Community School (#,^) 123 South Navarra Drive, Scotts Valley, CA 95066 Social Assistance Term Loan Prime plus 2.75% 9/20/2042 284.7 284.7 308.1 0.10 %
Denek Contracting Inc and Denek Leasing LLC (#,^) 451 E. Wilson Ave, Pontiac, MI 48341 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/20/2042 203.0 203.0 229.4 0.07 %
Max Home Deliveries, Inc (#,^) 77 Van Buren St., Port Jefferson Station, NY 11776 Couriers and Messengers Term Loan Prime plus 2.75% 9/20/2027 67.5 67.5 65.0 0.02 %
CIS BIG DOG, LLC (#,^) 8920 US HWY, 62 WEST, Cynthiana, KY 41031 Administrative and Support Services Term Loan Prime plus 2.75% 9/19/2027 54.7 54.7 56.9 0.02 %
Stone's Construction and Remodeling, LLC (#,^) 5210 Kaylin Drive, Akron, OH 44319 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/19/2027 4.4 4.4 4.0 — %
Party By Design Inc. (#,^) 61 Strafello Drive, Avon, MA 02322 Personal and Laundry Services Term Loan Prime plus 2.75% 9/18/2042 1,185.5 1,185.5 1,271.0 0.39 %
Li Family Spokane LLC (#,^) 21 E. Lincoln Rd, Spokane, WA 99208 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2042 372.0 372.0 413.2 0.13 %
Clinton Food Market LLC (#,^) 196 East Main St., Clinton, CT 06413 Gasoline Stations Term Loan Prime plus 2.75% 9/15/2042 253.8 253.8 275.1 0.09 %
Tarleton & Family Landscaping, LLC (#,^) 125 E Center St., Midland Park, NJ 07432 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/15/2027 70.2 70.2 66.0 0.02 %
Alaska Motor Home Inc (#,^) 6633 Brayton Dr, Anchorage, AK 99507 Rental and Leasing Services Term Loan Prime plus 2.75% 9/13/2027 279.3 279.3 254.3 0.08 %
Fox Valley Rentals & Investments, LLC (#,^) 2906 E. Newberry St., Appleton, WI 54915 Food Services and Drinking Places Term Loan Prime plus 3.75% 9/13/2027 6.4 6.4 6.6 — %
228
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Nails By Mercede LLC (#,^) 2994 and 2996 Edgewater Drive, Orlando, FL 32804 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2027 12.0 12.0 11.8 — %
Town & Country Transportation Co. and Popco, LLC. (#,^) 191 Arch St., New Britain, CT 06051 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/12/2042 163.7 163.7 185.0 0.06 %
Rajbai Maa Inc. dba Nara Lounge (#,^) 244-252 Atwells Ave, Providence, RI 02903 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2042 377.5 377.5 399.0 0.12 %
Health & Performance Center, LLC (#,^) 1862 Craigshire Rd, Saint Louis, MO 63146 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2027 17.2 17.2 15.6 — %
Morgan Lynn Kerstetter dba Catherine School of Dance (#,^) 315 Mill St. 3rd Fl, Danville, PA 17821 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/11/2027 6.3 6.3 6.6 — %
Foxtail, LLC and Tottly New Services Corp (#,^) 1481 Highland Ave, Cheshire, CT 06410 Social Assistance Term Loan Prime plus 2.75% 9/8/2042 281.8 281.8 306.3 0.10 %
Echelon Planning Group, LLC dba Echelon Financial Services and Echelon (#,^) 5 Greenleaf Drive, Unit 201, Portsmouth, NH 03801 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 9/8/2027 6.3 6.3 6.5 — %
Crazy Beatz Productions LLC (#,^) 20014 NE 138th St., Kearney, MO 64060 Motion Picture and Sound Recording Industries Term Loan Prime plus 3.75% 9/7/2027 4.5 4.5 4.4 — %
South Fulton Landscape & Nursery, Inc. (#,^) 3415 Enon Rd, College Park, GA 30349 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 9/7/2042 96.9 96.9 109.4 0.03 %
Dreaming Big Learning Center Inc (#,^) 3301 W Oak St, Kissimmee, FL 34741 Social Assistance Term Loan Prime plus 2.75% 9/5/2042 362.2 362.2 393.0 0.12 %
Big Coop's Trucking LLC (#,^) 3066 Misty Creek Drive., Swartz, MI 48473 Truck Transportation Term Loan Prime plus 2.75% 9/1/2027 85.0 85.0 83.8 0.03 %
Blue EagleTransport Inc, Greeneagle Transport Inc & Golden Eagle Tran (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 8/31/2027 321.1 321.1 300.6 0.09 %
Busby Outdoor LLC (#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 684.7 684.7 684.2 0.21 %
Busby Outdoor LLC (#,^) 1734 Wansley Rd, Laurel, MS 39440 Real Estate Term Loan Prime plus 2.75% 8/29/2042 537.9 537.9 537.5 0.17 %
Lake County Tow LLC (#,^) 15409 Country Rd 565A, Clermont, FL 34711 Support Activities for Transportation Term Loan Prime plus 2.75% 8/25/2042 84.5 84.5 91.3 0.03 %
Parlay Disributors LLC (#,^) 20 Medford Ave, Ste 104, Patchogue, NY 11772 Educational Services Term Loan Prime plus 2.75% 8/25/2027 93.1 93.1 86.0 0.03 %
InUSA Ventures Inc dba InUSA Services (#,^) 3015 San Pablo Ave, Ste 511, Berkeley, CA 94702 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 8/24/2027 20.9 20.9 19.0 0.01 %
Genuine Ventures LLC and Seaweed Ventures LLC (#,^) 432 S Franklin St, Juneau, AK 99801 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/24/2030 495.8 495.8 491.3 0.15 %
229
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
R & R Strength & Conditioning Corp dba Crossfit Light House Point (#,^) 3701 NE 12th St., Pompano Beach, FL 33064 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/23/2042 79.8 79.8 90.1 0.03 %
Delicias de Minas Restaurant, LLC (#,^) 168-170 McWhorter St., Newark, NJ 07105 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/22/2027 172.0 172.0 176.3 0.05 %
Damiano Global Corp (#,^) 333 Birch Hills Drive, Rochester, NY 14622 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/21/2027 18.8 18.8 18.6 0.01 %
L&V Auto Sales, Inc. (#,^) 1504 West Franklin Blvd., Gastonia, NC 28052 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 8/21/2027 15.0 15.0 15.7 — %
Tier1 Solutions LLC (#,^) 1000 Essington Rd Ste. 109 & 111, Joliet, IL 60435 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/18/2027 15.7 15.7 14.8 — %
Tony Herring & Associates, Inc (#,^) 211 West Camellia Drive, Slidell, LA 70458 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 8/17/2027 6.3 6.3 5.7 — %
Chester's World Enterprise LLC (#,^) 140 W Alameda Drive, Ste 104, Tempe, AZ 85282 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/16/2027 18.8 18.8 17.9 0.01 %
D'Amato & Sons Construction, Inc. (#,^) 117 Oak St., Amityville, NY 11701 Specialty Trade Contractors Term Loan Prime plus 2.75% 8/11/2027 6.9 6.9 6.6 — %
L & J Corporate Services Inc (#,^) 866 NW 110th Ave, Coral Springs, FL 33071 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/4/2027 6.1 6.1 5.6 — %
Furniture Masters Limited Liability Company (#,^) 160 Mount Pleasant Ave, Newark, NJ 07104 Repair and Maintenance Term Loan Prime plus 2.75% 8/3/2027 7.5 7.5 6.8 — %
HMG Strategy LLC, (#,^) 191 Post Rd W., Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/2/2027 41.3 41.3 37.6 0.01 %
Hope Health Care, LLC (#,^) 2945 Main St., Stratford, CT 06614 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 7/31/2027 8.7 8.7 7.9 — %
Raffi's Inc dba Atlantic Auto Center (#,^) 1809 Roane St., Richmond, VA 23222 Repair and Maintenance Term Loan Prime plus 2.75% 7/31/2027 11.8 11.8 12.3 — %
Royal Blue Investments, Inc. and Cleland Pharmacy LLC (#,^) 202 S. 1st St., Wakeeny, KS 67672 Health and Personal Care Stores Term Loan Prime plus 2.75% 7/31/2042 51.1 51.1 57.0 0.02 %
Sharon G McMillen, MA Psychologist, Inc. (#,^) 216 West Main St, Kingwood, WV 26537 Ambulatory Health Care Services Term Loan Prime plus 2.75% 7/28/2027 15.4 15.4 14.0 — %
HQTRONIC LLC (#,^) 10135 S. Roberts Rd Ste 209, Palos Hills, IL 60465 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 7/27/2027 18.7 18.7 17.0 0.01 %
Oberon IT, Inc. (#,^) 1404 W. Walnut Hill Lane, Irving, TX 75038 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/26/2027 181.4 181.4 174.7 0.05 %
Gilles Peress Studio LLC (#,^) 76 Lafayette Ave, Brooklyn, NY 11217 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/25/2027 53.5 53.5 48.7 0.02 %
Obok LLC (#,^) 2720 S. Havana St., Unit H, Aurora, CO 80014 Food Manufacturing Term Loan Prime plus 2.75% 7/21/2027 9.9 9.9 9.7 — %
Lil Tots' Learning Center LLC (#,^) 3042 S 78th St, Tampa, FL 33619 Social Assistance Term Loan Prime plus 2.75% 7/21/2042 28.9 28.9 32.7 0.01 %
Ocean Trans LLC (#,^) 760 W. Charter Way, Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 7/21/2027 32.2 32.2 29.3 0.01 %
230
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 3.75% 7/19/2027 6.3 6.3 6.7 — %
Aitheras Aviation Group, LLC(OH) , Aitheras Aviation Group, LLC(FL) (#,^) 2301 N Marginal Rd, Cleveland, OH 44114 Air Transportation Term Loan Prime plus 2.75% 7/18/2027 683.6 683.6 626.4 0.19 %
Wildflour Bakery & Cafe, LLC (#,^) 5137 Clareton Dr. #100, 110, 120, Agoura Hills, CA 91301 Food Manufacturing Term Loan Prime plus 2.75% 7/17/2027 18.6 18.6 19.4 0.01 %
Koep Companies dba Pipestone True value (#,^) 207 East Main St., Pipestone, MN 56164 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/14/2042 315.0 315.0 335.4 0.10 %
Rocks Auto Exchange LLC (#,^) 518 East Main St., Westfield, IN 46074 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 7/13/2027 10.9 10.9 9.9 — %
McCord Holdings, Inc. dba Fast Signs 176101 (#,^) 7640 N. Wickham Rd, Melbourne, FL 32940 Administrative and Support Services Term Loan Prime plus 2.75% 7/7/2027 15.5 15.5 14.5 — %
Thrifty Market Inc dba Thrifty Foods (#,^) 702 10th St., Wheatland, WY 82201 Food and Beverage Stores Term Loan Prime plus 2.75% 7/6/2027 87.8 87.8 83.5 0.03 %
New Chicago Wholesale Bakery Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Food Manufacturing Term Loan Prime plus 2.75% 6/30/2027 12.3 12.3 12.7 — %
The Country House Restaurant, LLC and Pelton Real Estate, LLC (#,^) 677 US Route 7, Pittsford, VT 05763 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2042 48.1 48.1 55.4 0.02 %
J. T. O'Neill Company, L.L.C (#,^) 19972 Willowin Farm Lane, Purcellville, VA 20132 Real Estate Term Loan Prime plus 2.75% 6/30/2027 12.3 12.3 12.1 — %
Hamilton & Associates Real Estate and Investments Firm LLC (#,^) 11776 West Sample Rd, Coral Springs, FL 33065 Real Estate Term Loan Prime plus 2.75% 6/30/2042 52.1 52.1 59.3 0.02 %
JWH Designs, LLC (#,^) 1111 Boston Post Rd, Rye, NY 10580 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2027 87.3 87.3 85.4 0.03 %
J&M Civil Construction Services LLC (#,^) 1221 County Rd 4371, Decatur, TX 76234 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/30/2027 79.7 79.7 77.9 0.02 %
Best Bees Company (#,^) 839 Albany St., Boston, MA 02119 Animal Production and Aquaculture Term Loan Prime plus 2.75% 6/29/2027 18.5 18.5 18.1 0.01 %
Stiegelbauer Associates Inc. (#,^) 63 Flushing Ave, #101, Bldg 280, Brooklyn, NY 11205 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2027 253.9 253.9 267.5 0.08 %
Ocean Trans LLC and Dehal Trucking LLC (#,^) 760 W. Charter Way, Stockton, CA 95206 Truck Transportation Term Loan Prime plus 2.75% 6/29/2027 514.4 514.4 502.2 0.16 %
Intellixion LLC (#,^) 7447 Egan Dr, Ste 110 A, Savage, MN 55378 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/29/2027 3.1 3.1 3.0 — %
Malhame & Company Publishers & Importers Inc. (#,^) 180 Orville Rd, Bohemia, NY 11780 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/29/2027 73.9 73.9 72.2 0.02 %
Greensboro Plastic Surgical Associates, PA (#,^) 2716 Henry St., Greensboro, NC 27405 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/29/2042 557.7 557.7 630.0 0.20 %
Oakhill Farms, LLC (#,^) 15 Carl St., Johnston, RI 02919 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/29/2030 87.9 87.9 94.9 0.03 %
231
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Akal Express Inc. dba Truck Trailer Service Stop (#,^) 2901 I 40 West, Vega, TX 79092 Repair and Maintenance Term Loan Prime plus 2.75% 6/28/2042 57.8 57.8 66.5 0.02 %
Foxhop Fitness, LLC (#,^) 4211 NW Federal Hwy, Jensen Beach, FL 34957 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/28/2027 76.5 76.5 75.2 0.02 %
Old Dominion Transportation Group, Inc. (#,^) 1308 Devils Reach Rd, Woodbridge, VA 22192 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 6/28/2027 831.8 831.8 823.0 0.26 %
Citibin, Inc. (#,^) 254 36th St., Unit 25, Brooklyn, NY 11232 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 6/27/2027 102.8 102.8 100.4 0.03 %
Auxiliary Systems Inc.,Sharrick Company, LLC & KMN, LLC (#,^) 211 East 25th St., Norfolk, VA 23504 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 6/27/2030 215.7 215.7 230.7 0.07 %
WB Cleaners Inc. DBA $2.75 Cleaners (#,^) 5101 University Park Way, Winston-Salem, NC 27106 Personal and Laundry Services Term Loan Prime plus 2.75% 6/27/2027 13.5 13.5 14.2 — %
Ains Holding Company, LLC (#,^) 122 West 26th St., New York, NY 10011 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2027 887.7 887.7 878.3 0.27 %
Four Seasons Laser Center Inc. (#,^) 4720 NW 2nd Ave Units D-104 - 105, Boca Raton, FL 33498 Personal and Laundry Services Term Loan Prime plus 2.75% 6/26/2042 211.4 211.4 239.4 0.07 %
Rustic LLC (#,^) 4779 State Rd AA, Tebbetts, MO 65080 Personal and Laundry Services Term Loan Prime plus 2.75% 6/23/2042 15.7 15.7 16.9 0.01 %
Northern Industries, LLC (#,^) W 5585 Dehart Drive, Tomahawk, WI 54484 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/23/2042 55.6 55.6 64.4 0.02 %
Vella Construction Enterprises, Inc. dba Vella Construction (#,^) 318 28th Ave, San Mateo, CA 94403 Construction of Buildings Term Loan Prime plus 2.75% 6/23/2027 18.5 18.5 18.1 0.01 %
Birches Group, LLC (#,^) 228 East 45th St. 12th FL South, New York, NY 10017 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/22/2027 41.1 41.1 40.1 0.01 %
Scarlet Spartan Inc.dba FastSigns of Brighton (#,^) 533 W. Grand River Ave, Brighton, MI 48116 Administrative and Support Services Term Loan Prime plus 2.75% 6/19/2027 24.0 24.0 24.0 0.01 %
Don G. Timpton DDS & Associates PA and Indsaad Properties,LLC (#,^) 11535 Carmel Cmns Blvd #200, Charlotte, NC 28226 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/16/2042 385.8 385.8 429.2 0.13 %
JAM Media Solutions, LLC (#,^) 4744 Tackawanna St., Philadelphia, PA 19124 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/15/2027 26.6 26.6 26.0 0.01 %
All Regional Recyclers of Wood LLC dba ARROW,Superior Carting,LLC dba (#,^) 104 Wooster St., Bethel, CT 06801 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/15/2042 299.3 299.3 337.1 0.10 %
ESA 365 Corp and Lucathor Realty LLC (#,^) 2420 Grand Ave, Baldwin, NY 11520 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/14/2042 21.7 21.7 24.7 0.01 %
Hull's Kitchen, LLC and HK Too, LLC (#,^) 19 Hull Shore Dr, Hull, MA 02045 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/14/2042 92.8 92.8 107.4 0.03 %
Tele Tax Express Inc., El Rancho Paiso, LLC and Nestor Romero (#,^) 577 Main Ave, Paterson, NJ 07055 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2042 89.1 89.1 102.2 0.03 %
232
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Susan Hughes dba Aloha Junction B and B (#,^) 19-4037 Olapalapa Rd, Volcano, HI 96785 Accommodation Term Loan Prime plus 2.75% 6/14/2042 59.7 59.7 69.2 0.02 %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/12/2027 97.6 97.6 99.9 0.03 %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 E Commerce St. Ste 121, San Antonio, TX 78205 Food and Beverage Stores Term Loan Prime plus 2.75% 6/8/2027 2.9 2.9 2.8 — %
SCW, LLC dba Arthur Murray Dance Studio (#,^) 2383 Old Dixwell Ave, Hamden, CT 06518 Educational Services Term Loan Prime plus 2.75% 6/2/2042 140.6 140.6 159.2 0.05 %
Skydive California, LLC (#,^) 25001 S Kasson Rd, Tracy, CA 95301 Educational Services Term Loan Prime plus 2.75% 6/2/2027 45.2 45.2 47.6 0.01 %
Speaker City, Inc.and Speaker Town, LLC dba Rollin Thunder (#,^) 246 East Belt Boulevard, Richmond, VA 23224 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/1/2042 44.0 44.0 50.2 0.02 %
Sage Oil LLC (#,^) 8913 Egyptian Ave, Las Vegas, NV 89143 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 5/31/2027 18.3 18.3 18.0 0.01 %
Ricnet III, Inc. dba Edible Arrangements (#,^) 716 Foxcroft Ave, Martinsburg, WV 25401 Food and Beverage Stores Term Loan Prime plus 2.75% 5/31/2027 12.3 12.3 12.1 — %
Funtime, LLC and Universal Entertainment Group LLC (#,^) 13200 W. Foxfire Dr #144, Surprise, AZ 85387 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/31/2027 54.0 54.0 53.2 0.02 %
Impact Grounds Maintenance and Design, Inc.dba Impact Landscaping and (#,^) 6291 Chittenden Rd, Boston Heights, OH 44236 Administrative and Support Services Term Loan Prime plus 2.75% 5/31/2042 76.4 76.4 87.9 0.03 %
Haroon Baig,Inc.dba US1 Petrol (#,^) 1280-1290 Dixwell Ave, Hamden, CT 06514 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2042 253.8 253.8 294.0 0.09 %
Chet Lemon Enterprises LLC dba All American Sports (#,^) 1544 Lane Park Cutoff, Tavares, FL 32778 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/26/2042 761.9 761.9 882.5 0.27 %
Hurricane Group, Inc. (#,^) 312 West Fourth St., Carson City, NV 89703 Other Information Services Term Loan Prime plus 2.75% 5/26/2027 61.1 61.1 59.7 0.02 %
Eagle Wood Works LLC (#,^) 1448 Horsehead Rd, Lugoff, SC 29078 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 5/26/2027 9.8 9.8 9.9 — %
Mitchell Auto Repair, LLC and and C&M Mitchell, LLC (#,^) 8641 Ashwood Dr, Capital Heights, MD 20743 Repair and Maintenance Term Loan Prime plus 2.75% 5/26/2042 190.8 190.8 218.0 0.07 %
Swantown Inn & Spa LLC (#,^) 1431 11th Ave SE, Olympia, WI 98501 Accommodation Term Loan Prime plus 2.75% 5/26/2042 122.2 122.2 141.1 0.04 %
Jung Design Inc. (#,^) 10857 Pine Bluff Drive, Fisher, IN 46037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/25/2027 7.3 7.3 7.2 — %
Beyond Waves A Unique Salon LLC and Lori Ann Carlson (#,^) 2290 Foxon Rd Route 80, North Branford, CT 06471 Personal and Laundry Services Term Loan Prime plus 2.75% 5/25/2027 12.2 12.2 12.0 — %
Locavore LLC dba Paloma Restaurant (#,^) 401 S. Guadalupe St., Santa Fe, NM 87501 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/25/2027 40.8 40.8 40.6 0.01 %
233
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Abdul Naushad MD PC dba Advanced Pain Centers (#,^) 2865 James Boulevard, Poplar Bluff, MO 63901 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/25/2042 379.0 379.0 434.6 0.13 %
Innovim, LLC (#,^) 6401 Golden Triangle Dr. Ste 200, Greenbelt, MD 20770 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2027 275.1 275.1 268.6 0.08 %
Gill Express Inc. and Gill Express 2 LLC (#,^) 2372 Walnut Ave, Livingston, CA 95334 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2042 325.7 325.7 367.0 0.11 %
Prestige Construction of Florida, LLC (#,^) 1404 Yorktown St. Ste E, Deland, FL 34944 Construction of Buildings Term Loan Prime plus 2.75% 5/23/2042 323.4 323.4 361.8 0.11 %
Iron Men Home Repair, Inc. and Ironmen House Lifting Inc. (#,^) 132 North Wellwood Ave, Lindenhurst, NY 11757 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/19/2042 560.0 560.0 636.9 0.20 %
Hayden Trucking LLC (#,^) 11540 Eagle Vista Drive, Fort Worth, TX 76179 Truck Transportation Term Loan Prime plus 2.75% 5/19/2027 170.5 170.5 174.3 0.05 %
Tres K Deli,Grocery,Fruit and Meat Inc. (#,^) 125 West Tremont Ave, Bronx, NY 10453 Food and Beverage Stores Term Loan Prime plus 2.75% 5/19/2027 6.7 6.7 6.8 — %
Waterford Plumbing Co, Inc. (#,^) 2425 W. Cuyler Ave, Chicago, IL 60618 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/18/2027 40.8 40.8 40.2 0.01 %
Mr. B's Bicycles & Mopeds, Inc. (#,^) 1870 S. 4th Ave, Yuma, AZ 85364 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/18/2042 141.1 141.1 160.1 0.05 %
Bay Car Wash LLC (#,^) 952 S Commercial St & W Magnolia, Aransas Pass, TX 78336 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2042 116.1 116.1 132.2 0.04 %
Computech Computers Inc. (#,^) 40-24 76th St., Office #2B, Elmhurst, NY 11373 Educational Services Term Loan Prime plus 2.75% 5/17/2027 40.8 40.8 39.8 0.01 %
5 Stars Learning Center Inc (#,^) 14 Paine Ave, Irvington, NJ 07111 Social Assistance Term Loan Prime plus 2.75% 5/16/2042 59.4 59.4 67.4 0.02 %
Batter & Company,LLC dba Batter Co. Dessert Collection (#,^) 1741 N.W. 33rd St., Pompano Beach, FL 33064 Food and Beverage Stores Term Loan Prime plus 2.75% 5/16/2027 43.8 43.8 43.3 0.01 %
Arco Electrical Contractors Inc. dba Arco Construction Group (#,^) 22-24 South Seventh St., Elizabeth, NJ 07202 Specialty Trade Contractors Term Loan Prime plus 2.75% 5/16/2027 291.2 291.2 294.6 0.09 %
Band Sawn Lumber,LLC and Nathan Ryan Adams (#,^) 1873 State Hwy 29, Johnstown, NY 12095 Wood Product Manufacturing Term Loan Prime plus 2.75% 5/15/2042 110.8 110.8 124.6 0.04 %
Sanderson Distribution Inc. (#,^) 100 Daniel Drive, Alamo, CA 94507 Truck Transportation Term Loan Prime plus 2.75% 5/12/2027 8.6 8.6 8.4 — %
SG Linke LLC (#,^) 413 N Alfaya Trail P11, Orlando, FL 32828 Clothing and Clothing Accessories Stores Term Loan 8.25% 5/12/2027 67.9 67.9 65.9 0.02 %
B G F Bobby Q's Inc (#,^) 447 N. Main St., Freeport, NY 11520 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2027 6.1 6.1 6.4 — %
Estelle Finkel Educational Associates,LLC (#,^) 125 West Mt. Pleasant Ave, Livingston, NJ 07039 Educational Services Term Loan Prime plus 2.75% 5/11/2027 99.4 99.4 97.0 0.03 %
234
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Labmates,LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 5/10/2027 81.5 81.5 84.2 0.03 %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2042 21.1 21.1 23.2 0.01 %
Innovation Transport, LLC (#,^) 1 International Blvd, Mahwah, NJ 07495 Truck Transportation Term Loan Prime plus 2.75% 5/9/2027 63.6 63.6 65.6 0.02 %
NHS, LLC (#,^) 212 N Douglas Ave, Ellsworth, KS 67439 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/9/2027 72.1 72.1 72.1 0.02 %
Benchmark Building, Inc. (#,^) 1439 Stargazer Terrace, Sanford, FL 32771 Construction of Buildings Term Loan Prime plus 2.75% 5/5/2027 18.3 18.3 17.9 0.01 %
Cable Management LLC (#,^) 290 Pratt St., Meriden, CT 06450 Waste Management and Remediation Services Term Loan Prime plus 2.75% 5/3/2027 46.7 46.7 47.9 0.01 %
Fine Arts Center of Easley, Inc. dba Midtown Music (#,^) 117 S. Pendleton St., Easley, SC 29640 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 5/2/2042 113.5 113.5 131.5 0.04 %
Love and Glory Learning Center, Inc. (#,^) 4911 N. 42nd St., Tampa, FL 33610 Social Assistance Term Loan Prime plus 2.75% 4/28/2042 74.9 74.9 84.5 0.03 %
JMA Inc. dba Primecut and Mezzo; Primecut at Marquee (#,^) 393 Charles St., Providence, RI 02904 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 213.2 213.2 246.9 0.08 %
Sneads Ferry Foods, Inc. dba DQ Grill & Chill (#,^) 920 Hwy 210, Sneads Ferry, NC 28460 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/27/2042 611.4 611.4 689.0 0.21 %
Asheville's Fun Depot, LLC (#,^) 7 Roberts Rd, Asheville, NC 28803 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/26/2027 70.7 70.7 74.5 0.02 %
Resident Research, LLC (#,^) 4400 Morris Park Drive Ste M, Charlotte, NC 28277 Other Information Services Term Loan Prime plus 2.75% 4/24/2027 71.8 71.8 70.2 0.02 %
Getting Even LLC dba The Zoo Health Club (#,^) 377 South Willow St., Ste B 2-1, Manchester, NH 03103 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/21/2027 6.1 6.1 6.0 — %
Ralph's Hair Salon, Inc. (#,^) 175 NW 14th St., Homestead, FL 33030 Personal and Laundry Services Term Loan Prime plus 2.75% 4/21/2042 48.0 48.0 54.8 0.02 %
Condron Brothers LLC DBA Luv 2 Play (#,^) 4790 La Sierra Ave, Riverside, CA 92505 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/19/2027 96.6 96.6 96.9 0.03 %
Butternuts Beer and Ale LLC (#,^) 4021 Hwy 51, Garrattsville, NY 13342 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 4/12/2027 59.6 59.6 62.8 0.02 %
Landmark Ventures USA, Inc. (#,^) 475 Park Ave South 25th Fl, New York, NY 10016 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/31/2027 150.5 150.5 146.9 0.05 %
Golden Hen Inc. dba Cafe (#,^) 468 W. Cheltenham Ave, Philadelphia, PA 19126 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/31/2027 52.0 52.0 51.1 0.02 %
Applied Integrated Technologies, Inc. (#,^) 7120 Samuel Morse Drive #150, Columbia, MD 21046 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/31/2027 100.4 100.4 98.0 0.03 %
235
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Bear Trail Lodge LLC (#,^) Mile 1 Bear Trail Rd, King Salmon, AK 99613 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 531.0 531.0 613.1 0.19 %
Citizens Lanes, LLC (#,^) 5100 Goodson Connector Rd, Union City, GA 30291 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/31/2042 607.2 607.2 703.3 0.22 %
The Altitude Group, LLC and Core Home Security, LLC (#,^) 949 Clint Moore Rd, Unit 949A, Boca Raton, FL 33487 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2027 35.5 35.5 34.7 0.01 %
Schafer Fisheries Inc. (#,^) 21985 Waller Rd, Fulton, IL 61252 Food Manufacturing Term Loan Prime plus 2.75% 3/30/2042 238.6 238.6 276.4 0.09 %
KWG Industries LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Rd, Unit B, Hillsborough, NJ 08844 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/30/2027 24.1 24.1 25.2 0.01 %
Sea Smoke Barbeque, Corp and Danwen LLC (#,^) 20 Island Farm Rd, Oak Bluffs, MA 02557 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2042 227.2 227.2 258.5 0.08 %
Gauri Hospitality Group LLC dba Microtel Inns & Suites by Wyndham (#,^) 1221 Kentucky Mills Drive, Louisville, KY 40299 Accommodation Term Loan Prime plus 2.75% 3/29/2042 1,015.1 1,015.1 1,174.2 0.36 %
H and H Hotshot Services, Inc. dba AA Hotshot & Logistics (#,^) 5455 N 51st St., #30, Glendale, AZ 85301 Couriers and Messengers Term Loan Prime plus 2.75% 3/29/2030 84.5 84.5 84.3 0.03 %
Douglas K. Soderblom . dba Loma Linda Optometry (#,^) 25815 Barton Rd, Unit C104, Loma Linda, CA 92354 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/29/2027 80.3 80.3 80.4 0.02 %
Discount Price, LLC dba Robert's Market (#,^) 2 Hill Rd, Franklin, NH 03235 Gasoline Stations Term Loan Prime plus 2.75% 3/29/2042 198.2 198.2 226.4 0.07 %
New England Country Day School, Inc. and Thomas D. Walker (#,^) 27 Kenosia Ave, Danbury, CT 06810 Social Assistance Term Loan Prime plus 2.75% 3/28/2042 362.6 362.6 411.6 0.13 %
Heil & Hornik LLC dba Elysium Tennis (#,^) 7637 C. Commerce Place, Plain City, OH 43064 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/27/2042 893.0 893.0 1,012.2 0.31 %
Pecos Entertainment LLC dba State Theater and Pecos Inn LLC (#,^) 421 S. Oak St., Pecos, TX 79772 Motion Picture and Sound Recording Industries Term Loan Prime plus 2.75% 3/27/2042 394.3 394.3 456.7 0.14 %
Robert Dixon PA dba Law Offices of Robert Dixon (#,^) 4501 NW 2nd Ave, Miami, FL 33127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/24/2042 409.6 409.6 473.4 0.15 %
Denton Bio Fuels LLC and American Bio Source LLC (#,^) 624 W. University Dr. Ste 359, TX, TX 76201 Waste Management and Remediation Services Term Loan Prime plus 2.75% 3/23/2027 45.7 45.7 46.1 0.01 %
Color Graphic Press, Inc. (#,^) 42 Main St., Nyack, NY 10960 Printing and Related Support Activities Term Loan Prime plus 2.75% 3/23/2027 96.3 96.3 101.3 0.03 %
JBK Truck Trailer and Bus Inc. (#,^) 8669 South State Rd 67, Camby, IN 46113 Repair and Maintenance Term Loan Prime plus 2.75% 3/23/2042 85.2 85.2 96.5 0.03 %
Executive Fitness & Nutrition Inc. (#,^) 8610 Roosevelt Ave Ste 2, Jackson Heights, NY 11372 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/23/2027 16.4 16.4 17.2 0.01 %
Baton Rouge Cargo Services Inc. and 6507 Westport, LLC (#,^) 6507 Westport Ave, Shreveport, LA 71129 Truck Transportation Term Loan Prime plus 2.75% 3/22/2042 618.0 618.0 708.6 0.22 %
236
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Vehicle Safety Supply LLC (#,^) 707 Femimore Rd, Mamaroneck, NY 10543 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/21/2027 18.1 18.1 17.6 0.01 %
J Sivilis LLC dba Pet Wants (#,^) 3883 Catalina Dr, Cocoa, FL 32926 Personal and Laundry Services Term Loan Prime plus 2.75% 3/17/2027 3.9 3.9 3.9 — %
Reservoir International LLC (#,^) 502 Parks McMillan Drive, Raeford, NC 28376 Educational Services Term Loan Prime plus 2.75% 3/16/2027 79.8 79.8 81.1 0.03 %
The Purple Cow House of Pancake Inc (#,^) 6 & 10 Skowhegan Rd, Fairfield, ME 04937 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2042 154.4 154.4 178.6 0.06 %
Texcor, Inc.dba Texas Corral,Texas Coral Restaurants II, Inc. T.C. (#,^) 5880 US Hwy6, Portage, IN 46368 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/16/2027 241.4 241.4 253.9 0.08 %
1MTX LLC and Sunrise Transportation and Logistics, LLC and Mustafa (#,^) 6510 North Broadway, Saint Louis, MO 63147 Truck Transportation Term Loan Prime plus 2.75% 3/13/2027 543.7 543.7 529.9 0.16 %
Dwayne Bernard Tate (#,^) 1238 Woodcliff Court SW, Lilburn, GA 30047 Truck Transportation Term Loan Prime plus 2.75% 3/10/2027 8.4 8.4 8.5 — %
Elegant Occasions, LLC dba E Productions (#,^) 3650 Coral Ridge Drive Units 103-104, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 2.75% 3/10/2042 565.7 565.7 641.9 0.20 %
E & P Holdings 1 LLC and Evans & Paul Unlimited Corp. and Evans (#,^) 140 Dupont St., Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 3/9/2027 100.2 100.2 98.9 0.03 %
Anthony LLC dba Star of Woodward Market (#,^) 5730 Woodward Ave, Detroit, MI 48202 Food and Beverage Stores Term Loan Prime plus 2.75% 3/9/2042 110.9 110.9 128.3 0.04 %
Allegro Assisted Living Of Texas (#,^) 3400 Remington Drive, Plano, TX 75023 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 3/6/2027 77.0 77.0 81.0 0.03 %
Podium Auto Sales Inc and RRS Property, LLC (#,^) 246 S Dixie Hwy, Pompano Beach, FL 33060 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/3/2042 87.2 87.2 98.6 0.03 %
Getting Even LLC dba The Zoo Health Club (#,^) 377 S Willow St. Unit B2-1, Manchester, NH 03103 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/28/2027 76.6 76.6 76.3 0.02 %
SSI Refrigerated Express Inc. and Robert M Stallone dba SSI Express (#,^) 1001 E. Cooley Drive Ste 102, Colton, CA 92324 Truck Transportation Term Loan Prime plus 2.75% 2/28/2027 182.3 182.3 177.6 0.06 %
Weeping Willow Kennels, Inc and Aileen N Black (#,^) 6041 Hammond School Rd, Salisbury, MD 21804 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2042 134.4 134.4 153.4 0.05 %
Teracore Inc. (#,^) 3300 Holcomb Bridge Rd Ste 226, Norcross, GA 30092 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/27/2027 130.2 130.2 126.9 0.04 %
McNally Enterprises Inc. (#,^) 1010 N. Grove St., Anaheim, CA 92806 Administrative and Support Services Term Loan Prime plus 2.75% 2/27/2027 51.2 51.2 51.0 0.02 %
Total Document Solutions Inc and,TDS Services, LLC (#,^) 2515 North Shiloh Drive, Fayetteville, AR 72704 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 2/27/2030 268.7 268.7 276.3 0.09 %
TMJ Pizza Mesa LLC dba Rosati's Pizza Restaurant (#,^) 2235 S. Power Rd Ste 118, Mesa, AZ 85209 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/24/2027 59.8 59.8 62.1 0.02 %
237
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
3W Enterprises LLC (#,^) 2727 Industrial Parkway, Elkhart, IN 46516 Textile Product Mills Term Loan Prime plus 2.75% 2/24/2042 62.8 62.8 72.1 0.02 %
B & J Bicycle Shop Inc. (#,^) 1620 E. Sample Rd, Pompano Beach, FL 33064 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/24/2027 5.3 5.3 5.6 — %
DER Services, LLC dba A.K.A. Sports (#,^) 34904 W. B. Michigan Ave, Wayne, MI 48184 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 2/17/2042 38.4 38.4 44.5 0.01 %
Ameritube, LLC and Ravone Properties, LLC (#,^) 1000 N State Hwy 77, Hillsboro, TX 76645 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/14/2042 177.8 177.8 205.7 0.06 %
Baton Rouge Cargo Services Inc. and 2808 Court Street, LLC (#,^) 2808 Court St., Port Allen, LA 70767 Truck Transportation Term Loan Prime plus 2.75% 2/10/2042 237.5 237.5 272.3 0.08 %
Maximo Canot dba Wash and Dry Laundrymat (#,^) 34 Morningside Ave, Yonkers, NY 10703 Personal and Laundry Services Term Loan Prime plus 2.75% 2/10/2042 132.1 132.1 151.7 0.05 %
Sushiya Inc. (#,^) 72 S. Main St, Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/10/2027 14.9 14.9 14.8 — %
Marvic Enterprises Inc dba Jordan's Liquor (#,^) 199 Taunton Ave, East Providence, RI 02914 Food and Beverage Stores Term Loan Prime plus 2.75% 2/10/2042 210.2 210.2 240.3 0.07 %
Harrison Logging Company LLC (#,^) 255 Ray Crain Rd, Indian Mound, TN 37079 Forestry and Logging Term Loan Prime plus 2.75% 2/9/2027 84.5 84.5 84.8 0.03 %
8 Minute Oil Change Auto Repair & Tire Center and Jumir L.L.C. (#,^) 174-176 Mountain Ave, Springfield, NJ 07081 Repair and Maintenance Term Loan Prime plus 2.75% 2/7/2042 315.7 315.7 355.0 0.11 %
DBMS Consulting, Inc. (#,^) 164 W 83rd St. #CF1 & CF2, New York, NY 10024 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/1/2042 177.5 177.5 199.7 0.06 %
Brandco, LLC (#,^) 2151 Consulate Drive Ste 21, Orlando, FL 32837 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/31/2027 34.5 34.5 33.6 0.01 %
Chidlren's House Learning, Inc and Tarps Investment Group (#,^) 720 Wilbraham Rd, Springfield, MA 01109 Social Assistance Term Loan Prime plus 2.75% 1/31/2042 308.0 308.0 349.3 0.11 %
Fave Realty Inc. (#,^) 1875 Grand Ave, Baldwin, NY 11510 Real Estate Term Loan Prime plus 2.75% 1/30/2042 52.2 52.2 59.5 0.02 %
SRC Publishing LLC (#,^) 8690 Waterford Bend St., Las Vegas, NV 89123 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/27/2027 17.7 17.7 17.3 0.01 %
ZMKNY Tires Inc dba Houston International Tires (#,^) 12444 Market ST, Houston, TX 77015 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 1/27/2042 103.2 103.2 119.4 0.04 %
House of Bread & Coffee Corp dba Casa Do Pao (#,^) 22829 State Rd 7, Boca Raton, FL 33428 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/27/2042 167.2 167.2 185.7 0.06 %
Fox Valley Rentals & Investments LLC and Brian M Tomaszewski (#,^) 2906 E. Newberry St., Appleton, WI 54915 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/20/2042 40.7 40.7 46.1 0.01 %
238
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Jolibe LLC and Jolibe Atelier LLC (#,^) 325 West 38th St. Studio 1704-1706, New York, NY 10018 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/18/2027 8.3 8.3 8.2 — %
Eickmann Management Group LLC dba Jimmy Johns of Dundee (#,^) 568 Techumseh St., Dundee, MI 48131 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/17/2027 78.5 78.5 82.3 0.03 %
Fullbro Trust dba Menemsha Blues (#,^) 2 Basin Rd, Chilmark, MA 02535 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 1/13/2027 17.8 17.8 18.7 0.01 %
Echelon Enterprises, Inc (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 1/10/2027 38.6 38.6 40.6 0.01 %
Fort Smith Wings Inc. dba Wing Stop (#,^) 8624 Rogers Ave, Fort Smith, AR 72903 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/28/2026 15.2 15.2 15.2 — %
Jacliff Investments Inc. dba International health Technologies (#,^) 2355 South 1070 West, Salt Lake City, UT 84119 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 12/23/2026 97.6 97.6 95.0 0.03 %
Metropolitan Solutions Group Inc. (#,^) 1420 Chestnut St., Portsmouth, VA 23704 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/19/2041 262.8 262.8 292.4 0.09 %
Means Enterprises LLC dba FastFrame Frisco (#,^) 4112-4150 Legacy Dr./5729 Leabanon Rd #412, Frisco, TX 75034 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/16/2026 17.6 17.6 17.2 0.01 %
Soon Im. Chin dba Stan C-Store (#,^) 4014 E Stan Schlueter Loop, Killeen, TX 76542 Gasoline Stations Term Loan Prime plus 2.75% 12/15/2041 203.1 203.1 233.4 0.07 %
Elita 7, LLC (#,^) 16 Marble St., Worcester, MA 01603 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 12/15/2041 680.9 680.9 777.5 0.24 %
Techni-Pro Institute LLC (#,^) 414 NW 35th St., Boca Raton, FL 33431 Educational Services Term Loan Prime plus 2.75% 12/15/2026 148.3 148.3 146.6 0.05 %
New Chicago Wholesale Bakery, Inc. (#,^) 795 Touhy Ave, Elk Grove Village, IL 60007 Food Manufacturing Term Loan Prime plus 2.75% 12/15/2041 433.2 433.2 487.7 0.15 %
Sempco, Inc. (#,^) 51-55 Lake St. Unit #2-6, Nashua, NH 03060 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/15/2041 40.1 40.1 46.4 0.01 %
HMG Strategy, LLC (#,^) 191 Post Rd West, Westport, CT 06880 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/14/2026 38.6 38.6 37.5 0.01 %
Trison Enterprises Inc.dba Lee's Automotive (#,^) 13281 Aurora Ave N, Seattle, WA 98311 Repair and Maintenance Term Loan Prime plus 2.75% 12/14/2041 389.4 389.4 443.0 0.14 %
AGG Management Team LLC dba Chevron (#,^) 2615 S Dixie Hwy, West Palm Beach, FL 33401 Gasoline Stations Term Loan Prime plus 2.75% 12/14/2041 274.8 274.8 317.4 0.10 %
Wayfarer Bicycle LLC (#,^) 118-120 Ocean Ave, New London, CT 06320 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2041 88.4 88.4 98.9 0.03 %
Success Advertising Inc. dba Success Communivstion (#,^) 26 Eastmans Rd, Parsippany, NJ 07054 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/13/2041 445.8 445.8 512.9 0.16 %
Roast Beef Levittown LLC dba Arby's (#,^) 2080 Hempstead Turnpike, East Meadow, NY 11554 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/13/2026 165.9 165.9 174.1 0.05 %
239
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Myndshft Technologies LLC (#,^) 3440 Gannett Ave, Des Moines, IA 50321 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/9/2026 605.4 605.4 602.3 0.19 %
Recycling Revolution,LLC (#,^) 4190 Collins Rd, Unadilla, GA 31091 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/9/2041 88.7 88.7 100.1 0.03 %
Mack Team Enterprises Inc.dba The UPS Store #6815 (#,^) 38200 Ave of the States, Fort Gordon, GA 30905 Couriers and Messengers Term Loan Prime plus 2.75% 12/9/2026 15.9 15.9 15.9 — %
Imagine By Carleen Inc. (#,^) 1404 Del Prado Blvd. #100, 105, Cape Coral, FL 33990 Personal and Laundry Services Term Loan Prime plus 2.75% 12/8/2041 50.2 50.2 56.9 0.02 %
Hanson's Greeks LLC (#,^) 8132 N. 87th Place, Ste A, Scottsdale, AZ 85258 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/8/2026 8.8 8.8 9.2 — %
New Life Hospital LLC (#,^) 17400 Red Oak Drive, Houston, TX 77090 Hospitals Term Loan Prime plus 2.75% 12/8/2041 1,166.4 1,166.4 1,347.6 0.42 %
Yachting Solutions LLC (#,^) 229 Commercial St., Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 12/7/2029 60.7 60.7 63.2 0.02 %
Lilo Holdings LLC (#,^) 933 Port Reading Ave, Port Reading, NJ 07064 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/5/2026 12.6 12.6 12.7 — %
Noso Development LLC (#,^) 4 Walker Way, Albany, NY 12205 Construction of Buildings Term Loan Prime plus 2.75% 12/1/2026 58.6 58.6 57.0 0.02 %
Quick Ship, LLC (#,^) 448 W. 19th St, Houston, TX 77008 Couriers and Messengers Term Loan Prime plus 2.75% 11/30/2026 8.1 8.1 7.9 — %
Sharaz Shah DBA Thomas Jewelers (#,^) 714 Greenville Blvd, Ste 0043, Greenville, NC 27858 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 11/30/2026 6.3 6.3 6.1 — %
Studio Find It Georgia, Inc. (#,^) 1415 Constitution Rd SE, Atlanta, GA 30316 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/30/2026 5.8 5.8 5.7 — %
RD Management, LLC (#,^) 2302 N. Kings Hwy, Myrtle Beach, SC 29572 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2026 165.4 165.4 161.9 0.05 %
Imaginarium Foods LLC, (#,^) 751 N. Cable Rd, Lima, OH 45805 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2042 358.5 358.5 409.0 0.13 %
Pebble Wood Lane, LLC and Good Sam's Assisted Living Resiidence,LLC (#,^) 1 Pebble Wood Lane, Palm Coast, FL 32164 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 11/30/2041 64.7 64.7 74.8 0.02 %
Usman Jalil, LLC dba Food Mart (#,^) 147 N Washington St., Plainville, CT 06062 Gasoline Stations Term Loan Prime plus 2.75% 11/29/2041 223.9 223.9 250.0 0.08 %
Access Staffing, LLC (#,^) 360 Lexington Ave 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 11/29/2026 914.3 914.3 889.1 0.28 %
CRK Mens, LLC dba Spiff for Men (#,^) 750 Third Ave, New York, NY 10017 Personal and Laundry Services Term Loan Prime plus 2.75% 11/23/2026 84.6 84.6 83.2 0.03 %
Hafa Adai Signs and Graphics LLC dba Fastsigns of Auburn -#281901 (#,^) 1835 Auburn Way N Ste B, Auburn, WA 98002 Administrative and Support Services Term Loan Prime plus 2.75% 11/23/2026 46.4 46.4 45.5 0.01 %
WPN Recycling Company LLC (#,^) 5101 Andard Ave, Baltimore, MD 21226 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 11/23/2026 17.4 17.4 18.3 0.01 %
240
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Merchant Coterie, Inc. (#,^) 400 East 52nd St. Apt 14F, New York, NY 10022 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 11/23/2026 96.7 96.7 94.1 0.03 %
Bouquet Restaurant LLC (#,^) 519 Main St., Covington, KY 41011 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/22/2041 92.8 92.8 107.0 0.03 %
JBK Truck Trailer and Bus Inc. (#,^) 8669 S State Rd 67, Camby, IN 46113 Repair and Maintenance Term Loan Prime plus 2.75% 11/22/2041 396.2 396.2 449.0 0.14 %
6E Technologies LLC (#,^) 11001 West 120th Ave, Ste 400, Broomfield, CO 80020 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/22/2026 122.4 122.4 124.5 0.04 %
Broms Asset Management LLC (#,^) 215 East 79th St. Apt 9E, New York, NY 10075 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 11/22/2026 96.6 96.6 93.9 0.03 %
Skaggs RV Outlet LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 11/21/2026 77.4 77.4 81.2 0.03 %
Catherine Christine Morin dba Purr-Fect Pets (#,^) 1915 North Austin Ave, Georgetown, TX 78626 Personal and Laundry Services Term Loan Prime plus 2.75% 11/17/2026 14.5 14.5 14.1 — %
Stratmar Systems Inc dba Stratmar Retail Services (#,^) 109 Willett Ave, Port Chester, NY 10573 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/16/2026 53.0 53.0 55.6 0.02 %
Hoosier Health Plus, LLC (#,^) 520 East 8th St., Anderson, IN 46012 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/15/2026 91.7 91.7 94.3 0.03 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Du Bois, PA 15801 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2026 170.5 170.5 177.7 0.06 %
J. A. Kohlhepp Sons, Inc. dba Kohlhepp's True Value (#,^) 640 Dubois St., Dubois, PA 15801 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/10/2041 438.5 438.5 500.8 0.16 %
Panther Ironworks and Rigging Solutions LLC (#,^) 1028 Washburn Switch Rd, Shelby, NC 28150 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 123.0 123.0 124.1 0.04 %
Hackensack Steel Corporation and Luzerne Ironworks Inc (#,^) 300 Sly St., Swoyersville, PA 18709 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/10/2026 191.0 191.0 200.4 0.06 %
Big Apple Entertainment Partners LLC (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33131 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/9/2026 135.4 135.4 131.7 0.04 %
Dyer Properties, LLC and Bayview Pharmacy, Inc. (#,^) 3844 Post Rd, Warwick, RI 02886 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/9/2041 229.1 229.1 258.0 0.08 %
MIK LLC dba Firehouse Subs (#,^) 17250 Royalton Rd, Strongsville, OH 44136 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/9/2026 168.8 168.8 165.2 0.05 %
Fine Line Interiors, Inc. (#,^) 2530 SW 30th Ave, Hallandale Beach, FL 33009 Repair and Maintenance Term Loan Prime plus 2.75% 11/4/2041 63.5 63.5 73.4 0.02 %
131 Miles LLC and Ohm Shubh Laxmi, LLC. dba Mr Hero (#,^) 13215 Miles Ave, Cleveland, OH 44105 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/3/2041 120.6 120.6 137.9 0.04 %
Veracruz Shabo, LLC, Waterfalls Quick Lube LLC (#,^) 1325 Broad St., Central Falls, RI 02863 Repair and Maintenance Term Loan Prime plus 2.75% 11/1/2041 115.6 115.6 132.0 0.04 %
241
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Glocecol LLC (#,^) 10302 NW S River Drive, Bay #18, Miami, FL 33178 Administrative and Support Services Term Loan Prime plus 2.75% 11/1/2026 58.0 58.0 60.9 0.02 %
Bloomquist Communications Inc. (#,^) 131 East Trinity Place, Decatur, GA 30030 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 46.0 46.0 44.7 0.01 %
Moolchan Enterprises LLC dba Staying Green (#,^) 5370 State Rd 84 Bay 3, Davie, FL 33314 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2026 8.4 8.4 8.8 — %
Woodstock Enterprises Corp dba True Scent Candle Co (#,^) 191 2nd Ave, Warwick, RI 02888 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 10/31/2041 84.6 84.6 94.7 0.03 %
FibAire Communications, LLC (#,^) 13590 S Sunland Gin Rd, #E, Arizona City, AZ 85123 Telecommunications Term Loan Prime plus 2.75% 10/27/2026 82.6 82.6 83.5 0.03 %
Elite Structures Inc (#,^) 401 Old Quitman Rd, Abel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/27/2029 191.3 191.3 202.5 0.06 %
Blakeslee Arpaia Chapman Inc and Chapman Construction Services LLC (#,^) 200 North Branford Rd, Branford, CT 06405 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 10/24/2026 325.7 325.7 341.8 0.11 %
Worldwide Estate, Inc. dba Washington Heights Manor (#,^) 10620 W. Greenwood Ter, Milwaukee, WI 53224 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 10/21/2041 213.9 213.9 247.1 0.08 %
Gold Wind Logistics LLC (#,^) 2830 Beech Daly Rd, Inkster, MI 48141 Truck Transportation Term Loan Prime plus 2.75% 10/20/2041 167.2 167.2 193.2 0.06 %
Speaker City, Inc. dba Rollin Thunder (#,^) 246 East Belt Boulevard, Richmond, VA 23224 Electronics and Appliance Stores Term Loan Prime plus 2.75% 10/14/2041 119.2 119.2 136.0 0.04 %
Maine Service Corp (#,^) 59-22 55th St., Maspeth, NY 11378 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 10/13/2026 126.1 126.1 130.6 0.04 %
Justin Partlow (#,^) 100 Independence Place, Ste 414, Tyler, TX 75703 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 10/13/2026 14.9 14.9 14.5 — %
Reliable Recovery Services LLC (#,^) 2401 West Mcdowell Rd, Phoenix, AZ 85009 Support Activities for Transportation Term Loan Prime plus 2.75% 10/7/2026 86.2 86.2 86.8 0.03 %
Wyspen Corporation dba Charlestown Ace (#,^) 5 Austin St., Charlestown, MA 02129 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 27.6 27.6 26.8 0.01 %
Ailky Corporation (#,^) 352 Beford St., Lakeville, MA 02347 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 10/3/2026 181.6 181.6 179.3 0.06 %
Adelwerth Bus Corp. (#,^) 423 Montauk Hwy, Eastport, NY 11941 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2041 230.3 230.3 259.7 0.08 %
JJA Transportation Management Inc. (#,^) 15 Church St., Upland, PA 19015 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2026 39.8 39.8 38.7 0.01 %
Seaway LLC and Reklaw LLC dba Allure Lounge (#,^) 415 -417 Halsey Drive, Newark, NJ 07102 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2041 130.4 130.4 150.6 0.05 %
Adelwerth Bus Corporation, Transportation Leasing Corp. (#,^) 423 Montauk Hwy, Eastport, NY 11941 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/30/2029 545.1 545.1 574.0 0.18 %
242
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Graphics,Type and Color Enterprises Inc dba Clubflyers.com (#,^) 2300 NW 7th Ave, Miami, FL 33127 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/28/2041 821.5 821.5 949.1 0.29 %
Beadon Inc (#,^) 2601 Old Ocean City Rd, Salisbury, MD 21804 Food and Beverage Stores Term Loan Prime plus 2.75% 9/28/2026 17.0 17.0 17.8 0.01 %
CD Game Exchange Inc. (#,^) 3719 N Mississippi, Portland, OR 97227 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/28/2026 17.5 17.5 17.0 0.01 %
Kyle M Walker DDS, PC (#,^) 1402 West Park Ave, Orange, TX 77630 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2026 175.0 175.0 172.6 0.05 %
Reynolds Fence & Guardrail Inc. (#,^) 9320 Machado Drive, Indian Trail, NC 28079 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/27/2026 476.8 476.8 491.8 0.15 %
Luv 2 Play Nor Cal, LLC dba Luv 2 Play (#,^) 82 Clarksville Rd, Folsom, CA 95630 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/27/2026 39.9 39.9 39.7 0.01 %
Sarah S Olelewe MD Inc (#,^) 11704 &11712 Hawthorne Blvd, Hawthorne, CA 90250 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/26/2041 277.5 277.5 314.8 0.10 %
TPFC,LLC dbaThe Picture Frame Company (#,^) 5957 Glenway Ave, Cincinnati, OH 45238 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/26/2041 55.7 55.7 63.3 0.02 %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch (#,^) 24201 N Hwy 1, Fort Bragg, CA 95437 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 9/26/2026 6.8 6.8 7.1 — %
PeopleBest Inc. (#,^) 19442 Mesa Drive, Villa Park, CA 92861 Administrative and Support Services Term Loan Prime plus 2.75% 9/26/2026 11.4 11.4 11.0 — %
Wrecking Crew Media LLC (#,^) 229 Commercial Ave, Pittsburgh, PA 15212 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 9/21/2026 37.9 37.9 36.8 0.01 %
Cuppiecakes LLC (#,^) 313 S Main St., McGregor, TX 76557 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/21/2041 21.3 21.3 24.1 0.01 %
Consulting Solutions Inc. and Mark Luciani (#,^) 3000 N Federal Hwy 1-1A, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/20/2026 17.1 17.1 17.5 0.01 %
Benoit's Towing and Recovery LLC (#,^) 301 Tabor Rd, Swanton, VT 05488 Support Activities for Transportation Term Loan Prime plus 2.75% 9/20/2026 9.1 9.1 8.9 — %
Atlantic Alarm Systems and Services LLC (#,^) 165 Amboy Rd, Bldg G, Ste 703, Morganville, NJ 07734 Administrative and Support Services Term Loan Prime plus 2.75% 9/14/2026 11.7 11.7 11.6 — %
Marquis Cattle Company (#,^) 805 US Hwy 87, Belt, MT 59412 Animal Production and Aquaculture Term Loan Prime plus 2.75% 9/13/2026 38.2 38.2 40.1 0.01 %
Metropet Dog Center, Inc (#,^) 2057 West Shore Rd, Warwick, RI 02889 Personal and Laundry Services Term Loan Prime plus 2.75% 9/13/2041 103.6 103.6 118.0 0.04 %
Bingham Enterprises, Inc and Full Belli Deli and Sausage Company (#,^) 209 South Front St., Townsend, MT 59644 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/12/2041 78.2 78.2 87.7 0.03 %
SRA Mechanicial Inc (#,^) 1186 Ocean Ave, Bayshore, NY 11706 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/6/2041 41.3 41.3 47.7 0.01 %
Sandia Enterprises Inc dba Massage Envy Spa (#,^) 9139 W Stockton Blvd Ste 100, Elk Grove, CA 95758 Personal and Laundry Services Term Loan Prime plus 2.75% 9/6/2026 32.2 32.2 31.2 0.01 %
243
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 1362-1366 W Carrier Pkwy, Grand Prairie, TX 75050 Administrative and Support Services Term Loan Prime plus 2.75% 8/30/2026 98.7 98.7 97.2 0.03 %
Raem Corporation dba Dryclean Express (#,^) 557 West Whitney Rd, Fairport, NY 14450 Personal and Laundry Services Term Loan Prime plus 2.75% 8/29/2041 68.6 68.6 79.0 0.02 %
Warren Dale Warrington dba Custom Paint and Body (#,^) 705 S Market Ave, Fort Pierce, FL 34982 Repair and Maintenance Term Loan Prime plus 2.75% 8/26/2041 95.8 95.8 109.5 0.03 %
Albert Basse Associates Inc (#,^) 175 Campanelli Parkway, Stoughton, MA 02072 Printing and Related Support Activities Term Loan Prime plus 2.75% 8/25/2026 46.3 46.3 48.5 0.02 %
Avery Management Inc. dba Whetstone Upholstery (#,^) 1122 N Bloulevard, Richmond, VA 23230 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 7.7 7.7 7.4 — %
Tabadesa Associates Inc. (#,^) 419 W 49th St. Ste 111, Hialeah, FL 33012 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/25/2026 16.9 16.9 16.4 0.01 %
TR Companies LLC dba Liberty Rental 4 U (#,^) 410 N Church Rd, Liberty, MO 64068 Rental and Leasing Services Term Loan Prime plus 2.75% 8/25/2026 67.5 67.5 65.5 0.02 %
Rosmel Pools Inc (#,^) 9300 NW 25th St. Ste 103, Miami, FL 33172 Repair and Maintenance Term Loan Prime plus 2.75% 8/25/2026 16.9 16.9 16.6 0.01 %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 South Fleming St., Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2041 492.0 492.0 566.5 0.18 %
Luv 2 Play Temecula, LLC (#,^) 26469 Ynez Rd, Temecula, CA 92591 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 8/15/2026 45.0 45.0 43.7 0.01 %
2 Cool Beans LLC dba Menchies's Frozen Yogurt (#,^) 11331 Thienes Ave, South El Monte, CA 91733 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/11/2026 61.9 61.9 60.0 0.02 %
Grayson O Company (#,^) 6509 Newell Ave, Kannapolis, NC 28082 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 8/10/2041 591.7 591.7 682.2 0.21 %
Paul Belanger dba Paul Belanger Landscaping (#,^) 2595 Military Ave, Los Angeles, CA 90064 Administrative and Support Services Term Loan Prime plus 2.75% 8/9/2026 11.2 11.2 10.9 — %
The Hungry Rhino LLC (#,^) 47 South Main St., Windsor Locks, CT 06096 Real Estate Term Loan Prime plus 2.75% 7/29/2041 72.1 72.1 81.5 0.03 %
USA General Investment LLC dba Braniff Paint and Body Shop (#,^) 2290 NW 21st Terrace, Miami, FL 33142 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2026 16.7 16.7 16.5 0.01 %
303 Tower Drive LLC (#,^) 303 Tower Drive, Ste A, Middletown, NY 10941 Repair and Maintenance Term Loan Prime plus 2.75% 7/29/2041 378.2 378.2 433.2 0.13 %
Little Tree Huggers Child Care LLC (#,^) 38620 9 Mile Rd, Farmington Hills, MI 48335 Social Assistance Term Loan Prime plus 2.75% 7/29/2041 132.3 132.3 152.6 0.05 %
Big Apple Entertainment Partners LLC dba Ripley's Believe It or Not (#,^) 1221 Brickell Ave, Ste 2660, Miami, FL 33131 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/28/2026 222.8 222.8 216.2 0.07 %
676 Club LP dba The Green Door Tavern/The Drifter (#,^) 676 and 678 North Orleans ST, Chicago, IL 60654 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/28/2041 633.1 633.1 728.1 0.23 %
Intrepid Trinity LLC (#,^) 680 Douglas Ave, Providence, RI 02908 Nonstore Retailers Term Loan Prime plus 2.75% 7/28/2041 59.1 59.1 67.3 0.02 %
244
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Apple Tree NC Inc dba Williams Farm & Garden Center (#,^) 1309 Old Cherry Point Rd, New Bern, NC 28560 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 7/28/2041 321.7 321.7 362.4 0.11 %
EPEC Juice LLC dba Jamba Juice (#,^) 810 Ninth St., Ste 128, Durham, NC 27705 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 62.0 62.0 60.2 0.02 %
Pinco Pizza LLC dba Jet's Pizza (#,^) 10845 N. Tatum Blvd Ste A 100, Phoenix, AZ 85028 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 54.7 54.7 57.3 0.02 %
JAG Unit 1, LLC dba Arooga's Grille House and Sports Bar (#,^) 1 West Main St., Patchogue, NY 11772 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/27/2026 92.8 92.8 90.1 0.03 %
The Grasso Companies, LLC and Grasso Pavement Maintenance, LLC (#,^) 485 Pepper St., Norwalk, CT 06468 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 7/26/2026 67.3 67.3 67.8 0.02 %
My Sainath Inc dba Motel 6 (#,^) 1008 E Crest Drive, Waco, TX 76705 Accommodation Term Loan Prime plus 2.75% 7/22/2041 288.6 288.6 330.9 0.10 %
Robert G Larson State Farm Insurance (#,^) 7922 Jamaica Ave, Woodhaven, NY 11421 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/22/2026 16.7 16.7 16.2 0.01 %
J and D Resources LLC dba Aqua Science (#,^) 1923 E 5th St, Tempe, AZ 85281 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2026 87.6 87.6 85.6 0.03 %
Robert P Daniels dba Ginger and Friend's Peppermint Village Gift Shop (#,^) 1502 Hwy 157, Mansfield, TX 76063 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 7/18/2026 11.7 11.7 11.3 — %
Franklin Firm LLC dba Luv 2 Play (#,^) 1310 East Stan Schleuter Loop, Killeen, TX 76542 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/15/2041 152.1 152.1 173.2 0.05 %
Jacob Rugs LLC dba Rugs Outlet (#,^) 32879 US Hwy 27, Haines City, FL 33844 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 7/13/2026 48.7 48.7 51.0 0.02 %
RM Hawkins LLC dba Pure Water Tech West (#,^) 5140 Topaz Drive, Colorado Springs, CO 80918 Nonstore Retailers Term Loan Prime plus 2.75% 7/7/2026 37.0 37.0 38.3 0.01 %
Nevey's LLC dba Stark Food III (#,^) 6315 W. Fond Du Lac Ave, Milwaukee, WI 53218 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2041 278.2 278.2 326.2 0.10 %
Corning Lumber Company Inc and Frank R Close and Son Inc (#,^) 1314 Sixth St., Orland, CA 95963 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/30/2029 160.2 160.2 173.5 0.05 %
Desert Tacos LLC (#,^) 245 East Bell Rd, Ste A-2, Phoenix, AZ 85022 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2026 74.5 74.5 78.0 0.02 %
VMA Technologies LLC (#,^) 120 S Serenata Dr. #332, Ponte Vedra Beach, FL 32082 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/30/2026 16.5 16.5 16.8 0.01 %
P L H Pharmaco Inc dba Farmacia San Jose (#,^) 149 48th St., Union City, NJ 07087 Health and Personal Care Stores Term Loan Prime plus 2.75% 6/30/2026 124.2 124.2 131.3 0.04 %
Martin Inventory Management LLC (#,^) 304 1/2 Main St., Edgefield, SC 29824 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 6/30/2026 18.2 18.2 19.2 0.01 %
WGI, LLC dba Williams Grant Inn (#,^) 154 High St., Bristol, RI 02809 Accommodation Term Loan Prime plus 2.75% 6/29/2041 115.8 115.8 135.2 0.04 %
245
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
O.D.S. Inc dba Four Seasons Health & Racquet and Step 'N' Motion, Inc (#,^) 626 Delsea Drive N, Glassboro, NJ 08028 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2026 102.9 102.9 105.4 0.03 %
KWG Industries, LLC dba Peterson & Marsh Metal Industries (#,^) 330 Roycefield Rd, Unit B, Hillsborough, NJ 08844 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/29/2041 287.4 287.4 336.2 0.10 %
E & P Holdings 1 LLC and Evans & Paul LLC (#,^) 140 Dupont St, Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 6/28/2026 99.2 99.2 101.7 0.03 %
MaidPro Marin dba MaidPro (#,^) 98 Jewell St., San Rafael, CA 94901 Administrative and Support Services Term Loan Prime plus 2.75% 6/28/2026 12.9 12.9 13.1 — %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 6/24/2026 36.7 36.7 37.4 0.01 %
Island Time Investments, LLC dba Swantown Inn Bed & Breakfast (#,^) 1431 11th Ave SE, Olympia, WA 98501 Accommodation Term Loan Prime plus 2.75% 6/24/2041 95.5 95.5 112.1 0.03 %
Shooting Sports Academy LLC and Jetaa LLC (#,^) 27 Main St., Monroe, CT 06468 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/23/2041 470.0 470.0 544.0 0.17 %
Long Island Comedy LLC dba Governors and New York Comedy, LLC (#,^) 90 A Division Ave, Levittown, NY 11756 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/23/2041 176.9 176.9 206.0 0.06 %
Visual Advantage LLC dba Signs Now Perryberg (#,^) 23248 Dunbridge Rd, Perrysburg, OH 43443 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2041 86.1 86.1 100.0 0.03 %
Bagelicious, LLC (#,^) 945 S Main St, Cheshire, CT 06410 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2026 40.1 40.1 40.8 0.01 %
Blue Eagle Transport Inc, Greeneagle Transport Inc and Golden Eagle (#,^) 377 Boston Post Rd, Milford, CT 06460 Couriers and Messengers Term Loan Prime plus 2.75% 6/16/2026 396.4 396.4 403.1 0.13 %
NKJ Lusby Donuts LLC (#,^) 174 Village Center Drive, Lusby, MD 20657 Food and Beverage Stores Term Loan Prime plus 2.75% 6/16/2026 16.5 16.5 16.8 0.01 %
Winegirl Wines LLC (#,^) 222 E Wapato Way, Manson, WA 98831 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 6/16/2026 8.3 8.3 8.7 — %
Jai-Alexia Consulting, Inc. (#,^) 14660 Paddock Drive, Wellington, FL 33414 Couriers and Messengers Term Loan Prime plus 2.75% 6/15/2026 8.7 8.7 8.8 — %
Pumpkin Patch Child Care of Southington, LLC and Giuseppe Pugliares (#,^) 1137 West St., Southington, CT 06489 Social Assistance Term Loan Prime plus 2% 6/15/2041 483.0 483.0 533.5 0.17 %
Refoleen Inc dba Spice and Tea Exchange (#,^) 849 East Commerce St., Ste 121, San Antonio, TX 78205 Food and Beverage Stores Term Loan Prime plus 2.75% 6/10/2026 63.6 63.6 64.7 0.02 %
Luv 2 Play AZ LLC (#,^) 15495 Bell Rd, Surprise, AZ 85374 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/10/2026 45.9 45.9 48.4 0.02 %
ScimTech Industries Inc dba Archer Aerospace (#,^) 1021 Linden Ave, Chester Springs, PA 19425 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 6/6/2026 8.8 8.8 9.0 — %
Larry H. Patterson and Rainbow Movers, Inc (#,^) 2325 Hollers Ave, Bronx, NY 10475 Truck Transportation Term Loan Prime plus 2.75% 6/6/2026 16.5 16.5 16.8 0.01 %
246
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Solvit Inc and Solvit North Inc (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/3/2026 182.8 182.8 188.4 0.06 %
AP5 LLC dba Krauser's Food Store (#,^) 5 Pond Point Rd, Milford, CT 06460 Food and Beverage Stores Term Loan Prime plus 2.75% 6/2/2041 182.8 182.8 214.4 0.07 %
ATI Jet Inc (#,^) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 5/31/2026 404.9 404.9 416.7 0.13 %
Premier Athletic Center of Ohio, Inc (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/27/2026 63.6 63.6 67.1 0.02 %
Angelo Faia dba AVF Construction (#,^) 55 Arbour Lane, Sewell, NJ 08080 Construction of Buildings Term Loan Prime plus 2.75% 5/27/2041 93.8 93.8 109.1 0.03 %
Jack Frost Firewood Inc. and David Dubinsky (#,^) 3168 Holland Rd, Virginia Beach, VA 23453 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/26/2041 194.2 194.2 225.6 0.07 %
Mersada Holdings LLC (#,^) 933 Louise Ave Ste 10122, Charlotte, NC 28204 Nonstore Retailers Term Loan Prime plus 2.75% 5/26/2026 245.5 245.5 259.0 0.08 %
Southwest Division Inc (#,^) 2103 NE 3rd Terrace, Cape Coral, FL 33909 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 5/26/2026 6.0 6.0 6.2 — %
International Kitchen Supply LLC (#,^) 3466 North Hwy 11, West Union, SC 29696 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 5/25/2026 135.8 135.8 140.2 0.04 %
Groth Lumber Co. Inc. dba True Value (#,^) 6747 Pacific Ave, Wright, MN 55798 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/25/2026 16.4 16.4 17.3 0.01 %
Island Life Graphics Inc dba FASTSIGNS #576 (#,^) 1925 S 14th St. No. 7, Amelia Island, FL 32034 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 5/24/2026 16.4 16.4 16.7 0.01 %
Powerspec Inc (#,^) 1 Linsley Place, Metuchen, NJ 08840 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/24/2026 63.4 63.4 64.4 0.02 %
Horseshoe Barbecue, LLC (#,^) 6555,6565,6575 N Sandario Rd, Tucson, AZ 85743 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/23/2029 8.7 8.7 9.4 — %
Pro Auto Repair LLC (#,^) 204 F St. SW, Quincy, WA 98848 Repair and Maintenance Term Loan Prime plus 2.75% 5/20/2026 5.4 5.4 5.7 — %
National Air Cargo Holdings Inc (#,^) 5955 TG Lee Blvd., Ste 500, Orlando, FL 32822 Air Transportation Term Loan Prime plus 2.75% 5/20/2026 909.2 909.2 959.3 0.30 %
Elderfriend Inc dba Granny Nannies dba GN Live Scan (#,^) 1499 W. Palmetto Park Rd, Ste #115, Boca Raton, FL 33486 Social Assistance Term Loan Prime plus 2.75% 5/20/2026 9.3 9.3 9.4 — %
J&A Laundromat Inc. (#,^) 225 East Park Ave, Long Beach, NY 11561 Personal and Laundry Services Term Loan Prime plus 2.75% 5/18/2026 49.1 49.1 50.3 0.02 %
Dedicated Incorporated (#,^) 2916 North 39th St., Phoenix, AZ 85019 Administrative and Support Services Term Loan Prime plus 2.75% 5/18/2041 43.8 43.8 51.1 0.02 %
HBA LLC dba Palmetto Twist-Vista (#,^) 1225-1229 Lincoln St., Columbia, SC 29201 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2026 14.1 14.1 14.4 — %
Studio Find It Georgia Inc (#,^) 3399 Peachtree Rd NE, Ste 400, Atlanta, GA 30326 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 5/13/2026 16.4 16.4 16.8 0.01 %
247
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
FJN Catering Inc (#,^) 106 Main St., Mineola, NY 11951 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/13/2041 247.3 247.3 290.1 0.09 %
Pumpkin Patch Inc and Christine Feliciano and Antonio Feliciano (#,^) 11 Kirby Rd, Cromwell, CT 06419 Social Assistance Term Loan Prime plus 2.75% 5/12/2041 124.8 124.8 145.1 0.05 %
Sabir Inc. dba Bear Diner (#,^) 603 Pulaski Hwy, Bear, DE 19701 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/11/2041 116.6 116.6 136.4 0.04 %
Gator D'Lites LLC dba D'Lites Emporium (#,^) 4216 NW 16th Blvd, Gainsville, FL 32605 Food and Beverage Stores Term Loan Prime plus 2.75% 5/5/2026 16.4 16.4 16.6 0.01 %
Keller, Fishback & Jackson LLP (#,^) 28720 Canwood St., Agoura Hills, CA 91301 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 91.9 91.9 96.9 0.03 %
Marc S. Rosenberg P.C. dba Mammuth and Rosenberg (#,^) 401 East City Ave Ste 122, Bala Cynwyd, PA 19004 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 4/29/2026 16.2 16.2 16.5 0.01 %
Hard Exercise Works Winter Park LLC (#,^) 11551 University Blvd #4C Bldg 1, Orlando, FL 32817 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 4/29/2026 29.3 29.3 29.8 0.01 %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 4/29/2026 5.4 5.4 5.5 — %
May-Craft Fiberglass Products Inc (#,^) 96 Hillsboro Rd, Four Oaks, NC 27524 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 4/29/2041 232.8 232.8 273.2 0.08 %
Alpha Omega Trucking LLC (#,^) 14432-52 State Line Rd, Brookings, OR 97415 Truck Transportation Term Loan Prime plus 2.75% 4/29/2041 165.1 165.1 193.7 0.06 %
Warner Home Comfort, LLC dba Smith Piping (#,^) 1571 Canton Rd., NW, Carrollton, OH 44615 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/29/2041 77.5 77.5 90.2 0.03 %
Empowerschool LLC and Empower Autism Academy, LLC (#,^) 1825 Fort View Rd, Austin, TX 78754 Social Assistance Term Loan Prime plus 2.75% 4/29/2041 142.8 142.8 167.5 0.05 %
Costume World Inc (#,^) 950 S Federal Hwy, Deerfield Beach, FL 33441 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 4/28/2041 1,175.8 1,175.8 1,379.6 0.43 %
Pecos Inn LLC dba Econo Lodge (#,^) 2207 W Third St., Pecos, TX 79772 Accommodation Term Loan Prime plus 2.75% 4/28/2041 634.1 634.1 741.8 0.23 %
Accent Comfort Services, LLC (#,^) 5035-C West W. T. Harris Blvd, Charlotte, NC 28269 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/26/2026 64.8 64.8 65.9 0.02 %
Automotive Core Recycling, LLC and 828 Old Colony Road, LLC (#,^) 27-29 Cooper St., Meriden, CT 06053 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/22/2041 235.0 235.0 271.1 0.08 %
McIntosh Trail Management Services Organization Inc (#,^) 747 South Hill St., Griffin, GA 30224 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/22/2041 399.8 399.8 469.1 0.15 %
AAA Mill Direct, Inc. dba Carpet Mill Outlets (#,^) 1 North Armistead Ave, Hampton, VA 23669 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 4/21/2026 5.7 5.7 6.0 — %
Sushiya Inc (#,^) 72 South Main St., Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/12/2026 63.0 63.0 64.8 0.02 %
KNS Early Learning Academy LLC (#,^) 57 Merritt St. SE, Marietta, GA 30060 Social Assistance Term Loan Prime plus 2.75% 4/6/2041 48.0 48.0 55.7 0.02 %
248
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Waterfalls Quick Lube LLC and Veracruz Shabo LLC (#,^) 1325 Broad St., Central Falls, RI 02863 Repair and Maintenance Term Loan Prime plus 2.75% 4/6/2041 261.6 261.6 305.4 0.09 %
Christian Soderquist dba Soderquist Plumbing and Heating LLC (#,^) 7 Oak Drive, Sandy Hook, CT 06482 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/31/2041 53.2 53.2 62.5 0.02 %
Cameo Carter, MD A Professional Corporation dba The Garden Pediatric (#,^) 101 East Redlands Blvd, Ste 106, Redlands, CA 92373 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/31/2026 53.4 53.4 54.3 0.02 %
Gill Express Inc and Blue Speed LLC (#,^) 2372 Walnut Ave, Livingston, CA 95334 Repair and Maintenance Term Loan Prime plus 2.75% 3/31/2041 485.9 485.9 565.6 0.18 %
Dana A. Farley dba Independent Cabinets (#,^) 5805 NE Minder Rd, Poulsbo, WA 98370 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 61.8 61.8 72.6 0.02 %
Vehicle Safety Supply LLC (#,^) 15 East 72nd St., Ste 14-H, New York, NY 10021 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/31/2026 16.0 16.0 16.3 0.01 %
Men of Steel Enterprises LLC and Vogelbacher Properties LLC (#,^) 2039 US Route 130, Burlington, NJ 08016 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/31/2041 369.1 369.1 424.6 0.13 %
Wyldewood Cellars, Inc. (#,^) 951 East 119th St, Mulvane, KS 67120 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 3/30/2041 960.1 960.1 1,108.3 0.34 %
NOSO Development, LLC (#,^) 4 Walker Way, Albany, NY 12205 Construction of Buildings Term Loan Prime plus 2.75% 3/30/2026 133.5 133.5 135.5 0.04 %
MTS Car Service LLC (#,^) 30 Taylor Ave, Norwalk, CT 06850 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 3/30/2026 7.5 7.5 7.6 — %
Beale Street Blues Company-West Palm Beach, LLC dba Lafayette’s-West (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33410 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 3/30/2026 66.8 66.8 68.2 0.02 %
Tom Sawyer Country Restaurant LLC and AM 3208 LLC (#,^) 3208 Forest Hills Boulevard, Palm Springs, FL 33406 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/30/2041 243.0 243.0 284.5 0.09 %
Gordon Rogers and Heidi Rogers dba Stone House Motor Inn (#,^) 162 Danielson Pike, Foster, RI 02825 Accommodation Term Loan Prime plus 2.75% 3/30/2026 16.2 16.2 17.1 0.01 %
Barrocas Gym LLC dba Snap Fitness (#,^) 260 West Main St., Avon, CT 06001 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/29/2026 13.8 13.8 14.3 — %
Vinmar Inc. dba Locanda Portofino (#,^) 1110 Montana Ave, Santa Monica, CA 90403 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/29/2026 57.9 57.9 58.7 0.02 %
Marathon Engineering Corporation (#,^) 5615 2nd St. W, Lehigh Acres, FL 33971 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/28/2041 42.2 42.2 49.3 0.02 %
PHCDC1 LLC dba Quarter + Glory and Public House Collective, Corp. (#,^) 2017 14th St. NW, Washington, DC 20009 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/28/2026 35.6 35.6 36.7 0.01 %
Revolution Physical Therapy LLC dba Apex Network Physical Therapy (#,^) 2705 Dougherty Ferry Rd #104, St. Louis, MO 63122 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2026 16.2 16.2 16.6 0.01 %
249
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
International Construction Inc (#,^) 53955 Gratiot Ave, Chesterfield, MI 48051 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 3/24/2041 45.6 45.6 53.0 0.02 %
ActKnowledge, Inc. (#,^) 365 5th Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 3/24/2026 89.0 89.0 93.7 0.03 %
Precious Care LLC and Precious Care Management LLC (#,^) 186-06 Union Turnpike, Fresh Meadows, NY 11364 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2026 396.1 396.1 402.7 0.12 %
Media Capital Partners, Inc (#,^) 809 Cedar Rd, Southport, CT 06890 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 3/21/2026 16.0 16.0 16.2 0.01 %
Kekoa Enterprises Inc dba Signarama Sandy (#,^) 8942 South 700 East, Sandy, UT 84070 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2026 35.2 35.2 35.8 0.01 %
ERT Group Inc and Curt's Tools Inspection Inc (#,^) 5229 142nd Dr. NW, Williston, ND 58801 Support Activities for Mining Term Loan Prime plus 2.75% 3/18/2041 1,186.2 1,186.2 1,377.1 0.43 %
Taylors Zinn Enterprises Inc dba Eons Auto Care Inc (#,^) 330 West Harden St., Graham, NC 27253 Repair and Maintenance Term Loan Prime plus 2.75% 3/18/2041 75.7 75.7 88.7 0.03 %
Brian T Rice dba BD Logging (#,^) 800 3rd St Apt B, St Marys, WV 26170 Forestry and Logging Term Loan Prime plus 2.75% 3/17/2026 1.3 1.3 1.4 — %
K Soles Corp dba Max Collections (#,^) 3208 Oakcliff Industrial St., Doraville, GA 30340 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/16/2026 16.0 16.0 16.3 0.01 %
R & D Enterprises Inc dba My Pool Man (#,^) 291 North Texas Ave., Orlando, FL 32805 Administrative and Support Services Term Loan Prime plus 2.75% 3/15/2026 35.6 35.6 36.1 0.01 %
HEWZ, LLC dba Hard Exercise Works (#,^) 5684 West Sample Rd, Coral Springs, FL 33071 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/14/2026 16.0 16.0 16.2 0.01 %
Accuair Control Systems LLC dba Accuair Suspension (#,^) 831 Buckley Rd, San Luis Obispo, CA 93401 Transportation Equipment Manufacturing Term Loan Prime plus 2.75% 3/11/2026 106.8 106.8 109.1 0.03 %
ABCs & 123s Infant and Child Care Center LP (#,^) 13419 Hwy 290E., Bldg 5, Manor, TX 78653 Social Assistance Term Loan Prime plus 2.75% 3/11/2026 8.0 8.0 8.1 — %
Dupre Capital LLC dba Fastsigns (#,^) 215 Quartermaster Court, Jeffersonville, IN 47130 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 3/11/2026 41.6 41.6 42.2 0.01 %
Step Up Academy of the Arts LLC (#,^) 2558 Wigwam Pkwy Ste A, Henderson, NV 89074 Educational Services Term Loan Prime plus 2.75% 3/9/2026 5.7 5.7 5.8 — %
Faith Summit Supply Inc dba Summit Supply and Summit True Value (#,^) 8584 US Business Hwy 277, Haskell, TX 79521 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 3/9/2026 16.0 16.0 16.6 0.01 %
Swerve Salon LLC (#,^) 1419 N Wells St., Chicago, IL 60610 Personal and Laundry Services Term Loan Prime plus 2.75% 3/8/2026 56.3 56.3 57.1 0.02 %
J & W Hardwood Flooring Inc (#,^) 14967 Madison St, Brighton, CO 80602 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/7/2026 5.3 5.3 5.4 — %
Labmates LLC and POV Holdings LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/4/2041 102.5 102.5 120.1 0.04 %
Hueston and Company CPA LLC (#,^) 8792 East State Rd 70, Ste B, Bradenton, FL 34202 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/4/2026 5.8 5.8 5.9 — %
250
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 3/3/2026 38.4 38.4 40.4 0.01 %
Miles of Smiles Inc (#,^) 1408 Molalla Ave, Oregon City, OR 97045 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/2/2026 67.8 67.8 69.2 0.02 %
The River Beas, LLC dba Subway and Punam Singh (#,^) 5516 Baltimore Ave, Hyattsville, MD 20781 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2041 127.6 127.6 149.3 0.05 %
Living Essentials HVAC Corp (#,^) 42 West St., Apt 24, Randolph, MA 02368 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/28/2026 10.6 10.6 10.8 — %
Consulting Solutions, Inc. and Mark Luciani (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/28/2026 7.9 7.9 8.3 — %
Powerpits CS1, LLC dba Pita Pit (#,^) 2008 S Texas Ave, College Station, TX 77840 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2026 13.2 13.2 13.6 — %
Drug Detection Laboratories, Inc. and Minh Tran (#,^) 9700 Business Park Drive, Sacramento, CA 95827 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/28/2026 13.9 13.9 14.2 — %
Aaradhya LLC dba Market Square Laundry (#,^) 7727 Crittenden St., Philadelphia, PA 19118 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 55.4 55.4 56.2 0.02 %
Blackstones Hairdressing LLC (#,^) 2 Ave of the Americas, New York, NY 10013 Personal and Laundry Services Term Loan Prime plus 2.75% 2/23/2026 36.9 36.9 37.5 0.01 %
R & K Contracting Inc (#,^) 3605 NW 31st Ave, Fort Lauderdale, FL 33309 Specialty Trade Contractors Term Loan Prime plus 2.75% 2/18/2026 11.1 11.1 11.7 — %
Ei3 Corporation (#,^) 136 Summit Ave, Montvale, NJ 07645 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/12/2026 230.2 230.2 242.4 0.08 %
B for Blonde, LLC dba Blo Blow Dry Bar (#,^) 142 East 49th St., New York, NY 10017 Personal and Laundry Services Term Loan Prime plus 2.75% 2/12/2026 44.2 44.2 44.9 0.01 %
Gilmore Heights Dental Holdings, LTD and Chas Rob LLC (#,^) 2250 Warrensville Center Rd, University Heights, OH 44118 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/12/2029 248.0 248.0 262.7 0.08 %
Jersey Shore Marina & Boat Sales, Inc. (#,^) 841 Route 70 East, Brick, NJ 08724 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/12/2041 586.3 586.3 687.0 0.21 %
Base USA, Inc. (#,^) 2215 NW 2nd Ave, Miami, FL 33127 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 2/2/2026 35.3 35.3 37.1 0.01 %
Zouk Ltd dba Palma (#,^) 28 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/29/2026 15.7 15.7 16.5 0.01 %
SuzyQue's LLC dba SuzyQue's (#,^) 34 South Valley Rd, West Orange, NJ 07052 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2026 15.6 15.6 16.4 0.01 %
Wildflour Bakery & Cafe LLC (#,^) 5137 Clareton Dr., Ste 100, Agoura Hills, CA 91301 Social Assistance Term Loan Prime plus 2.75% 1/28/2026 43.5 43.5 45.8 0.01 %
Tammy Lavertue (#,^) 24 Wakefield St., Rochester, NH 03867 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 1/28/2026 7.8 7.8 8.2 — %
Gendron Funeral and Cremation Services, Inc. (#,^) 135 North Lime Ave, Sarasota, FL 34237 Personal and Laundry Services Term Loan Prime plus 2.75% 1/11/2041 103.7 103.7 121.5 0.04 %
251
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Dolarian Realty LLC and OV's Restaurant Inc (#,^) 34 Old Colony Ave, East Taunton, MA 02718 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/5/2041 63.3 63.3 74.2 0.02 %
Lemonberry Food Stores Inc dba Lemonberry Frozen Yogurt (#,^) 1196 Inverness Lane, Stow, OH 44224 Food and Beverage Stores Term Loan Prime plus 2.75% 12/29/2025 77.5 77.5 79.4 0.02 %
MCF Forte LLC (#,^) 1245 W Baseline Rd Unit 105, Mesa, AZ 85202 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/29/2025 12.9 12.9 13.1 — %
Panditos LLC dba White Lotus Home (#,^) 431 Raritan Ave, Highland Park, NJ 08904 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 12/28/2025 11.0 11.0 11.1 — %
Ridge Road Equestrian LLC dba Ricochet Ridge Ranch Inc (#,^) 24201 North Hwy 1, Fort Bragg, CA 95437 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/23/2040 95.6 95.6 111.2 0.03 %
800 on the Trax LLC and Matrix Z LLC (#,^) 800 SW 21st Terrace, Fort Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/23/2040 228.7 228.7 265.6 0.08 %
Premier Athletic Center of Ohio Inc. and Gates Investments and Wade (#,^) 8957 Kingsridge Drive, Centerville, OH 45459 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/22/2028 694.6 694.6 748.0 0.23 %
Joyce Outdoor Advertising Chicago LLC (#,^) 2443 West 16th St., Chicago, IL 60608 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/22/2040 281.7 281.7 326.9 0.10 %
Hattingh Incorporated dba Prosthetic Care Facility (#,^) 4415 Woodridge Pkwy, Ste 180, Leesburg, VA 20176 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2025 12.4 12.4 12.8 — %
Labmates LLC (#,^) 141 Watertown Rd, Thomaston, CT 06787 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 12/18/2040 151.5 151.5 177.3 0.06 %
Accent Tag and Label Inc (#,^) 2201 Rittenhouse St, Des Moines, IA 50321 Printing and Related Support Activities Term Loan Prime plus 2.75% 12/18/2040 618.2 618.2 718.8 0.22 %
Abbondanza Market LLC dba Hampton Falls Village Market (#,^) 82 Lafayette Rd, Hampton Falls, NH 03844 Food and Beverage Stores Term Loan Prime plus 2.75% 12/18/2025 41.0 41.0 41.9 0.01 %
Trip Consultants U.S.A. Inc. (#,^) 311 85th St., Brooklyn, NY 11209 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/18/2025 120.6 120.6 122.1 0.04 %
Abitino's JFK LLC dba Abitino's (#,^) Terminal 8 JFK ExpressWay Airport, Jamaica, NY 11430 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2022 64.0 64.0 64.1 0.02 %
JAG Unit 1, LLC (#,^) 1 West Main St., Patchogue, NY 11772 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/16/2025 172.3 172.3 174.4 0.05 %
Swalm Street LLC and New York Home Health Care Equipment LLC (#,^) 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan 7.5% 12/16/2040 330.9 330.9 315.8 0.10 %
New York Home Health Care Equipment, LLC (#,^) 30 Hopper St., Westbury, NY 11590 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/16/2025 725.1 725.1 761.0 0.24 %
Moments to Remember USA LLC dba Retain Loyalty (#,^) 1250 Sanders Ave SW, Massillon, OH 44646 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 12/16/2025 56.5 56.5 58.8 0.02 %
Evans & Paul LLC and E&P Holdings I LLC (#,^) 140 Dupont St., Plainview, NY 11803 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 2.75% 12/15/2025 93.5 93.5 95.5 0.03 %
252
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Basista Family Limited Partnership and UPE, Inc. (#,^) 3401 Brecksville Rd, Richfield, OH 44286 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/14/2040 319.3 319.3 370.9 0.12 %
DC Enterprises Ltd. dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 97630 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 12/14/2025 15.5 15.5 16.2 0.01 %
Alexandra Afentoulides dba Vi's Pizza Restaurant (#,^) 1068 Old Colony Rd, Meriden, CT 06450 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/11/2040 43.8 43.8 51.3 0.02 %
AGR Foodmart Inc dba Nashua Road Mobil (#,^) 11 Nashua Rd, Londonderry, NH 03053 Gasoline Stations Term Loan Prime plus 2.75% 12/11/2025 15.5 15.5 16.2 0.01 %
Cares, Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance Term Loan Prime plus 2.75% 12/10/2025 5.2 5.2 5.4 — %
Custom Exteriors, Inc. (#,^) 2142 Rheem Drive, Ste E, Pleasanton, CA 94588 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/9/2025 68.9 68.9 70.5 0.02 %
Sushiya, Inc. (#,^) 72-74 South Main St., Hanover, NH 03755 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/8/2025 74.9 74.9 76.7 0.02 %
LC Blvd Holdings LLC and Mt Pleasant Wash & Wax LLC (#,^) 880 Lowcountry Blvd, Mount Pleasant, SC 29464 Repair and Maintenance Term Loan Prime plus 2.75% 12/4/2040 468.9 468.9 546.5 0.17 %
Japp Business Inc dba Pick and Eat and Japp Drink Corp. (#,^) 4179 Broadway, New York, NY 10033 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/30/2025 85.8 85.8 88.2 0.03 %
DWeb Studio, Inc. (#,^) 10800 E. Bethany Drive, Ste 275, Aurora, CO 80014 Educational Services Term Loan Prime plus 2.75% 11/25/2025 7.7 7.7 7.8 — %
Play and Learn Child Care and School Inc (#,^) 403 S Dillard St, Winter Garden, FL 34787 Social Assistance Term Loan Prime plus 2.75% 11/23/2025 7.6 7.6 7.9 — %
Sambella Holdings, LLC and Strike Zone Entertainment Center LLC (#,^) 726-740 S Fleming St., Sebastian, FL 32958 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/23/2040 712.8 712.8 679.7 0.21 %
Ronny Ramirez RX Corp dba Naturxheal Family Pharmacy (#,^) 3105 107th Ave, Doral, FL 33178 Health and Personal Care Stores Term Loan Prime plus 2.75% 11/20/2025 62.5 62.5 63.7 0.02 %
S.B.B. Enterprises Inc dba Williamston Hardware (#,^) 139 S Putnam St., Williamston, MI 48895 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/19/2040 101.0 101.0 116.0 0.04 %
Key Pix Productions Inc. dba Air Bud Entertainment (#,^) 22525 Pacific Coast Hwy, Malibu, CA 90265 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 11/18/2040 512.1 512.1 599.2 0.19 %
E.S.F.P. LLC dba Volusia Van and Storage (#,^) 916 South Nova Rd, Ormond Beach, FL 32174 Truck Transportation Term Loan Prime plus 2.75% 11/11/2025 60.9 60.9 62.1 0.02 %
Green Life Lawnscapes LLC dba Green Life Lawn Care (#,^) 1820 NE Jensen Beach Blvd, Jensen Beach, FL 34957 Administrative and Support Services Term Loan Prime plus 2.75% 11/6/2025 97.3 97.3 102.2 0.03 %
JumboMarkets Inc dba Rines Jumbomarkets (#,^) 15500 SW Trail Drive, Indiantown, FL 34956 Food and Beverage Stores Term Loan Prime plus 2.75% 11/4/2025 208.6 208.6 219.1 0.07 %
Financial Network Recovery Inc (#,^) 250 E Easy St. Ste 1, Simi Valley, CA 93065 Administrative and Support Services Term Loan Prime plus 2.75% 10/26/2025 27.0 27.0 27.3 0.01 %
253
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
ADMO Inc dba Mid States Equipment (#,^) 16180 Westwoods Business Park, Ellisville, MO 63021 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 10/8/2025 15.1 15.1 15.4 — %
Recycling Consultants, Inc. and Prairie State Salvage and Recycling In (#,^) PO Box 468, Wood River, IL 62095 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2027 447.9 447.9 470.7 0.15 %
Accent Homes Services LLC dba Benjamin Franklin Plumbing of Kansas City (#,^) 7748 Troost Ave, Kansas City, MO 64131 Specialty Trade Contractors Term Loan Prime plus 2.75% 9/30/2028 51.3 51.3 55.0 0.02 %
SCJEN Management Inc dba Bowl of Heaven (#,^) 43958 Pacific Common Blvd, Fremont, CA 94538 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2025 47.9 47.9 48.5 0.02 %
Barub Realty LLC and Barub LLC dba Woodlawn Cabinets (#,^) 1838 Adee Ave, Baychester, NY 10469 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/30/2040 132.4 132.4 154.9 0.05 %
Binky's Vapes LLC (#,^) 10539 Greenbelt Rd, Ste 102, Lanham, MD 20706 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/30/2025 15.0 15.0 15.2 — %
R.H. Hummer Jr., Inc. (#,^) 2141 P Ave, Williamsburg, IA 52361 Truck Transportation Term Loan Prime plus 2.75% 9/30/2025 260.2 260.2 273.0 0.08 %
Greensward of Marco Inc. (#,^) 54 Marco Lake Drive, Marco Island, FL 34146 Administrative and Support Services Term Loan Prime plus 2.75% 9/28/2040 81.2 81.2 94.3 0.03 %
RIM Investments LLC and RIM Architects LLC (#,^) 645 G St. Ste 400, Anchorage, AK 99501 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/28/2040 369.8 369.8 428.7 0.13 %
The Grasso Companies LLC and Grasso Pavement Maintenance LLC Veranda (#,^) 485 Pepper St., Monroe, CT 06468 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 9/28/2025 340.4 340.4 356.7 0.11 %
Prestigious LifeCare for Seniors LLC (#,^) 5701 North Pine Island Rd, Tamarac, FL 33321 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/25/2025 6.5 6.5 6.8 — %
Daniel W. Stark dba Mountain Valley Lodge and RV Park (#,^) 223 Hwy 80, Rodeo, NM 88056 Accommodation Term Loan Prime plus 2.75% 9/25/2040 12.5 12.5 14.6 — %
Sandlot Ventures LLC and Sandbox Ventures LLC (#,^) 1857A Elmdale Ave, Glenview, IL 60025 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/25/2040 413.4 413.4 477.6 0.15 %
Yachting Solutions LLC (#,^) 229 Commercial St, Rockport, ME 04856 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/25/2040 892.1 892.1 1,030.4 0.32 %
St Lawrence Hotel Corp and Oheka Catering Inc dba Quality Inn (#,^) 10 West Orvis St., Massena, NY 13662 Accommodation Term Loan Prime plus 2.75% 9/24/2040 579.3 579.3 672.5 0.21 %
Rutledge Enterprises Inc dba BLC Property Management (#,^) 149 S. 400 East, Greenfield, IN 46140 Administrative and Support Services Term Loan Prime plus 2.75% 9/23/2040 57.5 57.5 66.7 0.02 %
Finish Strong Inc dba FASTSIGNS St Peters (#,^) 98 North Hillview Drive, St Peters, MO 63376 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 9/23/2025 33.3 33.3 33.6 0.01 %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/21/2025 33.1 33.1 33.9 0.01 %
IIoka Inc dba New Cloud Networks (#,^) 160 Inverness Drive W Ste 150, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/21/2025 444.6 444.6 449.1 0.14 %
254
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Vanderhoof LLC dba Soxfords (#,^) 11 Sellecks Walk, Pound Ridge, NY 10576 Apparel Manufacturing Term Loan Prime plus 2.75% 9/18/2025 10.4 10.4 10.5 — %
MiJoy Inc dba Imo's Pizza (#,^) 215 South Kirkwood Rd, Kirkwood, MO 63122 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/18/2025 5.5 5.5 5.5 — %
Naeem Khan LTD (#,^) 260 West 36h St., New York, NY 10018 Apparel Manufacturing Term Loan Prime plus 2.75% 9/17/2025 83.2 83.2 84.0 0.03 %
FirstVitals Health and Wellness Inc (#,^) 1288 Ala Moana Blvd Ste 27E, Honolulu, HI 96814 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/15/2025 100.3 100.3 101.3 0.03 %
Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 9/11/2025 7.3 7.3 7.6 — %
Gardner's Wharf Holdings LLC and Gardner's Wharf Seafood Inc (#,^) 170 Main St., North Kingstown, RI 02852 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 9/8/2040 130.0 130.0 151.9 0.05 %
Empower Autism Academy (#,^) 11316 Wet Season Drive, Austin, TX 78754 Social Assistance Term Loan Prime plus 2.75% 9/4/2040 634.9 634.9 741.7 0.23 %
Higher Grounds Community Coffeehouse, LLC (#,^) 39 Kingstown Rd, Wyoming, RI 02898 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/2/2025 5.5 5.5 5.6 — %
Elite Institute LLC dba Huntington Learning Center (#,^) 13526 Village Park Drive Ste 214, Orlando, FL 32837 Educational Services Term Loan Prime plus 2.75% 8/28/2025 10.0 10.0 10.1 — %
God Be Glorified Inc dba GBG Inc (#,^) 40 West. 162nd St, South Holland, IL 60473 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 8/20/2025 34.8 34.8 35.2 0.01 %
3000 CSI Property LLC and Consulting Solutions Inc (#,^) 3000 N Federal Hwy Ste 1, Fort Lauderdale, FL 33306 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/20/2040 127.8 127.8 149.1 0.05 %
GDP Gourmet LLC dba Joe and John's Pizza Restaurant (#,^) 136 New Jersey Ave, Absecon, NJ 08201 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/19/2040 134.8 134.8 156.3 0.05 %
Gold Jet Corp. (#,^) 2472 Broadway, New York, NY 10025 Couriers and Messengers Term Loan Prime plus 2.75% 8/14/2025 47.1 47.1 48.6 0.02 %
SKJ Inc dba Subway (#,^) 401 S Woodlawn Ave, Bloomington, IN 47401 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/13/2025 55.4 55.4 56.2 0.02 %
LP Industries Inc dba Childforms (#,^) 110 Charleston Drive, Mooresville, NC 28117 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 7/29/2025 81.1 81.1 84.5 0.03 %
Beale Street Blues Company-West Palm Beach LLC (#,^) 550 Rosemary Ave, Ste 236, West Palm Beach, FL 33401 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/24/2025 43.0 43.0 44.0 0.01 %
Smart Artists Inc. (#,^) 450 West 24th St. Ste 1C, New York, NY 10011 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 7/23/2025 14.6 14.6 14.8 — %
Free Ion Advisors LLC (#,^) 322 Evandale Rd, Scarsdale, NY 10583 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 7/21/2025 41.7 41.7 42.1 0.01 %
Murrayville Donuts, Inc dba Dunkin' Donuts (#,^) 2304 N College Rd, Wilmington, NC 28405 Food and Beverage Stores Term Loan Prime plus 2.75% 7/15/2040 330.7 330.7 381.5 0.12 %
Union 2 LLC dba The Standard (#,^) 1520 Broadway, Fort Myers, FL 33901 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/10/2025 69.3 69.3 71.7 0.02 %
255
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Jonathan E Nichols and Nichols Fire and Security LLC (#,^) 1906 Vanderhorn Drive, Memphis, TN 38134 Administrative and Support Services Term Loan Prime plus 2.75% 6/30/2025 48.1 48.1 50.7 0.02 %
Anglin Cultured Stone Products LLC dba Anglin Construction (#) 877 Salem Church Rd, Newark, DE 19702 Specialty Trade Contractors Term Loan 8.25% 6/30/2025 193.3 193.3 187.2 0.06 %
Thrifty Market, Inc. dba Thrifty Foods (#,^) 702 10th St, Wheatland, WY 82201 Food and Beverage Stores Term Loan Prime plus 2.75% 6/30/2030 222.7 222.7 242.3 0.08 %
Myclean Inc. (#,^) 247 West 36th St. 9th Fl, New York, NY 10018 Personal and Laundry Services Term Loan Prime plus 2.75% 6/29/2025 10.2 10.2 10.5 — %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 24354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 8/29/2030 235.4 235.4 256.9 0.08 %
SofRep, Inc dba Force 12 Media (#,^) 930 Tahoe Blvd Ste 802-543, Incline Village, NV 89451 Other Information Services Term Loan Prime plus 2.75% 6/26/2025 42.5 42.5 43.9 0.01 %
Jihan Inc dba ARCO AM/PM and Diana Inc dba Diana's Recycling (#,^) 13886 Campo Rd, Jamul, CA 91935 Gasoline Stations Term Loan Prime plus 2.75% 6/26/2040 350.1 350.1 413.0 0.13 %
TJU-DGT Inc dba The Lorenz Cafe (#,^) 714-718 Lorenz Ave, Pittsburgh, PA 15220 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/26/2029 16.1 16.1 17.5 0.01 %
E & G Enterprises LLC dba Comfort Keepers (#,^) 220 Middle St., Franklin, VA 23851 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2025 14.4 14.4 14.9 — %
CEM Autobody LLC dba Dawn's Autobody (#,^) 7 Division St, Keyport, NJ 07735 Repair and Maintenance Term Loan Prime plus 2.75% 6/26/2040 124.9 124.9 147.2 0.05 %
Ohs Auto Body, Inc. dba Ohs Body Shop (#,^) 3560 Hwy 93 S, Kalispell, MT 59901 Repair and Maintenance Term Loan 7.65% 6/25/2040 1,123.2 1,123.2 1,066.2 0.33 %
Wolf Enviro Interests, LLC and Enviromax Services Inc (#,^) 18002 Mueschke Rd, Cypress, TX 77433 Administrative and Support Services Term Loan Prime plus 2.75% 6/25/2040 227.8 227.8 266.7 0.08 %
Evinger PA One, Inc. dba Postal Annex, Falcon (#,^) 7661 McLaughlin Rd, Falcon, CO 80831 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 6/24/2025 14.4 14.4 15.1 — %
RJI Services, Inc. (#,^) 353 E Angeleno Ste G, Burbank, CA 91502 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/23/2025 14.2 14.2 14.7 — %
Real Help LLC dba Real Help Decorative Concrete (#,^) 2221 Broadway St., Buffalo, NY 14212 Administrative and Support Services Term Loan Prime plus 2.75% 6/22/2025 34.1 34.1 35.8 0.01 %
KRN Logistics, LLC and Newsome Trucking, Inc (#) 2262 Hwy 53 W, Jasper, GA 30143 Truck Transportation Term Loan Prime plus 2.75% 6/19/2025 343.7 343.7 359.2 0.11 %
PM Cassidy Enterprises, Inc. dba Junk King (#,^) 960 Matley Lane, Ste 20-21, Bldg B, Reno, NV 89502 Waste Management and Remediation Services Term Loan Prime plus 2.75% 6/19/2025 9.5 9.5 9.9 — %
Inverted Healthcare Staffing of Florida LLC dba Interim Healthcare (#,^) 111 N Pompano Beach Blvd., Pompano Beach, FL 33062 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/18/2025 29.9 29.9 30.9 0.01 %
AM PM Properties, LLC and AM PM Willington, LLC (#,^) 1308 Stafford Rd, Storrs Mansfield, CT 06268 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/17/2040 80.0 80.0 94.5 0.03 %
256
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Mirage Plastering Inc and Mpire LLC and Mpire II LLC (#,^) 1802 W Grant Rd Ste 114, Tucson, AZ 85745 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/12/2040 127.8 127.8 149.2 0.05 %
Eldredge Tavern LLC dba Gonyea's Tavern (#,^) 150 Main St., Pascoag, RI 02859 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/8/2040 51.8 51.8 61.3 0.02 %
Chitalian Fratelli LLC dba Francesca Brick Oven Pizza and Pasta (#,^) 234 Rock Rd, Glen Rock, NJ 07452 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/5/2025 10.1 10.1 10.4 — %
ViAr Visual Communications, Inc. dba Fastsigns 281701 (#,^) 4721 University Way NE, Seattle, WA 98105 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/5/2025 39.8 39.8 41.2 0.01 %
Video Vault & Tanning LLC and Mosaic Salon LLC (#) W7003 Parkview Dr, Ste A-B, Greenville, WI 54942 Rental and Leasing Services Term Loan Prime plus 2.75% 6/4/2040 84.8 84.8 100.3 0.03 %
Medworxs LLC (#,^) 10901 W. Toller Drive, Littleton, CO 80127 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/3/2025 80.2 80.2 82.9 0.03 %
XCESSIVE THROTTLE, INC dba Jake's Roadhouse (#,^) 5980 Lamar St., Arvada, CO 80003 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/29/2025 5.2 5.2 5.4 — %
Villela CPA PL (#,^) 777 Brickell Ave, Ste 500, Miami, FL 33131 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 5/27/2025 5.7 5.7 5.9 — %
Douglas Posey and Sally Watkinson dba Audrey's Farmhouse (#,^) 2188 Brunswyck Rd, Wallkill, NY 12589 Accommodation Term Loan Prime plus 2.75% 5/20/2040 160.1 160.1 189.0 0.06 %
15 McArdle LLC and No Other Impressions Inc (#,^) 15 McArdle St., Rochester, NY 14611 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/15/2040 169.4 169.4 199.6 0.06 %
Guard Dogs MFS LLC (#,^) 9460 Mistwater Close, Roswell, GA 30076 Repair and Maintenance Term Loan Prime plus 2.75% 5/8/2025 39.7 39.7 41.1 0.01 %
George S Cochran DDS Inc (#,^) 1066 Chelsea Ave, Napoleon, OH 43545 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/7/2025 90.8 90.8 93.8 0.03 %
South Park Properties LLC and Midlothian Hardware LLC (#,^) 4751 147th St., Midlothian, IL 60445 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 5/6/2040 44.0 44.0 52.0 0.02 %
Matthew Taylor and Landon Farm LLC (#,^) 6103 N Church St, Greensboro, NC 27455 Personal and Laundry Services Term Loan Prime plus 2.75% 5/4/2040 92.5 92.5 108.0 0.03 %
Cares Inc dba Dumpling Grounds Day Care Center (#,^) 4508 Blakiston St., Philadelphia, PA 19136 Social Assistance Term Loan Prime plus 2.75% 5/1/2040 74.5 74.5 88.1 0.03 %
Orchid Enterprises Inc dba Assisting Hands of Sussex County (#,^) 274 Spring St., Newton, NJ 07860 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/24/2025 9.4 9.4 9.7 — %
Ragazza Restaurant Group, Inc. dba Bambolina (#,^) 288 Derby St., Salem, MA 01970 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/21/2025 11.3 11.3 11.7 — %
Diamond Solutions LLC (#,^) 7655 E Gelding Drive, Ste B2, Scottsdale, AZ 85260 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 4/21/2025 12.1 12.1 12.5 — %
Giacchino Maritime Consultants Inc (#,^) 5219 Tamiami Court, Cape Coral, FL 33904 Personal and Laundry Services Term Loan Prime plus 2.75% 4/17/2025 14.1 14.1 14.6 — %
257
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Sound Coaching Inc (#,^) 4749 Main St. Ste 3, Bridgeport, CT 06606 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 4/14/2025 27.8 27.8 28.7 0.01 %
Faramarz Nikourazm dba Car Clinic Center (#,^) 10707 Shady Trail, Dallas, TX 75220 Repair and Maintenance Term Loan Prime plus 2.75% 4/3/2040 67.5 67.5 79.4 0.02 %
Mid-South Lumber Co. of Northwest Florida, Inc. (#,^) 717 W 11th St., Panama City, FL 32402 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 3/31/2040 392.6 392.6 460.0 0.14 %
Copper Beech Financial Group LLC (#,^) 1223 North Church St., Moorestown, NJ 08057 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 3/30/2025 77.1 77.1 80.5 0.02 %
Sunset Marine Resort LLC and GoXpeditions LLC and Lavon Gomes (#,^) 40 Buzzard Ridge Rd, Sequim, WA 98382 Accommodation Term Loan Prime plus 2.75% 3/27/2040 276.3 276.3 326.7 0.10 %
Shorr Enterprises Inc dba New Design Furniture Manufacturers (#,^) 3033 NW 28 St., Lauderdale Lakes, FL 33311 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 3/27/2025 65.7 65.7 68.7 0.02 %
Shellhorn and Hill Inc dba Total Fleet Service (#,^) 501 South Market St, Wilmington, DE 19801 Nonstore Retailers Term Loan Prime plus 2.75% 3/27/2040 948.7 948.7 1,111.7 0.35 %
Foresite Realty Partners LLC and Foresite Real Estate Holdings LLC (#,^) 5600 N River Rd #925, Rosemont, IL 60018 Real Estate Term Loan Prime plus 2.75% 3/27/2025 763.9 763.9 787.5 0.24 %
Joyce Outdoor Advertising NJ LLC and Joyce Outdoor Advertising LLC (#,^) 800 James Ave, Scranton, PA 18510 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/26/2040 49.4 49.4 58.3 0.02 %
Zero-In Media Inc (#,^) 1123 Broadway Ste 704, New York, NY 10010 Data Processing, Hosting, and Related Services Term Loan Prime plus 2.75% 3/25/2025 13.9 13.9 14.3 — %
Loriet LLC (#,^) 5001 Vivienda Way, Sarasota, FL 34235 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 3/24/2025 7.4 7.4 7.6 — %
Jaymie Hazard dba Indigo Hair Studio and Day Spa (#,^) 2016 Warwick Ave, Warwick, RI 02889 Personal and Laundry Services Term Loan Prime plus 2.75% 3/20/2040 39.2 39.2 46.1 0.01 %
Shelton Incorporated dba Mrs. Winners (#,^) 4509 N. Henry Blvd., Stockbridge, GA 30281 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/20/2040 103.0 103.0 121.6 0.04 %
R & R Security and Investigations Inc dba Pardners Lake Buchanan (#,^) 15615 State Route 29, Buchanan Dam, TX 78609 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/19/2040 78.1 78.1 92.2 0.03 %
MMS Realty, LLC and Molecular MS Diagnostics LLC (#,^) 1224 Greenwich Ave, Warwick, RI 02886 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/18/2040 147.2 147.2 172.8 0.05 %
Royal Crest Motors LLC (#,^) 769 Amesbury Rd, Haverhill, MA 01830 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 3/16/2040 83.5 83.5 98.3 0.03 %
Luigi's on Main LLC and Luigi's Main Street Pizza Inc (#,^) 491 Montauk Hwy, Eastport, NY 11941 Food Services and Drinking Places Term Loan Prime plus 2.75% 3/4/2025 6.9 6.9 7.3 — %
Baystate Firearms and Training, LLC (#) 215 Newbury St., Peabody, MA 01960 Educational Services Term Loan Prime plus 2.75% 2/27/2025 36.3 36.3 37.5 0.01 %
258
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Pace Motor Lines, Inc. (#,^) 1425 Honeyspot Rd Extension, Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 2/26/2025 40.0 40.0 41.9 0.01 %
Kingseal LLC dba Desoto Health and Rehab Center (#,^) 475 Nursing Home Drive, Arcadia, FL 34266 Nursing and Residential Care Facilities Term Loan Prime plus 2.75% 2/26/2040 1,168.5 1,168.5 1,379.3 0.43 %
Nelson Financial Services LLC (#,^) 20015 N 83rd Place, Scottsdale, AZ 85255 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 2/24/2025 7.6 7.6 7.8 — %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 60636 Social Assistance Term Loan Prime plus 2.75% 2/19/2040 56.6 56.6 66.5 0.02 %
Triangle Trash LLC dba Bin There Dump That (#,^) 188 Northbend Drive, Youngsville, NC 27596 Waste Management and Remediation Services Term Loan Prime plus 2.75% 2/18/2025 45.2 45.2 47.1 0.01 %
Dean 1021 LLC dba Pure Pita (#,^) 106 Central Ave, Westfield, NJ 07090 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/29/2025 53.7 53.7 55.7 0.02 %
Limameno LLC dba Sal's Italian Ristorante (#,^) 861 Yamato Rd, Bay #2, Boca Raton, FL 33431 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/23/2025 50.0 50.0 51.8 0.02 %
Palmabak Inc dba Mami Nora's (#,^) 4614 Capital Blvd, Raleigh, NC 27604 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/22/2025 4.6 4.6 4.8 — %
Jung Design Inc (#,^) 10857 Pine Bluff Drive, Fishers, IN 46037 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 1/20/2022 3.0 3.0 3.0 — %
Grand Blanc Lanes, Inc. and H, H and H, LLC (#,^) 5301 S Saginaw Rd, Flint, MI 48507 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/31/2039 121.0 121.0 142.8 0.04 %
Evans and Paul LLC (#,^) 140 Dupont St., Plainview, NY 11803 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 12/30/2024 145.0 145.0 152.1 0.05 %
First Prevention and Dialysis Center, LLC (#) 17940 NW 27th Ave, Miami Gardens, FL 33056 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/30/2024 176.1 176.1 184.6 0.06 %
Bowlerama Inc (#,^) 3031 New Castle Ave, New Castle, DE 19720 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 12/24/2039 1,095.8 1,095.8 1,291.5 0.40 %
The Lodin Group LLC and Lodin Health Imaging Inc (#,^) 114-115 Medical Center Ave, Sebring, FL 33870 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/23/2039 482.5 482.5 563.8 0.17 %
Thermoplastic Services Inc and Paragon Plastic Sheet, Inc (#,^) 1700 W 4th St., Dequincy, LA 70633 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 12/23/2039 455.0 455.0 536.2 0.17 %
Beale Street Blues Company-West Palm Beach, LLC (#,^) 550 S Rosemary Ave #236, West Palm Beach, FL 33401 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 12/22/2024 111.0 111.0 115.1 0.04 %
B.S. Ventures LLC dba Dink's Market (#,^) 48649 Hwy 58, Oakridge, OR 97463 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/19/2039 48.9 48.9 57.6 0.02 %
The Jewelers Inc. dba The Jewelers of Las Vegas (#,^) 2400 Western Ave, Las Vegas, NV 89102 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 12/19/2024 735.5 735.5 757.6 0.24 %
Will Zac Management LLC dba Papa John's (#) 2410 West Jefferson St., Ste B, Joliet, IL 60435 Food Services and Drinking Places Term Loan 6.25% 12/19/2024 88.5 88.5 86.9 0.03 %
MM and M Management Inc dba Pizza Artista (#,^) 5409 Johnston St., Lafayette, LA 70503 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/19/2025 28.7 28.7 29.8 0.01 %
259
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
B & W Towing, LLC and Boychucks Fuel LLC (#,^) 701 Addison Rd, Painted Post, NY 14870 Repair and Maintenance Term Loan Prime plus 2.75% 12/17/2039 149.7 149.7 175.4 0.05 %
Kemmer LLC and Apples Tree Top Liquors LLC (#) 1300 S Jackson St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 12/4/2039 129.0 129.0 150.9 0.05 %
Teamnewman Enterprises LLC dba Newmans at 988 and John H. Newman (#,^) 988 Hemlock St., Cannon Beach, OR 97110 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2039 108.2 108.2 127.2 0.04 %
Modern Manhattan LLC (#,^) 250 Park Ave South, New York, NY 10003 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 11/25/2024 128.4 128.4 132.4 0.04 %
Legacy Estate Planning Inc dba American Casket Enterprises (#,^) 2176 Route 119 North, Greensburg, PA 15601 Personal and Laundry Services Term Loan Prime plus 2.75% 11/21/2024 24.5 24.5 25.2 0.01 %
J&D Resources, LLC dba Aqua Science (#,^) 1923 E. 5th St., Tempe, AZ 85281 Specialty Trade Contractors Term Loan Prime plus 2.75% 11/21/2024 440.8 440.8 454.8 0.14 %
DC Real LLC and DC Enterprises LTD dba Lakeview True Value (#,^) 318 North F St., Lakeview, OR 97630 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 11/20/2039 108.9 108.9 128.1 0.04 %
Heartland American Properties LLC and Skaggs RV Outlet LLC (#,^) 301 Commerce Drive, Elizabethtown, KY 42701 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 10/31/2039 434.0 434.0 510.4 0.16 %
One Hour Jewelry Repair Inc (#,^) 6544 Springfield Mall, Springfield, VA 22150 Repair and Maintenance Term Loan Prime plus 2.75% 10/14/2024 11.8 11.8 12.2 — %
DNT Storage and Properties LLC (#,^) 38 Old National Pike, West Alexander, PA 15376 Real Estate Term Loan Prime plus 2.75% 10/10/2039 92.2 92.2 108.6 0.03 %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 10/10/2024 107.0 107.0 110.9 0.03 %
Doctors Express Management of Central Texas LLC (#,^) 3614 SW HK Dodgen Loop, Ste F, Temple, TX 76504 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2024 3.7 3.7 3.9 — %
Smith Spinal Care Center P.C. and James C. Smith (#,^) 1103 Russell Parkway, Warner Robins, GA 31088 Ambulatory Health Care Services Term Loan Prime plus 2.75% 10/8/2039 26.0 26.0 30.7 0.01 %
Michael Rey Jr. and Lynn J. Williams and GIG Petcare dba Hickory (#,^) 900 Alpine Rd, Bridgeville, PA 15017 Personal and Laundry Services Term Loan Prime plus 2.75% 10/3/2039 110.5 110.5 130.1 0.04 %
Sumad LLC dba BrightStar Care of Encinitas (#,^) 680 Fletcher Pkwy, Ste 206, El Cajon, CA 92020 Administrative and Support Services Term Loan Prime plus 2.75% 10/2/2024 30.6 30.6 32.0 0.01 %
Roccos LLC and Sullo Pantalone Inc dba Rocco's (#,^) 79 Beach Rd Unit B13-B14, Vineyard Haven, MA 02568 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/30/2039 231.2 231.2 270.9 0.08 %
Gordon E Rogers dba Stonehouse Motor Inn (#,^) 162 Danielson Pike, Foster, RI 02825 Accommodation Term Loan Prime plus 2.75% 9/26/2039 52.0 52.0 61.3 0.02 %
Andrene's LLC dba Andrene's Caribbean Soul Food Carry Out (#,^) 308 Kennedy St. NW, Washington, DC 20011 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/23/2024 16.0 16.0 16.4 0.01 %
260
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Ryan Crick and Pamela J. Crick and Crick Enterprises Inc (#,^) 3390 W. Andrew Johnson Hwy, Greeneville, TN 37743 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2039 131.9 131.9 155.2 0.05 %
Modern Leather Goods Repair Shop Inc (#,^) 2 West 32nd St., Ste 401, New York, NY 10001 Repair and Maintenance Term Loan Prime plus 2.75% 9/17/2024 32.3 32.3 33.1 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 N Beach St., Fort Worth, TX 76111 Administrative and Support Services Term Loan Prime plus 2.75% 9/15/2024 166.7 166.7 172.5 0.05 %
Tavern Properties LLC and Wildwood Tavern LLC (#,^) 6480 West Touhy Ave, Niles, IL 60714 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/15/2039 387.5 387.5 455.0 0.14 %
Indy East Smiles Youth Dentistry LLC dba Prime Smile East (#,^) 5430 E. Washington St., Indianapolis, IN 46219 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/11/2024 357.3 357.3 366.9 0.11 %
B&P Diners LLC dba Engine House Restaurant (#,^) 71 Lafayette St., Unit 1, Salem, MA 01970 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/10/2024 45.4 45.4 46.5 0.01 %
Lamjam LLC, Goldsmith Lambros Inc (#) 7137 Little River Turnpike, Annandale, VA 22003 Clothing and Clothing Accessories Stores Term Loan Prime plus 2.75% 8/27/2024 80.4 80.4 84.0 0.03 %
Atlas Auto Body Inc dba Atlas Auto Sales (#,^) 20 Providence St., West Warwick, RI 02893 Repair and Maintenance Term Loan Prime plus 2.75% 8/22/2039 46.5 46.5 54.5 0.02 %
Katie Senior Care LLC dba Home Instead Senior Care (#,^) 222E Eufaula St Ste 220, Norman, OK 73069 Social Assistance Term Loan Prime plus 2.75% 8/15/2024 59.6 59.6 61.2 0.02 %
Alpha Preparatory Academy LLC (#,^) 4462 Mink Livsey Rd, Snellville, GA 30039 Social Assistance Term Loan Prime plus 2.75% 8/15/2039 131.5 131.5 154.8 0.05 %
Hamer Road Auto Salvage, LLC and Scott T. Cook and Nikki J. Cook (#,^) 10463 Hamer Rd, Georgetown, OH 45121 Motor Vehicle and Parts Dealers Term Loan 6% 8/8/2039 128.7 128.7 123.1 0.04 %
Almost Home Property LLC and Almost Home Daycare LLC (#,^) 35 Copps Hill Rd, Ridgefield, CT 06877 Social Assistance Term Loan Prime plus 2.75% 8/7/2039 674.2 674.2 792.5 0.25 %
iFood, Inc. dba Steak N Shake (#,^) 5900 Duraleigh Rd, Raleigh, NC 27612 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/31/2024 216.6 216.6 225.0 0.07 %
575 Columbus Avenue Holding Company, LLC and LA-ZE LLC (#,^) 575 Columbus Ave, New Haven, CT 06519 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2039 18.5 18.5 21.8 0.01 %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Rd Ext., Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 7/24/2039 134.9 134.9 158.7 0.05 %
Miss Cranston Diner II, LLC and Miss Cranston II Realty LLC (#,^) 15 Stonebridge, Cranston, RI 02921 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/17/2039 88.2 88.2 103.6 0.03 %
Honeyspot Investors LLP and Pace Motor Lines Inc (#,^) 1425 Honeyspot Rd Ext., Stratford, CT 06615 Truck Transportation Term Loan Prime plus 2.75% 6/30/2039 786.8 786.8 932.7 0.29 %
iFood, Inc. dba Steak N Shake (#,^) 2840 E Millbrook Rd, Raleigh, NC 27604 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2039 566.8 566.8 669.7 0.21 %
261
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 4920 Lincoln Ave Rte 53, Lisle, IL 60532 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/30/2024 53.7 53.7 56.3 0.02 %
AMG Holding, LLC and Stetson Automotive, Inc (#,^) 309 Route 9, Waretown, NJ 08758 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2039 187.0 187.0 221.7 0.07 %
JPM Investments LLC and Carolina Family Foot Care P.A. (#) 122 N. Main St., Fuquay Varina, NC 27526 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/26/2039 128.4 128.4 151.8 0.05 %
Zinger Hardware and General Merchant Inc (#) 4001 N Lamar Blvd Ste 300, Austin, TX 78756 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.25% 6/26/2024 41.1 41.1 40.5 0.01 %
Nikobella Properties LLC and JPO Inc dba Village Car Wash (#) 1372 South US Route 12, Fox Lake, IL 60020 Repair and Maintenance Term Loan Prime plus 2.75% 6/25/2039 444.1 444.1 525.1 0.16 %
Big Sky Plaza LLC and Strickland, Incorporated (#,^) 1313 West Park St. #1, Livingston, MT 59047 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 6/20/2039 209.6 209.6 247.9 0.08 %
Sico & Walsh Insurance Agency Inc and The AMS Trust (#) 106 Concord Ave, Belmont, MA 02478 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 6/6/2039 84.9 84.9 100.5 0.03 %
Sujata Inc dba Stop N Save Food Mart and Dhruvesh Patel (#,^) 15637 St Clair Ave, Cleveland, OH 44110 Food and Beverage Stores Term Loan Prime plus 2.75% 6/3/2024 9.0 9.0 9.3 — %
Long Island Barber Institute Inc (#,^) 266 Greenwich St., Hempstead, NY 11550 Educational Services Term Loan Prime plus 2.75% 6/2/2039 49.8 49.8 58.9 0.02 %
Pocono Coated Products, LLC (#,^) 100 Sweetree St., Cherryville, NC 28021 Printing and Related Support Activities Term Loan Prime plus 2.75% 5/30/2024 12.0 12.0 12.5 — %
Jonesboro Health Food Center LLC (#,^) 1321 Stone St., Jonesboro, AR 72401 Health and Personal Care Stores Term Loan Prime plus 2.75% 5/27/2024 34.0 34.0 35.3 0.01 %
Hae M. and Jin S. Park dba Buford Car Wash (#,^) 1163 Buford Hwy, Sugar Hill, GA 30518 Repair and Maintenance Term Loan Prime plus 2.75% 5/15/2039 148.4 148.4 175.3 0.05 %
The River Beas LLC and Punam Singh (#,^) 11704 Centurion Way, Potomac, MD 20854 Food Services and Drinking Places Term Loan Prime plus 2.75% 5/8/2039 81.0 81.0 95.8 0.03 %
AS Boyals LLC dba Towne Liquors (#,^) 117 South Broad St., Woodbury City, NJ 08096 Food and Beverage Stores Term Loan Prime plus 2.75% 4/29/2039 97.3 97.3 115.2 0.04 %
Gerami Realty, LC, Sherrill Universal City Corral, LP (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/23/2027 53.0 53.0 57.0 0.02 %
Complete Body & Paint, Inc. (#,^) 32220 Michigan Ave, Wayne, MI 48184 Repair and Maintenance Term Loan Prime plus 2.75% 4/23/2039 18.6 18.6 22.0 0.01 %
Island Wide Realty LLC and Long Island Partners, Inc. (#,^) 201-203-205 West Merrick Rd, Valley Stream, NY 11580 Real Estate Term Loan Prime plus 2.75% 4/22/2039 92.8 92.8 109.8 0.03 %
Wilshire Media Systems Inc (#,^) 2649 Townsgate Rd #500, Westlake Village, CA 91361 Specialty Trade Contractors Term Loan Prime plus 2.75% 4/17/2024 96.9 96.9 100.8 0.03 %
262
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
1899 Tavern & Tap LLC and Ale House Tavern & Tap LLC (#,^) 1899 State Route 35, South Amboy, NJ 08879 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/9/2039 100.2 100.2 118.6 0.04 %
Dantanna's Tavern LLC (#,^) 6615 Roswell Rd NE #30, Sandy Springs, GA 30328 Food Services and Drinking Places Term Loan Prime plus 2.75% 6/30/2024 87.4 87.4 91.3 0.03 %
Little People's Village II LLC and Iliopoulos Realty LLC (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 82.6 82.6 97.5 0.03 %
Eagle Aggregate Transportation, LLC and Eagle Pneumatic Transport LLC (#,^) 4401 N I-35 #113, Denton, TX 76207 Truck Transportation Term Loan Prime plus 2.75% 3/31/2024 365.0 365.0 381.5 0.12 %
Little People's Village II LLC and Iliopoulos Realty LLC (#,^) 6522 Haverford Ave, Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 3/31/2039 91.1 91.1 107.6 0.03 %
Kemmer, LLC and Pitts Package Store, Inc. (#,^) 201 S. Main St., Salem, IN 47167 Food and Beverage Stores Term Loan Prime plus 2.75% 3/31/2039 105.3 105.3 124.2 0.04 %
Hodges Properties LLC and Echelon Enterprises Inc dba Treads Bicycle (#,^) 16701 E. Iliff Ave, Aurora, CO 80013 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 3/31/2039 400.6 400.6 473.9 0.15 %
636 South Center Holdings, LLC and New Mansfield Brass and Aluminum (#) 636 South Center St., New Washington, OH 44854 Primary Metal Manufacturing Term Loan Prime plus 2.75% 3/20/2039 71.8 71.8 84.8 0.03 %
Cormac Enterprises and Wyoming Valley Beverage Incorporated (#,^) 63 S Wyoming Ave, Edwardsville, PA 18704 Food and Beverage Stores Term Loan Prime plus 2.75% 3/20/2039 98.9 98.9 116.8 0.04 %
Kinisi, Inc. dba The River North UPS Store (#,^) 301 West Grand Ave, Chicago, IL 60654 Administrative and Support Services Term Loan Prime plus 2.75% 3/18/2024 5.8 5.8 6.0 — %
Tortilla King, Inc. (#,^) 249 23rd Ave, Moundridge, KS 67107 Food Manufacturing Term Loan Prime plus 2.75% 3/14/2029 770.6 770.6 840.4 0.26 %
Tortilla King Inc. (#,^) 249 23rd Ave, Moundridge, KS 67107 Food Manufacturing Term Loan Prime plus 2.75% 3/14/2039 41.3 41.3 48.8 0.02 %
R & R Boyal LLC dba Cap N Cat Clam Bar and Little Ease Tavern (#,^) 3111 & 3135 Delsea Drive, Franklinville, NJ 08322 Food and Beverage Stores Term Loan Prime plus 2.75% 2/28/2039 371.8 371.8 438.7 0.14 %
Faith Memorial Chapel LLC (#,^) 600 9th Ave North, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 190.8 190.8 225.0 0.07 %
952 Boston Post Road Realty, LLC and HNA LLC dba Styles International (#,^) 952 Boston Post Rd, Milford, CT 06460 Personal and Laundry Services Term Loan Prime plus 2.75% 2/28/2039 184.2 184.2 217.3 0.07 %
Summit Beverage Group LLC (#,^) 211 Washington Ave, Marion, VA 24354 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 2/28/2024 177.7 177.7 185.2 0.06 %
96 Mill Street LLC, Central Pizza LLC and Jason Bikakis George Bikaki (#,^) 96 Mill St., Berlin, CT 06037 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2039 126.8 126.8 149.8 0.05 %
263
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
JWB Industries, Inc. dba Carteret Die Casting (#,^) 74 Veronica Ave, Somerset, NJ 08875 Primary Metal Manufacturing Term Loan Prime plus 2.75% 2/11/2024 141.9 141.9 147.3 0.05 %
986 Dixwell Avenue Holding Company, LLC and Mughali Foods, LLC (#,^) 986 Dixwell Ave, Hamden, CT 06510 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/7/2039 88.6 88.6 104.6 0.03 %
Sarah Sibadan dba Sibadan Agency (#,^) 102-05 101st Ave, Ozone Park, NY 11416 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 1/27/2039 114.9 114.9 135.7 0.04 %
Icore Enterprises Inc dba Air Flow Filters Inc (#,^) 151 W 24th St, Hialeah, FL 33010 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 1/15/2024 10.8 10.8 11.3 — %
Nutmeg North Associates LLC, Steeltech Building Products Inc (#,^) 636 Nutmeg Rd North, South Windsor, CT 06074 Construction of Buildings Term Loan Prime plus 2.75% 12/31/2038 812.1 812.1 957.6 0.30 %
KK International Trading Corporation (#,^) 219 Lafayette Drive, Syosset, NY 11791 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 12/23/2028 136.4 136.4 148.7 0.05 %
Kurtis Sniezek dba Wolfe's Foreign Auto (#,^) 712 5th St., New Brighton, PA 15066 Repair and Maintenance Term Loan Prime plus 2.75% 12/20/2038 78.7 78.7 92.9 0.03 %
TAK Properties LLC and Kinderland Inc (#,^) 1157 Commerce Ave, Longview, WA 98632 Social Assistance Term Loan Prime plus 2.75% 12/18/2038 359.0 359.0 422.8 0.13 %
TOL LLC dba Wild Birds Unlimited (#,^) 320 W. Main St., Avon, CT 06001 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 12/13/2023 9.1 9.1 9.4 — %
920 CHR Realty LLC, V. Garofalo Carting Inc (#,^) 920 Crooked Hill, Brentwood, NY 11717 Waste Management and Remediation Services Term Loan Prime plus 2.75% 12/10/2038 370.3 370.3 436.8 0.14 %
DKB Transport Corp (#,^) 555 Water Works Rd, Old Bridge, NJ 08857 Truck Transportation Term Loan Prime plus 2.75% 12/5/2038 123.0 123.0 145.0 0.05 %
Firm Foundations Inc David S Gaitan Jr and Christopher K Daigle (#,^) 1455 S Richland Creek Rd, Sugar HIll, GA 30518 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/3/2038 92.4 92.4 108.6 0.03 %
Spectrum Development LLC and Solvit Inc & Solvit North, Inc (#,^) 65 Farmington Valley Drive, Plainville, CT 06062 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/2/2023 190.0 190.0 196.9 0.06 %
BVIP Limousine Service LTD (#,^) 887 W Liberty, Medina, OH 44256 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 11/27/2038 67.6 67.6 79.7 0.02 %
AcuCall LLC (#,^) 824 U.S Hwy 1, Ste 335, North Palm Beach, FL 33408 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 11/21/2023 7.4 7.4 7.6 — %
Kids in Motion of Springfield LLC dba The Little Gym of Springfield IL (#,^) 3039-3043 Hedley, Springfield, IL 62704 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 11/18/2023 22.3 22.3 23.1 0.01 %
Yousef Khatib dba Y&M Enterprises (#,^) 671 E. Cooley Drive, Unit 114, Colton, CA 92324 Wholesale Electronic Markets and Agents and Brokers Term Loan Prime plus 2.75% 11/15/2023 36.0 36.0 37.3 0.01 %
Howell Gun Works LLC (#,^) 2446 Route 9, Howell, NJ 07731 Sporting Goods, Hobby, Musical Instrument, and Book Stores Term Loan Prime plus 2.75% 11/14/2023 2.2 2.2 2.3 — %
264
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Polpo Realty, LLC, Polpo Restaurant, LLC (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/6/2038 55.6 55.6 65.6 0.02 %
1 North Restaurant Corp dba 1 North Steakhouse (#,^) 322 W. Montauk Hwy, Hampton Bays, NY 11946 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/31/2038 187.7 187.7 221.4 0.07 %
Master CNC Inc & Master Properties LLC (#,^) 11825 29 Mile Rd, Washington, MI 48095 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 10/31/2038 526.2 526.2 619.0 0.19 %
Janice B. McShan and The Metropolitan Day School, LLC (#,^) 2817 Lomb Ave, Birmingham, AL 35208 Social Assistance Term Loan Prime plus 2.75% 10/31/2023 20.5 20.5 21.3 0.01 %
Mid-Land Sheet Metal Inc (#,^) 125 E Fesler St., Santa Maria, CA 93454 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/31/2038 121.4 121.4 143.1 0.04 %
Greenbrier Technical Services, Inc (#,^) 407 E. Edgar Ave, Ronceverte, WV 24970 Repair and Maintenance Term Loan Prime plus 2.75% 10/24/2023 97.2 97.2 101.0 0.03 %
Clairvoyant Realty Corp. and Napoli Marble & Granite Design, Ltd (#,^) 77 Mill Rd, Freeport, NY 11520 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/24/2038 130.7 130.7 154.1 0.05 %
First Steps Real Estate Company, LLC and First Steps Preschool (#,^) 104 McCoy St., Milford, DE 19963 Social Assistance Term Loan Prime plus 2.75% 9/30/2038 85.8 85.8 101.0 0.03 %
Cencon Properties LLC and Central Connecticut Warehousing Company (#,^) 37 Commons Court, Waterbury, CT 06704 Warehousing and Storage Term Loan Prime plus 2.75% 9/30/2038 303.4 303.4 357.9 0.11 %
Discount Wheel and Tire of Broken Bow Inc (#,^) 1202 S Park Drive, Broken Bow, OK 74728 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 9/30/2038 196.7 196.7 231.7 0.07 %
Lenoir Business Partners LLC LP Industries, Inc dba Childforms (#,^) 2040 Norwood, Lenoir, NC 28645 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 260.1 260.1 306.6 0.10 %
LP Industries, Inc dba Childforms (#,^) 110 Charleston Dr. Ste 105, Morresville, NC 28117 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 9/30/2038 106.0 106.0 125.0 0.04 %
Mitchellville Family Dentistry, Dr. Octavia Simkins-Wiseman DDS PC (#,^) 12150 Annapolis Rd, Ste 301, Glenn Dale, MD 20769 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/27/2038 294.6 294.6 347.2 0.11 %
Gabrielle Realty, LLC (#,^) 242 Sheep Davis Rd, Concord, NH 03301 Gasoline Stations Term Loan Prime plus 2.75% 9/27/2038 666.2 666.2 784.2 0.24 %
Eastside Soccer Dome, Inc . (#,^) 11919 S Ave O, Chicago, IL 60617 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 407.8 407.8 481.0 0.15 %
Anthony C Dinoto and Susan S P Dinoto and Anthony C Dinoto Funeral (#,^) 17 Pearl St., Mystic, CT 06355 Personal and Laundry Services Term Loan Prime plus 2.75% 9/26/2038 87.9 87.9 103.7 0.03 %
Southeast Chicago Soccer, Inc. (#,^) 10232 S Ave N, Chicago, IL 60617 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/26/2038 45.0 45.0 53.1 0.02 %
Kiddie Steps 4 You Inc. (#,^) 1700 West 63rd St., Chicago, IL 60636 Social Assistance Term Loan Prime plus 2.75% 9/25/2038 80.0 80.0 93.9 0.03 %
Diamond Memorials Incorporated (#,^) 800 Broad St., Clifton, NJ 07013 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/25/2023 2.7 2.7 2.8 — %
265
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Serious-Fun in Alpharetta, LLC dba The Little Gym of Alpharetta (#,^) 11585 Jones Bridge Rd, Ste 4G, Johns Creek, GA 30022 Educational Services Term Loan Prime plus 2.75% 9/20/2023 21.5 21.5 22.2 0.01 %
Faith Memorial Chapel LLC (#,^) 600 9th Ave N, Bessemer, AL 35020 Personal and Laundry Services Term Loan Prime plus 2.75% 9/20/2038 236.1 236.1 277.5 0.09 %
Maynard Enterprises Inc dba Fastsigns of Texarkana (#,^) 3735 Mall Drive, Texarkana, TX 75501 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 9/18/2023 7.5 7.5 7.8 — %
Grafio Inc dba Omega Learning Center-Acworth (#,^) 5330 Brookstone Drive, Ste 320, Acworth, GA 30101 Educational Services Term Loan Prime plus 2.75% 9/13/2023 76.7 76.7 79.3 0.02 %
The Berlerro Group, LLC dba Sky Zone (#,^) 111 Rodeo Drive, Edgewood, NY 11717 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/12/2023 199.3 199.3 206.0 0.06 %
Sound Manufacturing Inc (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/12/2028 38.4 38.4 41.7 0.01 %
Prospect Kids Academy Inc (#,^) 532 St Johns Place, Brooklyn, NY 11238 Educational Services Term Loan Prime plus 2.75% 9/11/2038 109.3 109.3 128.6 0.04 %
Alma J. and William R. Walton and Almas Child Day Care Center (#,^) 2909 W 63rd St., Chicago, IL 60629 Social Assistance Term Loan 8% 9/11/2038 35.1 35.1 33.6 0.01 %
B for Brunette dba Blo (#,^) 50 Glen Cove Rd, Greenvale, NY 11548 Personal and Laundry Services Term Loan Prime plus 2.75% 9/10/2023 25.0 25.0 25.8 0.01 %
Schmaltz Holdings, LLC and Schmaltz Operations, LLC (#,^) 3408 Castle Rock Farm Rd, Pittsboro, NC 27312 Personal and Laundry Services Term Loan Prime plus 2.75% 9/4/2038 195.9 195.9 230.0 0.07 %
IlOKA Inc dba Microtech Tel and NewCloud Networks (#,^) 160 Inverness Dr W Ste 100, Englewood, CO 80112 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2023 294.8 294.8 304.8 0.09 %
ACI Northwest Inc. (#,^) 6600 N Government Way, Coeur D Alene, ID 83815 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 8/30/2023 245.8 245.8 254.9 0.08 %
Gulfport Academy Child Care and Learning Center, Inc. and Jennifer (#,^) 15150 Evans St., Gulfport, MS 39503 Social Assistance Term Loan Prime plus 2.75% 8/30/2023 19.6 19.6 20.3 0.01 %
Ramard Inc and Advanced Health Sciences Inc (#,^) 4561 Ironworks Pike, Ste 161, Lexington, KY 40511 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 8/28/2023 85.1 85.1 87.7 0.03 %
RM Hawkins LLC dba Pure Water Tech West and Robert M Hawkins (#,^) 1815 De Paul St., Colorado Springs, CO 80909 Nonstore Retailers Term Loan Prime plus 2.75% 8/26/2023 36.4 36.4 37.7 0.01 %
JSIL LLC dba Blackstones Hairdressing (#,^) 19 East 7th St., New York, NY 10003 Personal and Laundry Services Term Loan Prime plus 2.75% 8/16/2023 8.7 8.7 9.0 — %
Caribbean Concepts, Inc. dba Quick Bleach (#,^) 120 East 56th St., Ste 730, New York, NY 10022 Ambulatory Health Care Services Term Loan Prime plus 2.75% 8/12/2023 10.1 10.1 10.5 — %
Daniel W and Erin H Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 06468 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 7/24/2023 5.3 5.3 5.5 — %
Angkor Restaurant Inc (#,^) 10 Traverse St., Providence, RI 02903 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/19/2038 81.4 81.4 95.9 0.03 %
266
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Tri County Heating and Cooling Inc. (#,^) 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2023 39.1 39.1 40.5 0.01 %
Harbor Ventilation Inc and Estes Investment, LLC (#,^) 509 East Park St., Livingston, MT 59047 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/19/2038 2.1 2.1 2.4 — %
Morning Star Trucking LLC and Morning Star Equipment and Leasing LLC (#,^) 1 Poppy Ave, Neptune, NJ 07753 Truck Transportation Term Loan Prime plus 2.75% 7/17/2023 23.9 23.9 24.6 0.01 %
Maxiflex LLC (#,^) 512 Verret St., New Orleans, LA 70114 Miscellaneous Manufacturing Term Loan Prime plus 2.75% 6/28/2023 19.5 19.5 20.2 0.01 %
GIA Realty LLC and VRAJ GIA LLC dba Lakeview Laundromat (#,^) 411 Sharp St., Millville, NJ 08332 Personal and Laundry Services Term Loan Prime plus 2.75% 6/28/2038 85.0 85.0 100.5 0.03 %
2161 Highway 6 Trail, LLC, R. H. Hummer JR., Inc. (#,^) 2141 P Ave, Williamsburg, IA 52361 Truck Transportation Term Loan Prime plus 2.75% 6/19/2026 398.3 398.3 425.4 0.13 %
Blakeslee Arpaia Chapman, Inc. dba Blakeslee Industrial Services (#,^) 200 North Branford Rd, Branford, CT 06405 Heavy and Civil Engineering Construction Term Loan Prime plus 2.75% 6/18/2028 601.8 601.8 654.9 0.20 %
KDP LLC and KDP Investment Advisors, Inc and KDP Asset Management, Inc (#,^) 24 Elm St., Montpelier, VT 05602 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/14/2023 149.7 149.7 155.0 0.05 %
Elite Structures Inc (#,^) 401 Old Quitman Rd, Adel, GA 31620 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 6/12/2038 777.1 777.1 916.8 0.28 %
Absolute Desire LLC and Mark H. Szierer Sophisticated Smile (#,^) 85 Reaville Ave, Flemington, NJ 08822 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/5/2038 164.7 164.7 194.3 0.06 %
Gregory P Jellenek OD and Associates PC dba Gregory P Jellenek OD (#,^) 4640 Monticello Ave, Ste 8A, Williamsburg, VA 23188 Ambulatory Health Care Services Term Loan Prime plus 2.75% 5/28/2023 26.7 26.7 27.7 0.01 %
Ryan D. Thornton and Thornton & Associates LLC (#,^) 800 Bethel St., Ste 200, Honolulu, HI 96813 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 5/24/2023 21.3 21.3 22.1 0.01 %
Peanut Butter & Co., Inc. (#,^) 250 West 54th St., New York, NY 10019 Food Manufacturing Term Loan Prime plus 2.75% 4/30/2023 41.5 41.5 42.9 0.01 %
1258 Hartford TPKE, LLC and Phelps and Sons, Inc (#,^) 1258 Hartford Turnpike, Vernon, CT 06066 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/29/2038 108.0 108.0 127.4 0.04 %
A & M Commerce, Inc. dba Cranberry Sunoco (#,^) 398 Baltimore Blvd, Westminster, MD 21157 Gasoline Stations Term Loan Prime plus 2.75% 3/27/2038 286.1 286.1 337.0 0.10 %
Xela Pack, Inc. and Aliseo and Catherine Gentile (#,^) 8300 Boettner Rd, Saline, MI 48176 Paper Manufacturing Term Loan Prime plus 2.75% 3/27/2028 187.9 187.9 204.1 0.06 %
American Diagnostic Imaging, Inc. dba St. Joseph Imaging Center (#,^) 3937 Sherman Ave, Saint Joseph, MO 64506 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/25/2038 465.9 465.9 548.7 0.17 %
Michael A.and HeatherR. Welsch dba Art & FrameEtc. (#,^) 2819 West T C Jester Blvd., Houston, TX 77018 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 3/22/2038 58.5 58.5 68.9 0.02 %
267
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Truth Technologies Inc dba Truth Technologies Inc. (#,^) 2341 Cheshire Lane, Naples, FL 34109 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/21/2023 35.2 35.2 36.3 0.01 %
Sound Manufacturing, Inc. and Monster Power Equipment Inc. (#,^) 51 Donnelley Rd, Old Saybrook, CT 06475 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 3/15/2023 199.4 199.4 206.1 0.06 %
Golden Gate Lodging LLC (#,^) 432 Margaret St.,, Plattsburgh, NY 12901 Accommodation Term Loan Prime plus 2.75% 3/12/2038 99.7 99.7 117.5 0.04 %
Bakhtar Group LLC dba Malmaison (#,^) 3401 K St. NW, Washington, DC 20007 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/28/2023 38.2 38.2 39.4 0.01 %
Osceola River Mill, LLC, Ironman Machine, Inc. (#,^) 27 Hungerford St., Pittsfield, MA 01201 Machinery Manufacturing Term Loan Prime plus 2.75% 2/20/2038 74.6 74.6 87.8 0.03 %
Java Warung, LLC (#,^) 1915 N Richmond St., Appleton, WI 54911 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/19/2038 44.2 44.2 52.0 0.02 %
Retain Loyalty LLC (#,^) 1250 Sanders Ave SW, Massillon, OH 44647 Printing and Related Support Activities Term Loan Prime plus 2.75% 2/15/2038 93.7 93.7 110.4 0.03 %
North Country Transport, LLC (#,^) 10 LaCrosse St., Ste 14, Hudson Falls, NY 12839 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 2/6/2023 6.1 6.1 6.3 — %
Sherill Universal City dba Golden Corral LP (#,^) 2301 Pat Booker Rd, Universal City, TX 78148 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/28/2038 381.4 381.4 449.4 0.14 %
Macho LLC, Madelaine Chocolate Novelties Inc (#,^) 96-03 Beach Channel Drive, Rockaway Beach, NY 11693 Food Manufacturing Term Loan Prime plus 2.75% 12/31/2037 432.4 432.4 509.5 0.16 %
Babie Bunnie Enterprises Inc dba Triangle Mothercare (#,^) 8516 Swarthmore Drive, Raleigh, NC 27615 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2027 27.5 27.5 29.8 0.01 %
Polpo Realty LLC & Polpo Restaurant LLC (#,^) 554 Old Post Rd #3, Greenwich, CT 06830 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/27/2037 450.8 450.8 531.2 0.16 %
Martin L Hopp, MD PHD A Medical Corp dba Tower ENT (#,^) 8631 West Third St, 440 E &, Los Angeles, CA 90048 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/21/2022 25.1 25.1 25.9 0.01 %
Cheryle A Baptiste and Cheryle Baptiste DDS PLLC (#,^) 4839 Wisconsin Ave NW Ste 2, Washington, DC 20016 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/30/2037 251.6 251.6 295.9 0.09 %
Daniel Gordon and Erin Gordon and Silver Lining Stables CT, LLC (#,^) 38 Carmen Lane, Monroe, CT 06468 Support Activities for Agriculture and Forestry Term Loan Prime plus 2.75% 11/28/2037 196.5 196.5 231.1 0.07 %
Richmond Hill Mini Market, LLC (#,^) 101 Richmond Hill Ave, Stamford, CT 06902 Food and Beverage Stores Term Loan Prime plus 2.75% 11/27/2037 158.9 158.9 186.8 0.06 %
D&L Rescources, Inc. dba The UPS Store (#,^) 8930 State Rd # 84, Davie, FL 33324 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 11/27/2022 3.6 3.6 3.7 — %
DRV Enterprise, Inc. dba Cici's Pizza # 339 (#,^) 5771 East Fowler Ave, Temple Terrace, FL 33617 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/26/2022 22.5 22.5 23.1 0.01 %
U & A Food and Fuel, Inc. dba Express Gas & Food Mart (#,^) 1345 Wampanoag Trail, East Providence, RI 02915 Gasoline Stations Term Loan Prime plus 2.75% 11/21/2037 82.6 82.6 97.2 0.03 %
268
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Pioneer Windows Manufacturing Corp, Pioneer Windows (#,^) 15 Frederick Place, Hicksville, NY 11801 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 11/21/2022 100.5 100.5 103.5 0.03 %
R & J Petroleum LLC, Manar USA, Inc. (#,^) 305 Quincy Shore Drive, Quincy, MA 02107 Gasoline Stations Term Loan Prime plus 2.75% 11/20/2037 154.4 154.4 181.6 0.06 %
St Judes Physical Therapy P.C. (#,^) 7712 Fourth Ave, Brooklyn, NY 11209 Ambulatory Health Care Services Term Loan Prime plus 2.75% 11/19/2022 7.7 7.7 7.9 — %
Hi-Def Imaging, Inc. dba SpeedPro Imaging (#,^) 3580 Progress Drive, Unit Q, Bensalem, PA 19020 Printing and Related Support Activities Term Loan Prime plus 2.75% 11/9/2022 8.2 8.2 8.5 — %
Reidville Hydraulics Mfg Inc dba Summit (#,^) 175 Industrial Lane, Torrington, CT 06790 Machinery Manufacturing Term Loan Prime plus 2.75% 11/2/2037 228.3 228.3 268.3 0.08 %
Big Apple Entertainment Partners, LLC d/b/a Ripley's Believe It or Not (#,^) 234 West 42nd St., New York, NY 10036 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 10/26/2022 66.6 66.6 68.6 0.02 %
University Park Retreat, LLC dba Massage Heights (#,^) 5275 University Parkway # 110, Bradenton, FL 34201 Personal and Laundry Services Term Loan Prime plus 2.75% 9/27/2022 26.7 26.7 27.5 0.01 %
O'Rourkes Diner LLC dba O'Rourke's Diner (#,^) 728 Main St., Middletown, CT 06457 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/19/2037 55.9 55.9 65.6 0.02 %
AJK Enterprise LLC dba AJK Enterprise LLC (#) 1901 Naylor Rd, SE, Washington, DC 20020 Truck Transportation Term Loan Prime plus 2.75% 8/27/2022 5.5 5.5 5.6 — %
Suncoast Aluminum Furniture, Inc (#,^) 6291 Thomas Rd, Fort Myers, FL 33912 Furniture and Related Product Manufacturing Term Loan Prime plus 2.75% 8/17/2037 306.7 306.7 360.1 0.11 %
Hofgard & Co., Inc. dba HofgardBenefits (#,^) 400 S McCaslin Blvd Ste 201, Louisville, CO 80027 Insurance Carriers and Related Activities Term Loan Prime plus 2.75% 7/27/2022 35.7 35.7 36.6 0.01 %
Georgia Safe Sidewalks LLC (#,^) 1740 Wheatstone Drive, Grayson, GA 30017 Specialty Trade Contractors Term Loan Prime plus 2.75% 7/27/2022 4.9 4.9 5.1 — %
Central Tire, Inc. dba Cooper Tire & Auto Services (#,^) 1111 S Tillotson Ave, Muncie, IN 47304 Repair and Maintenance Term Loan Prime plus 2.75% 6/29/2037 244.1 244.1 286.9 0.09 %
KIND-ER-ZZ Inc dba Kidville (#,^) 30 Maple St., Summit, NJ 07901 Educational Services Term Loan Prime plus 2.75% 6/15/2022 16.0 16.0 16.4 0.01 %
Graphish Studio, Inc. and Scott Fishoff (#,^) 231 Main St., Stanford, CT 06901 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 6/14/2022 6.4 6.4 6.6 — %
ALF, LLC, Mulit-Service Eagle Tires (#,^) 1985 B St., Colorado Springs, CO 80906 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 5/31/2037 53.1 53.1 62.2 0.02 %
Tracey Vita-Morris dba Tracey Vita's School of Dance (#,^) 4181 9th Ave West, Bradenton, FL 34025 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 5/10/2022 7.1 7.1 7.2 — %
Tanner Optical, Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 31533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 4/27/2022 2.4 2.4 2.5 — %
Access Staffing, LLC (#,^) 360 Lexington Ave, 8th Fl, New York, NY 10017 Administrative and Support Services Term Loan Prime plus 2.75% 3/30/2022 59.1 59.1 60.5 0.02 %
Manuel P. Barrera and Accura Electrical Contractor, Inc. (#,^) 6187 NW 167th St. Unit H3, Miami, FL 33015 Specialty Trade Contractors Term Loan Prime plus 2.75% 3/23/2028 66.7 66.7 72.4 0.02 %
269
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
DC Realty, LLC dba FOGO Data Centers (#) 340 Tom Reeve Drive, Carrolton, GA 30117 Professional, Scientific, and Technical Services Term Loan 6.25% 3/23/2022 449.7 449.7 445.3 0.14 %
DC Realty, LLC dba FOGO Data Centers (#) 340 Tom Reeve Drive, Carrolton, GA 30117 Professional, Scientific, and Technical Services Term Loan 6% 3/23/2037 2,623.4 2,623.4 2,519.4 0.78 %
Shweiki Media, Inc. dba Study Breaks Magazine (#,^) 4954 Space Center Drive, San Antonio, TX 78218 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/22/2027 724.9 724.9 780.1 0.24 %
ATI Jet, Inc. (#) 7007 Boeing Drive, El Paso, TX 79925 Air Transportation Term Loan Prime plus 2.75% 12/28/2026 532.8 532.8 572.0 0.18 %
J. Kinderman & Sons, Inc. dba Brite Star Manufacturing Company (#,^) 2900 South 20th St., Philadelphia, PA 19145 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/22/2036 343.8 343.8 401.9 0.12 %
K's Salon, LLC d/b/a K's Salon (#,^) 162 West 84th St., New York, NY 10024 Personal and Laundry Services Term Loan Prime plus 2.75% 12/20/2021 19.5 19.5 19.9 0.01 %
15 Frederick Place LLC & Pioneer Windows Holdings Inc & Subs (#,^) 15 Frederick Place, Hicksville, NY 11801 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/16/2021 63.7 63.7 65.0 0.02 %
Taylor Transport, Inc (#,^) 1708 HWY 113 SW, CARTERSVILLE, GA 30120 Truck Transportation Term Loan Prime plus 2.75% 12/8/2021 64.2 64.2 65.6 0.02 %
K9 Bytes, Inc & Epazz, Inc dba K9 Bytes, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 10/26/2021 17.1 17.1 17.5 0.01 %
28 Cornelia Street Properties, LLC and Zouk, Ltd.dba Palma (#,^) 28-28 1/2 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/25/2021 5.3 5.3 5.4 — %
39581 Garfield, LLC and Tri County Neurological Associates, P.C. (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 68.3 68.3 79.8 0.02 %
Robert E. Caves, Sr. and American Plank dba Caves Enterprises (#,^) 40515 Pumpkin Center Rd, Hammond, LA 70403 Merchant Wholesalers, Durable Goods Term Loan Prime plus 2.75% 9/30/2021 69.0 69.0 70.5 0.02 %
39581 Garfield, LLC and Tricounty Neurological Associates, P.C. (#,^) 39581 Garfield Rd, Clinton Township, MI 48038 Ambulatory Health Care Services Term Loan Prime plus 2.75% 9/30/2036 23.2 23.2 27.1 0.01 %
Big Apple Entertainment Partners, LLC dba Ripley's Believe it or Not (#,^) 234 West 42nd St., New York, NY 10036 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 9/28/2021 239.7 239.7 244.1 0.08 %
Michael S. Decker & Janet Decker dba The Hen House Cafe (#) 401 Caribou St., Simla, CO 80835 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/30/2036 13.8 13.8 16.2 0.01 %
Trademark Equipment Company Inc and David A. Daniel (#,^) 5690 Pine Lane Circle, Bessemer, AL 35022 Miscellaneous Store Retailers Term Loan Prime plus 2.75% 8/19/2036 109.9 109.9 128.3 0.04 %
Valiev Ballet Academy, Inc (#,^) 635 - 637 Londonderry Lane, Denton, TX 76205 Performing Arts, Spectator Sports, and Related Industries Term Loan Prime plus 2.75% 8/12/2036 34.9 34.9 40.7 0.01 %
270
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
LaHoBa, LLC d/b/a Papa John's (#,^) 3001 Pontchartrain Drive, Slidell, LA 70458 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/3/2036 63.3 63.3 73.9 0.02 %
Lavertue Properties LLP dba Lavertue Properties (#,^) 24 Wakefield St., Rochester, NH 13867 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 2.75% 6/29/2036 36.7 36.7 42.9 0.01 %
Lisle Lincoln II Limited Partnership dba Lisle Lanes LP (#,^) 4920 Lincoln Ave Rte 53, Lisle, IL 60532 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 6/29/2036 287.3 287.3 335.4 0.10 %
Peanut Butter & Co., Inc. d/b/a Peanut Butter & Co. (#,^) 1790 Broadway Ste 716, New York, NY 10019 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/3/2021 8.9 8.9 9.0 — %
Modern on the Mile, LLC dba Ligne Roset (#,^) 162 N. 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 5/25/2021 39.0 39.0 39.7 0.01 %
Profile Performance, Inc. and Eidak Real Estate, L.L.C. (#,^) 44600 Michigan Ave, Canton, MI 48188 Repair and Maintenance Term Loan Prime plus 2.75% 4/20/2036 103.5 103.5 120.7 0.04 %
Northwind Outdoor Recreation, Inc. dba Red Rock Wilderness Store (#,^) 2267 Fernberg Trail, Ely, MN 55731 Nonstore Retailers Term Loan Prime plus 2.75% 4/18/2036 113.8 113.8 132.7 0.04 %
Michael S. Korfe dba North Valley Auto Repair (#,^) 7516 B 2nd St., NW, Albuquerque, NM 87107 Repair and Maintenance Term Loan Prime plus 2.75% 3/24/2036 12.5 12.5 14.6 — %
Actknowledge,Inc dba Actknowledge (#,^) 365 Fifth Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 3/21/2021 9.9 9.9 10.1 — %
Stephen Frank, Patricia Frank and Suds Express LLC (#,^) 520 E. 8th St., Anderson, IN 46012 Ambulatory Health Care Services Term Loan Prime plus 2.75% 2/25/2023 20.6 20.6 21.3 0.01 %
SuzyQue’s LLC dba Suzy Que’s (#,^) 34 South Valley Rd, West Orange, NJ 07052 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/11/2036 49.4 49.4 57.4 0.02 %
Little People’s Village, LLC dba Little People’s Village (#,^) 904 North 66th St., Philadelphia, PA 19151 Social Assistance Term Loan Prime plus 2.75% 1/31/2036 25.0 25.0 29.1 0.01 %
Seagate Group Holdings, Inc. dba Seagate Logistics, Inc. (#,^) 64-68 North Central Ave, Valley Stream, NY 11580 Support Activities for Transportation Term Loan Prime plus 2.75% 1/28/2036 91.3 91.3 106.2 0.03 %
Shree OM Lodging, LLC dba Royal Inn (#,^) 2030 W Northwest Hwy, Dallas, TX 75220 Accommodation Term Loan Prime plus 2.75% 12/17/2035 22.2 22.2 25.8 0.01 %
Lodin Medical Imaging, LLC dba Watson Imaging Center (#,^) 3915 Watson Rd, St. Louis, MO 63109 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/1/2020 9.2 9.2 9.3 — %
Robert F. Schuler and Lori A. Schuler dba Bob’s Service Center (#,^) 2879 Limekiln Pike, Glenside, PA 19038 Repair and Maintenance Term Loan Prime plus 2.75% 11/30/2035 27.2 27.2 31.6 0.01 %
Elan Realty, LLC and Albert Basse Asociates, Inc. (#,^) 175 Campanelli Park Way, Stroughton, MA 02072 Printing and Related Support Activities Term Loan Prime plus 2.75% 9/30/2035 180.6 180.6 209.6 0.07 %
K9 Bytes, Inc & Epazz, Inc (#) 325 N. Milwaukee Ave, Ste G1, Wheeling, IL 60090 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 9/30/2020 2.8 2.8 2.8 — %
271
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Success Express,Inc. dba Success Express (#,^) 550 Eighth Ave, New York, NY 10018 Couriers and Messengers Term Loan Prime plus 2.75% 9/29/2020 8.4 8.4 8.5 — %
Modern Manhattan, LLC (#,^) 162 N 3rd St., Philadelphia, PA 19106 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 9/20/2020 22.4 22.4 22.6 0.01 %
Dirk's Trucking, L.L.C. dba Dirk's Trucking (#) 1041 John D Hebert Rd, Breaux Bridge, LA 70517 Truck Transportation Term Loan Prime plus 2.75% 9/17/2020 2.3 2.3 2.4 — %
Rudy & Louise Chavez dba Clyde's Auto and Furniture Upholstery (#,^) 2320 2nd St., Albuquerque, NM 87107 Repair and Maintenance Term Loan Prime plus 2.75% 9/2/2035 39.8 39.8 46.1 0.01 %
Newsome Trucking Inc and Kevin Newsome (#,^) 2262 HWY 53W, Jasper, GA 30143 Truck Transportation Term Loan Prime plus 2.75% 9/2/2035 197.5 197.5 228.9 0.07 %
Members Only Software, Inc (#,^) 1250 Connecticut Ave NW 200, Washington, DC 20036 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 8/30/2020 3.6 3.6 3.6 — %
ActKnowledge,Inc dba ActKnowledge (#,^) 365 Fifth Ave, New York, NY 10016 Personal and Laundry Services Term Loan Prime plus 2.75% 6/30/2020 3.9 3.9 3.9 — %
I-90 RV & Auto Supercenter (#,^) 4505 South I-90 Service Rd, Rapid City, SD 57703 Motor Vehicle and Parts Dealers Term Loan Prime plus 2.75% 6/29/2035 58.9 58.9 68.3 0.02 %
Zouk, Ltd. dba Palma (#,^) 28 Cornelia St., New York, NY 10014 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/25/2020 2.4 2.4 2.5 — %
Tanner Optical Inc. dba Murphy Eye Care (#,^) 305 Shirley Ave, Douglas, GA 31533 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/22/2035 74.7 74.7 86.3 0.03 %
ValleyStar, Inc. dba BrightStar Healthcare (#) 5900 Sepulveda Blvd, Van Nuys, CA 91411 Ambulatory Health Care Services Term Loan Prime plus 2.75% 6/28/2020 0.4 0.4 0.4 — %
New Economic Methods LLC dba Rita's (#) 1014 H St. NE, Washington, DC 20002 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2020 0.2 0.2 0.2 — %
Lahoba,LLC dba Papa John's Pizza (#,^) 620 W. Judge Perez Drive, Chalmette, LA 70163 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/30/2034 33.0 33.0 38.1 0.01 %
Animal Intrusion Prevention Systems Holding Company, LLC (#,^) 3330 North Beach St., Haltom City, TX 76111 Administrative and Support Services Term Loan Prime plus 2.75% 3/29/2024 20.7 20.7 21.6 0.01 %
KMC RE, LLC & B&B Kennels (#,^) 6004 City Park Rd, Austin, TX 78730 Personal and Laundry Services Term Loan Prime plus 2.75% 11/19/2034 45.0 45.0 51.9 0.02 %
ROVER REPAIRS (#,^) 301 Macdade Blvd, COLLINGDALE, PA 19023 Repair and Maintenance Term Loan Prime plus 2.5% 11/28/2029 45.5 45.5 49.7 0.02 %
The Alba Financial Group, Inc. (#,^) 1420 Spring Hill Rd, McLain, VA 22102 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 6% 3/10/2021 3.8 3.8 3.8 — %
D & D's Divine Beauty School of Esther, LLC (#,^) 5524 Germantown Ave, Philadelphia, PA 19144 Educational Services Term Loan 6% 8/1/2031 44.0 44.0 42.6 0.01 %
Bliss Coffee and Wine Bar, LLC (#) 1402-A Handlir Drive, Bel Air, MD 21015 Food Services and Drinking Places Term Loan 6% 11/30/2022 64.1 64.1 63.3 0.02 %
Zog Inc. (#,^) 595 Bethlehem Pike #404, Montgomeryville, PA 18936 Other Information Services Term Loan Prime plus 2.75% 4/30/2020 13.6 13.6 13.7 — %
272
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
Connect Litigation Technology, Inc. (#,^) 1101 Ivy Hill Rd, #4, Philadelphia, PA 19150 Professional, Scientific, and Technical Services Term Loan Prime plus 2% 10/18/2025 20.0 20.0 20.8 0.01 %
1911 East Main Street Holdings, Corp (#,^) 1911 East Main St., Endicott, NY 13760 Repair and Maintenance Term Loan Prime plus 2.75% 5/18/2032 10.9 10.9 12.3 — %
Water Works Laundromat, LLC (#) 968-970 Bergen St., Newark, NJ 07104 Personal and Laundry Services Term Loan Prime plus 2.25% 9/7/2027 146.4 146.4 155.6 0.05 %
Dave Kris, and MDK Ram Corp. (#,^) 15 Elm Park, Groveland, MA 01930 Food and Beverage Stores Term Loan Prime plus 2.75% 2/5/2026 23.9 23.9 25.5 0.01 %
Gill Express Inc. dba American Eagle Truck Wash (#,^) 12200 N. Holland, Oklahoma City, OK 73131 Repair and Maintenance Term Loan Prime plus 2.75% 1/5/2027 145.6 145.6 156.8 0.05 %
Head To Toe Personalized Pampering, Inc. (#,^) 2331 North State Rd 7, Lauderhill, FL 33313 Personal and Laundry Services Term Loan Prime plus 2.75% 1/27/2031 7.7 7.7 8.6 — %
Christopher F. Bohon & Pamela D. Bohon (#,^) 11600 County Rd 71, Lexington, AL 35648 Social Assistance Term Loan Prime plus 2.75% 10/28/2026 2.5 2.5 2.7 — %
Mogas Limited (#,^) 47 Chestnut St., Elmer, NJ 08318 Gasoline Stations Term Loan Prime plus 2.75% 5/31/2030 62.1 62.1 68.9 0.02 %
Shree Om Lodging, LLC dba Royal Inn (#,^) 2030 W. Northwest Hwy, Dallas, TX 75220 Accommodation Term Loan Prime plus 2.75% 5/2/2030 55.1 55.1 61.1 0.02 %
Moonlight Multi Media Production, Inc. (#,^) 2700 W Cypress Creek Rd, Fort Lauderdale, FL 33309 Other Information Services Term Loan 5.3% 2/1/2025 1.6 1.6 1.6 — %
David M. Goens dba Superior Auto Paint & Body, Inc. (#) 1912 Manhattan Ave, Harvey, LA 70058 Repair and Maintenance Term Loan 6% 8/26/2024 11.9 11.9 11.7 — %
McCallister Venture Group, LLC and Maw's Vittles, Inc. (#,^) 511 South Broad St., Brooksville, FL 34601 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/30/2029 9.8 9.8 10.8 — %
Chong Hun Im dba Kim's Market (#,^) 730 East 28th St., Ogden, UT 84403 Food and Beverage Stores Term Loan Prime plus 2.5% 2/27/2024 6.0 6.0 6.2 — %
Whirlwind Car Wash, Inc. (#) 1370 Le Anne Marie Circle, Columbus, OH 43026 Repair and Maintenance Term Loan Prime plus 2% 4/9/2029 12.9 12.9 13.7 — %
Shuttle Car Wash, Inc. dba Shuttle Car Wash (#,^) 745 Cheney Hwy, Ttitusville, FL 32780 Repair and Maintenance Term Loan Prime plus 2.25% 11/10/2028 14.1 14.1 15.1 — %
Min Hui Lin (#,^) 1916 Broad St., Lanett, AL 36863 Food Services and Drinking Places Term Loan Prime plus 2.75% 1/30/2028 14.1 14.1 15.3 — %
Delta Partners, LLC dba Delta Carwash (#,^) 5640 Indian Crest Lane, Olympia, WA 98516 Repair and Maintenance Term Loan Prime plus 2.5% 4/5/2029 35.2 35.2 38.3 0.01 %
Auto Sales, Inc. (#,^) 1925 State St., Hamden, CT 06417 Motor Vehicle and Parts Dealers Term Loan 6% 8/17/2023 4.8 4.8 4.7 — %
Taste of Inverness, Inc. dba China Garden (#,^) 1314 US Hwy 41 N, Inverness, FL 34450 Food Services and Drinking Places Term Loan Prime plus 2% 6/29/2025 6.2 6.2 6.4 — %
Ralph Werner dba Werner Transmission Inc (#,^) 259 East Central Ave, Bangor, PA 18013 Gasoline Stations Term Loan Prime plus 2.75% 12/29/2021 1.0 1.0 1.1 — %
Robin C. & Charles E. Taylor & Brigantine Aquatic Center LLC (#,^) 3118 Bayshore Ave, Brigantine, NJ 08203 Amusement, Gambling, and Recreation Industries Term Loan 6% 9/14/2023 25.5 25.5 25.2 0.01 %
273
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Accrual Investments (1) (22) 271346
OrthoQuest, P.C. (#,^) 2336 Wisteria Drive, Ste 430, Snellville, GA 30078 Ambulatory Health Care Services Term Loan Prime plus 2% 3/12/2022 1.6 1.6 1.6 — %
Track Side Collision & Tire, Inc. (#,^) 98-16 160 Ave, Ozone Park, NY 11414 Plastics and Rubber Products Manufacturing Term Loan Prime plus 2.75% 6/16/2025 3.5 3.5 3.7 — %
Deesha Corporation, Inc. dba Best Inn & Suites (#,^) 9225 Parkway East, Birmingham, AL 35206 Accommodation Term Loan Prime plus 2.25% 2/14/2025 19.0 19.0 19.8 0.01 %
Maruti, Inc (#,^) 1506 280 By-Pass, Phenix City, AL 36867 Accommodation Term Loan Prime plus 2.25% 11/25/2024 14.6 14.6 15.2 — %
Randall D. & Patricia D. Casaburi dba Pat's Pizzazz (#,^) 386 Winsted Rd, Torrington, CT 06790 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 3/13/2023 4.1 4.1 4.2 — %
Gain Laxmi, Inc. dba Super 8 Motel (#,^) 14341 US Hwy 431 S, Gunterville, AL 35976 Accommodation Term Loan Prime plus 2.25% 5/31/2023 11.9 11.9 12.2 — %
Naseeb Corporation (#,^) 1696 North Broad St., Meriden, CT 06450 Accommodation Term Loan Prime plus 2.25% 3/31/2024 19.2 19.2 19.9 0.01 %
Stillwell Ave Prep School (#,^) 1990 Stillwell Ave, Brooklyn, NY 11214 Social Assistance Term Loan Prime plus 2.75% 1/14/2023 3.6 3.6 3.7 — %
Alyssa Corp dba Knights Inn (#,^) 1105 Columbus Parkway, Opelika, AL 36801 Accommodation Term Loan Prime plus 2.25% 9/30/2023 33.2 33.2 34.3 0.01 %
Bhailal Patel dba New Falls Motel (#,^) 201 Lincoln Hwy, Fairless Hills, PA 19030 Accommodation Term Loan Prime plus 2.75% 3/27/2023 1.6 1.6 1.7 — %
Pegasus Automotive, Inc. (#,^) 3981 Hylan Blvd., Staten Island, NY 10308 Gasoline Stations Term Loan Prime plus 2.75% 12/23/2022 4.9 4.9 5.1 — %
P. Agrino, Inc. dba Andover Diner (#,^) 193 Main St., Andover, NJ 07860 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/18/2021 2.4 2.4 2.5 — %
Total SBA Unguaranteed Accrual Investments $ 370,612.2 $ 370,612.2 $ 382,986.3 118.86 %

SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
200 North 8th Street Associates LLC and Enchanted Acres (#) 200 North 8th St., Reading, PA 19601 Food Manufacturing Term Loan 6.25% 5/4/2028 445.6 445.6 352.6 0.11 %
Amboy Group, LLC dba Tommy Moloney's (#) 1 Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 6/24/2025 364.5 364.5 355.2 0.11 %
CLU Amboy, LLC and Amboy Group, LLC dba Tommy Moloney's (#) 1 Amboy Ave, Woodbridge, NJ 07095 Food Manufacturing Term Loan 7% 12/27/2023 455.7 455.7 414.2 0.13 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (#) 380 E. Borden Rd, Rose City, MI 48654 Professional, Scientific, and Technical Services Term Loan 6.25% 6/17/2021 233.3 233.3 114.4 0.04 %
Event Mecca LLC (#) 141 South Waldron Lane, Wynantskill, NY 12198 Other Information Services Term Loan 6% 4/10/2023 11.0 11.0 1.2 — %
Hartford Cardiology Group LLC and Ideal Nutrition of Connecticut LLC (#,^) 345 North Main St., West Hartford, CT 06117 Ambulatory Health Care Services Term Loan —% 5/15/2024 452.3 452.3 71.6 0.02 %
274
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Kids at Heart,LLC dba Monster Mini Golf (#,^) 10 Newbury St., Danvers, MA 01923 Amusement, Gambling, and Recreation Industries Term Loan 6.75% 9/22/2026 19.6 19.6 7.3 — %
Matchless Transportation LLC dba First Class Limo (#) 31525 Aurora Rd # 5, Solon, OH 44139 Transit and Ground Passenger Transportation Term Loan 6.25% 5/31/2020 119.6 119.6 12.2 — %
Morris Glass and Construction Inc (#) 40058 Hwy 30, Astoria, OR 97103 Specialty Trade Contractors Term Loan 15% 10/1/2023 405.2 405.2 222.8 0.07 %
Sourceco Limited Liability Company (#,^) 17 Palmer Ave, West Long Branch, NJ 07764 Merchant Wholesalers, Nondurable Goods Term Loan 6.5% 12/17/2025 37.0 37.0 32.5 0.01 %
TX Superior Communications, LLC (#,^) 6223 Krempen Ave, San Antonio, TX 78233 Specialty Trade Contractors Term Loan 8% 3/19/2028 85.5 85.5 47.4 0.01 %
6 Price Avenue, LLC and Pauley Tree & Lawn Care, Inc (*,#) 6 Price Ave, Norwalk, CT 06840 Administrative and Support Services Term Loan 8% 9/24/2039 237.3 237.3 225.1 0.07 %
Pauley Tree and Lawn Care Inc (*,#) 6 Price Ave, Norwalk, CT 06854 Administrative and Support Services Term Loan 8.25% 7/28/2025 46.6 46.6 44.2 0.01 %
Acton Hardware LLC & Mark Allgood & Jamie Allgood (*,#,^) 31814 Crown Valley Rd, Acton, CA 93510 Building Material and Garden Equipment and Supplies Dealers Term Loan 8% 3/24/2041 478.2 478.2 364.9 0.11 %
Advance Case Parts Inc (*,#,^) 12489 NW 44th St., Coral Springs, FL 33065 Repair and Maintenance Term Loan 7.75% 12/22/2027 45.4 45.4 — — %
Advance Case Parts RE Holdings LLC and Advance Case Parts Inc (*,#) 12485-12489 NW 44th St., Coral Springs, FL 33071 Repair and Maintenance Term Loan 7.75% 3/31/2040 321.3 321.3 230.5 0.07 %
Alive Design, LLC (*,#) 234 Middle St., Middletown, CT 06457 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 3/13/2027 15.0 15.0 11.9 — %
All About Kids and Families Medical Center, Inc. (*,#,^) 12086 FT Caroline Rd #102/3, 401-403, 501/2, Jacksonville, FL 32225 Ambulatory Health Care Services Term Loan 8.25% 1/13/2029 364.9 364.9 256.6 0.08 %
All Printing Solutions, Inc. dba Pryntcomm (*,#,^) 303 E. Sioux Ave., Pierre, SD 57501 Printing and Related Support Activities Term Loan 7.75% 6/27/2041 491.9 491.9 215.9 0.07 %
Allied Welding Inc. (*,#,^) 1820 N. Santa Fe Ave, Chillicothe, IL 61523 Fabricated Metal Product Manufacturing Term Loan 8.25% 12/15/2041 727.3 727.3 560.8 0.17 %
American Pharmaceutical Innovation Company, LLC (*,#,^) 1425 Centre Circle, Downers Grove, IL 60515 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 6.9 6.9 6.5 — %
American Reclamation LLC (*,#,^) 3600 Wetzel St., Wheeling, WV 26003 Furniture and Related Product Manufacturing Term Loan 8% 11/1/2027 0.8 0.8 0.7 — %
Arclay, LLC (*,#,^) 49 Geyser Rd, Ste 100, Saratoga Springs, NY 12866 Nonmetallic Mineral Product Manufacturing Term Loan 8% 5/5/2030 137.1 137.1 39.5 0.01 %
Arrow Freight Inc (*,#,^) 1000 Jorie Blvd Ste 250, Oak Brook, IL 60523 Truck Transportation Term Loan 8.25% 3/30/2028 658.6 658.6 379.4 0.12 %
Auto Shine Carwash Inc and AKM R. Hossain and Jessica F. Masud (*,#) 2646 South Rd, Poughkeepsie, NY 12601 Gasoline Stations Term Loan 7.75% 9/26/2024 15.7 15.7 15.3 — %
275
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
AWA Fabrication & Construction, L.L.C. (*,#) 811 Country Rd #99, Headland, AL 36345 Fabricated Metal Product Manufacturing Term Loan 6% 4/30/2025 34.4 34.4 1.4 — %
B and J Catering Inc dba Culinary Solutions (*,#,^) 2201 S Federal Hwy, Boynton Beach, FL 33435 Food Services and Drinking Places Term Loan 7% 8/27/2040 208.9 208.9 139.2 0.04 %
B&B Fitness and Barbell, Inc. dba Elevations Health Club (*,#) Route 611 North, Scotrun, PA 18355 Amusement, Gambling, and Recreation Industries Term Loan 6% 6/22/2035 198.9 198.9 168.2 0.05 %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 03042 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 9/23/2026 70.1 70.1 48.5 0.02 %
B4 Fitness LLC dba The Zoo Health Club (*,#,^) 4 Beehive Dr, Epping, NH 03042 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 11/30/2026 18.5 18.5 — — %
Baker Sales, Inc. d/b/a Baker Sales, Inc. (*,#) 60207 Camp Villere Rd, Slidell, LA 70460 Nonstore Retailers Term Loan 6% 3/29/2036 177.4 177.4 59.4 0.02 %
Fieldstone Quick Stop LLC, Barber Investments LLC, Thadius M B (*,#) 190 Route 3, South China, ME 04358 Gasoline Stations Term Loan 6% 9/30/2038 400.4 400.4 36.4 0.01 %
Barber Investments LLC and Fieldstone Quickstop LLC and Maine Dollar (*,#) 190 Rt 3, South China, ME 04358 Gasoline Stations Term Loan 6.25% 8/15/2039 146.3 146.3 — — %
Bear Creek Entertainment LLC dba The Woods at Bear Creek (*,#,^) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan Prime plus 2.75% 8/12/2041 1,608.1 1,670.3 565.6 0.18 %
Bear Creek Entertainment, LLC dba The Woods at Bear Creek (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7.25% 12/30/2024 85.4 85.4 81.0 0.03 %
Bebos Inc dba Pizza Hut & Sunoco (*,#) 2003 West 5th St., Clifton, TX 76634 Gasoline Stations Term Loan 7.75% 3/28/2028 214.1 214.1 52.6 0.02 %
Bone Bar & Grill LLC (*,#) 3547&3551 Philipsburg Bigler Hwy, West Decatur, PA 16878 Food Services and Drinking Places Term Loan 7% 6/30/2042 73.4 73.4 54.7 0.02 %
Bowl Mor LLC dba Bowl Mor Lanes (*,#,^) 600 West Manlius St., East Syracuse, NY 13057 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/31/2027 6.4 6.4 — — %
Bowl Mor, LLC dba Bowl Mor Lanes/Spare Lounge, Inc. (*,#) 201 Highland Ave, East Syracuse, NY 13057 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/13/2039 201.2 201.2 154.0 0.05 %
BQRS, Inc. DBA Gresham Meineke Car Care Center (*,#,^) 18081 SE Division St., Portland, OR 97236 Repair and Maintenance Term Loan Prime plus 2.75% 6/30/2027 54.2 54.2 53.5 0.02 %
Brandywine Picnic Park, Inc. and B.Ross Capps & Linda Capps (*,#) 690 South Creek Rd, West Chester, PA 19382 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 3/30/2031 179.3 179.3 176.9 0.05 %
Cagwin Trucking LLC (*,#,^) 332 35th Ave, Fairbanks, AK 99701 Truck Transportation Term Loan 8.25% 9/29/2042 305.0 305.0 224.9 0.07 %
276
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Calhoun Satellite Communications Inc and Transmission Solutions Group (*,#) 1914 Tigertail Blvd, Dania, FL 33004 Broadcasting (except Internet) Term Loan 6.75% 2/27/2025 724.2 724.2 — — %
Calhoun Satellite Communications, Inc. (*,#) 1914 Tigertail Blvd, Dania Beach, FL 33004 Telecommunications Term Loan 7% 12/2/2026 189.1 189.1 30.9 0.01 %
Capstone Pediatrics PLLC and Capstone Healthcare Consulting LLC (*,#) 310 25th Ave N. St. Ste 201, Nashville, TN 37203 Ambulatory Health Care Services Term Loan 7.75% 5/15/2025 556.4 556.4 322.9 0.10 %
Cardinal Homes Inc, Alouette Holdings Inc., Bret Berneche & Dorothy (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2026 868.8 868.8 824.0 0.26 %
Cardinal Homes Inc. and Bret A Berneche (*,#,^) 525 Barnesville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan 8% 12/14/2041 116.7 116.7 110.7 0.03 %
Cardinal Homes, Inc (*,#,^) 525 Barnsville Hwy, Wylliesburg, VA 23976 Wood Product Manufacturing Term Loan Prime plus 2.75% 10/27/2027 95.7 95.7 90.8 0.03 %
Carl R. Bieber, Inc. dba Bieber Tourways/Bieber Transportation (*,#) 320 Fair St., Kutztown, PA 19530 Transit and Ground Passenger Transportation Term Loan 7.5% 9/30/2027 572.9 572.9 546.8 0.17 %
Central Medical Clinic, PLLC- Clinica Central (*,#) 393 N Dunlap St. #LL26,LL34,LL38, St Paul, MN 55104 Ambulatory Health Care Services Term Loan 8.25% 6/7/2029 307.2 307.2 303.2 0.09 %
Chickamauga Properties, Inc., MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 12/22/2035 59.0 59.0 56.0 0.02 %
Chickamauga Properties, Inc. & MSW Enterprises, LLP (*,#) 214 Sutherland Way, Rocky Face, GA 30740 Amusement, Gambling, and Recreation Industries Term Loan 6.25% 10/19/2022 43.5 43.5 41.2 0.01 %
Clark Realty LLC (*,#,^) 4 Walker Way, Albany, NY 12205 Real Estate Term Loan 8% 8/29/2041 73.3 73.3 18.9 0.01 %
Clark Realty LLC (*,#,^) 15 Old Loudon Rd, Colonie, NY 12110 Real Estate Term Loan 8% 9/15/2027 58.6 58.6 — — %
CNC Precision Machine, Inc. (*,#,^) 18360 Industrial Circle, Burton, OH 44021 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 9/28/2041 1,226.4 1,226.4 651.8 0.20 %
CNYP 717 Irondequoit LLC and CNYP 2002 Ontario LLC (*,#,^) 717 Titus Ave, Rochester, NY 14617 Food Services and Drinking Places Term Loan 8.25% 11/20/2040 232.4 232.4 118.9 0.04 %
Colts V LLC and Nowatzke Service Center, Inc dba Nowatzke Truck & Trai (*,#) 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 Repair and Maintenance Term Loan 6.75% 9/26/2039 553.3 553.3 484.0 0.15 %
Conference Services International ETC LLC (*,#,^) 4802 West Van Buren St., Phoenix, AZ 85007 Administrative and Support Services Term Loan 8% 8/14/2028 600.7 600.7 592.9 0.18 %
Custom Software, Inc. a Colorado Corporation dba M-33 Access (*,#) 380 E. Borden Rd, Rose City, MI 48654 Broadcasting (except Internet) Term Loan 6.25% 4/30/2022 94.3 94.3 — — %
CZAR Industries, Inc. (*,#,^) 1424 Heath Ave, Ewing, NJ 08638 Machinery Manufacturing Term Loan 8.25% 12/19/2027 219.9 219.9 80.6 0.03 %
277
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
D&G Capital LLC dba Miami Grill 277 (*,#,^) 2521 N Federal Hwy Unit C, Boca Raton, FL 33431 Food Services and Drinking Places Term Loan 6.5% 12/16/2025 45.4 45.4 23.9 0.01 %
Darian L Hampton DDS PA and Darian L. Hampton (*,#) 3610 N Josey Lane Ste 104, Carrollton, TX 75007 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/20/2028 292.6 292.6 24.0 0.01 %
Dixie Transport, Inc. & Johnny D. Brown & Jimmy Brown & Maudain Brown (*,#,^) 2685 US Hwy 41, Calhoun, GA 30701 Support Activities for Transportation Term Loan 5.25% 12/28/2035 1,316.8 1,316.8 702.5 0.22 %
Douglas Printy Motorsports, Inc. dba Blackburn Trike (*,#) 1410 Medina Rd, Medina, OH 44256 Motor Vehicle and Parts Dealers Term Loan 8.25% 3/9/2040 155.9 155.9 95.1 0.03 %
Doxa Deo Inc dba Luv 2 Play (*,#,^) 1600 Village Market Blvd, Leesburg, VA 20175 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2026 81.3 81.3 80.2 0.02 %
Dr. Richard Rolle JR, PLLC dba Rolle Oral & Facial Surgery PLLC (*,#,^) 1515 Shopton Rd, Charlotte, NC 28217 Ambulatory Health Care Services Term Loan 7.5% 9/29/2042 869.9 869.9 596.4 0.19 %
Dr. Richard R. Rolle, Jr., PLLC dba Rolle Oral & Facial Surgery (*,#,^) 9615 Caldwell Commons Cir, Ste B, Cornelius, NC 28031 Ambulatory Health Care Services Term Loan 7.5% 12/18/2027 122.3 122.3 — — %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 60139 Truck Transportation Term Loan 8% 12/22/2027 726.2 726.2 453.1 0.14 %
Driven Warehouse/Distribution LLC (*,#) 271 East North Ave, Glendale, IL 60139 Truck Transportation Term Loan 8% 1/18/2028 129.0 129.0 — — %
DTM Parts Supply Inc. (*,#) 31 Sageman St, Mount Vernon, NY 10550 Merchant Wholesalers, Durable Goods Term Loan 7% 6/2/2025 53.4 53.4 38.2 0.01 %
DuCharme Realty LLC and DuCharme Enterprises LLC dba Specialty (*,#) 1717 Hwy 200, Noxon, MT 59853 Wood Product Manufacturing Term Loan 8% 2/2/2040 210.1 210.1 131.2 0.04 %
E & I Holdings, LP & PA Farm Products, LLC (*,#) 1095 Mt Airy Rd, Stevens, PA 17578 Food Manufacturing Term Loan 6% 4/30/2030 4,705.2 4,815.4 2,773.9 0.86 %
Earth First Recycling LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 12/6/2027 72.8 72.8 71.9 0.02 %
Earth First Recycling, LLC and 191 Clark Road, LLC (*,#,^) 400 Island Park Rd, Easton, PA 18040 Merchant Wholesalers, Durable Goods Term Loan 8% 6/5/2027 338.0 338.0 333.6 0.10 %
Elegant Fireplace Mantels, Inc. dba Elegant Fireplace Mantels (*,#,^) 11949 Borden Ave, San Fernando, CA 91340 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/31/2022 43.9 43.9 42.8 0.01 %
Ericon Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan Prime plus 2.75% 3/24/2027 54.2 54.2 — — %
Ericon, Inc. (*,#,^) 740 Davenport Ave, Fremont, NE 68025 Gasoline Stations Term Loan 8.25% 12/1/2041 705.6 705.6 658.6 0.20 %
Ericon, Inc. dba Quik Pik (*,#,^) 740 Davenport Ave, Freemont, NE 68025 Gasoline Stations Term Loan 8.25% 12/15/2041 322.8 322.8 — — %
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 9/26/2022 312.9 312.9 55.5 0.02 %
278
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Europlast Ltd (*,#) 100 Industrial Lane, Endeavor, WI 53930 Plastics and Rubber Products Manufacturing Term Loan 6% 5/31/2023 73.4 73.4 — — %
Evergreen Pallet LLC and Evergreen Recycle LLC (*,#,^) 302 W 53rd St N., Wichita, KS 67204 Wood Product Manufacturing Term Loan 8.25% 3/16/2026 912.8 912.8 514.6 0.16 %
Evernook Valley Milk LLC (*,#,^) 7448 Emmerson Rd, Everson, WA 98247 Animal Production and Aquaculture Term Loan 7.5% 8/31/2042 637.5 637.5 468.2 0.15 %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 8/30/2023 66.8 66.8 52.8 0.02 %
Excel RP Inc (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 3/25/2026 95.2 95.2 — — %
Excel RP, Inc./Kevin and Joann Foley (*,#) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 7/8/2028 32.4 32.4 31.0 0.01 %
Excel, RP Inc. (*,#,^) 6531 Park Ave, Allen Park, MI 48101 Machinery Manufacturing Term Loan 8.25% 9/20/2027 88.8 88.8 — — %
Ezzo Properties, LLC and Great Lakes Cleaning, Inc. (*,#) 1405 Combermere Dr., Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/20/2027 286.5 286.5 40.0 0.01 %
New Image Building Services, Inc. dba New Image Repair Services (*,#) 1405 Combermere Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 8/23/2037 251.5 251.5 162.3 0.05 %
New Image Building Services Inc. dba New Image Repair Services (*,#) 1405 Combermer Dr., Troy, MI 48083 Repair and Maintenance Term Loan 7.75% 10/29/2023 197.1 197.1 — — %
New Image Building Services, Inc. dba The Maids serving Oakland (*,#,^) 320 Church St., Mount Clemens, MI 48043 Administrative and Support Services Term Loan 7.75% 1/19/2026 67.8 67.8 — — %
New Image Building Services, Inc.dba The Maids Servicing Oakland &Maco (*,#,^) 1405 Combermere Drive, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 12/21/2026 39.0 39.0 — — %
New Image Building Services, Inc. (*,#,^) 1405 Combermere Drive, Troy, MI 48083 Administrative and Support Services Term Loan 7.75% 5/18/2027 138.9 138.9 — — %
Flooring Liquidators Inc and Flooring Liquidators of Mt Kisco LLC (*,#) 267 Saw Mill River Rd, Elmsford, NY 10523 Specialty Trade Contractors Term Loan 6.75% 6/17/2025 299.5 299.5 194.8 0.06 %
Flooring Liquidators Inc & Premier Flooring Yonkers Inc & Flooring (*,#,^) 267 Saw Mill River Rd, Elmsford, NY 10523 Specialty Trade Contractors Term Loan 8.25% 3/24/2026 39.1 39.1 — — %
Florida Apnea Diagnostics LLC (*,#,^) 2664 Cypress Rdg Blvd Ste 101&102A, Wesley Chapel, FL 33544 Ambulatory Health Care Services Term Loan 8.25% 10/20/2027 145.7 145.7 73.4 0.02 %
Florida Apnea Diagnostics, LLC (*,#,^) 2664 Cypress Ridge Blvd Ste 101&102, Wesley Chapel, FL 33624 Ambulatory Health Care Services Term Loan 8.25% 7/24/2028 20.1 20.1 — — %
Galaforo Construction and Companies LLC (*,#,^) 1770 Stumpf Boulevard, Terrytown, LA 70056 Construction of Buildings Term Loan 7.5% 12/15/2042 33.6 33.6 31.9 0.01 %
279
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Galaforo Construction LLC and Paul M Galaforo, Jr. (*,#) 1770 Stumpf Boulevard, Terrytown, LA 70056 Construction of Buildings Term Loan 7.5% 12/15/2027 329.0 329.0 23.6 0.01 %
GEM2K, LLC (*,#,^) 4150 E Magnolia ST., Phoeniz, AZ 85034 Nonmetallic Mineral Product Manufacturing Term Loan 8.25% 12/15/2043 381.3 381.3 366.4 0.11 %
GEM2K, LLC dba Precision Precast Group (*,#,^) 4150 E Magnolia St., Phoenix, AZ 85034 Miscellaneous Manufacturing Term Loan 8.25% 5/19/2027 140.4 140.4 42.6 0.01 %
Grand Manor Realty, Inc. & Kevin LaRoe (*,#) 318 S. Halsted St., Chicago, IL 60661 Real Estate Term Loan 6% 2/20/2023 19.0 19.0 18.0 0.01 %
Green Country Filter Manufacturing LLC (*,#,^) 1415 S. 70th E Ave, Tulsa, OK 74112 Miscellaneous Manufacturing Term Loan 8% 4/27/2026 59.4 59.4 13.7 — %
Groundworks Unlimited LLC (*,#,^) 50 Telfair Place, Garden City, GA 31415 Specialty Trade Contractors Term Loan 6% 12/17/2023 8.0 8.0 7.8 — %
H.M.C, Incorporated (*,#,^) 7190 Oakland Mills Rd Ste 10, Columbia, MD 21046 Furniture and Related Product Manufacturing Term Loan 8.25% 7/3/2028 183.8 183.8 181.4 0.06 %
Hagerstown Muffler, Inc. and JMS Muffler, Inc (*,#) 1390 Dual Hwy, Hagerstown, MD 21740 Repair and Maintenance Term Loan 8% 9/24/2040 311.5 311.5 270.8 0.08 %
Harrelson Materials Management,Inc (*,#) 1101 Russell Rd, Shreveport, LA 71107 Waste Management and Remediation Services Term Loan 6% 6/24/2021 465.2 465.2 4.6 — %
Hascher Gabelstapler Inc (*,#) 80 Cole Ave, Akron, OH 44301 Repair and Maintenance Term Loan 7% 3/26/2024 49.0 49.0 — — %
HDD Solutions, LLC (*,#) 6550 Progress Parkway, Cedar Hill, MO 63016 Heavy and Civil Engineering Construction Term Loan 8.25% 12/31/2028 552.8 552.8 339.6 0.11 %
HG Ventures, Inc. (*,#,^) 100 Phoenix Drive, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 3/9/2028 120.9 120.9 34.5 0.01 %
HG Ventures, Inc. dba Diamond Head Trucking (*,#,^) 100 Phoenix Drive, Finleyville, PA 15332 Truck Transportation Term Loan 7.5% 6/29/2030 882.7 882.7 312.5 0.10 %
Home Again Restaurant LLC (*,#) 9524 Camp Lake Rd, Salem, WI 53168 Food Services and Drinking Places Term Loan 6.25% 6/30/2040 0.4 0.4 0.3 — %
Hurshell Leon Dutton dba High Jump Party Rentals (*,#,^) 157 East Concho Ave, San Angelo, TX 76903 Rental and Leasing Services Term Loan 8% 11/30/2025 13.6 13.6 13.3 — %
Insight Vision Care, PC, CRMOD Lubbock, P.C.,Vielm Vision Eyecare Inc (*,#,^) 4899 Griggs Rd, Houston, TX 77021 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/27/2043 1,132.3 1,132.3 643.5 0.20 %
J And G Group Services LLC and United Vending of Florida Inc and John (*,#,^) 14240 Palmetto Frontage Rd, Miami Lakes, FL 33016 Merchant Wholesalers, Nondurable Goods Term Loan 7.25% 7/28/2026 29.6 29.6 29.2 0.01 %
J and K Fitness L.L.C. dba Physiques Womens Fitness Center (*,#,^) 2505 Verot School RD, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 2/28/2041 90.1 90.1 — — %
J&K Fitness, LLC dba Physiques Womens Fitness Center (*,#) 2505 Verot School Rd, Lafayette, LA 70508 Amusement, Gambling, and Recreation Industries Term Loan 8% 6/8/2036 14.6 14.6 11.0 — %
280
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
J Harris Trucking LLC (*,#) 2040 5 1/2 Mile Rd, Racine, WI 53402 Truck Transportation Term Loan 7.25% 5/19/2027 18.7 18.7 — — %
J Harris Trucking, LLC (*,#,^) 2040 5 1/2 Mile Rd, Racine, WI 53402 Truck Transportation Term Loan 7.25% 5/13/2026 29.6 29.6 4.5 — %
J Olson Enterprises LLC and Olson Trucking Direct, Inc. (*,#) 311 Ryan St, Holmen, WI 54636 Truck Transportation Term Loan 6% 6/28/2025 628.4 628.4 47.1 0.01 %
Jenny's Wunderland, Inc. (*,#) 3666 East 116th, Cleveland, OH 44105 Social Assistance Term Loan 6% 6/29/2036 98.8 98.8 1.2 — %
Kantz LLC and Kantz Auto LLC dba Kantz's Hometown Auto (*,#) 200 West Adams St, Cochranton, PA 16314 Motor Vehicle and Parts Dealers Term Loan 6.25% 10/29/2039 11.1 11.1 5.2 — %
Kidtastic LLC dba The Little Gym of Audubon (*,#,^) 2850 Audubon Drive, Audubon, PA 19403 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 7/27/2026 44.9 44.9 25.8 0.01 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle, New York Bagle (*,#) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 18.1 18.1 11.4 — %
Knowledge First Inc dba Magic Years of Learning and Kimberly Knox (*,#) 575 North Harris St, Athens, GA 30601 Social Assistance Term Loan 8% 3/21/2039 11.4 11.4 10.7 — %
Kostekos Inc dba New York Style Pizza (*,#) 10 South King St., Gloucester, NJ 08030 Food Services and Drinking Places Term Loan 8% 2/6/2040 61.9 61.9 14.9 — %
Krishna of Orangeburg, Inc. (*,#) 826 John C. Calhoun Drive, Orangeburg, SC 29115 Accommodation Term Loan 6% 2/20/2032 10.3 10.3 9.2 — %
Kup's Auto Spa Inc (*,#) 121 Marktree Rd, Centereach, NY 11720 Repair and Maintenance Term Loan 6.25% 11/15/2038 70.5 70.5 33.3 0.01 %
Kup’s Auto Spa, Inc. (*,#) 121 Marktree Rd, Centereach, NY 11720 Repair and Maintenance Term Loan 6.25% 10/23/2025 54.7 54.7 — — %
LA Diner Inc dba Loukas L A Diner (*,#) 3205 Route 22 East, Branchburg, NJ 08876 Food Services and Drinking Places Term Loan 7.25% 9/28/2037 92.8 92.8 90.4 0.03 %
LAN Doctors Inc (*,#) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 8/28/2025 59.8 59.8 58.3 0.02 %
LAN Doctors Inc (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 3/16/2026 43.4 43.4 42.3 0.01 %
Lan Doctors, Inc. (*,#,^) 14 Pierson Court, Mahwah, NJ 07430 Professional, Scientific, and Technical Services Term Loan 8.25% 12/7/2026 203.3 203.3 197.9 0.06 %
Lowgap Grocery & Grill LLC (*,#,^) 8773 West Pine St., Lowgap, NC 27024 General Merchandise Stores Term Loan 7.25% 3/24/2041 48.0 48.0 26.7 0.01 %
M & H Pine Straw Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 3/21/2023 197.4 197.4 59.9 0.02 %
M & H Pine Straw, Inc and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Support Activities for Agriculture and Forestry Term Loan 6% 4/30/2020 54.2 54.2 53.5 0.02 %
M & H Pine Straw, Inc.and Harris Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Support Activities for Agriculture and Forestry Term Loan 7.5% 7/10/2020 27.4 27.4 20.3 0.01 %
281
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
M & H Pinestraw, Inc. and Harris L. Maloy (*,#) 526 Perry House Rd, Fitzgerald, GA 31750 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 12/15/2021 133.8 133.8 49.9 0.02 %
M and C Renovations Inc (*,#) 3951 Lorna Rd, Birmingham, AL 35244 Construction of Buildings Term Loan 6.25% 10/31/2024 11.5 11.5 9.0 — %
Magill Truck Line LLC and Jeff J. Ralls (*,#,^) 211 West 53rd St. N., Park City, KS 67204 Truck Transportation Term Loan 8% 3/11/2029 186.2 186.2 85.9 0.03 %
Mariam Diner Inc dba Country Kitchen Restaurant (*,#,^) 17393 Main St., Hesperia, CA 92345 Food Services and Drinking Places Term Loan 8% 3/18/2026 42.8 42.8 18.0 0.01 %
MB Xpress Inc (*,#,^) 159 D'Arcy Parkway, Lathrop, CA 95330 Truck Transportation Term Loan 8.25% 9/19/2028 1,168.6 1,168.6 1,017.8 0.32 %
Medeiros Holdings Inc dba Outdoor Lighting Perspectives of the Triad (*,#,^) 780 S Peace Haven Rd, Winston Salem, NC 27103 Electrical Equipment, Appliance, and Component Manufacturing Term Loan 7% 11/25/2025 10.5 10.5 1.8 — %
MIT LLC (*,#,^) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 84.9 84.9 63.2 0.02 %
Mojo Brands Media, LLC (*,#) 3260 University Blvd., Ste 100, Winter Park, FL 32792 Broadcasting (except Internet) Term Loan 6% 8/28/2023 725.0 725.0 289.7 0.09 %
MTV Bowl, Inc. dba Legend Lanes (*,#) 4190 State Rd, Cuyahoga Falls, OH 44223 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 6/30/2036 197.3 197.3 208.6 0.06 %
Mustafa Inc dba Adiba Grocery (*,#,^) 5712 Wurzbach Rd, San Antonio, TX 78238 Food and Beverage Stores Term Loan Prime plus 2.75% 12/17/2025 78.7 78.7 74.6 0.02 %
Mustafa Inc and Raouf Properties LLC (*,#,^) 3538 Pin Oak Dr, San Antonio, TX 78229 Food and Beverage Stores Term Loan Prime plus 2.75% 3/14/2041 71.3 71.3 67.7 0.02 %
N Transport LLC (*,#,^) 5348 W Brown Ave, Fresno, CA 93722 Truck Transportation Term Loan 8% 11/20/2027 385.5 385.5 86.9 0.03 %
N Transport LLC (*,#,^) 294 N. Fruit Ave, Fresno, CA 93706 Truck Transportation Term Loan 8.25% 11/20/2042 175.3 175.3 147.2 0.05 %
Neville Galvanizing, Inc (*,#) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 625.0 625.0 444.2 0.14 %
Nowatzke Service Center Inc dba Nowatzke Truck & Trailer (*,#,^) 6900 Whitmore Lake Rd, Whitmore Lake, MI 48189 Repair and Maintenance Term Loan 7% 1/29/2026 96.9 96.9 — — %
Olsen Bros. Transportation, Inc. & Golden Spike Leasing, LLC (*,#,^) 2520 Pennsylvania Ave, Ogden, UT 84401 Truck Transportation Term Loan 8.25% 6/20/2028 547.8 547.8 71.3 0.02 %
Paragon Fabricators Inc, Paragon Field Services, Inc and Paragon Global (*,#) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2026 570.7 570.7 27.3 0.01 %
Paragon Global, LLC and Paragon Fabricators Inc and Paragon Field (*,#,^) 412 and 500 Main St., La Marque, TX 77568 Heavy and Civil Engineering Construction Term Loan 7% 9/28/2041 110.1 110.1 77.2 0.02 %
Peter K Lee MD, PC dba Atlanta Primary Care (*,#,^) 211 Roberson Mill Rd, Milledgeville, GA 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2043 859.6 859.6 826.1 0.26 %
282
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Peter K Lee MD, PC dba Atlanta Primary Care LLC (*,#,^) 5 Ashford Way, Hawkinsville, GA 31061 Ambulatory Health Care Services Term Loan 8.25% 9/13/2028 381.0 381.0 366.2 0.11 %
PLES Investements, LLC and John Redder, Pappy Sand & Gravel, Inc. (*,#,^) 2040 Dowdy Ferry, Dallas, TX 75218 Specialty Trade Contractors Term Loan Prime plus 2.75% 12/19/2038 499.0 499.0 367.0 0.11 %
Top Cat Ready Mix, LLC & Ples Investments LLC, Pappy's Sand & Gravel (*,#,^) 2040 Dowdy Ferry Rd, Dallas, TX 75217 Specialty Trade Contractors Term Loan Prime plus 2.75% 6/14/2028 147.5 147.5 — — %
Top Cat Ready Mix, LLC, Ples Investments LLC, and Pappy's Sand (*,#,^) 13851 S State HWY 34, Scurry, TX 75158 Specialty Trade Contractors Term Loan Prime plus 2.75% 10/28/2025 499.1 499.1 212.6 0.07 %
Pooh's Corner Realty LLC and Pooh's Corner Inc (*,#) 40 West Avon Rd, Avon, CT 06001 Social Assistance Term Loan 7% 7/23/2040 11.2 11.2 7.3 — %
PS Camping Inc. (*,#,^) 43595 US Hwy 50, Canon City, CO 81212 Accommodation Term Loan Prime plus 2.75% 12/1/2027 18.5 18.5 17.7 0.01 %
PS Camping, Inc. dba Prospectors RV Resort (*,#,^) 43659&43595 US Hwy 50, Canon City, CO 81212 Accommodation Term Loan 8.25% 5/19/2042 250.1 250.1 240.4 0.07 %
Ramjay Inc. (*,#,^) 85 S. Bragg St. Ste 303, Alexandria, VA 22312 Transit and Ground Passenger Transportation Term Loan 8.25% 1/13/2027 381.9 381.9 83.6 0.03 %
Randall Miller Company, Inc and Boyz Transportation Services, LLC (*,#,^) 256 Blackley Rd, Bristole, TN 37620 Truck Transportation Term Loan Prime plus 2.75% 7/31/2029 921.9 921.9 611.1 0.19 %
RDT Enterprises LLC (*,#) 2134 Helton Dr, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 9/15/2027 136.9 136.9 60.8 0.02 %
RDT Enterprises, L.L.C. (*,#) 2134 Helton Drive, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 11/12/2025 19.5 19.5 — — %
RDT Enterprises, LLC (*,#) 2134 Helton Drive, Florence, AL 35630 Specialty Trade Contractors Term Loan 7% 12/31/2028 111.5 111.5 52.7 0.02 %
Recovery Boot Camp, LLC, Rule 62, Inc. and Healing Properties, LLC (*,#,^) 85 SW 5th Ave, Delray Beach, FL 33444 Ambulatory Health Care Services Term Loan Prime plus 2.75% 12/28/2028 119.1 119.1 9.4 — %
Return to Excellence Inc (*,#,^) 176 Country Club Drive, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8.25% 1/27/2027 15.6 15.6 14.8 — %
Return to Excellence, Inc. dba The Waynesville Inn Golf & Spa (*,#) 176 Country Club Drive, Waynesville, NC 28786 Amusement, Gambling, and Recreation Industries Term Loan 8% 10/10/2039 1,154.0 1,154.0 1,094.5 0.34 %
Rhone Wolf Vineyard LLC, Goldline Brands Inc. and Myka Cellars, Inc. (*,#,^) 5245 Bucks Bar Rd, Placerville, CA 95667 Beverage and Tobacco Product Manufacturing Term Loan 8.25% 1/19/2030 230.9 230.9 219.0 0.07 %
Roundhay Partners LLC and Roundhay Farming LLC (*,#,^) 6160 Granite Spring Rd, Somerset, CA 95684 Crop Production Term Loan 8.25% 8/8/2042 902.1 902.1 663.8 0.21 %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 East Southerland St., Wallace, NC 28466 Food Services and Drinking Places Term Loan Prime plus 2.75% 9/14/2026 121.8 121.8 25.9 0.01 %
Rich's Food Stores LLC dba Hwy 55 of Wallace (*,#,^) 611 E Southerland St, Wallace, NC 28466 Food Services and Drinking Places Term Loan 8.25% 11/9/2026 37.1 37.1 — — %
283
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Route 130 SCPI Holdings LLC, Route 130 SCPI Operations LLC (*,#) 423-429 Route 156, Trenton, NJ 08620 Food Services and Drinking Places Term Loan 6.25% 9/30/2039 279.5 279.5 34.5 0.01 %
Sanabi Investment, LLC dba Oscar's Moving and Storage (*,#,^) 11421 N W 107th St., #13, Miami, FL 33178 Truck Transportation Term Loan 7.5% 6/20/2027 106.2 106.2 41.3 0.01 %
Sand Hill Associates, Ltd. dba Charlie O's Tavern on the Point (*,#,^) 2 Sand Hill Cove Rd, Narragansett, RI 02882 Food Services and Drinking Places Term Loan 8.25% 12/27/2041 413.0 413.0 242.1 0.08 %
SDA Holdings LLC and Les Cheveux Salon Inc (*,#,^) 306 McClanahan St., Roanoke, VA 24014 Personal and Laundry Services Term Loan 7.5% 12/15/2040 108.5 108.5 67.0 0.02 %
Sektor Solutions Inc. (*,#,^) 9841 Washingtonian Blvd #200, Gaithersberg, MD 20878 Professional, Scientific, and Technical Services Term Loan 8.25% 11/16/2028 157.8 157.8 153.6 0.05 %
Select Propane & Fuel Inc. and Select Fuel & Convenience LLC (*,#) 3822 State Route 3, Red Bud, IL 62278 Merchant Wholesalers, Nondurable Goods Term Loan 7.5% 2/10/2030 524.2 524.2 26.8 0.01 %
Shaffer Automotive Repair, LLC (*,#) 1485 North McQueen Rd #1, Gilbert, AZ 85233 Repair and Maintenance Term Loan 7% 5/24/2030 132.8 132.8 45.2 0.01 %
Shane M. Howell and Buck Hardware and Garden Center, LLC (*,#) 1007 Lancaster Pike, Quarryville, PA 17566 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.5% 12/27/2038 113.4 113.4 10.5 — %
Siman Trio Trading (*,#) 2100 Ponce De Leon Blvd #1290, Coral Gables, FL 33134 Merchant Wholesalers, Durable Goods Term Loan 8.25% 12/21/2028 146.4 146.4 22.0 0.01 %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC (*,#) 700 Ramona Ave, Philadelphia, PA 19120 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 12/26/2043 499.6 499.6 493.0 0.15 %
Soregard Inc (*,#,^) 605 Birch Drive, Maquoketa, IA 52060 Furniture and Related Product Manufacturing Term Loan 7.5% 6/30/2041 152.8 152.8 41.9 0.01 %
Sovereign Communications LLC (*,#) 26 E 3 Mile Rd, Sault Sainte Marie, MI 49783 Broadcasting (except Internet) Term Loan 6.75% 2/7/2024 627.4 627.4 132.6 0.04 %
STK Ventures Inc dba JP Dock Service & Supply (*,#) 12548 N State Hwy 7, Climax Springs, MO 65324 Specialty Trade Contractors Term Loan 6% 5/9/2037 31.6 31.6 7.0 — %
Stormrider Inc dba Shirley's Stormrider Inc (*,#) 1335 N. Gable Rd, St. Hedwig, TX 78152 Truck Transportation Term Loan 7.25% 9/23/2025 53.1 53.1 — — %
Stormrider Inc dba Shirley's Stormrider, Inc (*,#) 1335 N Gable Rd, St Hedwig, TX 78152 Truck Transportation Term Loan 7.75% 11/25/2024 102.9 102.9 13.1 — %
Street Magic Enterprise LLC (*,#,^) 1700 E Bridge St., New Lisbon, WI 93950 Gasoline Stations Term Loan 7.75% 12/21/2027 86.3 86.3 — — %
Street Magic Enterprise LLC dba New Lisbon Travel Mart (*,#,^) 1700 East Bridge St., New Lisbon, WI 53950 Gasoline Stations Term Loan 7.5% 11/7/2042 419.0 419.0 239.9 0.07 %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.25% 8/29/2041 620.8 620.8 564.7 0.18 %
Suncrest Stone Products LLC (*,#,^) 341 County Farm Rd, Ashburn, GA 31714 Nonmetallic Mineral Product Manufacturing Term Loan 7.5% 8/29/2026 536.6 536.6 459.9 0.14 %
284
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
T and B Boots Inc dba Takken's Shoes (*,#) 670 Marsh St., San Luis Obispo, CA 93401 Clothing and Clothing Accessories Stores Term Loan 7% 3/31/2025 23.0 23.0 — — %
T and B Boots Inc dba Takken's Shoes (*,#,^) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 6/17/2026 204.5 204.5 — — %
T and B Boots Inc dba Takken's Shoes (*,#) 72 South Main St., Templeton, CA 93465 Clothing and Clothing Accessories Stores Term Loan 7.25% 12/7/2026 95.2 95.2 93.9 0.03 %
Tarver-Henley Inc. and Tar-Hen LLC (*,#,^) 2125 College Ave, Jackson, AL 36545 Building Material and Garden Equipment and Supplies Dealers Term Loan 7.75% 6/21/2042 97.8 97.8 82.5 0.03 %
The Jig, LLC (*,#,^) 3115 Camp Phillips Rd, Wausau, WI 54403 Food Services and Drinking Places Term Loan Prime plus 2.75% 10/24/2042 74.8 74.8 71.0 0.02 %
The Lake Shore Hospitality Inc dba Dowagiac Baymont Inn & Suites (*,#,^) 29291 Amerihost Drive, Dowagiac, MI 49047 Accommodation Term Loan 8.25% 12/5/2041 335.1 335.1 322.1 0.10 %
The Woods at Bear Creek LLC and Bear Creek Entertainment LLC (*,#) 3510 Bear Creek Rd, Franklinville, NY 14737 Accommodation Term Loan 7% 9/29/2039 489.6 489.6 464.4 0.14 %
Transmission Solutions Group, Inc. and Calhoun Satellite Communication (*,#) 1007 &1009 Old Route 119, Hunker, PA 15639 Telecommunications Term Loan 7% 12/2/2041 64.7 64.7 — — %
Victorian Restaurant and Tavern, LLC (*,#,^) 226 Maple Ave, Cheshire, CT 06410 Food Services and Drinking Places Term Loan 8.25% 2/22/2042 104.4 104.4 88.5 0.03 %
Vision Automotive LLC dba Vision Chrysler Jeep Dodge Ram of Defiance (*,#,^) 20390 County RD 424, Defiance, OH 43512 Motor Vehicle and Parts Dealers Term Loan 7.5% 9/29/2029 289.3 289.3 125.8 0.04 %
Vision Collision Center LLC dba Integrity Auto Body & Vision (*,#) 20502 County Rd 424, Defiance, OH 43512 Repair and Maintenance Term Loan 7.5% 11/21/2027 349.2 349.2 — — %
Warner Family Restaurant LLC dba Burgerim (*,#) 250 North Nova Rd, Ormond Beach, FL 32174 Food Services and Drinking Places Term Loan 8% 5/3/2028 20.1 20.1 2.8 — %
Webb Eye Associates, PA (*,#,^) 1720 S W W White Rd, San Antonio, TX 78220 Ambulatory Health Care Services Term Loan 7.25% 7/19/2027 71.2 71.2 36.1 0.01 %
White Hawk Inc. (*,#,^) 2101 Dr. Martin Luther King Jr. Blvd, Stockton, CA 95205 Truck Transportation Term Loan 8.25% 12/15/2026 937.3 937.3 912.8 0.28 %
Wilban LLC (*,#,^) 454 US Hwy 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.5% 3/11/2026 93.2 93.2 90.8 0.03 %
Wilban LLC (*,#) 454 US Hwy 22, Whitehouse Station, NJ 08889 Food Services and Drinking Places Term Loan 7.25% 3/28/2039 402.7 402.7 265.5 0.08 %
Work of Heart Inc dba Little Nest Portraits (*,#) 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 Professional, Scientific, and Technical Services Term Loan 7.5% 1/10/2028 5.2 5.2 5.1 — %
Work of Heart Inc dba Little Nest Portraits (*,#,^) 1000 Merdian Blvd, Ste 112, Franklin, TN 37067 Professional, Scientific, and Technical Services Term Loan 7.5% 7/28/2027 47.1 47.1 45.9 0.01 %
285
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Unguaranteed Non-Accrual Investments (3) (22) 271346
Zeeba Company, Inc dba Zeeba Rent-A-Van & 5 Star Rent- A-Van (*,#,^) 3200 Wilshire Blvd Ste 1000, Los Angeles, CA 90010 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 9/27/2028 677.3 677.3 607.5 0.19 %
Zahmel Restaurant Suppliers Corp dba Cash & Carry; Zahners Hardware (*,#,^) 33-51 11th St., Astoria, NY 11106 Merchant Wholesalers, Nondurable Goods Term Loan 8.25% 4/28/2027 75.8 75.8 65.9 0.02 %
Total Unguaranteed Non-Accrual SBA Investments $ 58,912.6 $ 59,085.0 $ 34,236.8 10.63 %
Total Unguaranteed SBA Investments $ 429,524.8 $ 429,697.2 $ 417,223.1 129.48 %

SBA Guaranteed Accrual Investments (4a) 271,346
Matrix Z LLC 800 SW 21st Terrace, Ft Lauderdale, FL 33312 Nonmetallic Mineral Product Manufacturing Term Loan Prime plus 6.5% 2/27/2029 12.0 12.0 12.0 — %
Rello Inc. 8063 Jericho Turnpike, Woodbury, NY 11797 Personal and Laundry Services Term Loan Prime plus 6.5% 4/17/2029 5.8 5.8 5.8 — %
2Choice2Friends LLC 901 W Braker Lane, Austin, TX 78758 Food Services and Drinking Places Term Loan Prime plus 6.5% 4/17/2029 12.1 12.1 12.1 — %
Al Russell Moldof's CPA 15105 John J Delaney Dr. #D 170, Charlotte, NC 28277 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/25/2029 4.8 4.8 4.8 — %
Disability Resolution 1619 Malon Bay Drive, Orlando, FL 32828 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 4/30/2029 4.3 4.3 4.3 — %
NYM Solutions Inc. 1250 NW 7th St. Ste 201, Miami, FL 33125 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 5/6/2029 12.2 12.2 12.2 — %
Crystal Cleaning Service 10862 Nichols Blvd, Olive Branch, MS 38654 Administrative and Support Services Term Loan Prime plus 6.5% 5/9/2029 9.9 9.9 9.9 — %
Clowers Trucking by Faith LLC 705 E Brookwood PL, Valdosta, GA 31601 Truck Transportation Term Loan Prime plus 6.5% 5/23/2029 12.1 12.1 12.1 — %
MCM Design LLC 5926 Vinings Vintage Way, Mableton, GA 30126 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 5/23/2029 9.8 9.8 9.8 — %
Still Photography 195 Terrace Place, Apt. 2, Brooklyn, NY 11218 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/6/2029 12.2 12.2 12.2 — %
Archer Cleaners Inc. 1514 W 33rd St., Chicago, IL 60608 Personal and Laundry Services Term Loan Prime plus 6.5% 6/10/2029 12.2 12.2 12.2 — %
Law Office of Paula Padilla PLLC 2211 E Highland Ave Ste 130, Phoenix, AZ 85016 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 6/13/2029 4.9 4.9 4.9 — %
Bonadi Inc. 9858 W Sample Rd, Coral Springs, FL 33065 Personal and Laundry Services Term Loan Prime plus 6.5% 6/17/2029 12.2 12.2 12.2 — %
AA Horseplay, LLC 34565 Ranch Drive, Brownsville, OR 97327 Animal Production and Aquaculture Term Loan Prime plus 6.5% 6/20/2029 12.2 12.2 12.2 — %
Campuscuts LLC 930 Robtrice Ct, Edmond, OK 73430 Personal and Laundry Services Term Loan Prime plus 6.5% 6/21/2029 7.3 7.3 7.3 — %
286
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346
Port Diesel LLC 3212 Alex Trask Drive, Castle Hayne, NC 28429 Repair and Maintenance Term Loan Prime plus 6.5% 6/21/2029 12.3 12.3 12.3 — %
Menshka Inc. 88 High St., Mountclair, NJ 07042 Ambulatory Health Care Services Term Loan Prime plus 6.5% 7/10/2029 12.3 12.3 12.3 — %
The Bean Coffee Company, LLC 112 South Main St., Spring Hill, KS 66083 Food Services and Drinking Places Term Loan Prime plus 6.5% 7/17/2029 12.3 12.3 12.3 — %
Lawrence Adeyemo & Co LLC 209-34 112 Ave, Queens Village, NY 11429 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 7/19/2029 9.8 9.8 9.8 — %
Gradstreet LLC 2437 Corinth Ave Apt 130, Los Angeles, CA 90064 Nonstore Retailers Term Loan Prime plus 6.5% 7/30/2029 12.3 12.3 12.3 — %
A&S Services LLC 3888 Lightner Rd, Vandalia, OH 45377 Food Services and Drinking Places Term Loan Prime plus 6.5% 8/7/2029 12.3 12.3 12.3 — %
Crystal Clear Accounting 34099 Tuscan Creek Way, Temecula, CA 92592 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 8/26/2029 3.2 3.2 3.2 — %
Doghouse Sport Fishing Charters Inc. 83413 Overseas Hwy, Islamorada, FL 33036 Scenic and Sightseeing Transportation Term Loan Prime plus 6.5% 8/30/2029 12.3 12.3 12.3 — %
No Push Back LLC 2223 Dungan Ave, Bensalem, PA 19020 Personal and Laundry Services Term Loan Prime plus 6.5% 8/30/2029 12.2 12.2 12.2 — %
Softcare247 LLC 4191 Naco Perrin Blvd, San Antonio, TX 78217 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/11/2029 12.4 12.4 12.4 — %
Host Marketing LLC 206 Bell Lane Ste B, West Monroe, LA 71291 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 9/18/2029 12.4 12.4 12.4 — %
Standard Real Estate Services LLC 500 W Silver Spring Dr. #K 200, Glendale, WI 53217 Real Estate Term Loan Prime plus 6.5% 9/19/2029 12.4 12.4 12.4 — %
Chavero's Auto Mart LLC 1364 E Palma Vista Drive, Palmview, TX 78572 Motor Vehicle and Parts Dealers Term Loan Prime plus 6.5% 10/11/2029 12.5 12.5 12.5 — %
Bargain Store 107 Tabernacle Church Rd, Candor, NC 27229 General Merchandise Stores Term Loan Prime plus 6.5% 10/11/2029 12.4 12.4 12.4 — %
Powerlift Dumbwaiters Inc. 2444 Georgia Slide Rd, Georgetown, CA 95634 Machinery Manufacturing Term Loan Prime plus 6.5% 10/16/2029 12.5 12.5 12.5 — %
Pine Mountain Residential LLC 10240 Cosmopolitan Circle, Parker, CO 80134 Specialty Trade Contractors Term Loan Prime plus 6.5% 10/16/2029 12.4 12.4 12.4 — %
James Clark and Company Inc. 8885 Haven Ave, Ste 120, Rancho Cucamonga, CA 91730 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 10/22/2029 12.4 12.4 12.4 — %
Deer Valley Sport Shop LLC 507 Bamboo Rd, Boone, NC 28607 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 6.5% 11/7/2029 12.5 12.5 12.5 — %
Sean McNamara 5639 Wood Lane, Allentown, PA 18106 Nonstore Retailers Term Loan Prime plus 6.5% 11/14/2029 12.5 12.5 12.5 — %
Bucklin Sumner & Associates 650 NE Holladay St. Ste 1600, Portland, OR 97232 Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan Prime plus 6.5% 11/14/2029 12.5 12.5 12.5 — %
287
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346
The Pinnacle Group 105 Springside Drive, Akron, OH 44333 Social Assistance Term Loan Prime plus 6.5% 11/14/2029 12.5 12.5 12.5 — %
Pen’s Electric Company, Inc 504 Fairfax Ave, Nashville, TN 37212 Specialty Trade Contractors Term Loan Prime plus 6.5% 11/21/2029 12.5 12.5 12.5 — %
Standard Capital Corp. 2377 Wessington Drive, Virginia Beach, VA 23456 Insurance Carriers and Related Activities Term Loan Prime plus 6.5% 12/5/2029 12.5 12.5 12.5 — %
Scott’s Hardware Inc 200 Tuckerton Rd, Medford, NJ 08055 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 6.5% 12/6/2029 12.5 12.5 12.5 — %
HADD Corp 364 Rugby Rd, Cedarhurst, NY 11516 Professional, Scientific, and Technical Services Term Loan Prime plus 6.5% 12/17/2029 12.5 12.5 12.5 — %
La Tradicion Cubana Inc. 1336 SW 8th St., Miami, FL 33135 Miscellaneous Store Retailers Term Loan Prime plus 6.5% 12/20/2029 12.5 12.5 12.5 — %
Moon Group, Inc. 145 Moon Rd, Chesapeake City, MD 21915 Merchant Wholesalers, Nondurable Goods Term Loan Prime plus 2.75% 6/27/2029 3,660.2 3,660.2 4,057.4 1.26 %
Beau & HB Inc. dba Beau’s Billard, Bowling & Arcade 100 Village Rd, Port Lavaca, TX 77979 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/16/2029 123.3 123.3 132.7 0.04 %
Hackstaff Restaurants 248 W 1st St. Ste 201, Reno, NV 89501 Food Services and Drinking Places Term Loan Prime plus 2.75% 7/15/2029 442.9 442.9 479.4 0.15 %
MVE, Inc. 1117 L St., Modesto, CA 95354 Professional, Scientific, and Technical Services Term Loan Prime plus 2.75% 9/30/2029 3,678.2 3,678.2 4,082.8 1.27 %
American Landscaping Company 6151 A St., Anchorage, AK 99518 Administrative and Support Services Term Loan Prime plus 2.75% 12/27/2029 978.8 978.8 1,078.7 0.33 %
Home Décor Liquidators LLC 4187 Pleasant Hill Rd, Duluth, GA 30096 Furniture and Home Furnishings Stores Term Loan Prime plus 2.75% 12/30/2029 2,962.5 2,962.5 3,227.1 1.00 %
National Stone Management 804-810 W Shady Grove Rd, Grand Prairie, TX 75050 Building Material and Garden Equipment and Supplies Dealers Term Loan Prime plus 2.75% 8/31/2044 810.1 810.1 895.2 0.28 %
2820 US Hwy 98N LLC 2820 US Hwy 98 N, Lakeland, FL 33805 Repair and Maintenance Term Loan Prime plus 2.75% 5/23/2029 129.1 129.1 141.5 0.04 %
LuluBelle's Mountain Banana Bread LLC 1063 Carousel Rd, Lake Arrowhead, CA 92352 Food Manufacturing Term Loan Prime plus 2.75% 4/21/2045 230.6 230.6 257.6 0.08 %
Shooter's Gun Club LLC 2429 Iowa St. Ste B-D, Lawrence, KS 66046 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 2/27/2030 394.7 394.7 434.7 0.13 %
Love Playing LLC 2200 Eastridge Loop, San Jose, CA 95122 Amusement, Gambling, and Recreation Industries Term Loan Prime plus 2.75% 3/9/2030 298.8 298.8 329.2 0.10 %
AJN Innocations LLC 6704 Main St., Miami Lakes, FL 33014 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/15/2030 73.9 73.9 81.4 0.03 %
Oak Park Social 14691 W 11 Mile Rd, Oak Park, MI 48237 Food Services and Drinking Places Term Loan Prime plus 2.75% 2/12/2045 290.6 290.6 325.7 0.10 %
Natalie Hart LLC 1702 Fawn Gate St, San Antonio, TX 78248 Personal and Laundry Services Term Loan Prime plus 2.75% 12/18/2029 100.1 100.1 110.4 0.03 %
The Cow Harbor Beer Company 19 Scudder Ave, Northport, NY 11768 Beverage and Tobacco Product Manufacturing Term Loan Prime plus 2.75% 7/11/2030 272.9 272.9 300.7 0.09 %
288
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
SBA Guaranteed Accrual Investments (4a) 271,346
IV Purpose Inc. 1489 Fulton St., Brooklyn, NY 11216 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/25/2029 78.2 78.2 86.2 0.03 %
Jbang LLC 125 Westchester Ave, White Plains, NY 10601 Food Services and Drinking Places Term Loan Prime plus 2.75% 11/25/2029 60.0 60.0 66.1 0.02 %
NJ Floats 327 Rte 202/206, Bedminster Township, NJ 07921 Computer and Electronic Product Manufacturing Term Loan Prime plus 2.75% 5/12/2045 78.8 78.8 88.4 0.03 %
Coral Springs Family Wellness LLC 2902 North University Drive, Coral Springs, FL 33065 Ambulatory Health Care Services Term Loan Prime plus 2.75% 3/21/2030 177.4 177.4 195.5 0.06 %
Ohanyan LLC 14006 Riverside Dr. #9270, Sherman Oaks, CA 91423 Food Services and Drinking Places Term Loan Prime plus 2.75% 12/6/2029 99.8 99.8 109.9 0.03 %
Kuros LLC dba Alexander Lake Lodge 21221 Baron Lake Drive, Cedaredge, CO 81413 Accommodation Term Loan Prime plus 2.75% 3/19/2045 27.9 27.9 31.4 0.01 %
Richwood Enterprises LLC 2564 Branch St., Middleton, WI 53562 Transit and Ground Passenger Transportation Term Loan Prime plus 2.75% 12/24/2029 402.5 402.5 443.4 0.14 %
Icebox Café 219 NE 3rd St., Hallendale Beach, FL 33009 Food Services and Drinking Places Term Loan Prime plus 2.75% 4/26/2030 728.8 728.8 802.8 0.25 %
Total SBA Guaranteed Accrual Investments $ 16,555.0 $ 16,555.0 $ 18,213.1 5.65 %
SBA Guaranteed Non-Accrual Investments (4b)
American Pharmaceutical Innovation Company, LLC (*) 1425 Centre Circle, Downers Grove, IL 60515 Chemical Manufacturing Term Loan Prime plus 2.75% 3/28/2027 62.1 62.1 62.1 0.02 %
MIT LLC (*) 11 North Peach ST., Medford, OR 97504 Publishing Industries (except Internet) Term Loan Prime plus 2.75% 3/31/2042 254.7 254.7 254.7 0.08 %
Neville Galvanizing, Inc (*) 2983 Grand Ave, Pittsburgh, PA 15225 Fabricated Metal Product Manufacturing Term Loan Prime plus 2.75% 12/15/2042 1,875.0 1,875.0 1,875.0 0.58 %
Kneading Dough LLC dba NY Bagel Cafe & Deli,NY Bagle (*) 10287 Okeechobee Blvd #13, Royal Palm Beach, FL 33411 Food Services and Drinking Places Term Loan Prime plus 2.75% 8/23/2029 102.5 102.5 102.5 0.03 %
Simkar LLC, Neo Lights Holding Inc, Kalco Lighting, LLC (*) 700 Ramona Ave, Philadelphia, PA 19120 Electrical Equipment, Appliance, and Component Manufacturing Term Loan Prime plus 2.75% 12/26/2043 4,496.2 4,496.2 4,496.2 1.40 %
Total SBA Guaranteed Non-Accrual Investments $ 6,790.5 $ 6,790.5 $ 6,790.5 2.11 %
Total SBA Guaranteed Investments $ 23,345.5 $ 23,345.5 $ 25,003.6 7.76 %
Total SBA Unguaranteed and Guaranteed Investments $ 452,870.3 $ 453,042.7 $ 442,226.7 137.24 %

289
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 271346
Advanced Cyber Security Systems, LLC (*,#) (6) (21) 3880 Veterans Memorial Hwy. Suite 201, Bohemia, NY 11716 Data processing, Hosting, and Related Services 50% Membership Interest —% — — — — — %
Term Loan 3% Dec 2014 381.0 381.0 — — %
Automated Merchant Services, Inc. (*,#) (7) (21) 12230 Forest Hill Blvd., Wellington, FL 33414 Data processing, Hosting, and Related Services 100% Common Stock —% — — — — — %
CDS Business Services, Inc. (*,#) (8) 1985 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Common Stock —% — — 4,428.0 3,000.0 0.93 %
Line of Credit 10% Dec 2020 5,000.0 5,000.0 5,000.0 1.55 %
Term Loan 10% April 2020 — — — — %
Newtek Technology Solutions, Inc. (*,#) (11) 1904 W. Parkside Lane Phoenix, AZ 85027 Data processing, Hosting, and Related Services 100% Common Stock —% — — 8,384.0 9,000.0 2.79 %
Line of Credit 10% Nov 2028 10,361.0 10,361.0 10,361.0 3.22 %
Newtek Insurance Agency, LLC (*,#) (13) 1981 Marcus Ave., Lake Success, NY 11042 Insurance Carriers and Related Activities 100% Membership Interest —% — — 135.0 2,215.0 0.69 %
PMTWorks Payroll, LLC (*,#) (9) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 1,728.1 — — %
Term Loan 10% Oct 2021 435.0 435.0 — — %
Term Loan 10% May 2020 750.0 750.0 — — %
Term Loan 12% May 2020 500.0 500.0 — — %
Term Loan 10% July 2020 1,000.0 1,000.0 — — %
Small Business Lending, LLC (*,#) (12) (21) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 598.0 9,650.4 2.99 %
Term Loan 10% June 2021 400.0 400.0 400.0 0.12 %
ADR Partners, LLC dba banc-serv Partners, LLC (*,#) (12) 8777 Purdue Rd, Indianapolis, IN 46268 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 7,085.2 — — %
International Professional Marketing, Inc. (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Common Stock —% — — 4,000.0 4,150.0 1.29 %
Line of Credit Prime plus 0.5% April 2021 — — — — %
290
See accompanying notes to consolidated financial statements.
NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
CONSOLIDATED SCHEDULE OF INVESTMENTS
DECEMBER 31, 2019
(In Thousands)

Portfolio Company Tickmarks Company Address Industry Type of Investment Interest Rate (2) Maturity Principal Cost Fair Value % of Net Assets
Controlled Investments (5) (22) 271346
SIDCO, LLC (#) (16) 151 W. 30th St., New York, NY 10001 Professional, Scientific, and Technical Services 100% Membership Interest —% — — 7,119.7 6,649.7 2.06 %
Line of Credit Prime plus 0.5% July 2020 100.0 850.0 850.0 0.26 %
Newtek Merchant Solutions, LLC (#) (11) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 16,438.0 121,250.0 37.63 %
Mobil Money, LLC (#) (17) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services 100% Membership Interest —% — — 2,980.0 3,750.0 1.16 %
Newtek Business Lending, LLC (*,#) (10) 14 East Washington St., Orlando, FL 32801
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 100% Membership Interest —% — — 18,623.0 22,252.7 6.91 %
Newtek Conventional Lending, LLC (#) (18) (25) (26) 1981 Marcus Ave., Lake Success, NY 11042 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 50% Membership Interest —% — — 14,270.0 16,122.8 5.00 %
Titanium Asset Management, LLC (*,#) (14) 1981 Marcus Ave., Lake Success, NY 11042 Administrative and Support Services Term Loan 10% March 2021 900.0 900.0 390.4 0.12 %
100% Membership Interest —% — — — — — %
Excel WebSolutions, LLC (*,#) (15) 888 East Brighton Ave. Syracuse, NY 13205 Data processing, Hosting, and Related Services Term Loan 10% Sept 2020 159.2 159.2 — — %
50% Membership Interest — — — — — — %
POS on Cloud, LLC (#) (20) 1981 Marcus Ave., Lake Success, NY 11042 Data processing, Hosting, and Related Services Term Loan 10% Sept 2023 775.0 775.0 775.0 0.24 %
50.14% Membership Interest — — — — — — %
Total Controlled Investments $ 20,761.2 $ 107,300.2 $ 215,817.0 66.98 %
Non-Control/Affiliate Investments (22)
EMCAP Loan Holdings, LLC (+,#) (19) (25) 1140 Reservoir Ave., Cranston, RI 02920 Securities, Commodity Contracts, and Other Financial Investments and Related Activities 6.04% Membership Interest —% — $ — $ 1,000.0 $ 1,000.0 0.31 %
Total Investments $ 473,631.5 $ 561,342.9 $ 659,043.7 204.53 %

291
See accompanying notes to consolidated financial statements.

^ Denotes investment has been pledged as collateral under the Securitization Trusts.
* Denotes non-income producing security.
# Denotes fair value determined using significant unobservable inputs.
+ Denotes restricted security.
(1) Newtek values each unguaranteed portion of SBA 7(a) accrual loans (“Loan”) using a discounted cash flow analysis which projects future cash flows and incorporates projections for Loan pre-payments and Loan defaults using historical portfolio data. The data predicts future prepayment and default probability on curves which are based on Loan age. The recovery assumption for each Loan is specific to the discounted valuation of the collateral supporting that Loan. Each Loan’s cash flow is discounted at a rate which approximates a market yield. The Loans were originated under the SBA 7(a) program and conform to the underwriting guidelines in effect at their time of origination. Newtek has been awarded PLP status from the SBA. Portions of these Loans are not guaranteed by the SBA. Individual loan participations can be sold to institutions which have been granted an SBA 750 license. Loans can also be sold as a pool of loans in a security form to qualified investors.
(2) The interest rates in effect on our loans as of December 31, 2019 are based off a Prime Rate equal to 5.00% and 1 month LIBOR equal to 1.76250%.
(3) Newtek values non-accrual 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.
(4a) Newtek values guaranteed accrual SBA 7(a) loans using the secondary SBA 7(a) market as a reference point. Newtek routinely sells accrual SBA 7(a) loans into this secondary market. Guaranteed portions of SBA 7(a) loans partially funded as of the valuation date are valued using level two inputs as disclosed in NOTE 6—FAIR VALUE MEASUREMENTS.
(4b) Newtek values guaranteed non-accrual loans based on the estimated recovery under the SBA guarantee, which is at cost.
(5) Controlled Investments are disclosed above as equity investments (except as otherwise noted) in those companies that are “Controlled Investments” of the Company as defined in the Investment Company Act of 1940. A company is deemed to be a “Controlled Investment” of Newtek Business Services Corp. if Newtek Business Services Corp. or its subsidiaries owns more than 25% of the voting securities of such company. See NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS in the accompanying notes to the consolidated financial statements of our annual report on Form 10-K filed with the SEC on March 16, 2020 for transactions during the year ended December 31, 2019 with affiliates the Company is deemed to control.
(6) 50% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), 50% owned by non-affiliate. The term loan is past its original maturity date and currently in default. As such, the fair value of the investment is zero.
(7) 96.11% owned by Wilshire Partners, LLC (a subsidiary of Newtek Business Services Corp.), 3.89% owned by Newtek Business Services Corp.
(8) 50.15% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 49.85% owned by Wilshire Holdings 1, Inc. (a subsidiary of Newtek Business Services Corp.).
(9) 25% owned by The Whitestone Group, LLC, (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.), 65% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.), and 10% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.).
(10) 100% owned by Newtek Business Services Holdco 6, Inc. (a subsidiary of Newtek Business Services Corp.
(11) 100% owned by NBSH Holdings, LLC (a subsidiary of Newtek Business Services Holdco 1, Inc., a subsidiary of Newtek Business Services Corp.). Premier was merged with NMS at December 31, 2018.
(12) 100% owned by Newtek LSP Holdco, LLC (a subsidiary of Wilshire Holdings I, Inc. and Newtek Business Services Holdco 5, Inc., both subsidiaries of Newtek Business Services Corp.).
(13) 100% owned by Wilshire Holdings I, Inc. (a subsidiary of Newtek Business Services Corp.).
(14) 50% owned by Exponential Business Development Co., Inc. (a subsidiary of Newtek Business Services Corp.), 47.8% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 2.2% owned by Wilshire New York Advisers II, LLC (a subsidiary of Newtek Business Services Corp.).
(15) 50% owned by The Whitestone Group, LLC (a subsidiary of Wilshire Holdings I, Inc., a subsidiary of Newtek Business Services Corp.) and 50% owned by non-affiliate.
(16) 100% owned by Newtek Business Services Holdco 2, Inc. (a subsidiary of Newtek Business Services Corp.).
(17) 100% owned by Newtek Business Services Holdco 4, Inc. (a subsidiary of Newtek Business Services Corp.).
292
See accompanying notes to consolidated financial statements.

(18) On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is 50% owned by Newtek Commercial Lending, Inc. (a subsidiary of Newtek Business Services Corp.) and 50% owned by Conventional Lending TCP Holding, LLC (a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (NASDAQ:TCPC)). Deemed an investment company under the 1940 Act.
(20) 50.13% owned by Newtek Business Services Holdco 3, Inc. (a subsidiary of Newtek Business Services Corp.) and 49.87% owned by multiple non-affiliates.
(21) Zero cost basis is reflected as the portfolio company was organized by the Company and incurred internal legal costs to organize the entity and immaterial external filing fees which were expensed when incurred.
(22) All of the Company’s investments are in entities which are organized under the Laws of the United States and have a principal place of business in the United States.
(23) The fair value of the investment was determined using significant unobservable inputs.
(24) The Company’s investments generally are acquired in private transactions exempt from registration under the Securities Act and, therefore, generally are subject to limitations on resale, and may be deemed to be “restricted securities” under the Securities Act. However, unless otherwise indicated, such securities may be sold in certain transactions (generally to qualified institutional buyers) and remain exempt from registration.
(25) Restricted security.
(26) Under the Investment Company Act of 1940, as amended, the Company may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of the Company’s total assets. At December 31, 2019, 7.1% of total assets are non-qualifying assets.

As of December 31, 2019, the federal tax cost of investments was $561,343,000 resulting in estimated gross unrealized gains and losses of $155,414,000 and $49,330,000, respectively.

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See accompanying notes to consolidated financial statements.

NEWTEK BUSINESS SERVICES CORP. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1—DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION:

Newtek Business Services Corp. is a Maryland corporation which was formed in August 2013 and is an internally managed, closed end, non-diversified investment company. The Company’s investment strategy is to maximize the investment portfolio’s return by generating current income from the debt investments the Company makes and generate dividend income from equity investments in controlled portfolio companies.

The Company has formed certain Taxable Subsidiaries, which are taxed as corporations for federal income tax purposes. These Taxable Subsidiaries allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements of a RIC under the Code.
The following wholly-owned subsidiaries are consolidated in the financial statements of the Company:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
NBSH Holdings, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
Newtek Business Services Holdco 3, Inc.
Newtek Business Services Holdco 4, Inc.
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.
Except as otherwise noted, all financial information included in the tables in the following footnotes is stated in thousands, except per share data.

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The accompanying notes to the unaudited condensed consolidated financial statements should be read in conjunction with Newtek’s Annual Report for the year ended December 31, 2019 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, 2019 consolidated statement of assets and liabilities has been derived from the audited financial statements as of that date. All intercompany balances and transactions have been eliminated in consolidation.

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES:
Fair Value

The Company applies fair value accounting to certain of its financial instruments in accordance with ASC Topic 820 — Fair Value Measurement (“ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC Topic 820, the Company has categorized its financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity-specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

The availability of observable inputs can vary depending on the financial instrument and is affected by a wide variety of factors, including, for example, the type of product, whether the product is new, whether the product is traded on an active exchange or in the secondary market and the current market conditions. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for financial instruments classified as Level 3.

Any changes to the valuation methodology are reviewed by management and the Board to confirm that the changes are appropriate. As markets change, new products develop and the pricing for products becomes more or less transparent, the Company will continue to refine its valuation methodologies. See further description of fair value methodology in Note 6.
Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expense during the reporting period. The level of uncertainty in estimates and assumptions increases with the length of time until the underlying transactions are complete. Actual results could differ from those estimates.

Consolidation

As provided under ASC Topic 946, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company.

Assets related to transactions that do not meet ASC Topic 860 — Transfers and Servicing (“ASC Topic 860”) requirements for accounting sale treatment are reflected in the Company’s consolidated statements of assets and liabilities as investments. Those assets are owned by the securitization trusts and are included in the Company’s consolidated financial statements. The creditors of the special purpose entities have received security interests in such assets and such assets are not intended to be available to the creditors of the Company.

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

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Distributions

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

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Invested cash is held exclusively at financial institutions of high credit quality. As of June 30, 2020, cash deposits in excess of insured amounts totaled $30,403,000. The Company has not experienced any losses with respect to cash balances in excess of insured amounts and management does not believe there was a significant concentration of risk with respect to cash balances as of June 30, 2020.
Restricted Cash

Restricted cash includes amounts due on SBA loan-related remittances to third parties, cash reserves established as part of a voluntary agreement with the SBA, and cash reserves associated with securitization transactions. As of June 30, 2020, total restricted cash was $40,213,000.

The following table provides a reconciliation of cash and restricted cash as of June 30, 2020 and 2019 and December 31, 2019 and 2018:
June 30, 2020 June 30, 2019 December 31, 2019 December 31, 2018
Cash $ 13,385 3,585 1,762 $ 2,316
Restricted cash 40,213 26,094 31,445 29,034
Cash and restricted cash $ 53,598 $ 29,679 $ 33,207 $ 31,350

Broker Receivable

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

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

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2020 and 2019, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $9,465,000 and $12,405,000 at June 30, 2020 and December 31, 2019, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Investment Income

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

In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans. Such SBA reimbursements are included as interest income on PPP loans. Such fees are accounted for under ASC-310 Receivables and deferred until the loan is sold to one of our PPP Participants. Income earned in connection with the PPP should not be viewed as recurring and is subject the continuation of the PPP.

Dividend income is recognized on an accrual basis for preferred equity securities to the extent that such amounts are expected to be collected or realized. In determining the amount of dividend income to recognize, if any, from cash distributions on common equity securities, we will assess many factors including a portfolio company’s cumulative undistributed income and operating cash flow. Cash distributions from common equity securities received in excess of such undistributed amounts are recorded first as a reduction of our investment and then as a realized gain on investment.

The Company earns servicing income related to the guaranteed portions of SBA loan investments which it sells into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

The Company earns a variety of fees from borrowers in the ordinary course of conducting its business, including packaging, legal, late payment and prepayment fees. All other income is recorded when earned. Other income is generally non-recurring in nature and earned as “one time” fees in connection with the origination of new debt investments with non-affiliates.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are measured by the difference between the net proceeds from the disposition and the cost basis of investment, without regard to unrealized gains or losses previously recognized. The Company reports current period changes in the fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Stock – Based Compensation

The Company accounts for its equity-based compensation plan using the fair value method, as prescribed by ASC Topic 718, Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of the Company’s common stock on the date of the grant and amortizes this fair value to salaries and benefits ratably over the requisite service period or vesting term.
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Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2018-13 on December 31, 2019. No significant changes to our fair value disclosures were necessary in the notes to the consolidated financial statements in order to comply with ASU 2018-13.

New Accounting Standards

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

Segments

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

NOTE 3—INVESTMENTS:

Investments, all of which are in portfolio companies in the United States, consisted of the following at:
June 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Non-affiliate debt investments 443,435 426,088 453,043 442,227
Non-control/affiliate equity investments 1,000 1,000 1,000 1,000
Controlled investments:
Equity 84,054 183,816 71,519 181,917
Equity interest in NCL (Joint Venture) 15,770 17,464 14,270 16,123
Debt 23,881 20,071 21,511 17,777
Total investments $ 568,140 $ 648,439 $ 561,343 $ 659,044

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SBA unguaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
June 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Accrual $ 361,925 $ 372,120 $ 370,612 $ 382,986
Non-Accrual 61,629 32,817 59,085 34,237
Total SBA unguaranteed investments $ 423,554 $ 404,937 $ 429,697 $ 417,223

SBA guaranteed investments consisted of the following breakdown of accrual and non-accrual loans at:
June 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Accrual $ 18,804 $ 20,074 $ 16,555 $ 18,213
Non-Accrual 1,077 1,077 6,790 6,791
Total SBA guaranteed investments $ 19,881 $ 21,151 $ 23,345 $ 25,004

On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA will pay all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allows NSBF, as an SBA 7(a) lender, to originate loans under the newly-established Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The SBA had stopped accepting loan applications at midnight on June 30, 2020 prior to the extension. The July 4, 2020 bill also corrected what has been described as a technical drafting error, in which the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded.

Under the PPP, current SBA 7(a) lenders are automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses for amounts up to 2.5 times of those businesses’ average monthly payroll expenses (capped at $10 million). The interest rate on PPP loans is capped at 1.0%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower uses the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduces salaries or terminates employees during the forgiveness period.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans. As of August 6, 2020, NSBF has funded approximately 9,620 PPP loans totaling $1.15 billion though the PPP program. Pursuant to the PPP, the SBA will reimburse a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000.

To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originates PPP loans and sells 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participations are sold at par due to the short term maturity of the loans. NSBF and the Participant share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100% as of June 30, 2020. Morgan Stanley continues to hold 90% participation interests. as of June 30, 2020. During the second quarter of 2020, NSBF sold participations in $1.10 billion of PPP loans. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing
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rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participant on demand the Participant’s Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans. The following table shows the Company’s SBA guaranteed accrual loans by SBA loan type at:
June 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
7(a) $ 12,268 $ 13,538 $ 16,555 $ 18,213
PPP 1
6,536 6,536 — —
Accrual SBA guaranteed investments $ 18,804 $ 20,074 $ 16,555 $ 18,213
(1) 10% participation interests in 663 SBA guaranteed loans originated under the PPP by NSBF.
The following table shows the Company’s portfolio investments by industry at:
June 30, 2020 December 31, 2019
Cost Fair Value Cost Fair Value
Data Processing, Hosting, and Related Services $ 45,728 $ 139,755 $ 45,154 $ 146,320
Securities, Commodity Contracts, and Other Financial Investments and Related Activities 51,888 52,481 37,930 42,079
Food Services and Drinking Places 40,757 40,915 40,331 40,516
Professional, Scientific, and Technical Services 34,576 33,735 41,514 41,330
Truck Transportation 32,397 27,372 30,172 25,920
Amusement, Gambling, and Recreation Industries 25,978 26,222 25,343 26,787
Repair and Maintenance 18,695 19,379 20,308 20,451
Ambulatory Health Care Services 21,890 18,789 22,146 20,409
Fabricated Metal Product Manufacturing 16,251 16,647 18,230 17,845
Specialty Trade Contractors 16,223 15,622 16,460 15,650
Personal and Laundry Services 12,681 13,380 11,856 12,446
Administrative and Support Services 14,476 13,128 13,733 12,696
Accommodation 11,617 11,692 11,508 11,506
Merchant Wholesalers, Nondurable Goods 11,726 11,190 12,230 11,900
Merchant Wholesalers, Durable Goods 11,126 11,168 10,524 10,713
Social Assistance 9,991 10,999 9,849 10,683
Food Manufacturing 11,650 9,553 11,063 9,161
Rental and Leasing Services 8,895 8,346 9,223 8,780
Building Material and Garden Equipment and Supplies Dealers 7,712 8,004 8,352 8,605
Gasoline Stations 8,602 7,848 9,387 8,756
Nonstore Retailers 7,216 6,944 6,942 6,725
Motor Vehicle and Parts Dealers 6,780 6,927 7,655 7,783
PPP 6,536 6,536 — —
Food and Beverage Stores 5,644 5,980 5,688 6,018
NCL (Joint Venture) 15,770 17,464 14,270 16,123
Other 113,335 108,363 121,475 119,842
Total $ 568,140 $ 648,439 $ 561,343 $ 659,044

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Newtek Conventional Lending, LLC

On May 20, 2019, the Company and its joint venture partner launched Newtek Conventional Lending, LLC (“NCL”) to provide non-conforming conventional commercial and industrial term loans to U.S. middle-market companies and small businesses. NCL is a 50/50 joint venture between Newtek Commercial Lending, Inc. a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holding, LLC, a wholly-owned, indirect subsidiary of BlackRock TCP Capital Corp. (Nasdaq:TCPC).

The following table shows NCL’s individual investments as of June 30, 2020:
Portfolio Company Industry Type of Investment Interest Rate Maturity Principal Cost
Fair Value 1
10 28th Ave SW Associates LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 4/1/2045 $ 2,290 $ 2,244 $ 2,148
10 28th Ave SW Associates LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 4/1/2045 1,289 1,260 1,209
Cocoa Beach Office LLC Other Activities Related to Credit Intermediation Term Loan 2 Yr Libor plus 5.70% 8/1/2044 432 417 435
XL Sports World NJ LLC and XL Soccer World Orlando LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 8/1/2044 6,217 6,062 6,595
XL Sports World NJ LLC and XL Soccer World Orlando LLC Fitness and Recreational Sport Centers Term Loan 5 Yr Libor plus 5.50% 8/1/2044 4,780 4,661 5,011
The Emerald Green Group, LLC Full-Service Restaurant Term Loan 2 Yr Libor plus 5.65% 8/1/2029 6,322 6,135 6,255
The Camera Division, LLC Commecial & Industrial Machinery & Equipment Term Loan 5 Yr Libor plus 7.25% 9/1/2029 11,144 10,790 11,273
XL Soccer World Orlando II LLC Fitness and Recreational Sport Centers Term Loan Prime plus 3.25% 11/1/2045 2,193 2,040 2,127
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 10,529 10,318 10,933
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.00% 11/1/2044 6,158 6,035 6,395
JW Aviation LLC and 21 Air LLC and AMN Doral LLC Other Nonscheduled Air Transportation Term Loan 2 Yr Libor plus 8.25% 12/1/2044 2,508 2,420 2,986
Tricare Unlimited LLC and Geron Enterprises LLC Nursing Care Facillities(Skilled Nursing Facilities) Term Loan 2 Yr Treasury plus 6.51% 1/1/2045 5,731 5,573 6,212
E Entities LLC Exterminating & Pest Control Services Term Loan 5 Yr Treasury plus 7.71% 1/1/2030 5,847 5,701 6,287
Trinity MCC Realty, LLC Motor Vehicle and Parts Dealers Term Loan 5 Yr Treasury plus 6.58% 2/1/2045 5,274 5,129 5,746
Jaffe Real Estate LLC Full-Service Restaurant Term Loan 5 Yr Treasury plus 7.93% 4/1/2045 2,266 2,204 2,695
Berry Ventures Inc Painting & Wall Covering Contractors Term Loan 5 Yr Treasury plus 7.25% 4/1/2045 474 461 531
Total $ 73,454 $ 71,450 $ 76,838
(1) Fair value determined using significant unobservable inputs.

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The following table shows NCL’s individual investments as of December 31, 2019:
Portfolio Company Industry Type of
Investment 		Interest Rate Maturity Principal Cost
Fair Value 1
10 28th Ave SW Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.0% 4/1/2045 $ 2,295 $ 2,249 $ 2,488
10 28th Ave SW Associates LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.0% 4/1/2045 1,292 1,263 1,401
Cocoa Beach Office LLC Securities, Commodity Contracts, and Other Financial Investments and Related Activities Term Loan 2 Yr Libor plus 5.70% 8/1/2044 435 420 443
XL Sports World NJ LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan 5 Yr Libor plus 5.50% 8/1/2044 6,246 6,090 6,703
XL Sports World NJ LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan 5 Yr Libor plus 5.50% 8/1/2044 4,803 4,683 5,093
The Emerald Green Group, LLC Food Services and Drinking Places Term Loan 2 Yr Libor plus 5.65% 8/1/2029 6,503 6,309 6,462
The Camera Division, LLC Electronics and Appliance Stores Term Loan 2 Yr Libor plus 7.25% 9/1/2029 11,318 10,952 11,514
XL Soccer World Orlando II LLC and XL Soccer World Orlando LLC Amusement, Gambling, and Recreation Industries Term Loan Prime plus 3.25% 11/1/2045 770 616 845
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.0% 11/1/2044 10,586 10,374 11,121
Foxhall Hospitality, LLC Hotels (except Casino Hotels) and Motels Term Loan 5 Yr Libor plus 6.0% 11/1/2044 6,192 6,068 6,505
JW Aviation LLC and 21 Air LLC and AMN Doral LLC Other Nonscheduled Air Transportation Term Loan 2 Yr Libor plus 8.25% 12/1/2044 2,520 2,432 3,036
Tricare Unlimited LLC and Geron Enterprises LLC Nursing Care Facillities (Skilled Nursing Facilities) Term Loan 2 Yr Libor plus 6.51% 1/1/2045 5,760 5,602 6,316
E Entities LLC Exterminating & Pest Control Services Term Loan 2 Yr Libor plus 7.71% 1/1/2030 6,000 5,850 6,499
Total $ 64,720 $ 62,908 $ 68,426
(1) Fair value determined using significant unobservable inputs.

The following tables show certain summarized financial information for NCL:
Selected Statement of Assets and Liabilities Information June 30, 2020 December 31, 2019
(Unaudited)
Cash 998 1,299
Investments in loans, at fair value (amortized cost of $71,450,109 and $62,908,301, respectively) 76,839 68,426
Other assets 1,126 1,094
Total assets $ 78,963 $ 70,819
Bank notes payable $ 42,960 $ 36,938
Other liabilities 1,075 1,635
Total liabilities 44,035 38,573
Net assets 34,928 32,246
Total liabilities and net assets $ 78,963 $ 70,819
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Selected Statements of Operations Information
Interest and other income $ 1,517 $ — $ 3,014 $ 111
Total expenses 914 — 1,799 121
Net investment (loss) income 603 — 1,215 (10)
Net unrealized appreciation (depreciation) on investments (110) — (128) 131
Net increase in net assets resulting from operations 493 — 1,087 121
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NOTE 4—TRANSACTIONS WITH AFFILIATED COMPANIES AND RELATED PARTY TRANSACTIONS:

Transactions with Affiliated Companies

An affiliated company is an entity in which the Company has an ownership of 5% or more of its voting securities. A controlled affiliate is an entity in which the Company owns more than 25% of its voting securities. Transactions related to our investments with controlled and non-controlled affiliated companies for the six months ended June 30, 2020 were as follows:
Portfolio Company Fair Value at December 31, 2019 Purchases (Cost) Principal Received Net Realized Gains/(Losses) Net Unrealized Gains/(Losses) Fair Value at June 30, 2020 Interest and Other Income Dividend Income
Controlled Investments
Newtek Merchant Solutions, LLC (NMS) $ 121,250 $ — $ — $ — $ (6,250) $ 115,000 $ — $ 5,400
Mobil Money, LLC 3,750 — — — (1,250) 2,500 — —
Newtek Technology Solutions, Inc. (NTS) 19,361 460 — — 500 20,321 540 —
International Professional Marketing, Inc. 4,150 750 — — — 4,900 5 150
SIDCO, LLC 7,500 — (475) — — 7,025 12 500
CDS Business Services, Inc. 8,000 1,560 — — (750) 8,810 317 —
Small Business Lending, LLC 10,050 — — — (2,802) 7,248 20 —
Newtek Insurance Agency, LLC 2,215 — — — — 2,215 — —
PMTWorks Payroll, LLC — 85 — — (85) — — —
Titanium Asset Management LLC 390 — — — (75) 315 — —
POS on Cloud, LLC 775 75 — — — 850 43 —
Excel WebSolutions, LLC — — — — — — — —
Newtek Conventional Lending, LLC 16,123 1,500 — — (159) 17,464 — 600
Newtek Business Lending, LLC 22,253 13,150 (700) — — 34,703 — —
Total Controlled Investments $ 215,817 $ 17,580 $ (1,175) $ — $ (10,871) $ 221,351 $ 937 $ 6,650
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC $ 1,000 $ — $ — $ — $ — $ 1,000 $ — $ 40
Total Affiliate Investments $ 216,817 $ 17,580 $ (1,175) $ — $ (10,871) $ 222,351 $ 937 $ 6,690

Related Party Transactions

Note Payable - Related Parties

In June 2015, the Company entered into the Related Party RLOC. Maximum borrowings under the Related Party RLOC were $38,000,000.

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

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At June 30, 2020, the Related Party RLOC interest rate was 2.67%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings from NMS at June 30, 2020 under the Related Party RLOC were $0.

For the three months ended June 30, 2020 and 2019, interest expense was $184,000 and $270,000 respectively. For the six months ended June 30, 2020 and 2019, interest expense was $291,000 and $474,000, respectively.

Expenses Incurred from Controlled Portfolio Companies

The Company incurs expenses from certain controlled portfolio companies including managed technology services from NTS, origination and loan processing fees from various related parties and payroll processing fees from PMT.
Three Months Ended Six Months Ended
June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Managed technology services $ 447 $ 235 $ 824 $ 414
Origination and loan processing 3,105 2,471 5,754 4,659
Payroll processing fees 8 9 17 18
Total $ 3,560 $ 2,715 $ 6,595 $ 5,091

The Company also sub-leases portions of its office space in Lake Success, New York to certain portfolio companies. Amounts charged were as follows:
Three Months Ended Six Months Ended
Portfolio Company June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Newtek Merchant Solutions, LLC (NMS) $ 58 $ 52 $ 117 $ 117
Newtek Technology Solutions, Inc. 3 3 5 6
Small Business Lending, LLC 74 72 147 93
Newtek Insurance Agency, LLC 16 17 31 36
CDS Business Services, Inc. 21 20 38 35
PMTWorks Payroll, LLC 7 12 16 23
Newtek Business Lending, LLC 1 3 3 4
Total $ 180 $ 179 $ 357 $ 314

Amounts due from related parties were $5,274,000 and $2,972,000 at June 30, 2020 and December 31, 2019, respectively. Amounts due to related parties were $804,000 and $131,000 at June 30, 2020 and December 31, 2019, respectively.

Managerial Assistance Fees from Controlled Investments

The Company offers managerial assistance to all portfolio companies and currently provides managerial assistance to certain controlled portfolio companies. Amounts are charged based on estimates of time and effort spent by certain employees providing managerial services for certain controlled portfolio companies. Fees are recorded on a quarterly basis, are recurring in nature and are charged at an arm’s length basis. The table below summarizes amounts charged to each controlled portfolio company, and are recorded as a credit to salaries and benefits in the consolidated statements of operations.
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Three Months Ended Six Months Ended
Portfolio Company June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Newtek Merchant Solutions, LLC (NMS) $ 91 $ 98 $ 185 $ 203
Newtek Technology Solutions, Inc. 125 119 254 232
PMTWorks Payroll, LLC 27 36 61 78
Newtek Insurance Agency, LLC 32 44 63 95
banc-serv Partners, LLC — 40 — 81
CDS Business Services, Inc. 30 19 59 36
International Professional Marketing, Inc. 24 24 44 46
SIDCO, LLC 23 31 49 64
Mobil Money, LLC 33 29 71 56
Newtek Business Lending, LLC 34 24 67 41
Small Business Lending, LLC 126 107 254 216
Total $ 545 $ 571 $ 1,107 $ 1,148

NOTE 5—SERVICING ASSETS:
Servicing assets are measured at fair value. The Company earns servicing fees from the guaranteed portions of SBA 7(a) loans it originates and sells.
The following table summarizes the fair value and valuation assumptions related to servicing assets at June 30, 2020 and December 31, 2019:
June 30, 2020 December 31, 2019
Fair Value $ 25,511 $ 24,411
Discount factor 1
13.38 % 13.38 %
Cumulative prepayment rate 8.00 % 26.00 %
Average cumulative default rate 30.00 % 22.00 %
(1) Determined based on risk spreads and observable secondary market transactions.

Servicing fee income earned for the three months ended June 30, 2020 and 2019 was $2,777,000 and $2,503,000, respectively.
Servicing fee income earned for the six months ended June 30, 2020 and 2019 was $5,492,000 and $4,931,000, respectively.

NOTE 6—FAIR VALUE MEASUREMENTS:

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, management uses various valuation approaches, all of which have been approved by the Company’s Board. In accordance with GAAP, a fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available.
The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). The levels of the fair value hierarchy are as follows:
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Level 1
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
Level 2
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or a liability’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The Company assesses the levels of assets and liabilities at each measurement date. There were no transfers to or from Level 3 of the fair value hierarchy for assets and liabilities during the six months ended June 30, 2020 or 2019.
Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities.

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

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

The Company’s investments are subject to market risk. Market risk is the potential for changes in the value due to market changes. Market risk is directly impacted by the volatility and liquidity in the markets in which the investments are traded. In addition, the COVID-19 pandemic is an unprecedented circumstance that could further negatively impact the fair value of the Company’s investments after June 30, 2020 by circumstances and events that are not yet known.

The following tables present fair value measurements of the Company’s assets and liabilities measured at fair value and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair values as of June 30, 2020 and December 31, 2019:
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Fair Value Measurements at June 30, 2020
Total Level 1 Level 2 Level 3
Assets:
SBA unguaranteed non-affiliate investments 404,937 — — 404,937
SBA guaranteed non-affiliate investments 21,151 — 21,151 —
Controlled investments 203,887 — — 203,887
Other real estate owned 1
2,042 — 2,042 —
Non-control/affiliate investments 1,000 — — 1,000
Servicing assets 25,511 — — 25,511
Controlled investments measured at NAV 2
17,464 — — —
Total assets $ 675,992 $ — $ 23,193 $ 635,335
(1) Included in Other Assets on the Condensed Consolidated Statements of Assets and Liabilities
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.

The change in unrealized appreciation (depreciation) included in the condensed consolidated statements of operations attributable to Level 3 investments held at June 30, 2020 includes $6,144,000 in unrealized depreciation on SBA unguaranteed non-affiliate investments, $10,712,000 in unrealized appreciation on controlled investments and $(92,000) in unrealized appreciation on servicing assets.
Fair Value Measurements at December 31, 2019
Total Level 1 Level 2 Level 3
Assets:
SBA unguaranteed non-affiliate investments 417,223 — — 417,223
SBA guaranteed non-affiliate investments 25,004 — 25,004 —
Controlled investments 199,694 — — 199,694
Other real estate owned 1
2,539 — 2,539 —
Non-control/Non-affiliate investments 1,000 — — 1,000
Servicing assets 24,411 — — 24,411
Controlled investments measured at NAV 2
$ 16,123 $ — $ — $ —
Total assets $ 685,993 $ — $ 27,543 $ 642,328
Liabilities:
Contingent consideration liabilities 3
$ 621 $ — $ — $ 621
(1) Included in Other Assets on the Consolidated Statements of Assets and Liabilities
(2) The Company’s investment in NCL is measured at fair value using NAV and has not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statement of Assets and Liabilities.
(3) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities

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The following tables represents the changes in investments, servicing assets and liabilities measured at fair value using Level 3 inputs for the six months ended June 30, 2020 and 2019:
Six Months Ended June 30, 2020
SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control/Affiliate Investments
Contingent Consideration Liabilities 1
Fair value, December 31, 2019 $ 417,223 $ 199,694 $ 24,411 $ 1,000 $ 621
Net change in unrealized appreciation (depreciation) (6,144) (10,712) (92) — —
Realized loss (3,343) — — — —
SBA unguaranteed non-affiliate investments, funded 17,379 — — — —
Foreclosed real estate acquired (358) — — — —
Purchase of investments — 16,080 — — —
Purchase of loans from SBA 5,522 — — — —
Change in fair value of contingent consideration liabilities — — — — 54
Payment of contingent consideration — — — — (675)
Net accretion of premium/discount (4) — — — —
Return of investment — (700) — — —
Principal payments received on debt investments (25,339) (475) — — —
Additions to servicing assets — — 1,192 — —
Fair value, June 30, 2020 $ 404,937 $ 203,887 $ 25,511 $ 1,000 $ —
(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities
Six Months Ended June 30, 2019
SBA Unguaranteed Investments Controlled Investments Servicing Assets Non-Control/Non-Affiliate Investments
Contingent Consideration Liabilities 1
Fair value, December 31, 2018 $ 349,402 $ 171,585 $ 21,360 $ 1,000 $ 1,733
Net change in unrealized appreciation (depreciation) (1,943) 2,856 (1,467) — —
Realized gain (loss) (1,373) — — — —
SBA unguaranteed non-affiliate investments, funded 56,447 — — — —
Foreclosed real estate acquired (489) — — — —
Purchase of investments — 4,750 — — —
Return of investment — (500) — — —
Net accretion of premium/discount (4) — — — —
Change in fair value of contingent consideration liabilities — — — — 55
Payment of contingent consideration — — — — (1,154)
Principal payments received on debt investments (23,413) (1,485) — — —
Additions to servicing assets — — 3,506 — —
Fair value, June 30, 2019 $ 378,626 $ 177,206 $ 23,399 $ 1,000 $ 634
(1) Included in Accounts Payable, Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities

The following tables provide a summary of quantitative information about the Company’s Level 3 fair value measurements as of June 30, 2020 and December 31, 2019. In addition to the inputs noted in the table below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The tables below are not intended to be all-inclusive, but rather provide information on the significant Level 3 inputs as they relate to the Company’s fair value measurements at June 30, 2020 and December 31, 2019.
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Range
Fair Value as of June 30, 2020 Unobservable Input
Weighted Average (A)
Minimum Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans $ 372,120 Market yields 4.60 % 4.60 % 4.60 %
SBA unguaranteed non-affiliate investments - non-accrual loans $ 32,817 Market yields 6.81 % 6.81 % 6.81 %
Controlled equity investments 1
$ 183,816
EBITDA multiples 2
8.60x 4.50x 9.50x
Revenue multiples 2
1.10x 0.15x 2.30x
Weighted average cost of capital 2
13.01 % 11.34 % 19.82 %
Controlled debt investments $ 20,071 Market yields 9.66 % 3.80 % 10.00 %
Non-control/affiliate investments $ 1,000 Asset value N/A N/A N/A
Servicing assets $ 25,511 Market yields 13.38 % 13.38 % 13.38 %
(1) Weighted by relative fair value.
(2) The Company valued $137,515,000 of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $46,301,000 of investments using only discounted cash flows.
Range
Fair Value as of December 31, 2019 Unobservable Input
Weighted Average (A)
Minimum Maximum
Assets:
SBA unguaranteed non-affiliate investments - accrual loans $ 382,986 Market yields 5.20 % 5.20 % 5.20 %
SBA unguaranteed non-affiliate investments - non-accrual loans $ 34,237 Market yields 5.33 % 5.33 % 5.33 %
Controlled equity investments 1
$ 181,917
EBITDA multiples 2
8.20x 4.50x 9.00x
Revenue multiples 2
1.07x 0.15x 2.30x
Weighted average cost of capital 2
11.92 % 10.70 % 18.50 %
Controlled debt investments $ 17,777 Market yields 9.03 % 5.25 % 10.00 %
Non-control/affiliate investments $ 1,000 Asset value N/A N/A N/A
Servicing assets $ 24,411 Market yields 13.38 % 13.38 % 13.38 %
Liabilities:
Contingent consideration liabilities $ 621 Projected EBITDA and probability of achievement N/A N/A N/A
(1) Weighted by relative fair value.
(2) The Company valued $143,265,000 of investments using an equal weighting of EBITDA and revenue multiples in the overall valuation approach which included the use of market comparable companies. The Company valued $38,653,000 of investments using only discounted cash flows.
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NOTE 7—BORROWINGS:

At June 30, 2020 and December 31, 2019, the Company had borrowings comprised of the following:
June 30, 2020 December 31, 2019
Commitments Borrowings Outstanding Weighted Average Interest Rate Commitments Borrowings Outstanding Weighted Average Interest Rate
Capital One line of credit - guaranteed 1
$ 150,000 $ — 2.50 % $ 150,000 $ 30,000 4.00 %
Capital One line of credit - unguaranteed 1
— 23,640 3.50 % — — 5.00 %
Notes due 2023 57,500 56,269 6.25 % 57,500 56,035 6.25 %
Notes due 2024 63,250 61,563 5.75 % 63,250 61,354 5.75 %
Notes payable - related parties 50,000 — 2.67 % 50,000 12,163 4.71 %
Notes payable - Securitization Trusts 246,931 243,126 2.42 % 276,637 272,376 3.97 %
Total $ 567,681 $ 384,598 3.53 % $ 597,387 $ 431,928 4.61 %
(1) Total combined commitments of the guaranteed and unguaranteed lines of credit were $150,000,000 at June 30, 2020 and $150,000,000 at December 31, 2019.

As of June 30, 2020, our asset coverage was 184%.

Outstanding borrowings under the 2023 Notes, 2024 Notes and Notes payable - Securitization Trusts consisted of the following:
June 30, 2020 December 31, 2019
Notes Due 2023 Notes Due 2024 Notes Payable- Securitization Trusts Notes Due 2023 Notes Due 2024 Notes Payable- Securitization Trusts
Principal balance $ 57,500 $ 63,250 $ 246,931 $ 57,500 $ 63,250 $ 276,637
Unamortized deferred financing costs (1,231) (1,687) (3,805) (1,465) (1,896) (4,261)
Net carrying amount $ 56,269 $ 61,563 $ 243,126 $ 56,035 $ 61,354 $ 272,376

At June 30, 2020 and December 31, 2019, the carrying amount of the Company’s borrowings under the Capital One lines of credit, Notes payable - related parties and Notes payable - Securitization Trusts, approximates fair value due to their variable interest rates.

The fair values of the fixed rate 2023 Notes and 2024 Notes are based on the closing public share price on the date of measurement. On June 30, 2020, the closing price of the 2023 Notes was $25.00 per note, or $57,500,000. On December 31, 2019, the closing price of the 2023 Notes was $25.68 per note, or $59,064,000. On June 30, 2020, the closing price of the 2024 Notes was $24.51 per note, or $62,020,000. On December 31, 2019, the closing price of the 2024 Notes was $25.94 per note, or $65,628,000. These borrowings are not recorded at fair value on a recurring basis.
Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the six months ended June 30, 2020 and 2019 was $9,788,000 and $9,441,000, respectively. Total interest expense including unused line fees and amortization of deferred financing costs related to borrowings for the three months ended June 30, 2020 and 2019 was $4,605,000 and $4,712,000, respectively.

NOTE 8—COMMITMENTS AND CONTINGENCIES:
Operating and Employment Commitments
The Company leases office space and other office equipment in several states under operating lease agreements which expire at various dates through 2027. Those office space leases which are for more than one year generally contain scheduled rent increases or escalation clauses.
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The following summarizes the Company’s obligations and commitments, as of June 30, 2020 for future minimum cash payments required under operating lease and employment agreements:
Year Operating Leases
Employment Agreements 1
Total
2020 $ 822 $ 805 $ 1,627
2021 1,563 335 1,898
2022 1,576 — 1,576
2023 1,619 — 1,619
2024 1,663 — 1,663
Thereafter 3,670 — 3,670
Total $ 10,913 $ 1,140 $ 12,053
(1) Employment agreements with certain of the Company’s named executive officers
Legal Matters

In the ordinary course of business, the Company and its wholly owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit.

In May 2020, the Company became aware of the putative class action styled American Video Duplicating, Inc. et al v. Citigroup Inc. et al. (C.D. Cal. 20-cv-03815) (the “Action”), which asserted claims under the California Unfair Business Practices Law in connection with the alleged failure of lenders to pay agent fees under the PPP. While the Action failed to assert any specific allegations of wrongdoing by the Company or NSBF, the Action named “Newtek Business Services, Inc.” [sic] as one of the 4,990 PPP lender defendants in the Action. On June 15, 2020 the Company was dismissed from the Action. The Company is not currently involved in any additional litigation matters that are expected to have a material impact on the Company’s financial condition.

As a result of a litigation brought by the Federal Trade Commission (the “FTC”) in October 2012, NMS voluntarily entered into, and is presently operating under, a permanent injunction with respect to certain of its business practices.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2020, total principal owed by NBC was $22,491,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At June 30, 2020, total principal owed by NBL was $21,931,000. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At June 30, 2020, total principal outstanding was $38,125,000. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

Unfunded Commitments

At June 30, 2020, the Company had $5,734,000 of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

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At June 30, 2020, NCL had $2,942,000 of unfunded commitments in connection with partial funding of certain of its non-conforming conventional commercial and industrial term loan investments. NCL will fund 50% of the total unfunded commitments. NCL will fund these commitments from the same sources it uses to fund its other investment commitments.
NOTE 9—FINANCIAL HIGHLIGHTS:

The financial highlights for the Company are as follows:
Six Months Ended
June 30, 		Year Ended December 31, Period Ended
Dec. 31, 2014
2020 2019 2019 2018 2017 2016 2015
Per share data¹
Net asset value at beginning of period $ 15.70 $ 15.19 $ 15.19 $ 15.08 $ 14.30 $ 14.06 $ 16.31 $ 13.49
Net investment income (loss) 1.42 (0.11) (0.29) (0.40) (0.45) (0.64) (0.57) (0.33)
Net realized gain on investments 0.16 1.12 2.61 2.31 2.27 2.17 3.14 0.08
Net unrealized appreciation (depreciation) on investments (0.84) 0.04 0.24 0.36 0.75 0.85 0.94 0.36
Net unrealized depreciation on servicing assets — (0.08) (0.27) (0.30) (0.20) (0.16) (0.13) (0.02)
Change in deferred taxes 0.14 0.04 (0.16) (0.06) (0.12) (0.34) (0.06) —
Net increase in net assets resulting from operations 0.88 0.93 2.13 1.91 2.25 1.88 3.32 0.09
Distributions to common stockholders (1.00) (0.86) (2.15) (1.80) (1.64) (1.53) (4.45) —
Stock-based compensation expense 0.01 0.01 0.03 0.02 0.05 0.04 — —
Consolidation of Exponential Business Development Co., Inc. — — — — — (0.03) — —
Reversal of deferred tax asset — — — — — — (0.19) —
Out of period adjustment related to BDC Conversion — — — — — — (0.06) —
Exponential of New York LLC distributions to members — — — — — — (0.25) —
Accretive effect of stock offerings (issuing shares above NAV per share) 0.08 0.04 0.51 0.04 0.02 — 2.43 2.73
Accretive effect of shares issued in connection with DRIP (issuing shares above NAV per share) — 0.01 0.01 0.01 0.01 — — —
Dilutive effect of restricted stock awards — — (0.01) (0.08) — (0.11) (3.07) —
Other⁴
(0.01) 0.01 (0.01) 0.01 0.09 (0.01) 0.02 —
Net asset value at end of period $ 15.66 $ 15.33 $ 15.70 $ 15.19 $ 15.08 $ 14.30 $ 14.06 $ 16.31
Per share market value at end of period $ 18.22 $ 23.00 $ 22.65 $ 17.44 $ 18.49 $ 15.90 $ 14.32 $ 14.76
Total return based on market value² ⁶ (23.97) % 26.95 % 17.55 % 4.06 % 26.60 % 24.51 % 24.46 % 13.10 %
Total return based on average net asset value² ³ ⁶ 6.10 % 6.58 % 17.48 % 12.67 % 16.92 % 12.59 % 13.52 % 20.87 %
Shares outstanding at end of period (in thousands) 20,905 19,137 20,530 18,919 18,457 14,624 14,509 10,206
Ratios/Supplemental Data:
Net assets at end of period $ 327,446 $ 293,352 $ 322,225 $ 287,445 $ 278,329 $ 209,094 $ 203,949 $ 166,418
Ratio of expenses to average net assets⁷ 20.34 % 20.65 % 21.29 % 20.15 % 19.20 % 19.48 % 17.42 % 20.46 %
Ratio of net investment income (loss) to average net assets⁷ 18.14 % (1.42) % (1.84) % (2.65) % (3.23) % (4.48) % (3.34) % (11.99) %
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Portfolio turnover 8
359.37 % 58.73 % 130.71 % 130.41 % 116.40 % 109.60 % 103.50 % 5.08 %
Average debt outstanding $ 364,411 $ 356,280 $ 388,525 $ 279,254 $ 193,747 $ 151,502 $ 128,680 $ 108,483
Average debt outstanding per share $ 17.43 $ 18.62 $ 18.92 $ 14.76 $ 10.50 $ 10.36 $ 8.87 $ 10.63
Asset coverage ratio⁵ 184 % 178 % 173 % 185 % 229 % 222 % 249 % 223 %
Senior securities outstanding $ 391,321 $ 375,058 $ 439,550 $ 337,501 $ 221,007 $ 176,019 $ 134,816 $ 122,543
(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2) Assumes dividends are reinvested.
(3) Total return based on average net asset value was calculated using the sum of ending net asset value plus dividends to stockholders during the period, divided by the beginning net asset value.
(4) Includes the impact of the different share amounts as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(5) Calculated based on the amount of senior securities outstanding at period end.
(6) Not annualized.
(7) Annualized for the six months ended June 30, 2020.
(8) Includes PPP loan activity beginning in the second quarter of 2020. Exclusive of PPP loan originations and sales, portfolio turnover for the six months ended June 30, 2020 was 19.52%
(9) The Company converted to a BDC on November 12, 2014 and therefore a partial period is shown through December 31, 2014.

NOTE 10—STOCK BASED COMPENSATION:

Stock Plan

The Company accounts for its stock-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation—Stock Compensation. Accordingly, for restricted stock awards, the Company measured the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.
The Board approves the issuance of shares of restricted stock to employees and directors pursuant to the Equity Incentive Plan. These shares generally vest over a one to three year period from the grant date. The fair value is expensed over the service period, starting on the grant date. The following table summarizes the restricted stock issuances under the Equity Incentive Plan, net of shares forfeited, if any, and the remaining shares of restricted stock available for issuance as of June 30, 2020.
Restricted Stock authorized under the plan 1
1,500,000
Less net restricted stock (granted)/forfeited during:
Year ended December 31, 2016 (120,933)
Year ended December 31, 2017 (5,007)
Year ended December 31, 2018 (93,568)
Year ended December 31, 2019 (6,285)
Six months ended June 30, 2020 2,639
Restricted stock available for issuance as of June 30, 2020 1,276,846
(1) A maximum of 20% of total shares of common stock issued and outstanding, calculated on a fully diluted basis, not to exceed 3,000,000 shares, are available for awards of restricted stock and stock options under the Equity Incentive Plan. No more than 50% of the shares of stock reserved for the grant of awards under the Equity Incentive Plan may be restricted stock awards at any time during the term of the Equity Incentive Plan. No stock options have been granted under the Equity Incentive Plan.

As of June 30, 2020, there was $399,000 of total unrecognized compensation expense related to unvested restricted shares. This compensation expense is expected to be recognized over a remaining weighted-average period of approximately 11 months as of June 30, 2020.

For the three months ended June 30, 2020 and 2019 the Company recognized total stock-based compensation expense of $138,000 and $118,000, respectively.
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For the six months ended June 30, 2020 and 2019 the Company recognized total stock-based compensation expense of $310,000 and $278,000, respectively.

NOTE 11—COMMON STOCK:

ATM Program

On August 31, 2018, the Company entered into the 2017 ATM Equity Distribution Agreement which increased the maximum number of shares that the Company may offer and sell under its then-existing ATM distribution agreement up to 4,400,000 shares of common stock from time to time through the ATM placement agents.

The following table summarizes the total shares sold and net proceeds received under the 2017 ATM Equity Distribution Agreement:
Year Ended December 31, 2019 Year Ended December 31, 2018
Shares sold 187,962 291,232
Net weighted average price per share $ 19.46 $ 19.14
Net proceeds $ 3,650 $ 5,196

On July 8, 2019, the Company gave notice to terminate the 2017 ATM Equity Distribution Agreement, with such termination effective as of July 9, 2019. As of July 9, 2019, the Company had sold 1,618,375 shares of its common stock under the 2017 ATM Equity Distribution Agreement, and received net proceeds of $28,466,000. The Company paid the ATM placement agents $586,000 in compensation.

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. On February 28, 2020, we amended the 2019 ATM Equity Distribution Agreement to add UBS Securities LLC as a placement agent. The company paid the placement agents $141,000 in compensation during the six months ended June 30, 2020.

The following table summarizes the total shares sold and net proceeds received under the 2019 ATM Equity Distribution Agreement:
Six Months Ended June 30, 2020 Year Ended December 31, 2019
Shares sold 359,819 1,356,698
Net weighted average price per share $ 20.40 $ 22.27
Net proceeds $ 7,342 $ 30,212

On June 24, 2020, the Company terminated the 2019 ATM Equity Distribution Agreement. As of June 24, 2020, the Company had sold 1,716,517 shares of its common stock under the Amended 2019 ATM Equity Distribution Agreement, and received net proceeds of $37,554,000. The Company paid the ATM placement agents a total of $758,000 in compensation under the 2019 ATM Equity Distribution Agreement.

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

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. As of June 30, 2020 the Company had not sold any shares under the 2020 ATM Equity Distribution Agreement. As of June 30, 2020, there were 3,000,000 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

NOTE 12—EARNINGS PER SHARE:

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The following table summarizes the calculations for the net increase in net assets resulting from operations per common share for the three and six months ended June 30, 2020 and 2019:
Three Months Ended Six Months Ended
June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019
Net increase in net assets resulting from operations $ 25,467 $ 8,678 $ 18,214 $ 17,761
Weighted average shares outstanding 20,893 19,113 20,815 19,058
Net increase in net assets resulting from operations per common share $ 1.22 $ 0.45 $ 0.88 $ 0.93

NOTE 13—LEASES:

Under ASC 842, operating lease expense is generally recognized on a straight-line basis over the term of the lease. The Company has entered into operating lease agreements for office space with remaining contractual terms up to 7 years, some of which include renewal options that extend the leases for up to 10 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain the Company will exercise such options. The operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

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

The following table summarizes supplemental cash flow and other information related to our operating leases:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 413 $ 416 $ 883 $ 776
Weighted-average remaining lease term - operating leases 6.58 years 7.48 years 6.58 years 7.48 years
Weighted-average discount rate - operating leases 4.76 % 4.76 % 4.76 % 4.76 %
Total lease costs (included in other general and administrative costs on the consolidated statements of operations) $ 209 160 $ 415 $ 379

The following table represents the maturity of the Company’s operating lease liabilities as of June 30, 2020:
Maturity of Lease Liabilities
2020 815
2021 1,555
2022 1,576
2023 1,619
2024 1,663
Thereafter 3,670
Total future minimum lease payments $ 10,898
Less: Imputed interest $ (1,602)
Present value of future minimum lease payments $ 9,296

NOTE 14—DIVIDENDS AND DISTRIBUTIONS:

The Company’s dividends and distributions are recorded on the declaration date. The following table summarizes the Company’s dividend declarations and distributions during the six months ended June 30, 2020 and 2019.
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Date Declared Record Date Payment Date Amount Per Share Cash Distribution DRIP Shares Issued DRIP
Shares Value
Six months ended June 30, 2020
February 5, 2020 March 18, 2020 March 31, 2020 $ 0.44 $ 8,882 18 $ 224
June 12, 2020 July 15, 2020 July 31, 2020 $ 0.56 $ 11,450 1 13 1 $ 235
Six months ended June 30, 2019
February 15, 2019 March 15, 2019 March 29, 2019 $ 0.40 $ 7,355 12 $ 220
May 1, 2019 June 14, 2019 June 28, 2019 $ 0.46 $ 8,482 12 $ 260
(1) Cash distribution and DRIP share issuance were made after the quarter end date of June 30, 2020.

During the six months ended June 30, 2020 and 2019, an additional 6,000 and 5,200 shares valued at $107,000 and $108,000, respectively, were issued related to dividends on unvested restricted stock awards.

NOTE 15—SUPPLEMENTAL FINANCIAL DATA:

Summarized Financial Information of Our Unconsolidated Subsidiaries

The Company holds a controlling interest as defined by the 1940 Act in portfolio companies that are not consolidated in the Company’s condensed consolidated financial statements. Below is a brief description of a portfolio company that is required to have supplemental disclosure incorporated in our financial statements in accordance with Regulation S-X section 4-08(g), along with summarized financial information.

Newtek Merchant Solutions, LLC

NMS markets credit and debit card processing services, check approval services and ancillary processing equipment and software to merchants who accept credit cards, debit cards, checks and other non-cash forms of payment.

The summarized financial information of our unconsolidated subsidiary is as follows:
Balance Sheets - Newtek Merchant Solutions, LLC As of June 30, 2020 As of December 31, 2019
Current assets $ 31,396 $ 14,707
Noncurrent assets 16,722 29,709
Total assets $ 48,118 $ 44,416
Current liabilities 8,282 9,487
Noncurrent liabilities 34,129 28,304
Total liabilities $ 42,411 $ 37,791
Total member’s equity $ 5,707 $ 6,625
Three Months Ended June 30, Six Months Ended June 30,
Statements of Income - Newtek Merchant Solutions, LLC 2020 2019 2020 2019
Revenue $ 7,945 $ 9,489 $ 16,218 $ 18,788
Expenses 5,368 5,810 11,539 11,577
Income from operations $ 2,577 $ 3,679 $ 4,679 $ 7,211
Interest (expense) income, net (151) (219) (387) (491)
Income before tax $ 2,426 $ 3,460 $ 4,292 $ 6,720

The Company recorded the following related to its investment in NMS:
Three Months Ended June 30, Six Months Ended June 30,
2020 2019 2020 2019
Dividend income $ 1,650 $ 2,475 $ 5,400 $ 5,375
Unrealized appreciation (depreciation) $ — $ 5,000 $ (6,250) $ 5,000
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NOTE 16—SUBSEQUENT EVENTS:

Common Stock

From July 1, 2020 through August 6, 2020 the Company sold 278,491 shares of its common stock at a weighted average price of $17.74 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,940,000. As of August 6, 2020, there were 2,721,509 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

Dividends

On July 20, 2020, the Company declared a third quarter 2020 cash dividend of $0.58 per share, which is payable on September 30, 2020 to shareholders of record as of September 21, 2020.

On July 31, 2020, the Company paid its second quarter 2020 cash dividend of $0.56 per share. The Company paid $11,685,000 to shareholders of record as of July 15, 2020 and issued 13,185 DRIP shares with a value of $235,000.
Paycheck Protection Program (“PPP”)
On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the COVID-19 pandemic. Specifically, the CARES Act included $349 billion to establish the PPP that expanded the existing SBA Section 7(a) loan program until June 30, 2020 to provide 100% federally-backed loans to eligible businesses. Subsequently, on April 3, 2020, the SBA, in conjunction with the U.S. Department of Treasury (the “Treasury”), adopted the PPP interim final rule (the “Regulations”) to implement the PPP and effectuate the expansion of the Section 7(a) loan program. The Regulations establish additional rules and requirements of the PPP, including a simplified application process for prospective PPP lenders and portfolio companies. Lenders currently authorized to extend loans under the Section 7(a) loan program are automatically authorized to approve and extend new PPP loans. On or about April 16, 2020, the SBA notified lenders that the $349 billion earmarked for the PPP was exhausted. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. See “The CARES Act - Paycheck Protection Program.”

On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The SBA had stopped accepting loan applications at midnight on June 30, 2020 prior to the extension.

From July 1, 2020 through August 6, 2020, NSBF funded approximately 1,290 PPP loans totaling $41,588,000 and sold $41,582,000 through PPP loan participations. As of August 6, 2020, NSBF had processed and obtained SBA E-Tran (loan guarantee) numbers for an additional $35,024,000 of PPP loans, which NSBF anticipates funding during the third quarter upon, among other things, borrowers providing final documentation, however, there is no assurance that NSBF will fund 100% of these PPP loans.
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Newtek Business Services Corp. and Subsidiaries
Schedule of Investments In and Advances to Affiliates
Six Months Ended June 30, 2020
Portfolio Company
Type of Investment 1
Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation)
Amount of Interest or Dividends Credited to Income 3
Fair Value at December 31, 2019
Gross Additions 4
Gross Reductions 5
Fair Value at June 30, 2020
Advanced Cyber Security Systems, LLC
50% Membership Interest 2
$ — $ — $ — $ — $ — $ — $ —
Term Loan (3%) 2
— — — — — — —
Automated Merchant Services, Inc.
100% Common Stock 2
— — — — — — —
CDS Business Services, Inc.
100% Common Stock 2
— (750) — 3,000 — (750) 2,250
Line of Credit (10%) — — 317 5,000 1,560 — 6,560
Newtek Technology Solutions, Inc.
100% Common Stock 2
— 500 — 9,000 500 — 9,500
Line of Credit (10%) — — 540 10,361 460 — 10,821
Newtek Insurance Agency, LLC
100% Membership Interest 2
— — — 2,215 — — 2,215
PMTWorks Payroll, LLC
100% Membership Interest 2
— (85) — — 85 (85) —
Term Loans (10%-12%) 2
— — — — — — —
Small Business Lending, LLC
100% Membership Interest 2
— (2,802) — 9,650 (2,802) 6,848
Term Loan (10%) — — 20 400 — — 400
banc-serv Partners, LLC
100% Membership Interest 2
— — — — — — —
International Professional Marketing, Inc. 100% Common Stock — — 150 4,150 — — 4,150
Line of Credit (Prime + 0.5%) 6
— — 5 — 750 — 750
SIDCO, LLC 100% Membership Interest — — 500 6,650 — — 6,650
Line of Credit (Prime + 0.5%) 6
— — 12 850 — (475) 375
Newtek Merchant Solutions, LLC 100% Membership Interest — (6,250) 5,400 121,250 — (6,250) 115,000
Titanium Asset Management, LLC
100% Membership Interest 2
— — — — — — —
Term Loan (10%) 2
— (75) — 390 — (75) 315
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Portfolio Company
Type of Investment 1
Amount of Realized Gain (Loss) Amount of Unrealized Appreciation (Depreciation)
Amount of Interest or Dividends Credited to Income 3
Fair Value at December 31, 2019
Gross Additions 4
Gross Reductions 5
Fair Value at June 30, 2020
Newtek Business Lending, LLC
100% Membership Interest 2
— — — 22,253 13,150 (700) 34,703
Newtek Conventional Lending, LLC 50% Membership Interest — (159) 600 16,123 1,500 (159) 17,464
Mobil Money, LLC 100% Membership Interest — (1,250) — 3,750 — (1,250) 2,500
POS on Cloud, LLC
50.1% Membership Interest 2
— — — — — — —
Term Loan (10%) — — 43 775 75 — 850
Excel WebSolutions LLC
Term Loans (10%) 2
— — — — — — —
100% Membership Interest 2
— — — — — — —
Total Controlled Investments $ — $ (10,871) $ 7,587 $ 215,817 $ 18,080 $ (12,546) $ 221,351
Non-Control/Affiliate Investments
EMCAP Loan Holdings, LLC 6.04% Membership Interest $ — $ — $ 40 $ 1,000 $ — $ — $ 1,000
Total Affiliate Investments $ — $ (10,871) $ 7,627 $ 216,817 $ 18,080 $ (12,546) $ 222,351

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

(1) The principal amount and ownership detail as shown in the Company’s Consolidated Schedule of Investments.
(2) Represents non-income producing security.
(3) Represents the total amount of interest, fees or dividends credited to income for the period.
(4) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, follow-on investments and the exchange of one or more existing securities for one or more new securities. Gross additions also include net increases in unrealized appreciation or net decreases in unrealized depreciation.
(5) Gross reductions include decreases in the cost basis of investments resulting from principal payments or sales and exchanges of one or more existing securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in unrealized appreciation.
(6) Index based floating rate debt investments bear interest at rate of Prime plus a contractual spread which typically resets monthly. At June 30, 2020, the Prime rate in effect was 3.25%.

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

Forward-Looking Statements

The matters discussed in this report, as well as in future oral and written statements by management of Newtek Business Services Corp., that are forward-looking statements are based on current management expectations that involve substantial risks and uncertainties which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Forward-looking statements relate to future events or our future financial performance. We generally identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Important assumptions include our ability to originate new investments, achieve certain margins and levels of profitability, the availability of additional capital, and the ability to maintain certain debt to asset ratios. In light of these and other uncertainties, including the impact of the COVID-19 pandemic, the inclusion of a projection or forward-looking statement in this report should not be regarded as a representation by us that our plans or objectives will be achieved. The forward-looking statements contained in this report include statements as to:
• our future operating results;
• our business prospects and the prospects of our prospective portfolio companies, including our and their ability to achieve our respective objectives as a result of the current COVID-19 pandemic;
• the impact of investments that we expect to make;
• our informal relationships with third parties;
• the dependence of our future success on the general economy and its impact on the industries in which we invest;
• our ability to access debt markets and equity markets;
• our expected financings and investments;
• our regulatory structure and tax status;
• our ability to operate as a BDC and a RIC;
• NSBF’s ability to maintain its license and PLP status under the SBA 7(a) program;
• NSBF’s ability to sell the guaranteed portions of SBA 7(a) loans at premiums;
• the adequacy of our cash resources and working capital;
• the timing of cash flows, if any, from the operations of our portfolio companies;
• the timing, form and amount of any dividend distributions;
• the impact of fluctuations in interest rates on our business including as a result of the decommissioning of LIBOR;
• the valuation of any investments in portfolio companies, particularly those having no liquid trading market; and
• our ability to recover unrealized losses.
• NSBF’s ability to issue SBA 7(a) guaranteed loans;
• NSBF’s ability to participate in the PPP and to continue to issue PPP loans;

The following discussion should be read in conjunction with our condensed consolidated financial statements and related notes and other financial information appearing elsewhere in this report. In addition to historical information, the following discussion and other parts of this report contain forward-looking information that involves risks and uncertainties. Our actual results could differ materially from those anticipated by such forward-looking information due to the factors discussed under Item 1A-“Risk Factors” of Part II of this quarterly report on Form 10-Q, Item 1A-“Risk Factors” of our annual report on Form 10-K filed with the SEC on March 16, 2020 and under “Forward-Looking Statements” of this Item 2.

Executive Overview

We are a leading national non-bank lender and own and control certain portfolio companies under the Newtek® brand (our “controlled portfolio companies,” as defined below) that provide a wide range of business and financial solutions to SMBs. Newtek's and its portfolio companies’ business and financial solutions include: Business Lending, including origination of SBA 7(a), SBA 504, PPP loans and nonconforming (non SBA) conventional loans, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), Technology Consulting, eCommerce, Accounts Receivable and Inventory Financing, personal and commercial Insurance Services, Web Services, Data Backup, Storage and Retrieval, and Payroll and Benefits Solutions to SMB accounts nationwide across all industries. We have an established and reliable platform that is not limited by client size, industry type, or location. As a result, we believe we have a strong and diversified client base across every state in the U.S. and across a variety of different industries. In addition, we have developed a financial and technology based business model that enables us and our controlled portfolio companies to acquire and process our SMB clients in a very cost effective manner. This capability is supported in large part by NewTracker®, our patented prospect management
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technology software, which is similar to, but we believe better suited for our needs than, the system popularized by Salesforce.com. We believe that this technology and business model distinguishes us from our competitors.
We consolidate the following wholly-owned subsidiaries:
Newtek Small Business Finance, LLC
Newtek Asset Backed Securities, LLC
CCC Real Estate Holdings, LLC
The Whitestone Group, LLC
Wilshire DC Partners, LLC
Wilshire Holdings I, Inc.
Wilshire Louisiana BIDCO, LLC
Wilshire Louisiana Partners II, LLC
Wilshire Louisiana Partners III, LLC
Wilshire Louisiana Partners IV, LLC
Wilshire New York Advisers II, LLC
Wilshire New York Partners III, LLC
Wilshire Partners, LLC
Exponential Business Development Co., Inc.
Newtek Commercial Lending, Inc.
Newtek LSP Holdco, LLC
Newtek Business Services Holdco 1, Inc.
Newtek Business Services Holdco 2, Inc.
Newtek Business Services Holdco 3, Inc.
Newtek Business Services Holdco 4, Inc.
Newtek Business Services Holdco 5, Inc. (formerly Banc-Serv Acquisition, Inc.)
Newtek Business Services Holdco 6, Inc.

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

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

NSBF has been granted PLP status and originates, sells and services SBA 7(a) loans and is authorized to place SBA guarantees on loans without seeking prior SBA review and approval. Being a national lender with PLP status allows NSBF to expedite the origination of loans since NSBF is not required to present applications to the SBA for concurrent review and approval. The loss of PLP status would adversely impact our marketing efforts and ultimately our loan origination volume which would negatively impact our results of operations.

As a BDC, our investment objective is to generate both current income and capital appreciation primarily through loans originated by our business finance ecosystem and our equity investments in certain portfolio companies that we control.

We target our debt investments, which are principally made through our business finance ecosystem under the SBA 7(a) program, to produce a coupon rate of prime plus 2.75% which enables us to generate rapid sales of guaranteed portions of SBA 7(a) loans in the secondary market. We typically structure our debt investments with the maximum seniority and collateral along with personal guarantees from portfolio company owners, in many cases collateralized by other assets including real estate. In most cases, our debt investment will be collateralized by a first lien on the assets of the portfolio company and a first or second lien on assets of guarantors, in both cases primarily real estate. All SBA loans are made with personal guarantees from any owner(s) of 20% or more of the portfolio company’s equity. The amount of new debt investments, particularly SBA
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7(a) loans that we originate, will directly impact future investment income. In addition, future amounts of unrealized appreciation or depreciation on our investments, as well as the amount of realized gains or losses, will also fluctuate depending upon economic conditions and the performance of our investment portfolio. The changes in realized gains and losses and unrealized appreciation or depreciation could have a material impact on our operating results.

We typically structure our debt investments to include non-financial covenants that seek to minimize our risk of capital loss such as lien protection and prohibitions against change of control. Our debt investments have what we believe are strong protections, including default penalties, information rights and, in some cases, board observation rights and affirmative, negative and financial covenants. Debt investments in portfolio companies, including the controlled portfolio companies, have historically and are expected to continue to comprise the majority of our overall investments in number and dollar volume.

While the vast majority of our investments have been structured as debt, we have in the past and expect in the future to make selective equity investments primarily as either strategic investments to enhance the integrated operating platform or, to a lesser degree, under the Capco programs. For investments in our controlled portfolio companies, we focus more on tailoring them to the long term growth needs of the companies than to return. Our objectives with these companies is to foster the development of the businesses as a part of the integrated operational platform of serving the SMB market, so we may reduce the burden on these companies to enable them to grow faster than they would otherwise and as another means of supporting their development.

We regularly engage in discussions with third parties with respect to various potential transactions. We may acquire an investment or a portfolio of investments or an entire company or sell a portion of our portfolio on an opportunistic basis. We, our subsidiaries, or our affiliates may also agree to manage certain other funds that invest in debt, equity or provide other financing or services to companies in a variety of industries for which we may earn management or other fees for our services. We may also invest in the equity of these funds, along with other third parties, from which we would seek to earn a return and/or future incentive allocations. Some of these transactions could be material to our business. Consummation of any such transaction will be subject to completion of due diligence, finalization of key business and financial terms (including price) and negotiation of final definitive documentation as well as a number of other factors and conditions including, without limitation, the approval of our board of directors and required regulatory or third-party consents and, in certain cases, the approval of our shareholders. Accordingly, there can be no assurance that any such transaction would be consummated. Any of these transactions or funds may require significant management resources either during the transaction phase or on an ongoing basis depending on the terms of the transaction.

On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in response to the COVID-19 pandemic. Specifically, the CARES Act included $349 billion to establish the PPP that expanded the existing SBA Section 7(a) loan program until June 30, 2020 to provide 100% federally-backed loans to eligible businesses. Subsequently, on April 3, 2020, the SBA, in conjunction with the U.S. Department of Treasury (the “Treasury”), adopted the PPP interim final rule (the “Regulations”) to implement the PPP and effectuate the expansion of the Section 7(a) loan program. The Regulations establish additional rules and requirements of the PPP, including a simplified application process for prospective PPP lenders and portfolio companies. Lenders currently authorized to extend loans under the Section 7(a) loan program are automatically authorized to approve and extend new PPP loans. On or about April 16, 2020, the SBA notified lenders that the $349 billion earmarked for the PPP was exhausted. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The SBA had stopped accepting loan applications at midnight on June 30, 2020 prior to the extension. See “The CARES Act - Paycheck Protection Program.”

COVID-19 Developments

In March 2020, the outbreak of COVID-19 was recognized as a pandemic by the World Health Organization. Shortly thereafter, the President of the United States declared a National Emergency throughout the United States attributable to such outbreak. The outbreak has become increasingly widespread in the United States, including in the markets in which the Company operates. In accordance with guidance from various state and local governments, many of the Company’s employees continue to work remotely, which has not impacted our ability to maintain operations, including financial reporting systems, internal control over financial reporting and disclosure controls and procedures.

We have and continue to assess the impact of COVID-19 on our portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide and the magnitude of the economic impact of the outbreak, including with respect to the travel restrictions, business closures and other quarantine measures imposed on service providers and other individuals by various local, state, and federal governmental authorities. As such, we are unable to
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predict the duration of any business and supply-chain disruptions, the extent to which COVID-19 will negatively affect our and our portfolio companies’ operating results or the impact that such disruptions may have on our results of operations and financial condition. Though the magnitude of the impact remains to be seen, we expect our portfolio companies to potentially be negatively impacted. We believe that certain negative impacts to our SBA 7(a) borrowers may be muted, in part due to provisions of the CARES Act providing for six months of principal, interest and fees to be paid by the SBA directly to the Company beginning in April 2020. In addition, due to the COVID-19 pandemic, we have experienced and may continue to experience a decline in SBA 7(a) loan originations and gains on sale from guaranteed portions of SBA 7(a) loans.

We are continuing to assess what additional adverse financial and operational consequences may result from the global spread of COVID-19 and the associated economic turbulence, however, the extent of such consequences remains uncertain as of the filing of this Form 10-Q.

Revenues

We generate revenue in the form of interest, dividend, servicing and other fee income on debt and equity investments. Our debt investments typically have terms of 10 to 25 years and bear interest at prime plus a margin. In some instances, we receive payments on our debt investments based on scheduled amortization of the outstanding balances. In addition, we receive repayments of some of our debt investments prior to their scheduled maturity date. The frequency or volume of these repayments fluctuates significantly from period to period. Our portfolio activity also reflects the proceeds of sales of securities. We receive servicing income related to the guaranteed portions of SBA investments which we originate and sell into the secondary market. These recurring fees are earned daily and recorded when earned. In addition, we may generate revenue in the form of packaging, prepayment, legal and late fees. We record such fees related to loans as other income. Dividends are recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income is recorded at the time dividends are declared. Distributions of earnings from portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain. In addition, under the PPP that began in the second quarter of 2020, the SBA reimburses the Company for originating loans and such SBA reimbursements are included as interest income on PPP loans. Income earned in connection with the PPP should not be viewed as recurring and is subject the continuation of the PPP.
We recognize realized gains or losses on investments based on the difference between the net proceeds from the disposition and the cost basis of the investment without regard to unrealized gains or losses previously recognized. We record current period changes in fair value of investments and assets that are measured at fair value as a component of the net change in unrealized appreciation (depreciation) on investments or servicing assets, as appropriate, in the consolidated statements of operations.

Expenses

Our primary operating expenses are salaries and benefits, interest expense, origination and servicing and other general and administrative costs, such as professional fees, marketing, referral fees, servicing costs and rent. Since we are an internally-managed BDC with no outside adviser or management company, the BDC incurs all the related costs to operate the Company.
Guarantees
The Company is a guarantor on the Sterling Receivable and Inventory Facility at NBC. Maximum borrowings under the Sterling Receivable and Inventory Facility are $35,000,000. The Sterling Receivable and Inventory Facility matures in August 2022 and automatically renews annually. At June 30, 2020, total principal owed by NBC was $22,491,000. In addition, the Company deposited $750,000 to collateralize the guarantee. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the NBL Facility. Maximum borrowings under the NBL Facility are $75,000,000 with an accordion feature to increase maximum borrowings to $150,000,000. The NBL Facility matures in July 2021. At June 30, 2020, total principal owed by NBL was $21,931,000. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

The Company is a guarantor on the Webster Facility, a term loan facility between NMS with Webster Bank with an aggregate principal amount up to $50,000,000. The Webster Facility matures in November 2023. At June 30, 2020, total principal outstanding was $38,125,000. At June 30, 2020, the Company determined that it is not probable that payments would be required to be made under the guarantee.

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Unfunded Commitments

At June 30, 2020, the Company had $5,734,000 of unfunded commitments in connection with its SBA 7(a) non-affiliate investments related to portions of loans originated which are partially funded. The Company will fund these commitments from the same sources it uses to fund its other investment commitments.

At June 30, 2020, NCL had $2,942,000 of unfunded commitments in connection with partial funding of certain of its non-conforming conventional commercial and industrial term loan investments. NCL will fund 50% of the total unfunded commitments. NCL will fund these commitments from the same sources it uses to fund its other investment commitments.

Loan Portfolio Asset Quality and Composition
The following tables set forth distributions of the cost basis of the Company’s SBA 7(a) loan portfolio at June 30, 2020 and December 31, 2019, respectively, in thousands. The tables include loans in which NSBF owns 100% as a result of NSBF originating the loan and subsequently repurchasing the guaranteed portion from the SBA. The total of 100% NSBF-owned loans at June 30, 2020 and December 31, 2019 is $15,417,000 and $11,307,000, respectively.
Distribution by Business Type
As of June 30, 2020
Business Type # of Loans Balance Average Balance % of Balance
Existing Business 1,863 $ 343,152 $ 184 81.0 %
Business Acquisition 275 58,588 207 13.8 %
Start-Up Business 228 21,815 96 5.2 %
Total 2,366 $ 423,556 $ 179 100.0 %
As of December 31, 2019
Business Type # of Loans Balance Average Balance % of Balance
Existing Business 1,892 $ 349,320 $ 185 81.3 %
Business Acquisition 273 58,155 207 13.5 %
Start-Up Business 230 22,221 96 5.2 %
Total 2,395 $ 429,696 $ 179 100.0 %
Distribution by Borrower Credit Score
June 30, 2020
Credit Score # of Loans Balance Average Balance % of Balance
500 to 550 20 $ 4,260 $ 213 1.0 %
551 to 600 63 17,545 278 4.1 %
601 to 650 340 69,864 205 16.5 %
651 to 700 731 123,614 169 29.2 %
701 to 750 702 122,216 174 28.9 %
751 to 800 439 76,672 175 18.1 %
801 to 850 68 9,267 136 2.2 %
Not available 3 117 39 — %
Total 2,366 $ 423,556 $ 179 100.0 %
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December 31, 2019
Credit Score # of Loans Balance Average Balance % of Balance
500 to 550 20 $ 4,315 $ 216 1.0 %
551 to 600 66 18,296 277 4.3 %
601 to 650 344 69,265 201 16.1 %
651 to 700 749 126,797 169 29.5 %
701 to 750 709 124,725 176 29.0 %
751 to 800 439 77,646 177 18.1 %
801 to 850 65 8,528 131 2.0 %
Not available 3 124 41 — %
Total 2,395 $ 429,696 $ 179 100.0 %
Distribution by Primary Collateral Type
June 30, 2020
Collateral Type # of Loans Balance Average Balance % of Balance
Commercial Real Estate 951 $ 223,018 $ 235 52.7 %
Machinery and Equipment 413 78,896 191 18.6 %
Residential Real Estate 497 39,763 80 9.4 %
Accounts Receivable and Inventory 249 37,735 152 8.9 %
Other 101 34,332 340 8.1 %
Unsecured 112 5,461 49 1.3 %
Furniture and Fixtures 28 2,574 92 0.6 %
Liquid Assets 15 1,776 118 0.4 %
Total 2,366 $ 423,556 $ 179 100.0 %
December 31, 2019
Collateral Type # of Loans Balance Average Balance % of Balance
Commercial Real Estate 962 $ 225,434 $ 234 52.5 %
Machinery and Equipment 420 82,725 197 19.3 %
Residential Real Estate 507 41,713 82 9.7 %
Accounts Receivable and Inventory 255 39,380 154 9.2 %
Other 105 32,380 308 7.5 %
Unsecured 104 4,362 42 1.0 %
Furniture and Fixtures 28 2,674 96 0.6 %
Liquid Assets 14 1,026 73 0.2 %
Total 2,395 $ 429,696 $ 179 100.0 %
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Distribution by Days Delinquent
June 30, 2020
Delinquency Status # of Loans Balance Average Balance % of Balance
Accrual
Current 2,158 $ 358,522 $ 166 84.6 %
31 to 60 days 1 1 1 — %
61 to 90 days 2 1,326 663 0.3 %
91 days or greater 4 2,077 519 0.5 %
Non-accrual 201 61,629 307 14.6 %
Total 2,366 $ 423,555 $ 179 100.0 %
December 31, 2019
Delinquency Status # of Loans Balance Average Balance % of Balance
Accrual
Current 2,086 $ 338,919 $ 162 78.8 %
31 to 60 days 48 14,459 301 3.4 %
61 to 90 days — — — — %
91 days or greater 48 17,233 359 4.0 %
Non-accrual 213 59,085 277 13.8 %
Total 2,395 $ 429,696 $ 179 100.0 %

Consolidated Results of Operations

As a BDC and a RIC, we are subject to certain constraints on our operations, including limitations imposed by the 1940 Act and the Code.
Comparison of the three months ended June 30, 2020 and 2019
Investment Income
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Investment income:
Interest income - PPP loans $ 34,657 $ — $ 34,657
Interest income - SBA 7(a) loans 6,669 7,252 (583)
Dividend income 2,288 2,828 (540)
Servicing income 2,777 2,503 274
Other income 303 1,566 (1,263)
Total investment income $ 46,694 $ 14,149 $ 32,545
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Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the newly-established PPP. See “The CARES Act - Paycheck Protection Program.” Under the PPP, current SBA 7(a) lenders are automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the three months ended June 30, 2020, NSBF originated $1,110,489,000 of PPP loans resulting in $34,657,000 of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. In addition, the SBA will reimburse a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000. Such SBA reimbursements are included in Interest Income - PPP loans. Income earned in connection with the PPP should not be viewed as recurring and is subject the continuation of the PPP.
The decrease in interest income on SBA 7(a) loans was attributable to the decrease in the Prime Rate in effect on our portfolio from 5.50% to 3.25% over the twelve month period. The decrease was partially offset by $451,000 of interest income relating to the full payoff of a loan in non-accrual status as well as an increase in the average outstanding performing portfolio of SBA non-affiliate investments to $372,984,000 from $333,811,000 for the three months ended June 30, 2020 and 2019, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
Dividend Income

Dividend income is dependent on portfolio company earnings. Current quarter dividend income may not be indicative of future period dividend income, particularly in light of the COVID-19 pandemic. See “COVID-19 Developments.” Dividend income was earned from the following portfolio companies for the three months ended June 30, 2020 and 2019:
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ 1,650 $ 2,475 $ (825)
International Professional Marketing, Inc. 75 — 75
SIDCO, LLC 250 250 —
Mobil Money, LLC — 75 (75)
Newtek Commercial Lending, LLC 293 — 293
EMCAP Loan Holdings, LLC 20 28 (7)
Total dividend income $ 2,288 $ 2,828 $ (540)
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the three months ended June 30, 2020 and 2019:
(in thousands): Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Total NSBF originated servicing portfolio 1
$ 1,724,814 $ 1,624,625 $ 100,189
Total servicing income earned $ 2,777 $ 2,503 $ 274
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $1,337,918,000 and $1,156,978,000 for the three months ended June 30, 2020 and 2019, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $180,940,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.
Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The decrease was
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related to a decrease in legal, prepayment and packaging fees earned as a result of the lower volume of SBA 7(a) loans originated of $17,350,000 compared to $122,600,000 for the three months ended June 30, 2020 and 2019, respectively.
Expenses:
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Salaries and benefits $ 3,740 $ 3,484 $ 256
Interest 4,604 4,712 (108)
Depreciation and amortization 104 124 (20)
Professional fees 1,207 643 564
Origination and loan processing 2,722 2,128 594
Origination and loan processing - related party 3,095 2,471 624
Change in fair value of contingent consideration liabilities — 9 (9)
Other general and administrative costs 1,475 1,657 (182)
Total expenses $ 16,947 $ 15,228 $ 1,719
Interest Expense
The following is a summary of interest expense by facility for the three months ended June 30, 2020 and 2019:
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Notes payable - Securitization Trusts $ 1,924 $ 2,630 $ (706)
Bank notes payable 467 618 (151)
Notes due 2022 — 177 (177)
Notes due 2023 1,015 1,016 (1)
Notes due 2024 1,014 — 1,014
Notes payable - related parties 184 270 (86)
Other — 1 (1)
Total interest expense $ 4,604 $ 4,712 $ (108)

The decrease in interest expense period over period is primarily related to a decrease in interest rates, which reduced interest expense on Notes payable - Securitization Trusts coupled with a decrease in outstanding principal. The drop in rates also decreased interest expense from Notes payable - related parties despite a higher average outstanding balance during the quarter period over period. The decrease in interest expense from Bank Notes payable was related to a decrease in the average outstanding balance period over period as well as a decrease in the interest rate. During the three months ended June 30, 2020, we recognized $1,014,000 of additional interest expense related to the issuance of $63,250,000 of 2024 Notes, offset by a reduction of interest expense related to our redemption of the 2022 Notes.

Professional Fees

The increase in professional fees was driven by an increase in proxy and special meeting related costs, consulting and legal fees and $113,000 of previously deferred offering costs related to our prior registration statement expensed during the quarter.

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Origination and Loan Processing

The increase in Origination and Loan Processing expenses was attributed to an increase in costs related to servicing the existing portfolio and collateral.

Origination and Loan Processing - Related Party

The increase in origination and loan processing expenses was attributed to an increase in headcount and compensation of SBL employees performing origination and loan processing functions. As a result, costs related to these employees increased Origination and Loan Processing - Related Party expense.

Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains (losses) from SBA non-affiliate investments for the three months ended June 30, 2020 and 2019 were a net realized loss of $1,214,000 and net realized gain of $12,051,000, respectively. This included realized losses of $2,896,000 and $971,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
Three Months Ended
June 30, 2020 June 30, 2019
# of Debt Investments $ Amount
(in thousands) 		# of Debt Investments $ Amount
(in thousands)
SBA non-affiliate investments originated during the quarter 7 $ 17,350 176 $ 122,600
SBA guaranteed non-affiliate investments sold during the quarter 18 $ 18,701 170 $ 95,960
Realized gains recognized on sale of SBA guaranteed non-affiliate investments — $ 1,682 — $ 13,022
Average sale price as a percent of principal balance 1
— 107.03 % — 111.52 %
(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.

Net Unrealized Appreciation (Depreciation) on Investments
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments $ (200) $ (382) $ 182
Net unrealized depreciation on SBA unguaranteed non-affiliate investments (1,633) (4,572) 2,939
Net unrealized (depreciation) appreciation on controlled investments (82) 4,865 (4,947)
Change in deferred taxes 29 (1,294) 1,323
Total net unrealized depreciation on investments $ (1,886) $ (1,383) $ (503)

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation (depreciation) of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.

The net unrealized depreciation on SBA unguaranteed non-affiliate investments was driven primarily by a decrease in the fair value of the portfolio from December 31, 2019. The primary driver of the portfolio’s unrealized depreciation was due to current market conditions and decrease in the prime rate. See “COVID-19 Developments” for additional information.

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Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the three months ended June 30, 2020 and 2019:
(in thousands) Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ — $ 5,000 $ (5,000)
Mobil Money, LLC (500) — (500)
Newtek Technology Solutions, Inc. 500 — 500
International Professional Marketing, Inc. — 600 (600)
SIDCO, LLC — (600) 600
PMTWorks Payroll, LLC (35) (152) 117
banc-serv Partners, LLC (BSP) — (44) 44
Newtek Conventional Lending, LLC (47) 61 (108)
Total net unrealized (depreciation) appreciation on controlled investments $ (82) $ 4,865 $ (4,947)


Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the three months ended June 30, 2020 and 2019, we recognized a provision for deferred taxes of $29,000 and $1,294,000, respectively, related to the net unrealized appreciation and depreciation of controlled portfolio company investments.

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Comparison of the six months ended June 30, 2020 and 2019
Investment Income
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Investment income:
Interest income - PPP loans $ 34,657 $ — $ 34,657
Interest income - SBA 7(a) loans 14,449 14,468 (19)
Dividend income 6,690 6,009 681
Servicing income 5,492 4,931 561
Other income 1,209 2,487 (1,278)
Total investment income $ 62,497 $ 27,895 $ 34,602
Interest Income
The Company began earning interest income from PPP loans in the second quarter of 2020 under the CARES Act, which allowed NSBF, as an SBA 7(a) lender, to originate loans under the newly-established PPP. See “The CARES Act - Paycheck Protection Program.” Under the PPP, current SBA 7(a) lenders are automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses. During the six months ended June 30, 2020, NSBF originated $1,110,489,000 of PPP loans resulting in $34,657,000 of fees generated. Pursuant to the PPP, the interest rate on PPP loans is capped at 1.0%. In addition, the SBA will reimburse a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000. Such SBA reimbursements are included in Interest Income - PPP Loans. Income earned in connection with the PPP should not be viewed as recurring and is subject to the continuation of the PPP.
The decrease in interest income from SBA 7(a) loans was attributable to the decrease in the Prime Rate in effect on our portfolio from 5.50% to 3.25% over the twelve month period. The decrease was partially offset by $451,000 of interest income relating to the full payoff of a loan in non-accrual status during the second quarter of 2020, as well as the average outstanding accrual portfolio of SBA non-affiliate investments increasing to $371,012,000 from $326,546,000 for the six months ended June 30, 2020 and 2019, respectively. The increase in the average outstanding accrual portfolio resulted from the origination of new SBA non-affiliate investments period over period.
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Dividend Income

Dividend income is dependent on portfolio company earnings. Current year dividend income may not be indicative of future period dividend income. Dividend income was earned from the following portfolio companies for the six months ended June 30, 2020 and 2019:
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ 5,400 $ 5,375 $ 25
International Professional Marketing, Inc. 150 — 150
SIDCO, LLC 500 400 100
Mobil Money, LLC — 175 (175)
Newtek Conventional Lending, LLC 600 — 600
EMCAP Loan Holdings, LLC 40 59 (19)
Total dividend income $ 6,690 $ 6,009 $ 681
NSBF Servicing Portfolio and Related Servicing Income
The following table represents the NSBF originated servicing portfolio and servicing income earned for the six months ended June 30, 2020 and 2019:
(in thousands): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Total NSBF originated servicing portfolio 1
$ 1,724,814 $ 1,624,625 $ 100,189
Total servicing income earned $ 5,492 $ 4,931 $ 561
(1) Of this amount, the total average NSBF originated portfolio earning servicing income was $1,332,160,000 and $1,134,841,000 for the six months ended June 30, 2020 and 2019, respectively.
The increase in servicing income was attributable to the increase in total portfolio investments for which we earn servicing income. The portfolio earning servicing income increased $197,319,000 period over period. The increase was attributable to an increase in SBA 7(a) non-affiliate investments period over period.

Other Income

Other income relates primarily to legal, packaging, prepayment, and late fees earned from SBA 7(a) loans. The decrease was
related to an decrease in legal, prepayment and packaging fees earned as a result of the lower volume of SBA 7(a) loans originated of $70,192,000 compared to $220,379,000 for the six months ended June 30, 2020 and 2019, respectively
Expenses:
(in thousands) Six Months Ended
June 30, 2020 		Six Months Ended
June 30, 2019 		Change
Salaries and benefits $ 7,187 $ 7,072 $ 115
Interest 9,788 9,447 341
Depreciation and amortization 219 253 (34)
Professional fees 2,171 1,627 544
Origination and loan processing 4,546 3,781 765
Origination and loan processing - related party 5,733 4,659 1,074
Change in fair value of contingent consideration liabilities 54 55 (1)
Other general and administrative costs 3,333 3,084 249
Total expenses $ 33,031 $ 29,978 $ 3,053

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Interest Expense
The following is a summary of interest expense by facility for the six months ended June 30, 2020 and 2019:
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Notes payable - Securitization Trusts $ 4,721 $ 5,675 $ (954)
Bank notes payable 718 908 (190)
Notes due 2022 — 353 (353)
Notes due 2023 2,031 2,031 —
Notes due 2024 2,027 — 2,027
Notes payable - related parties 291 474 (183)
Other — 6 (6)
Total interest expense $ 9,788 $ 9,447 $ 341

The increase in interest expense period over period is primarily related to interest from the issuance of $63,250,000 of 2024 Notes. We recognized $2,027,000 interest expense related to the 2024 Notes offset by a reduction of interest expense related to our redemption of the 2022 Notes. This increase was also offset by a decrease from Notes payable - Securitization Trusts as a result of declining interest rates and principal balances year over year. The decreases in interest expense from Bank notes payable and Notes payable - related parties were related to a decrease in the average outstanding balance and interest rates period over period.

Professional Fees

The increase in professional fees was driven by an increase in proxy and special meeting related costs, consulting and legal fees and $113,000 of previously deferred offering costs related to our prior registration statement expensed during the quarter.

Origination and Loan Processing

The increase in Origination and Loan Processing expenses was attributed to an increase in costs related to servicing the existing portfolio and collateral.

Origination and Loan Processing - Related Party

The increase in origination and loan processing expenses was attributed to an increase in headcount and compensation of SBL employees performing origination and loan processing functions. As a result, costs related to these employees increased Origination and Loan Processing - Related Party expense.
Net Realized Gains and Net Unrealized Appreciation and Depreciation

Net realized gains from SBA non-affiliate investments for the six months ended June 30, 2020 and 2019 were $3,299,000 and $21,395,000, respectively, which included realized losses of $3,343,000 and $1,373,000, respectively.

Net Realized Gains on SBA Non-Affiliate Investments
Six Months Ended
June 30, 2020 June 30, 2019
# of Debt Investments $ Amount
(in thousands) 		# of Debt Investments $ Amount
(in thousands)
SBA non-affiliate investments originated 87 $ 70,192 296 $ 220,379
SBA guaranteed non-affiliate investments sold 85 $ 56,776 287 $ 170,062
Realized gains recognized on sale of SBA guaranteed non-affiliate investments — $ 6,642 — $ 22,768
Average sale price as a percent of principal balance 1
— 109.64 % — 111.33 %
(1) Realized gains greater than 110.00% must be split 50/50 with the SBA in accordance with SBA regulations. The realized gains recognized above reflects amounts net of split with the SBA.
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Net Unrealized Appreciation (Depreciation) on Investments
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Net unrealized depreciation on SBA guaranteed non-affiliate investments $ (383) $ (312) $ (71)
Net unrealized depreciation on SBA unguaranteed non-affiliate investments (6,144) (1,943) (4,201)
Net unrealized (depreciation) appreciation on controlled investments (10,871) 2,918 (13,789)
Change in deferred taxes 2,940 (765) 3,705
Total net unrealized depreciation on investments $ (14,458) $ (102) $ (14,356)

Net unrealized appreciation (depreciation) on SBA guaranteed non-affiliate investments relates to guaranteed portions of SBA debt investments made which the Company sells into a secondary market. Unrealized appreciation of SBA guaranteed investments represents the fair value adjustment of guaranteed portions of loans which have not yet been sold. Unrealized depreciation represents the reversal of unrealized appreciation when the SBA 7(a) loans are sold.

Net Unrealized Appreciation (Depreciation) on Controlled Investments

Unrealized appreciation (depreciation) was derived from the following portfolio companies for the six months ended June 30, 2020 and 2019:
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Change
Newtek Merchant Solutions, LLC (NMS) $ (6,250) $ 5,000 $ (11,250)
Newtek Technology Solutions, Inc. (NTS) 500 (1,500) 2,000
CDS Business Services, Inc. (750) — (750)
International Professional Marketing, Inc. — 600 (600)
SIDCO, LLC — (920) 920
PMTWorks Payroll, LLC (85) (337) 252
banc-serv Partners, LLC (BSP) — (286) 286
Small Business Lending, LLC (2,802) 300 (3,102)
Newtek Conventional Lending, LLC (159) 61 (220)
Titanium Asset Management LLC (75) — (75)
Mobil Money, LLC (1,250) — (1,250)
Total net unrealized (depreciation) appreciation on controlled investments $ (10,871) $ 2,918 $ (13,789)

Provision for Deferred Taxes on Unrealized Appreciation of Investments

Certain consolidated subsidiaries of ours are subject to U.S. federal and state income taxes. These taxable subsidiaries are not consolidated with the Company for income tax purposes, but are consolidated for GAAP purposes, and may generate income tax liabilities or assets from temporary differences in the recognition of items for financial reporting and income tax purposes at the subsidiaries. During the six months ended June 30, 2020 and 2019, we recognized a provision for deferred taxes of $2,940,000 and $765,000 related to the net unrealized appreciation of controlled portfolio company investments, respectively.

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Liquidity and Capital Resources
Overview

Our liquidity and capital resources are derived from our Capital One Facility, Notes payable - related parties, 2023 Notes, 2024 Notes, securitization transactions and cash flows from operations, including investment sales and repayments, and income earned. Our primary use of funds from operations includes investments in portfolio companies and payments of fees and other operating expenses we incur. We have used, and expect to continue to use, our borrowings and the proceeds from the turnover of our portfolio and from public and private offerings of securities to finance our investment objectives. We may raise additional equity or debt capital through both registered offerings off a shelf registration, including “at-the-market”, or ATM, and private offerings of securities. As of June 30, 2020, our asset coverage was 184% based on $391,321,000 of aggregate principal amount of senior securities outstanding. On July 26, 2018, our shareholders approved the application of the modified asset coverage requirement as set forth in Section 61(a)(2) of the 1940 Act, as amended by the SBCAA. As a result, our minimum required asset coverage ratio decreased from 200% to 150%, effective July 27, 2018.

Public Offerings

ATM Program

The 2017 ATM Equity Distribution Agreement provided that we may offer and sell up to 4,400,000 shares of common stock from time to time through the placement agents. From inception through July 8, 2019, we sold 1,618,375 shares of our common stock at a weighted average price of $18.07 per share. Proceeds, net of offering costs and expenses were $28,466,000. On July 8, 2019, the Company gave notice to terminate the 2017 ATM Equity Distribution Agreement, with such termination effective as of July 9, 2019.

On July 10, 2019, the Company entered into the 2019 ATM Equity Distribution Agreement. The 2019 ATM Equity Distribution Agreement provided that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. From inception through June 24, 2020, we sold 1,716,517 shares of our common stock at a weighted average price of $21.88 per share. Proceeds, net of offering costs and expenses were $37,554,000. On June 24, 2020, the Company terminated the 2019 ATM Equity Distribution Agreement. The Company paid the ATM placement agents $758,000 in compensation.

We used the net proceeds for funding investments in debt and equity securities in accordance with our investment objective and strategies and for general corporate purposes including funding investments, repaying outstanding indebtedness and other general corporate purposes.

On June 25, 2020, the Company entered into the 2020 ATM Equity Distribution Agreement. The 2020 ATM Equity Distribution Agreement provides that the Company may offer and sell up to 3,000,000 shares of common stock from time to time through the placement agents. As of June 30, 2020 the Company had not sold any shares under the 2020 ATM Equity Distribution Agreement. As of June 30, 2020, there were 3,000,000 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

Debt Offerings

In July 2019, the Company and the Trustee entered into the Fourth Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $55,000,000 aggregate principal amount of 5.75% Notes due 2024. The Company granted an overallotment option of up to $8,250,000 in aggregate principal amount of the 2024 Notes. The sale of the 2024 Notes generated proceeds of approximately $53,186,000, net of underwriter's fees and expenses. In July 2019 the underwriters exercised their option to purchase $8,250,000 in aggregate principal amount of 2024 Notes for an additional $8,003,000 in net proceeds. The 2024 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2024 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 2024 Notes will mature on August 1, 2024 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after August 1, 2021, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not
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including the date fixed for redemption. The 2024 Notes bear interest at a rate of 5.75% per year payable quarterly on February 1, May 1, August 1, and November 1 of each year, commencing on November 1, 2019, and trade on the Nasdaq Global Market under the trading symbol “NEWTL.” At June 30, 2020, the Company was in compliance with all covenants related to the 2024 Notes.

In February 2018, the Company and the Trustee entered into the Third Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $50,000,000 aggregate principal amount of 6.25% Notes due 2023. The Company granted an overallotment option of up to $7,500,000 in aggregate principal amount of the 2023 Notes. The sale of the Notes generated proceeds of approximately $47,901,000, net of underwriter's fees and expenses. In February 2018, the underwriters exercised their option to purchase $7,500,000 in aggregate principal amount of notes for an additional $7,275,000 in net proceeds. The 2023 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2023 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

The 2023 Notes will mature on March 1, 2023 and may be redeemed in whole or in part at the Company’s option at any time or from time to time on or after March 1, 2020, at a redemption price of 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to but not including the date fixed for redemption. The 2023 Notes bear interest at a rate of 6.25% per year payable quarterly on March 1, June 1, September 1, and December 1 of each year, commencing on June 1, 2018, and trade on the Nasdaq Global Market under the trading symbol “NEWTI.”

The Base Indenture, as supplemented by the Third Supplemental Indenture, contains certain covenants including covenants requiring the Company to comply with (regardless of whether it is subject to) the asset coverage requirements set forth in Section 18(a)(1)(A) of the 1940 Act as modified by Section 61(a) of the 1940 Act (or any successor provisions), to comply with (regardless of whether it is subject to) the restrictions on dividends, distributions and purchase of capital stock set forth in Section 18(a)(1)(B) of the 1940 Act as modified by Section 61(a) of the 1940 Act and to provide financial information to the holders of the 2023 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act. These covenants are subject to important limitations and exceptions that are described in the Base Indenture, as supplemented by the Third Supplemental Indenture. The Base Indenture provides for customary events of default and further provides that the Trustee or the holders of 25% in aggregate principal amount of the outstanding 2023 Notes may declare such 2023 Notes immediately due and payable upon the occurrence of any event of default after expiration of any applicable grace period. At June 30, 2020, the Company was in compliance with all covenants related to the 2023 Notes.

In April 2016, the Company and the Trustee, entered into the Second Supplemental Indenture to the Base Indenture between the Company and the Trustee, relating to the Company’s issuance, offer and sale of $35,000,000 aggregate principal amount of 7.0% Notes due 2021. The Company granted an overallotment option of up to $5,250,000 in aggregate principal amount of the 2021 Notes. The sale of the Notes generated proceeds of approximately $33,750,000, net of underwriter's fees and expenses. In May 2016, the underwriters exercised their option to purchase $5,250,000 in aggregate principal amount of notes for an additional $5,066,000 in net proceeds. The 2021 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2021 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

On March 22, 2018, the Company redeemed all $40,250,000 in aggregate principal amount of the 2021 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from December 31, 2017, through, but excluding, the redemption date.

In September 2015, the Company and the Trustee entered into the Base Indenture and the First Supplemental Indenture relating to the Company's issuance, offer, and sale of $8,324,000, including the underwriter's partial exercise of their over-allotment option, in aggregate principal amount of the 7.5% Notes due 2022. The 2022 Notes are the Company’s direct unsecured obligations and rank: (i) pari passu with the Company’s other outstanding and future unsecured indebtedness; (ii) senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 2022 Notes; (iii) effectively subordinated to all the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the
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Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and (iv) structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries.

On August 29, 2019, the Company redeemed all $8,324,000 in aggregate principal amount of the 2022 Notes on the redemption date of August 29, 2019 at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from July 1, 2019, through, but excluding, the redemption date.

Capital One Facilities
In May 2017, NSBF amended its Capital One facility to increase the facility from $50,000,000 to $100,000,000 and reduce the interest rate. The facility was amended again in June 2018 and the portion of the facility collateralized by the government guaranteed portion of SBA 7(a) loans, was reduced to Prime minus 0.75% (previously Prime minus 0.25%). The interest rate on the portion of the facility, collateralized by the non-guaranteed portion of SBA 7(a) loans, was reduced to Prime plus 0.25% (previously Prime plus 0.75%). The facility provides for a 55% advance rate on the non-guaranteed portions of the SBA 7(a) loans NSBF originates, and a 90% advance rate on the guaranteed portions of SBA 7(a) loans NSBF originates. In addition, the amendment extended the date on which the facility will convert to a term loan from May 16, 2017 to May 11, 2020 and extended the maturity date of the facility to May 11, 2022. In June 2019, the facility was increased from $100,000,000 to $150,000,000. On May 7, 2020, NSBF amended its existing line of credit with Capital One to, among other things, extend the maturity date on which the credit facility will convert into a term loan for a period of three years to May 7, 2023, with the term loan maturing on May 7, 2025.

At June 30, 2020, there was $23,640,000 and $0 outstanding under the unguaranteed and guaranteed lines of credit, respectively. At June 30, 2020, we were in full compliance with all applicable loan covenants.
Notes Payable - Related Parties

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

In June 2017, the Related Party RLOC was amended to increase maximum borrowings to $50,000,000. The outstanding balance had an interest rate equal to 1 month LIBOR (with a floor of 0.50%) plus 6.0% or at a rate equal to the greater of the Prime Rate or 3.5% plus 5.0%. In November 2018, the Related Party RLOC was amended to reduce the interest rate to the lesser of 1 month LIBOR plus 2.5% or the Prime Rate plus 1.5%.

At June 30, 2020, the Related Party RLOC interest rate was 2.67%. The Related Party RLOC has a maturity date of November 8, 2023. Outstanding borrowings due to NMS at June 30, 2020 were $0.

Securitization Transactions
Since 2010, NSBF has engaged in securitizations of the unguaranteed portions of its SBA 7(a) loans. In the securitization, it uses a special purpose entity (the “Trust”) which is considered a variable interest entity. Applying the consolidation requirements for VIEs under the accounting rules in ASC Topic 860, Transfers and Servicing, and ASC Topic 810, Consolidation, which became effective January 1, 2010, the Company determined that as the primary beneficiary of the securitization vehicle, based on its power to direct activities through its role as servicer for the Trust and its obligation to absorb losses and right to receive benefits, it needed to consolidate the Trusts. NSBF therefore consolidated the entity using the carrying amounts of the Trust’s assets and liabilities. NSBF reflects the assets in SBA Unguaranteed Non-Affiliate Investments and reflects the associated financing in Notes Payable - Securitization trusts on the Consolidated Statements of Assets and Liabilities.

In November 2016, NSBF completed its seventh securitization which resulted in the transfer of $56,073,000 of unguaranteed portions of SBA loans to the 2016-1 Trust.  The 2016-1 Trust in turn issued securitization notes for the par amount of $53,444,000, consisting of $43,632,000 Class A notes and $9,812,000 of Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB+” rating by S&P, respectively, and the final maturity date of the notes is February 2042. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 3.0% and 4.25%, respectively.

In December 2017, NSBF completed its eighth securitization which resulted in the transfer of $76,188,000 of unguaranteed portions of SBA loans to the 2017-1 Trust.  The 2017-1 Trust in turn issued securitization notes for the par amount of $75,426,000, consisting of $58,111,000 Class A notes and $17,315,000 of Class B notes, against the assets in a private
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placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is February 2043. The Class A and Class B notes bear interest at a rate of 1 month LIBOR plus 2.0% and 3.0%, respectively.

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

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

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

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

In October 2019, NSBF completed its tenth securitization which resulted in the transfer of $118,920,000 of unguaranteed portions of SBA loans to the 2019-1 Trust, The 2019-1 Trust in turn issued securitization notes for the par amount of $118,920,000, consisting of $93,540,000 of Class A notes and $25,380,000 Class B notes, against the assets in a private placement. The Class A and Class B notes received an “A” and “BBB-” rating by S&P, respectively, and the final maturity date of the notes is December 2044. The Class A and Class B notes bear interest at a rate of LIBOR plus 1.83% across both classes.

PPP Loan Participations

Since April 2020, NSBF has engaged in the origination of PPP loans. As of August 6, 2020, NSBF has funded approximately 9,620 PPP loans totaling $1.15 billion though the PPP program. The PPP was established as part of a stimulus package to certain businesses and individuals affected by the COVID-19 pandemic. Under the PPP, current SBA 7(a) lenders are automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses for amounts up to 2.5 times of those businesses’ average monthly payroll expenses (capped at $10 million). The interest rate on PPP loans is capped at 1.0%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower uses the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduces salaries or terminates employees during the forgiveness period.

To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originates PPP loans and sells 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”) , collectively, the “Participants.” The participations are sold at par due to the short term maturity of the loans. NSBF and the Participant share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel and Amalgamated amended their agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100% as of June 30, 2020. Morgan Stanley continues to hold 90% participation interests. as of June 30, 2020. During the second quarter of 2020, NSBF sold participations in $1.10 billion of PPP loans. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations.

A transfer of financial assets must meet the sale criteria under the accounting rules in ASC Topic 860, Transfers and Servicing, in order to be considered a sale instead of a secured borrowing. The Company determined that the sale criteria are met and the Participants’ interests in the PPP loans are not held on the Company’s consolidated balance sheets. As stated in the PPP loan participation agreements, the intention of the parties is for the participation agreements to be absolute and true sales and not secured borrowings. In accordance with the terms of the PPP loan participation agreements and SBA regulations and guidance, NSBF, as the originating lender, retains all servicing rights and is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. For the 100% participations, the entire financial asset is considered to have been sold since a 100% ownership interest in the underlying asset’s cash flows has been sold to a third party and only the servicing rights remain with NSBF. For
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the 90% participations, the transfers met all the conditions of a participating interest as defined by ASC 860 to potentially qualify for sale accounting including (i) there is a proportionate ownership interest in an entire financial asset, (ii) all cash flows are divided proportionately among the participants, (iii) the parties’ rights are parri passu, and (iv) no party has the right to pledge or exchange the entire PPP loan unless all participating interest holders agree. The Company obtained true sale opinions and concluded that legal isolation is met under ASC 860-10-45-5a. As required under ASC 860 for sale accounting, the Company does not have an option or obligation to reacquire the assets, except for standard representations and warranties, such as in the event of fraud, gross negligence, or willful misconduct on the part of the Company, or failure to meet the ongoing contractual obligations to service the PPP loans. Owners of participations in PPP loans also have credit protection in the form of a 100% irrevocable government guarantee.

Cash Flows and Liquidity
As of June 30, 2020, the Company’s unused sources of liquidity consisted of $23,633,000 available through the Capital One facility; $30,335,000 available through notes payable with related parties; and $13,385,000 in unrestricted cash.

Restricted cash of $40,213,000 as of June 30, 2020 is primarily held by NSBF. The majority, or $39,461,000 of restricted cash includes reserves in the event payments are insufficient to cover interest and/or principal with respect to securitizations and loan principal and interest collected which are due to loan participants.

The Company generated and used cash as follows:
(in thousands) Six Months Ended June 30, 2020 Six Months Ended June 30, 2019
Net cash provided by (used in) operating activities $ 70,834 $ (26,712)
Net cash used in investing activities (10) (111)
Net cash provided by (used in) financing activities (50,433) 25,152
Net increase (decrease) in cash and restricted cash 20,391 (1,671)
Cash and restricted cash, beginning of period 33,207 31,350
Cash and restricted cash, end of period $ 53,598 $ 29,679
During the six months ended June 30, 2020, operating activities provided cash of $70,834,000, consisting primarily of (i) $1,167,376,000 of proceeds from the sale of SBA 7(a) guaranteed loan investments, (ii) $31,374,000 of principal payments received from SBA non-affiliate investments and (iii) a $51,173,000 decrease in broker receivables which arise from the guaranteed portions of SBA 7(a) loans that were traded in the period but did not settled during the current period end and the cash was not received from the purchasing broker during the current period; the amount varies depending on loan origination volume and timing of sales at quarter end.
These increases were offset by (i) $1,180,680,000 of SBA 7(a) and PPP loan investments funded and (ii) $17,580,000 of investments in controlled portfolio companies, including $1,500,000 investments in NCL and $13,150,000 of investments in NBL.
Net cash used in financing activities was $50,433,000 consisting primarily of (i) $29,706,000 of principal payments related to securitization notes payable, (ii) $8,882,000 of dividend payments, (iii) $6,360,000 of net paydowns under our bank notes payable, and (iv) net paydowns under the Related Party RLOC of $12,163,000.
These uses were offset by $7,310,000 of net proceeds from the sale of common shares under the 2019 ATM Equity Distribution Agreement.
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Contractual Obligations
The following table represents the Company’s obligations and commitments as of June 30, 2020:
(in thousands) Payments due by period
Contractual Obligations Total 2020 2021 2022 2023 2024 Thereafter
Bank notes payable $ 23,640 $ — $ — $ 23,640 $ — $ — $ —
Securitization notes payable 1
276,637 — — — — — 276,637
Notes due 2023 1
57,500 — — — 57,500 — —
Notes due 2024 1
63,250 — — — — 63,250 —
Notes payable - related parties — — — — — — —
Employment agreements 1,140 805 335 — — — —
Operating leases 10,913 822 1,563 1,576 1,619 1,663 3,670
Totals $ 433,080 $ 1,627 $ 1,898 $ 25,216 $ 59,119 $ 64,913 $ 280,307
(1) Amounts represent principal only and are not shown net of unamortized debt issuance costs. See NOTE 7—BORROWINGS.
Critical Accounting Policies and Estimates

The preparation of financial statements and related disclosures in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following items as critical accounting policies.
Fair Value Measurements

We value investments for which market quotations are readily available at their market quotations. However, a readily available market value is not expected to exist for many of the investments in our portfolio, and we value these portfolio investments at fair value as determined in good faith by our Board under our valuation policy and process. We may seek pricing information with respect to certain of our investments from pricing services or brokers or dealers in order to value such investments. We also employ independent third party valuation firms for certain of our investments for which there is not a readily available market value.

The application of our valuation methods may include comparisons of the portfolio companies to peer companies that are public, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings, discounted cash flow, the markets in which the portfolio company does business and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we will consider the pricing indicated by the external event to corroborate the private equity valuation. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from values that may ultimately be received or settled.

Our Board is ultimately and solely responsible for determining, in good faith, the fair value of investments that are not publicly traded, whose market prices are not readily available on a quarterly basis or any other situation where portfolio investments require a fair value determination.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels for disclosure purposes. The Company carries all investments at fair value. Additionally, the Company carries its servicing assets at fair value. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets for identical assets or liabilities and gives the lowest priority to unobservable inputs (Level 3). An asset or liability’s classification within the fair value hierarchy is based on the lowest level of the significant input to its valuation. The levels of the fair value hierarchy are as follows:
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Level 1
Quoted prices in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market, as well as certain U.S. Treasury, other U.S. Government and agency mortgage-backed debt securities that are highly liquid and are actively traded in over-the-counter markets.
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. This category generally includes certain U.S. Government and agency mortgage-backed debt securities, corporate debt securities, derivative contracts and residential mortgage loans held-for-sale.
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category generally includes certain private equity investments, retained residual interests in securitizations, residential mortgage servicing rights, and highly structured or long-term derivative contracts.

Valuation of Investments

Level 1 investments are valued using quoted market prices. Level 2 investments are valued using market consensus prices that are corroborated by observable market data and quoted market prices for similar assets and liabilities. Level 3 investments are valued at fair value as determined in good faith by the Board, based on input of management, the audit committee and independent valuation firms that have been engaged at the direction of the Board to assist in the valuation of certain portfolio investments without a readily available market quotation at least once during a trailing twelve-month period under a valuation policy and a consistently applied valuation process.
When determining fair value of Level 3 debt and equity investments, the Company may take into account the following factors, where relevant: the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons to publicly traded securities, and changes in the interest rate environment and the credit markets generally that may affect the price at which similar investments may be made and other relevant factors. The primary methods for determining enterprise value include a discounted cash flow analysis and a multiple analysis whereby appropriate multiples are applied to the portfolio company’s EBITDA or revenue. The enterprise value analysis is performed to determine the value of equity investments and to determine if debt investments are credit impaired. If debt investments are credit impaired, the Company will use the enterprise value analysis or a liquidation basis analysis to determine fair value. For debt investments that are not determined to be credit impaired, the Company uses a market interest rate yield analysis to determine fair value.
In addition, for certain debt investments, the Company may base its valuation on quotes provided by an independent third party broker.

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

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

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.

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

Our Board has the final responsibility for overseeing, reviewing and approving, in good faith, our determination of the fair value for our investment portfolio and our valuation procedures, consistent with 1940 Act requirements. We believe our investment portfolio as of June 30, 2020 and December 31, 2019 approximates fair value as of those dates based on the markets in which we operate and other conditions in existence on those reporting dates.

Income Recognition
Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on management’s designation of non-accrual status. Interest receivable is analyzed regularly and may be reserved against when deemed uncollectible. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although we may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection.
We receive servicing income related to the guaranteed portions of SBA loan investments which we sell into the secondary market. These recurring fees are earned and recorded daily. Servicing income is earned for the full term of the loan or until the loan is repaid.

We receive a variety of fees from borrowers in the ordinary course of conducting our business, including packaging fees, legal fees, late fees and prepayment fees. All other income is recorded when earned.
Dividend income is recorded at the time dividends are declared. Distributions of earnings from a portfolio companies are evaluated to determine if the distribution is income, return of capital or realized gain.
Income Taxes

Deferred tax assets and liabilities are computed based upon the differences between the financial statement and income tax basis of assets and liabilities using the enacted tax rates in effect for the year in which those temporary differences are expected to be realized or settled. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized.

The Company’s U.S. federal and state income tax returns prior to fiscal year 2015 are generally closed, and management continually evaluates expiring statutes of limitations, audits, proposed settlements, changes in tax law and new authoritative rulings.

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

Depending on the level of taxable income earned in a tax year, the Company may choose to retain taxable income in excess of current year dividend distributions and would distribute such taxable income in the next tax year. The Company would then pay a 4% excise tax on such income, as required. To the extent that the Company determines that its estimated current year annual taxable income, determined on a calendar year basis, could exceed estimated current calendar year dividend distributions, the
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Company accrues excise tax, if any, on estimated excess taxable income as taxable income is earned. For the six months ended June 30, 2020 and 2019, no U.S. federal excise taxes were due.

The Company’s Taxable Subsidiaries accrue income taxes payable based on the applicable corporate rates on the net unrealized appreciation generated by the controlled investments held by the Taxable Subsidiaries. Such deferred tax liabilities amounted to $9,465,000 and $12,405,000 at June 30, 2020 and December 31, 2019, respectively, and are recorded as deferred tax liabilities on the consolidated statements of assets and liabilities. The change in deferred tax liabilities is included as a component of net unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

The CARES Act - Paycheck Protection Program

On March 27, 2020, Congress passed, and the President of the United States signed into law, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides an over $2.0 trillion stimulus package to certain businesses and individuals affected by the COVID-19 pandemic, with subsidies to certain existing SBA 7(a) borrowers in which the SBA will pay all principal, interest, and fees on existing performing SBA 7(a) loans for six months beginning with such borrowers’ April 2020 payments. Among other things, the CARES Act allows NSBF, as an SBA 7(a) lender, to originate loans under the newly-established Paycheck Protection Program (“PPP”) as an expansion of the existing SBA Section 7(a) loan program through June 30, 2020. On July 4, 2020, the President of the United States signed a bill to re-open the application window for the PPP until August 8, 2020. The SBA had stopped accepting loan applications at midnight on June 30, 2020 prior to the extension. The July 4, 2020 bill also corrected what has been described as a technical drafting error, in which the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded.

Under the PPP, current SBA 7(a) lenders are automatically approved to extend 100% federally guaranteed PPP loans to certain small businesses for amounts up to 2.5 times of those businesses’ average monthly payroll expenses (capped at $10 million). The interest rate on PPP loans is capped at 1.0%, and the loans are forgivable after an 8 up to a 24 week forgiveness period, provided that the borrower uses the loans for eligible purposes (e.g., payroll/benefits (excluding employee compensation above $100,000), mortgage interest, rent and utilities) and maintains its payroll levels. The amount of loan forgiveness will be reduced if the borrower reduces salaries or terminates employees during the forgiveness period.

As a result of the uncertain economic impact to U.S. small businesses created by the COVID-19 pandemic, the Company’s Executive Committee and Lending Team temporarily shifted the focus of NSBF from originating SBA 7(a) loans to originating PPP loans. As of August 6, 2020, NSBF has funded approximately 9,620 PPP loans totaling $1.15 billion though the PPP program. Pursuant to the PPP, the SBA will reimburse a lender authorized to make a PPP loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the PPP loan, of: (i) 5% for PPP loans of not more than $350,000; (ii) 3% for loans of more than $350,000 and less than $2,000,000; and (iii) 1% for loans of not less than $2,000,000.

To facilitate NSBF’s involvement as an authorized lender in the PPP, during the second quarter of 2020, NSBF entered into PPP loan participation agreements where NSBF originates PPP loans and sells 90% participating interests to UBS Bank USA (“UBS”), Stifel Bank (“Stifel”), Morgan Stanley Bank, N.A. (“Morgan Stanley”), and Amalgamated Bank (“Amalgamated”), collectively the “Participants.” The participations are sold at par due to the short term maturity of the loans. NSBF and the Participant share proportionally in all interest and principal payments made on the loans. Subsequently, UBS, Stifel, and Amalgamated amended their agreements with NSBF to allow the banks purchase up to 100% participation interests in certain of the PPP loans originated by NSBF. In connection with the amendments, UBS, Stifel, and Amalgamated purchased the remaining 10% participation interests in their participation loans, bringing their participation interests to 100% as of June 30, 2020. Morgan Stanley continues to hold 90% participation interests. as of June 30, 2020. During the second quarter of 2020, NSBF sold participations in $1.10 billion of PPP loans. NSBF continues to hold the PPP loan notes and the PPP loan documents in order to service the loans. The servicing liability in connection with the PPP loans was deemed immaterial. PPP loan origination fees are recognized as interest income on sale of PPP loan participations. See “PPP Loan Participations.”

In accordance with the terms of the PPP participation agreements and SBA regulations and guidance, NSBF, as the originating lender, must continue to hold the PPP loan note, the PPP loan documents and service the PPP loan (i.e., retain all servicing rights). Moreover, as the originating lender, NSBF is the party responsible to the SBA with respect to all servicing actions, including requests for advance purchases and loan forgiveness, and will be the party eligible for the guarantee purchase of the PPP loan. NSBF has agreed that it will repurchase from the Participant on demand the Participant’s Percentage of any outstanding principal and interest under the applicable PPP Loan under certain standard representations and warranties, including in the event of a loss due to fraud, gross negligence or willful misconduct on the part of NSBF or any failure to recover under the SBA guarantee as a result of any deficiency in documenting or servicing such PPP Loan by NSBF.



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Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02, “Leases,” which amends various aspects of existing accounting guidance for leases, including the recognition of a right of use asset and a lease liability for leases with a duration of greater than one year.
The Company adopted ASC 842 on January 1, 2019 using the modified transition method. As part of the transition to ASC 842, the Company elected the package of practical expedients that allowed it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases and (3) initial direct costs for any expired or existing leases. The Company recognized the cumulative effect of applying ASC 842 as an opening balance sheet adjustment at January 1, 2019. The comparative information has not been retrospectively adjusted and continues to be reported under the accounting standards in effect for those periods.The adoption of ASC 842 did not have a material impact on the Company’s accompanying consolidated statements of assets and liabilities, statements of operations or statements of cash flows. Due to the adoption of ASC 842, the Company recognized operating lease right-of-use assets and lease liabilities for its operating leases with lease terms greater than one year.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)”, which is intended to improve fair value and defined benefit disclosure requirements by removing disclosures that are not cost-beneficial, clarifying disclosures' specific requirements, and adding relevant disclosure requirements. The ASU is effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption is permitted. The Company elected to early adopt ASU 2018-13 on December 31, 2019. No significant changes to our fair value disclosures were necessary in the notes to the consolidated financial statements in order to comply with ASU 2018-13.

In May 2020, the SEC adopted amendments to the financial disclosure requirements in Regulation S-X including the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 to improve their application and to assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant. In addition, to address the unique attributes of investment companies and business development companies, the SEC updated the significance tests in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2 by (i) revising the investment test to compare the registrant’s investments in and advances to the acquired or disposed business to the registrant’s aggregate worldwide market value if available; (ii) revising the income test by adding a revenue component; (iii) expanding the use of pro forma financial information in measuring significance; and (iv) conforming, to the extent applicable, the significance threshold and tests for disposed businesses to those used for acquired businesses. The amendments will be effective January 1, 2021; however, voluntary compliance with the final amendments will be permitted in advance of the effective date. The Company elected to early adopt the amendment as of June 30, 2020. No significant changes to our significant subsidiaries were noted.

New Accounting Standards

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

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

Off Balance Sheet Arrangements
There were no off balance sheet arrangements as of June 30, 2020.

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Recent Developments

Common Stock

On June 25, 2020, we entered into the 2020 ATM Equity Distribution Agreement with the placement agents. From June 25, 2020 through August 6, 2020 the Company sold 278,491 shares of its common stock at a weighted average price of $17.74 per share under the 2020 ATM Equity Distribution Agreement. Proceeds, net of offering costs and expenses were $4,940,000. As of August 6, 2020, there were 2,721,509 shares of common stock available for sale under the 2020 ATM Equity Distribution Agreement.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

Uncertainty with respect to the economic effects of the COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.
We consider the principal types of risk in our investing activities to be fluctuations in interest rates and loan portfolio valuations and the availability of the secondary market for our SBA loans. Risk management systems and procedures are designed to identify and analyze our risks, to set appropriate policies and limits and to continually monitor these risks and limits by means of reliable administrative and information systems and other policies and programs.
NSBF primarily lends at an interest rate of prime, which resets on a quarterly basis, plus a fixed margin. The Capital One revolver lines are on a prime plus or minus a fixed factor basis and the securitization notes are at prime or 1 month LIBOR, plus a fixed margin, whichever is less. As a result, the Company believes it has matched its cost of funds to its interest income in its financing activities. However, because of the differential between the amount lent and the smaller amount financed a significant change in market interest rates will have a material effect on our income. In periods of sharply rising interest rates, our cost of funds will increase at a slower rate than the interest income earned on the loans we have originated; this should improve our net investment income, holding all other factors constant. However, a reduction in interest rates will result in the Company experiencing a reduction in investment income; that is, its interest income will decline more quickly than interest expense resulting in a net reduction of benefit to investment income.

NSBF depends on the availability of secondary market purchasers for the guaranteed portions of SBA loans and the premium received on such sales to support its lending operations. Sale prices for guaranteed portions of SBA 7(a) loans could be negatively impacted by market conditions, in particular a higher interest rate environment, which typically lead to higher prepayments during the period, resulting in lower sale prices in the secondary market. A reduction in the price of guaranteed SBA 7(a) loans could negatively impact our business.
We do not have significant exposure to changing interest rates on invested cash (includes cash and cash equivalents and restricted cash) which was approximately $53,598,000 at June 30, 2020. We do not purchase or hold derivative financial instruments for trading purposes. All of our transactions are conducted in U.S. dollars and we do not have any foreign currency or foreign exchange risk. We do not trade commodities or have any commodity price risk.

We believe that we have placed our demand deposits, cash investments and their equivalents with high credit-quality financial institutions. As of June 30, 2020, cash deposits in excess of insured amounts totaled approximately $30,403,000.

ITEM 4. CONTROLS AND PROCEDURES..

As of June 30, 2020 (the end of the period covered by this report), we, including our Chief Executive Officer and Chief Accounting Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the 1934 Act). Based on that evaluation, our management, including our Chief Executive Officer and Chief Accounting Officer, concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Accounting Officer, as appropriate, to allow timely decisions regarding required disclosure. However, in evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. There has not been any change in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

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PART II

ITEM 1. LEGAL PROCEEDINGS.

In the ordinary course of business, the Company and its wholly-owned portfolio companies may from time to time be party to lawsuits and claims. The Company evaluates such matters on a case by case basis and its policy is to contest vigorously any claims it believes are without compelling merit. The Company is not currently involved in any litigation matters that are expected to have a material impact on the Company’s financial condition. For legal proceedings involving controlled portfolio companies, refer to Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019.

In May 2020, the Company became aware of the putative class action styled American Video Duplicating, Inc. et al v. Citigroup Inc. et al. (C.D. Cal. 20-cv-03815) (the “Action”), which asserted claims under the California Unfair Business Practices Law in connection with the alleged failure of lenders to pay agent fees under the PPP. While the Action failed to assert any specific allegations of wrongdoing by the Company or NSBF, the Action named “Newtek Business Services, Inc.” [sic] as one of the 4,990 PPP lender defendants in the Action. On June 15, 2020, the Company was dismissed from the Action. The Company is not currently involved in any additional litigation matters that are expected to have a material impact on the Company’s financial condition.

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

ITEM 1A. RISK FACTORS.

In addition to the other information set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which could materially affect our business, financial condition and/or operating results. The risks described in our Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties that are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. In addition to the risk factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2019, the following are additional risk factors that we believe are relevant to our business.

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

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

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

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

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

Moreover, due to what has been described as a technical drafting error, the CARES Act and the PPP did not initially create separate authorization levels for the SBA 7(a) program and the PPP, which could have left the SBA 7(a) program temporarily unfunded. The error was corrected with the July 4, 2020 extension of the PPP through August 8, 2020; however, if the SBA 7(a) program were to become unfunded, NSBF will not be able to originate SBA 7(a) loans until such funding is restored.

We may in the future choose to pay dividends in our own stock, in which case investors may be required to pay tax in excess of the cash they receive.

We may distribute taxable dividends that are payable in part in our stock. In accordance with certain applicable Treasury regulations and published guidance issued by the Internal Revenue Service, a publicly offered RIC may treat a distribution of its own stock as fulfilling the RIC distribution requirements if each shareholder may elect to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all shareholders must be at least 20% of the aggregate declared distribution. If too many shareholders elect to receive cash, the cash available for distribution must be allocated among the shareholders electing to receive cash (with the balance of the distribution paid in stock). In no event will any shareholder, electing to receive cash, receive less than the lesser of (a) the portion of the distribution such shareholder has elected to receive in cash or (b) an amount equal to his or her entire distribution times the percentage limitation on cash available for distribution. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. Taxable shareholders receiving such dividends will be required to include the amount of the dividends as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of our current and accumulated earnings and profits for United States federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. shareholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. In addition, if a significant number of our shareholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock.
Due to the COVID-19 pandemic or other disruptions in the economy, we may not be able to increase our dividends and may reduce or defer our dividends and choose to incur US federal excise tax in order preserve cash and maintain flexibility.

As a BDC, we are not required to make any distributions to shareholders other than in connection with our election to be taxed as a RIC under subchapter M of the Code. In order to maintain our tax treatment as a RIC, we must distribute to shareholders for each taxable year at least 90% of our investment company taxable income (i.e., net ordinary income plus realized net short-term capital gains in excess of realized net longterm capital losses). If we qualify for taxation as a RIC, we generally will not be subject to corporate-level US federal income tax on our investment company taxable income and net capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) that we timely distribute to shareholders. We will be subject to a 4% US federal excise tax on undistributed earnings of a RIC unless we distribute each calendar year at least the sum of (i) 98.0% of our ordinary income for the calendar year, (ii) 98.2% of our capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year, and (iii) any ordinary income and net capital gains for preceding years that were not distributed during such years and on which we paid no federal income tax.

Under the Code, we may satisfy certain of our RIC distributions with dividends paid after the end of the current year. In particular, if we pay a distribution in January of the following year that was declared in October, November, or December of the current year and is payable to shareholders of record in the current year, the dividend will be treated for all US federal tax purposes as if it were paid on December 31 of the current year. In addition, under the Code, we may pay dividends, referred to
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as “spillover dividends,” that are paid during the following taxable year that will allow us to maintain our qualification for taxation as a RIC and eliminate our liability for corporate-level U.S. federal income tax. Under these spillover dividend procedures, we may defer distribution of income earned during the current year until December of the following year. For example, we may defer distributions of income earned during 2020 until as late as December 31, 2021. If we choose to pay a spillover dividend, we will incur the 4% U.S. federal excise tax on some or all of the distribution.

Due to the COVID-19 pandemic or other disruptions in the economy, we may take certain actions with respect to the timing and amounts of our distributions in order to preserve cash and maintain flexibility. For example, we may not be able to increase our dividends. In addition, we may reduce our dividends and/or defer our dividends to later in the year or the following taxable year. If we defer our dividends, we may choose to utilize the spillover dividend rules discussed above and incur the 4% U.S. federal excise tax on such amounts. To further preserve cash, we may combine these reductions or deferrals of dividends with one or more distributions that are payable partially in our stock as discussed in "Item 1A. Risk Factors" in our most recent Annual Report on Form 10-K under “We may in the future choose to pay dividends in our own stock, in which case investors may be required to pay tax in excess of the cash they receive.”

Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

The extent of the impact of any public health emergency, including the COVID-19 pandemic, on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies.

These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Our valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information. As a result, our valuations may not show the completed or continuing impact of the COVID-19 pandemic and the resulting measures taken in response thereto. Any public health emergency, including the COVID-19 pandemic or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies.

The COVID-19 pandemic has led and for an unknown period of time will continue to lead to disruptions in local, regional, national and global markets and economies affected thereby. With respect to the U.S. credit markets (in particular for middle market loans), this outbreak has resulted in, and until fully resolved is likely to continue to result in, the following among other things: (i) government imposition of various forms of shelter-in-place orders and the closing of “non-essential” businesses, resulting in significant disruption to the businesses of many middle-market loan borrowers including supply chains, demand and practical aspects of their operations, as well as in lay-offs of employees, and, while these effects are hoped to be temporary, some effects could be persistent or even permanent; (ii) increased draws by borrowers on revolving lines of credit; (iii) increased requests by borrowers for amendments and waivers of their credit agreements to avoid default, increased defaults by such borrowers and/or increased difficulty in obtaining refinancing at the maturity dates of their loans; (iv) volatility and disruption of these markets including greater volatility in pricing and spreads and difficulty in valuing loans during periods of increased volatility, and liquidity issues; and (v) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general which will not necessarily adequately address the problems facing the loan market and middle market businesses.

As of the date of this 10-Q, it is impossible to determine the scope of this outbreak, or any future outbreaks, how long any such outbreak, market disruption or uncertainties may last, the effect any governmental actions will have or the full potential impact on us and our portfolio companies. As the potential impact of COVID-19 is difficult to predict, the extent to which COVID-19 could negatively affect our and our portfolio companies’ operating results or the duration of any potential business or supply-chain disruption, is uncertain. Any potential impact to our results of operations will depend to a large extent on future developments and new information that could emerge regarding the duration and severity of COVID-19 and the actions taken
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by authorities and other entities to contain COVID-19 or treat its impact, all of which are beyond our control. These potential impacts, while uncertain, could adversely affect our and our portfolio companies’ operating results.

If the economy is unable to substantially reopen, and high levels of unemployment continue for an extended period of time, loan delinquencies, loan non-accruals, problem assets, and bankruptcies may increase. In addition, collateral for our loans may decline in value, which could cause loan losses to increase and the net worth and liquidity of loan guarantors could decline, impairing their ability to honor commitments to us. An increase in loan delinquencies and non-accruals or a decrease in loan collateral and guarantor net worth could result in increased costs and reduced income which would have a material adverse effect on our business, financial condition or results of operations.

Economic recessions or downturns could impair our portfolio companies and harm our operating results.
Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. The recent global outbreak of COVID-19 (more commonly known as the Coronavirus) has disrupted economic markets and the prolonged economic impact is uncertain. Some economists and major investment banks have expressed concern that the continued spread of the virus globally could lead to a world-wide economic downturn. Many manufacturers of goods around the world have seen a downturn in production due to the suspension of business and temporary closure of factories in an attempt to curb the spread of the illness. In the past, instability in the global capital markets resulted in disruptions in liquidity in the debt capital markets, significant write-offs in the financial services sector, the re-pricing of credit risk in the broadly syndicated credit market and the failure of major domestic and international financial institutions. In particular, in past periods of instability, the financial services sector was negatively impacted by significant write-offs as the value of the assets held by financial firms declined, impairing their capital positions and abilities to lend and invest. In addition, continued uncertainty surrounding the negotiation of trade deals between Britain and the European Union following the United Kingdom’s exit from the European Union and uncertainty between the United States and other countries with respect to trade policies, treaties, and tariffs, among other factors, have caused disruption in the global markets. There can be no assurance that market conditions will not worsen in the future.
In an economic downturn, our non-performing assets may increase, and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results.
The occurrence of recessionary conditions and/or negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition.

Global economic, political and market conditions may adversely affect our business, financial condition and results of operations, including our revenue growth and profitability.
The current worldwide financial markets situation, as well as various social and political tensions in the United States and around the world, may contribute to increased market volatility, may negatively impact the secondary market for the sale of guaranteed portions of U.S. Small Business Administration 7(a) loans, may have long term effects on the United States and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. We monitor developments and seek to manage our investments in a manner consistent with achieving our investment objective, but there can be no assurance that we will be successful in doing so.
In August 2011 and then affirmed in August 2013, Standard & Poor’s Rating Services lowered its long term sovereign credit rating on the U.S. from “AAA” to “AA+”. Additionally, in January of 2012, Standard & Poor’s Rating Services lowered its long term sovereign credit rating for several large European countries. These ratings negatively impacted global markets and economic conditions. Although U.S. lawmakers have taken steps to avoid further downgrades, U.S. budget deficit concerns and similar conditions in Europe, China and elsewhere have increased the possibility of additional credit rating downgrades and worsening global economic and market conditions. The current political climate has also intensified concerns about a potential trade war between the United States and China in connection with each country’s recent proposed tariffs on the other country’s
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products. There can be no assurance that current or future governmental measures to mitigate these conditions will be effective. These conditions, government actions and future developments may cause interest rates and borrowing costs to rise, which may adversely affect our ability to access debt financing on favorable terms and may increase the interest costs of our borrowers, hampering their ability to repay us. Continued or future adverse economic conditions could have a material adverse effect on our business, financial condition and results of operations.
In October 2014, the Federal Reserve announced that it was concluding its bond buying program, or quantitative easing, which was designed to stimulate the economy and expand the Federal Reserve’s holdings of long term securities, suggesting that key economic indicators, such as the unemployment rate, had showed signs of improvement since the inception of the program. The Federal Reserve raised the Federal funds rate throughout the course of 2015 through 2018 and then pivoted in the fourth quarter of 2018 towards easier monetary policy and cut rates several times in 2019. Most recently, in March 2020, in response to the recent global outbreak of COVID-19 (more commonly known as the Coronavirus), the Federal Reserve announced a $700 billion quantitative easing program and further reduced the Federal funds rate to near-zero. This development, along with the United States government’s credit and deficit concerns, concerns about financial stability in Europe and an economic slowdown in China, could cause interest rates to be volatile, which may negatively impact our ability to access the debt and equity markets on favorable terms.

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

On March 27, 2020, President Trump signed the CARES Act, which included a $349 billion loan program administered through the SBA referred to as the PPP. Under the PPP, small businesses and other entities and individuals can apply for loans from existing SBA lenders and other approved regulated lenders that enroll in the program, subject to numerous limitations and eligibility criteria. On or about April 16, 2020, the SBA notified lenders that the $349 billion earmarked for the PPP was exhausted. Congress approved additional funding for the PPP of approximately $320 billion on April 24, 2020. NSBF is participating as a lender in the PPP. The PPP opened on April 3, 2020; however, because of the short timeframe between the passing of the CARES Act and the opening of the PPP, there has been some ambiguity in the laws, rules and guidance regarding the operation of the PPP, which may expose the Company and NSBF to risks relating to noncompliance with the PPP. As of August 6, 2020, NSBF has funded approximately 9,620 PPP loans totaling $1.15 billion though the PPP program. Since the opening of the PPP, several large banks participating in the PPP have been subject to litigation regarding the process and procedures that such banks have used in processing applications for the PPP. The Company and NSBF may be exposed to the risk of litigation, from both customers and non-customers that approached the Company and NSBF regarding PPP loans, regarding its process and procedures used in processing applications for the PPP. If any such litigation is filed against the Company or NSBF and is not resolved in a manner favorable to the Company or NSBF, it may result in significant financial liability or adversely affect the Company’s or NSBF’s reputation. In addition, litigation can be costly, regardless of outcome. Any financial liability, litigation costs or reputational damage caused by PPP related litigation could have a material adverse impact on our business, financial condition and results of operations. In May 2020, the Company became aware of the putative class action styled American Video Duplicating, Inc. et al v. Citigroup Inc. et al. (C.D. Cal. 20-cv-03815) (the “Action”), which asserts claims under the California Unfair Business Practices Law in connection with the alleged failure of lenders to pay agent fees under the PPP. While the Action failed to assert any specific allegations of wrongdoing by the Company or NSBF, the Action named “Newtek Business Services, Inc.” [sic] as one of the 4,990 PPP lender defendants in the Action. On June 15, 2020, the Company was dismissed from the Action. The Company is not currently involved in any additional litigation matters that are expected to have a material impact on the Company’s financial condition.

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

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

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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCLOSURES.

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS.
Number Description
* Filed herewith
** Furnished herewith
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
NEWTEK BUSINESS SERVICES CORP.
Date: August 10, 2020 By:
/ S /    B ARRY S LOANE
Barry Sloane
Chief Executive Officer, President and Chairman of the Board
(Principal Executive Officer)
Date: August 10, 2020 By:
/ S /    C HRISTOPHER T OWERS
Christopher Towers
Chief Accounting Officer
(Principal Financial Officer and Principal Accounting Officer)


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TABLE OF CONTENTS
Note 1 Description Of Business and Basis Of Presentation:Note 2 Significant Accounting Policies:Note 3 Investments:Note 4 Transactions with Affiliated Companies and Related Party Transactions:Note 5 Servicing Assets:Note 6 Fair Value Measurements:Note 7 Borrowings:Note 8 Commitments and Contingencies:Note 9 Financial Highlights:Note 10 Stock Based Compensation:Note 11 Common Stock:Note 12 Earnings Per Share:Note 13 Leases:Note 14 Dividends and Distributions:Note 15 Supplemental Financial Data:Note 16 Subsequent Events:Item 2. Management's Discussion and Analysis Of Financial Condition and Results Of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and Procedures.Part IIItem 1. Legal ProceedingsItem 1A. Risk FactorsItem 2. Unregistered Sales Of Equity Securities and Use Of Proceeds.Item 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem 6. Exhibits

Exhibits

3.1 Amended and Restated Articles of Incorporation of Newtek (Incorporate by reference to Exhibit A to Newteks Pre-Effective Amendement No. 3 to its Registration Statement on Form N-2, No. 333-191499, filed November 3, 2014.) 3.2 Bylaws of Newtek (Incorporated by reference to Exhibit 2 to Newteks Registration Statement on Form N-14, No. 333-195998, filed September 24, 2014). 10.1 Omnibus Amendment No. 4 to Loan Documents, dated as of May 7, 2020, by and among Newtek Small Business Finance, LLC, Capital One, National Association and UBS Bank USA as Lenders and Capital One, National Association as Administrative Agent (incorporated by reference to Newteks Current Report on Form 8-K, filed May 11, 2020). 31.1* Certification by Principal Executive Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith. 31.2* Certification by Principal Financial Officer required by Rule 13a-14 under the Securities Exchange Act of 1934, as amended, filed herewith. 32.1** Certification by Principal Executive pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. 32.2** Certification by Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.