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

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements:

Condensed Consolidated Statements of Assets and Liabilities as of June 30, 2020 (Unaudited) and December 31, 2019

1

Condensed Consolidated Statements of Operations (Unaudited) for the three and six months ended June 30, 2020 and 2019

2

Condensed Consolidated Statements of Changes in Net Assets (Unaudited) for the three and six months ended June 30, 2020 and 2019

3

Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2020 and 2019

4

Consolidated Schedules of Investments as of June 30, 2020 (Unaudited) and December 31, 2019

6

Notes to Condensed Consolidated Financial Statements (Unaudited)

294

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

320

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

346

Item 4.

Controls and Procedures

346

PART II - OTHER INFORMATION

Item 1.

Legal Proceedings

347

Item 1A.

Risk Factors

347

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

352

Item 3.

Defaults Upon Senior Securities

352

Item 4.

Mine Safety Disclosures

352

Item 5.

Other Information

352

Item 6.

Exhibits

352

---

Table of Contents

Defined Terms

We have used “we,” “us,” “our,” “our company,” and “the Company” to refer to Newtek Business Services Corp. and its subsidiaries in this report. We also have used several other terms in this report, which are explained or defined below:

Terms
1940 Act			Investment Company Act of 1940, as amended
2010-1 Trust			Newtek Small Business Loan Trust, Series 2010-1, terminated in March 2019
2013-1 Trust			Newtek Small Business Loan Trust, Series 2013-1, terminated in October 2018
2014-1 Trust			Newtek Small Business Loan Trust, Series 2014-1, terminated in July 2019
2016-1 Trust			Newtek Small Business Loan Trust, Series 2016-1
2017-1 Trust			Newtek Small Business Loan Trust, Series 2017-1
2018-1 Trust			Newtek Small Business Loan Trust, Series 2018-1
2019-1 Trust			Newtek Small Business Loan Trust, Series 2019-1
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.

293

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.

294

---

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.

295

---

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

296

---

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.

297

---

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

298

---

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

299

---

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
PPP1						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

300

---

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 Value1

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.

301

---

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 Value1

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

302

---

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%.

303

---

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.

304

---

						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 factor1			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:

305

---

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:

306

---

			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 owned1			2,042						—						2,042						—
Non-control/affiliate investments			1,000						—						—						1,000
Servicing assets			25,511						—						—						25,511
Controlled investments measured at NAV2			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 owned1			2,539						—						2,539						—
Non-control/Non-affiliate investments			1,000						—						—						1,000
Servicing assets			24,411						—						—						24,411
Controlled investments measured at NAV2			$	16,123					$	—					$	—					$	—
Total assets			$	685,993					$	—					$	27,543					$	642,328
Liabilities:
Contingent consideration liabilities3			$	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

307

---

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

⁽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 Liabilities1
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.

308

---

																														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 investments1						$	183,816											EBITDA multiples2						8.60x						4.50x						9.50x
																		Revenue multiples2						1.10x						0.15x						2.30x
																		Weighted average cost of capital2						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 investments1						$	181,917											EBITDA multiples2						8.20x						4.50x						9.00x
																		Revenue multiples2						1.07x						0.15x						2.30x
																		Weighted average cost of capital2						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.

309

---

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 - guaranteed1			$	150,000					$	—					2.50		%				$	150,000					$	30,000					4.00		%
Capital One line of credit - unguaranteed1			—						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.

310

---

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 Agreements1						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.

311

---

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)		%

312

---

Portfolio turnover8						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 plan1						1,500,000
Less net restricted stock (granted)/forfeited during:
Year ended December 31, 2016						(120,933)
Year ended December 31, 2017						(5,007)
Year ended December 31, 2018						(93,568)
Year ended December 31, 2019						(6,285)
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.

313

---

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:

314

---

Table of Contents

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.

315

---

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

316

---

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.

317

---

Newtek Business Services Corp. and Subsidiaries

Schedule of Investments In and Advances to Affiliates

Six Months Ended June 30, 2020

Portfolio Company						Type of Investment1						Amount of Realized Gain (Loss)						Amount of Unrealized Appreciation (Depreciation)						Amount of Interest or Dividends Credited to Income3						Fair Value at December 31, 2019						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2020
Advanced Cyber Security Systems, LLC						50% Membership Interest2						$	—					$	—					$	—					$	—					$	—					$	—					$	—
						Term Loan (3%)2						—						—						—						—						—						—						—
Automated Merchant Services, Inc.						100% Common Stock2						—						—						—						—						—						—						—
CDS Business Services, Inc.						100% Common Stock2						—						(750)						—						3,000						—						(750)						2,250
						Line of Credit (10%)						—						—						317						5,000						1,560						—						6,560
Newtek Technology Solutions, Inc.						100% Common Stock2						—						500						—						9,000						500						—						9,500
						Line of Credit (10%)						—						—						540						10,361						460						—						10,821
Newtek Insurance Agency, LLC						100% Membership Interest2						—						—						—						2,215						—						—						2,215
PMTWorks Payroll, LLC						100% Membership Interest2						—						(85)						—						—						85						(85)						—
						Term Loans (10%-12%)2						—						—						—						—						—						—						—
Small Business Lending, LLC						100% Membership Interest2						—						(2,802)						—						9,650												(2,802)						6,848
						Term Loan (10%)						—						—						20						400						—						—						400
banc-serv Partners, LLC						100% Membership Interest2						—						—						—						—						—						—						—
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 Interest2						—						—						—						—						—						—						—
						Term Loan (10%)2						—						(75)						—						390						—						(75)						315

318

---

Portfolio Company						Type of Investment1						Amount of Realized Gain (Loss)						Amount of Unrealized Appreciation (Depreciation)						Amount of Interest or Dividends Credited to Income3						Fair Value at December 31, 2019						Gross Additions4						Gross Reductions5						Fair Value at June 30, 2020
Newtek Business Lending, LLC						100% Membership Interest2						—						—						—						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 Interest2						—						—						—						—						—						—						—
						Term Loan (10%)						—						—						43						775						75						—						850
Excel WebSolutions LLC						Term Loans (10%)2						—						—						—						—						—						—						—
						100% Membership Interest2						—						—						—						—						—						—						—
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%.

319

---

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

320

---

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

321

---

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

322

---

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.

323

---

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		%

324

---

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		%

325

---

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

326

---

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 portfolio1			$	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

327

---

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.

328

---

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 balance1			—						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.

329

---

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.

330

---

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.

331

---

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 portfolio1			$	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

332

---

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 balance1			—						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.

333

---

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.

334

---

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

335

---

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

336

---

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

337

---

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

338

---

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.

339

---

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 payable1			276,637						—						—						—						—						—						276,637
Notes due 20231			57,500						—						—						—						57,500						—						—
Notes due 20241			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:

340

---

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.

341

---

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

342

---

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.

343

---

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.

344

---

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.

345

---

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.

346

---

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.

347

---

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

348

---

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

349

---

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

350

---

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

351

---

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
3.1						Amended and Restated Articles of Incorporation of Newtek (Incorporate by reference to Exhibit A to Newtek’s Pre-Effective Amendement No. 3 to its Registration Statement on Form N-2, No. 333-191499, filed November 3, 2014.)
3.2						Bylaws of Newtek (Incorporated by reference to Exhibit 2 to Newtek’s Registration Statement on Form N-14, No. 333-195998, filed September 24, 2014).
10.1						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 Newtek’s 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.

* Filed herewith

** Furnished herewith

352

---

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/    BARRY SLOANE
						Barry Sloane
						Chief Executive Officer, President and Chairman of the Board (Principal Executive Officer)
Date: August 10, 2020			By:			/S/    CHRISTOPHER TOWERS
						Christopher Towers
						Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

353

Exhibit 31.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Barry Sloane, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 10, 2020			/S/    BARRY SLOANE
			Barry Sloane
			Principal Executive Officer

Exhibit 31.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Christopher Towers, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Newtek Business Services Corp. (the “registrant”).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: August 10, 2020			/S/    CHRISTOPHER TOWERS
			Christopher Towers
			Principal Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Barry Sloane, as Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.

 

Date: August 10, 2020			/S/    BARRY SLOANE
			Barry Sloane,
			Principal Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the period ended June 30, 2020 (the “Report”) of Newtek Business Services Corp. (the “Company”), as filed with the Securities and Exchange Commission on the date hereof, I, Christopher Towers, as Principal Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Company.

 

Date: August 10, 2020			/S/    CHRISTOPHER TOWERS
			Christopher Towers,
			Principal Financial Officer